Tiaa Cref Mutual Fund – ‘N-30D’ for 6/30/00

On:  Thursday, 8/31/00, at 12:27pm ET   ·   For:  6/30/00   ·   Accession #:  930413-0-1225   ·   File #:  811-08055

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Semi-Annual Report                                   244±   881K 

N-30D
1st “Page” of 139
TOC
↑Top
Previous
Next
↓Bottom
Just 1st
 
                                 SEMI-ANNUAL REPORT 2000
--------------------------------------------------------------------------------
                                          Financial statements (unaudited)
                                             including statements of investments

                       June 30, 2000

TIAA-CREF MUTUAL FUNDS                

                                               Money Market Fund

                                            Bond PLUS Fund

                                                  Growth & Income Fund

                                                Growth Equity Fund

                                                       International Equity Fund

                                                     Managed Allocation Fund

                                                  Tax-Exempt Bond Fund

                                                  High-Yield Bond Fund

                                                  Short-Term Bond Fund

                                                       Social Choice Equity Fund

                                               Equity Index Fund

                                              [TIAA-CREF LOGO]

N-30D
2nd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 2nd
| TIAA-CREF MUTUAL FUNDS                                      
CONTENTS |     2000 ANNUAL REPORT                                               

FUND PERFORMANCE                                                    
6  MONEY MARKET FUND                                                      
8  BOND PLUS FUND                                                         
10  GROWTH & INCOME FUND                                                    
12  GROWTH EQUITY FUND                                                      
14  INTERNATIONAL EQUITY FUND                                               
16  MANAGED ALLOCATION FUND                                                 
18  TAX-EXEMPT BOND FUND                                                    
20  HIGH-YIELD BOND FUND                                                    
22  SHORT-TERM BOND FUND                                                    
24  SOCIAL CHOICE EQUITY FUND                                               
26  EQUITY INDEX FUND                                                       

STATEMENTS OF INVESTMENTS                                           
28  MONEY MARKET FUND                                                       
29  BOND PLUS FUND                                                          
34  GROWTH & INCOME FUND                                                    
42  GROWTH EQUITY FUND                                                      
62  INTERNATIONAL EQUITY FUND                                               
75  MANAGED ALLOCATION FUND                                                 
76  TAX-EXEMPT BOND FUND                                                    
78  HIGH-YIELD BOND FUND                                                    
82  SHORT-TERM BOND FUND                                                    
84  SOCIAL CHOICE EQUITY FUND                                               
89  EQUITY INDEX FUND                                                       

FINANCIAL STATEMENTS                                                
122  STATEMENTS OF ASSETS AND LIABILITIES                                     
124  STATEMENTS OF OPERATIONS                                                 
126  STATEMENTS OF CHANGES IN NET ASSETS                                      
129  FINANCIAL HIGHLIGHTS                                                     
134  NOTES TO FINANCIAL STATEMENTS                                            

139  TIAA-CREF PRODUCTS                                                       
AND SERVICES                                                        

N-30D
3rd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 3rd
Dear Investor:                                                                  

During the first six months of 2000, most of the TIAA-CREF Mutual Funds         
generally performed well against their respective benchmarks and peer           
competition, during a period when market activity was volatile and unsettled.   
Most broad market indexes showed lower returns, which were attributed to a      
series of interest rate hikes by the Federal Reserve Bank, intended to keep     
inflation in check. On average, the S&P was essentially flat, and the NASDAQ    
ended the second quarter down 2.5 percent. And while the higher interest rates  
and slower economy played a role in market performance, investors also grappled 
with fundamental questions regarding valuation.                                 

The positive performance of the equity funds--with the exception of the         
International Equity Fund, which underperformed--was largely the result of stock
selection within economic sectors, especially technology. We also benefited from
the use in several of our equity accounts of our Dual Investment Management     
Strategy,SM which attempts to achieve consistent long-term returns through a    
combination of active management and quantitative analysis. While future returns
can differ from past performance, that strategy functioned well during the first
half of the year.                                                               

Our fixed-income funds showed mixed returns. The TIAA-CREF Money Market Fund and
High-Yield Bond Fund performed extremely well, while the bond market remained   
choppy. The Treasury yield curve has been inverted since January, when the      
30-year Treasury rate slipped below the 10-year rate. This inversion accompanied
the Treasury's announcement of its plan to use the federal budget surplus to buy
back longer-term, higher rate bonds. Risk premiums on corporate bonds widened   
particularly on medium-grade BBB and below-investment-grade issues.             

The performance and financial statements of our five new mutual funds, launched 
on April 3, 2000, are included in this report. These funds include three bond   
funds and two equity funds. Since their inception date is so recent, future     
returns of our new funds could differ from their performance to date. The new   
TIAA-CREF Mutual Funds are listed below.                                        

* TIAA-CREF Short-Term Bond Fund                                                

* TIAA-CREF High-Yield Bond Fund                                                

* TIAA-CREF Tax-Exempt Bond Fund                                                

* TIAA-CREF Equity Index Fund                                                   

* TIAA-CREF Social Choice Equity Fund                                           

We are pleased to say that these new funds, like all of the TIAA-CREF Mutual    
Funds, continue our commitment to provide excellent financial management,       
first-rate customer service, and low expenses.                                  

                                                       /s/ Martin L. Leibowitz
                                                       -----------------------
                                                   Martin L. Leibowitz

                                                 VICE CHAIRMAN AND
                                                        CHIEF INVESTMENT OFFICER

N-30D
4th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 4th
THE ECONOMIC ENVIRONMENT IN 2000                                                

THE U.S. ECONOMY                                                                

During the first six months of 2000, the U.S. economy experienced uninterrupted 
prosperity. GDP growth after inflation topped 5 percent during the first half of
the year. This is well above the 3.5 percent trend now viewed as the U.S.       
economy's new "speed limit" of maximum growth before inflation becomes          
problematic. This new limit reflects improvements in productivity driven by the 
accumulation of U.S. business investment in rapidly changing technology. The    
former limit of 2.5 percent became obsolete during the second half of the 1990s 
when CPI inflation declined as GDP growth consistently topped 2.5 percent.      

However, strong growth during the first half of 2000 was accompanied by an      
uptick in inflation. The Consumer Price Index (CPI) increased at a 3.7 percent  
rate during the period, the highest since 1991. Rising oil prices were largely  
but not completely responsible for the increase in inflation. Core CPI, which   
excludes food and energy, jumped at a 2.4 percent rate, the highest since the   
first half of 1998.                                                             

These inflation rumblings intensified the efforts of the Federal Reserve to use 
monetary policy to slow the economy. Between February and May, the Fed tightened
the federal funds target rate by 1 percent (100 basis points) to 6.5 percent.   
This tightening followed the Fed's increase of 75 basis points during the second
half of 1999, which effectively reversed their very successful monetary efforts 
to contain the Asian financial crisis in the fall of 1998.                      

Higher interest rates began to restrain economic activity during the spring. The
housing sector has shown the most interest-rate sensitivity;  housing starts for

--------------------------------------------------------------------------------

BOTH SOLID ECONOMIC GROWTH AND                                                  
LOW INFLATION CONTINUE                                                          

[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]

Quarterly        Real GDP                        Monthly           CPI    
  Date           Growth                           Date         Inflation
(YYYYQQ)                                        (YYYYMM)                
---------        --------                        -------        --------- 
1990O1            5.08                           1990O1           7.06  
1990O2            0.92                           1990O2           4.12  
1990O3           -0.73                           1990O3           7.08  
1990O4           -3.24                           1990O4           6.96  
1991O1           -1.95                           1991O1           3.02  
1991O2            2.26                           1991O2           2.39  
1991O3            0.98                           1991O3           3.08  
1991O4            2.17                           1991O4           3.35  
1992O1            3.76                           1992O1           2.73  
1992O2            3.79                           1992O2           3.11  
1992O3            3.12                           1992O3           3.08  
1992O4            5.37                           1992O4           3.54  
1993O1           -0.10                           1993O1           2.84  
1993O2            2.45                           1993O2           3.01  
1993O3            1.76                           1993O3           1.86  
1993O4            6.17                           1993O4           3.26  
1994O1            3.43                           1994O1           2.11  
1994O2            5.69                           1994O2           2.29  
1994O3            2.19                           1994O3           3.75  
1994O4            5.02                           1994O4           2.34  
1995O1            1.48                           1995O1           2.96  
1995O2            0.78                           1995O2           3.30  
1995O3            3.13                           1995O3           2.03  
1995O4            3.23                           1995O4           2.37  
1996O1            2.89                           1996O1           3.42  
1996O2            6.75                           1996O2           3.56  
1996O3            2.01                           1996O3           2.31  
1996O4            4.63                           1996O4           3.25  
1997O1            4.36                           1997O1           2.63  
1997O2            5.88                           1997O2           1.17  
1997O3            4.23                           1997O3           1.75  
1997O4            2.76                           1997O4           2.00  
1998O1            6.53                           1998O1           0.99  
1998O2            2.92                           1998O2           1.65  
1998O3            3.44                           1998O3           1.73  
1998O4            5.59                           1998O4           1.72  
1999O1            3.53                           1999O1           1.71  
1999O2            2.45                           1999O2           3.27  
1999O3            5.70                           1999O3           2.51  
1999O4            8.25                           1999O4           2.90  
2000O1            4.82                           2000O1           4.01  
2000O2            5.18                           2000O2           3.57  

AVERAGE PERCENT CHANGE                                                          

QUARTERLY 

Source: Bureau of Economic Analysis, Bureau of Labor Statistics                 

--------------------------------------------------------------------------------

the  second  quarter  were down  almost  30  percent  from the  first  quarter's
seasonally  adjusted pace. Slowing was also evident in consumer spending,  which
grew in the  second  quarter  at less than half the first  quarter's  torrid 7.6
percent rate.  Private sector employment  growth in May and June slowed,  though
the  unemployment  rate was at a very tight 4 percent.  These signs of weakening
set the stage for the  "soft  landing"  that Mr.  Greenspan's  tighter  monetary
policy is intended to accomplish.                                               

                                                             /s/ Martha Peyton
                                                             -----------------
                                                         Martha Peyton
                                                             MANAGING DIRECTOR

4   TIAA-CREF Mutual Funds   2000 SEMI-ANNUAL REPORT                            

N-30D
5th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 5th
THE GLOBAL ECONOMY                                                              

Over the first six months of 2000, global equity markets exhibited increased    
volatility and a slightly negative return on the back of 1999's impressive,     
sustained recovery from the turbulence of October 1998. After having posted an  
especially robust 25.3 percent return over the course of 1999, Global equity    
markets gave up some 2.4 percent in total return, as measured by the Morgan     
Stanley Capital International (MSCI) World Index.                               

Prospects for the world economy are more favorable now than they have been in a 
decade. Projections by the OECD, for example, for world economic growth in the  
year 2000 have moved up from 3.5 percent at the end of last year to a current   
4.3 percent, with a 1.0 point increase to 4.0 percent for developed economies.  
Investors' caution was rooted in concerns that robust real economic growth      
would, over time, absorb spare production resources, exert upward pressure on   
labor and other input costs (particularly energy costs), and potentially erode  
profit margins. Major central banks (with the notable exception of the Bank of  
Japan) moved to ameliorate the perceived risk of the inflationary consequences  
of higher growth by raising policy interest rates. The debate within central    
banks regarding the extent of further tightening has added to investor concerns.

Equity markets reflected this uncertainty over corporate earnings and interest  
rates, exhibiting relatively higher levels of volatility, especially within the 
richly valued technology sector. Through the end of May, world equity markets   
had fallen by 6 percent and the technology sector by some 9 percent from the    
beginning of the year before recovering by 3 and 10 percent respectively over   
the month of June.                                                              

The growth outlook for all major developed areas improved over the first half of
2000. In the euro area, growth and employment prospects are better than at any  
time in more than ten years. Likely tax reforms are set to spur supply          
potential, and confidence levels are near record levels. The Japanese recovery  
is being led by business fixed investment and exports, while consumers have,    
thus far, been reticent spenders in the face of ongoing corporate restructuring.
In North America, the resilient U.S. economy is supporting stronger growth in   
Canada and Mexico.                                                              

On balance, solid global growth with moderate inflation, albeit in a somewhat   

--------------------------------------------------------------------------------

MSCI WORLD INDEX (in U.S. dollars)                                              

[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]

MSCI World                        
MSCI World     Information                                      
Index     Technology Index                                  
----------  ----------------                                    

12/98    1149.95           100                                                  
1/99    1173.84        114.43                                                 
2/99    1141.33        102.98                                                 
3/99    1187.55        113.68                                                 
4/99    1233.06        116.53                                                 
5/99    1186.70        114.69                                                 
6/99    1240.75        129.83                                                 
7/99    1235.70        131.22                                                 
8/99    1232.16        136.43                                                 
9/99    1218.90        137.26                                                 
10/99    1280.94        142.08                                                  
11/99    1315.68        161.14                                                  
12/99    1420.89        199.59                                                  
1/00    1338.25        185.49                                                 
2/00    1340.58        207.12                                                 
3/00    1431.94        219.18                                                 
4/00    1370.11        201.63                                                 
5/00    1334.14        181.11                                                 
6/00    1377.72        198.79                                                 

Source: Morgan Stanley International Capital, Inc.                              

--------------------------------------------------------------------------------

SHORT-TERM INTEREST RATES                                                       

Euro                                      
US      Area    Japan                                     
----     ----    -----                                      

12/98     5.23     3.36     0.50                                                
1/99     5.01     3.13     0.51                                               
2/99     5.00     3.09     0.38                                               
3/99     5.01     3.05     0.20                                               
4/99     5.00     2.70     0.15                                               
5/99     5.02     2.58     0.11                                               
6/99     5.18     2.63     0.10                                               
7/99     5.31     2.68     0.11                                               
8/99     5.45     2.69     0.09                                               
9/99     5.57     2.73     0.10                                               
10/99     6.18     3.38     0.25                                                
11/99     6.10     3.47     0.30                                                
12/99     6.13     3.44     0.31                                                
1/00     6.04     3.34     0.15                                               
2/00     6.10     3.54     0.13                                               
3/00     6.20     3.75     0.14                                               
4/00     6.31     3.93     0.12                                               
5/00     6.75     4.35     0.10                                               
6/00     6.79     4.50     0.13                                               

Source: British Bankers Association and Datastream                              

--------------------------------------------------------------------------------

higher interest rate environment, under vigilant central banks, presents the    
prospect of improved sustainability of the current business cycle, and corporate
profitability.                                                                  

                                                          /s/ Harvey Kerrich
                                                          ------------------
                                                      Harvey Kerrich
                                                           TIAA-CREF ECONOMIST

                            2000 SEMI-ANNUAL REPORT   TIAA-CREF Mutual Funds   5

N-30D
6th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 6th
MONEY MARKET                                                                  
FUND                                                    

INVESTMENT OBJECTIVE                                                            

The TIAA-CREF Money Market Fund seeks high current income, to the extent        
consistent with maintaining liquidity and preserving capital.                   

PORTFOLIO PROFILE                                                               

> Invests in money market securities classified at the time of purchase as      
 "first-tier securities," which are ranked in the highest category by at least
two nationally recognized statistical rating organizations.                 

> Average weighted maturity of 90 days or less.                                 

> Longest maturity will be 397 days.                                            

PERFORMANCE IN 2000                                                             

During the first six months of 2000, the Money Market Fund returned 2.96        
percent, outperforming its benchmark, iMoneyNet Fund Report AverageTM--All      
Taxable by 0.22 percent. The fund was 0.30 percent ahead of its competition as  
measured by the Lipper Money Market Funds Average.                              

Over the first half of this year, the Federal Reserve Bank raised interest rates
three times. Since we believed that the Federal Reserve was going to tighten    
interest rates, we positioned the Money Market Fund to have a shorter weighted  
average maturity than the iMoneyNet Fund Report AverageTM--All Taxable. During  
the six-month period ending June 30, the fund varied from a low of 35 days to a 
high of 52 days, as compared with a low of 44 days to a high of 53 days for the 
benchmark.                                                                      

We made a few asset allocation changes to the portfolio composition of the fund.
We increased our holdings of commercial paper and floating/variable- rate       
securities to 90 percent and 9 percent from 80 percent and 6 percent six months 
earlier. We decreased our holdings in bank liabilities and U.S. government      
agency securities to 1 percent and 0 percent from previous levels of 9 percent  
and 5 percent. For the last six months, commercial paper provided the best      
relative value for all classes of money market securities.                      

As of June 30, the fund's assets surpassed $500 million.                        

6   TIAA-CREF Mutual Funds   2000 SEMI-ANNUAL REPORT                            

N-30D
7th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 7th
                                                               MONEY MARKET Fund

ASSET ALLOCATION AS OF 6/30/00                                                  

[PIE CHART OMITTED]                                                             

Commercial Paper              90%                                               

Floating and Variable Notes    9%                                               

Certificates of Deposit                                                         
and Bank Notes                 1%                                               

$10,000 OVER LIFE OF FUND                                                       

[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]

Lipper Money   iMoneyNet Money Fund               
  Market Funds    Report Average(TM)--    Money Market
Average            All Taxable            Fund
  ------------    --------------------    ------------
   $10,000             $10,000             $10,000
Sep-97          10,040              10,041              10,044            
    10,081              10,084              10,090
    10,121              10,126              10,132
Dec-97          10,164              10,170              10,179            
    10,207              10,214              10,226
    10,244              10,253              10,269
Mar-98          10,286              10,297              10,317            
    10,328              10,340              10,363
    10,370              10,384              10,407
Jun-98          10,411              10,426              10,456            
    10,454              10,471              10,504
    10,497              10,515              10,552
Sep-98          10,538              10,558              10,598            
    10,579              10,601              10,643
    10,618              10,641              10,689
Dec-98          10,658              10,683              10,734            
    10,697              10,724              10,778
    10,732              10,759              10,817
Mar-99          10,769              10,799              10,860            
    10,806              10,838              10,902
    10,844              10,877              10,945
Jun-99          10,881              10,915              10,988            
    10,920              10,956              11,032
    10,960              10,999              11,078
Sep-99          11,001              11,042              11,125            
    11,046              11,086              11,174
    11,089              11,131              11,223
Dec-99          11,135              11,178              11,276            
    11,183              11,226              11,330
    11,228              11,272              11,381
Mar-00          11,277              11,323              11,436            
    11,326              11,374              11,491
    11,378              11,429              11,549
Jun-00          11,431              11,483              11,609            

PERFORMANCE AT A GLANCE AS OF 6/30/00                                           

                                                        [Enlarge/Download Table]

                                                                                                               NET ANNUALIZED YIELD
                                                                                     AVERAGE                  FOR THE 7 DAYS ENDING
                     AVERAGE ANNUAL COMPOUND      CUMULATIVE RATES                   MATURITY        NET             6/27/00       
                      RATES OF TOTAL RETURN(1)     OF TOTAL RETURN(1)     EXPENSE  (DAYS) AS OF     ASSETS    CURRENT     EFFECTIVE
                     1 YEAR  SINCE INCEPTION(2) 1 YEAR SINCE  INCEPTION(2) RATIO      6/27/00    IN MILLIONS   YIELD         YIELD 
                                                                                                                                   
MONEY MARKET FUND      5.66%        5.42%        5.66%      16.11%        0.29%(3)      49         $500.37     6.36%         6.56% 

iMoneyNet Money Fund                                                                                                               
Report Average(TM)--                                                                                                               
  All Taxable          5.21         5.24         5.21       14.84         0.49          52              --     5.91          6.08  

Lipper Money Market                                                                                                                
  Funds Average        5.06         4.84         5.06       14.33           --          --              --       --            --  

1  PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES  
  OF RETURN FROM THE MONEY MARKET FUND. FUTURE RETURNS WILL FLUCTUATE. WE WILL
ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE OF $1.00 PER SHARE FOR THIS  
  FUND, BUT IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND. THE CURRENT
YIELD MORE CLOSELY REFLECTS THE MONEY MARKET FUND'S CURRENT EARNINGS THAN 
DOES THE TOTAL RETURN.                                                    

2  INCEPTION DATE OF THE MONEY MARKET FUND WAS 9/2/97.                          

3  THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED UNTIL JULY 1, 2003.           

The TIAA-CREF Money Market Fund, like the other TIAA-CREF Mutual Funds, is
not a deposit of any bank and is neither insured nor guaranteed by the    
Federal Deposit Insurance Corporation or any other U.S. government agency.

                            2000 SEMI-ANNUAL REPORT   TIAA-CREF Mutual Funds   7

N-30D
8th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 8th
BOND PLUS                                                                       
FUND                                                            

INVESTMENT OBJECTIVE                                                            

The TIAA-CREF Bond PLUS Fund seeks a favorable long-term rate of return,        
primarily through high current income consistent with preserving capital.       

PORTFOLIO PROFILE                                                               

>  Aims to match the risk characteristics of the benchmark, so returns should be
similar to those of the benchmark index.                                  

>  The fund's portfolio is divided into two segments. The first segment, which  
makes up at least 75 percent of the fund, is invested in a broad range of 
investment-grade debt securities, such as U.S. Treasury and Agency        
securities, corporate bonds, and mortgage-backed securities.              

>  The fund's second segment seeks enhanced returns through investments in      
illiquid or non-investment-grade securities, which won't be more than 25  
  percent of the fund's assets. Currently, this segment is less than 5 percent
of the portfolio.                                                         

PERFORMANCE IN 2000                                                             

For the first six months of 2000, the Bond PLUS Fund had a return of 3.91       
percent, which was .08 percentage points behind the Lehman Brothers Aggregate   
Bond Index, and 0.61 percentage points ahead of the competition as measured by  
the Lipper Intermediate Investment Grade Debt Index.                            

We began to reduce our overweight positions in corporate, agency, and           
agency-backed securities in January, making them roughly equivalent to the      
benchmark. The bond portfolio, however, slightly underperformed its benchmark in
the first quarter, but managed to beat the returns posted by the peer group.    

Relative to the benchmark, beginning with the second quarter of 2000, we had a  
modest overweight position in certain spread sector securities, such as         
mortgage-backed and asset-backed bonds. (The spread is the difference between   
the yield of a bond and a Treasury security of similar duration.) We had a      
neutral position in corporate bonds, and an underweight position in U.S agency  
securities and commercial mortgage-backed securities. By the end of the second  
quarter, our exposure to spread sector securities was again close to neutral    
compared with the benchmark. Several factors led to further widening in spreads 
in the corporate bond, U.S. agency, and asset-backed sectors. First, the Federal
Reserve was clearly in a tightening mode with the goal of slowing down the      
economy. Second, the Treasury Department was buying back long-dated treasuries, 
boosting the value of these securities versus other fixed-income securities.    
Spreads in the mortgage-backed and commercial mortgage-backed (CMBS) sectors    
were unchanged.                                                                 

The overall performance of the fund for the first six months of 2000 closely    
matched its benchmark. During this period, we also kept the fund close to its   
benchmark in terms of spread sector allocations and yield-curve positioning. The
option-adjusted duration of the bond portfolio was within 1 percent of the      
benchmark throughout the quarter.                                               

8   TIAA-CREF Mutual Funds   2000 SEMI-ANNUAL REPORT                            

N-30D
9th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 9th
                                                                  BOND PLUS Fund

TOP FIVE MARKET SECTORS                                                         

   12/31/99    6/30/00

Mortgage-backed securities*        46%        47%                               
----------------------------------------------------                            
Corporate bonds                    27         24                                
----------------------------------------------------                            
U.S. government securities         23         26                                
----------------------------------------------------                            
Yankees**                           3          3                                
----------------------------------------------------                            
Money market instruments            1          0                                
----------------------------------------------------                            

*  INCLUDES GOVERNMENT-BACKED AND PRIVATE-LABEL SECURITIES AND ASSET-BACKED     
SECURITIES                                                                

** FOREIGN GOVERNMENT AND CORPORATE BONDS DENOMINATED IN U.S. DOLLARS           

RISK CHARACTERISTICS: BOND PLUS VS. BENCHMARK AS OF 6/30/00                     

Measure*                  Average Life               Option-Adjusted Duration   
                (IN YEARS) 6/30/00                (IN YEARS) 6/30/00

Bond PLUS                   8.50                                 4.86           
------------------------------------------------------------------------------- 

Lehman Brothers                                                                 
Aggregate Bond Index        8.70                                 4.88           
------------------------------------------------------------------------------- 

*  AS CALCULATED USING AN ANALYTICAL MODEL DEVELOPED BY CMS BOND EDGE, A WIDELY 
RECOGNIZED RISK ANALYTIC SOFTWARE PACKAGE.                                

$10,000 OVER LIFE OF FUND                                                       

[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]

Lipper Intermediate     Lehman Brothers           
Investment Grade       Aggregate Bond         
               Debt Index              Index            Bond PLUS Fund
          -------------------     ---------------       --------------

              $10,000              $10,000               $10,000
 Sep-97        10,144               10,147                10,143
               10,266               10,295                10,286
               10,295               10,342                10,345
 Dec-97        10,389               10,446                10,451
               10,527               10,580                10,591
               10,513               10,571                10,575
 Mar-98        10,552               10,607                10,627
               10,601               10,662                10,687
               10,697               10,764                10,781
 Jun-98        10,782               10,855                10,883
               10,804               10,878                10,914
               10,950               11,055                11,114
 Sep-98        11,195               11,314                11,369
               11,104               11,254                11,301
               11,160               11,318                11,328
 Dec-98        11,208               11,352                11,385
               11,277               11,433                11,446
               11,077               11,233                11,250
 Mar-99        11,164               11,294                11,324
               11,202               11,331                11,365
               11,088               11,231                11,250
 Jun-99        11,050               11,195                11,191
               11,012               11,147                11,141
               10,999               11,142                11,139
 Sep-99        11,120               11,271                11,273
               11,137               11,312                11,317
               11,151               11,312                11,315
 Dec-99        11,099               11,257                11,270
               11,059               11,220                11,223
               11,180               11,356                11,363
 Mar-00        11,317               11,506                11,504
               11,247               11,473                11,491
               11,227               11,467                11,468
 Jun-00        11,465               11,706                11,711

PERFORMANCE AT A GLANCE AS OF 6/30/00                                           

                                                        [Enlarge/Download Table]

                         AVERAGE ANNUAL COMPOUND        CUMULATIVE RATES                              
                          RATES OF TOTAL RETURN(1)     OF TOTAL RETURN(1)        EXPENSE   NET ASSETS 
                         1 YEAR  SINCE INCEPTION(2)  1 YEAR  SINCE INCEPTION(2)   RATIO    IN MILLIONS
                                                                                                      

BOND PLUS FUND             4.65%       5.74%          4.65%      17.11%          0.30%(3)    $230.25  

Lehman Brothers Aggregate                                                                             
Bond Index                 4.56        5.73           4.56       17.09             --           --    

Lipper Intermediate                                                                                   
Investment Grade Debt                                                                                 
Index                      3.76        4.94           3.76       14.64             --           --    

1  PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES  
   OF RETURN FROM THE BOND Plus FUND. FUTURE RETURNS WILL FLUCTUATE, AS WILL THE
 VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL VALUE UPON REDEMPTION.                                

2  INCEPTION DATE OF THE BOND Plus FUND WAS 9/2/97.                             

3  THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED UNTIL JULY 1, 2003.           

                            2000 SEMI-ANNUAL REPORT   TIAA-CREF Mutual Funds   9

N-30D
10th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 10th
GROWTH & INCOME                                                                 
FUND                                                

INVESTMENT OBJECTIVE                                                            

The TIAA-CREF Growth & Income Fund seeks favorable long-term returns through    
capital appreciation and investment income, primarily from a broadly diversified
portfolio of common stocks.                                                     

PORTFOLIO PROFILE                                                               

>  Employs TIAA-CREF's Dual Investment Management Strategy.SM Indexed portion   
aims to slightly exceed the fund's benchmark, the S&P 500, with low       
volatility.                                                               

>  Active portion (46 percent as of 6/30/00) buys stocks when they are          
attractively priced compared to growth potential and asset value.         

>  Occasionally acquires stocks of foreign-based companies not in the benchmark.

PERFORMANCE IN 2000                                                             

For the six months ended June 30, 2000, the Growth & Income Fund posted a return
of 1.58 percent, 2.0 percent ahead of its benchmark, the S&P 500 Index. The fund
held a 2.45 percent lead over its peer competition, the Lipper Growth & Income  
Fund Index.                                                                     

Although the first six months of the year saw a turbulent market (especially for
technology stocks), the Growth & Income Fund posted a solid performance. More   
traditional "old economy" sectors performed well, whereas the technology sector 
lagged during the beginning of the second quarter as the NASDAQ experienced a   
correction.                                                                     

Despite the correction in the NASDAQ, the fund mostly benefited by selecting    
stocks within the technology sector. For example, both Sanmina and EMC performed
well during the volatile second quarter. We benefited from being underexposed to
Microsoft and Texas Instruments. Holdings in other sectors contributed to the   
fund's performance, including Cardinal Health, Nabisco, and John Hancock        
Financial. Our underweight position versus the benchmark in Johnson & Johnson   
and LSI Logic detracted from the fund's performance.                            

10  TIAA-CREF Mutual Funds   2000 SEMI-ANNUAL REPORT                            

N-30D
11th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 11th
                                                            GROWTH & INCOME Fund

TEN LARGEST HOLDINGS AS OF 6/30/00                                              

COMPANY                % OF NET ASSETS    MARKET VALUE                          

General Electric Co         4.12%         $26,569,430                           
-------------------------------------------------------                         
Cisco Systems, Inc          3.81           24,588,898                           
-------------------------------------------------------                         
Intel Corp                  3.68           23,710,681                           
-------------------------------------------------------                         
Microsoft Corp              3.05           19,649,280                           
-------------------------------------------------------                         
Exxon Mobil Corp            2.50           16,118,405                           
-------------------------------------------------------                         
Pfizer, Inc                 2.40           15,489,828                           
-------------------------------------------------------                         
Wal-Mart Stores, Inc        2.12           13,688,473                           
-------------------------------------------------------                         
Oracle Corp                 2.12           13,674,446                           
-------------------------------------------------------                         
EMC Corp                    1.67           10,787,714                           
-------------------------------------------------------                         
Merck & Co, Inc             1.59           10,285,833                           
-------------------------------------------------------                         

$10,000 OVER LIFE OF FUND                                                       

[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]

Lipper                                      
Growth & Income        S&P 500       Growth & Income  
Fund Index           Index              Fund    
---------------        -------       ---------------  
$10,000            $10,000           $10,000  
Sep-97         10,505             10,548            10,542                
10,156             10,195            10,207 
10,440             10,667            10,667 
Dec-97         10,616             10,851            10,837                
10,636             10,971            10,952 
11,303             11,762            11,708 
Mar-98         11,826             12,365            12,430                
11,890             12,490            12,651 
11,708             12,275            12,451 
Jun-98         11,849             12,773            12,917                
11,559             12,636            12,854 
9,926             10,809            10,934
Sep-98         10,372             11,502            11,499                
11,125             12,437            12,482 
11,661             13,191            13,296 
Dec-98         12,058             13,951            14,143                
12,171             14,534            14,822 
11,902             14,082            14,313 
Mar-99         12,313             14,645            15,016                
13,111             15,212            15,686 
12,921             14,853            15,271 
Jun-99         13,456             15,677            16,248                
13,070             15,188            15,769 
12,781             15,113            15,471 
Sep-99         12,379             14,698            15,100                
12,909             15,628            16,029 
13,023             15,946            16,466 
Dec-99         13,489             16,885            17,602                
12,960             16,037            16,763 
12,539             15,733            16,674 
Mar-00         13,716             17,273            18,337                
13,472             16,753            17,795 
13,422             16,409            17,418 
Jun-00         13,371             16,814            17,881                

PERFORMANCE AT A GLANCE AS OF 6/30/00                                           

                                                        [Enlarge/Download Table]

                        AVERAGE ANNUAL COMPOUND           CUMULATIVE RATES                             
                        RATES OF TOTAL RETURN(1)         OF TOTAL RETURN(1)      EXPENSE    NET ASSETS 
                        1 YEAR  SINCE INCEPTION(2)   1 YEAR  SINCE INCEPTION(2)   RATIO     IN MILLIONS
                                                                                                       
GROWTH & INCOME FUND      10.05%    22.82%          10.05%       78.83%           0.43%(3)      $645.01

S&P 500 Index              7.25     20.16            7.25        68.15              --            --   

Lipper Growth & Income                                                                                 
Fund Index                -0.63     10.77           -0.63        33.60              --            --   


1  PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES  
OF RETURN FROM THE GROWTH & INCOME FUND. FUTURE RETURNS WILL FLUCTUATE, AS
  WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE
OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION.                        

2  INCEPTION DATE OF THE GROWTH & INCOME FUND WAS 9/2/97.                       

3  THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED UNTIL JULY 1, 2003.           

                           2000 SEMI-ANNUAL REPORT   TIAA-CREF Mutual Funds   11

N-30D
12th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 12th
GROWTH EQUITY                                                                   
FUND                                                    

INVESTMENT OBJECTIVE                                                            

The TIAA-CREF Growth Equity Fund seeks a favorable long-term rate of return,    
mainly through the capital appreciation of a diversified portfolio of common    
stocks that have the potential for strong growth.                               

PORTFOLIO PROFILE                                                               

>  Employs TIAA-CREF's Dual Investment Management Strategy.SM Indexed portion   
 aims to exceed the fund's benchmark, the Russell 3000(R) Growth Index, with
low volatility.                                                           

>  Actively managed part of the fund (58 percent as of 6/30/00) is concentrated 
   in stocks of rapidly growing companies with products and/or services dominant
in their sector.                                                          

>  This fund may invest up to 40 percent of the portfolio in international      
stocks outside of the benchmark as opportunities arise.                   

PERFORMANCE IN 2000                                                             

For the six months ended June 30, 2000, the Growth Equity Fund posted a return  
of 6.98 percent, which was 2.94 percent ahead of the Russell 3000(R) Growth     
Index and 4.17 percent ahead of the competition as measured by the Lipper Growth
FunD Index.                                                                     

The fund remained overweight versus the benchmark in technology, media, and     
telecommunications equipment. Good stock selection, however, helped overcome the
weakness in these broader sectors and helped us record positive performance.    
Positions in EMC Corp. in the data storage area, Oracle in the enterprise       
software area, and Siebel Systems, another enterprise software company, all made
positive contributions to performance. From the media group, AMFM Inc., a radio 
company that is merging with two other holdings, Clear Channel Communications   
and SFX Entertainment, made a positive contribution, as did Viacom, which merged
with CBS Corp. In the telecommunications infrastructure area, Ciena Corp., a    
telecommunications switch company, helped performance.                          

On the negative side, our underweight position versus the benchmark in the      
health care sector hurt performance, although good stock selection helped       
mitigate these effects. Cardinal Health Inc. was a strong performer in the drug 
distribution area. Our underweight position in Johnson & Johnson hurt           
performance, as did underweight positions in consumer non-cyclical stocks like  
Coca-Cola and Pepsico. Underweight positions in other consumer-oriented stocks  
such as retailers and food companies helped performance.                        

12   TIAA-CREF Mutual Funds   2000 SEMI-ANNUAL REPORT                           

N-30D
13th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 13th
                                                              GROWTH EQUITY FUND

TEN LARGEST HOLDINGS AS OF 6/30/00                                              

COMPANY                            % OF NET ASSETS       MARKET VALUE           
-----------------------------------------------------------------------         
Intel Corp                               5.65%            $51,504,178           
-----------------------------------------------------------------------         
Cisco Systems, Inc                       5.61              51,228,069           
-----------------------------------------------------------------------         
General Electric Co                      4.80              43,813,033           
-----------------------------------------------------------------------         
Oracle Corp                              4.31              39,281,061           
-----------------------------------------------------------------------         
Microsoft Corp                           3.87              35,348,000           
-----------------------------------------------------------------------         
EMC Corp                                 2.97              27,120,161           
-----------------------------------------------------------------------         
Pfizer, Inc                              2.82              25,695,600           
-----------------------------------------------------------------------         
Tyco International Ltd                   2.53              23,076,646           
-----------------------------------------------------------------------         
Lucent Technologies, Inc                 2.27              20,675,465           
-----------------------------------------------------------------------         
International Business Machines Corp     1.93              17,584,781           
-----------------------------------------------------------------------         

$10,000 OVER LIFE OF FUND                                                       

[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]  

Lipper Growth      Russell 3000(R)   Growth Equity  
Fund Index        Growth Index          Fund    
-------------      ---------------   -------------  
$10,000             $10,000          $10,000  
Sep-97         10,572              10,524           10,535                
10,231              10,109           10,189 
10,466              10,469           10,640 
Dec-97         10,643              10,575           10,819                
10,714              10,847           11,097 
11,469              11,675           11,899 
Mar-98         11,960              12,144           12,434                
12,088              12,303           12,658 
11,791              11,903           12,327 
Jun-98         12,300              12,578           13,064                
12,170              12,409           12,883 
10,215              10,465           10,638 
Sep-98         10,897              11,288           11,461                
11,651              12,171           12,402 
12,345              13,098           13,300 
Dec-98         13,377              14,280           14,711                
13,948              15,104           15,606 
13,473              14,364           14,905 
Mar-99         14,057              15,104           15,520                
14,414              15,214           15,649 
14,133              14,783           15,390 
Jun-99         14,969              15,799           16,522                
14,599              15,297           15,951 
14,434              15,488           16,102 
Sep-99         14,193              15,204           15,929                
15,067              16,300           16,673 
15,704              17,235           17,643 
Dec-99         17,118              19,112           19,566                
16,500              18,268           18,712 
17,475              19,409           20,090 
Mar-00         18,364              20,506           21,490                
17,446              19,451           20,556 
16,677              18,422           19,384 
Jun-00         17,599              19,884           20,932                

PERFORMANCE AT A GLANCE AS OF 6/30/00                                           

                                                        [Enlarge/Download Table]

                           AVERAGE ANNUAL COMPOUND        CUMULATIVE RATES                             
                           RATES OF TOTAL RETURN(1)       OF TOTAL RETURN(1)      EXPENSE   NET ASSETS 
                          1 YEAR  SINCE INCEPTION(2)  1 YEAR  SINCE INCEPTION(2)   RATIO    IN MILLIONS
                                                                                                       
GROWTH EQUITY FUND         26.69%       29.85%        26.69%      109.32%         0.45%(3)    $912.36  

Russell 3000(R)                                                                                        
Growth Index(4)            25.86        27.48         25.86        98.80             --          --    

Lipper Growth Fund Index   17.57        22.07         17.57        75.97             --          --    

1  PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES  
   OF RETURN FROM THE GROWTH EQUITY FUND. FUTURE RETURNS WILL FLUCTUATE, AS WILL
THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION.                           

2  INCEPTION DATE OF THE GROWTH EQUITY FUND WAS 9/2/97.                         

3  THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED UNTIL JULY 1, 2003.           

4  RUSSELL 3000(R) GROWTH INDEX (RUSSELL 3000 IS A TRADEMARK AND A SERVICE MARK 
OF THE FRANK RUSSELL COMPANY).                                            

                           2000 SEMI-ANNUAL REPORT   TIAA-CREF Mutual Funds   13

N-30D
14th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 14th
INTERNATIONAL EQUITY                                                            
FUND                                      

INVESTMENT OBJECTIVE                                                            

   The TIAA-CREF  International  Equity Fund seeks a favorable long-term return,
   mainly through  capital  appreciation  from a broadly  diversified  portfolio
primarily consisting of foreign equity investments.                       

PORTFOLIO PROFILE                                                               

>  Employs TIAA-CREF's Dual Investment Management Strategy.SM                   

>  Indexed portion of the fund aims to slightly exceed the fund's benchmark, the
Morgan Stanley Europe, Australasia, Far East (EAFE) Index.                

>  Actively managed (43 percent as of 6/30/00) part is comprised of             
international stocks of companies we believe have strong management and   
sustainable prospects for growth.                                         

PERFORMANCE IN 2000                                                             

For the first six months of 2000, the International Equity Fund posted a return 
of -6.22 percent, which was 2.16 percent behind the Morgan Stanley-EAFE Index   
and 2.11 percent behind the competition as measured by the Lipper International 
Fund Index.                                                                     

While the fund benefited from the changing landscape of the global              
communications sector during the first quarter, foreign markets retreated in the
second quarter, because of heightened concerns over the impact of higher        
interest rates on corporate earnings. Investors fled stocks related to the      
telecommunications, media and technology sectors, and looked for safer havens,  
such as in the health care and financial service industries. Our exposure to the
former and our lack of exposure to the latter sectors meant that we were rightly
positioned in the first quarter, but we were wrongly positioned to take         
advantage of the market pullback in the second quarter.                         

This can be seen in our stock selection. For example, Vodafone, the world's     
largest mobile communications service provider, was hampered by worries that it 
would be forced to overpay for third generation licenses, and the share price   
suffered after rallying strongly in the beginning of the year. Tiscali, the     
Italian telecommunications company, also suffered as investors took profits     
after its run-up earlier in the year. Reuters, the British-based financial      
information company, has seen its stock price suffer despite our confirmation   
that it improved its underlying business. In the technology field, the smaller  
companies bore the brunt of investor fears. Swiss software company Fantastic and
the Australian media firm BMCMedia weighed down performance as investors shunned
smaller capitalization names in favor of larger companies.                      

Despite the general decline in the telecommunications and technology sectors,   
there were several bright spots. The software and semiconductor sectors were    
both strong during the second quarter, as were a number of non-technology-      
related companies. More specifically, Tibco, a software spin-off from Reuters,  
pleased the market with firm results and saw its share price recover strongly.  
In addition, Infineon, the German-based semiconductor manufacturer, revised     
earnings expectations upwards, which bolstered its share price performance.     
On the non-technology side,                                                     

14   TIAA-CREF Mutual Funds   2000 SEMI-ANNUAL REPORT                           

N-30D
15th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 15th
                                                       INTERNATIONAL EQUITY Fund

our ownership in the Dutch food retailer Royal Ahold Nv contributed positively  
as investors warmed up to the company's growth prospects for the coming year.   
Finally, IHC Caland Nv, a Dutch offshore services company, performed well on the
back of a stronger outlook for exploration and production in the oil industry.  
But despite the combined positive impact of the above- mentioned holdings, they 
were not enough to mitigate all of the head winds that we faced in the second   
quarter.                                                                        

TEN LARGEST HOLDINGS AS OF 6/30/00                                              

                        % OF NET
COMPANY                       COUNTRY            ASSETS     MARKET VALUE        

Vodafone Airtouch Plc       United Kingdom      3.41%      $10,379,299      
---------------------------------------------------------------------------     
Nokia Oyj                   Finland             2.78         8,473,198      
---------------------------------------------------------------------------     
Ericsson Telefon (LM)                                                       
AB Series B                 Sweden              2.78         8,461,558      
---------------------------------------------------------------------------     
Glaxo Wellcome Plc          United Kingdom      2.06         6,283,916      
---------------------------------------------------------------------------     
WPP Group Plc               United Kingdom      1.74         5,330,054      
---------------------------------------------------------------------------     
Reuters Group Plc           United Kingdom      1.48         4,523,399      
---------------------------------------------------------------------------     
Royal Ahold Nv              Netherlands         1.45         4,422,385      
---------------------------------------------------------------------------     
Pearson Plc                 United Kingdom      1.43         4,354,692      
---------------------------------------------------------------------------     
Infineon Technologies AG.   Germany             1.38         4,208,768      
---------------------------------------------------------------------------     
IHC Caland Nv               Netherlands         1.24         3,776,649      
---------------------------------------------------------------------------     

$10,000 OVER LIFE OF FUND                                                       

[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]  

Lipper                                        
International    Morgan Stanley   International       
Fund Index       EAFE Index      Equity Fund      
-------------    --------------   -------------       

$10,000           $10,000         $10,000       
Sep-97        10,642            10,560          10,570                    
9,834             9,748           9,759     
9,753             9,649           9,682     
Dec-97         9,830             9,733           9,770                    
10,068            10,178          10,186      
10,712            10,831          10,767      
Mar-98        11,294            11,165          11,194                    
11,467            11,253          11,292      
11,490            11,198          11,303      
Jun-98        11,390            11,284          11,391                    
11,565            11,397          11,479      
9,901             9,985           9,967     
Sep-98         9,593             9,679           9,562                    
10,298            10,687          10,394      
10,814            11,235          11,095      
Dec-98        11,080            11,677          11,652                    
11,148            11,643          11,973      
10,861            11,365          11,741      
Mar-99        11,223            11,840          12,017                    
11,746            12,319          12,349      
11,309            11,685          11,741      
Jun-99        11,845            12,140          12,305                    
12,109            12,501          12,990      
12,205            12,547          13,056      
Sep-99        12,244            12,673          13,289                    
12,671            13,148          13,863      
13,600            13,605          15,610      
Dec-99        15,271            14,826          18,158                    
14,378            13,884          17,548      
15,327            14,258          20,394      
Mar-00        15,367            14,810          19,039                    
14,392            14,031          17,244      
13,997            13,688          16,261      
Jun-00        14,645            14,224          17,029                    

PERFORMANCE AT A GLANCE AS OF 6/30/00                                           

                                                        [Enlarge/Download Table]

                            AVERAGE ANNUAL COMPOUND         CUMULATIVE RATES                              
                            RATES OF TOTAL RETURN(1)        OF TOTAL RETURN(1)      EXPENSE    NET ASSETS 
                           1 YEAR   SINCE INCEPTION(2)  1 YEAR  SINCE INCEPTION(2)   RATIO     IN MILLIONS
                                                                                                          
INTERNATIONAL EQUITY FUND  38.39%       20.71%          38.39%      70.29%           0.49%(3)    $304.73  

Morgan Stanley EAFE Index  17.16        13.27           17.16       42.27              --           --    

Lipper International                                                                                      
Fund Index                 23.63        14.38           23.63       46.34              --           --    

1  PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES  
  OF RETURN FROM THE INTERNATIONAL EQUITY FUND. FUTURE RETURNS WILL FLUCTUATE,
AS WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION. THERE ARE SPECIAL 
RISKS ASSOCIATED WITH INVESTING IN FUNDS THAT INVEST PRIMARILY IN FOREIGN 
SECURITIES, SUCH AS THE INTERNATIONAL EQUITY FUND. THESE SPECIAL RISKS    
INCLUDE ERRATIC MARKET CONDITIONS, ECONOMIC AND POLITICAL INSTABILITY, AND
FLUCTUATIONS IN CURRENCY EXCHANGE RATES.                                  

2  INCEPTION DATE OF THE INTERNATIONAL EQUITY FUND WAS 9/2/97.                  

3  THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED UNTIL JULY 1, 2003.           

                           2000 SEMI-ANNUAL REPORT   TIAA-CREF Mutual Funds   15

N-30D
16th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 16th
MANAGED ALLOCATION                                                              
FUND                                          

INVESTMENT OBJECTIVE                                                            

The TIAA-CREF Managed Allocation Fund seeks a favorable total rate of return    
primarily through investments in several of the other TIAA-CREF Mutual Funds    
that pursue capital appreciation and investment income.                         

PORTFOLIO PROFILE                                                               

>  Allocation mixture of 60 percent equities and 40 percent fixed income may    
shift up or down by up to 15 percentage points, depending on market,      
economic, and financial conditions.                                       

>  Equity portion consists of a changing mixture of three equity funds, the     
International Equity, Growth Equity, and Growth & Income Funds.           

>  The fixed-income portion is invested mostly in shares of the Bond PLUS,      
Short-Term Bond, and High-Yield Bond Funds, with occasional investments in
the Money Market Fund.                                                    

PERFORMANCE IN 2000                                                             

For the six months ended June 30, 2000, the Managed Allocation Fund, a fund     
composed of investments in the other TIAA-CREF Mutual Funds, posted a return of 
3.03 percent, which was 2.13 percent ahead of the MAF Composite and 1.29 percent
ahead of the competition as measured by the Lipper Balanced Fund Index.         

During the first quarter, the overall allocation between equity and fixed-income
investments remained the same, at 59.5 percent equity and 40.5 percent fixed    
income. However, we increased our position in the Money Market Fund from 2      
percent to 3 percent. We also made several changes to the equity allocation. In 
January, we increased our proportion in the International Equity Fund and funded
the change with proceeds from the Growth Equity Fund and new cash inflows. Then 
in February, we reversed the increase in the International Equity Fund after it 
had a very sharp upward move, and put the proceeds in the Growth & Income Fund. 

During the second quarter, there were several allocation changes. Within the    
equity component the allocation for the International Equity Fund was reduced   
from over 25 percent to 20 percent. Proceeds from the International Equity Fund 
were put into the Growth & Income and Growth Equity Funds. In late May, proceeds
from a small shift out of the Bond PLUS Fund were put into the Growth & Income  
and Growth Equity Funds. Finally, in June, a small amount of assets from the    
Money Market Fund were allocated to the newly created High-Yield Bond Fund. At  
the end of June, the equity-to-debt mix was 60.5 percent to 39.5 percent.       

16   TIAA-CREF Mutual Funds   2000 SEMI-ANNUAL REPORT                           

N-30D
17th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 17th
                                                         MANAGED ALLOCATION Fund

ASSET ALLOCATION AS OF 6/30/00                                                  

[PIE CHART OMITTED]                                                             

Bond PLUS Fund                36%                                               
High-Tield Bond Fund           1%                                               
Money Market Fund/Cash         2%                                               
International Equity Fund     13%                                               
Growth Equity Fund            24%                                               
Growth & Income Fund          24%                                               

$10,000 OVER LIFE OF FUND                                                       

[FIGURES BELOW REPRESENTS LINE CHART IN ITS PRINTED PIECE]  

        Managed Allocation
       Composite Index
       (48% S&P 500,
       40% Lehman Brothers
     Lipper            Aggregate Bond Index,         Managed
     Balanced             12% Morgan Stanley        Allocation
  Fund Index               EAFE Index)                Fund
    ----------          --------------------        ----------
    $10,000                   $10,000                $10,000
Sep-97      10,399                    10,388                 10,375       
     10,210                    10,235                 10,178
     10,397                    10,537                 10,396
Dec-97      10,550                    10,689                 10,539       
     10,624                    10,859                 10,728
     11,046                    11,315                 11,139
Mar-98      11,384                    11,651                 11,499       
     11,463                    11,743                 11,637
     11,347                    11,684                 11,563
Jun-98      11,552                    11,963                 11,882       
     11,417                    11,927                 11,861
     10,433                    10,999                 10,839
Sep-98      10,884                    11,399                 11,207       
     11,291                    11,962                 11,721
     11,704                    12,411                 12,203
Dec-98      12,136                    12,828                 12,777       
     12,330                    13,117                 13,178
     12,034                    12,793                 12,799
Mar-99      12,331                    13,131                 13,164       
     12,736                    13,455                 13,382
     12,540                    13,172                 13,120
Jun-99      12,886                    13,568                 13,585       
     12,645                    13,390                 13,443
     12,512                    13,362                 13,421
Sep-99      12,352                    13,264                 13,409       
     12,710                    13,746                 13,829
     12,848                    13,937                 14,336
Dec-99      13,228                    14,454                 15,231       
     12,896                    13,977                 14,827
     12,865                    13,962                 15,488
Mar-00      13,623                    14,757                 15,975       
     13,373                    14,433                 15,512
     13,248                    14,246                 15,106
Jun-00      13,460                    14,600                 15,692       

PERFORMANCE AT A GLANCE AS OF 6/30/00                                           

                                                        [Enlarge/Download Table]

                          AVERAGE ANNUAL COMPOUND        CUMULATIVE RATES                              
                          RATES OF TOTAL RETURN(1)       OF TOTAL RETURN(1)      EXPENSE    NET ASSETS 
                         1 YEAR  SINCE INCEPTION(2)  1 YEAR  SINCE INCEPTION(2)   RATIO     IN MILLIONS
                                                                                                       
MANAGED ALLOCATION FUND   15.51%       17.27%        15.51%       56.92%           0.39%(3)  $313.62   

Managed Allocation                                                                                     
Composite Index(4)         7.36        13.92          7.36        44.62              --        --      

Lipper Balanced                                                                                        
Fund Index                 4.43        11.10          4.43        34.76              --        --      

1  PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES  
   OF RETURN FROM THE MANAGED ALLOCATION FUND. FUTURE RETURNS WILL FLUCTUATE, AS
  WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE
OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION.                        

2  INCEPTION DATE OF THE MANAGED ALLOCATION FUND WAS 9/2/97.                    

3  THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED UNTIL JULY 1, 2003.           

4  COMPOSITE INDEX: 48%, S&P 500 INDEX; 40%, LEHMAN BROTHERS AGGREGATE BOND     
INDEX; 12%, MORGAN STANLEY EAFE INDEX.                                    

                         2000 SEMI-ANNUAL REPORT   TIAA-CREF Mutual Funds   17

N-30D
18th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 18th
TAX-EXEMPT BOND                                                                 
FUND                                                

INVESTMENT OBJECTIVE                                                            

The TIAA-CREF Tax-Exempt Bond Fund seeks a high level of current income that is 
exempt from regular federal income tax, consistent with preservation of capital.

PORTFOLIO PROFILE                                                               

>  Invests almost all of its assets in investment-grade municipal securities    
that are exempt from regular federal income tax.                          

>  Uses yield spread and credit analysis to identify and invest in undervalued  
market sectors and individual credit issues that exhibit the potential for
superior returns.                                                         

>  Can invest up to 20 percent of its assets in tax-exempt private activity     
bonds and lower-rated, higher-yielding securities.                        

PERFORMANCE IN 2000                                                             

The Tax-Exempt Bond Fund was launched on April 3, 2000. As of June 30, 2000, the
fund had return of 1.25 percent, underperforming its benchmark, the Lehman      
Brothers 10-Year Municipal Bond Index, by 0.35 percent.                         

We began the quarter with a defensively positioned portfolio, which performs    
better in declining or stable markets. High-coupon premium bonds were selected  
to avoid the unfavorable tax consequences of market discount bonds in a rising  
interest rate environment, and bonds with complex structure were chosen for     
their attractive spreads relative to other sectors in the market. Premium       
municipal bonds in particular hold their value much better in a rising interest 
rate environment than current coupon or discount bonds because of a unique tax  
feature of municipal bonds that affects the after-tax yield.                    

As interest rates rose and the Fed tightened, April and May proved to be        
challenging months for the municipal bond market in terms of both restricted new
issuance and unfavorable yield curve movement. Consequently, the municipal      
market exhibited a disappointing total return performance for these months. Our 
strategy of a defensive portfolio allowed the fund to outperform its index in   
the first two months of the quarter.                                            

The municipal market experienced a dramatic turnaround in June. The market rally
was rooted in a combination of factors: a continued low new-issue supply        
colliding with a wave of cash from June and July coupon payments, maturities and
redemptions, along with a jump in retail demand for tax-exempts amidst          
stock-market volatility. The demand for intermediate municipal bonds was among  
the more dramatic forces in the market during June.                             

The fund's underperformance in June can be largely attributable to the defensive
nature of the portfolio. Its high-coupon premium bonds and bonds with a complex 
structure tend not to respond as quickly in market rallies. These bonds will    
underperform current coupon and discount bonds in a rally but are stable and    
usually perform well in declining or flat markets.                              

18  TIAA-CREF Mutual Funds   2000 SEMI-ANNUAL REPORT                            

N-30D
19th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 19th
                                                            TAX-EXEMPT BOND Fund

$10,000 OVER LIFE OF FUND                                                       

[The following table represents a chart in the printed material]                

Lehman 10 Year       Tax-Exempt   
Municipal Bond Index    Bond Fund       
--------------------    ---------       
Apr  3, 2000          $10,000            $10,000                          
Apr 30, 2000            9,950              9,951                          
May 31, 2000            9,891              9,903                          
Jun 30, 2000           10,160             10,125                          

PERFORMANCE AT A GLANCE AS OF 6/30/00                                           

                       TOTAL RETURN(1)       EXPENSE        NET ASSETS
                      SINCE INCEPTION(2)       RATIO         IN MILLIONS

TAX-EXEMPT BOND FUND             1.25%            0.30%(3)         $31.83       

Lehman Brothers 10-Year                                                         
Municipal Bond Index             1.60               --                --        

1  PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES  
OF RETURN FROM THE TAX-EXEMPT BOND FUND. FUTURE RETURNS WILL FLUCTUATE, AS
  WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE
OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION.                        

2  INCEPTION DATE OF THE TAX-EXEMPT BOND FUND WAS 4/3/00.                       

3  THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2003.

                           2000 SEMI-ANNUAL REPORT   TIAA-CREF Mutual Funds   19

N-30D
20th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 20th
HIGH-YIELD BOND                                                                 
FUND                                                

INVESTMENT OBJECTIVE                                                            

The TIAA-CREF High-Yield Bond Fund seeks high current income, and when          
consistent with its primary objective, capital appreciation.                    

PORTFOLIO PROFILE                                                               

>  Invests primarily in lower-rated, higher-yielding fixed-income debt          
securities, such as domestic and foreign corporate bonds, debentures, and 
notes, as well as convertible securities and preferred stocks.            

>  Under normal market conditions, the fund invests at least 80 percent of its  
  assets in debt and other fixed-income securities rated lower than investment
grade or other non-rated high-yielding securities.                        

>  May invest up to 20 percent of its assets in other securities, including     
payment in kind or deferred interest obligations, defaulted securities,   
asset-backed securities, securities rated below B- or B3, and illiquid    
securities.                                                               

PERFORMANCE IN 2000                                                             

The High-Yield Bond Fund was launched on April 3, 2000. As of June 30, 2000, the
fund had a return of 3.2 percent. Over this same period, its benchmark, the     
Merrill Lynch BB/B Cash Pay Index had a total return of 1.23 percent. The fund's
return was 3.6 percent ahead of the competition as measured by the Lipper       
High-Yield Bond Fund Index.                                                     

During this period, the fund's management actively worked to develop a balanced,
diversified portfolio of high-yield bonds. Using a rigorous credit screening    
process, we invested in companies with which we have had long familiarity as    
well as in new portfolio names that offered good relative value. We are building
the portfolio on a name-by-name basis, and this process has resulted in the     
portfolio being significantly underweighted versus the benchmark in a number of 
industries. For example, we had very little exposure to the financial services, 
paper, aerospace, airline, and lodging industries, among others.                

However, this same company-by-company analysis has resulted in significantly    
greater exposure versus the benchmark to other industries such as broadcasting, 
cable television, diversified media, hospitals, and gaming. Our strong          
performance during the period resulted for the most part from holding securities
that are generally well regarded in the high-yield market during a period when  
gradually increasing market liquidity caused these securities to hold their     
value or appreciate more than the market as a whole. Holdings in Allied Waste   
Industries, HMH Properties, Avis Group, Lyondell Chemical Company, and Primedia 
Inc. were the top five contributors to the fund's performance during the period.

20   TIAA-CREF Mutual Funds   2000 SEMI-ANNUAL REPORT                           

N-30D
21st “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 21st
                                                            HIGH-YIELD BOND Fund

$10,000 OVER LIFE OF FUND                                                       

Lipper       Merrill Lynch        
   High-Yield    BB/B Cash Pay    High-Yield
    Index           Index        Bond Fund

Apr  3, 2000      $10,000          $10,000       $10,000                  
Apr 30, 2000        9,956           10,012        10,106                  
May 31, 2000        9,779            9,926        10,106                  
Jun 30, 2000        9,960           10,123        10,320                  

PERFORMANCE AT A GLANCE AS OF 6/30/00                                           

                                 TOTAL RETURN(1)   EXPENSE    NET ASSETS
                                SINCE INCEPTION(2)   RATIO     IN MILLIONS

HIGH-YIELD BOND FUND                      3.20%        0.34%(3)     $58.57      

Merrill Lynch BB/B Cash Pay Index         1.23           --            --       

Lipper High-Yield Bond Fund Index        -0.40           --            --       

1  PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES  
OF RETURN FROM THE HIGH-YIELD BOND FUND. FUTURE RETURNS WILL FLUCTUATE, AS
  WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE
OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION.                        

2  INCEPTION DATE OF THE HIGH-YIELD BOND FUND WAS 4/3/00.                       

3  THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2003.

                           2000 SEMI-ANNUAL REPORT   TIAA-CREF Mutual Funds   21

N-30D
22nd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 22nd
SHORT-TERM BOND                                                                 
FUND                                                

INVESTMENT OBJECTIVE                                                            

The TIAA-CREF Short-Term Bond Fund seeks high current income consistent with    
preservation of capital.                                                        

PORTFOLIO PROFILE                                                               

>  Invests primarily in a broad range of debt securities comprising the Lehman  
   Brothers Mutual Fund Short (1-5 year) Government/Credit Index, primarily U.S.
  Treasury and Agency securities, and corporate bonds with maturities from 1-5
years.                                                                    

>  May also invest in foreign corporate bonds, debentures and notes,            
  mortgage-backed securities, asset-backed securities, convertible securities,
and preferred stocks.                                                     

>  Seeks to maintain an average duration (changes in the portfolio's value in   
response to changes in interest rates) close to or equal to that of its   
benchmark.                                                                

PERFORMANCE IN 2000                                                             

The Short-Term Bond Fund was launched April 3, 2000. As of June 30, 2000, the   
fund had a return of 1.71 percent, underperforming its benchmark, the Lehman    
Brothers Mutual Short (1-5 year) Government/Credit Index, by .02 percent. The   
fund was 0.22 percent ahead of the competition as measured by the Lipper Short  
Investment Grade Fund Index.                                                    

The fund was established with overweight positions in the spread sectors        
(corporate, agency, and asset-backed securities) versus the benchmark. (The     
spread is the difference between the yield of a bond and a Treasury security of 
similar duration.) During the quarter, we made some changes to the fund's       
composition. We replaced short-term U.S. Treasury securities with other         
securities from the spread sector in the 1-3 year portion of the fund.          
Approximately 60 percent of the fund's assets were invested in spread product   
versus 49 percent for the benchmark. Spreads on short-term securities widened   
modestly in the second quarter; however, the income returns generated by        
securities offset this widening.                                                

22   TIAA-CREF Mutual Funds   2000 SEMI-ANNUAL REPORT                           

N-30D
23rd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 23rd
                                                            SHORT-TERM BOND Fund

$10,000 OVER LIFE OF FUND                                                       

[The following table represents a chart in the printed material]                

                           Lehman Brothers
         Lipper             Mutual Funds Short
                 Short-term Investment   (1-5 year Government/    Short-term
                      Grade Index             Credit Index         Bond Fund

Apr 3, 2000           $10,000                  $10,000            $10,000 
Apr 30, 2000           10,002                   10,004             10,002 
May 31, 2000           10,037                   10,034             10,026 
Jun 30, 2000           10,148                   10,173             10,171 

PERFORMANCE AT A GLANCE AS OF 6/30/00                                           

                                  TOTAL RETURN(1)      EXPENSE      NET ASSETS
                                 SINCE INCEPTION(2)      RATIO       IN MILLIONS

SHORT-TERM BOND FUND                    1.71%           0.30%(3)       $29.53   

Lehman Brothers Mutual Fund Short                                               
(1-5 yr) Gov/Credit Index               1.73              --              --    

Lipper Short-Term                                                               
Investment Grade Index                  1.49              --              --    

1  PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES  
OF RETURN FROM THE SHORT-TERM BOND FUND. FUTURE RETURNS WILL FLUCTUATE, AS
  WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE
OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION.                        

2  INCEPTION DATE OF THE SHORT-TERM BOND FUND WAS 4/3/00.                       

3  THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2003.

                           2000 SEMI-ANNUAL REPORT   TIAA-CREF Mutual Funds   23

N-30D
24th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 24th
SOCIAL CHOICE EQUITY                                                            
FUND                                      

INVESTMENT OBJECTIVE                                                            

The TIAA-CREF Social Choice Equity Fund seeks a favorable long-term rate of     
return that reflects the investment performance of the U.S. stock market while  
giving special consideration to certain social criteria.                        

PORTFOLIO PROFILE                                                               

>  Invests primarily in a diversified set of common stocks. The fund attempts to
track the return of the U.S. stock market as represented by the S&P 500   
Index.                                                                    

>  The fund does not currently invest in companies that: fail to adhere to sound
   environmental policies and practices; have significant involvement in weapons
manufacturing; operate in Northern Ireland without adopting the MacBride  
Principles of complying with the Fair Employment (Northern Ireland) Act of
1989; produce and market alcoholic beverages or tobacco products; produce 
  nuclear energy; or have a significant portion of their business in gaming or
gambling operations.                                                      

PERFORMANCE IN 2000                                                             

The Social Choice Equity Fund was launched on April 3, 2000. As of June 30,     
2000, the fund had a return of -1.69 percent, outperforming its benchmark, the  
S&P 500 Index, by 0.97 percent. The fund was 0.82 percent ahead of the          
competition as measured by the Lipper Growth & Income Fund Index.               

At the end of April 2000, the Committees on Corporate Governance and Social     
Responsibility voted in favor of a formal gambling screen. The fund will not    
invest in companies that have a significant involvement in gaming or gambling   
operations.                                                                     

Because the Social Choice Equity Fund uses investment screens, not all of the   
stocks in the S&P 500 are represented in the fund.                              

The performance of the fund benefited by being slightly underweight compared to 
the S&P 500 Index in the technology sector, most notably by not owning Motorola,
which had a -39 percent return in the benchmark for the quarter. Although the   
portfolio had an underexposure to the energy sector, it benefited by its        
overweight positions in oil services companies. The fund's overexposure to      
health care stocks such as Johnson & Johnson positively contributed to          
performance, despite not owning Warner-Lambert, which had a return of 30 percent
this quarter and completed its merger with Pfizer. The fund's overweight        
positions in interest-rate sensitive stocks, namely the financial services and  
utility sectors, offset the effects of our underweight positions in producer    
durables to which General Electric, the largest stock in the S&P 500, belongs   
but is not held by the fund.                                                    

24   TIAA-CREF Mutual Funds   2000 SEMI-ANNUAL REPORT                           

N-30D
25th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 25th
                                                       SOCIAL CHOICE EQUITY Fund

TEN LARGEST HOLDINGS AS OF 6/30/00                                              

                  % OF NET
COMPANY                                       ASSETS    MARKET VALUE            

Intel Corp                                     3.91%     $1,229,925             
----------------------------------------------------------------------          
Cisco Systems, Inc                             3.62       1,137,768             
----------------------------------------------------------------------          
Microsoft Corp                                 3.46       1,088,000             
----------------------------------------------------------------------          
Wal-Mart Stores, Inc                           2.21         693,574             
----------------------------------------------------------------------          
Citigroup, Inc                                 2.00         628,528             
----------------------------------------------------------------------          
Oracle Corp                                    1.95         613,656             
----------------------------------------------------------------------          
American International Group, Inc              1.93         606,182             
----------------------------------------------------------------------          
Merck & Co, Inc                                1.83         573,691             
----------------------------------------------------------------------          
International Business Machines Corp           1.82         572,025             
----------------------------------------------------------------------          
Lucent Technologies, Inc                       1.70         535,620             
----------------------------------------------------------------------          

$10,000 OVER LIFE OF FUND                                                       

[The following table represents a chart in the printed material]                

Lipper                                    
Growth &                                    
Income Fund                     Social Choice   
Index       S&P 500 Index    Equity Fund

Apr 3, 2000        $10,000         $10,000        $10,000                       
Apr 30, 2000         9,822           9,699          9,719                       
May 31, 2000         9,786           9,500          9,578                       
Jun 30, 2000         9,748           9,734          9,831                       

PERFORMANCE AT A GLANCE AS OF 6/30/00                                           

                                     TOTAL RETURN(1)   EXPENSE      NET ASSETS
                                    SINCE INCEPTION(2)   RATIO       IN MILLIONS

SOCIAL CHOICE EQUITY FUND                -1.69%         0.27%(3)       $31.42   

S&P 500 Index                            -2.66             --            --     

Lipper Growth & Income Fund Index        -2.51             --            --     

1  PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES  
  OF RETURN FROM THE SOCIAL CHOICE EQUITY FUND. FUTURE RETURNS WILL FLUCTUATE,
AS WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION.                   

2  INCEPTION DATE OF THE SOCIAL CHOICE EQUITY FUND WAS 4/3/00.                  

3  THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2003.

                           2000 SEMI-ANNUAL REPORT   TIAA-CREF Mutual Funds   25

N-30D
26th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 26th
EQUITY INDEX                                                                    
FUND                                                      

INVESTMENT OBJECTIVE                                                            

The TIAA-CREF Equity Index Fund seeks a favorable long-term rate of return
  from a diversified portfolio selected to track the overall market for common
  stocks publicly traded in the U.S., as represented by the Russell 3000(R), a
broad market index.                                                       

PORTFOLIO PROFILE                                                               

>  Benchmarked to the Russell 3000(R)Index.                                     

>  Uses a sampling approach to create a portfolio that closely matches the      
investment characteristics of the Russell 3000(R) Index without actually  
investing in all 3,000 stocks in the index.                               

PERFORMANCE IN 2000                                                             

The Equity Index Fund was launched on April 3, 2000. As of June 30, 2000, the   
fund had a return of -3.26 percent, outperforming its benchmark, the Russell    
3000(R)a Growth Index, by 0.20 percent.                                         

The second quarter of 2000 was initially characterized by a continued shift away
from what had been the top performing growth/momentum stocks. In the first      
couple months of the year, growth stocks substantially outperformed value stocks
by any measure. By March, however, a reversal was under way, and value stocks   
outperformed growth stocks in both April and May. In June, growth stocks roared 
again. In all cases, the deviation between these two groups of stocks was as    
high as it had ever been.                                                       

The relative performance of index portfolios, which basically aim to match the  
market, is generally not affected by the relative performance of these different
groups of stocks. However, with such extreme variation in performance between   
groups of stocks, even slight deviations can have some impact on performance.   

26   TIAA-CREF Mutual Funds   2000 SEMI-ANNUAL REPORT                           

N-30D
27th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 27th
                                                               EQUITY INDEX Fund

TEN LARGEST HOLDINGS AS OF 6/30/00                                              

      % OF NET
COMPANY                                 ASSETS      MARKET VALUE                

General Electric Co                      3.83%       $2,259,496                 
------------------------------------------------------------------              
Intel Corp                               3.26         1,922,827                 
------------------------------------------------------------------              
Cisco Systems, Inc                       3.22         1,898,230                 
------------------------------------------------------------------              
Microsoft Corp                           2.26         1,331,040                 
------------------------------------------------------------------              
Pfizer, Inc                              2.21         1,302,852                 
------------------------------------------------------------------              
Exxon Mobil Corp                         1.99         1,172,319                 
------------------------------------------------------------------              
Citigroup, Inc                           1.48           874,649                 
------------------------------------------------------------------              
International Business Machines Corp     1.41           831,469                 
------------------------------------------------------------------              
Lucent Technologies, Inc                 1.40           823,693                 
------------------------------------------------------------------              
Oracle Corp                              1.34           791,196                 
------------------------------------------------------------------              

$10,000 OVER LIFE OF FUND                                                       

[The following table represents a chart in the printed material]                

       Russell 3000 Index      Equity Index Fund
Apr  3, 2000                $10,000                $10,000                      
Apr 30, 2000                  9,648                  9,655                      
May 31, 2000                  9,377                  9,396                      
Jun 30, 2000                  9,654                  9,674                      

PERFORMANCE AT A GLANCE AS OF 6/30/00                                           

           TOTAL RETURN(1)       EXPENSE    NET ASSETS
          SINCE INCEPTION(2)       RATIO     IN MILLIONS

EQUITY INDEX FUND           -3.26%           0.26%(3)      $58.97               

Russell 3000(R)Index        -3.46              --            --                 

1  PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES  
  OF RETURN FROM THE EQUITY INDEX FUND. FUTURE RETURNS WILL FLUCTUATE, AS WILL
THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION.                           

2  INCEPTION DATE OF THE EQUITY INDEX FUND WAS 4/3/00.                          

3  THIS ANNUAL RATE REFLECTS A WAIVER OF A PORTION OF THE FUND'S MANAGEMENT FEE.
THE WAIVER IS CONTRACTUAL AND IS GUARANTEED THROUGH AT LEAST JULY 1, 2003.

                         2000 SEMI-ANNUAL REPORT   TIAA-CREF Mutual Funds   27

N-30D
28th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 28th
TIAA-CREF MUTUAL FUNDS   STATEMENT OF INVESTMENTS (Unaudited)  MONEY MARKET FUND
 JUNE 30, 2000

--------------------------------------------------------------------------------
PRINCIPAL                                            VALUE                  
--------------------------------------------------------------------------------

SHORT TERM INVESTMENTS -- 100.32%                                               
BANK NOTES -- 0.40%                                                             
HUNTINGTON NATIONAL BANK                                
$2,000,000    5.660%, 07/06/00                     $ 1,999,509                  
                                 -----------

COMMERCIAL PAPER -- 89.21%                                                      
ABN AMRO NORTH AMERICA                                  
FINANCE, INC                                        
7,450,000    5.960%, 08/07/00                       7,404,365                 
AMERICAN EXPRESS CREDIT CORP                            
10,464,000    6.780%, 07/07/00                      10,452,175                  
5,460,000    6.500%, 07/10/00                       5,451,127                 
AMERICAN HONDA FINANCE CORP                             
1,414,000    6.600%, 08/10/00                       1,403,630                 
11,400,000    6.620%, 08/10/00                      11,316,146                  
AMERICAN TELEPHONE & TELEGRAPH CO                       
18,000,000    6.500%, 07/20/00                      17,938,250                  
ASSET SECURITIZATION                                    
COOP CORP                                           
18,000,000  c 6.650%, 08/23/00                      17,823,775                  
BARCLAYS U.S. FUNDING CORP                              
18,000,000    6.520%, 07/07/00                      17,980,440                  
BELL ATLANTIC FINANCIAL SERVICES, INC                   
11,000,000    6.470%, 07/10/00                      10,982,193                  
BELL ATLANTIC NETWORK FUNDING CORP                      
4,150,000    6.540%, 07/24/00                       4,132,659                 
13,500,000    6.570%, 08/16/00                      13,386,667                  
BETA FINANCE, INC                                       
14,500,000  c 6.670%, 08/29/00                      14,341,494                  
BMW U.S. CAPITAL CORP                                   
2,450,000    6.530%, 08/03/00                       2,435,334                 
10,000,000    6.550%, 09/12/00                       9,867,180                  
CAMPBELL SOUP CO                                        
10,000,000    6.180%, 10/11/00                       9,825,826                  
CATERPILLAR FINANCIAL SERVICES CORP                     
10,300,000  c 5.970%, 07/18/00                      10,270,963                  
CIESCO LP                                               
7,650,000    6.550%, 07/20/00                       7,623,554                 
10,000,000    6.530%, 07/21/00                       9,963,722                  
COCA COLA CO                                            
5,000,000    6.550%, 09/01/00                       4,943,597                 
CORPORATE ASSET FUNDING CORP, INC                       
14,000,000  c 6.620%, 08/03/00                      13,915,043                  
DELAWARE FUNDING CORP                                   
7,474,000  c 6.570%, 07/18/00                       7,450,811                 
10,000,000  c 6.580%, 07/18/00                       9,968,927                  
DUPONT (E.I.) DE NEMOURS & CO                           
$16,000,000   6.500%, 07/21/00                      15,942,222                  
1,700,000    6.730%, 12/18/00                       1,645,972                 
EASTMAN KODAK CO                                        
5,000,000    6.570%, 08/08/00                       4,965,325                 
9,800,000    6.540%, 09/05/00                       9,682,497                 
ENTERPRISE FUNDING CORP                                 
10,000,000  c 6.670%, 07/31/00                       9,944,416                  
FORTUNE BRANDS, INC                                     
15,100,000    6.610%, 10/02/00                      14,842,154                  
GENERAL ELECTRIC CAPITAL CORP                           
18,000,000    6.610%, 10/12/00                      17,659,585                  
GENERAL MILLS                                           
9,000,000    6.540%, 09/05/00                       8,892,090                 
GOLDMAN SACHS GROUP LP                                  
6,150,000    6.580%, 08/09/00                       6,106,160                 
2,160,000    6.600%, 09/11/00                       2,131,488                 
HD REAL ESTATE FUNDING CORP                             
10,000,000  c 6.750%, 11/06/00                       9,760,000                  
KELLOGG CO                                              
3,500,000    6.500%, 07/11/00                       3,493,680                 
KIMBERLY-CLARK CORP                                     
7,000,000  c 6.570%, 08/25/00                       6,929,737                 
MORGAN STANLEY DEAN WITTER                              
1,555,000    6.550%, 08/23/00                       1,540,005                 
MOTIVA ENTERPRISES LLC                                  
1,800,000    6.530%, 07/24/00                       1,792,490                 
MOTOROLA CREDIT CORP                                    
9,000,000    6.120%, 07/24/00                       8,964,810                 
MOTOROLA, INC                                           
9,000,000    6.100%, 07/07/00                       8,990,850                 
NATIONAL RURAL UTILITIES                                
COOP FINANCE                                        
1,577,000    6.110%, 07/18/00                       1,572,449                 
10,000,000  c 6.120%, 07/19/00                       9,969,400                  
PACCAR FINANCIAL CORP                                   
7,800,000    6.630%, 08/31/00                       7,712,373                 
9,800,000    6.550%, 09/13/00                       9,668,053                 
PARK AVENUE RECEIVABLES CORP                            
6,330,000  c 6.750%, 07/13/00                       6,315,757                 
6,300,000  c 6.600%, 07/24/00                       6,273,435                 
SBC COMMUNICATIONS, INC                                 
4,100,000  c 6.080%, 07/10/00                       4,093,767                 
10,500,000  c 6.560%, 08/23/00                      10,398,593                  
3,200,000  c 6.640%, 09/01/00                       3,163,406                 

28  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
29th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 29th
TIAA-CREF MUTUAL FUNDS                                         MONEY MARKET FUND

--------------------------------------------------------------------------------
PRINCIPAL                                    VALUE                          
--------------------------------------------------------------------------------

COMMERCIAL PAPER -- (CONTINUED)                                                 

SCHERING CORP                                           
$14,000,000   6.700%, 11/14/00            $ 13,645,644                          
SOUTHERN CALIFORNIA EDISON CO                           
10,000,000   6.140%, 08/02/00               9,945,422                         
STANLEY WORKS                                           
8,355,000   6.450%, 07/05/00               8,349,012                        
WAL-MART STORES, INC                                    
3,150,000 c 6.570%, 08/28/00               3,116,657                        
                ------------
                 446,385,327
                ------------
MEDIUM TERM BONDS -- 1.15%                                                      
FORD MOTOR CREDIT CO                                    
455,000   6.375%, 10/06/00                 454,984                      
806,000   6.250%, 11/08/00                 805,496                      
IBM CREDIT CORP                                         
2,000,000   5.860%, 09/01/00               1,999,489                        
NATIONAL RURAL UTILITIES                                
COOP FINANCE                                        
2,500,000   5.810%, 07/13/00               2,500,682                        
                ------------
                   5,760,651
                ------------
U.S. GOVERNMENT AND AGENCY-- 0.17%                                              
FEDERAL HOME LOAN MORTGAGE CORP                         
(FHLMC)                                             
840,000   6.350%, 07/05/00                 839,407                      
                ------------
VARIABLE RATE NOTES -- 9.39%                                                    
CIT GROUP HOLDINGS, INC                                 
10,000,000   6.676%, 07/16/01               9,992,031                         
FLEET FINANCIAL GROUP, INC                              
10,000,000   6.707%, 03/13/01               9,993,602                         
FORD MOTOR CREDIT CO                                    
8,000,000   6.728%, 08/18/00               8,000,178                        
KEY BANK                                                
4,000,000   6.700%, 07/14/00               3,998,825                        
NATIONAL CITY CORP                                      
15,000,000   6.330%, 04/23/01              15,006,981                         
                ------------
                  46,991,617
                ------------
TOTAL SHORT TERM INVESTMENTS                            
(COST $501,976,511)          501,976,511            
                ------------
TOTAL PORTFOLIO-- 100.32%                               
(COST $501,976,511)          501,976,511            
OTHER ASSETS & LIABILITIES,                             
NET-- (0.32%)                 (1,610,678)           
                ------------
NET ASSETS-- 100.00%          $500,365,833              
                ============

------------                                                                    
c  COMMERCIAL PAPER ISSUED UNDER THE PRIVATE PLACEMENT EXEMPTION UNDER          
SECTION 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED.                   

TIAA-CREF MUTUAL FUNDS    STATEMENT OF INVESTMENTS (Unaudited)    BOND PLUS FUND
 JUNE 30, 2000

--------------------------------------------------------------------------------
PRINCIPAL                           RATINGS+       VALUE                    
--------------------------------------------------------------------------------

BONDS -- 98.52%                                                                 

CORPORATE BONDS -- 30.44%                                                       

ASSET BACKED -- 4.63%                                                           
GE CAPITAL MORTGAGE                                     
SERVICES, INC SERIES                                
1999-HE1 (CLASS A3)                                 
$1,500,000    6.035%, 06/25/20          AAA    $ 1,462,785                      
GREEN TREE HOME EQUITY                                  
LOAN TRUST SERIES                                   
1998-C (CLASS A3)                                   
1,000,000    6.180%, 07/15/29          AAA        995,140                     
HOUSEHOLD AUTOMOTIVE                                    
TRUST SERIES 2000-2                                 
(CLASS A3)                                          
2,000,000    7.340%, 11/17/04          AAA      2,011,400                     
NEWCOURT EQUIPMENT                                      
TRUST SECURITIES SERIES                             
1999-1 (CLASS A4)                                   
2,750,000    7.180%, 10/20/05          AAA      2,746,342                     
RESIDENTIAL ASSET                                       
SECURITIES CORP SERIES                              
1999-KS3 (CLASS AI3)                                
2,500,000    7.180%, 01/25/25          AAA      2,472,675                     

+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)                       

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 29

N-30D
30th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 30th
TIAA-CREF MUTUAL FUNDS                                            BOND PLUS FUND

--------------------------------------------------------------------------------
PRINCIPAL                       RATINGS+      VALUE                         
--------------------------------------------------------------------------------

ASSET BACKED -- (CONTINUED)                                                     
VANDERBILT MORTGAGE                                     
FINANCE SERIES 1999-D                                   
(CLASS IA2)                                             
$1,000,000    6.815%, 08/07/12      AAA    $   981,020                          
                 -----------
TOTAL ASSET BACKED              10,669,362              
                 -----------
ENERGY -- 0.85%                                                                 

OIL, GAS AND OTHER ENERGY                                                       
SERVICES -- 0.85%                                                           
AMERADA HESS CORP                                       
1,000,000    7.875%, 10/01/29      BAA1       977,810                         
CHEVRON CORP                                            
1,000,000    6.625%, 10/01/04      AA2        982,420                         
                 -----------
TOTAL ENERGY                     1,960,230              
                 -----------
FINANCE -- 7.91%                                                                

BANKS, SAVINGS AND LOANS -- 0.75%                                               
FLEET NATIONAL BANK                                     
(SUB NOTE)                                          
2,000,000    5.750%, 01/15/09      A2       1,728,440                         
                 -----------
CREDIT AND OTHER FINANCE-- 5.06%                                                
ARISTAR, INC (SR NOTE)                                  
2,000,000    7.250%, 06/15/06      A3       1,919,020                         
FORD MOTOR CREDIT                                       
CO NOTE                                             
1,000,000    7.500%, 03/15/05      A1         995,050                         
GENERAL ELECTRIC                                        
CAPITAL CORP                                        
(MEDIUM TERM NOTE)                                  
1,000,000    7.000%, 03/01/02      AAA        997,660                         
2,000,000    7.375%, 01/19/10      AAA      2,024,120                         
GENERAL MOTORS                                          
ACCEPTANCE CORP                                     
(MEDIUM TERM NOTE)                                  
2,000,000    5.480%, 12/16/02      A2       1,909,640                         
HOUSEHOLD FINANCE CO                                    
2,000,000    5.875%, 09/25/04      A2       1,865,280                         
NORWEST FINANCIAL, INC                                  
2,000,000    6.700%, 09/22/04      AA3      1,938,700                         
                 -----------
                  11,649,470
                 -----------
SECURITIES AND COMMODITIES -- 2.10%                                             
MORGAN STANLEY                                          
DEAN WITTER, INC                                    
(SR UNSUBORDINATE)                                  
1,000,000    7.125%, 01/15/03      AA3        993,590                         
$1,000,000    5.625%, 01/20/04      AA3        943,020                          
SALOMON SMITH BARNEY                                    
HOLDINGS                                            
3,000,000    6.250%, 05/15/03      AA3      2,901,570                         
                 -----------
                   4,838,180
                 -----------
TOTAL FINANCE                   18,216,090              
                 -----------
FOODS AND RELATED -- 1.73%                                                      

BEVERAGES, OTHER FOOD                                                           
PRODUCTS -- 1.73%                                                           
DIAGEO CAPITAL PLC                                      
2,000,000    7.250%, 11/01/09      A1       2,005,120                         
SAFEWAY, INC NOTE                                       
2,000,000    7.250%, 09/15/04      BAA2     1,967,320                         
                 -----------
TOTAL FOODS AND RELATED          3,972,440              
                 -----------
HEALTH -- 0.42%                                                                 

DRUGS AND PHARMACEUTICALS -- 0.42%                                              
JOHNSON & JOHNSON CO                                    
1,000,000    6.950%, 09/01/29      AAA        957,620                         
                 -----------
TOTAL HEALTH                       957,620              
                 -----------
INDUSTRIAL MACHINERY -- 1.30%                                                   

ELECTRICAL -- 0.45%                                                             
EMERSON ELECTRIC                                        
1,000,000    7.875%, 06/01/05      AA1      1,028,020                         
                 -----------
OTHER INDUSTRIAL EQUIPMENT -- 0.85%                                             
CATERPILLAR FINANCIAL                                   
SERVICES                                            
2,000,000    5.470%, 09/12/01      A2       1,957,140                         
                 -----------
TOTAL INDUSTRIAL MACHINERY       2,985,160              
                 -----------
MEDIA AND LEISURE -- 2.81%                                                      

BROADCASTING -- 1.75%                                                           
CABLEVISION HOLDINGS                                    
1,000,000    8.125%, 07/15/09      BA1        965,000                         
TIME WARNER, INC                                        
(PASS-THRU CERT)                                    
2,000,000  g 6.100%, 12/30/01      BAA3     1,961,820                         
TIME WARNER, INC DEB                                    
1,000,000    9.125%, 01/15/13      BAA3     1,095,900                         
                 -----------
                   4,022,720
                 -----------

+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)                       

30  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
31st “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 31st
TIAA-CREF MUTUAL FUNDS                                            BOND PLUS FUND

--------------------------------------------------------------------------------
PRINCIPAL                       RATINGS+     VALUE                          
--------------------------------------------------------------------------------

PUBLISHING -- 1.06%                                                             
NEWS AMERICA HOLDINGS                                   
DEB                                                 
$1,000,000    8.250%, 08/10/18      BAA3    $  963,440                          
TIMES MIRROR                                            
1,500,000    6.650%, 10/15/01      A2       1,489,185                         
                  ----------
                   2,452,625
                  ----------
TOTAL MEDIA AND LEISURE          6,475,345              
                  ----------

OTHER MORTGAGE BACKED SECURITIES                                                
-- 1.48%                                                                    
CHASE MANHATTAN BANK--                                  
FIRST UNION NATIONAL                                
SERIES 1999-1 (CLASS A1)                            
954,322    7.134%, 07/15/07      AAA        946,100                       
COMMERCIAL MORTGAGE                                     
ASSET TRUST SERIES                                  
1999-C1 (CLASS A3)                                  
1,000,000    6.640%, 09/17/10      AAA        943,256                         
DLJ COMMERCIAL                                          
MORTGAGE SERIES                                     
2000-CF1 (CLASS A1B)                                
1,500,000    7.620%, 05/10/10      AAA      1,507,260                         
                  ----------
TOTAL MORTGAGE BACKED                                   
SECURITIES                     3,396,616            
                  ----------

RETAIL AND WHOLESALE -- 0.87%                                                   

GENERAL MERCHANDISE STORES-- 0.87%                                              
WAL-MART STORES, Inc                                    
(SR NOTE)                                           
1,000,000    6.875%, 08/10/09      AA2        976,870                         
1,000,000    7.550%, 02/15/30      AA2      1,023,630                         
                  ----------
TOTAL RETAIL AND WHOLESALE       2,000,500              
                  ----------

TECHNOLOGY -- 1.47%                                                             

COMPUTERS AND OFFICE EQUIPMENT--                                                
1.47%                                                                       
COMDISCO, INC                                           
2,000,000    5.950%, 04/30/02      BAA1     1,898,420                         
HEWLETT-PACKARD CO                                      
1,500,000    7.150%, 06/15/05      AA2      1,502,745                         
                  ----------
TOTAL TECHNOLOGY                 3,401,165              
                  ----------

TRANSPORTATION -- 1.42%                                                         

AEROSPACE AND DEFENSE -- 0.43%                                                  
LOCKHEED MARTIN CORP                                    
1,000,000    6.850%, 05/15/01      BAA1       995,040                         
                  ----------

AUTOS, TIRES AND RELATED                                                        
PRODUCTS -- 0.41%                                                           
FORD MOTOR CO NOTE                                      
1,000,000    7.450%, 07/16/31      A1         945,730                         
                  ----------

RAILROADS -- 0.58%                                                              
CSX CORP                                                
1,400,000    7.900%, 05/01/17      BAA2     1,329,804                         
                  ----------
TOTAL TRANSPORTATION             3,270,574              
                  ----------

UTILITIES -- 5.55%                                                              

TELEPHONE -- 3.69%                                                              
BELLSOUTH                                               
TELECOMMUNICATION                                   
NOTE                                                
2,000,000    6.500%, 06/15/05      AAA      1,927,760                         
DEUTSCHE TELEKOM                                        
INTERNATIONAL                                       
1,000,000    8.250%, 06/15/30      AA2      1,007,300                         
SPRINT CAPITAL CORP                                     
(GUARANTEE NOTE)                                    
1,500,000    7.625%, 06/10/02      BAA1     1,498,935                         
1,250,000    6.900%, 05/01/19      BAA1     1,111,450                         
U.S. WEST CAPITAL CORP                                  
2,000,000    6.875%, 08/15/01      BAA1     1,989,560                         
VODAFONE AIRTOUCH PLC                                   
1,000,000    7.750%, 02/15/10      A2         975,460                         
                  ----------
                   8,510,465
                  ----------

ELECTRIC, GAS AND OTHER -- 1.86%                                                
CENTRAL POWER & LIGHT                                   
2,500,000    6.625%, 07/01/05      A3       2,394,275                         
GEORGIA POWER CO                                        
(SR NOTE)                                           
1,000,000    5.500%, 12/01/05      A2         911,766                         
WILLIAMS COS, INC                                       
1,000,000    6.200%, 08/01/02      BAA2       973,080                         
                  ----------
                   4,279,121
                  ----------
TOTAL UTILITIES                 12,789,586              
                  ----------
TOTAL CORPORATE BONDS                                   
(COST $71,177,497)            70,094,688            
                  ----------

GOVERNMENT BONDS -- 68.08%                                                      

AGENCY SECURITIES -- 10.19%                                                     
FEDERAL HOME LOAN                                       
MORTGAGE CORP (FHLMC)                               
5,300,000    5.000%, 01/15/04               4,964,616                         
3,500,000    7.375%, 05/15/03               3,533,495                         

+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)                          

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 31

N-30D
32nd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 32nd
TIAA-CREF MUTUAL FUNDS                                            BOND PLUS FUND

--------------------------------------------------------------------------------
PRINCIPAL                       RATINGS+     VALUE                          
--------------------------------------------------------------------------------

AGENCY SECURITIES -- (CONTINUED)                                                
FEDERAL NATIONAL                                        
MORTGAGE ASSOCIATION (FNMA)                         
$1,500,000    6.375%, 01/16/02      AAA    $ 1,486,635                          
5,000,000    5.250%, 01/15/03      AAA      4,800,000                         
3,700,000    7.125%, 02/15/05      AAA      3,715,022                         
4,850,000    7.250%, 05/15/30      AAA      4,966,303                         
                 -----------
                  23,466,071
                 -----------
FOREIGN GOVERNMENT BONDS -- 1.72%                                               
CANADA GOVERNMENT                                       
1,000,000    6.750%, 08/28/06      AA2        979,880                         
MEXICAN UNITED STATES                                   
NOTE                                                
500,000    9.875%, 02/01/10      BA1        522,500                       
QUEBEC PROVINCE CANADA                                  
1,500,000    7.000%, 01/30/07      A2       1,470,780                         
1,000,000    7.500%, 09/15/29      A2         982,410                         
                 -----------
                   3,955,570
                 -----------
MORTGAGE BACKED SECURITIES -- 39.61%                                            
FEDERAL HOME LOAN                                       
MORTGAGE CORP (FHLMC)                               
972,728    7.000%, 09/01/10                 959,790                       
FEDERAL HOME LOAN                                       
MORTGAGE CORP GOLD                                  
(FGLMC)                                             
3,000,000  h 7.000%, 07/25/15               2,945,160                         
6,745,311    6.500%, 01/01/29               6,374,993                         
11,629,135    6.500%, 09/01/29              10,990,695                          
850,000  h 6.500%, 07/25/30                 802,255                       
7,250,000  h 7.000%, 07/25/30               7,005,892                         
6,750,000  h 7.500%, 07/25/30               6,660,900                         
10,050,000  h 8.000%, 07/25/30              10,106,581                          
6,750,000  h 8.500%, 07/25/30               6,888,172                         
FEDERAL NATIONAL MORTGAGE                               
ASSOCIATION (FNMA)                                  
1,351,545    6.000%, 12/01/08               1,299,848                         
906,531    6.000%, 12/01/13                 858,774                       
4,289,357    6.500%, 12/01/13               4,143,089                         
2,000,000  h 6.500%, 07/25/15               1,927,960                         
1,239,579    8.000%, 03/01/23               1,252,099                         
392,015    9.000%, 11/01/25                 403,732                       
430,956    9.000%, 10/01/26                 443,703                       
227,776    6.000%, 10/01/28                 208,508                       
3,295,920    6.000%, 01/01/29               3,017,118                         
686,101    7.500%, 01/01/29                 677,956                       
$ 1,892,643   6.000%, 05/01/29               1,732,544                          
11,750,000  h 7.000%, 07/25/30              11,344,272                          
4,000,000  h 7.500%, 07/25/30               3,943,120                         
3,250,000  h 8.000%, 07/25/30               3,263,715                         
1,000,000  h 8.500%, 07/25/30               1,018,590                         
GOVERNMENT NATIONAL                                     
MORTGAGE ASSOCIATION                                
(GNMA)                                              
421,701    6.500%, 09/15/23                 402,796                       
1,312,883    7.500%, 11/15/23               1,308,012                         
561,993    7.500%, 08/15/28                 558,857                       
704,634    6.500%, 12/15/28                 669,085                       
                 -----------
                  91,208,216
                 -----------
OTHER MORTGAGE BACKED                                                           
SECURITIES -- 0.82%                                                             
FANNIE MAE WHOLE LOAN                                   
--Series 1999-WS (Class A3) (FNW)                     
2,000,000    5.925%, 02/25/29               1,898,120                         
                 -----------
U.S. TREASURY SECURITIES-- 15.74%                                               
U.S. TREASURY BOND                                      
1,000,000    8.750%, 05/15/17               1,259,530                         
6,000,000    8.875%, 08/15/17               7,648,140                         
14,130,000  d 8.875%, 02/15/19              18,185,733                          
700,000    6.125%, 08/15/29                 707,000                       
U.S. TREASURY NOTE                                      
1,250,000    5.875%, 11/30/01               1,239,837                         
500,000    6.250%, 01/31/02                 498,280                       
2,500,000    5.500%, 02/28/03               2,446,100                         
1,000,000    6.750%, 05/15/05               1,023,280                         
450,000    6.500%, 02/15/10                 465,388                       
U.S. TREASURY STRIP                                     
5,000,000    0.000%, 11/15/09               2,760,104                         
                 -----------
                  36,233,392
                 -----------
TOTAL GOVERNMENT BONDS                                  
(COST $157,182,054)          156,761,369            
                 -----------
TOTAL BONDS                    226,856,057              
(COST $228,359,551)                                 

SHORT TERM INVESTMENTS -- 23.99%                                                

COMMERCIAL PAPER -- 2.17%                                                       
FEDEX CORP                                              
5,000,000  c,d 7.150%, 07/07/00             4,994,041                         
                 -----------
U.S. GOVERNMENT AND AGENCIES-- 21.82%                                           
FEDERAL HOME LOAN BANK (FHLB)                           
10,000,000  d 6.380%, 07/07/00               9,989,366                          
4,000,000  d 6.470%, 07/26/00               3,982,027                         

+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)                          

32 2000 SEMI-ANNUAL REPORT                     SEE NOTES TO FINANCIAL STATEMENTS

N-30D
33rd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 33rd
TIAA-CREF MUTUAL FUNDS                                            BOND PLUS FUND

--------------------------------------------------------------------------------
PRINCIPAL                                   VALUE                           
--------------------------------------------------------------------------------

U.S. GOVERNMENT AND AGENCIES--(CONTINUED)                                       
FEDERAL HOME LOAN                                       
MORTGAGE CORP (FHLMC)                               
$ 2,274,000 d 6.570%, 07/03/00            $  2,273,165                          
3,055,000   6.370%, 07/05/00               3,052,837                        
18,000,000 d 6.400%, 07/18/00              17,945,600                         
FEDERAL NATIONAL                                        
MORTGAGE ASSOCIATION (FNMA)                         
6,000,000 d 6.020%, 07/06/00               5,994,983                        
7,000,000 d 6.025%, 07/06/00               6,994,146                        
                ------------
                  50,232,124
                ------------
TOTAL SHORT TERM INVESTMENTS                            
(COST $55,226,165)            55,226,165            
                ------------
TOTAL PORTFOLIO--122.51%                                
(COST $283,585,716)          282,082,222            
OTHER ASSETS & LIABILITIES,                             
NET--(22.51%)                (51,828,067)           
                ------------
NET ASSETS--100.00%           $230,254,155              
                ============

-----------                                                                     
c  COMMERCIAL PAPER ISSUED UNDER THE PRIVATE PLACEMENT EXEMPTION UNDER SECTION  
4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED.                           

d  ALL OR A PORTION OF THESE SECURITIES HAVE BEEN SEGREGATED BY THE CUSTODIAN TO
COVER SECURITIES PURCHASED ON A DELAYED DELIVERY BASIS.                   

g  SECURITY IS EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES ACT OF
 1933 AND MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION NORMALLY TO
QUALIFIED INSTITUTIONAL BUYERS. AT JUNE 30, 2000, THE VALUE OF THESE      
SECURITIES AMOUNTED TO $1,961,820 OR 0.85% OF NET ASSETS.                 

h  THESE SECURITIES WERE PURCHASED ON A DELAYED DELIVERY BASIS.                 

-----------                                                                     
OTHER INFORMATION                                                               
   THE COMPOSITION OF LONG-TERM DEBT HOLDINGS AS A PERCENTAGE OF TOTAL VALUE  OF
INVESTMENT IN DEBT SECURITIES, IS AS FOLLOWS:                             
 MOODY'S RATINGS
AAA, AA, A            31.20%
BAA                   7.39% 
BA                    0.65% 
  U.S. GOVERNMENT OBLIGATIONS REPRESENT 60.76% OF THE LONG-TERM DEBT PORTFOLIO
VALUE AND ARE NOT REFLECTED IN THE ABOVE RATINGS.                         

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 33

N-30D
34th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 34th
TIAA-CREF MUTUAL FUNDS       STATEMENT OF INVESTMENTS       GROWTH & INCOME FUND
 (Unaudited)
 June 30, 2000

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

PREFERRED STOCK -- 0.00%                                                        

BASIC INDUSTRIES -- 0.00%                                                       

CHEMICALS AND PLASTIC -- 0.00%                                                  
237    SEALED AIR CORP (CLASS A)       $ 11,998                   
                 -----------
TOTAL BASIC INDUSTRIES            11,998            
                 -----------
TOTAL PREFERRED STOCK                                                           
(COST $10,769)                                  11,998                          
                 -----------
COMMON STOCK -- 99.40%                                                          

BASIC INDUSTRIES -- 4.13%                                                       

CHEMICALS AND PLASTIC -- 2.82%                                                  
6,200    AIR PRODUCTS & CHEMICALS, INC    191,037                     
1,500    ALBERTO CULVER CO (CLASS B)       45,843                     
43,309    AVON PRODUCTS, INC             1,927,250                      
6,300    CLOROX CO                        282,318                     
62,203    COLGATE PALMOLIVE CO           3,724,404                      
64,495    DOW CHEMICAL CO                1,946,942                      
79,854    DU PONT (E.I.) DE NEMOURS & CO 3,493,612                      
2,100    EASTMAN CHEMICAL CO              100,275                     
3,900    ECOLAB, INC                      152,343                     
1,100  * FMC CORP                          63,800                     
2,000  * GRACE W.R. & CO                   24,250                     
2,200    GREAT LAKES CHEMICAL CORP         69,300                     
3,600    HERCULES, INC                     50,625                     
8,292    ILLINOIS TOOL WORKS, INC         472,644                     
2,800    INTERNATIONAL FLAVORS &                                      
FRAGRANCES, INC                  84,525           
6,700  * PACTIV CORP                       52,762                     
19,150    PERLOS OYJ                       607,616                      
35,070    PHARMACIA CORP                 1,812,680                      
4,600    PRAXAIR, INC                     172,212                     
41,331    PROCTER & GAMBLE CO            2,366,199                      
5,921    ROHM & HAAS CO                   204,274                     
2,268  * SEALED AIR CORP                  118,786                     
2,400    TUPPERWARE CORP                   52,800                     
3,600    UNION CARBIDE CORP               178,200                     
                 -----------
                  18,194,697
                 -----------
STEEL AND OTHER METALS -- 0.32%                                                 
6,000    ALCAN ALUMINIUM CO LTD (U.S.)    186,000                     
23,868    ALCOA, INC                       692,172                      
2,200    ALLEGHENY TECHNOLOGIES, INC       39,600                     
700    BALL CORP                         22,531                   
10,800    BARRICK GOLD CORP (U.S.)         196,425                      
3,800  * BETHLEHEM STEEL CORP              13,537                     
2,550    CRANE CO                          61,996                     
4,700    CROWN CORK & SEAL CO, INC         70,500                     
4,300    ENGELHARD CORP                    73,368                     
4,300  * FREEPORT-MCMORAN COPPER &                                    
GOLD, INC (CLASS B)              39,775           
6,000    HOMESTAKE MINING CO               41,250                     
6,300  * INCO LTD CO (U.S.)                96,862                     
4,300    NEWMONT MINING CORP               92,987                     
2,200    NUCOR CORP                        73,012                     
2,950    PARKER-HANNIFIN CORP             101,037                     
2,096    PHELPS DODGE CORP                 77,945                     
11,200    PLACER DOME, INC (U.S.)          107,100                      
2,300    USX-US STEEL GROUP, INC           42,693                     
2,400    WORTHINGTON INDUSTRIES, INC       25,200                     
                 -----------
                   2,053,990
                 -----------
PAPER AND FOREST PRODUCTS -- 0.99%                                              
3,000    AVERY DENNISON CORP              201,375                     
1,400    BEMIS, INC                        47,075                     
1,800    BOISE CASCADE CORP                46,575                     
74,124    FORT JAMES CORP                1,714,117                      
4,900    GEORGIA-PACIFIC CORP                                         
(PACKING GROUP)                 128,625           
13,310    INTERNATIONAL PAPER CO           396,804                      
15,300    KIMBERLY-CLARK CORP              877,837                      
1,700    LOUISIANA PACIFIC CORP            18,487                     
2,700    MEAD CORP                         68,175                     
200    POTLATCH CORP                      6,625                   
103,782  * SMURFIT-STONE CONTAINER CORP   1,336,193                       
1,500    TEMPLE-INLAND, INC                63,000                     
2,700    WESTVACO CORP                     66,993                     
31,600    WEYERHAEUSER CO                1,358,800                      
3,000    WILLAMETTE INDUSTRIES, INC        81,750                     
                 -----------
                   6,412,431
                 -----------
TOTAL BASIC INDUSTRIES        26,661,118            
                 -----------
BUSINESS SERVICES -- 0.30%                                                      

ADVERTISING AND OTHER SERVICES-- 0.30%                                          
3,100    BLOCK (H&R), INC                 100,362                     
19,313  * CENDANT CORP                     270,382                      
4,400    DUN & BRADSTREET CORP            125,950                     
8,240    INTERPUBLIC GROUP OF COS, INC    354,320                     
4,833    OMNICOM GROUP, INC               430,439                     
2,400  * QUINTILES TRANSNATIONAL CORP      33,900                     
7,000  * TRIMERIS, INC                    489,562                     
2,100    YOUNG & RUBICAM, INC             120,093                     
                 -----------
TOTAL BUSINESS SERVICES        1,925,008            
                 -----------

34  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
35th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 35th
TIAA-CREF MUTUAL FUNDS                                      GROWTH & INCOME FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

CONSTRUCTION AND REAL ESTATE -- 2.08%                                           

BUILDING MATERIALS -- 1.62%                                                     
7,600    CORNING, INC                 $ 2,051,050                     
114,250    HOME DEPOT, INC                5,705,359                       
48,818    LOWE'S COS, INC                2,004,589                      
12,000    MASCO CORP                       216,750                      
1,600    OWENS CORNING CO                  14,800                     
3,995  * OWENS ILLINOIS, INC               46,691                     
4,600    PPG INDUSTRIES, INC              203,837                     
6,300    SHERWIN-WILLIAMS CO              133,481                     
1,900    VULCAN MATERIALS CO               81,106                     
                 -----------
                  10,457,663
                 -----------

CONSTRUCTION -- 0.46%                                                           
700    CENTEX CORP                       16,450                   
2,200    FLUOR CORP                        69,575                     
1,300    KAUFMAN & BROAD HOME CORP         25,756                     
1,600    MCDERMOTT INTERNATIONAL, INC      14,100                     
110,869    NEWELL RUBBERMAID, INC         2,854,876                       
200    PULTE CORP                         4,325                   
                 -----------
                   2,985,082
                 -----------
TOTAL CONSTRUCTION AND                              
REAL ESTATE                 13,442,745          
                 -----------

CONSUMER DURABLE -- 9.79%                                                       

HOME APPLIANCES AND FURNISHINGS-- 9.03%                                         
4,200  * ADVANCED MICRO DEVICES, INC      324,450                     
5,500  * ALTERA CORP                      560,656                     
5,200  * AMERICAN POWER CONVERSION CORP   212,225                     
9,600  * ANALOG DEVICES, INC              729,600                     
14,550  * APPLIED MICRO CIRCUITS CORP    1,436,812                      
3,700  * BED BATH & BEYOND, INC           134,125                     
6,000  * CONEXANT SYSTEMS, INC            291,750                     
72,600    GILLETTE CO                    2,536,462                      
177,359    INTEL CORP                    23,710,681                       
12,430  * JDS UNIPHASE CORP              1,490,046                      
4,800    LEGGETT & PLATT, INC              79,200                     
8,400    LINEAR TECHNOLOGY CO             537,075                     
80,910  * LSI LOGIC CORP                 4,379,253                      
7,500  * MAXIM INTEGRATED PRODUCTS, INC   509,531                     
2,500    MAYTAG CO                         92,187                     
15,300  * MICRON TECHNOLOGY, INC         1,347,356                      
609  * MIPS TECHNOLOGIES, INC                                     
(CLASS B)                       23,446          
5,225    MOLEX, INC                       251,453                     
8,000    MURATA MANUFACTURING CO LTD    1,150,838                     
4,800  * NATIONAL SEMICONDUCTOR CORP      272,400                     
8,700  * PMC-SIERRA, INC                1,545,881                     
10,500  * SAMSUNG ELECTRONICS CORP       2,058,000                      
65,500  * SANMINA CORP                   5,600,250                      
48,436  * SCG HOLDING CORP               1,059,537                      
2,300    SNAP-ON, INC                      61,237                     
92,800  * SOLECTRON CORP                 3,886,000                      
2,400    STANLEY WORKS CO                  57,000                     
45,200    TEXAS INSTRUMENTS, INC         3,104,675                      
180  * WATER PIK TECHNOLOGIES, INC        1,125                   
1,942    WHIRLPOOL CORP                    90,545                     
8,800  * XILINX, INC                      726,550                     
                 -----------
                  58,260,346
                 -----------

TEXTILE APPAREL AND ACCESSORIES-- 0.76%                                         
23,263    GAP, INC                         726,968                      
54,949  * JONES APPAREL GROUP, INC       1,291,301                      
11,800    LIMITED, INC                     255,175                      
1,500    LIZ CLAIBORNE, INC                52,875                     
7,400    NIKE, INC (CLASS B)              294,612                     
3,600    NORDSTROM, INC                    86,850                     
1,200  * REEBOK INTERNATIONAL LTD          19,125                     
1,500    RUSSELL CORP                      30,000                     
400    SPRINGS INDUSTRIES, INC           12,800                   
1,483    THE SWATCH GROUP AG. (BR)      1,891,524                     
8,200    TJX COS, INC                     153,750                     
3,100    V.F. CORP                         73,818                     
                 -----------
                   4,888,798
                 -----------
TOTAL CONSUMER DURABLE        63,149,144            
                 -----------

ENERGY -- 6.26%                                                                 

OIL, GAS AND OTHER ENERGY SERVICES-- 6.26%                                      
2,800    AMERADA HESS CORP                172,900                     
3,400    ANADARKO PETROLEUM CORP          167,662                     
39,761    APACHE CORP                    2,338,443                      
2,100    ASHLAND, INC                      73,631                     
51,330    BURLINGTON RESOURCES, INC      1,963,372                      
18,000    CHEVRON CORP                   1,526,625                      
62,464    CONOCO, INC (CLASS B)          1,534,272                      
55,600    CONSOL ENERGY, INC               840,950                      
49,200    ENRON CORP                     3,173,400                      
205,330    EXXON MOBIL CORP              16,118,405                       
12,100    HALLIBURTON CO                   570,968                      
2,990    KERR-MCGEE CORP                  176,223                     
9,900    OCCIDENTAL PETROLEUM CORP        208,518                     
7,000    PHILLIPS PETROLEUM CO            354,812                     
2,400  * ROWAN COS, INC                    72,900                     
106,328    ROYAL DUTCH PETROLEUM CO                                       
(NY REGD) ADR                 6,545,817           

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 35 

N-30D
36th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 36th
TIAA-CREF MUTUAL FUNDS                                      GROWTH & INCOME FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

OIL, GAS AND OTHER ENERGY SERVICES --                                           
(CONTINUED)                                                                 
15,700    SCHLUMBERGER LTD             $ 1,171,612                      
3,500    SUNOCO, INC                      103,031                     
15,106    TEXACO, INC                      804,394                      
4,600    TOSCO CORP                       130,237                     
9,450    TOTAL FINA ELF S.A.            1,454,821                     
5,781    TRANSOCEAN SEDCO FOREX, INC      308,922                     
6,700    UNION PACIFIC RESOURCES GROUP,                               
INC                             147,400           
6,516    UNOCAL CORP                      215,842                     
9,300    USX-MARATHON GROUP, INC          233,081                     
                 -----------
TOTAL ENERGY                  40,408,238            
                 -----------

FINANCE -- 11.83%                                                               

BANKS, SAVINGS AND LOANS -- 5.69%                                               
9,900    AMSOUTH BANCORP                  155,925                     
114,263    BANK OF AMERICA CORP           4,913,309                       
20,200    BANK OF NEW YORK CO, INC         939,300                      
31,634    BANK ONE CORP                    840,278                      
9,300    BB&T CORP                        222,037                     
90,924    CHASE MANHATTAN CORP           4,188,186                      
145,242    CITIGROUP, INC                 8,750,830                       
4,150    COMERICA, INC                    186,231                     
8,450    FIFTH THIRD BANCORP              534,462                     
26,996    FIRST UNION CORP                 669,838                      
163,210    FIRSTAR CORP                   3,437,610                       
72,801    FLEETBOSTON FINANCIAL CORP     2,475,234                      
6,100    GOLDEN WEST FINANCIAL CORP       248,956                     
6,220    HUNTINGTON BANCSHARES, INC        98,353                     
12,100    KEYCORP                          213,262                      
21,975    MBNA CORP                        596,071                      
50,593    MELLON FINANCIAL CORP          1,843,482                      
4,700    MORGAN (J.P.) & CO, INC          517,587                     
17,800    NATIONAL CITY CORP               303,712                      
6,000    NORTHERN TRUST CORP              390,375                     
3,675    OLD KENT FINANCIAL CORP           98,306                     
7,900    PNC FINANCIAL SERVICES                                       
GROUP, INC                      370,312           
3,850    PROVIDIAN FINANCIAL CORP         346,500                     
5,300    REGIONS FINANCIAL CORP           105,337                     
4,100    SOUTHTRUST CORP                   92,762                     
4,400    STATE STREET CORP                466,675                     
6,200    SUMMIT BANCORP                   152,675                     
8,200    SUNTRUST BANKS, INC              374,637                     
7,400    SYNOVUS FINANCIAL CORP           130,425                     
20,765    U.S. BANCORP                     399,726                      
5,000    UNION PLANTERS CORP              139,687                     
5,500    WACHOVIA CORP                    298,375                     
15,730    WASHINGTON MUTUAL, INC           454,203                      
45,200    WELLS FARGO CO                 1,751,500                      
                 -----------
                  36,706,158
                 -----------

CREDIT AND OTHER FINANCE -- 1.25%                                               
36,800    AMERICAN EXPRESS CO            1,918,200                      
53,599    ASSOCIATES FIRST CAPITAL CORP  1,195,927                      
5,300    CAPITAL ONE FINANCIAL CORP       236,512                     
1,800    COUNTRYWIDE CREDIT INDUSTRIES                                
INC                              54,562           
4,000    EQUIFAX, INC                     105,000                     
27,800    FEDERAL NATIONAL MORTGAGE                                     
ASSOCIATION                   1,450,812           
19,136    FREDDIE MAC                      775,008                      
13,026    HOUSEHOLD INTERNATIONAL, INC     541,393                      
78,568  * METROPOLITAN LIFE INSURANCE CO 1,654,838                      
3,600    SLM HOLDINGS CORP                134,775                     
                 -----------
                   8,067,027
                 -----------

INSURANCE -- 3.53%                                                              
63,351    ACE LTD                        1,773,828                      
8    AEGON NV ARS                         285                 
3,400    AETNA, INC                       218,237                     
7,300    AFLAC, INC                       335,343                     
31,919    ALLSTATE CORP                    710,197                      
6,800    AMERICAN GENERAL CORP            414,800                     
77,770    AMERICAN INTERNATIONAL GROUP,                                 
INC                           9,137,975           
6,850    AON CORP                         212,778                     
63  * BERKSHIRE HATHAWAY, INC                                   
(CLASS B)                       110,880           
3,500    CHUBB CORP                       215,250                     
5,405    CIGNA CORP                       505,367                     
4,500    CINCINNATI FINANCIAL CORP        141,468                     
7,124    CONSECO, INC                      69,459                     
6,000    HARTFORD FINANCIAL SERVICES                                  
GROUP, INC    335,625                                                           
4,500  * HUMANA, INC                       21,937                     
2,750    JEFFERSON-PILOT CORP             155,203                     
92,073  * JOHN HANCOCK FINANCIAL                                        
SERVICES, INC                 2,180,979           
5,800    LINCOLN NATIONAL CORP            209,525                     
2,800    LOEWS CORP                       168,000                     
119,000    MANULIFE FINANCIAL CORP        2,096,215                       
7,350    MARSH & MCLENNAN COS, INC        767,615                     
2,700    MBIA, INC                        130,106                     
3,200    MGIC INVESTMENT CORP             145,600                     
320,000    OLD MUTUAL PLC                   703,660                       
2,000    PROGRESSIVE CORP                 148,000                     
2,300    SAFECO CORP                       45,712                     
5,950    ST. PAUL COS, INC                203,043                     
3,500    TORCHMARK CORP                    86,406                     
4,600    UNITEDHEALTH GROUP, INC          394,450                     

36  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
37th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 37th
TIAA-CREF MUTUAL FUNDS                                      GROWTH & INCOME FUND

--------------------------------------------------------------------------------
PRINCIPAL                       RATINGS+      VALUE                         
--------------------------------------------------------------------------------

INSURANCE -- (CONTINUED)                                                        
6,585    UNUMPROVIDENT CORP            $  132,111                     
1,600  * WELLPOINT HEALTH NETWORKS,                                   
INC                            115,900          
16,244    XL CAPITAL LTD                   879,206                      
                 -----------
                  22,765,160
                 -----------
SECURITIES AND COMMODITIES-- 1.36%                                              
3,046    BEAR STEARNS COS, INC            126,789                     
6,600    FRANKLIN RESOURCES, INC          200,475                     
3,300    LEHMAN BROTHERS HOLDINGS, INC    312,056                     
10,100    MERRILL LYNCH & CO, INC        1,161,500                      
64,529    MORGAN STANLEY DEAN                                           
WITTER & CO                  5,372,039          
3,800    PAINE WEBBER GROUP, INC          172,900                     
3,500    PRICE (T. ROWE) ASSOCIATES,                                  
INC                            148,750          
37,600    SCHWAB (CHARLES) CORP          1,264,300                      
84    WADDELL & REED FINANCIAL,                                 
INC (CLASS A)                    2,756          
                 -----------
                   8,761,565
                 -----------
TOTAL FINANCE                 76,299,910            
                 -----------
FOODS AND RELATED -- 3.68%                                                      

BEVERAGES, OTHER FOOD PRODUCTS-- 3.40%                                          
70  * AGRIBRANDS INTERNATIONAL, INC      2,935                  
11,661    ALBERTSONS, INC                  387,728                      
40,044    ANHEUSER-BUSCH COS, INC        2,990,786                      
16,087    ARCHER DANIELS MIDLAND CO        157,853                      
7,400    BESTFOODS, INC                   512,450                     
1,800    BROWN FORMAN, INC (CLASS B)       96,750                     
11,400    CAMPBELL SOUP CO                 332,025                      
68,326    COCA COLA CO                   3,924,474                      
11,300    COCA COLA ENTERPRISES, INC       184,331                      
13,700    CONAGRA, INC                     261,156                      
900    COORS (ADOLPH) CO (CLASS B)       54,450                   
4,900    DARDEN RESTAURANTS, INC           79,625                     
4,400    FORTUNE BRANDS, INC              101,475                     
8,100    GENERAL MILLS, INC               309,825                     
1,100    GREAT ATLANTIC & PACIFIC                                     
TEA CO, INC                     18,287          
9,500    HEINZ (H.J.) CO                  415,625                     
3,700    HERSHEY FOODS CORP               179,450                     
11,100    KELLOGG CO                       330,225                      
22,500  * KROGER CO                        496,406                      
37,128    MCDONALD'S CORP                1,222,903                      
91,360    NABISCO GROUP HOLDINGS         2,369,650                      
81,379    PEPSICO, INC                   3,616,279                      
3,600    QUAKER OATS CO                   270,450                     
8,800    RALSTON PURINA CO                175,450                     
13,900  * SAFEWAY, INC                     627,237                      
23,500    SARA LEE CORP                    453,843                      
12,000    SEAGRAMS CO LTD (U.S.)           696,000                      
1,900  * STARBUCKS CORP                    72,556                     
4,900    SUPERVALU, INC                    93,406                     
9,200    SYSCO CORP                       387,550                     
3,950  * TRICON GLOBAL RESTAURANTS, INC   111,587                     
15,717    UNILEVER NV (NEW YORK SHS)       675,831                      
320  * VLASIC FOODS INTERNATIONAL, INC      520                   
3,100    WENDY'S INTERNATIONAL, INC        55,218                     
3,100    WINN DIXIE STORES, INC            44,368                     
3,100    WRIGLEY (WM) JR CO               248,581                     
                 -----------
                  21,957,285
                 -----------
TOBACCO -- 0.28%                                                                
64,900    PHILIP MORRIS COS, INC         1,723,906                      
3,200    UST, INC                          47,000                     
                 -----------
                   1,770,906
                 -----------
TOTAL FOODS AND RELATED       23,728,191            
                 -----------
HEALTH -- 13.25%                                                                

DRUGS AND PHARMACEUTICALS-- 11.09%                                              
42,761    ABBOTT LABORATORIES CO         1,905,537                      
20  * ALLERGAN SPECIALTY                                        
THERAPEUTICS, INC (CLASS A)        361          
3,500    ALLERGAN, INC                    260,750                     
2,700  * ALZA CORP                        159,637                     
105,718    AMERICAN HOME PRODUCTS CORP    6,210,932                       
76,909  * AMGEN, INC                     5,402,857                      
87    BERGEN BRUNSWIG CORP (CLASS A)       478                  
4,000  * BIOGEN, INC                      258,000                     
95,737    BRISTOL MYERS SQUIBB CO        5,576,680                      
57,813    CARDINAL HEALTH, INC           4,278,162                      
30  * CRESCENDO PHARMACEUTICALS CORP       603                  
83,930    CVS CORP                       3,357,200                      
30,606    GLAXO WELLCOME PLC               892,863                      
38,400    JOHNSON & JOHNSON CO           3,912,000                      
50,319    LILLY (ELI) & CO               5,025,610                      
600    LONGS DRUG STORES CORP            13,050                   
133,900    LYONDELL CHEMICAL CO           2,242,825                       
3,200    MALLINCKRODT, INC                139,000                     
7,742    MCKESSON HBOC, INC               162,098                     
5,700  * MEDIMMUNE, INC                   421,800                     
134,236    MERCK & CO, INC               10,285,833                       
322,705    PFIZER, INC                   15,489,828                       
5,000    RITE AID CORP                     32,812                     
86,309    SCHERING-PLOUGH CORP           4,358,604                      
3,900    SIGMA ALDRICH CORP               114,075                     

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 37

N-30D
38th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 38th
TIAA-CREF MUTUAL FUNDS                                      GROWTH & INCOME FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

DRUGS AND PHARMACEUTICALS -- (CONTINUED)                                        
27,536    WALGREEN CO                  $   886,315                      
2,500  * WATSON PHARMACEUTICALS, INC      134,375                     
                 -----------
                  71,522,285
                 -----------

MEDICAL EQUIPMENT AND SUPPLIES -- 1.37%                                         
12,374  * AGILENT TECHNOLOGIES, INC        912,582                      
1,300    BARD (C.R.), INC                  62,562                     
1,400    BAUSCH & LOMB, INC               108,325                     
49,929    BAXTER INTERNATIONAL, INC      3,510,632                      
7,000    BECTON DICKINSON & CO            200,812                     
3,000    BIOMET, INC                      115,312                     
11,100  * BOSTON SCIENTIFIC CORP           243,506                      
8,400  * GUIDANT CORP                     415,800                     
2,800    JOHNSON CONTROLS, INC            143,675                     
5,000  * KLA-TENCOR CORP                  292,812                     
33,000    MEDTRONIC, INC                 1,643,812                      
1,200    MILLIPORE CORP                    90,450                     
5,700    PE CORP-PE BIOSYSTEMS GROUP      375,487                     
1,200    PERKINELMER, INC                  79,350                     
2,200  * ST. JUDE MEDICAL, INC            100,925                     
1,400    TEKTRONIX, INC                   103,600                     
4,700  * TERADYNE, INC                    345,450                     
3,500  * THERMO ELECTRON CORP              73,718                     
                 -----------
                   8,818,810
                 -----------

MEDICAL FACILITIES MANAGEMENT -- 0.79%                                          
15,200    COLUMBIA/HCA HEALTHCARE CORP     461,700                      
119,637  * HEALTH MANAGEMENT ASSOCIATES,                                  
INC (CLASS A) (NEW)           1,562,758           
12,416  * HEALTHSOUTH CORP                  89,240                      
21  * LIFEPOINT HOSPITALS, INC             467                  
2,700  * MANOR CARE, INC                   18,900                     
109,285    TENET HEALTHCARE CORP          2,950,695                       
21  * TRIAD HOSPITALS, INC                 507                  
                 -----------
                   5,084,267
                 -----------
TOTAL HEALTH                  85,425,362            
                 -----------

INDUSTRIAL MACHINERY -- 6.66%                                                   

ELECTRICAL -- 4.29%                                                             
2,500    COOPER INDUSTRIES, INC            81,406                     
11,700    EMERSON ELECTRIC CO              706,387                      
501,310    GENERAL ELECTRIC CO           26,569,430                       
2,500    GRAINGER (W.W.), INC              77,031                     
600    NATIONAL SERVICE INDUSTRIES, INC  11,700                   
5,100    ROCKWELL INTERNATIONAL CORP      160,650                     
2,000    THOMAS & BETTS CORP               38,250                     
                 -----------
                  27,644,854
                 -----------

OTHER INDUSTRIAL EQUIPMENT -- 2.37%                                             
22,300  * APPLIED MATERIALS, INC         2,020,937                      
76,243    BAKER HUGHES, INC              2,439,776                      
2,300    BLACK & DECKER CORP               90,418                     
200    BRIGGS & STRATTON CORP             6,850                   
4,100    BRUNSWICK CORP                    67,906                     
9,600    CATERPILLAR, INC                 325,200                     
1,200    CUMMINS ENGINE CO, INC            32,700                     
6,300    DEERE & CO                       233,100                     
5,700    DOVER CORP                       231,206                     
4,350    INGERSOLL-RAND CO                175,087                     
600    MILACRON, INC                      8,700                   
100    NACCO INDUSTRIES, INC (CLASS A)    3,512                   
3,600  * NOVELLUS SYSTEMS, INC            203,625                     
3,200    PALL CORP                         59,200                     
1,600    TIMKEN CO                         29,800                     
197,261    TYCO INTERNATIONAL LTD         9,345,239                       
                 -----------
                  15,273,256
                 -----------
TOTAL INDUSTRIAL MACHINERY    42,918,110            
                 -----------

MEDIA AND LEISURE -- 3.63%                                                      

BROADCASTING -- 2.85%                                                           
38,431  * CLEAR CHANNEL COMMUNICATIONS,                                 
INC                           2,882,325           
25,400  * COMCAST CORP (CLASS A) SPECIAL 1,028,700                      
101,585    DISNEY (WALT) CO               3,942,767                       
66,650  * PRICE COMMUNICATIONS CORP      1,570,440                      
55,971    TIME WARNER, INC               4,253,796                      
69,268  * VIACOM, INC (CLASS B)          4,723,211                      
                 -----------
                  18,401,239
                 -----------

LODGING/GAMING/RECREATION -- 0.23%                                              
3,400  * HARRAH'S ENTERTAINMENT, INC       71,187                     
9,900    HILTON HOTELS CORP                92,812                     
6,700    MARRIOTT INTERNATIONAL, INC                                  
(CLASS A)                       241,618           
48,002  * PREMIER PARKS, INC             1,092,045                      
                 -----------
                   1,497,662
                 -----------

PUBLISHING -- 0.55%                                                             
1,700    AMERICAN GREETINGS CORP (CLASS A) 32,300                     
3,200    DELUXE CORP                       75,400                     
3,400    DONNELLEY (R.R.) & SONS CO        76,712                     
2,900    DOW JONES & CO, INC              212,425                     
7,263    GANNETT CO, INC                  434,418                     
2,000    KNIGHT-RIDDER, INC               106,375                     
5,300    MCGRAW HILL COS, INC             286,200                     
2,000    MEREDITH CORP                     67,500                     
4,600    NEW YORK TIMES CO (CLASS A)      181,700                     

38  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
39th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 39th
TIAA-CREF MUTUAL FUNDS                                      GROWTH & INCOME FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

PUBLISHING -- (CONTINUED)                                                       
1,000    TIMES MIRROR CO SERIES A     $    90,625                     
56,529    TRIBUNE CO                     1,978,515                      
                 -----------
                   3,542,170
                 -----------
TOTAL MEDIA AND LEISURE       23,441,071            
                 -----------

RETAIL AND WHOLESALE -- 3.12%                                                   

GENERAL MERCHANDISE STORES -- 3.12%                                             
1,600    ARMSTRONG HOLDINGS, INC           24,500                     
2,500  * CONSOLIDATED STORES CORP          30,000                     
12,300  * COSTCO WHOLESALE CORP            405,900                      
2,500    DILLARDS, INC (CLASS A)           30,625                     
8,875    DOLLAR GENERAL CORP              173,062                     
5,900  * FEDERATED DEPARTMENT STORES, INC 199,125                     
2,000    HARCOURT GENERAL, INC            108,750                     
4,650    HASBRO, INC                       70,040                     
11,500  * K MART CORP                       78,343                      
9,000  * KOHLS CORP                       500,625                     
10,200    MATTEL, INC                      134,512                      
9,100    MAY DEPARTMENT STORES CO         218,400                     
10,900    MINNESOTA MINING &                                            
MANUFACTURING CO                899,250           
8,900  * OFFICE DEPOT, INC                 55,625                     
5,800    PENNEY, (J.C.) CO, INC           106,937                     
10,200    SEARS ROEBUCK & CO               332,775                      
13,300  * STAPLES, INC                     204,487                      
47,128    TARGET CORP                    2,733,424                      
8,200  * TOYS `R' US, INC                 119,412                     
237,544    WAL-MART STORES, INC          13,688,473                       
                 -----------
TOTAL RETAIL AND WHOLESALE    20,114,265            
                 -----------

TECHNOLOGY -- 22.44%                                                            

COMMUNICATIONS EQUIPMENT -- 3.25%                                               
8,400  * ADC TELECOMMUNICATIONS, INC      704,550                     
2,100  * ANDREW CORP                       70,481                     
4,200  * COMVERSE TECHNOLOGY, INC         390,600                     
105,391    MOTOROLA, INC                  3,062,925                       
87,680    NOKIA OYJ ADR                  4,378,520                      
134,342    NORTEL NETWORKS CORP (U.S.)    9,168,841                       
34,514  * QUALCOMM, INC                  2,070,840                      
4,300    SCIENTIFIC-ATLANTA, INC          320,350                     
11,300  * TELLABS, INC                     773,343                      
                 -----------
                  20,940,450
                 -----------

COMPUTERS AND OFFICE EQUIPMENT -- 18.91%                                        
9,600  * 3COM CORP                        553,200                     
2,500  * ADAPTEC, INC                      56,875                     
3,300    ADOBE SYSTEMS, INC               429,000                     
91,783  * AMERICA ONLINE, INC            4,841,553                      
8,600  * APPLE COMPUTER, INC              450,425                     
1,500    AUTODESK, INC                     52,031                     
17,200    AUTOMATIC DATA PROCESSING, INC   921,275                      
6,500  * BMC SOFTWARE, INC                237,148                     
4,800  * CABLETRON SYSTEMS, INC           121,200                     
65,510  * CERIDIAN CORP                  1,576,334                      
386,846  * CISCO SYSTEMS, INC            24,588,898                       
4,800  * CITRIX SYSTEMS, INC               90,900                     
176,630    COMPAQ COMPUTER CORP           4,515,104                       
16,250    COMPUTER ASSOCIATES                                           
INTERNATIONAL, INC              831,796           
4,500  * COMPUTER SCIENCES CORP           336,093                     
9,100  * COMPUWARE CORP                    94,412                     
124,005  * DELL COMPUTER CORP             6,114,996                       
13,000    ELECTRONIC DATA SYSTEMS CORP     536,250                      
140,214  * EMC CORP                      10,787,714                       
11,400    FIRST DATA CORP                  565,725                      
8,800  * GATEWAY, INC                     499,400                     
2,389  * HANDSPRING, INC                   64,503                     
27,576    HEWLETT-PACKARD CO             3,443,553                      
3,500    IKON OFFICE SOLUTIONS, INC        13,562                     
8,300    IMS HEALTH, INC                  149,400                     
80,546    INTERNATIONAL BUSINESS                                        
MACHINES CORP                 8,824,821           
3,400  * LEXMARK INTERNATIONAL                                        
GROUP (CLASS A)                 228,650           
245,616  * MICROSOFT CORP                19,649,280                       
2,600  * NCR CORP                         101,237                     
8,300  * NETWORK APPLIANCE, INC           668,150                     
8,400  * NOVELL, INC                       77,700                     
162,670  * ORACLE CORP                   13,674,447                       
7,200  * PARAMETRIC TECHNOLOGY CORP        79,200                     
10,225    PAYCHEX, INC                     429,450                      
7,100  * PEOPLESOFT, INC                  118,925                     
7,200    PITNEY BOWES, INC                288,000                     
52,289  * PSINET, INC                    1,313,761                      
29,326    SABRE HOLDINGS CORP              835,791                      
1,600  * SAPIENT CORP                     171,100                     
6,200  * SEAGATE TECHNOLOGY, INC          341,000                     
1,100    SHARED MEDICAL SYSTEMS CORP       80,231                     
5,400  * SIEBEL SYSTEMS, INC              883,237                     
4,400  * SILICON GRAPHICS, INC             16,500                     
90,981  * SUN MICROSYSTEMS, INC          8,273,584                      
8,300  * UNISYS CORP                      120,868                     

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 39

N-30D
40th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 40th
TIAA-CREF MUTUAL FUNDS                                      GROWTH & INCOME FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)                                   
10,600  * VERITAS SOFTWARE CORP       $  1,197,965                      
21,941  * YAHOO, INC                     2,717,941                      
                ------------
                 121,963,185
                ------------

ELECTRONIC AND OTHER TECHNOLOGY -- 0.12%                                        
5,500  * BEST BUY CO, INC                 347,875                     
5,400    CIRCUIT CITY STORES-CIRCUIT                                  
CITY GROUP                      179,212           
5,200    RADIOSHACK CORP                  246,350                     
                ------------
                     773,437
                ------------

INSTRUMENTS AND RELATED PRODUCTS -- 0.16%                                       
8,500    EASTMAN KODAK CO                 505,750                     
1,000    POLAROID CORP                     18,062                     
318    RAYTHEON CO (CLASS A)              6,181                   
7,191    RAYTHEON CO (CLASS B)            138,426                     
17,900    XEROX CORP                       371,425                      
                ------------
                   1,039,844
                ------------
TOTAL TECHNOLOGY             144,716,916            
                ------------

TRANSPORTATION -- 2.90%                                                         

AEROSPACE AND DEFENSE -- 0.21%                                                  
18,540    GENERAL DYNAMICS CORP            968,715                      
3,500    GOODRICH (B.F.) CO               119,218                     
11,000    LOCKHEED MARTIN CORP             272,937                      
                ------------
                   1,360,870
                ------------

AIR TRANSPORTATION -- 1.19%                                                     
42,081  * AMR CORP                       1,112,516                      
25,020    BOEING CO                      1,046,148                      
17,284  * CONTINENTAL AIRLINES, INC                                     
(CLASS B)                      812,348          
3,900    DELTA AIRLINES, INC              197,193                     
7,780  * FEDEX CORP                       295,640                     
1,800    NORTHROP GRUMMAN CORP            119,250                     
13,525    SOUTHWEST AIRLINES CO            256,129                      
4,000    TEXTRON, INC                     217,250                     
1,800    U.S. AIRWAYS GROUP, INC           70,200                     
13,200    UAL CORP                         768,075                      
47,723    UNITED TECHNOLOGIES CORP       2,809,691                      
                ------------
                   7,704,440
                ------------

AUTOS, TIRES AND RELATED PRODUCTS -- 1.28%                                      
3,600  * AUTOZONE, INC                     79,200                     
2,700    COOPER TIRE & RUBBER CO           30,037                     
20,485    DAIMLERCHRYSLER (U.S.A.)       1,066,500                      
5,771    DANA CORP                        122,273                     
3,800    DANAHER CORP                     187,862                     
15,403    DELPHI AUTOMOTIVE SYSTEMS CORP   224,306                      
2,100    EATON CORP                       140,700                     
32,800    FORD MOTOR CO                  1,410,400                      
15,111    GENERAL MOTORS CORP              877,382                      
13,780  * GENERAL MOTORS CORP (CLASS H)  1,209,195                      
4,500    GENUINE PARTS CO                  90,000                     
4,200    GOODYEAR TIRE & RUBBER CO         84,000                     
8,300    HARLEY DAVIDSON, INC             319,550                     
58,632    HONEYWELL INTERNATIONAL, INC   1,975,165                      
3,000    ITT INDUSTRIES, INC               91,125                     
1,500  * NAVISTAR INTERNATIONAL CORP       46,593                     
2,100    PACCAR, INC                       83,343                     
1,600    RYDER SYSTEM, INC                 30,300                     
3,200    TRW, INC                         138,800                     
4,294  * VISTEON CORP                      52,064                     
                ------------
                   8,258,795
                ------------

RAILROADS -- 0.17%                                                              
11,700    BURLINGTON NORTHERN SANTA FE                                  
CORP                            268,368           
5,500    CSX CORP                         116,531                     
3,000    KANSAS CITY SOUTHERN INDUSTRIES,                             
INC                             266,062           
10,300    NORFOLK SOUTHERN CORP            153,212                      
6,800    UNION PACIFIC CORP               252,875                     
                ------------
                   1,057,048
                ------------

WATER TRANSPORTATION -- 0.05%                                                   
16,600    CARNIVAL CORP (CLASS A)          323,700                      
                ------------
TOTAL TRANSPORTATION          18,704,853            
                ------------

UTILITIES -- 9.33%                                                              

TELEPHONE -- 7.15%                                                              
8,600    ALLTEL CORP                      532,662                     
87,610    AT & T CORP                    2,770,666                      
42,608    BELL ATLANTIC CORP             2,165,019                      
51,900    BELLSOUTH CORP                 2,212,237                      
35,574    BROADWING, INC                   922,700                      
81,100    CABLE & WIRELESS PLC           1,373,877                      
3,600    CENTURYTEL, INC                  103,500                     
24,305  * GLOBAL CROSSING LTD              639,525                      
26,600    GTE CORP                       1,655,850                      
136,509    LUCENT TECHNOLOGIES, INC       8,088,158                       
16,700  * MEDIA ONE GROUP, INC           1,113,764                      
20,500  * NEXTEL COMMUNICATIONS, INC                                    
(CLASS A)                     1,254,343           
24,556  * RCN CORP                         623,108                      
192,681    SBC COMMUNICATIONS, INC        8,333,453                       
24,200    SPRINT CORP (FON GROUP)        1,234,200                      
25,200  * SPRINT CORP (PCS GROUP)        1,499,400                      
13,614    U.S. WEST, INC                 1,167,400                      

40  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
41st “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 41st
TIAA-CREF MUTUAL FUNDS                                      GROWTH & INCOME FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

TELEPHONE -- (CONTINUED)                                                        
94,832  * VIATEL, INC                  $ 2,708,639                      
30,250  * WESTERN WIRELESS CORP                                         
(CLASS A)                    1,648,625          
132,980  * WORLDCOM, INC                  6,100,457                       
                 -----------
                  46,147,583
                 -----------

ELECTRIC, GAS AND OTHER -- 2.18%                                                
11,900  * AES CORP                         542,937                      
7,400  * ALLIED WASTE INDUSTRIES, INC      74,000                     
3,800    AMEREN CORP                      128,250                     
68,854    AMERICAN ELECTRIC POWER                                       
CO, INC                      2,039,799          
49,300    CINERGY CORP                   1,254,068                      
3,000    CMS ENERGY CORP                   66,375                     
5,700    COASTAL CORP                     346,987                     
2,700    COLUMBIA ENERGY GROUP            177,187                     
6,000    CONSOLIDATED EDISON INC          177,750                     
6,100    CONSTELLATION ENERGY GROUP       198,631                     
3,000    CP & L ENERGY, INC                95,812                     
5,626    DOMINION RESOURCES, INC          241,214                     
87,650    DTE ENERGY CO                  2,678,803                      
8,600    DUKE ENERGY CORP                 484,825                     
100    EASTERN ENTERPRISES CO             6,300                   
9,500    EDISON INTERNATIONAL CO          194,750                     
6,300    EL PASO ENERGY CORP              320,906                     
6,600    ENTERGY CORP                     179,437                     
8,200    FIRSTENERGY CORP                 191,675                     
500    FLORIDA PROGRESS CORP             23,437                   
5,755    FPL GROUP, INC                   284,872                     
24,900    GPU, INC                         673,856                      
4,800    NEW CENTURY ENERGIES, INC        144,000                     
4,354  * NIAGARA MOHAWK HOLDINGS, INC      60,683                     
1,200    NICOR, INC                        39,150                     
5,300    NORTHERN STATES POWER CO         106,993                     

--------------------------------------------------------------------------------
SHARES/PRINCIPAL                                VALUE                           
--------------------------------------------------------------------------------

500    ONEOK, INC                  $     12,968                   
5,900    PECO ENERGY CO                   237,843                     
900    PEOPLES ENERGY CORP               29,137                   
10,600    PG&E CORP                        261,025                      
2,100    PINNACLE WEST CAPITAL CORP        71,137                     
3,947    PPL CORP                          86,587                     
5,100    PUBLIC SERVICE ENTERPRISE GROUP,                             
INC                             176,587           
4,710    RELIANT ENERGY, INC              139,239                     
6,873    SEMPRA ENERGY                    116,841                     
15,600    SOUTHERN CO                      363,675                      
26,412    TXU CORP                         779,154                      
5,300    UNICOM CORP                      205,043                     
16,647    WASTE MANAGEMENT, INC            316,293                      
12,200    WILLIAMS COS, INC                508,077                      
                ------------
                  14,036,303
                ------------
TOTAL UTILITIES               60,183,886            
                ------------
TOTAL COMMON STOCK                                                              
(COST $545,045,842)                        641,118,817                          
                ------------

SHORT TERM INVESTMENT -- 0.62%                                                  

U.S. GOVERNMENT AND AGENCY -- 0.62%                                             
FEDERAL HOME LOAN                                   
MORTGAGE CORP (FHLMC)                             
3,986,544     6.570%, 07/03/00              3,988,000                         
                ------------
TOTAL SHORT TERM INVESTMENT                                                     
(COST $3,986,544)                            3,986,544                          
                ------------
TOTAL PORTFOLIO -- 100.02%                                                      
(COST $549,043,155)                        645,117,359                          

OTHER ASSETS & LIABILITIES, NET -- (0.02%)    (106,258)                         
                ------------
NET ASSETS -- 100.00%                     $645,011,101                          
                ============

-----------                                                                     
*  NON-INCOME PRODUCING                                                         

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 41

N-30D
42nd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 42nd
TIAA-CREF MUTUAL FUNDS         STATEMENT OF INVESTMENTS       GROWTH EQUITY FUND
       (Unaudited)
       June 30, 2000

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

PREFERRED STOCK -- 0.00%                                                        

BASIC INDUSTRIES -- 0.00%                                                       

CHEMICALS AND PLASTIC -- 0.00%                                                  
285    SEALED AIR CORP (CLASS A)    $    14,428                   

                 -----------
TOTAL BASIC INDUSTRIES            14,428            
                 -----------
HEALTH -- 0.00%                                                                 

MEDICAL FACILITIES MANAGEMENT -- 0.00%                                          
7  * MEDIQ, INC SERIES A                    1                 
                 -----------
TOTAL HEALTH                           1            
                 -----------
TOTAL PREFERRED STOCK                                                           
(COST $12,970)                                  14,429                          
                 -----------
COMMON STOCK -- 99.25%                                                          

BASIC INDUSTRIES -- 1.95%                                                       

CHEMICALS AND PLASTIC -- 1.78%                                                  
100  * AEP INDUSTRIES, INC                2,525                   
600  * AIRGAS, INC                        3,412                   
500    APTARGROUP, INC                   13,500                   
200    ARCH CHEMICALS, INC                4,375                   
59,900    AVON PRODUCTS, INC             2,665,550                      
500    CABOT CORP                        13,625                   
100    CARLISLE COS, INC                  4,500                   
200    CARTER WALLACE, INC                4,025                   
1,700    CHURCH & DWIGHT CO, INC           30,600                     
10,438    CLOROX CO                        467,752                      
103,700    COLGATE PALMOLIVE CO           6,209,037                       
1,950    CROMPTON CORP                     23,887                     
600  * CYGNUS, INC                        8,550                   
500    DEXTER CORP                       24,000                   
3,900    DIAL CORP                         40,462                     
5,213    DU PONT (E.I.) DE NEMOURS & CO   228,068                     
5,100    ECOLAB, INC                      199,218                     
200    FULLER (H.B.) CO                   9,112                   
100    GEON CO                            1,850                   
700    GEORGIA GULF CORP                 14,568                   
1,500  * GRACE W.R. & CO                   18,187                     
7,300    ILLINOIS TOOL WORKS, INC         416,100                     
4,100    LAUDER (ESTEE) CO (CLASS A)      202,693                     
100    LIQUI-BOX CORP                     4,950                   
800    MACDERMID, INC                    18,800                   
200    NL INDUSTRIES, INC                 3,050                   
200    OMNOVA SOLUTIONS, INC              1,250                   
1,200  * PACTIV CORP                        9,450                     
29,900    PHARMACIA CORP                 1,545,456                      
66,100    PROCTER & GAMBLE CO            3,784,225                      
700  * REVLON, INC (CLASS A)              4,418                   
1,100  * SCOTTS CO (CLASS A)               40,150                     
3,521  * SEALED AIR CORP                  184,412                     
400    SPARTECH CORP                     10,800                   
700    TREDEGAR CORP                     13,300                   
100  * TREX CO, INC                       5,000                   
1,400    TUPPERWARE CORP                   30,800                     
1,200  * U.S. PLASTIC LUMBER CORP           5,287                     
                 -----------
                  16,266,944
                 -----------
STEEL AND OTHER METALS -- 0.03%                                                 
3,800  * ALPINE GROUP, INC                 25,650                     
4,900  * BATTLE MOUNTAIN GOLD CO           10,718                     
200    BELDEN, INC                        5,125                   
600  * CHART INDUSTRIES, INC              2,925                   
6,000  * FREEPORT-MCMORAN COPPER &                                    
GOLD, INC (CLASS B)              55,500           
600    GENERAL CABLE CORP                 4,875                   
700  * LONE STAR TECHNOLOGIES, INC       32,375                   
800    MATTHEWS INTERNATIONAL CORP                                
(CLASS A)                        23,200           
400    METALS U.S.A., INC                 1,875                   
200  * MUELLER INDUSTRIES, INC            5,600                   
300  * NCI BUILDING SYSTEMS, INC          6,075                   
300    QUANEX CORP                        4,462                   
100    RELIANCE STEEL & ALUMINUM CO       1,912                   
1,700  * STEEL DYNAMICS, INC               15,406                     
1,750  * STILLWATER MINING CO              48,781                     
100    SUPERIOR TELECOM, INC                993                   
400    TEXAS INDUSTRIES, INC             11,550                   
500  * TOWER AUTOMOTIVE, INC              6,250                   
600  * U.S. CAN CORP                     10,425                   
300    VALMONT INDUSTRIES, INC            5,962                   
                 -----------
                     279,659
                 -----------
PAPER AND FOREST PRODUCTS -- 0.14%                                              
100    AMERICAN WOODMARK CORP             2,050                   
4,200    AVERY DENNISON CORP              281,925                     
700  * BUCKEYE TECHNOLOGIES, INC         15,356                   
200    CARAUSTAR INDUSTRIES, INC          3,025                   
1,200  * CHAMPION ENTERPRISES, INC          5,850                     
400    CLAYTON HOMES, INC                 3,200                   
200  * DAISYTEK INTERNATIONAL CORP        1,887                   
100    DELTIC TIMBER CORP                 2,137                   
7,400    FORT JAMES CORP                  171,125                     
900  * GAYLORD CONTAINER CO               2,418                   
12,510    KIMBERLY-CLARK CORP              717,761                      

42  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
43rd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 43rd
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

PAPER AND FOREST PRODUCTS -- (CONTINUED)                                        
2,100  * MAIL-WELL, INC                $   18,112                     
600  * PALM HARBOR HOMES, INC             8,700                   
600  * PLAYTEX PRODUCTS, INC              6,787                   
1,027  * SCHOOL SPECIALTY, INC             19,063                     
300    ST. JOE CO                         9,000                   
1,000    WAUSAU-MOSINEE PAPER CORP          8,562                     
                  ----------
                   1,276,958
                  ----------
TOTAL BASIC INDUSTRIES        17,823,561            
                  ----------

BUSINESS SERVICES -- 1.65%                                                      

ADVERTISING AND OTHER SERVICES -- 1.65%                                         
700  * 24/7 MEDIA, INC                   10,937                   
1,000    AARON RENTS, INC                  12,562                     
800    ABM INDUSTRIES, INC               18,400                   
1,800    ACKERLEY GROUP, INC               21,150                     
400  * ADMINSTAFF, INC                   25,400                   
1,000  * ADVO, INC                         42,000                     
300  * AHL SERVICES, INC                  1,837                   
38  * AKAMAI TECHNOLOGIES, INC           4,511                  
1,200  * ANSWERTHINK, INC                  19,950                     
3,350  * APOLLO GROUP, INC (CLASS A)       93,800                     
1,300    BLOCK (H&R), INC                  42,087                     
500  * BRIGHT HORIZONS FAMILY                                     
SOLUTIONS, INC                   10,687           
500  * BURNS INTERNATIONAL SERVICES CORP  6,250                   
300  * CAREER EDUCATION CORP             14,550                   
200  * CAREERBUILDER, INC                   662                   
700  * CATALINA MARKETING CORP           71,400                   
2,400  * CATALYTICA, INC                   26,400                     
100  * CDI CORP                           2,037                   
2,900  * CELGENE CORP                     170,737                     
15,994  * CENDANT CORP                     223,916                      
2,300  * CENTURY BUSINESS SERVICES, INC     4,456                     
300  * CHARLES RIVER ASSOCIATES, INC      5,287                   
1,600  * CHECKFREE HOLDINGS CORP           82,500                     
5,150    CINTAS CORP                      188,940                     
725  * CIRCLE.COM                         2,673                   
10,093  * CMGI, INC                        462,385                      
800  * COINSTAR, INC                      8,050                   
100  * CORINTHIAN COLLEGES, INC           2,343                   
300  * CORNELL COS, INC                   2,400                   
300  * CORPORATE EXECUTIVE BOARD CO      17,962                   
2,600  * COVANCE, INC                      22,912                     
300    CPI CORP                           6,337                   
1,100  * CRITICAL PATH, INC                64,143                     
500  * CTC COMMUNICATIONS GROUP, INC$    18,000                   
2,800  * DEVRY, INC                        74,025                     
550  * DIAMOND TECHNOLOGY PARTNERS,                               
INC (CLASS A)                    48,400           
4,244  * DOUBLECLICK, INC                 161,802                     
2,900  * EBAY, INC                        157,506                     
1,200  * EDUCATION MANAGEMENT CORP         21,675                     
80  * EMERGE INTERACTIVE, INC            1,435                  
500  * ENTREMED, INC                     14,968                   
800  * F.Y.I., INC                       26,950                   
500    FAIR ISSAC & CO, INC              22,000                   
600  * FIRST CONSULTING GROUP, INC        3,337                   
200  * FORRESTER RESEARCH, INC           14,562                   
800    G & K SERVICES, INC (CLASS A)     20,050                   
2,100    GARTNER GROUP, INC (CLASS A)      25,200                     
1,500  * GETTY IMAGES, INC                 55,593                     
100  * HEARME.COM                           450                   
500  * HEIDRICK & STRUGGLES                                       
INTERNATIONAL, INC               31,562           
1,200  * INCTYE GENOMICS                   98,625                     
700  * INTERIM SERVICES, INC             12,425                   
106,340    INTERPUBLIC GROUP OF COS, INC  4,572,620                       
500  * ITT EDUCATIONAL SERVICES, INC      8,781                   
600  * JACOBS ENGINEERING GROUP, INC     19,612                   
66  * KANA COMMUNICATIONS, INC           4,083                  
1,954  * KFORCE.COM, INC                   13,555                     
700  * KORN FERRY INTERNATIONAL          22,181                   
1,650  * LABOR READY, INC                  10,931                     
2,300  * LAMAR ADVERTISING CO (CLASS A)    99,618                     
900    LANDAUER, INC                     14,006                   
300  * LASON, INC                           750                   
400  * LEARNING TREE INTERNATIONAL, INC  24,500                   
300    MANPOWER, INC                      9,600                   
5,668  * MARCHFIRST, INC                  103,441                     
600  * MARKETING SERVICES GROUP           2,662                   
500  * MAXIMUS, INC                      11,062                   
200    MCGRATH RENTCORP                   3,400                   
100  * MEDIA METRIX, INC                  2,543                   
500  * MEMBERWORKS, INC                  16,812                   
1,000  * MESSAGEMEDIA, INC                  3,500                     
1,600  * MODIS PROFESSIONAL SERVICES, INC  14,200                     
600  * NATIONAL EQUIPMENT SERVICES, INC   3,600                   
600  * NATIONSRENT, INC                   2,287                   
2,200  * NAVIGANT CONSULTING CO             9,350                     
1,300  * NBC INTERNET, INC                 16,250                     
100  * NEXTERA ENTERPRISES, INC             478                   

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 43

N-30D
44th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 44th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

ADVERTISING AND OTHER SERVICES -- (CONTINUED)                                   
1,800  * NOVA CORP (GEORGIA)           $   50,287                     
66,600    OMNICOM GROUP, INC             5,931,562                      
1,000  * ON ASSIGNMENT, INC                30,500                     
40  * OPUS360 CORP                         147                  
1,000  * PAREXEL INTERNATIONAL CORP         9,562                     
800  * PEGASUS SOLUTIONS, INC             8,700                   
800  * PHARMACEUTICAL PRODUCT                                     
DEVELOPMENT, INC                 16,800           
1,000  * PREPAID LEGAL SERVICES, INC       29,875                     
600  * PROBUSINESS SERVICES, INC         15,937                   
100  * PROFESSIONAL DETAILING, INC        3,406                   
1,550  * PROFIT RECOVERY GROUP                                        
INTERNATIONAL, INC                25,768            
5,182  * QUINTILES TRANSNATIONAL CORP      73,195                     
400  * REDBACK NETWORKS, INC             71,200                   
1,100    REGIS CORP                        13,750                     
600  * RENAISSANCE WORLDWIDE, INC           937                   
1,000  * RENT WAY, INC                     29,187                     
1,400  * RENT-A-CENTER, INC                31,500                     
8,100  * ROBERT HALF INTERNATIONAL, INC   230,850                     
1,200    ROLLINS, INC                      17,850                     
12,600    SERVICEMASTER CO                 143,325                      
2,100  * SITEL CORP                        10,368                     
2,000  * SNYDER COMMUNICATIONS, INC        47,500                     
1,800    SOTHEBY'S HOLDINGS, INC (CLASS A) 31,500                     
800  * STAFF LEASING, INC                 2,850                   
300  * STAFFMARK, INC                     2,006                   
300  * STARTEK, INC                      15,112                   
300    STRAYER EDUCATION, INC             7,200                   
200  * SUPERIOR CONSULTANT HOLDINGS CORP    950                   
1,250  * SYLVAN LEARNING SYSTEMS, INC      17,187                     
400    TEJON RANCH CO                     9,025                   
1,000  * TELETECH HOLDINGS, INC            31,062                     
1,500  * TETRA TECH, INC                   34,312                     
1,000  * THEGLOBE.COM, INC                  1,718                     
2,500  * TMP WORLDWIDE, INC               184,531                     
1,200    TRUE NORTH COMMUNICATIONS, INC    52,800                     
700  * UNITED RENTALS, INC               11,987                   
100  * URS CORP                           1,525                   
40  * US INTERACTIVE, INC                  517                  
2,600  * VALASSIS COMMUNICATIONS, INC      99,125                     
1,200  * VALENCE TECHNOLOGY, INC           22,125                     
3,400  * VERTICALNET, INC                 125,587                     
500  * WACKENHUT CORP SERIES A            6,468                   
1,000  * WACKENHUT CORRECTIONS CORP         7,500                     
600  * WEST TELESERVICES CORP            15,187                   
300  * XCEED, INC                         2,737                   
1,600    YOUNG & RUBICAM, INC              91,500                     
                 -----------
TOTAL BUSINESS SERVICES       15,054,765            
                 -----------

CONSTRUCTION AND REAL ESTATE -- 2.09%                                           

BUILDING MATERIALS -- 1.57%                                                     
800    AMCOL INTERNATIONAL CORP          13,200                   
1,000    APOGEE ENTERPRISES, INC            3,531                     
200    CARBO CERAMICS, INC                7,025                   
400    CENTEX CONSTRUCTION PRODUCTS,                              
INC                               9,075           
700  * COMFORT SYSTEMS U.S.A., INC        2,800                   
29,915    CORNING, INC                   8,073,310                      
1,600  * DAL-TILE INTERNATIONAL, INC       13,200                     
300  * DEPARTMENT 56, INC                 3,300                   
200  * DUPONT PHOTOMASKS, INC            13,700                   
1,000    ELCOR CORP                        23,000                     
1,525  * ENCOMPASS SERVICES CORP            8,768                     
1,000    FERRO CORP                        21,000                     
700    FLORIDA ROCK INDUSTRIES, INC      24,937                   
105,800    HOME DEPOT, INC                5,283,387                       
700  * INTEGRATED ELECTRICAL SERVICES,                            
INC                               3,587           
300    LIBBEY, INC                        9,637                   
100    LILLY INDUSTRIES, INC (CLASS A)    3,006                   
15,700    LOWE'S COS, INC                  644,681                      
2,600  * QUANTA SERVICES, INC             143,000                     
600    VALSPAR CORP                      20,250                   
500    WATSCO, INC                        6,250                   
                 -----------
                  14,330,644
                 -----------

CONSTRUCTION -- 0.50%                                                           
900  * BLOUNT INTERNATIONAL, INC          6,918                   
1,200    CENTEX CORP                       28,200                     
100  * CROSSMAN COMMUNITIES, INC          1,650                   
1,700  * DYCOM INDUSTRIES, INC             78,200                     
300    HON INDUSTRIES, INC                7,050                   
200    HORTON (D.R.), INC                 2,712                   
1,000  * INSITUFORM TECHNOLOGIES, INC                                 
(CLASS A)                        27,125           
200    KAUFMAN & BROAD HOME CORP          3,962                   
1,650  * MASTEC, INC                       63,009                     
3,500    MILLER (HERMAN), INC              90,562                     
164,845    NEWELL RUBBERMAID, INC         4,244,758                       
400  * NVR, INC                          22,800                   
600    STANDARD-PACIFIC CORP              6,000                   
300  * TOLL BROTHERS, INC                 6,150                   
                 -----------
                   4,589,096
                 -----------

44  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
45th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 45th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

REAL ESTATE -- 0.02%                                                            
2,700  * CATELLUS DEVELOPMENT CORP      $  40,500                     
400  * CB RICHARD ELLIS SERVICES                                  
GROUP, INC                        3,650           
1,800  * FAIRFIELD COMMUNITIES, INC        14,175                     
600    FOREST CITY ENTERPRISES, INC                               
(CLASS A)                        20,025           
466  * INSIGNIA FINANCIAL GROUP, INC      4,660                   
1,400  * JONES LANG LA SALLE               18,725                     
100  * PINNACLE HOLDINGS, INC             5,400                   
1,000    STEWART ENTERPRISES, INC                                     
(CLASS A)                         3,531           
1,200  * TRAMMELL CROW CO                  12,900                     
                 -----------
                     123,566
                 -----------
TOTAL CONSTRUCTION AND                              
REAL ESTATE                  19,043,306           
                 -----------

CONSUMER DURABLE -- 15.00%                                                      

HOME APPLIANCES AND FURNISHINGS -- 14.56%                                       
400  * ACTEL CORP                        18,250                   
500  * ACTION PERFORMANCE COS, INC        3,625                   
400  * ADVANCED ENERGY INDUSTRIES, INC   23,575                   
400  * ADVANCED MICRO DEVICES, INC       30,900                   
900  * AEROFLEX, INC                     44,718                   
1,500  * ALPHA INDUSTRIES, INC             66,093                     
6,700  * ALTEON WEBSYSTEMS, INC           670,418                     
8,100  * ALTERA CORP                      825,693                     
3,100  * AMERICAN POWER CONVERSION CORP   126,518                     
600  * AMERICAN SUPERCONDUCTOR CORP      28,950                   
700  * AMERICAN XTAL TECHNOLOGY, INC     30,275                   
3,900  * AMKOR TECHNOLOGY, INC            137,718                     
1,600  * AMPHENOL CORP (CLASS A)          105,900                     
1,300  * ANADIGICS, INC                    44,281                     
111,600  * ANALOG DEVICES, INC            8,481,600                       
53,396  * APPLIED MICRO CIRCUITS CORP    5,272,855                      
1,600  * ARTESYN TECHNOLOGIES, INC         44,500                     
53,600  * ATMEL CORP                     1,976,500                      
5,200  * BED BATH & BEYOND, INC           188,500                     
800  * BENCHMARK ELECTRONICS, INC        29,250                   
300    BMC INDUSTRIES, INC                1,218                   
7,050  * BOOKHAM TECHNOLOGY PL                                        
(SPONS ADR)                     417,712           
1,000  * BOYDS COLLECTION LTD               8,500                     
5,000  * BROADCOM CORP (CLASS A)        1,094,687                     
1,850  * BURR BROWN CORP                  160,371                     
200  * CATAPULT COMMUNICATIONS CORP       2,012                   
8,100  * CONEXANT SYSTEMS, INC            393,862                     
1,200  * CREE, INC                        160,200                     
1,200    CTS CORP                          54,000                     
2,900  * CYPRESS SEMICONDUCTOR CORP       122,525                     
2,800    DALLAS SEMICONDUCTOR CORP        114,100                     
400  * EMCORE CORP                       48,000                   
1,500  * E-TEK DYNAMICS, INC              395,718                     
1,650    ETHAN ALLEN INTERIORS, INC        39,600                     
1,800  * FURNITURE BRANDS INTERNATIONAL,                              
INC                              27,225           
1,275  * GENERAL SEMICONDUCTOR, INC        18,806                     
102,400    GILLETTE CO                    3,577,600                       
2,200  * HA-LO INDUSTRIES, INC             12,375                     
600    HAVERTY FURNITURE COS, INC         5,100                   
1,100    HELIX TECHNOLOGY CORP             42,900                     
200  * HI/FN, INC                         8,875                   
700  * HUTCHINSON TECHNOLOGY, INC         9,975                   
9,743  * INFINEON TECHNOLOGIES AG. ADR    772,132                     
400    INNOVEX, INC                       3,900                   
385,258    INTEL CORP                    51,504,178                       
1,200  * INTERNATIONAL RECTIFIER CORP      67,200                     
4,900  * JABIL CIRCUIT, INC               243,162                     
76,284  * JDS UNIPHASE CORP              9,144,544                      
600  * KEMET CORP                        15,037                   
1,400  * KOPIN CORP                        96,950                     
500  * LASERSIGHT, INC                    1,906                   
2,100  * LATTICE SEMICONDUCTOR CORP       145,162                     
400    LA-Z-BOY, INC                      5,600                   
14,000    LINEAR TECHNOLOGY CO             895,125                      
1,700  * LINENS' N THINGS, INC             46,112                     
98,100  * LSI LOGIC CORP                 5,309,662                      
12,900  * MAXIM INTEGRATED PRODUCTS, INC   876,393                      
500  * MAXWELL TECHNOLOGIES, INC          6,750                   
3,100    MAYTAG CO                        114,312                     
1,100    METHODE ELECTRONICS, INC                                     
(CLASS A)                        42,487           
2,400  * MICREL, INC                      104,250                     
3,400  * MICROCHIP TECHNOLOGY, INC        198,103                     
3,400  * MICRON TECHNOLOGY, INC           299,412                     
1,400  * MMC NETWORKS, INC                 74,812                     
1,700    MOLEX, INC                        81,812                     
4,500    MURATA MANUFACTURING CO LTD      647,346                     
100  * NAVARRE CORP                         131                   
1,100  * NEOMAGIC CORP                      3,334                     
3,600  * NEW FOCUS, INC                   295,650                     
1,600  * NVIDIA CORP                      101,700                     
500  * PARKERVISION, INC                 25,218                   
1,000  * PHOTRONICS, INC                   28,375                     
3,900    PIER 1 IMPORTS, INC               38,025                     
800  * PLEXUS CORP                       90,400                   
600  * PLX TECHNOLOGY, INC               24,900                   
15,500  * PMC-SIERRA, INC                2,754,156                      
1,000  * POWER INTEGRATIONS, INC           23,562                     
900  * POWER-ONE, INC                   102,543                   

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 45

N-30D
46th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 46th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

HOME APPLIANCES AND FURNISHINGS -- (CONTINUED)                                  
3,300  * QLOGIC CORP                 $    218,006                     
3,800  * RAMBUS, INC                      391,400                     
600  * RESTORATION HARDWARE, INC          3,300                   
2,300  * RF MICRO DEVICES, INC            201,537                     
700  * S3, INC                           10,325                   
400  * SALTON, INC                       14,750                   
52,144  * SANMINA CORP                   4,458,312                      
1,100  * SAWTEK, INC                       63,318                     
60,246  * SCG HOLDING CORP               1,317,881                      
3,500  * SCI SYSTEMS, INC                 137,156                     
900  * SCP POOL CORP                     21,150                   
2,200  * SDL, INC                         627,412                     
1,500  * SEMTECH CORP                     114,726                     
200  * SILICONIX, INC                    13,500                   
400  * SIMPSON MANUFACTURING CO, INC     19,125                   
900  * SIPEX CORP                        24,918                   
140,662  * SOLECTRON CORP                 5,890,221                       
600    TECHNITROL, INC                   58,125                   
202,894    TEXAS INSTRUMENTS, INC        13,936,281                       
2,200  * TITAN CORP                        98,450                     
1,800  * TRANSWITCH CORP                  138,937                     
1,500  * TRIQUINT SEMICONDUCTOR, INC      143,531                     
1,000  * VARIAN SEMICONDUCTOR                                         
EQUIPMENT ASSOCIATES, INC        62,812           
7,500  * VITESSE SEMICONDUCTOR CORP       551,718                     
1,900  * WILLIAMS-SONOMA, INC              61,631                     
62,800  * XILINX, INC                    5,184,925                      
1,000  * ZOMAX, INC                        13,125                     
                ------------
                 132,826,393
                ------------

TEXTILE APPAREL AND ACCESSORIES -- 0.44%                                        
4,236  * ABERCROMBIE & FITCH CO                                       
(CLASS A)                        51,626           
800  * AMERICAN EAGLE OUTFITTERS,                                 
INC                              11,200           
900  * ANN TAYLOR STORES CORP            29,812                   
100  * BEBE STORES, INC                     837                   
200  * BUCKLE, INC                        2,350                   
500    BURLINGTON COAT FACTORY                                    
WAREHOUSE CORP                    5,406           
200    CATO CORP (CLASS A)                2,325                   
600  * CHICO'S FAS, INC                  12,000                   
700  * CHILDREN'S PLACE RETAIL                                    
STORES, INC                      14,350           
1,700    CLAIRE'S STORES, INC              32,725                     
200  * COLUMBIA SPORTSWEAR CO             5,375                   
100  * DAVID'S BRIDAL, INC                1,156                   
900    DEB SHOPS, INC                    11,250                   
300  * FINISH LINE, INC (CLASS A)         2,456                   
500  * FOOTSTAR, INC                     16,625                   
500  * FOSSIL, INC                        9,718                   
29,600    GAP, INC                         925,000                      
1,000  * GENESCO, INC                      16,062                     
200  * GUESS ?, INC                       2,800                   
3,650    INTIMATE BRANDS, INC                                         
(CLASS A)                        72,087           
4,600  * JONES APPAREL GROUP, INC         108,100                     
61,300 b* JUSTFORFEET, INC                       0                      
100  * KENNETH COLE PRODUCTIONS, INC      4,000                   
300    K-SWISS, INC (CLASS A)             4,781                   
990    LIMITED, INC                      21,408                   
1,200  * MEN'S WEARHOUSE, INC              26,775                     
100  * MOHAWK INDUSTRIES, INC             2,175                   
400    MOVADO GROUP, INC                  4,800                   
700  * NAUTICA ENTERPRISES, INC           7,481                   
52,800    NIKE, INC (CLASS B)            2,102,100                      
900    NORDSTROM, INC                    21,712                   
1,100  * OAKLEY, INC                       12,650                     
600    ONEIDA LTD                        10,650                   
300    OSHKOSH B'GOSH, INC (CLASS A)      4,912                   
1,100  * PACIFIC SUNWEAR CALIFORNIA,                                  
INC                              20,625           
600  * POLO RALPH LAUREN CORP             8,550                   
800  * QUIKSILVER, INC                   12,450                   
1,800    ROSS STORES, INC                  30,712                     
94  * SAMSONITE CORP                       423                  
200  * SHOE CARNIVAL, INC                 1,250                   
800  * STEIN MART, INC                    8,200                   
1,500    STRIDE RITE CORP                   9,187                     
100    TALBOTS, INC                       5,493                   
400  * TIMBERLAND CO                     28,325                   
13,600    TJX COS, INC                     255,000                      
599  * TOO, INC                          15,237                   
100  * TROPICAL SPORTSWEAR                                        
INTERNATIONAL CORP                1,750           
400  * URBAN OUTFITTERS, INC              3,525                   
700    WARNACO GROUP, INC (CLASS A)       5,425                   
1,700    WESTPOINT STEVENS, INC            18,912                     
700  * WET SEAL, INC (CLASS A)            9,187                   
                ------------
                   3,990,955
                ------------
TOTAL CONSUMER DURABLE       136,817,348            
                ------------

ENERGY -- 0.22%                                                                 

OIL, GAS AND OTHER ENERGY SERVICES -- 0.22%                                     
1,200    ANADARKO PETROLEUM CORP           59,175                     
1,900    APACHE CORP                      111,743                     
300  * ATWOOD OCEANICS, INC              13,312                   
1,400  * BARRETT RESOURCES CORP            42,612                     
400  * BASIN EXPLORATION, INC             7,150                   

46  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
47th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 47th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

OIL, GAS AND OTHER ENERGY SERVICES -- (CONTINUED)                               
800    BERRY PETROLEUM CO (CLASS A)  $   13,600                   
200  * BJ SERVICES CO                    12,500                   
800  * BROWN (TOM), INC                  18,450                   
200    CABOT OIL & GAS CORP (CLASS A)     4,237                   
200  * CAL DIVE INTERNATIONAL, INC       10,837                   
1,400  * CHESAPEAKE ENERGY CORP            10,850                     
300    CONSOL ENERGY, INC                 4,537                   
1,700    CROSS TIMBERS OIL CO              37,612                     
1,200    DEVON ENERGY CORP (NEW)           67,425                     
900    DIAMOND OFFSHORE DRILLING, INC    31,612                   
38 b* EAGLE GEOPHYSICAL, INC                 0                  
2,400    ENRON CORP                       154,800                     
1,700    ENSCO INTERNATIONAL, INC          60,881                     
500  * EVERGREEN RESOURCES, INC          14,812                   
1,100  * FOREST OIL CORP                   17,531                     
684  * FRIEDE GOLDMAN HALTER, INC         6,113                   
1,800  * GLOBAL INDUSTRIES LTD             33,975                     
1,000  * GLOBAL MARINE, INC                28,187                     
2,200  * GREY WOLF, INC                    11,000                     
10,600    HALLIBURTON CO                   500,187                      
2,200  * HANOVER COMPRESSOR CO             83,600                     
32    KERR-MCGEE CORP                    1,886                  
1,100  * MERIDIAN RESOURCE CORP             6,256                     
2,600  * NABORS INDUSTRIES, INC           108,062                     
1,300  * NEWFIELD EXPLORATION CO           50,862                     
400    NOBLE AFFILIATES, INC             14,900                   
2,600  * NOBLE DRILLING CORP              107,087                     
100  * OCEANEERING INTERNATIONAL, INC     1,900                   
700  * PLAINS RESOURCES, INC             11,200                   
1,800    POGO PRODUCING CO                 39,825                     
400  * PRIDE INTERNATIONAL, INC           9,900                   
3,300  * R & B FALCON CORP                 77,756                     
700  * STONE ENERGY CORP                 41,825                   
1,200  * SYNTROLEUM CORP                   20,550                     
400  * TRANSMONTAIGNE, INC                2,450                   
1,000    USX-MARATHON GROUP, INC           25,062                     
800    VASTAR RESOURCES, INC             65,700                   
1,700    VINTAGE PETROLEUM, INC            38,356                     
500    WD-40 CO                          10,375                   
700  * WEATHERFORD INTERNATIONAL, INC    27,868                   
                  ----------
TOTAL ENERGY                   2,018,558            
                 -----------

FINANCE -- 2.04%                                                                

BANKS, SAVINGS AND LOANS -- 0.92%                                               
200    ALABAMA NATIONAL BANCORP           3,962                   
100    BANCFIRST OHIO CORP                1,637                   
300    BANK OF GRANITE CORP               6,862                   
200  * BOK FINANCIAL CORP                 3,512                   
400    BRENTON BANKS, INC                 5,550                   
100    BT FINANCIAL CORP                  1,725                   
500    CAPITOL FEDERAL FINANCIAL          5,531                   
100    CATHAY BANCORP, INC                4,637                   
740  * CENTENNIAL BANCORP                 6,428                   
100    CENTURA BANKS, INC                 3,393                   
1,000    CHITTENDEN CORP                   24,437                     
45,550    CITIGROUP, INC                 2,744,387                      
500    CITIZENS BANKING CORP                                      
(MICHIGAN)                        8,117           
700    COMMERCE BANCORP, INC             32,200                   
1,700    COMMUNITY FIRST BANKSHARES, INC   27,731                     
700    CVB FINANCIAL CORP                11,068                   
400    F & M NATIONAL CORP                8,400                   
100    FARMERS CAPITAL BANK CORP          3,037                   
200    FCNB CORP                          3,612                   
7,750    FIFTH THIRD BANCORP              490,187                     
1,200    FIRST BANCORP (PUERTO RICO)       22,275                     
1,530    FIRST FINANCIAL BANCORP           30,121                     
300    FIRST FINANCIAL HOLDINGS, INC      4,125                   
100    FIRST MIDWEST BANCORP, INC         2,325                   
300    FIRST SOURCE CORP                  4,706                   
300    FIRST TENNESSEE NATIONAL CORP      4,968                   
103,900    FIRSTAR CORP                   2,188,393                       
500    FRONTIER FINANCIAL CORP            9,187                   
220    GLACIER BANCORP, INC               2,901                   
100    GREAT SOUTHERN BANCORP             1,737                   
400    GREATER BAY BANCORP               18,700                   
700  * HAMILTON BANCORP, INC             12,250                   
500    HUDSON RIVER BANCORP, INC          5,937                   
1,868    HUDSON UNITED BANCORP             41,913                     
1,049  * IMPERIAL BANCORP                  16,390                     
500    INDEPENDENT BANK CORP              5,656                   
400    IRWIN FINANCIAL CORP               5,775                   
31,875    MBNA CORP                        864,609                      
800    MERCHANTS NEW YORK BANCORP, INC   13,750                   
200    MISSISSIPPI VALLEY BANCSHARES      4,850                   
3,600    NATIONAL COMMERCE BANCORP         57,825                     
310    NATIONAL PENN BANCSHARES, INC      6,393                   
2,500    NORTHERN TRUST CORP              162,656                     
2    OLD NATIONAL BANCORP                  58                 
100    OMEGA FINANCIAL CORP               2,525                   
500    ORIENTAL FINANCIAL GROUP           7,218                   
1,000    PACIFIC CAPITAL BANCORP           25,062                     
300    PARK NATIONAL CORP                27,225                   
6,450    PROVIDIAN FINANCIAL CORP         580,500                     
400    QUEENS COUNTY BANCORP, INC         7,375                   

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 47

N-30D
48th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 48th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

BANKS, SAVINGS AND LOANS -- (CONTINUED)                                         
100    R&G FINANCIAL CORP (CLASS B)  $      793                   
100    REPUBLIC BANCORP, INC                                      
(KENTUCKY)                        1,006           
25    ROSLYN BANCORP, INC                  415                  
1,100    S & T BANCORP, INC                20,075                     
2,364  * S1 CORP                           55,110                     
200    SANDY SPRING BANCORP, INC          4,087                   
315    SHORELINE FINANCIAL CORP           3,740                   
2,752    SKY FINANCIAL GROUP, INC          43,860                     
652    SOUTH FINANCIAL GROUP, INC         9,454                   
1,200  * SOUTHWEST BANCORP OF TEXAS, INC   24,900                     
3,300    STATE STREET CORP                350,006                     
1,100    STERLING BANCSHARES, INC          11,893                     
200    STERLING FINANCIAL CORP            3,962                   
5,750    SYNOVUS FINANCIAL CORP           101,343                     
800    TEXAS REGIONAL BANCSHARES, INC                             
(CLASS A)                        20,300           
700    TRUST CO OF NEW JERSEY            12,775                   
2,300    TRUSTCO BANK CORP (NEW YORK)      28,750                     
200    U.S.B. HOLDINGS CO, INC            2,825                   
1,900    UNITED BANKSHARES, INC            34,556                     
1,800    W HOLDING CO, INC                 14,850                     
440    WEST COAST BANCORP (OREGON)        4,400                   
100    WESTAMERICA BANCORP                2,612                   
1,700    ZIONS BANCORP                     78,014                     
                  ----------
                   8,363,544
                  ----------

CREDIT AND OTHER FINANCE -- 0.64%                                               
1,500  * ACNEILSEN CORP                    33,000                     
100  * ALEXANDERS, INC                    7,325                   
300    ALEXANDRIA REAL ESTATE                                     
EQUITIES, INC                    10,293           
1,300    ALLIED CAPITAL CORP               22,100                     
35,400    AMERICAN EXPRESS CO            1,845,225                      
3,400  * AMERICREDIT CORP                  57,800                     
9,800    ASSOCIATES FIRST CAPITAL CORP    218,662                     
2,500    BOSTON PROPERTIES, INC            96,562                     
9,000    CAPITAL ONE FINANCIAL CORP       401,625                     
1,000    CHARLES E. SMITH RESIDENTIAL                                 
REALTY, INC                     38,000          
500    CHATEAU PROPERTIES, INC           14,125                   
100    CHELSEA GCA REALTY, INC            3,456                   
1,570  * CHOICEPOINT, INC                  69,865                     
300  * COMPUCREDIT CORP                   9,000                   
9,600  * CONCORD EFS, INC                 249,600                     
1,100    COUSINS PROPERTIES, INC           42,350                     
900    DORAL FINANCIAL CORP              10,293                   
600    EAST WEST BANCORP, INC             8,625                   
6,300    EQUIFAX, INC                     165,375                     
200  * FEDERAL AGRICULTURE MORTGAGE                               
CORP                              2,912           
6,500    FEDERAL NATIONAL MORTGAGE                                    
ASSOCIATION                     339,218           
400    FEDERAL REALTY INVESTMENT TRUST    8,000                   
400  * FINANCIAL FEDERAL CORP             6,950                   
1,500  * FINET.COM, INC                     1,031                     
200    FINOVA GROUP, INC                  2,600                   
600  * FIRSTPLUS FINANCIAL GROUP, INC       174                   
19,300    FREDDIE MAC                      781,650                      
200    GETTY REALTY HOLDINGS CORP         2,175                   
700    HEALTH CARE PROPERTY INVESTORS,                            
INC                              19,075           
2,619    HOUSEHOLD INTERNATIONAL, INC     108,852                     
500  * IMC MORTGAGE CO                       25                   
3,717    ISTAR FINANCIAL, INC              77,824                     
200    MANUFACTURED HOME COMMUNITIES,                             
INC                               4,787           
300    MEDALLION FINANCIAL CORP           4,631                   
4,500    MEDITRUST CORP PAIRED             16,875                     
2,550    METRIS COS, INC                   64,068                     
35,273  * METROPOLITAN LIFE INSURANCE CO   742,937                      
100    MID-STATE BANCSHARES               2,725                   
600    MILLS CORP                        11,287                   
500    NATIONAL GOLF PROPERTIES, INC     10,562                   
1,200  * NETBANK, INC                      14,925                     
300  * NEXTCARD, INC                      2,550                   
300    PENNSYLVANIA REAL ESTATE                                   
INVESTMENT TRUST                  5,137           
500  * SIERRACITIES.COM, INC              1,875                   
7,200    SLM HOLDINGS CORP                269,550                     
500  * TELESCAN, INC                      3,656                   
800    TOWN & COUNTRY TRUST              13,750                   
800  * VENTAS, INC                        2,550                   
1,300    WASHINGTON REAL ESTATE                                       
INVESTMENT TRUST                 23,237           
300    WEINGARTEN REALTY INVESTORS,                               
INC                              12,112           
                  ----------
                   5,860,981
                  ----------

INSURANCE -- 0.16%                                                              
2,300    AFLAC, INC                       105,656                     
7,262    AMERICAN INTERNATIONAL GROUP,                                
INC                             853,285           
600    BLANCH (E.W.) HOLDINGS, INC       12,187                   
500    BROWN & BROWN, INC                26,000                   
1,500    CRAWFORD & CO (CLASS B)           16,500                     
1,800  * FIRST HEALTH GROUP CORP           59,062                     
300  * FPIC INSURANCE GROUP, INC          4,706                   
1,700    GALLAGHER (ARTHUR J.) & CO        71,400                     
300  * HEALTHAXIS, INC                    1,143                   
600    HILB, ROGAL & HAMILTON CO         20,812                   
1,300    HSB GROUP, INC                    40,462                     
1,100  * MID ATLANTIC MEDICAL SERVICES,                               
INC                              14,850           

48  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
49th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 49th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

INSURANCE -- (CONTINUED)                                                        
3,600  * OXFORD HEALTH PLANS, INC     $    85,725                     
200  * PACIFICARE HEALTH SYSTEMS,                                 
INC (CLASS A)                    12,037           
400    PROGRESSIVE CORP                  29,600                   
173    RADIAN GROUP, INC                  8,952                   
100    REINSURANCE GROUP OF AMERICA,                              
INC                               3,012           
100    STANCORP FINANCIAL GROUP, INC      3,212                   
100  * TRIAD GUARANTY, INC                2,293                   
400    UNITEDHEALTH GROUP, INC           34,300                   
600  * WELLPOINT HEALTH NETWORKS,                                 
INC                              43,462           
                 -----------
                   1,448,656
                 -----------

SECURITIES AND COMMODITIES -- 0.32%                                             
1,000  * AFFILIATED MANAGERS GROUP,                                   
INC                              45,500           
2,500  * AMERITRADE HOLDINGS CORP                                     
(CLASS A)                        29,062           
9,490  * E TRADE GROUP, INC               156,585                     
1,400    EATON VANCE CORP                  64,750                     
2,600    FEDERATED INVESTORS, INC          91,162                     
4,000    FRANKLIN RESOURCES, INC          121,500                     
900  * FRIEDMAN, BILLINGS, RAMSEY                                 
GROUP, INC                        7,312           
600  * INVESTMENT TECHNOLOGY GROUP,                               
INC                              23,700           
1,200    INVESTORS FINANCIAL SERVICES                                 
CORP                             47,625           
500    JOHN NUVEEN CO (CLASS A)          20,968                   
3,300  * KNIGHT TRADING GROUP              98,381                     
600    MORGAN KEEGAN, INC                 8,850                   
500  * NATIONAL DISCOUNT BROKERS                                  
GROUP, INC                       15,937           
1,100  * PIONEER GROUP, INC                46,612                     
4,600    PRICE (T. ROWE) ASSOCIATES,                                  
INC                             195,500           
1,500    RAYMOND JAMES FINANCIAL CORP      33,750                     
50,862    SCHWAB (CHARLES) CORP          1,710,234                      
680    SOUTHWEST SECURITIES GROUP,                                
INC                              25,330           
200    THE GOLDMAN SACHS GROUP, INC      18,975                   
1,200    UNITED ASSET MANAGEMENT CORP      28,050                     
3,767    WADDELL & REED FINANCIAL, INC                                
(CLASS A)                       123,604           
                 -----------
                   2,913,387
                 -----------
TOTAL FINANCE                 18,586,568            
                 -----------

FOODS AND RELATED -- 2.67%                                                      

BEVERAGES, OTHER FOOD PRODUCTS -- 2.50%                                         
520  * 7-ELEVEN, INC                      7,150                   
3,600    ALBERTSONS, INC                  119,700                     
900  * AMERICAN ITALIAN PASTA CO                                  
(CLASS A)                        18,618           
5,900    ANHEUSER-BUSCH COS, INC          440,656                     
1,000    APPLEBEES INTERNATIONAL, INC      30,312                     
1,500    AVADO BRANDS, INC                  2,250                     
900  * BERINGER WINE ESTATES                                      
HOLDINGS, INC (CLASS B)          31,781           
6,600    BESTFOODS, INC                   457,050                     
1,600  * CADIZ, INC                        12,800                     
8,100    CAMPBELL SOUP CO                 235,912                     
100  * CANANDAIGUA BRANDS, INC                                    
(CLASS A)                         5,043           
1,300  * CEC ENTERTAINMENT, INC            33,312                     
200  * CENTRAL GARDEN & PET CO            1,793                   
1,760    CKE RESTAURANTS, INC               5,280                     
100    COCA COLA BOTTLING CO                                      
CONSOLIDATED                      4,550           
118,800    COCA COLA CO                   6,823,575                       
10,800    COCA COLA ENTERPRISES, INC       176,175                      
687  * CONSOLIDATED PRODUCTS, INC         6,183                   
400  * DAVE & BUSTERS, INC                2,500                   
1,600  * DEL MONTE FOODS CO                10,900                     
1,700    DELTA & PINE LAND CO              42,606                     
600    DREYERS GRAND ICE CREAM, INC      12,600                   
300    EARTHGRAINS CO                     5,831                   
500    FLOWERS INDUSTRIES, INC            9,968                   
6,500    GENERAL MILLS, INC               248,625                     
600  * GRAND UNION CO                       318                   
1,200  * HAIN CELESTIAL GROUP, INC         44,025                     
4,100    HEINZ (H.J.) CO                  179,375                     
500    HERSHEY FOODS CORP                24,250                   
600  * HINES HORTICULTURE, INC            4,087                   
600  * IHOP CORP (NEW)                   10,050                   
1,100  * INTERNATIONAL HOME FOODS, INC     23,031                     
1,700  * JACK IN THE BOX, INC              41,862                     
1,000    KEEBLER FOODS CO                  37,125                     
4,500    KELLOGG CO                       133,875                     
38,000  * KROGER CO                        838,375                      
1,100    LANCE, INC                         9,900                     
28,800    MCDONALD'S CORP                  948,600                      
540    MORRISON MANAGEMENT                                        
SPECIALISTS, INC                 15,221           
600  * NPC INTERNATIONAL, INC             5,381                   
200  * O'CHARLEY'S, INC                   2,725                   
2,850  * OUTBACK STEAKHOUSE, INC           83,362                     
100  * P.F. CHANGS CHINA BISTRO, INC      3,193                   
900  * PAPA JOHN'S INTERNATIONAL,                                 
INC                              22,050           
4,400    PEPSI BOTTLING GROUP, INC        128,425                     
65,800    PEPSICO, INC                   2,923,987                      
300  * PERFORMANCE FOOD GROUP CO          9,600                   
1,600    PILGRIMS PRIDE CORP (CLASS B)     11,400                     

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 49

N-30D
50th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 50th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                        VALUE                       
--------------------------------------------------------------------------------

BEVERAGES, OTHER FOOD PRODUCTS -- (CONTINUED)                                   
800 b* PLANET HOLLYWOOD, INC (CLASS A) $         8                
2,700    QUAKER OATS CO                      202,837                  
2,700    RALSTON PURINA CO                    53,831                  
100    RIVIANA FOODS, INC                    1,743                
2,000    RUBY TUESDAY, INC                    25,125                  
136,700  * SAFEWAY, INC                      6,168,587                    
36,300    SARA LEE CORP                       701,043                   
1,700  * SMITHFIELD FOODS, INC                47,706                  
950    SODEXHO MARRIOTT SERVICES, INC       15,200                
900  * SONIC CORP                           26,437                
8,300  * STARBUCKS CORP                      316,956                  
12,800    SYSCO CORP                          539,200                   
1,150  * THE CHEESECAKE FACTORY CO            31,625                  
342    TOOTSIE ROLL INDUSTRIES, INC         11,970                
600  * TRIARC COS, INC                      12,300                
3,460  * TRICON GLOBAL RESTAURANTS, INC       97,745                  
300  * UNITED NATURAL FOODS, INC             4,125                
400    UNIVERSAL FOODS CORP                  7,400                
700  * VETERINARY CENTERS OF AMERICA, INC    9,625                
2,500    VIAD CORP                            68,125                  
1,260  * VLASIC FOODS INTERNATIONAL, INC       2,047                  
1,700    WHITMAN CORP                         21,037                  
1,100  * WHOLE FOODS MARKET, INC              45,443                  
1,050  * WILD OATS MARKETS, INC               13,190                  
2,000    WRIGLEY (WM) JR CO                  160,375                  
                       -----------
                        22,829,067
                       -----------

TOBACCO -- 0.17%                                                                
55,400    PHILIP MORRIS COS, INC            1,471,562                   
1,500    RJR REYNOLDS TOBACCO HOLDINGS,                               
INC                                 41,906        
2,900    UST, INC                             42,593                  
200    VECTOR GROUP LTD                      2,950                
                       -----------
                         1,559,011
                       -----------
TOTAL FOODS AND RELATED          24,388,078         
                       -----------

HEALTH -- 14.89%                                                                

DRUGS AND PHARMACEUTICALS -- 13.06%                                             
67,900    ABBOTT LABORATORIES CO            3,025,793                   
1,100  * ABGENIX, INC                        131,845                  
200  * ALBANY MOLECULAR RESEARCH, INC       10,887                
500  * ALGOS PHARMACEUTICAL CORP             7,625                
2,200  * ALKERMES, INC                       103,675                  
20  * ALLERGAN SPECIALTY THERAPEUTICS,                          
INC (CLASS A)                          361        
6,100    ALLERGAN, INC                       454,450                  
1,100    ALPHARMA, INC (CLASS A)              68,475                  
4,100  * ALZA CORP                           242,412                  
140,825    AMERICAN HOME PRODUCTS CORP       8,273,468                    
2,300  * AMERISOURCE HEALTH CORP (CLASS A)    71,300                  
88,300  * AMGEN, INC                        6,203,075                   
1,600  * ANDRX CORP                          102,274                  
400  * ANESTA CORP                           9,950                
700  * AVIRON, INC                          21,612                
900  * BARR LABORATORIES, INC               40,331                
3,675    BERGEN BRUNSWIG CORP (CLASS A)       20,212                  
700    BINDLEY WESTERN INDUSTRIES, INC      18,506                
7,000  * BIOGEN, INC                         451,500                  
700  * BIOMATRIX, INC                       15,837                
2,300  * BIO-TECHNOLOGY GENERAL CORP          30,331                  
92,100    BRISTOL MYERS SQUIBB CO           5,364,825                   
161,305    CARDINAL HEALTH, INC             11,936,570                    
8,900  * CAREMARK RX, INC                     60,631                  
700  * CELL PATHWAYS, INC                   16,450                
1,400  * CEPHALON, INC                        83,825                  
400  * CHATTEM, INC                          5,475                
500  * CHIREX, INC                          10,000                
2,100  * CHIRON CORP                          99,750                  
700  * COLUMBIA LABORATORIES, INC            4,025                
1,100  * COR THERAPEUTICS, INC                93,843                  
800  * CORIXA CORP                          34,350                
600  * COULTER PHARMACEUTICALS, INC         12,300                
35  * CRESCENDO PHARMACEUTICALS CORP          704               
17,900    CVS CORP                            716,000                   
300    DIAGNOSTIC PRODUCTS CORP              9,600                
900  * DUANE READE, INC                     23,175                
900  * DURA PHARMACEUTICALS, INC            12,937                
700  * DURAMED PHARMACEUTICALS, INC          3,806                
493  * ELAN CORP PLC ADR                    23,879                
1,700  * ENZON, INC                           72,250                  
3,800  * FOREST LABORATORIES, INC            383,800                  
400  * GELTEX PHARMACEUTICALS, INC           8,175                
6,900  * GENENTECH, INC                    1,186,800                  
1,200  * GENZYME CORP (GENERAL DIVISION)      71,325                  
45  * GENZYME SURGICAL PRODUCTS               447               
8  * GENZYME-MOLECULAR ONCOLOGY              111              
1,965  * GILEAD SCIENCES, INC                139,760                  
72,000    GLAXO WELLCOME PLC (SPONS ADR)    4,162,500                   
55,880  * GUILFORD PHARMACEUTICALS, INC       841,692                   
900  * HEMISPHERX BIOPHARMA, INC             5,062                
2,500  * HUMAN GENOME SCIENCES, INC          333,437                  
3,100    ICN PHARMACEUTICALS, INC             86,218                  
1,800  * ICOS CORP                            79,200                  
2,000  * IDEC PHARMACEUTICALS CORP           234,625                  
1,600  * IDEXX LABORATORIES, INC              36,600                  
300  * IGEN INTERNATIONAL, INC               4,968                

50  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
51st “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 51st
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                        VALUE                       
--------------------------------------------------------------------------------

DRUGS AND PHARMACEUTICALS -- (CONTINUED)                                        
1,400  * IMCLONE SYSTEMS, INC          $    107,012                   
10,400  * IMMUNEX CORP                       514,150                    
700  * INHALE THERAPEUTIC SYSTEMS          71,028                 
300  * INVITROGEN CORP                     22,560                 
1,500  * ISIS PHARMACEUTICALS, INC           21,750                   
4,400  * IVAX CORP                          182,600                   
67,733    JOHNSON & JOHNSON CO             6,900,299                    
2,550    JONES PHARMACEUTICAL, INC          101,840                   
2,032  * KING PHARMACEUTICALS, INC           89,154                   
400  * KV PHARMACEUTICAL CO (CLASS B)      10,875                 
2,200  * LIGAND PHARMACEUTICALS CO                                    
(CLASS A)                          29,012         
91,165    LILLY (ELI) & CO                 9,105,104                    
5,621    MCKESSON HBOC, INC                 117,689                   
1,250  * MEDICIS PHARMACEUTICAL CORP                                  
(CLASS A)                          71,250         
8,625  * MEDIMMUNE, INC                     638,250                   
217,879    MERCK & CO, INC                 16,694,978                     
4,200  * MILLENNIUM PHARMACEUTICALS, INC    469,875                   
4,900    MYLAN LABORATORIES, INC             89,425                   
1,000    NATURES SUNSHINE PRODUCTS, INC       7,000                   
1,000  * NCS HEALTHCARE, INC (CLASS A)          750                   
2,000  * NU SKIN ENTERPRISES, INC                                     
(CLASS A)                           11,500          
1,800    OMNICARE, INC                       16,312                   
1,350  * ORGANOGENESIS, INC                  15,440                   
500  * PATHOGENESIS CORP                   13,000                 
535,325    PFIZER, INC                     25,695,600                     
700  * PHARMACYCLICS, INC                  42,700                 
200  * PRIORITY HEALTHCARE CORP                                   
(CLASS B)                          14,862         
300  * PROTEIN DESIGN LABORATORIES,                               
INC                                49,485         
600  * SAFESCIENCE, INC                     3,150                 
600  * SANGSTAT MEDICAL CORP               17,325                 
500  * SCHEIN PHARMACEUTICAL, INC          10,812                 
200,598    SCHERING-PLOUGH CORP            10,130,199                     
3,300  * SEPRACOR, INC                      398,062                   
800  * SICOR, INC                           6,400                 
1,000  * SUPERGEN, INC                       36,250                   
400  * SYNCOR INTERNATIONAL CORP           28,800                 
1,000  * TECHNE CORP                        130,000                   
1,100  * THERAGENICS CORP                     9,418                   
1,000  * TRANSKARYOTIC THERAPIES, INC        36,750                   
1,800  * TRIANGLE PHARMACEUTICALS, INC       16,312                   
1,133  * VENTIV HEALTH, INC                  12,604                   
200  * VERTEX PHARMACEUTICALS, INC         21,075                 
800  * VICAL, INC                          15,400                 
46,200    WALGREEN CO                      1,487,062                    
4,100  * WATSON PHARMACEUTICALS, INC        220,375                   
300    WEST PHARMACEUTICAL SERVICES,                              
INC                                 6,487         
                    ------------
                     119,153,015
                    ------------

MEDICAL EQUIPMENT AND SUPPLIES -- 1.52%                                         
700  * ACUSON CORP                          9,450                 
800  * AFFYMETRIX, INC                    132,100                 
19,081  * AGILENT TECHNOLOGIES, INC        1,407,223                    
400  * APPLIED ANALYTICAL INDUSTRIES,                             
INC                                 3,837         
300    ARROW INTERNATIONAL, INC            10,050                 
1,400    BAUSCH & LOMB, INC                 108,325                   
2,900    BAXTER INTERNATIONAL, INC          203,906                   
1,300    BECKMAN COULTER, INC                75,887                   
7,700    BECTON DICKINSON & CO              220,893                   
4,800    BIOMET, INC                        184,500                   
12,200  * BOSTON SCIENTIFIC CORP             267,637                    
300  * BRITESMILE, INC                      1,350                 
200  * CLOSURE MEDICAL CORP                 4,600                 
1,600  * COGNEX CORP                         82,800                   
100    COHU, INC                            2,696                 
800  * CONMED CORP                         20,700                 
700    COOPER COS, INC                     25,462                 
2,000  * CREDENCE SYSTEMS CORP              110,375                   
700  * CYBERONICS, INC                      8,400                 
1,600  * CYTYC CORP                          85,400                   
100    DATASCOPE CORP                       3,600                 
400    DENTSPLY INTERNATIONAL, INC         12,325                 
1,200  * DIONEX CORP                         32,100                   
200  * ECLIPSE SURGICAL TECHNOLOGIES,                             
INC                                   875         
1,880  * EDWARDS LIFESCIENCES CORP           34,780                   
1,035  * ENZO BIOCHEMICAL, INC               71,415                   
900  * GENRAD, INC                          8,100                 
400  * GLIATECH, INC                        8,100                 
29,316  * GUIDANT CORP                     1,451,142                    
900  * HAEMONETICS CORP                    18,900                 
500  * HANGER ORTHOPEDIC GROUP, INC         2,468                 
400  * IMPATH, INC                         21,700                 
400    INVACARE CORP                       10,500                 
5,300  * KLA-TENCOR CORP                    310,381                   
2,100  * LTX CORP                            73,368                   
900  * MECHANICAL TECHNOLOGY, INC          13,500                 
1,600  * MEDICAL MANAGER CORP                54,500                   
119,568    MEDTRONIC, INC                   5,955,981                     
800    MENTOR CORP                         21,750                 
1,700  * METTLER-TOLEDO INTERNATIONAL,                                
INC                                68,000         
2,100    MILLIPORE CORP                     158,287                   
1,000  * MINIMED, INC                       118,000                   
300  * MKS INSTRUMENTS, INC                11,737                 
400  * MOLECULAR DEVICES CORP              27,675                 

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 51

N-30D
52nd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 52nd
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                       VALUE                        
--------------------------------------------------------------------------------

MEDICAL EQUIPMENT AND SUPPLIES -- (CONTINUED)                                   
600  * NOVOSTE CORP                  $     36,600                 
600  * OCULAR SCIENCES, INC                 7,050                 
500  * OSTEOTECH, INC                       5,250                 
9,500    PE CORP-PE BIOSYSTEMS GROUP        625,812                   
1,000    PERKINELMER, INC                    66,125                   
1,200  * RESMED, INC                         32,100                   
1,300  * RESPIRONICS, INC                    23,400                   
1,000  * SCOTT TECHNOLOGIES, INC             17,187                   
1,200  * ST. JUDE MEDICAL, INC               55,050                   
2,800  * STERIS CORP                         24,850                   
6,500    STRYKER CORP                       284,375                   
2,000  * SUMMIT TECHNOLOGY, INC              37,750                   
1,600  * SUNRISE TECHNOLOGIES                                         
INTERNATIONAL, INC                 16,000         
4,700  * SYBRON INTERNATIONAL CORP           93,118                   
200    TELEFLEX, INC                        7,150                 
6,800  * TERADYNE, INC                      499,800                   
500  * THERMO CARDIOSYSTEMS, INC            5,000                 
700  * THERMO ELECTRON CORP                14,743                 
400  * THERMO INSTRUMENT SYSTEMS, INC       7,500                 
1,200  * VARIAN, INC                         55,350                   
500  * VEECO INSTRUMENTS, INC              36,625                 
500  * VENTANA MEDICAL SYSTEMS, INC        11,750                 
2,500  * VISX, INC                           70,156                   
2,800  * WATERS CORP                        349,475                   
800  * WESLEY JESSEN VISIONCARE, INC       30,050                 
                    ------------
                      13,867,041
                    ------------

MEDICAL FACILITIES MANAGEMENT -- 0.31%                                          
100  * ACCREDO HEALTH, INC                  3,456                 
800  * ADVANCE PARADIGM, INC               16,400                 
200  * ALTERRA HEALTHCARE CORP                400                 
500  * AMERICAN RETIREMENT CORP             2,781                 
300  * AMERIPATH, INC                       2,662                 
200  * CAREMATRIX CORP                        106                 
100  * COVENTRY HEALTH CARE, INC            1,332                 
1,000  * EXPRESS SCRIPTS, INC                62,125                   
10,050  * HEALTH MANAGEMENT ASSOCIATES,                                 
INC (CLASS A) (NEW)               131,278         
1,948  * HEALTHSOUTH CORP                    14,001                   
3,000    HOOPER HOLMES, INC                  24,000                   
1,200  * LASER VISION CENTERS, INC            7,425                   
900  * LCA-VISION, INC                      2,193                 
1,100  * LIFEPOINT HOSPITALS, INC            24,475                   
1,000  * LINCARE HOLDINGS, INC               24,625                   
400  * MANOR CARE, INC                      2,800                 
300  * MARINER POST-ACUTE NETWORK, INC         40                 
1,800  * ORTHODONTIC CENTERS OF AMERICA,                              
INC                                40,725         
300  * PEDIATRIX MEDICAL GROUP, INC         3,487                 
1,800  * PHYCOR, INC                          1,125                   
600  * PROVINCE HEALTHCARE CO              21,675                 
2,000  * RENAL CARE GROUP, INC               48,906                   
600  * RES-CARE, INC                        3,225                 
800  * SUNRISE ASSISTED LIVING, INC        14,800                 
83,800    TENET HEALTHCARE CORP            2,262,600                    
3,301  * TOTAL RENAL CARE HOLDINGS, INC      19,806                   
900  * TRIAD HOSPITALS, INC                21,768                 
400  * UNIVERSAL HEALTH SERVICES, INC      26,200                 
1,400  * US ONCOLOGY, INC                     7,000                   
800 b* VENCOR, INC                             88                 
                    ------------
                       2,791,504
                    ------------
TOTAL HEALTH                   135,811,560          
                    ------------

INDUSTRIAL MACHINERY -- 8.50%                                                   

ELECTRICAL -- 4.84%                                                             
1,500    AMETEK, INC                         26,250                   
500  * ANICOM, INC                          1,875                 
1,600  * ARGUSS COMMUNICATIONS, INC          30,200                   
600    BALDOR ELECTRIC CO                  11,175                 
500    BARNES GROUP, INC                    8,156                 
1,000  * BRIGHTPOINT, INC                     8,656                   
1,200    C&D TECHNOLOGIES, INC               67,800                   
600  * CELLSTAR CORP                        1,668                 
1,100  * ELECTRO SCIENTIFIC INDUSTRIES,                               
INC                                48,434         
800  * ENERGIZER HOLDINGS, INC             14,600                 
200    FRANKLIN ELECTRIC CO, INC           13,550                 
826,661    GENERAL ELECTRIC CO             43,813,033                     
200  * KENT ELECTRONICS CORP                5,962                 
500  * KOMAG, INC                             875                 
800  * LITTELFUSE, INC                     39,200                 
300    LSI INDUSTRIES, INC                  4,556                 
1,200  * RAYOVAC CORP                        26,850                   
800    SLI, INC                             9,700                 
900  * VICOR CORP                          31,331                 
600  * WESCO INTERNATIONAL, INC             5,737                 
                    ------------
                      44,169,608
                    ------------

OTHER INDUSTRIAL EQUIPMENT -- 3.66%                                             
400  * A.S.V., INC                          5,750                 
36,638  * APPLIED MATERIALS, INC           3,320,318                    
1,700    APPLIED POWER, INC (CLASS A)        56,950                   
700  * ASTEC INDUSTRIES, INC               17,762                 
1,000  * ASYST TECHNOLOGIES, INC             34,250                   
1,100  * ATMI, INC                           51,150                   
600  * AVIATION SALES CO                    3,712                 
1,010    BAKER HUGHES, INC                   32,320                   
3,700    BLACK & DECKER CORP                145,456                   

52  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
53rd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 53rd
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                       VALUE                        
--------------------------------------------------------------------------------

OTHER INDUSTRIAL EQUIPMENT -- (CONTINUED)                                       
600    CMI CORP (CLASS A)            $      2,100                 
200  * COOPER CAMERON CORP                 13,200                 
400  * CUNO, INC                            9,250                 
1,000    DONALDSON CO, INC                   19,750                   
400  * DRIL-QUIP, INC                      18,700                 
100  * ELECTROGLAS, INC                     2,150                 
400  * FSI INTERNATIONAL, INC               8,675                 
600    GRACO, INC                          19,500                 
500  * GRANT PRIDECO, INC                  12,500                 
500    IDEX CORP                           15,781                 
1,200    JLG INDUSTRIES, INC                 14,250                   
500    KAYDON CORP                         10,500                 
4,300  * LAM RESEARCH CORP                  161,250                   
700    LINCOLN ELECTRIC HOLDINGS CO         9,975                 
500    LINDSAY MANUFACTURING CO             9,812                 
1,050    MANITOWOC CO, INC                   28,087                   
1,100  * MSC INDUSTRIAL DIRECT CO (CLASS A)  23,031                   
300    NORDSON CORP                        15,187                 
105,600  * NOVELLUS SYSTEMS, INC            5,973,000                     
1,000  * PRESSTEK, INC                       16,312                   
1,000  * PRI AUTOMATION, INC                 65,390                   
1,300    ROPER INDUSTRIES, INC               33,312                   
200    SAUER-DANFOSS, INC                   1,975                 
200  * SILICON VALLEY GROUP, INC            5,175                 
900  * SMITH INTERNATIONAL, INC            65,531                 
700  * SPECIALTY EQUIPMENT COS, INC        18,987                 
313  * SPEEDFAM-IPEC, INC                   5,692                 
200    STANDEX INTERNATIONAL CORP           3,175                 
400    TENNANT CO                          15,000                 
900  * TEREX CORP                          12,712                 
487,106    TYCO INTERNATIONAL LTD          23,076,646                     
800  * ULTRATECH STEPPER, INC              11,900                 
                    ------------
                      33,366,173
                    ------------
TOTAL INDUSTRIAL MACHINERY      77,535,781          
                    ------------
MEDIA AND LEISURE -- 5.47%                                                      

BROADCASTING -- 4.23%                                                           
1,900  * ADELPHIA COMMUNICATIONS CORP                                 
(CLASS A)                          89,062         
700  * AMC ENTERTAINMENT, INC               3,412                 
40,290  * AMFM, INC                        2,780,010                    
3,800  * CABLEVISION SYSTEMS CORP                                     
(CLASS A)                         257,925         
1,300  * CITADEL COMMUNICATIONS CORP         45,418                   
10,300  * CLEAR CHANNEL COMMUNICATIONS, INC  772,500                    
35,680  * COMCAST CORP (CLASS A) SPECIAL   1,445,040                    
3,000  * COX COMMUNICATIONS, INC                                      
(CLASS A)                         136,687         
1,200  * COX RADIO, INC (CLASS A)            33,600                   
1,000  * CUMULUS MEDIA, INC                   9,125                   
128,100    DISNEY (WALT) CO                 4,971,881                     
2,000  * EMMIS COMMUNICATIONS (CLASS A)      82,750                   
1,000  * ENTERCOM COMMUNICATIONS CORP        48,750                   
6,200  * FOX ENTERTAINMENT GROUP, INC       188,325                   
400  * HEARST-ARGYLE TELEVISION, INC        7,800                 
3,700  * HISPANIC BROADCASTING CORP         122,562                   
1,200  * HOLLYWOOD ENTERTAINMENT CORP         9,450                   
78,425  * INFINITY BROADCASTING CORP                                    
(CLASS A)                       2,857,610         
100  * ON COMMAND CORP                      1,425                 
80  * PAC-WEST TELECOMM, INC               1,600                
1,000  * PANAMSAT CORP                       43,687                   
1,600  * PAXSON COMMUNICATIONS CORP          12,800                   
1,000  * PEGASUS COMMUNICATIONS CORP         49,062                   
700  * PIXAR, INC                          24,675                 
2,000  * PRICE COMMUNICATIONS CORP           47,125                   
400  * RADIO ONE, INC                      11,825                 
800  * RADIO ONE, INC (CLASS D)            17,650                 
750  * SAGA COMMUNICATIONS, INC                                   
(CLASS A)                          16,500         
1,100  * SIRIUS SATELLITE RADIO, INC         48,743                   
98,500    TIME WARNER, INC                 7,486,000                    
273,000    TOEI CO LTD                      1,999,743                     
1,500  * TV GUIDE, INC                       51,375                   
500  * U.S.A. NETWORKS, INC                10,812                 
200    UNITED TELEVISION, INC              25,750                 
3,000  * UNITEDGLOBALCOM, INC (CLASS A)     140,250                   
3,600  * UNIVISION COMMUNICATIONS, INC      372,600                   
210,533  * VIACOM, INC (CLASS B)           14,355,718                     
1,100  * WAVO CORP                              825                   
300  * YOUNG BROADCASTING, INC                                    
(CLASS A)                           7,706         
                    ------------
                      38,587,778
                    ------------
LODGING/GAMING/RECREATION -- 1.15%                                              
300  * ANCHOR GAMING CO                    14,381                 
800  * ARGOSY GAMING CORP                  11,500                 
1,200  * BALLY TOTAL FITNESS HOLDINGS                                 
CORP 30,450                                       
400  * CHAMPIONSHIP AUTO RACING TEAMS,                            
INC                                10,200         
2,300  * CHOICE HOTELS INTERNATIONAL, INC    22,856                   
300    CHURCHILL DOWNS, INC                 7,012                 
540  * CRESTLINE CAPITAL CORP               9,213                 
700    DOVER DOWNS ENTERTAINMENT, INC       9,800                 
2,000  * EXTENDED STAY AMERICA, INC          18,500                   
6,747    HILTON HOTELS CORP                  63,253                   
1,112    INTERNATIONAL SPEEDWAY CORP                                  
(CLASS A)                          46,009         
3,600    MARRIOTT INTERNATIONAL, INC                                  
(CLASS A)                         129,825         
362    MGM GRAND, INC                      11,629                 
100  * PINNACLE ENTERTAINMENT, INC          1,943                 
201,136  * PREMIER PARKS, INC               4,575,844                     
117,688  * SFX ENTERTAINMENT, INC                                         
(CLASS A)                       5,332,737         

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 53

N-30D
54th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 54th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                       VALUE                        
--------------------------------------------------------------------------------

LODGING/GAMING/RECREATION -- (CONTINUED)                                        
600  * SPEEDWAY MOTORSPORTS, INC     $     13,800                 
1,400    STARWOOD HOTELS &                                            
RESORTS WORLDWIDE                  45,587         
1,000  * STATION CASINOS, INC                25,000                   
200  * STEINWAY MUSICAL INSTRUMENTS,                              
INC                                 3,300         
900 b* SUNTERRA CORP                          207                 
200  * TRENDWEST RESORTS, INC               3,225                 
600  * U.S. FRANCHISE SYSTEMS, INC                                
(CLASS A)                           2,887         
500  * VAIL RESORTS, INC                    8,156                 
2,900  * WESTWOOD ONE, INC                   98,962                   
                    ------------
                      10,496,276
                    ------------

PUBLISHING -- 0.09%                                                             
1,200    CENTRAL NEWSPAPERS, INC                                      
(CLASS A)                          75,900         
400  * CONSOLIDATED GRAPHICS, INC           3,750                 
1,500    DOW JONES & CO, INC                109,875                   
500    HARLAND (JOHN H.) CO                 7,468                 
500    HARTE-HANKS, INC                    12,500                 
500    HOUGHTON MIFFLIN CO                 23,343                 
200  * INFORMATION HOLDINGS, INC            7,400                 
1,300  * JOURNAL REGISTER CO                 23,725                   
2,000    LEE ENTERPRISES, INC                46,625                   
900    MCGRAW HILL COS, INC                48,600                 
200    MEDIA GENERAL, INC (CLASS A)         9,712                 
700    MEREDITH CORP                       23,625                 
800    NEW ENGLAND BUSINESS SERVICES,                             
INC                                13,000         
1,100    PENTON MEDIA, INC                   38,500                   
800  * PLAYBOY ENTERPRISES, INC                                   
(CLASS B)                          10,300         
2,900  * PRIMEDIA, INC                       65,975                   
1,200  * R.H. DONNELLEY CORP                 23,250                   
1,900    READER'S DIGEST ASSOCIATION,                                 
INC (CLASS A) (NON-VOTE)           75,525         
400    SCHAWK, INC (CLASS A)                3,750                 
100  * SCHOLASTIC CORP                      6,112                 
1,000    TIMES MIRROR CO SERIES A            90,625                   
1,800  * TOPPS, INC                          20,700                   
2,100    WILEY (JOHN) & SONS, INC                                     
(CLASS A)                          47,250         
53  * WORKFLOW MANAGEMENT, INC               629                
                    ------------
                         788,139
                    ------------
TOTAL MEDIA AND LEISURE         49,872,193          
                    ------------

RETAIL AND WHOLESALE -- 1.77%                                                   

GENERAL MERCHANDISE STORES -- 1.77%                                             
600  * 99 CENTS ONLY STORES                23,925                 
8,400  * AMAZON.COM, INC                    305,025                   
700  * AMES DEPARTMENT STORES, INC          5,425                 
1,200  * BARNES & NOBLE, INC                 26,700                   
800  * BARNESANDNOBLE.COM, INC              5,225                 
500  * BJ'S WHOLESALE CLUB, INC            16,500                 
1,600    BLYTH, INC                          47,200                   
1,700  * BORDERS GROUP, INC                  26,456                   
800    BRADY CORP (CLASS A)                26,000                 
1,300    CALLAWAY GOLF CO                    21,206                   
2,200    CASEYS GENERAL STORES, INC          22,825                   
2,200  * CDW COMPUTER CENTERS, INC          137,500                   
100  * COLDWATER CREEK, INC                 3,012                 
2,100  * CONSOLIDATED STORES CORP            25,200                   
1,000  * COST PLUS, INC                      28,687                   
16,500  * COSTCO WHOLESALE CORP              544,500                    
200  * DIRECT FOCUS, INC                    9,800                 
7,956    DOLLAR GENERAL CORP                155,142                   
4,650  * DOLLAR TREE STORES, INC            183,965                   
600  * E4L, INC                               487                 
565  * EGGHEAD.COM, INC                     1,659                 
200    ENESCO GROUP, INC                      950                 
300  * ETOYS, INC                           1,903                 
400  * FACTORY 2-U STORES, INC             15,125                 
6,500    FAMILY DOLLAR STORES, INC          127,156                   
1,200    FASTENAL CO                         60,750                   
2,900  * HANOVER DIRECT, INC                  4,531                   
900  * IDENTIX, INC                        14,118                 
1,050  * INSIGHT ENTERPRISES, INC            62,278                   
300  * INTERNATIONAL GAME TECHNOLOGY                              
CO                                  7,950         
200  * ITURF, INC                             575                 
650  * JAKKS PACIFIC, INC                   9,587                 
13,600  * KOHLS CORP                         756,500                    
500  * LANDS END, INC                      16,687                 
7,060    MATTEL, INC                         93,103                   
800  * MICHAELS STORES, INC                36,650                 
1,200  * NEIMAN MARCUS GROUP, INC                                     
(CLASS A)                          35,475         
10,700  * OFFICE DEPOT, INC                   66,875                    
800  * OFFICEMAX, INC                       4,000                 
500  * PC CONNECTION, INC                  28,500                 
4,600  * PETSMART, INC                       15,525                   
2,000  * SAKS, INC                           21,000                   
1,300  * SCHEIN (HENRY), INC                 22,425                   
700  * SHOP AT HOME, INC                    3,270                 
20,750  * STAPLES, INC                       319,031                    
2,400  * SUNGLASS HUT INTERNATIONAL, INC     19,725                   
300  * SYSTEMAX, INC                        1,162                 
17,100    TARGET CORP                        991,800                    
2,600    TIFFANY & CO                       175,500                   
200  * TUESDAY MORNING CORP                 2,100                 
87  * U.S. OFFICE PRODUCTS CO                 32                

54  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
55th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 55th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                       VALUE                        
--------------------------------------------------------------------------------

GENERAL MERCHANDISE STORES -- (CONTINUED)                                       
800  * VALUE AMERICA, INC             $       875                 
1,700  * VALUEVISION INTERNATIONAL, INC      40,800                   
200,500    WAL-MART STORES, INC            11,553,812                     
750  * WHITEHALL JEWELLERS, INC            13,968                 
800  * WMS INDUSTRIES, INC                 12,350                 
400  * ZALE CORP                           14,600                 
                     -----------
TOTAL RETAIL AND WHOLESALE      16,167,127          
                     -----------

TECHNOLOGY -- 33.44%                                                            

COMMUNICATIONS EQUIPMENT -- 3.83%                                               
300  * ACT NETWORKS, INC                    4,593                 
1,600  * ACTV, INC                           23,900                   
1,400  * ADAPTIVE BROADBAND CORP             51,450                   
15,290  * ADC TELECOMMUNICATIONS, INC      1,282,448                    
1,000  * ADTRAN, INC                         59,875                   
3,300  * ADVANCED FIBRE COMMUNICATIONS,                               
INC                               149,531         
69,000  * AMERICAN TOWER CORP (CLASS A)    2,876,437                    
600  * AMPEX CORP (CLASS A)                 1,012                 
1,100  * ANCOR COMMUNICATIONS, INC           39,342                   
1,000  * ANDREW CORP                         33,562                   
1,200  * ANTEC CORP                          49,875                   
1,600  * ASPECT COMMUNICATIONS CORP          62,900                   
500  * BROOKTROUT, INC                     10,906                 
400  * CARRIER ACCESS CORP                 21,150                 
1,300  * C-COR.NET CORP                      35,100                   
2,500 b* CELLNET DATA SYSTEMS, INC              117                   
82,400  * CIENA CORP                      13,735,050                    
1,766  * COMMSCOPE, INC                      72,406                   
6,564  * COMVERSE TECHNOLOGY, INC           610,452                   
300  * COPPER MOUNTAIN NETWORKS, INC       26,437                 
3,000  * DIGITAL MICROWAVE CORP             114,375                   
4,200  * ECHOSTAR COMMUNICATIONS CORP                                 
(CLASS A)                         139,059         
2,000  * ELOT, INC                            3,750                   
700  * GLOBIX CORP                         20,518                 
300    HARMON INDUSTRIES, INC               3,975                 
2,568  * HARMONIC, INC                       63,558                   
200  * INET TECHNOLOGIES, INC              10,850                 
2,100  * INTERDIGITAL COMMUNICATIONS CORP    34,781                   
900    INTER-TEL, INC                      14,456                 
1,300  * INTERVOICE-BRITE, INC                8,531                   
1,500  * L-3 COMMUNICATIONS HOLDINGS, INC    85,593                   
600  * METRICOM, INC                       16,725                 
36,551    MOTOROLA, INC                    1,062,263                    
78,932    NOKIA OYJ ADR                    3,941,666                    
100    NORTEL NETWORKS CORP (U.S.)          6,825                 
2,163  * ONI SYSTEMS CORP                   253,510                   
1,900  * P-COM, INC                          10,806                   
700  * PLANTRONICS, INC                    80,850                 
1,100  * POLYCOM, INC                       103,503                   
1,900  * POWERWAVE TECHNOLOGIES, INC         83,600                   
52,600  * QUALCOMM, INC                    3,156,000                    
6,500    SCIENTIFIC-ATLANTA, INC            484,250                   
500  * SCM MICROSYSTEMS, INC               30,281                 
400  * SENSORMATIC ELECTRONICS CORP         6,325                 
645  * SONUS NETWORKS, INC                101,829                 
2,891  * SYCAMORE NETWORKS, INC             319,094                   
1,200  * TEKELEC                             57,825                   
77,532  * TELLABS, INC                     5,306,096                    
1,800  * TERAYON COMMUNICATION SYSTEMS,                               
INC                               115,621         
500  * TUT SYSTEMS, INC                    28,687                 
1,700  * WEBLINK WIRELESS, INC               22,525                   
700  * WESTELL TECHNOLOGIES, INC                                  
(CLASS A)                          10,500         
2,300  * WORLD ACCESS, INC                   25,443                   
400  * YOUTHSTREAM MEDIA NETWORKS, INC      2,250                 
700  * ZIXIT CORP                          32,243                 
                     -----------
                      34,904,706
                     -----------

COMPUTERS AND OFFICE EQUIPMENT -- 28.79%                                        
10,300  * 3COM CORP                          593,537                    
1,500  * 3DFX INTERACTIVE, INC               11,671                   
200  * ABOUT.COM, INC                       6,300                 
1,500  * ACCLAIM ENTERTAINMENT, INC           2,156                   
700  * ACTIVISION, INC                      4,550                 
1,100  * ACTUATE CORP                        58,712                   
2,800  * ACXIOM CORP                         76,300                   
3,400  * ADAPTEC, INC                        77,350                   
5,400    ADOBE SYSTEMS, INC                 702,000                   
2,000  * ADVANCED DIGITAL INFORMATION                                 
CORP                               31,875         
600  * ADVANTAGE LEARNING SYSTEMS, INC      9,225                 
1,200  * ADVENT SOFTWARE, INC                77,400                   
1,500  * AFFILIATED COMPUTER SERVICES, INC                            
(CLASS A)                          49,593         
500  * ALLAIRE CORP                        18,375                 
100  * AMDOCS LTD                           7,675                 
105,163  * AMERICA ONLINE, INC              5,547,348                     
1,900  * AMERICAN MANAGEMENT SYSTEMS,                                 
INC                                62,373         
2,200    ANALYSTS INTERNATIONAL CORP         20,487                   
900  * APEX, INC                           39,375                 
800  * APPLE COMPUTER, INC                 41,900                 
200  * APPLIEDTHEORY CORP                   3,000                 
300  * ASHTON TECHNOLOGY GROUP, INC           853                 

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 55

N-30D
56th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 56th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                         VALUE                      
--------------------------------------------------------------------------------

COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)                                   
700  * ASPEN TECHNOLOGY, INC           $    26,950                
400  * AUSPEX SYSTEMS, INC                   1,975                
300  * AUTOBYTEL.COM, INC                    1,846                
1,100    AUTODESK, INC                        38,156                  
28,700    AUTOMATIC DATA PROCESSING, INC    1,537,243                   
1,400  * AVANT CORP                           26,228                  
1,300  * AVT CORP                              9,587                  
700  * AWARE, INC                           35,787                
1,400  * AXENT TECHNOLOGIES, INC              34,737                  
30  * AZTEC TECHNOLOGY PARTNERS, INC           65               
800  * BARRA, INC                           39,650                
14,500  * BEA SYSTEMS, INC                    716,843                   
800  * BELL & HOWELL CO                     19,400                
700  * BEYOND.COM CORP                         940                
1,700  * BILLING CONCEPTS CORP                 7,543                  
1,300  * BINDVIEW DEVELOPMENT CORP            15,600                  
1,300  * BISYS GROUP, INC                     79,950                  
1,000  * BLACK BOX CORP                       79,171                  
107,732  * BMC SOFTWARE, INC                 3,930,534                    
200  * BOTTOMLINE TECHNOLOGIES, INC          6,837                
700  * BRIO TECHNOLOGY, INC                 14,831                
8,100  * BROADVISION, INC                    411,581                  
500  * BROCADE COMMUNICATIONS SYSTEMS,                            
INC                                 91,742        
1,200  * CABLETRON SYSTEMS, INC               30,300                  
300  * CACI INTERNATIONAL, INC (CLASS A      5,850                
5,800  * CADENCE DESIGN SYSTEMS, INC         118,175                  
100  * CAIS INTERNET, INC                    1,406                
2,100  * CAMBRIDGE TECHNOLOGY PARTNERS,                               
INC                                 18,309        
900  * CCC INFORMATION SERVICES GROUP,                            
INC                                  9,562        
1,600  * C-CUBE MICROSYSTEMS, INC (NEW)       31,400                  
100,600  * CERIDIAN CORP                     2,420,687                    
1,200  * CERNER CORP                          32,700                  
2,000  * CIBER, INC                           26,500                  
805,948  * CISCO SYSTEMS, INC               51,228,069                    
7,900  * CITRIX SYSTEMS, INC                 149,606                  
2,100  * CNET NETWORKS, INC                   51,581                  
200  * COGNIZANT TECHNOLOGY SOLUTIONS                             
CORP                                 6,637        
600    COMDISCO, INC                        13,387                
172,284    COMPAQ COMPUTER CORP              4,404,009                    
1,100  * COMPLETE BUSINESS SOLUTIONS, INC     19,318                  
19,369    COMPUTER ASSOCIATES                                           
INTERNATIONAL, INC                 991,450        
1,300  * COMPUTER HORIZONS CORP               17,468                  
1,000  * COMPUTER NETWORK TECHNOLOGY                                  
CORP                                17,375        
6,400  * COMPUTER SCIENCES CORP              478,000                  
600    COMPUTER TASK GROUP, INC              3,037                
14,100  * COMPUWARE CORP                      146,287                   
200    COMPX INTERNATIONAL, INC              4,062                
700  * CONCORD COMMUNICATIONS, INC          27,912                
400  * CONCUR TECHNOLOGIES, INC              1,675                
2,300  * CONCURRENT COMPUTER CORP             30,187                  
400  * CONVERGYS CORP                       20,750                
200  * COSTAR GROUP, INC                     5,012                
400  * COTELLIGENT, INC                      2,275                
2,100  * CSG SYSTEMS INTERNATIONAL, INC      117,731                  
400  * CYBERCASH, INC                        1,900                
600  * CYBEX COMPUTER PRODUCTS CORP         25,425                
400  * DATA BROADCASTING CORP                2,525                
600  * DATASTREAM SYSTEMS, INC               7,500                
263,500  * DELL COMPUTER CORP               12,993,843                    
1,300  * DENDRITE INTERNATIONAL, INC          43,306                  
500  * DIGITAL RIVER, INC                    3,843                
600  * DOCUMENTUM, INC                      53,625                
1,200  * DSP GROUP, INC                       67,200                  
548  * DST SYSTEMS, INC                     41,716                
3,107  * EARTHLINK, INC                       47,964                  
300  * EARTHWEB, INC                         4,200                
900  * ECHELON CORP                         52,143                
1,162  * ECLIPSYS CORP                         8,715                  
300  * EFAX.COM, INC                           365                
2,900  * ELECTRONIC ARTS, INC                211,518                  
54,500    ELECTRONIC DATA SYSTEMS CORP      2,248,125                   
2,200  * ELECTRONICS FOR IMAGING, INC         55,687                  
1,850  * ELOYALTY CORP                        23,587                  
352,496  * EMC CORP                         27,120,161                    
1,600  * EMULEX CORP                         105,100                  
500  * ENGINEERING ANIMATION, INC            4,671                
900  * ENTRUST TECHNOLOGIES, INC            74,475                
1,200  * EPICOR SOFTWARE CORP                  3,000                  
800  * EPRESENCE, INC                        5,800                
400  * EXCALIBUR TECHNOLOGIES CORP          15,975                
1,100  * EXCHANGE APPLICATIONS, INC           29,287                  
6,358  * EXCITE AT HOME                      131,928                  
7,800  * EXTREME NETWORKS, INC               822,900                  
1,000    FACTSET RESEARCH SYSTEMS, INC        28,250                  
1,400  * FILENET CORP                         25,725                  
4,300    FIRST DATA CORP                     213,387                  
5,700  * FISERV, INC                         246,525                  
1,100  * FISHER SCIENTIFIC INTERNATIONAL,                             
INC                                 27,225        
5,232  * FOUNDRY NETWORKS, INC               578,136                  

56  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
57th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 57th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                       VALUE                        
--------------------------------------------------------------------------------

COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)                                   
1,588  * GARTNER GROUP, INC (CLASS B)   $    15,681                   
7,000  * GATEWAY, INC                       397,250                   
700    GERBER SCIENTIFIC, INC               8,050                 
300  * GLOBAL IMAGING SYSTEMS, INC          3,150                 
2,130  * GO.COM                              25,426                   
1,100  * GO2NET, INC                         55,343                   
600  * GREAT PLAINS SOFTWARE, INC          11,775                 
1,100  * GTECH HOLDINGS CORP                 24,956                   
4,233  * HANDSPRING, INC                    114,291                   
2,174  * HEALTHEON/WEBMD CORP                32,202                   
45,300    HEWLETT-PACKARD CO               5,656,837                    
1,100  * HNC SOFTWARE, INC                   67,925                   
1,385  * HYPERION SOLUTIONS CORP             44,925                   
4,255  * I2 TECHNOLOGIES, INC               443,650                   
500  * IDX SYSTEMS CORP                     7,062                 
1,300  * IGATE CAPITAL CORP                  17,875                   
300    IKON OFFICE SOLUTIONS, INC           1,162                 
600  * IMRGLOBAL CORP                       7,837                 
13,600    IMS HEALTH, INC                    244,800                    
1,100  * INFOCURE CORP                        6,187                   
100  * INFOCUS CORP                         3,218                 
700  * INFORMATICA CORP                    57,356                 
11,200  * INFORMIX CORP                       83,300                    
5,200  * INFOSPACE.COM, INC                 287,300                   
800  * INFOUSA, INC                         5,200                 
1,200  * INGRAM MICRO, INC (CLASS A)         20,925                   
3,400  * INKTOMI CORP                       402,050                   
160,500    INTERNATIONAL BUSINESS                                         
MACHINES CORP                  17,584,781         
6,200  * INTUIT, INC                        256,525                   
11,400  * IOMEGA CORP                         45,600                    
1,100  * ISS GROUP, INC                     108,607                   
600  * IVILLAGE, INC                        5,062                 
1,300  * J.D. EDWARDS & CO                   19,581                   
1,200    JACK HENRY & ASSOCIATES, INC        60,150                   
400  * JDA SOFTWARE GROUP, INC              7,675                 
2,600  * KEANE, INC                          56,225                   
500  * KRONOS, INC                         13,000                 
1,400  * LANIER WORLDWIDE, INC                1,400                   
2,900  * LEARN2.COM, INC                      5,709                   
3,600  * LEGATO SYSTEMS, INC                 54,450                   
5,900  * LEXMARK INTERNATIONAL GROUP                                  
(CLASS A)                         396,775         
1,100  * LHS GROUP, INC                      37,950                   
3,800  * LYCOS, INC                         205,200                   
1,900  * MACROMEDIA, INC                    183,706                   
1,300  * MACROVISION CORP                    83,098                   
500  * MANUGISTICS GROUP, INC              23,375                 
700  * MAPICS, INC                          4,025                 
500  * MARIMBA, INC                         6,968                 
100  * MARKETWATCH.COM, INC                 1,881                 
2,600  * MAXTOR CORP                         27,462                   
300  * MCSI, INC                            7,762                 
400  * MEDICONSULT.COM, INC                   600                 
1,600  * MEDQUIST, INC                       54,400                   
1,400  * MENTOR GRAPHICS CORP                27,825                   
30  * MERANT PLC ADR                         305                
700  * MERCATOR SOFTWARE, INC              48,125                 
900  * MERCURY COMPUTER SYSTEMS, INC       29,081                 
3,600  * MERCURY INTERACTIVE CORP           348,300                   
300  * METRO INFORMATION SERVICES, INC      3,000                 
1,100  * MICROMUSE, INC                     182,032                   
1,200  * MICRON ELECTRONICS, INC             15,000                   
800  * MICROS SYSTEMS, INC                 14,850                 
441,850  * MICROSOFT CORP                  35,348,000                     
3,600  * MICROSTRATEGY, INC                 108,000                   
900  * MIDWAY GAMES, INC                    7,256                 
500  * MIPS TECHNOLOGIES, INC              21,250                 
28  * MOMENTUM BUSINESS APPLICATIONS,                           
INC                                   206         
1,200  * MTI TECHNOLOGY CORP                  9,600                   
500  * MULTEX.COM, INC                     12,593                 
1,500    NATIONAL COMPUTER SYSTEMS, INC      73,875                   
1,200    NATIONAL DATA CORP                  27,600                   
1,100  * NATIONAL INSTRUMENTS CORP           47,987                   
600  * NCO GROUP, INC                      13,875                 
200  * NEON SYSTEMS, INC                    3,750                 
300  * NET PERCEPTIONS, INC                 4,762                 
500  * NETOBJECTS, INC                      4,562                 
300  * NETOPIA, INC                        12,075                 
12,400  * NETWORK APPLIANCE, INC             998,200                    
400  * NETWORK PERIPHERALS, INC             6,700                 
3,400  * NETWORK ASSOCIATES, INC             69,275                   
1,100  * NEW ERA OF NETWORKS, INC            46,750                   
14,900  * NOVELL, INC                        137,825                    
600  * OMEGA RESEARCH, INC                  1,800                 
800  * ONEMAIN.COM, INC                     9,000                 
800  * ONHEALTH NETWORK CO                  1,850                 
500  * ONYX SOFTWARE CORP                  14,843                 
1,300  * OPEN MARKET, INC                    17,956                   
467,284  * ORACLE CORP                     39,281,061                     
200    OWENS & MINOR, INC                   3,437                 
12,100  * PARAMETRIC TECHNOLOGY CORP         133,100                    
1,100  * PATTERSON DENTAL CO                 56,100                   
15,084    PAYCHEX, INC                       633,528                    

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 57

N-30D
58th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 58th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                        VALUE                       
--------------------------------------------------------------------------------

COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)                                   
300  * PCORDER.COM, INC                $     2,325                
9,572  * PEOPLESOFT, INC                     160,331                  
933  * PER SE TECHNOLOGIES, INC              8,746                
3,762  * PEREGRINE SYSTEMS, INC              130,494                  
2,400  * PEROT SYSTEMS CORP (CLASS A)         26,400                  
400  * PERVASIVE SOFTWARE, INC               2,250                
400  * PHOENIX TECHNOLOGIES LTD              6,525                
10,900    PITNEY BOWES, INC                   436,000                   
1,700  * POLICY MANAGEMENT SYSTEMS CORP       26,137                  
500  * PORTAL SOFTWARE, INC                 31,937                
1,600  * PRICELINE.COM, INC                   60,774                  
600  * PRIVATE BUSINESS, INC                 1,500                
1,800 f* PROCURENET, INC                        270                   
735  * PRODIGY COMMUNICATIONS CORP                                
(CLASS A)                            7,717        
1,600  * PROGRESS SOFTWARE CORP               28,700                  
400  * PROJECT SOFTWARE & DEVELOPMENT,                            
INC                                  7,200        
700  * PROXICOM, INC                        33,512                
500  * PROXIM, INC                          49,484                
900  * PROXYMED, INC                         1,518                
6,262  * PSINET, INC                         157,332                  
2,800  * PSS WORLD MEDICAL, INC               18,812                  
1,500  * PUBLICARD, INC                        4,921                  
550  * QRS CORP                             13,509                
1,700  * QUADRAMED CORP                        4,250                  
1,200  * QUANTUM CORP-DLT & STORAGE                                   
SYSTEMS GROUP                       11,625        
2,150  * QUANTUM CORP-HARD DISK DRIVE                                 
GROUP                               23,784        
750  * RADIANT SYSTEMS, INC                 18,000                
400  * RADISYS CORP                         22,700                
1,800  * RARE MEDIUM GROUP, INC               33,437                  
4,200  * RATIONAL SOFTWARE CORP              390,337                  
600  * RAZORFISH, INC                        9,637                
3,000  * REALNETWORKS, INC                   151,687                  
1,100  * REMEDY CORP                          61,325                  
1,600  * RSA SECURITY, INC                   110,800                  
6,000    SABRE HOLDINGS CORP                 171,000                  
600  * SAFEGUARD SCIENTIFICS, INC           19,237                
900  * SAGA SYSTEMS, INC                    11,193                
600  * SAGENT TECHNOLOGY, INC                8,550                
700  * SANCHEZ COMPUTER ASSOCIATES, INC     16,625                
2,300  * SANDISK CORP                        140,731                  
1,100  * SANTA CRUZ OPERATION, INC             7,012                  
1,200  * SAPIENT CORP                        128,325                  
300  * SCIENT CORP                          13,237                
2,900  * SEAGATE TECHNOLOGY, INC             159,500                  
1,700  * SEI INVESTMENTS CO                   67,681                  
650  * SERENA SOFTWARE, INC                 29,514                
800    SHARED MEDICAL SYSTEMS CORP          58,350                
33,600  * SIEBEL SYSTEMS, INC               5,495,700                   
700  * SOFTNET SYSTEMS, INC                  6,737                
300  * SOURCE INFORMATION MANAGEMENT                              
CO                                   4,575        
800  * SOURCE MEDIA, INC                     3,125                
800  * SPORTSLINE.COM, INC                  13,650                
300  * SPSS, INC                             8,737                
800  * SPYGLASS, INC                        25,050                
700  * SS&C TECHNOLOGIES, INC                2,975                
400  * STARMEDIA NETWORK, INC                7,550                
1,700  * STRUCTURAL DYNAMICS RESEARCH                                 
CORP                                25,606        
173,320  * SUN MICROSYSTEMS, INC            15,761,287                    
5,104  * SUNGARD DATA SYSTEMS, INC           158,224                  
1,400  * SVI HOLDINGS, INC                     7,175                  
800  * SYBASE, INC                          18,400                
1,000  * SYKES ENTERPRISES, INC               12,875                  
2,100  * SYMANTEC CORP                       113,268                  
6,250    SYMBOL TECHNOLOGIES, INC            337,500                  
2,730  * SYNOPSYS, INC                        94,355                  
200  * SYNTEL, INC                           2,000                
1,400  * SYSTEMS & COMPUTER TECHNOLOGY                                
CORP                                28,000        
900  * TECH DATA CORP                       39,206                
1,350  * TECHNOLOGY SOLUTIONS CO               8,353                  
100  * TENFOLD CORP                          1,643                
400  * THESTREET.COM, INC                    2,325                
1,050  * THQ, INC                             12,796                  
600  * TICKETMASTER ONLINE-CITYSEARCH,                            
INC                                  9,562        
1,600    TOTAL SYSTEM SERVICES, INC           25,400                  
1,400  * TOWNE SERVICES, INC                   1,312                  
400  * TRACK DATA CORP                         512                
1,400  * TRANSACTION SYSTEMS ARCHITECTS,                              
INC                                 23,975        
1,500  * TYLER TECHNOLOGIES, INC               3,843                  
4,660  * ULTICOM, INC                        111,912                  
400  * UNIGRAPHICS SOLUTIONS, INC            7,800                
14,100  * UNISYS CORP                         205,331                   
800  * USINTERNETWORKING, INC               16,350                
3,000  * VERIO, INC                          166,453                  
5,290  * VERISIGN, INC                       933,685                  
64,425  * VERITAS SOFTWARE CORP             7,281,031                   
1,400  * VERITY, INC                          53,200                  
3,700  * VIGNETTE CORP                       192,457                  
1,000  * VISUAL NETWORKS, INC                 28,500                  
1,000  * WAVE SYSTEMS CORP (CLASS A)          15,812                  

58  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
59th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 59th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                        VALUE                       
--------------------------------------------------------------------------------

COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)                                   
600  * WEBTRENDS CORP                  $     23,212               
2,900  * WESTERN DIGITAL CORP                  14,500                 
2,670  * WIND RIVER SYSTEMS, INC              101,126                 
1,200  * XIRCOM, INC                           57,000                 
23,382  * YAHOO, INC                         2,896,445                  
1,100  * ZEBRA TECHNOLOGIES CORP               48,743                 
200  * ZIFF-DAVIS, INC -ZDNET                 1,800               
                        ------------
                         262,694,738
                        ------------
ELECTRONICS AND OTHER TECHNOLOGY -- 0.66%                                       
7,700  * BEST BUY CO, INC                     487,025                 
600  * CDNOW, INC                             1,856               
7,000    CIRCUIT CITY STORES-CIRCUIT CITY                             
GROUP                               232,312       
400  * CYBERIAN OUTPOST, INC                  1,925               
200  * ELECTRONICS BOUTIQUE HOLDINGS                              
CORP                                  3,275       
800  * GUITAR CENTER, INC                     8,400               
200  * IDEAMALL, INC                            962               
400  * INTERTAN, INC                          4,700               
1,300  * MUSICLAND STORES CORP                  9,668                 
110,500    RADIOSHACK CORP                    5,234,937                   
800  * TRANS WORLD ENTERTAINMENT CORP         9,700               
300  * TWEETER HOME ENTERTAINMENT                                 
GROUP, INC                            9,112       
                       -----------
                           6,003,872
                        ------------

INSTRUMENTS AND RELATED PRODUCTS -- 0.16%                                       
700  * ANACOMP, INC                           2,100               
300  * AVID TECHNOLOGIES, INC                 3,600               
1,200  * CYMER, INC                            57,300                 
23  * PANAVISION, INC (NEW)                    189              
1,700  * PINNACLE SYSTEMS, INC                 38,223                 
1,200  * TRIMBLE NAVIGATION LTD                58,575                 
63,419    XEROX CORP                         1,315,944                  
                        ------------
                           1,475,931
                        ------------
TOTAL TECHNOLOGY                 305,079,247        
                        ------------

TRANSPORTATION -- 2.34%                                                         

AEROSPACE AND DEFENSE -- 0.02%                                                  
300  * ALLIANT TECHSYSTEMS, INC              20,231               
2,300    GENERAL DYNAMICS CORP                120,175                 
1,300    NEWPORT NEWS SHIPBUILDING, INC        47,775                 
1,200  * ORBITAL SCIENCES CORP                 14,625                 
300  * TELEDYNE TECHNOLOGIES, INC             5,025               
                        ------------
                             207,831
                        ------------

AIR TRANSPORTATION -- 0.64%                                                     
1,600  * AIRTRAN HOLDINGS, INC                  6,650                 
400  * ATLANTIC COAST AIRLINES HOLDINGS      12,700               
750  * ATLAS AIR, INC                        26,906               
700  * BE AEROSPACE, INC                      4,812               
4,560    BOEING CO                            190,665                 
700  * EGL, INC                              21,525               
300  * FRONTIER AIRLINES, INC                 4,293               
200    HEICO CORP                             2,850               
400  * MESABA HOLDINGS, INC                   3,825               
500  * MIDWEST EXPRESS HOLDINGS, INC         10,750               
700    SKYWEST, INC                          25,943               
600    TEXTRON, INC                          32,587               
100  * TRIUMPH GROUP, INC                     2,787               
94,100    UNITED TECHNOLOGIES CORP           5,540,137                  
                        ------------
                           5,886,430
                        ------------

AUTOS, TIRES AND RELATED PRODUCTS -- 1.37%                                      
400  * AMERICAN AXLE & MANUFACTURING                              
HOLDINGS, INC                         5,675       
7,100  * AUTONATION, INC                       50,143                 
200  * AUTOWEB.COM, INC                         425               
1,900  * AUTOZONE, INC                         41,800                 
200  * AVIS GROUP HOLDINGS, INC               3,750               
500    CENTRAL PARKING CORP                  11,843               
1,600  * COPART, INC                           25,600                 
900  * CSK AUTO CORP                          6,806               
4,400    DANAHER CORP                         217,525                 
600  * DELCO REMY INTERNATIONAL, INC                              
(CLASS A)                             4,987       
300  * DURA AUTOMOTIVE SYSTEMS, INC           3,243               
2,000    FEDERAL SIGNAL CORP                   33,000                 
200    FLEETWOOD ENTERPRISES, INC             2,850               
63,425  * GENERAL MOTORS CORP (CLASS H)      5,565,543                  
100    GENTEK, INC                            1,118               
3,300  * GENTEX CORP                           82,912                 
600  * GROUP 1 AUTOMOTIVE, INC                7,200               
95,640    HARLEY DAVIDSON, INC               3,682,140                  
900  * HAYES LEMMERZ INTERNATIONAL, INC      10,856               
500    HERTZ CORP (CLASS A)                  14,031               
73,900    HONEYWELL INTERNATIONAL, INC       2,489,506                  
200  * KEYSTONE AUTOMOTIVE INDUSTRIES,                            
INC                                   1,387       
500  * KROLL-OGARA CO                         3,343               
200  * LITHIA MOTORS, INC (CLASS A)           2,675               
700    MASCOTECH, INC                         7,568               
700    MERITOR AUTOMOTIVE, INC                7,700               
750    MIDAS, INC                            15,000               
800  * MILLER INDUSTRIES, INC                 1,450               
200    MODINE MANUFACTURING CO                5,400               
700  * MONACO COACH CORP                      9,537               
300  * NATIONAL R.V. HOLDINGS, INC            3,150               

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 59

N-30D
60th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 60th
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                        VALUE                       
--------------------------------------------------------------------------------

AUTOS, TIRES AND RELATED PRODUCTS -- (CONTINUED)                                
1,800  * O'REILLY AUTOMOTIVE, INC        $     24,975                 
600    OSHKOSH TRUCK CORP                    21,450               
11    PEP BOYS MANNY, MOE, & JACK CO            66              
1,100  * SPX CORP                             133,031                 
200    THOR INDUSTRIES, INC                   4,200               
300    WINNEBAGO INDUSTRIES, INC              3,918               
200    WYNNS INTERNATIONAL, INC               4,537               
                        ------------
                          12,510,340
                        ------------

RAILROADS -- 0.05%                                                              
100    FLORIDA EAST COAST INDUSTRIES,                             
INC                                   4,000       
5,100    KANSAS CITY SOUTHERN INDUSTRIES,                             
INC                                 452,306       
462    WABTEC CORP                            4,793               
400  * WISCONSIN CENTRAL TRANSIT CORP         5,200               
                        ------------
                             466,299
                        ------------

TRUCKING AND RELATED SERVICES -- 0.05%                                          
500  * AMERICAN FREIGHTWAYS CORP              7,250               
1,700    C.H. ROBINSON WORLDWIDE, INC          84,150                 
200  * CAREY INTERNATIONAL, INC               2,775               
100  * CHEAP TICKETS, INC                     1,200               
2,200    EXPEDITORS INTERNATIONAL OF                                  
WASHINGTON, INC                     104,500       
600  * FORWARD AIR CORP                      24,000               
2,000    GALILEO INTERNATIONAL, INC            41,750                 
300  * HEARTLAND EXPRESS, INC                 5,006               
1,540  * IRON MOUNTAIN, INC                    52,360                 
200  * KNIGHT TRANSPORTATION, INC             2,912               
200  * LANDSTAR SYSTEM, INC                  11,912               
200  * M.S. CARRIERS, INC                     3,525               
15  * NAVIGANT INTERNATIONAL, INC              144              
1,000    POLARIS INDUSTRIES, INC               32,000                 
1,850  * SWIFT TRANSPORTATION CO, INC          25,900                 
800  * TRAVELOCITY.COM, INC                  13,100               
                        ------------
                             412,484
                        ------------

WATER TRANSPORTATION -- 0.21%                                                   
800  * AMERICAN CLASSIC VOYAGES CO           16,500               
95,562    CARNIVAL CORP (CLASS A)            1,863,459                  
1,000  * KIRBY CORP                            21,250                 
                        ------------
                           1,901,209
                        ------------
TOTAL TRANSPORTATION              21,384,593        
                        ------------

UTILITIES -- 7.22%                                                              

TELEPHONE -- 6.98%                                                              
600  * ADELPHIA BUSINESS SOLUTIONS, INC      13,912               
800  * ADVANCED RADIO TELECOM CORP           11,700               
4,950  * ALLEGIANCE TELECOM, INC              316,800                 
5,100    ALLTEL CORP                          315,881                 
410,730  * AT & T CORP - LIBERTY MEDIA GROUP                              
(CLASS A)                         9,960,202       
50,378    BROADWING, INC                     1,306,679                  
1,300  * CAPROCK COMMUNICATIONS CORP           25,350                 
600    CFW COMMUNICATIONS CO                 22,500               
800  * COM21, INC                            20,000               
400  * COMMONWEALTH TELEPHONE                                     
ENTERPRISES, INC                     18,825       
300    COMSAT CORP                            7,406               
5,000  * COVAD COMMUNICATIONS GROUP, INC       80,625                 
1,800  * E.SPIRE COMMUNICATIONS, INC           12,150                 
300  * ELECTRIC LIGHTWAVE, INC (CLASS A)      5,606               
336,700    ERICSSON TELEFON (LM) SERIES B                                 
ADR                               6,734,000       
18,600  * EXODUS COMMUNICATIONS, INC           856,762                  
1,625  * GLOBAL CROSSING LTD                   42,757                 
8,800    GLOBAL TELESYSTEMS, INC              106,150                 
2,100  * ICG COMMUNICATIONS, INC               46,331                 
1,000  * IDT CORP                              33,937                 
2,200  * INTERMEDIA COMMUNICATIONS, INC        65,450                 
1,100  * INTERNATIONAL FIBERCOM, INC           28,050                 
500  * INTRAWARE, INC                         8,031               
2,100  * ITC DELTACOM, INC                     46,856                 
500  * LAUNCH MEDIA, INC                      4,625               
1,050  * LEAP WIRELESS INTERNATIONAL, INC      49,350                 
13,100  * LEVEL 3 COMMUNICATIONS, INC        1,152,800                  
2,000  * LIBERTY DIGITAL, INC (CLASS A)        60,000                 
348,953    LUCENT TECHNOLOGIES, INC          20,675,465                   
18,400  * MCLEODUSA, INC (CLASS A)             380,650                  
5,900  * MEDIA ONE GROUP, INC                 393,485                 
9,840  * METROMEDIA FIBER NETWORK,                                    
INC (CLASS A)                       390,525       
1,200  * MGC COMMUNICATIONS, INC               71,925                 
600  * MOTIENT CORP                           9,412               
58,100  * NEXTEL COMMUNICATIONS, INC                                    
(CLASS A)                         3,554,993       
9,959  * NEXTLINK COMMUNICATIONS, INC         377,819                 
500    NORTH PITTSBURGH SYSTEMS, INC          7,375               
200  * NORTHEAST OPTIC NETWORK, INC          12,325               
600  * NORTHPOINT COMMUNICATIONS                                  
GROUP, INC                            6,712       
6,281  * NTL, INC                             376,074                 
400  * PACIFIC GATEWAY EXCHANGE, INC          1,362               
4,900  * PAGING NETWORK, INC                    3,521                 
1,100  * POWERTEL, INC                         78,031                 
1,200  * PRIMUS TELECOMMUNICATIONS                                    
GROUP, INC                           29,850       
1,700  * PTEK HOLDINGS, INC                     5,525                 

60  2000 SEMI-ANNUAL REPORT                   SEE NOTES TO FINANCIAL STATEMENTS 

N-30D
61st “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 61st
TIAA-CREF MUTUAL FUNDS                                        GROWTH EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                        VALUE                       
--------------------------------------------------------------------------------

TELEPHONE -- (CONTINUED)                                                        
5,700  * QWEST COMMUNICATIONS                                         
INTERNATIONAL , INC            $    283,218       
24,000  * RCN CORP                             609,000                  
2,500  * RHYTHMS NETCONNECTIONS, INC           31,406                 
86,725    SBC COMMUNICATIONS, INC            3,750,856                  
10  * SPECTRASITE HOLDINGS, INC                283              
1,400  * SPRINT CORP (PCS GROUP)               83,300                 
1,900  * STAR TELECOMMUNICATIONS, INC           4,809                 
2,100  * TALK.COM, INC                         12,206                 
900  * TELIGENT, INC                         21,262               
400  * TIME WARNER TELECOM, INC              25,750               
300  * U.S. CELLULAR CORP                    18,900               
600  * U.S. LEC CORP (CLASS A)               10,200               
10,092    U.S. WEST, INC                       865,389                  
51,944  * VIATEL, INC                        1,483,650                  
4,312  * VOICESTREAM WIRELESS CORP            501,472                 
2,100  * WESTERN WIRELESS CORP (CLASS A)      114,450                 
1,950  * WINSTAR COMMUNICATIONS, INC           66,056                 
175,914  * WORLDCOM, INC                      8,070,051                   
200  * WORLDGATE COMMUNICATIONS, INC          3,550               
500  * WORLDPAGES.COM, INC                    3,000               
                        ------------
                          63,686,592
                        ------------

ELECTRIC, GAS AND OTHER -- 0.24%                                                
13,400  * AES CORP                             611,375                  
5,900  * ALLIED WASTE INDUSTRIES, INC          59,000                 
700    BLACK HILLS CORP                      15,793               
4,100  * CALPINE CORP                         269,575                 
600  * CASELLA WASTE SYSTEMS, INC                                 
(CLASS A)                             6,450       
300    DYNEGY, INC                           20,493               
200    EASTERN ENTERPRISES CO                12,600               
200    MDU RESOURCES GROUP, INC               4,325               
2,900  * NEWPARK RESOURCES, INC                27,368                 
600    OGDEN CORP                             5,400               
100    OTTER TAIL POWER CO                    2,100               
100    PHILADELPHIA SUBURBAN CORP             2,050               
1,700  * REPUBLIC SERVICES, INC (CLASS A)      27,200                 
735  * SOUTHERN UNION CO                     11,622               
600  * STERICYCLE, INC                       14,400               
12    TXU CORP                                 354              
700  * WASTE CONNECTIONS, INC                13,825               
26,955    WASTE MANAGEMENT, INC                512,145                  
15,000    WILLIAMS COS, INC                    617,655                  
                        ------------
                           2,233,730
                        ------------
TOTAL UTILITIES                   65,920,322        
                        ------------

TOTAL COMMON STOCK                                                              
(COST $707,549,772)                            905,503,007                      
                        ------------

SHORT TERM INVESTMENTS -- 0.44%                                                 

U.S. GOVERNMENT AND AGENCIES -- 0.44%                                           
FEDERAL HOME LOAN                                   
MORTGAGE CORP (FHLMC)                             
$1,320,000     6.570, 07/03/00                   1,319,518                      
2,700,000     6.400, 07/18/00                   2,691,840                     
                        ------------
                           4,011,358
                        ------------

TOTAL SHORT TERM INVESTMENTS                            
(COST $4,011,358)                    4,011,358          
                        ------------

TOTAL PORTFOLIO -- 99.69%                               
(COST $711,574,100)                909,528,794          
OTHER ASSETS & LIABILITIES,                             
NET -- 0.31%                        2,832,344       
                        ------------
NET ASSETS -- 100.00%              $912,361,138         
                        ============

-----------                                                                     
*  NON-INCOME PRODUCING                                                         

b  IN BANKRUPTCY                                                                

f  RESTRICTED SECURITY-INVESTMENT IN SECURITIES NOT REGISTERED UNDER THE        
   SECURITIES ACT OF 1933 OR NOT PUBLICLY TRADED IN FOREIGN MARKETS. AT JUNE 30,
2000, THE VALUE OF THIS SECURITY AMOUNTED TO $270 OR 0.00% OF NET ASSETS. 

ADDITIONAL INFORMATION ON EACH RESTRICTED SECURITY IS AS FOLLOWS:         

ACQUISITION      ACQUISITION        
SECURITY           DATE             COST                            
-----------       --------         --------                           
Procurenet, Inc     04/15/99           $270                               
        ====

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 61

N-30D
62nd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 62nd
TIAA-CREF MUTUAL FUNDS    STATEMENT OF INVESTMENTS    INTERNATIONAL EQUITY FUND 
                                 (Unaudited)                  SUMMARY BY COUNTRY

--------------------------------------------------------------------------------
                                            VALUE                      %
--------------------------------------------------------------------------------
DOMESTIC                                                                        
UNITED STATES                              $  7,299,505                   2.40% 
                                         ------------                 ------
TOTAL DOMESTIC                                7,299,505                   2.40  
                                         ------------                 ------

FOREIGN                                                                         
AUSTRALIA                                     5,803,843                   1.91  
AUSTRIA                                         340,808                   0.11  
BELGIUM                                       1,608,655                   0.53  
CANADA                                        1,018,911                   0.34  
DENMARK                                       1,293,414                   0.43  
FINLAND                                      14,462,969                   4.75  
FRANCE                                       22,420,120                   7.37  
GERMANY                                      26,516,911                   8.72  
HONG KONG                                     8,262,202                   2.72  
INDIA                                         2,023,695                   0.67  
IRELAND                                       1,183,961                   0.39  
ISRAEL                                        3,409,175                   1.12  
ITALY                                         8,262,772                   2.72  
JAPAN                                        65,406,850                  21.50  
MALAYSIA                                         16,260                   0.01  
NETHERLANDS                                  22,607,032                   7.43  
NEW ZEALAND                                     252,910                   0.08  
NORWAY                                          661,904                   0.22  
PORTUGAL                                        828,721                   0.27  
SINGAPORE                                     6,221,370                   2.01  
SPAIN                                         5,198,291                   1.71  
SWEDEN                                       13,592,748                   4.47  
SWITZERLAND                                   9,882,114                   3.25  
TAIWAN                                        1,512,800                   0.50  
UNITED KINGDOM                               74,130,981                  24.37  
                                         ------------                 ------
TOTAL FOREIGN                               296,919,417                  97.60  
                                         ------------                 ------
TOTAL PORTFOLIO                            $304,218,922                 100.00% 
                                         ============                 ======

62  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
63rd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 63rd
TIAA-CREF MUTUAL FUNDS     STATEMENT OF INVESTMENTS    INTERNATIONAL EQUITY FUND
 (Unaudited)
 June 30, 2000

--------------------------------------------------------------------------------
PRINCIPAL/SHARES                                          VALUE                 
--------------------------------------------------------------------------------

BONDS -- 0.01%                                                                  

CORPORATE BONDS -- 0.01%                                                        

FINANCE -- 0.01%                                                                

CREDIT AND OTHER FINANCE -- 0.01%                                               
BG TRANSCO HOLDINGS                                 
5,000(1)  0.900%, 12/14/09                       $      7,642         
5,000(1)  4.187%, 12/14/22                              7,370         
5,000(1)  7.000%, 12/16/24                              7,306         

                                        ------------
TOTAL FINANCE                                 22,318
                                        ------------

TRANSPORTATION -- 0.00%                                                         

AIR TRANSPORTATION -- 0.00%                                                     
2,627(1) *BAE SYSTEMS PLC                                             
 7.450%, 11/30/03                              3,917
                                        ------------
TOTAL TRANSPORTATION                             3,917  
                                        ------------
TOTAL CORPORATE BONDS                                                           
(COST $38,383)                                              26,235              

-----------                                                                     
TOTAL BONDS                                                                     
(COST $38,383)                                              26,235              
                                        ------------

-----------                                                                     
(1) DENOMINATED IN BRITISH POUND.                                               

PREFERRED STOCK -- 0.94%                                                        

CONSTRUCTION AND REAL ESTATE -- 0.01%                                           

BUILDING MATERIALS -- 0.01%                                                     
1,523    DYCKERHOFF ZEMENTWERKE AG.                    38,688         
                                        ------------

CONSTRUCTION -- 0.00%                                                           
111  * BAU HOLDING AG.                                4,564       

                                        ------------
TOTAL CONSTRUCTION AND                              
 REAL ESTATE                                  43,252
                                        ------------

CONSUMER DURABLE -- 0.01%                                                       

TEXTILE APPAREL AND ACCESSORIES -- 0.01%                                        
295    ESCADA AG.                                    28,849       

                                        ------------
TOTAL CONSUMER DURABLE                        28,849
                                        ------------

MEDIA AND LEISURE -- 0.85%                                                      

BROADCASTING -- 0.76%                                                           
18,398    PROSIEBEN MEDIA AG.                        2,310,331          
                                        ------------

PUBLISHING -- 0.09%                                                             
22,206    NEWS CORP LTD ( LTD- VOTE)                   268,858          
                                        ------------
TOTAL MEDIA AND LEISURE                    2,579,189
                                        ------------

--------------------------------------------------------------------------------
SHARES                                                VALUE               
--------------------------------------------------------------------------------

TECHNOLOGY -- 0.07%                                                             

COMPUTERS AND OFFICE EQUIPMENT -- 0.07%                                         
1,200    SAP AG.                                 $    222,584         
                                        ------------

TOTAL PREFERRED STOCK                                                           
(COST $2,273,434)                                        2,873,874              
                                        ------------

COMMON STOCK -- 98.88%                                                          

BASIC INDUSTRIES -- 3.17%                                                       

CHEMICALS AND PLASTIC -- 1.97%                                                  
21,000    ASAHI CHEMICAL INDUSTRY CO LTD               148,864          
11,494    BASF AG.                                     463,858          
10,653    BOC GROUP PLC                                153,211          
22,092    DAICEL CHEMICAL INDUSTRIES LTD                71,411          
17,000    DAINIPPON INK & CHEMICAL, INC                 80,178          
11,890    DENKI KAGKU KOGYO                             52,818          
470  * DYNO ASA                                      10,298       
1,100    FANCL CORP                                   104,904         
150  * GIVAUDAN AG.                                  45,800       
3,300    GREENCORE GROUP PLC                            8,857         
2,468    KANEKA CORP                                   27,269         
12,727    KAO CORP                                     389,745          
1,791    KEMIRA OY                                      8,755         
12,000    KUREHA CHEMICAL INDUSTRY CO LTD               36,067          
1,283    L'AIR LIQUIDE                                168,000         
61    LONZA AG. (REGD)                              31,886      
1,144    LOREAL S.A.                                  994,639         
44,263    MITSUBISHI CHEMICAL CORP                     181,986          
21,000    MITSUBISHI GAS CHEMICAL CO, INC               70,462          
1,000    MITSUI CHEMICALS INC                           7,003         
1,000  * NIPPON SHOKUBAI CO LTD                         6,389         
391,331    OMNI INDUSTRIES LTD                          645,059           
2,428    ORICA LTD                                     11,047         
23,750    SEKISUI CHEMICAL CO LTD                       91,586          
6,597    SHIN-ETSU CHEMICAL CO LTD                    335,458         
6,633    SHISEIDO & CO LTD                            102,816         
1,000  * SHOWA DENKO K.K.                               1,474         
103    SIKA FINANZ AG. (BR)                          34,585       
16,791    SNIA S.P.A.                                   16,803          
1,515    SOLVAY ET CIE S.A.                           102,384         
22,564    SUMITOMO CHEMICAL CO LTD                     136,065          
15,919    TAKEDA CHEMICAL INDUSTRIES LTD             1,047,212          
17,000    TEIJIN LTD                                    83,070          
28,000    TORAY INDUSTRIES, INC                        113,798          

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 63

N-30D
64th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 64th
TIAA-CREF MUTUAL FUNDS                                 INTERNATIONAL EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                     VALUE                          
--------------------------------------------------------------------------------

CHEMICALS AND PLASTIC -- (CONTINUED)                                            
13,000    TOSOH CORP                    $   65,736                      
11,714    UBE INDUSTRIES LTD                36,758                      
1,819    URALITA S.A.                      10,985                     
6,363    WESFARMERS LTD                    50,812                     
300    ZODIAC S.A.                       61,282                   
                  ----------
                   6,009,330
                  ----------

STEEL AND OTHER METALS -- 0.79%                                                 
588    ACERINOX S.A.                     17,078                   
97  * ALUSUISSE LONZA GROUP AG.                                 
(REGD)                            63,411            
1,759  * ASTRUIANA DE ZINC S.A. MINES      16,861                     
414    BEKAERT S.A.                      21,469                   
191    BOHLER-UDDEHOLM AG. (BR)           6,710                   
1,126  * DANIELI & CO                       5,234                     
13,754  * DELTA GOLD LTD                    10,248                      
625    ELKEM AS                          11,772                   
126  * FISCHER (GEORGE) LTD (REGD)       39,286                   
13,166  * GKN PLC                          168,026                      
225    GROUP 4 FALCK A/S                 36,256                   
5,287    ILUKA RESOURCES LTD               15,176                     
2,000  * JAPAN STEEL WORKS LTD              2,703                     
4,193    JOHNSON MATTHEY PLC               59,034                     
20,000    KAWASAKI STEEL CORP               28,733                      
5,535    MAGNETI MARELLI S.P.A.            28,969                     
12,847    MIM HOLDINGS LTD                   6,942                      
16,000    MITSUBISHI MATERIALS CORP         65,632                      
2,688    MITSUI MINING & SMELTING CO LTD   20,451                     
320  * NEWCREST MINING LTD                  864                   
41,000    NIPPON LIGHT METAL CO LTD         40,689                      
96,000    NIPPON STEEL CORP                202,341                      
60,000  * NKK CORP                          38,562                      
78    NKT HOLDINGS AS                   13,029                  
9,000    NORMANDY MINING LTD                4,863                     
8,117    NORTH LTD                         19,250                     
1,786    OUTOKUMPU OYJ SERIES A            17,120                     
2,261    PECHINEY S.A.                     94,714                     
2,922    PREUSSAG AKTIEGESELLSCHAFT AG.    94,813                     
1,932    RAUTARUUKKI SERIES K               9,167                     
54,033  * RESOLUTE SAMANTHA LTD              4,379                      
4,780    RIO TINTO LTD                     79,266                     
19,389    RIO TINTO LTD PLC (REGD)         317,012                      
7,000    SANWA SHUTTER CORP                22,759                     
546    SAPA AB                            9,649                   
1,000    SMC CORP                         188,561                     
4,049    SMITH (HOWARD) LTD                19,837                     
4,135    SONS OF GWALIA                    13,034                     
1,180    SUMITOMO HEAVY INDUSTRIES LTD      3,959                     
126,000  * SUMITOMO METAL INDUSTRIES LTD     86,936                       
2,964    SUMITOMO METAL MINING CO LTD      14,007                     
1,050    SVENSKT STAL AB SERIES B          10,116                     
1,107    SVENSKT STAL AB SERIES A (SAAB)   11,043                     
7,717    THYSSEN KRUPP AG.                126,126                     
5,000  * TOKYO STEEL MANUFACTURING CO                                 
LTD                               16,398            
3,000    TOSTEM CORP                       49,054                     
5,185    TOYO SEIKAN KAISHA LTD            97,033                     
3,084    TRELLEBORG AB SERIES B FREE       21,624                     
471    UNION MINIERE GROUP S.A.          17,152                   
2,807    USINOR                            34,387                     
21,520    WMC LTD                           96,558                      
                  ----------
                   2,398,293
                  ----------

PAPER AND FOREST PRODUCTS -- 0.41%                                              
7,336    AMCOR LTD                         25,727                     
15,048    ARJO WIGGINS APPLETON PLC         58,547                      
2,081    ASSIDOMAN AB                      29,776                     
1,609    BUHRMANN NV                       46,193                     
22,653    BUNZL PLC                        121,402                      
29,890    CARTER HOLT HARVEY LTD            26,031                      
280  * CORTICEIRA AMORIM S.A.             2,429                   
15,000  * FLETCHER CHALLENGE LTD                                        
(FORESTS DIVISION)                5,437           
11,000    FLETCHER CHALLENGE LTD                                        
(PAPER DIVISION)                 12,635           
1,056    GRUPO EMPRESARIAL ENCE S.A.       17,309                     
648  * INVESTIMENTOS PARTICIPACOES                                
E GESTAO                           4,155            
19,144    JEFFERSON SMURFIT GROUP PLC       33,032                      
1,000    KOKUYO CO LTD                     16,436                     
209    MAYR-MELNHOF KARTON AG.            9,927                   
20,000    MITSUBISHI PAPER MILLS LTD        46,502                      
6,000    NGK INSULATORS LTD                74,517                     
18,802    NIPPON PAPER INDUSTRIES CO       128,662                      
564    NORSKE SKOGINDUSTRIER SERIES A    16,166                   
15,000    OJI PAPER CO LTD                 103,496                      
9,676  * PAPERLINX LTD                     18,416                     
1,645    PORTUCEL INDUSTRIA EMPRESA        10,013                     
2,467  * RENO DE MEDICI S.P.A.              5,013                     
19,038    REXAM PLC                         74,071                      
3,926    SCA AB SERIES B                   74,977                     
13,635    SEKISUI HOUSE LTD                126,425                      
800    UNI CHARM CORP                    48,543                   
4,598    UPM-KYMMENE OYJ                  114,597                     
                  ----------
                   1,250,434
                  ----------
TOTAL BASIC INDUSTRIES         9,658,057            
                  ----------

64  2000 SEMI-ANNUAL REPOR                     SEE NOTES TO FINANCIAL STATEMENTS

N-30D
65th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 65th
TIAA-CREF MUTUAL FUNDS                                 INTERNATIONAL EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                     VALUE                          
--------------------------------------------------------------------------------

BUSINESS SERVICES -- 3.75%                                                      

ADVERTISING AND OTHER SERVICES -- 3.75%                                         
346    ADECCO S.A. (REGD)            $   294,918                  
2,200    BENESSE CORP                      152,833                    
3,858    CAPITA GROUP PLC                   94,442                    
36,463    HAYS PLC                          203,416                     
677  * ISS INTERNATIONAL SERVICE                                  
SYSTEM AS                          51,761           
3,000    OYO CORP                           42,164                    
40  * PROSEGUR COMPANIA DE                                      
SEGURIDAD S.A.                       469          
41,203    RENTOKIL INITIAL PLC               93,565                     
265,121    REUTERS GROUP PLC               4,523,399                      
4,182    SECOM CO LTD                      306,334                    
6,302    SECURITAS AB SERIES B FREE        134,364                    
25,000    SEMBCORP INDUSTRIES LTD            27,183                     
52,073    SINGAPORE TECHNOLOGIES                                        
ENGINEERING LTD                   76,499          
74    SURVEILLANCE S.A. SOCIETE DE       31,173                 
1,412    VEDIOR NV                          17,528                    
37,204    WHARF HOLDINGS LTD                 66,580                     
362,996    WPP GROUP PLC                   5,303,054                      
                   -----------
TOTAL BUSINESS SERVICES        11,419,682           
                   -----------

CONSTRUCTION AND REAL ESTATE -- 2.15%                                           

BUILDING MATERIALS -- 1.18%                                                     
24,447    ASAHI GLASS CO LTD                273,812                     
13,888    BLUE CIRCLE INDUSTRIES PLC         89,671                     
13,315    BORAL LTD                          16,788                     
1,892    CARADON PLC                         4,325                    
5,465  * CEMENTIR S.P.A.                     8,617                    
2,590    CIMENTOS DE PORTUGAL               49,654                    
498  * CIN-CORPARACAO INDUSTRIAL DO                               
NORTE S.A                          2,783          
6,919    CRH PLC                           125,353                    
32,482    CRH PLC (United Kingdom)          587,290                     
21,431    CSR LTD                            59,705                     
101    GLAVERBEL S.A.                      7,551                  
87,331    HANSON PLC                        617,422                     
1,704    HEIDELBERGER ZEMENT AG.                                      
(GERMANY)                        105,519          
145    HOLDERBANK FINANCIERE GLARUS                               
AG. (BR)                         178,344          
1,828    HOYA CORP                         164,138                    
302  * IMERYS S.A.                        35,202                  
8,486    IMPERIAL CHEMICAL INDUSTRY PLC     67,382                    
5,649  * INAX CORP                          34,865                    
3,103    ITALCEMENTI S.P.A.                 29,298                    
972  * ITALCEMENTI S.P.A. (S/S)            3,279                  
10,636    JAMES HARDIE INDUSTRIES LTD        28,028                     
11,433    KINDEN CORP                        71,968                     
1,514    LAFARGE S.A. (BR)                 118,136                    
49,428    MALAYAN CEMENT BERHAD              16,259                     
6,000    NIPPON SHEET GLASS CO LTD          83,590                    
21,197  * PILKINGTON PLC                     30,164                     
669    PORTLAND VALDERRIVAS S.A.          12,505                  
3,935    RMC GROUP PLC                      51,231                    
101  * SANITEC OYJ                         1,016                  
3,364    SCHNEIDER ELECTRIC S.A.           235,402                    
1,771  * ST. GOBAIN S.A.                   240,388                    
1,000    SUMITOMO OSAKA CEMENT CO LTD        5,935                    
41,000    TAIHEIYO CEMENT CORP               86,029                     
9,000    TAKARA STANDARD CO                 39,300                    
4,000    TOTO LTD                           30,774                    
1,036    WIENERBERGER BAUSTOFF AG.          23,625                    
12,473    WOLSELEY PLC                       67,034                     
                   -----------
                     3,602,382
                   -----------

CONSTRUCTION -- 0.44%                                                           
684    ACS ACTIVIDADES DE CONSTRUCCION                            
Y SERVICIOS S.A.                  19,342          
3,873    AMEC PLC                           10,993                    
3,872    AUTOPISTAS CONCESIONARIA                                     
ESPANOLA S.A.                     33,813          
5,457  * AUTOPISTAS CONCESIONARIA                                     
ESPANOLA RTS                       2,353          
3,205    BARRATT DEVELOPMENTS PLC           12,688                    
3,419    BERKELEY GROUP PLC                 32,350                    
390    BILFINGER & BERGER AG.              5,147                  
489    BOUYGUES S.A.                     328,125                  
5,493    BRISA-AUTO ESTRADAS DE                                       
PORTUGAL S.A.                     47,495          
4,300    DAITO TRUST CONSTRUCTION CO LTD    71,124                    
14,000    DAIWA HOUSE INDUSTRY CO LTD       102,418                     
5,129    DRAGADOS Y CONSTRUCCIONES S.A.     36,923                    
6,000  * FLETCHER CHALLENGE LTD                                       
(BUILDING DIVISION)                6,383          
2,407    FOMENTO CONSTRUCCIONES Y                                     
CONTRATAS S.A                     45,685          
46,000  * FUJITA CORP                        22,608                     
691    GROUPE GTM                         64,913                  
2,309    HOCHTIEF AG.                       70,606                    
594  * HOLLANDSCHE BETON GROEP NV                                 
(H.B.G.)                           7,032          
26,000  * HONG KONG CONSTRUCTION HOLDINGS     4,269                     
19,287    IMPREGILO S.P.A.                   11,019                     
6,209  * JARVIS PLC                         16,731                    
13,000    JGC CONSTRUCTION CORP              52,589                     
5,258  * LEIGHTON HOLDINGS LTD              16,984                    
681    MAEDA ROAD CONSTRUCTION CO LTD      3,205                  

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 65

N-30D
66th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 66th
TIAA-CREF MUTUAL FUNDS                                 INTERNATIONAL EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                     VALUE                          
--------------------------------------------------------------------------------

CONSTRUCTION -- (CONTINUED)                                                     
6,000    NISHIMATSU CONSTRUCTION CO LTD $   23,704                    
9,000    OBAYASHI CORP                      39,895                    
14,000    OKUMURA CORP                       50,812                     
1,934    SKANSKA AB SERIES B FREE           68,908                    
477  * SOCIEDADE DE CONSTRUCOES                                   
SOARES DA COS                      1,408          
33,000    TAISEI CORP                        53,024                     
10,077    TAYLOR WOODROW PLC                 23,112                     
7,000  * TOA CORP                            8,799                    
4,000  * TODA CONSTRUCTION CO               19,092                    
29,000    UNITED INDUSTRIAL CORP             13,669                     
200    VA TECHNOLOGIE AG. (BR)            10,578                  
                    ----------
                     1,337,796
                    ----------

REAL ESTATE -- 0.53%                                                            
13,154    BRITISH LAND PLC                   80,651                     
80,000  * CHINESE ESTATES LTD                 9,339                     
13,000    CITY DEVELOPMENTS LTD              50,376                     
14,000    DAIWA KOSHO LEASE CO LTD           46,048                     
23,911    DBS LAND LTD                       30,978                     
9,000  * FIRST CAPITAL CORP LTD              8,588                    
25,650    GANDEL RETAIL TRUST                16,632                     
34,322    GENERAL PROPERTY TRUST             55,434                     
181  * HAMMERSON PLC                       1,216                  
26,000    HANG LUNG DEVELOPMENT CO LTD       20,179                     
21,751    HENDERSON LAND DEVELOPMENT CO                                 
LTD                               95,709          
16,000  * HOPEWELL HOLDINGS LTD               6,670                     
27,000    HYSAN DEVELOPMENT CO LTD           28,402                     
2,000  * IMMSI S.P.A.                        2,847                    
4,636    MEPC PLC                           38,180                    
1,055    METROVACESA S.A.                   17,799                    
5,506    MIRVAC GROUP                       11,207                    
21,000    MITSUBISHI ESTATE CO LTD          247,710                     
18,904    MITSUI FUDOSAN CO LTD             205,476                     
28,514    NEW WORLD DEVELOPMENT CO LTD       31,824                     
5,000    PARKWAY HOLDINGS LTD               12,782                    
68,130    SINO LAND CO LTD                   24,035                     
1,168    SLOUGH ESTATES PLC                  6,480                    
6,776    STOCKLAND TRUST GROUP (UNITS)      14,341                    
40,911    SUN HUNG KAI PROPERTIES LTD       293,907                     
19,000    TOKYO TATEMONO CO LTD              40,585                     
32,000  * U-CYBER TECHNOLOGY HOLDINGS LTD     4,187                     
432    UNIBAIL S.A.                       60,046                  
6,000    UNITED OVERSEAS LAND LTD            5,344                    
4,447  * URBIS S.A.                         20,461                    
3,722    VALLEHERMOSO S.A.                  22,299                    
4,152    WCM BETEILIGUNGS &                                           
GRUNDBESITZ AG.                   97,869          
                    ----------
                     1,607,601
                    ----------
TOTAL CONSTRUCTION AND                              
REAL ESTATE                    6,547,779          
                   -----------

CONSUMER DURABLE -- 11.86%                                                      

HOME APPLIANCES AND FURNISHINGS-- 11.43%                                        
1,587    ADVANTEST CORP                    354,746                    
114,444    ALPS ELECTRIC CO LTD            2,130,930                      
54,560  * ASM LITHOGRAPHY HOLDINGS NV     2,354,573                     
7,000  * ASM PACIFIC TECHNOLOGY LTD         26,221                    
241  * BANG & OLUFSEN HOLDINGS AS                                 
(CLASS B)                          8,237          
228    BARCO NV                           25,680                  
12,000    BROTHERS INDUSTRIES LTD            34,366                     
27,428  * CHARTERED SEMICONDUCTOR                                       
MANUFACTURING LTDADR           2,468,520          
18,279  * CHARTERED SEMICONDUCTOR                                       
MANUFACTURING LTD (SINGAPORE)    159,639          
6,302    ELECTROLUX AB SERIES B             98,078                    
9,000    EMAIL LTD                          16,535                    
13,874  * EPCOS AG.                       1,389,660                     
3,979    FAG KUGELFISCHER (GEORG)                                     
SCHAEFER AG.                      30,132          
2,000  * FISHER & PAYKEL INDUSTRIES LTD      6,308                    
54    FORBO HOLDINGS AG. (REGD)          22,582                 
53,894    FUJITSU LTD                     1,869,461                     
54,033    HITACHI LTD                       781,376                     
53,187  * INFINEON TECHNOLOGIES AG.       4,208,768                     
23,839    KONINKLIJKE PHILIPS ELECTRONICS                               
NV                             1,128,879          
3,530    KYOCERA CORP                      600,227                    
35,069    MATSUSHITA ELECTRIC INDUSTRIAL                                
CO LTD                           911,519          
14,302    MURATA MANUFACTURING CO LTD     2,057,412                     
6,000    NATSTEEL ELECTRONICS LTD           18,392                    
30,267    NIPPON ELECTRIC CORP              952,628                     
1,000    NITTO DENKO CORP                   38,657                    
4,064    PIONEER CORP                      158,640                    
7,864    ROHM CO                         2,304,173                    
1,000    SANRIO CO LTD                      26,701                    
36,230    SANYO ELECTRIC CO LTD             326,683                     
18,683    SHARP CORP                        331,098                     
1,000    SHIMACHU CO LTD                    21,266                    
17,938    SONY CORP                       1,678,491                     
152,039    SPIRENT PLC                     1,023,113                      
5,303  * ST ASSEMBLY TEST SERVICES LTD                                
(ADR)                            136,552          
53,491    ST MICROELECTRONICS NV          3,384,208                     

66 2000 SEMI-ANNUAL REPORT                     SEE NOTES TO FINANCIAL STATEMENTS

N-30D
67th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 67th
TIAA-CREF MUTUAL FUNDS                                 INTERNATIONAL EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

HOME APPLIANCES AND FURNISHINGS-- (CONTINUED)                                   
39,040    TAIWAN SEMICONDUCTOR                                          
MANUFACTURING CO LTD ADR     $ 1,512,800          
1,834    TAIYO YUDEN CO LTD                115,100                    
3,399    TOKYO ELECTRON CO LTD             466,474                    
61,512    TOSHIBA CORP                      695,927                     
4,000    VARITRONIX INTERNATIONAL LTD        6,953                    
3,199    VENTURE MANUFACTURING LTD                                    
(SINGAPORE)                       32,563          
5,458    YAMAHA CORP                        59,789                    
33,200    YOKOWO CO LTD                     848,819                     
                   -----------
                    34,822,876
                   -----------

TEXTILE APPAREL AND ACCESSORIES-- 0.43%                                         
234    ADIDAS SALOMON AG.                 12,996                  
4,123    AOYAMA TRADING CO LTD              59,623                    
30,597    BENETTON GROUP S.P.A.              64,232                     
4,913    BULGARI S.P.A.                     65,933                    
744    CHARGEURS S.A.                     42,791                  
7,759    CITIZEN WATCH CO LTD               75,095                    
1,364    DOUGLAS HOLDINGS AG.               39,617                    
26,000    ESPRIT HOLDINGS LTD                27,017                     
14,000    GUNZE LTD                          54,517                     
14,601    HENNES & MAURITZ AB SERIES B      306,312                     
4,000  * KANEBO LTD                         12,400                    
4,000    KURARAY CO LTD                     45,973                    
1,009    MARZOTTO & FIGLI S.P.A.             8,269                    
12,000    NISSHINBO INDUSTRY, INC            63,515                     
21,439    NITTO BOSEKI CO LTD                37,487                     
1,000    ONWARD KASHIYAMA CO LTD            13,610                    
26,221    PACIFIC DUNLOP LTD                 23,457                     
9,000  * RENOWN, INC                        13,185                    
659    SHIMAMAURA CO LTD                  77,173                  
644    THE SWATCH GROUP AG. (REGD)       168,518                  
1,000    TOKYO STYLE CO LTD                  9,451                    
3,000    WACOAL CORP                        30,623                    
15,000    WING TAI HOLDINGS LTD              10,671                     
1,000  * WORLD CO LTD                       43,477                    
                   -----------
                     1,305,942
                   -----------
TOTAL CONSUMER DURABLE         36,128,818           
                   -----------

ENERGY -- 5.12%                                                                 

OIL, GAS AND OTHER ENERGY SERVICES-- 5.12%                                      
373,800    BP AMOCO PLC                    3,587,777                      
27,034    BP AMOCO PLC (SPONS ADR)        1,529,110                     
30,773    BROKEN HILL PROPRIETARY CO LTD    364,915                     
1,752  * BURMAH CASTROL PLC                 44,188                    
551    COFLEXIP S.A.                      67,079                  
26,000    COSMO OIL CO LTD                   47,920                     
139,632    ENTE NAZIONALE IDROCARBURI                                     
S.P.A.                          809,790         
6,191    FLETCHER CHALLENGE LTD                                       
(ENERGY DIVISION)                 20,255          
77,251    IHC CALAND NV                   3,776,649                     
24,430    LONDON & SCOTTISH MARINE OIL                                  
PLC                               51,963          
28,000    NIPPON MITSUBISHI OIL CO          128,618                     
4,799    NORSK HYDRO AS                    202,123                    
475    OMV AKTIENGESELLS AG.              41,435                  
5,500    ORIGIN ENERGY LTD                   5,316                    
1,582  * PETROLEUM GEO-SERVICES AS          27,114                    
21,192    REPSOL S.A.                       423,555                     
37,687    ROYAL DUTCH PETROLEUM CO        2,351,824                     
11,763    SANTOS LTD                         35,949                     
6,000    SHOWA SHELL SEKIYU K.K.            29,716                    
670    SMEDVIG AS SERIES A                12,149                  
411    TECHNIP S.A.                       49,917                  
6,000    TEIKOKU OIL CO LTD                 19,508                    
12,013    TOTAL FINA ELF S.A.             1,849,394                     
900    TOTAL FINA S.A. (STRIP VVPR)            8                  
900    TOTAL FINA S.A. SERIES B          140,538                  
                   -----------
TOTAL ENERGY                   15,616,810           
                   -----------

FINANCE -- 13.95%                                                               

BANKS, SAVINGS AND LOANS -- 7.96%                                               
32,716    ABBEY NATIONAL PLC                391,276                     
25,800    ABN-AMRO HOLDINGS NV              634,612                     
15,446    ALLIED IRISH BANK PLC             138,735                     
125,000    ASAHI BANK LTD                    526,932                      
35,000  * ASHIKAGA BANK LTD                  72,778                     
3,226    BANCA COMMERCIALE ITALIANA                                   
S.P.A.                            18,121          
91,360    BANCA DI ROMA                     112,623                     
14,046    BANCA INTESA RISP S.P.A.           33,391                     
77,531    BANCA INTESA S.P.A.               348,562                     
3,226  * BANCA INTESA S.P.A. PUT WTS                                  
11/15/02                           4,236          
4,927    BANCA POPOLARE DI MILANO           35,658                    
17,813    BANCO COMERCIAL PORTUGUES S.A.                                
(REGD)                            93,060          
2,161    BANCO ESPIRITO SANTO S.A.          53,237                    
70,626    BANCO SANTANDER CENTRAL                                       
HISPANO S.A.                     748,099          
2,054    BANK AUSTRIA AG.                  100,455                    
29,038    BANK OF EAST ASIA LTD              67,798                     
4,000    BANK OF FUKUOKA LTD                27,296                    
127,000    BANK OF TOKYO MITSUBISHI LTD    1,537,668                      
26,000    BANK OF YOKOHAMA LTD              116,728                     
25,801    BARCLAYS PLC                      641,757                     
6,450    BAYERISCHE HYPO-UND                                          
VEREINSBANK AG.                  418,334          

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 67

N-30D
68th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 68th
TIAA-CREF MUTUAL FUNDS                                 INTERNATIONAL EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

BANKS, SAVINGS AND LOANS-- (CONTINUED)                                          
53,258    BCO BILBAO VIZCAYA ARGENTARIA                                 
S.A.                          $  798,972          
8,171    BNP PARIBAS GROUP                 789,529                    
9,747    BPI-SGPS S.A. (REGD)               34,570                    
23,500    CHRISTIANIA BANK OG KREDITKASSE   126,745                     
15,000    CHUO MITSUI TRUST & BANKING CO                                
LTD                               65,500          
21,944    COMMONWEALTH BANK OF AUSTRALIA    364,833                     
4,822    CREDIT SUISSE GROUP (REGD)        962,285                    
47,850    DAIWA BANK LTD                    124,372                     
23,786    DBS GROUP HOLDINGS LTD            305,411                     
966    DEN DANSKE BANK AF 1871           116,682                  
11,183    DEUTSCHE BANK AG. (REGD)          924,055                     
12,198    DNB HOLDING ASA                    50,804                     
8,042    DRESDNER BANK AG. (REGD)          332,256                    
9,086    FORENINGSSPARBANKEN AB            133,637                    
58,185    FUJI BANK LTD                     443,257                     
1,000    GUNMA BANK LTD                      5,170                    
33,200    HANG SENG BANK LTD                315,175                     
22,000  * HOKURIKU BANK LTD                  51,152                     
151,794    HSBC HOLDINGS PLC                                              
(UNITED KINGDOM)               1,736,145          
43,000    INDUSTRIAL BANK OF JAPAN LTD      326,764                     
19,000    JOYO BANK                          73,269                     
5,332    KBC BANCASSURANCE HOLDINGS NV     235,626                    
94,206    LLOYDS TSB GROUP PLC              889,938                     
21,672    MITSUBISHI TRUST & BANKING CORP   168,581                     
27,207    NATIONAL AUSTRALIA BANK LTD       455,731                     
13,707    NORDIC BALTIC HOLDING AB          100,396                     
1,301    NORDIC BALTIC HOLDING-FDR           9,503                    
38,475    NORDIC BALTIC HOLDING (NBH) AB    291,719                     
21,791    OVERSEAS CHINESE BANKING CORP                                 
LTD                              149,980          
42,768    ROYAL BANK OF SCOTLAND PLC        716,095                     
174,359    SAKURA BANK LTD                 1,207,975                      
63,349    SAN PAOLO-IMI S.P.A.            1,128,889                     
49,000    SANWA BANK LTD                    391,810                     
7,000    SEVENTY-SEVEN (77) BANK LTD        56,105                    
10,000    SHIZUOKA BANK LTD                  85,065                     
12,151  * SKANDINAVISKA ENSKILDA BANKEN                                 
SERIES A                         144,774          
7,697    SOCIETE GENERALE S.A.             464,830                    
97,339    SUMITOMO BANK LTD               1,196,024                     
7,738    SUNCORP-METWAY LTD                 40,058                    
12,586    SVENSKA HANDELSBANKEN SERIES A    183,680                     
52,000    TOKAI BANK LTD                    257,048                     
7,404    UBS AG. (REGD)                  1,088,244                    
87,459    UNICREDITO ITALIANO S.P.A.        420,024                     
18,448    UNITED OVERSEAS BANK LTD          120,569                     
32,804    WESTPAC BANKING CORP              237,339                     
2,200    WING LUNG BANK LTD                  7,281                    
                   -----------
                    24,249,223
                   -----------

CREDIT AND OTHER FINANCE -- 2.17%                                               
2,139    ACOM CO LTD                       180,337                    
28,331    ALLIED ZURICH PLC                 335,187                     
48,000  * BRIERLEY INVESTMENTS LTD            7,456                     
10,424  * CANARY WHARF FINANCE PLC           58,152                     
1,261    CORPORACION FINANCIERE ALBA                                  
S.A.                              33,362          
1,000    CREDIT SAISON CO LTD               23,251                    
1,992    DROTT AB SERIES B                  21,576                    
167    EURAFRANCE S.A.                    80,282                  
32,809    HALIFAX PLC                       314,904                     
5,000    HAW PAR CORP LTD                    8,097                    
156,977    HUTCHINSON WHAMPOA LTD          1,973,531                      
39,900    ICICI LTD (SPONS ADR)             748,125                     
16,988    ING GROEP NV                    1,152,943                     
5,093    IRISH LIFE AND PERMANENT PLC       43,108                    
14,938    LAND SECURITIES PLC               178,655                     
7,907    LEND LEASE CORP LTD               101,160                    
10,261    MEDIOBANCA S.P.A.                 106,229                     
1,400    NICHIEI CO LTD (KYOTO)             23,024                    
5,000    NIPPON SHINPAN CO LTD              12,239                    
1,300    ORIX CORP                         192,294                    
2,300    PROMISE CO LTD                    182,172                    
4,776    PROVIDENT FINANCIAL PLC            50,251                    
10,000  * QPL INTERNATIONAL HOLDINGS LTD     14,368                     
3,298    SCHRODERS PLC (NEW)                59,314                    
20,000    SUMITOMO CORP                     225,517                     
2,800    TAKEFUJI CORP                     339,013                    
19,000    TOKYU CORP                         94,101                     
534  * WESTFIELD TRUST (NEW UNITS)         1,004                  
23,609    WESTFIELD TRUST (UNITS)            45,942                     
                   -----------
                     6,605,594
                   -----------

INSURANCE -- 3.06%                                                              
23,673  * AEGON NV                          845,756                     
4,278    ALLIANZ AG. (REGD)              1,543,147                    
19,444    AMP LTD                           198,467                     
21,855    ASSICURAZIONI GENERALI S.P.A.     752,103                     
6,630    AXA                             1,048,648                    
39,916    CGNU PLC                          664,716                     
361    COMPANHIA DE SEGUROS                                       
TRANQUILIDADE                     11,419          
966    CORPORACION MAPFRE S.A.            12,287                  
12,916    FORTIS B                          377,377                     
462  * FORTIS B CVG 07/20/01               3,299                  
4,158    FORTIS B NPV (STRIP VVPR)              39                    
135    GENERALI HOLDING VIENNA            21,805                  

68  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
69th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 69th
TIAA-CREF MUTUAL FUNDS                                 INTERNATIONAL EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                           VALUE                    
--------------------------------------------------------------------------------

INSURANCE -- (CONTINUED)                                                        
91,327    LEGAL & GENERAL GROUP PLC          $   213,611                
9,000    MITSUI TAISHO MARINE & FIRE CO LTD      43,383               
3,045    MUENCHENER RUECKVER AG. (REGD)         960,319               
842    POHJOLA INSURANCE CO LTD SERIES B       29,880             
33,756    PRUDENTIAL PLC                         494,678                
7,180    QBE INSURANCE GROUP LTD                 35,229               
12,518    RAS S.P.A.                             137,995                
1,234    SAI S.P.A.                              21,942               
1,268    SAMPO INSURANCE CO SERIES A             51,658               
18,058    SKANDIA FORSAKRINGS AB                 479,722                
4,330    UNI-STOREBRAND AS SERIES A              31,408               
9,000    SUMITOMO MARINE & FIRE                                       
INSURANCE CO                           52,485     
250    SWISS REINSURANCE                      511,203             
29,253  * TOKIO MARINE & FIRE INSURANCE                                 
CO LTD                                338,424     
831  * TOPDANMARK AS                           13,668             
867    ZURICH ALLIED AG.                      429,750             
                             -----------
                               9,324,418
                             -----------

SECURITIES AND COMMODITIES-- 0.76%                                              
9,807    3I GROUP PLC                           201,768               
16,094    AMVESCAP PLC                           258,265                
21,000    DAIWA SECURITIES GROUP, INC            277,879                
30,054  * ITOCHU CORP                            151,972                
35,000  * MARUBENI CORP                          120,745                
24,318    MITSUBISHI CORP                        220,422                
20,632    MITSUI & CO LTD                        157,956                
35,200    NOMURA SECURITIES CO LTD               863,356                
1,427    OM GRUPPEN AB                           64,103               
                             -----------
                               2,316,466
                             -----------
TOTAL FINANCE                       42,495,701      
                             -----------

FOODS AND RELATED -- 4.83%                                                      

BEVERAGES, OTHER FOOD PRODUCTS-- 4.62%                                          
9,825    AJINOMOTO CO LTD                       126,293               
7,415    ASAHI BREWERIES LTD                     88,937               
364    AUSTRIA TABAKWERKE AG.                  13,538             
4,286    AUTOGRILL S.P.A.                        45,892               
2,238    AZUCARERA EBRO AGRICOLAS S.A.           26,816               
12,264    BASS PLC                               137,948                
686  * BRAU UND BRUNNEN AG.                    29,460             
50,579    CADBURY SCHWEPPES LTD                  332,320                
1,148    CARLSBERG BREWERIES AS (CLASS A)        33,928               
12,675    CARREFOUR SUPERMARCHE S.A.             869,948                
1,987    CASINO GUICHARD-PERRACHON S.A.         184,757               
14,532    COCA COLA AMATIL LTD                    28,357                
676    COLRUYT S.A.                            28,758             
64,751    COMPASS GROUP PLC                      853,320                
1,030    DANISCO AS                              34,544               
2,127    DANONE GROUP                           283,409               
984    DCC PLC                                  8,743             
893    DELHAIZE FRERES NV                      53,629             
57,611    DIAGEO PLC (CLASS A)                   517,198                
854  * EL AGUILA S.A.                           6,082             
7,000  * EZAKI GLICO CO LTD                      38,903               
26,751    FOSTERS BREWING GROUP LTD               75,490                
5,000    FRASER & NEAVE LTD                      17,785               
3,316    FYFFES PLC                               3,432               
29,453    GOODMAN FIELDER LTD                     21,928                
5,409    HEINEKEN NV                            330,544               
2,813    HOUSE FOODS CORP                        43,603               
6,548    ITO-YOKADO CO LTD                      394,856               
1,653    JERONIMO MARTINS SGPS S.A.              27,349               
64    KAMPS AG.                                2,055            
2,000    KATOKICHI CO LTD                        50,755               
2,959    KERRY GROUP (CLASS A)                   38,831               
20,626    KIRIN BREWERY CO LTD                   258,309                
21,000    LI & FUNG LTD                          105,066                
10,087    LION NATHAN LTD                         22,555                
1,714    LVMH MOET HENNESSY LOUIS VUITTON       709,621               
5,000    MEIJI SEIKA KAISHA LTD                  33,175               
39    MOEVENPICK HOLDINGS (BR)                17,484            
700    NESTLE S.A. (REGD)                   1,405,540             
1,707    NEW UNIGATE PLC                          7,494               
7,000    NICHIREI CORP                           29,905               
4,000    NIPPON MEAT PACKERS, INC                58,600               
7,158    NIPPON OIL & FATS CO LTD                20,973               
24,000    NIPPON SUISAN KAISHA LTD                44,007                
1,337    NISSHIN FLOUR MILLING CO LTD            13,395               
3,900    NISSIN FOOD PRODUCTS CO LTD             99,526               
3,462    ORKLA ASA                               66,020               
154    OSTERREICHISCHE                                            
BRAU-AKTIENGESELLSCHAF                  7,010     
821    OYJ HARTWALL ABP                        16,527             
27,715    PARMALAT FINANZIARIA S.P.A.             39,266                
1,648    PERNOD-RICARD S.A.                      90,046               
5,748  * RAISIO GROUP PLC                        11,405               
5,704  * RINASCENTE S.P.A.                       32,478               
149,641    ROYAL AHOLD NV                       4,422,385                 
10,101    SAINSBURY (J) PLC                       45,875                
1,870    SKYLARK CO LTD                          74,056               
5,000    SNOW BRAND MILK PRODUCTS CO             26,937               
468    SODEXHO ALLIANCE S.A.                   85,237             
10,300    SOUTHCORP LTD                           29,808                
6,431  * SWEDISH MATCH AB RTS                       408               

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 69

N-30D
70th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 70th
TIAA-CREF MUTUAL FUNDS                                 INTERNATIONAL EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                           VALUE                    
--------------------------------------------------------------------------------

BEVERAGES, OTHER FOOD PRODUCTS -- (CONTINUED)                                   
6,431    SWEDISH MATCH CO             $    19,943                     
3,765    TAKARA SHUZO CO LTD               94,124                     
7,950  * TATE & LYLE PLC                   39,717                     
1,854  * TELEPIZZA S.A.                    10,485                     
148,019  * TESCO PLC                        460,496                       
40,796    UNILEVER LTD                     247,044                      
10,044    UNILEVER NV CERTIFICATE          462,628                      
4,259    UNY CO LTD                        58,973                     
156    VALORA HOLDINGS AG. (REGD)        43,459                   
22,297    WOOLWORTHS LTD                    82,534                      
1,000    YAKULT HONSHA CO LTD              13,317                     
3,000  * YAMAZAKI BAKING CO LTD            29,489                     
                 -----------
                  14,084,725
                 -----------

TOBACCO -- 0.21%                                                                
6,793    ALTADIS S.A.                     104,773                     
4,881    BRITISH AMERICAN TOBACCO                                     
AUSTRALIA LTD                    30,771           
34,236    BRITISH AMERICAN TOBACCO PLC     228,569                      
32    JAPAN TOBACCO, INC               281,585                  
                 -----------
                     645,698
                 -----------
TOTAL FOODS AND RELATED       14,730,423            
                 -----------

HEALTH -- 6.54%                                                                 

DRUGS AND PHARMACEUTICALS -- 5.65%                                              
4,934    AKZO NOBEL NV                    210,470                     
10,140    ASTRAZENECA PLC                  474,008                      
22,300    ASTRAZENECA PLC                                               
(UNITED KINGDOM)              1,041,494           
14,090    AVENTIS S.A.                   1,032,573                      
11,397    BAYER AG.                        446,615                      
1,920    BEIERSDORF AG.                   165,644                     
14,173    BOOTS CO LTD                     107,926                      
4,347  * CELLTECH GROUP PLC                84,235                     
2,684    CHUGAI PHARMACEUTICAL CO LTD      50,863                     
1,642    CSL LTD                           32,568                     
7,515    DAIICHI PHARMACEUTICAL CO LTD    191,069                     
4,644    EISAI CO LTD                     149,238                     
4,844    F.H. FAULDING & CO LTD            23,802                     
1,272    GEHE AG.                          42,066                     
215,403    GLAXO WELLCOME PLC             6,283,916                       
11,331    KYOWA HAKKO KOGYO                111,059                      
4,013    MERCK & CO KGAA                  128,868                     
1,243    NOVARTIS AG. (REGD)            1,975,266                     
1,378    NOVO NORDISK AS (CLASS B)        235,505                     
6,027    NYCOMED AMERSHAM PLC              59,855                     
14    ROCHE HOLDINGS AG. (BR)          148,561                  
136    ROCHE HOLDINGS AG.                                         
(GENUSSCHEINE)                1,328,163           
6,486    SANKYO CO LTD                    146,822                     
11,311    SANOFI-SYNTHELABO S.A.           541,045                      
3,963    SCHERING AG.                     218,056                     
5,539    SHIONOGI & CO LTD                105,491                     
96,992  * SMITHKLINE BEECHAM/BECKMAN LTD 1,270,132                      
5,623    TAISHO PHARMACEUTICAL CO LTD     201,958                     
2,484    UCB S.A.                          91,626                     
6,000    YAMANOUCHI PHARMACEUTICAL CO                                 
LTD                             328,352           
                 -----------
                  17,227,246
                 -----------

MEDICAL EQUIPMENT AND SUPPLIES -- 0.89%                                         
323    ESSILOR INTERNATIONAL S.A.        92,949                   
3,694    FANUC LTD                        376,728                     
1,801    FRESENIUS MEDICAL CARE AG.       144,190                     
4,508    GAMBRO AB (CLASS A)               37,006                     
1,348    GAMBRO AB (CLASS B)               10,758                     
25,832    IMI PLC                          110,672                      
62,182    INVENSYS PLC                     233,460                      
4,625    KEYENCE CORP                   1,529,993                     
200  * RADIOMETER AS (CLASS B)            6,322                   
14,237    SMITH & NEPHEW PLC                52,590                      
1,310    WILLIAM DEMANT AS                 38,885                     
2,768    WILLIAMS PLC                      16,133                     
5,000    YOKOGAWA ELECTRIC CORP            50,094                     
                 -----------
                   2,699,780
                 -----------
TOTAL HEALTH                  19,927,026            
                 -----------

INDUSTRIAL MACHINERY -- 3.34%                                                   

ELECTRICAL -- 2.52%                                                             
1,231    ABB LTD                          143,441                     
3,845    ABB LTD (SWITZERLAND)            461,688                     
331,125  * ARM HOLDINGS PLC               3,549,132                       
5,155  * ELECTROCOMPONENTS PLC             52,678                     
227  * EMPRESA FABRIL DE MAQUINAS                                 
ELECTRICAS                        1,436           
145,126    ERG LTD                        1,130,161                       
1,000    FUJI MACHINE MANUFACTURING CO     52,645                     
10,000    FURUKAWA ELECTRIC CO LTD         209,355                      
700    HIROSE ELECTRIC CO LTD           109,233                   
130,393    JOHNSON ELECTRIC HOLDINGS LTD  1,233,667                       
41,211    MITSUBISHI ELECTRIC CORP         447,162                      
3,000    NGK SPARK PLUG CO LTD             46,530                     
16  * SGL CARBON AG.                     1,068                  
14,222    SUMITOMO ELECTRIC INDUSTRIES                                  
CO                              244,379           
                 -----------
                   7,682,575
                 -----------

OTHER INDUSTRIAL EQUIPMENT -- 0.82%                                             
1,845    AGIV AG.                          19,649                     
7,669    AMADA CO LTD                      65,236                     

70  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
71st “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 71st
TIAA-CREF MUTUAL FUNDS                                 INTERNATIONAL EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                             VALUE                  
--------------------------------------------------------------------------------

OTHER INDUSTRIAL EQUIPMENT-- (CONTINUED)                                        
3,660    ATLAS COPCO AB SERIES B FREE         $    68,854             
1,909    BUDERUS AG.                               30,468             
4,000  * DAI NIPPON SCREEN MANUFACTURING                              
CO LTD                                   38,147   
4,000    DAIFUKU CO LTD                            44,460             
6,000    DAIKIN INDUSTRIES LTD                    139,790             
5,000    EBARA CORP                                67,910             
16,615    FKI PLC                                   59,110              
860    FLS INDUSTRIES AS (CLASS B)               13,261           
416  * INDUSTRIE-WERKE KARLSRUHE                                  
AUGSBURG AG.                              6,579   
16,000  * ISHIKAWAJIMA-HARIMA HEAVY                                     
INDUSTRIES                               29,035   
21,596    KOMATSU LTD                              152,272              
908    KOMORI CORP                               15,911           
273    KONE CORP SERIES B                        16,486           
1,000    KOYO SEIKO CO LTD                          8,705             
27,000    KUBOTA CORP                               98,250              
903    LINDE AG.                                 36,442           
2,696    MAKINO MILLING MACHINE CO LTD             26,501             
796    MAKITA CORP                                7,606           
930    METRA CO SERIES B                         16,091           
1,949    METSO OYJ                                 23,540             
8,000    MINEBEA CO LTD                           100,566             
73,000    MITSUBISHI HEAVY INDUSTRIES LTD          324,287              
12,408    NSK LTD                                  109,067              
13,296    NTN TOYO BEARING CO LTD                   56,928              
4,000  * OKUMA CORP                                17,542             
376  * PROXIMA ASA                                4,267           
4,572    SANDVIK AB                                96,436             
33    SCHINDLER HOLDINGS LTD (REGD)             50,735          
460  * STORK NV                                   6,261           
55  * SULZER WINTERTHUR AG. (REGD)              36,699          
2,205    SVENKA KULLAGERFABRIKEN AB                                   
SERIES B                                 37,082   
10,300    THK CO LTD                               521,809              
1,259    TOMRA SYSTEMS AS                          33,509             
6,000  * TSUBAKIMOTO CHAIN CO                      30,623             
1,910    VESTAS WIND SYSTEMS A/S                   70,439             
1,300    ZARDOYA OTIS S.A.                         11,564             
                                 -----------
                                   2,492,117
                                 -----------
TOTAL INDUSTRIAL MACHINERY            10,174,692    
                                 -----------

MEDIA AND LEISURE -- 4.87%                                                      

BROADCASTING -- 1.78%                                                           
1,000    ASATSU, INC                               41,114             
30,385  * BRITISH SKY BROADCASTING GROUP                                
PLC                                     594,317   
1,874    CANAL PLUS S.A.                          316,165             
4,491    CARLTON COMMUNICATIONS PLC                57,790             
1,422  * EM.TV & MERCHANDISING AG.                 84,104             
123    FUJI TELEVISION NETWORK, INC           1,929,848           
20,559    MEDIASET S.P.A.                          315,322              
43,455    RANK GROUP PLC                           100,653              
214  * SERVICOS TELECOMUNICACOE                                   
MULTIMEDIA S.A.                          10,667   
6,000    TELEVISION BROADCASTS LTD                 40,025             
17,990    TF1 TV FRANCAISE                       1,258,886              
35,000    TOEI CO LTD                              256,377              
100  * TOHO CO LTD                               17,069           
9,422    TOKYO BROADCASTING SYSTEMS, INC          407,866             
                                 -----------
                                   5,430,203
                                 -----------

LODGING/GAMING/RECREATION -- 0.33%                                              
4,519    ACCOR S.A.                               185,966             
1    CLUB MEDITERRANEE S.A.                       136         
11,268    EMI GROUP PLC                            102,351              
30,974    GRANADA GROUP LTD (CLASS A)              309,483              
27,325    HILTON GROUP PLC                          95,972              
4,000    HONG KONG & SHANGHAI HOTELS LTD            2,321             
5,000    HOTEL PROPERTIES LTD                       4,453             
19,000  * MIRAMAR HOTEL & INVESTMENT CO LTD         10,968              
1,828    ORIENTAL LAND CO LTD                     187,117             
4,000    OVERSEAS UNION ENTERPRISES LTD             9,716             
192,000  * REGAL HOTELS INTERNATIONAL LTD             6,527               
30,000    SHANGRI-LA ASIA LTD                       35,407              
3,492  * SOL MELIA S.A.                            39,164             
4,870    TABCORP HOLDINGS LTD                      28,070             
                                 -----------
                                   1,017,651
                                 -----------

PUBLISHING -- 2.76%                                                             
11,679    DAI NIPPON PRINTING CO LTD               206,312              
12,122    ELSEVIER UTIGEVERSMIJ NV                 147,458              
8,966    INDEPENDENT NEWS & MEDIA PLC              32,659             
200    KADOKAWA SHOTEN PUBLISHING CO                              
LTD                                      20,226   
26,834    LAGARDERE SCA                          2,057,822              
2,193    MONDADORI (ARNOLDO) EDITORE S.P.A.        50,242             
48,187    NEWS CORP LTD                            665,446              
136,975    PEARSON PLC                            4,354,692               
23,247    REED INTERNATIONAL PLC                   202,363              
1,081    SCHIBSTED ASA                             20,108             
5,900    SHOBUNSHA PUBLICATIONS, INC              206,888             
6,000    SINGAPORE PRESS HOLDINGS LTD              93,696             
42,000    SOUTH CHINA MORNING POST                  32,597              
16,000    TOPPAN PRINTING CO LTD                   169,676              
5,039    WOLTERS KLUWER NV                        134,766             
                                 -----------
                                   8,394,951
                                 -----------
TOTAL MEDIA AND LEISURE               14,842,805    
                                 -----------

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 71

N-30D
72nd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 72nd
TIAA-CREF MUTUAL FUNDS                                 INTERNATIONAL EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

RETAIL AND WHOLESALE -- 1.12%                                                   

GENERAL MERCHANDISE STORES-- 1.12%                                              
427  * AMER GROUP LTD PLC SERIES A   $   11,788                   
17,811    COLES MYER LTD                    68,591                      
1,351    CORTEFIEL S.A.                    29,423                     
1,000    DAIEI, INC                         3,761                     
15,363    DAVID JONES LTD                   11,456                      
17,000    GIORDANO INTERNATIONAL LTD        25,843                      
26,897    GREAT UNIVERSAL STORES PLC       173,057                      
1,837    HAGEMEYER NV                      50,855                     
1,000  * HANKYU DEPARTMENT STORES, INC      5,349                     
4,000    ISETAN CO LTD                     49,148                     
24    JELMOLI HOLDINGS AG. (BR)         30,257                  
3,775    JUSCO CO LTD                      71,717                     
896    KARSTADT QUELLE AG.               23,447                   
1,332    KESCO OYJ                         13,598                     
20,167    KINGFISHER PLC                   183,642                      
50,215    MARKS & SPENCER PLC              176,557                      
8,646    MARUI CO LTD                     165,890                     
4,006    METRO AG.                        142,045                     
3,000  * MITSUKOSHI LTD                    13,326                     
15,000    MYCAL CORP                        51,464                      
7,960    NINTENDO CO LTD                1,393,362                     
2,286    PINAULT-PRINTEMPS-REDOUTE S.A.   509,923                     
346    RHI AG.                            8,470                   
2,000  * ROBINSON & CO LTD                  4,511                     
600  * SEGA ENTERPRISES LTD               9,243                   
32,100    SONAE SGPS S.A.                   56,618                      
724    STOCKMANN B FREE                  11,069                   
9,000    TAKASHIMAYA CO LTD                84,044                     
4,700  * THE WAREHOUSE GROUP LTD           11,438                     
13,000  * WATERFORD WEDGWOOD PLC (UNITS)    14,206                      
                  ----------
TOTAL RETAIL AND WHOLESALE     3,404,098            
                  ----------

TECHNOLOGY -- 13.67%                                                            

COMMUNICATIONS EQUIPMENT -- 3.12%                                               
165,374    NOKIA OYJ                      8,473,198                       
14,700    NORTEL NETWORKS CORP           1,018,911                      
2,000    SIRTI S.P.A.                       3,345                     
                  ----------
                   9,495,454
                  ----------

COMPUTERS AND OFFICE EQUIPMENT-- 9.92%                                          
77,749  * ADCORE AB                        602,793                      
14,000    AETHER SYSTEMS, INC            2,870,000                      
2,000    AMANO CORP                        22,381                     
24,600    AMDOCS LTD                     1,888,050                      
262,327  * ANITE GROUP PLC                  625,490                       
3,198  * BAAN CO NV                         8,736                     
1,000    CANON SALES CO, INC               17,958                     
1,884    CAP GEMINI S.A.                  333,203                     
16,100  * CHECK POINT SOFTWARE                                          
TECHNOLOGIES LTD              3,409,175           
154,125    COMPTEL OYJ                    3,117,367                       
10,379    COMPUTERSHARE LTD                 53,530                      
1,750    CREATIVE TECHNOLOGY LTD           42,207                     
1,393    CSK CORP                          43,185                     
1,682    DASSAULT SYSTEMS S.A.            157,526                     
20,080  * DIXONS GROUP PLC (NEW)            81,773                      
458  * EST ASIATIQUE                      6,826                   
82,556  * FRAMTIDSFABRIKEN AB            1,143,640                      
900  * FUJI SOFT ABC, INC                53,506                   
5,100    FUJITSU SUPPORT & SERVICE, INC   506,138                     
5,877    GETRONICS NV                      90,983                     
323    INSTRUMENTARIUM GROUP SERIES B                             
FREE                              7,740           
6,487  * INTERSHOP COMMUNICATIONS AG.   2,941,287                     
16,000    KEPPEL CORP LTD                   34,610                      
2,100    KONAMI CO LTD                    132,985                     
76,004    LOGICA PLC                     1,799,575                      
505    LONDON BRIDGE SOFTWARE                                     
HOLDINGS PLC                      3,707           
1,690  * MERKANTILDATA ASA                  8,719                     
6,235    MISYS PLC                         52,670                     
500    NAMCO LTD                         18,052                   
455  * NAVISION SOFTWARE AS              19,001                   
1,148    NIDEC CORP                        99,825                     
4,000    OMRON CORP                       108,883                     
1,400    ORACLE CORP (JAPAN)              508,123                     
700  * ORACLE CORP (JAPAN) (NEW)        257,700                   
90,000  * PACIFIC CENTURY CYBERWORKS LTD   177,805                      
14,192  * PIXELPARK AG.                    979,509                      
1,439  * PSION PLC                         13,920                     
25,222    SAGE GROUP PLC                   204,282                      
4,447    SAP AG.                          667,135                     
1,495  * SATAMA INTERACTIVE                 5,804                     
3,716    SEMA GROUP PLC                    52,881                     
50,580  * SILVERLINE INDUSTRIES LTD                                     
(DEMAT)                         497,070           
36,000  * SILVERLINE TECHNOLOGIES LTD ADR  778,500                      
4,000    SINGAPORE COMPUTER SYSTEMS LTD     8,652                     
5,658    SOFTBANK CORP                    770,079                     
6,561    SSL INTERNATIONAL PLC             70,770                     
109,462  * STONESOFT OYJ                  1,741,822                       
4,000    TERUMO CORP                      135,726                     
23,700    TIBCO SOFTWARE, INC            2,541,454                      
1,327    TIETOENATOR CORP                  44,458                     
869    TOYO INFORMATION SYSTEMS CO LTD   48,377                   
2,700    TRANS COSMOS                     406,271                     

72  2000 SEMI-ANNUAL REPORT                   SEE NOTES TO FINANCIAL STATEMENTS 

N-30D
73rd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 73rd
TIAA-CREF MUTUAL FUNDS                                 INTERNATIONAL EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

COMPUTERS AND OFFICE EQUIPMENT-- (CONTINUED)                                    
6,285  WM-DATA AB SERIES B              $    34,754                   
                     -----------
                      30,246,613
                     -----------

INSTRUMENTS AND RELATED PRODUCTS -- 0.63%                                       
15,078    CANON, INC                         752,467                    
8,368    FUJI PHOTO FILM CO LTD             343,258                   
6,000    KONICA CORP                         51,039                   
6,530    NIKON CORP                         242,558                   
1,231    OCE NV                              20,237                   
6,000    OLYMPUS OPTICAL CO LTD             107,806                   
11,000    RICOH CO LTD                       233,409                    
139    SAGEM S.A. (NEW)                   163,623                 
                     -----------
                       1,914,397
                     -----------
TOTAL TECHNOLOGY                41,656,464          
                     -----------

TRANSPORTATION -- 4.71%                                                         

AEROSPACE AND DEFENSE -- 0.03%                                                  
18,000  * KAWASAKI HEAVY INDUSTRIES LTD       27,561                    
744  * KVAERNER INDUSTRIER AS SERIES A      7,833                 
381  * KVAERNER INDUSTRIER AS                                     
SERIES A RTS                          213         
1,598    THOMSON-CSF                         63,203                   
                     -----------
                          98,810
                     -----------

AIR TRANSPORTATION -- 0.99%                                                     
26,068  * ALITALIA S.P.A.                     53,975                    
6,800  * AUCKLAND INTERNATIONAL                                       
AIRPORT LTD                         8,066         
592    AUSTRIAN AIRLINES/OEST LUFTV AG.     8,597                 
47,908  * BAE SYSTEMS PLC                    298,814                    
26,080    BRITISH AIRPORT AUTHORITIES PLC    209,257                    
20,385    BRITISH AIRWAYS PLC                117,271                    
65,000    CATHAY PACIFIC AIRWAYS LTD         120,493                    
8,224    DEUTSCHE LUFTHANSA AG. (REGD)      190,857                   
346    FLUGHAFEN WIEN AG.                  12,368                 
30,000    JAPAN AIRLINES CO LTD              114,271                    
808    KLM (ROYAL DUTCH AIRLINES) NV       21,842                 
372    ROLLS-ROYCE PLC                      1,320                 
6,160  * RYANAIR HOLDINGS PLC                44,877                   
188    SAIRGROUP                           31,447                 
1,007    SAS DANMARK AS                       8,475                   
428  * SAS NORGE ASA SERIES B               3,605                 
11,000    SINGAPORE AIRLINES LTD             108,792                    
143,245    SINGAPORE AIRLINES LTD (LR)      1,416,726                     
6,032    SMITHS INDUSTRIES PLC               78,533                   
26,000    SWIRE PACIFIC LTD (CLASS A)        152,096                    
                     -----------
                       3,001,682
                     -----------

AUTOS, TIRES AND RELATED PRODUCTS -- 2.31%                                      
100  * AUTOBACS SEVEN CO LTD                3,336                 
15,000    BRIDGESTONE CORP                   318,286                    
13,000  * COMFORT GROUP LTD                    6,466                    
4,322    CONTINENTAL AG.                     72,917                   
6,000    CYCLE & CARRIAGE LTD                14,089                   
1,890    DAIMLERCHRYSLER (U.S.A.)            98,398                   
14,970    DAIMLERCHRYSLER AG.                783,944                    
14,000    DENSO CORP                         341,395                    
94    DIETEREN S.A.                       23,878                
8,166    FIAT S.P.A.                        212,760                   
16,719    HONDA MOTOR CO LTD                 570,462                    
1,971    LEX SERVICE GROUP LTD                9,921                   
3,109    MAN AG.                             94,354                   
3,957    MICHELIN S.A. (CLASS B)            127,487                   
72,312  * NISSAN MOTOR CO LTD                427,169                    
11,000  * ORIENT CORP                         62,069                    
1,043    PEUGEOT S.A.                       210,159                   
34,102    PIRELLI S.P.A.                      90,060                    
850    RHEINMETALL AG.                     10,836                 
1,000    SHIMANO, INC                        24,101                   
12,957    TI GROUP PLC                        70,616                    
65,823    TOYOTA MOTOR CORP                3,004,932                    
1,359    VALEO S.A.                          72,952                   
5,980    VOLKSWAGEN AG.                     227,517                   
7,476    VOLVO AB SERIES B FREE             163,231                   
7,476  * VOLVO AB SERIES B FREE RTS           6,776                   
                     -----------
                       7,048,111
                     -----------

RAILROADS -- 0.64%                                                              
4,052    BRAMBLES INDUSTRIES LTD            124,895                   
7,000    KEIHIN ELECTRIC EXPRESS RAILWAY                              
CO LTD                             26,398         
21,695    KINKI NIPPON RAILWAY CO LTD         88,173                    
4,130    MAYNE NICKLESS LTD                   8,505                   
12,821    NIPPON EXPRESS CO LTD               78,888                    
8,000    NIPPON SHARYO LTD                   16,786                   
5,934    RAILTRACK GROUP PLC                 92,215                   
10,042    SIEMENS AG. (REGD)               1,520,931                    
3,000    TOBU RAILWAY CO LTD                  8,591                   
                     -----------
                       1,965,382
                     -----------

TRUCKING AND RELATED SERVICES -- 0.51%                                          
46    CENTRAL JAPAN RAILWAY CO           260,866                
114    EAST JAPAN RAILWAY CO              663,736                 
795    KONINKLIJKE VOPAK NV                17,527                 
40    KUONI REISEN HOLDING (REGD)                               
(CLASS B)                          18,572         
17,000  * MITSUI-SOKO CO LTD                  37,116                    
9,000    SEINO TRANSPORTATION CO LTD         45,424                   

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 73

N-30D
74th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 74th
TIAA-CREF MUTUAL FUNDS                                 INTERNATIONAL EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                     VALUE                          
--------------------------------------------------------------------------------

TRUCKING AND RELATED SERVICES-- (CONTINUED)                                     
33,504    STAGECOACH HOLDINGS PLC      $    37,026                      
8,242    TNT POST GROUP NV                223,194                     
10,595    YAMATO TRANSPORT CO LTD          263,870                      
                 -----------
                   1,567,331
                 -----------

WATER TRANSPORTATION -- 0.23%                                                   
688  * ASKO OYJ SERIES A                 13,025                   
1,210    BERGESEN D.Y. AS (CLASS B)        23,287                     
128    CMB CIE MARITIME BELGE S.A.        6,748                   
16    DAMPSKIBSSELSKABET AF 1912                                
(CLASS B)                       170,646           
10    DAMPSKIBSSELSKABET SVENDBORG                              
(CLASS B)                       148,416           
340  * FINNLINES OYJ                      7,398                   
5,000    KAMIGUMI CO LTD                   26,417                     
342  * KONINKLIJKE NEDLLOYD GROEP NV      6,651                   
329  * LEIF HOEGH & CO                    2,886                   
24,000  * NEPTUNE ORIENT LINES LTD          22,209                      
29,000    NIPPON YUSEN KABUSHIKI KAISHA    139,790                      
2,320  * OCEAN GROUP PLC                   38,283                     
7,117    PENINSULAR & ORIENTAL STEAM                                  
NAVIGATION CO                    60,983           
12,297  * TDG PLC                           34,533                      
                 -----------
                     701,272
                 -----------
TOTAL TRANSPORTATION          14,382,588            
                 -----------

UTILITIES -- 19.80%                                                             

TELEPHONE -- 17.22%                                                             
19,485    ALCATEL                        1,283,185                      
109,178    BRITISH TELECOMMUNICATIONS                                     
PLC                           1,411,529           
221,137    CABLE & WIRELESS HKT LTD         486,527                       
205,213    CABLE & WIRELESS PLC           3,476,417                       
14,160  * CHINA TELECOM LTD (HONG KONG)                                 
(SPON ADR)                    2,517,825           
77,205  * COLT TELECOM GROUP PLC         2,571,372                      
53,100    DEUTSCHE TELEKOM AG.           3,043,884                      
39,057    EIRCOM PLC                       104,830                      
425,295    ERICSSON TELEFON (LM) AB                                       
SERIES B                      8,461,558           
24,455    FRANCE TELECOM S.A.            3,431,951                      
10,000    FUJIKURA LTD                      66,634                      
16,751    KPN NV                           752,285                      
47,241    MARCONI PLC                      615,055                      
1,787  * NETCOM AB SERIES B               132,638                     
237    NIPPON TELEGRAPH & TELEPHONE                               
CORP                          3,158,474           
43    NTT DOCOMO, INC                1,166,434                  
84,102  * OLIVETTI GROUP S.P.A.            307,159                      
19,108    PORTUGAL TELECOM S.A.            215,404                      
250    PUBLICIS S.A.                     98,495                   
107,000    SINGAPORE TELECOMMUNICATIONS                                   
LTD                             156,572           
12,880    SONERA GROUP OYJ                 589,551                      
1,244    SWISSCOM AG. (REGD)              432,245                     
129,095    TELECOM ITALIA MOBILE S.P.A.   1,324,114                       
3,958    TELE DANMARK AS                  267,523                     
31,700    TELECOM CORP OF NEW ZEALAND      111,175                      
71,883    TELECOM ITALIA                   992,250                      
85,309  * TELEFONICA DE ESPANA S.A.      1,839,966                      
7,962  * TELIA AB                          75,346                     
139,553    TELSTRA CORP                     568,099                       
137  * TERRA NETWORKS S.A.                5,318                   
2,567,792    VODAFONE AIRTOUCH PLC         10,379,299                         
58,903    VODAFONE AIRTOUCH PLC ADR      2,440,793                      
                 -----------
                  52,483,907
                 -----------

ELECTRIC, GAS AND OTHER -- 2.58%                                                
3,401    AGUAS DE BARCELONA S.A.           45,642                     
10    AGUAS DE BARCELONA S.A. (NEW)        130                  
13,560    ANGLIAN WATER PLC                125,223                      
4,933    AUSTRALIA GAS LIGHT CO            29,470                     
28    BEWCKISER WASSER TECHNIK AG.       9,890                  
58,978    BG GROUP PLC                     381,254                      
87,070    CENTRICA PLC                     290,652                      
38,200    CLP HOLDINGS LTD                 177,890                      
11,304    CONTACT ENERGY LTD                15,166                      
974    ELECTRABEL NV                    241,726                   
11,000    ELECTRICIDADE DE PORTUGAL S.A.   200,555                      
17,666    ENDESA S.A.                      343,599                      
126,952    ENEL S.P.A.                      564,663                       
7,102    GAS NATURAL SDG S.A.             127,988                     
432    GROUPE BRUXELLES LAMBERT S.A.    108,289                   
621    HAFSLUND AS SERIES A               2,869                   
93,286    HONG KONG & CHINA GAS CO LTD     104,714                      
16,491    IBERDROLA S.A.                   213,409                      
11,750    ITALGAS S.P.A.                    52,149                      
18,900    KANSAI ELECTRIC POWER CO, INC    339,053                      
1,000    KURITA WATER INDUSTRIES LTD       22,069                     
20,867  * NATIONAL GRID GROUP PLC          164,586                      
34,111    NATIONAL POWER PLC               217,406                      
19,000    OSAKA GAS CO LTD                  54,772                      
600    OESTERREICHISCHE                                           
ELEKTRIZITAETSWIRSCHAFTS AG.     61,828           
10,099  * RHEIN-WESTFALEN ELECTRIC AG.     343,668                      
32,793    SCOTTISH POWER PLC               278,013                      
76,000    SHUN TAK HOLDINGS LTD              8,969                      
700  * SUEZ LYONNAISE (STRIP VVPR)            6                   

74  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
75th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 75th
TIAA-CREF MUTUAL FUNDS                                 INTERNATIONAL EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                     VALUE                          
--------------------------------------------------------------------------------

ELECTRIC, GAS AND OTHER-- (CONTINUED)                                           
700    SUEZ LYONNAISE DES EAUX      $    122,862                  
2,835    SUEZ LYONNAISE DES EAUX S.A.      498,679                    
12,739    TOHOKU ELECTRIC POWER CO, INC     172,179                     
24,046    TOKYO ELECTRIC POWER CO, INC      587,507                     
35,000    TOKYO GAS CO LTD                   98,581                     
5,712    UNION ELECTRICA FENOSA S.A.       103,759                    
11,316    UNITED UTILITIES PLC              112,038                     
12,337    VEBA AG.                          695,260                     
10,533    VIVENDI S.A.                      933,450                     
                  ------------
                     7,849,963
                  ------------
TOTAL UTILITIES                60,333,870           
                  ------------
TOTAL COMMON STOCK                                      
(COST $284,700,445)             301,318,813             
TOTAL PORTFOLIO-- 99.83%                                
(COST $287,012,262)             304,218,922             
OTHER ASSETS                                            
& LIABILITIES, NET-- 0.17%          514,218             
                  ------------
NET ASSETS-- 100.00%           $304,733,140             
                  ============

-----------                                                                     
*  NON-INCOME PRODUCING                                                         

TIAA-CREF MUTUAL FUNDS     STATEMENT OF INVESTMENTS      MANAGED ALLOCATION FUND
(Unaudited)   
June 30, 2000   

--------------------------------------------------------------------------------
SHARES                                     VALUE                          
--------------------------------------------------------------------------------

TIAA-CREF MUTUAL FUNDS -- 99.92%                                                
11,775,266    BOND PLUS FUND               $114,220,083                         
4,650,754    GROWTH & INCOME FUND           75,016,659                        
4,144,819    GROWTH EQUITY FUND             76,223,222                        
315,919    HIGH-YIELD BOND FUND            3,124,440                      
2,600,157    INTERNATIONAL EQUITY FUND      39,210,363                        
5,567,958    MONEY MARKET FUND               5,567,958                        
                  ------------
TOTAL TIAA-CREF MUTUAL FUNDS  313,362,725           
                  ------------
(COST $267,230,918)                                 

SHORT TERM INVESTMENT -- 0.07%                                                  

U.S. GOVERNMENT AND AGENCY-- 0.07%                                              
FEDERAL HOME LOAN                                   
MORTGAGE CORP (FHLMC)                               
$213,000    6.570%, 07/03/00             $    212,922                       
                  ------------

TOTAL SHORT TERM INVESTMENT                                                     
(COST $212,922)                                 212,922                         
                  ------------

TOTAL PORTFOLIO -- 99.99%                                                       
(COST $267,443,840)                         313,575,647                         
OTHER ASSETS & LIABILITIES, NET-- 0.01%          40,090                         
                  ------------
NET ASSETS-- 100.00%                       $313,615,737                         
                  ============

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 75

N-30D
76th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 76th
TIAA-CREF MUTUAL FUNDS        STATEMENT OF INVESTMENTS      TAX-EXEMPT BOND FUND
 (Unaudited)
 June 30, 2000

--------------------------------------------------------------------------------
SHARES                                     VALUE                          
--------------------------------------------------------------------------------

MUNICIPAL BONDS -- 104.78%                                                      

LONG TERM MUNICIPAL BONDS -- 95.99%                                             

ALABAMA -- 6.87%                                                                
BIRMINGHAM INDUSTRIAL WATER                         
BOARD (WATER SUPPLY REVENUE)                      
$ 1,000,000    6.000%, 07/01/07            $  1,063,800                         
WEST JEFFERSON AMUSEMENT                            
& PUBLIC PARK AUTHORITY                           
1,030,000     7.500%, 12/01/08               1,122,875                        
                  ------------
                     2,186,675
                  ------------

ARKANSAS -- 3.27%                                                               
ARKANSAS STATE DEVELOPMENT                          
AUTHORITY (MORTGAGE REVENUE)                      
1,000,000     6.600%, 07/01/07               1,041,160                        
                  ------------

COLORADO -- 3.30%                                                               
COLORADO HOUSING FINANCE                            
AUTHORITY                                         
1,000,000     7.450%, 11/01/27               1,049,380                        
                  ------------

CONNECTICUT -- 3.26%                                                            
CONNECTICUT STATE HEALTH &                          
EDUCATIONAL FACILITY                              
(AUTHORITY REVENUE)                               
1,000,000     6.750%, 07/01/12               1,039,020                        
                  ------------

DISTRICT OF COLUMBIA -- 6.55%                                                   
DISTRICT OF COLUMBIA                                
1,000,000     6.000%, 08/15/10              1,063,910                         
DISTRICT OF COLUMBIA                                
(HOSPITAL REVENUE)                                
1,030,000     5.500%, 06/01/10               1,020,910                        
                  ------------
                     2,084,820
                  ------------

ILLINOIS -- 3.34%                                                               
CHICAGO CITY COLLEGES                               
CAPITAL IMPROVEMENT                               
1,000,000     6.000%, 01/01/11               1,064,450                        
                  ------------

KENTUCKY -- 3.90%                                                               
KENTUCKY STATE TURNPIKE                             
AUTHORITY TOLL                                    
1,185,000     6.000%, 07/01/11               1,242,852                        
                  ------------

LOUISIANA -- 3.50%                                                              
WEBSTER PARISH LOUISIANA                            
POLLUTION CONTROL REVENUE                         
1,200,000     5.200%, 03/01/11               1,112,772                        
                  ------------

MASSACHUSETTS -- 3.35%                                                          
MASSACHUSETTS STATE PORT                            
AUTHORITY                                         
1,000,000     6.000%, 02/01/11               1,067,320                        
                  ------------

MISSISSIPPI -- 0.75%                                                            
PERRY COUNTY POLLUTION CONTROL                      
(LEAF RIVER FOREST PROJECT)                       
260,000     5.200%, 10/01/12                 237,484                      
                  ------------

MISSOURI -- 6.85%                                                               
KANSAS CITY MISSOURI INDUSTRIAL                     
DEVELOPMENT AUTHORITY                             
1,250,000     4.900%, 12/31/08               1,170,200                        
MISSOURI STATE ENVIRONMENT                          
IMPROVEMENT & ENERGY                              
RESOURCES                                         
1,000,000     5.800%, 09/01/09               1,008,730                        
                  ------------
                     2,178,930
                  ------------

NEVADA -- 6.06%                                                                 
CLARK COUNTY NEVADA                                 
SCHOOL DISTRICT                                   
1,000,000     5.500%, 06/15/11               1,027,710                        
CLARK COUNTY NEVADA                                 
POLLUTION CONTROL REVENUE                         
1,030,000     5.300%, 10/01/11                 900,720                        
                  ------------
                     1,928,430
                  ------------

NEW JERSEY -- 3.23%                                                             
NEW JERSEY STATE                                    
(GENERAL OBLIGATION)                              
1,000,000     5.500%, 02/01/11               1,028,300                        
                  ------------

NEW YORK -- 6.75%                                                               
NASSAU COUNTY NEW YORK                              
(GENERAL OBLIGATION REVENUE)                      
1,000,000     7.000%, 03/01/09               1,124,290                        
NEW YORK STATE DORM                                 
AUTHORITY REVENUE                                 
1,000,000     5.500%, 02/01/11               1,024,500                        
                  ------------
                     2,148,790
                  ------------

NORTH CAROLINA -- 3.30%                                                         
NORTH CAROLINA MUNICIPAL                            
POWER AGENCY                                      
(CATAWBA ELECTRIC REVENUE)                        
1,000,000     5.500%, 02/01/11               1,050,390                        
                  ------------

76  2000 SEMI-ANNUAL REPORT                   SEE NOTES TO FINANCIAL STATEMENTS 

N-30D
77th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 77th
TIAA-CREF MUTUAL FUNDS                                      TAX-EXEMPT BOND FUND

--------------------------------------------------------------------------------
SHARES                                     VALUE                          
--------------------------------------------------------------------------------

OHIO -- 3.23%                                                                   
MONTGOMERY COUNTY OHIO                              
REVENUE(CATHOLIC HEALTH)                          
$1,000,000     6.000%, 12/01/10             $ 1,028,650                         
                   -----------

PENNSYLVANIA -- 6.29%                                                           
CARBON COUNTY PENNSYLVANIA                          
INDUSTRIAL DEVELOPMENT                            
AUTHORITY REVENUE                                 
1,000,000     1.000%, 05/01/10               1,002,500                        
MIDDLETOWN TOWNSHIP                                 
PENNSYLVANIA                                      
(GENERAL OBLIGATION REVENUE)                      
1,000,000     5.200%, 10/15/12                 999,740                        
                   -----------
                     2,002,240
                   -----------

SOUTH CAROLINA -- 3.22%                                                         
YORK COUNTY SOUTH CAROLINA                          
POLLUTION CONTROL REVENUE                         
1,000,000     7.400%, 01/01/10               1,025,140                        
                   -----------

TEXAS -- 5.92%                                                                  
HOUSTON TEXAS AIRPORT                               
(SYSTEM REVENUE)                                  
1,000,000     5.800%, 07/01/10               1,026,970                        
RICHARDSON TEXAS                                    
(HOTEL OCCUPANCY CERTIFICATE)                   
850,000     5.450%, 02/15/12                 859,027                      
                   -----------
                     1,885,997
                   -----------

WASHINGTON -- 9.81%                                                             
SNOHOMISH COUNTY WASHINGTON                         
SCHOOL DISTRICT 2                                 
1,000,000     5.500%, 12/01/09               1,028,280                        
WASHINGTON STATE                                    
(GENERAL OBLOGATION)                              
1,000,000     6.000%, 01/01/10               1,064,220                        
WASHINGTON STATE PUBLIC                             
POWER SUPPLY                                      
1,000,000     5.750%, 07/01/09               1,030,580                        
                   -----------
                     3,123,080
                   -----------

WISCONSIN -- 3.24%                                                              
WISCONSIN STATE TRANSPORTATION                      
REVENUE                                           
1,000,000     5.500%, 07/01/10               1,030,530                        
                   -----------

TOTAL LONG TERM MUNICIPAL BONDS                                                 
(COST $30,205,645)                           30,556,410                         
                   -----------

SHORT TERM MUNICIPAL BONDS -- 8.79%                                             

FLORIDA -- 0.62%                                                                
UNIVERSITY ATHLETIC ASSOCIATION, INC                
(FLORIDA CAPITAL IMPROVEMENT                      
REVENUE)                                          
200,000     4.750%, 02/01/20                 200,000                      
                   -----------

MISSOURI -- 4.40%                                                               
KANSAS CITY MO INDUSTRIAL                           
DEVELOPMENT AUTHORITY                             
1,400,000     4.750%, 10/15/15               1,400,000                        
                   -----------

NEW YORK -- 3.77%                                                               
NEW YORK CITY (GENERAL OBLIGAITON)                  
200,000     4.750%, 08/01/16                 200,000                      
100,000     4.750%, 08/01/17                 100,000                      
900,000     4.750%, 08/15/21                 900,000                      
                   -----------
                     1,200,000
                   -----------

TOTAL SHORT TERM MUNICIPAL BONDS                                                
(COST $2,800,000)                             2,800,000                         

                   -----------
TOTAL PORTFOLIO -- 104.78%                                                      
(COST $33,005,645)                           33,356,410                         
OTHER ASSETS & LIABILITIES, NET-- (4.78%)    (1,522,184)                        

                   -----------
NET ASSETS-- 100.00%                        $31,834,226                         
                   ===========

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 77

N-30D
78th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 78th
TIAA-CREF MUTUAL FUNDS       STATEMENT OF INVESTMENTS      HIGH-YIELD BOND FUND 
 (Unaudited)
June 30, 2000 

------------------------------------------------------------------------------- 
PRINCIPAL                       RATINGS+     VALUE                          
------------------------------------------------------------------------------- 

BONDS -- 83.28%                                                                 

CORPORATE BONDS -- 83.28%                                                       

BASIC INDUSTRIES -- 11.70%                                                      

CHEMICALS AND PLASTIC -- 3.72%                                                  
BORDEN CHEMICAL BOND                                    
$500,000     9.500%, 05/01/05     B1     $   442,500                        
GEORGIA GULF                                            
500,000    10.375%, 11/01/07     B1         513,750                       
ISP HOLDINGS NOTE                                       
500,000     9.750%, 02/15/02     BA3        483,750                       
SCOTTS CO                                               
500,000      8.625%, 01/15/09    B2         482,500                       
SOV SPECIAL CHEMICAL                                    
250,000    11.875%, 03/15/10     B3         257,500                       
                 -----------
                   2,180,000
                 -----------

STEEL AND OTHER METALS -- 4.57%                                                 
AK STEEL CORP                                           
500,000     7.875%, 02/15/09     BA2        443,750                       
AK STEEL CORP                                           
250,000     9.125%, 12/15/06     BA2        239,375                       
JORGENSEN EARLE M.CO                                    
250,000     9.500%, 04/01/05     B3         231,875                       
LTV CORP                                                
500,000    11.750%, 11/15/09     BA3        420,000                       
METALS USA                                              
500,000     8.625%, 02/15/08     B2         430,000                       
P&L COAL HOLDINGS                                       
1,000,000     9.625%, 05/15/08     B2         915,000                         
                 -----------
                   2,680,000
                 -----------

PAPER AND FOREST PRODUCTS -- 3.41%                                              
APP CHINA GROUP                                         
150,000  g 14.000%, 03/15/10     B3          93,750                       
BUHRMANN                                                
750,000    12.250%, 11/01/09     B2         776,250                       
HUNTSMAN PACKAGE                                        
250,000  g 13.000%, 06/01/10     B3         250,000                       
MAIL-WELL, INC NOTE                                     
500,000     5.000%, 11/01/02     B2         400,000                       
TEMBEC INDUSTRIES                                       
500,000     8.625%, 06/30/09     BAA2       475,000                       
                 -----------
                   1,995,000
                 -----------
TOTAL BASIC INDUSTRIES           6,855,000              
                 -----------

BUSINESS SERVICES -- 6.08%                                                      

ADVERTISING AND OTHER SERVICES -- 6.08%                                         
ADVANSTAR COMMUNICATION                                 
1,500,000     9.250%, 05/01/08     B2       1,440,000                         
COINMACH CORP                                           
500,000    11.750%, 11/15/05     B2         480,000                       
LAMAR MEDIA CORP                                        
1,000,000     8.625%, 09/15/07     B1         960,000                         
TRI-STATE OUTDOOR ME                                    
250,000    11.000%, 05/15/08     NR         230,000                       
UNITED RENTAL                                           
500,000     9.250%, 01/15/09     B1         450,000                       
                 -----------
TOTAL BUSINESS SERVICES          3,560,000              
                 -----------

CONSTRUCTION AND REAL ESTATE -- 4.53%                                           

BUILDING MATERIALS -- 0.82%                                                     
OWENS ILLINOIS                                          
500,000     7.850%, 05/15/04     BA1        478,665                       
                 -----------

CONSTRUCTION --- 3.71%                                                          
DR HORTON NOTE                                          
500,000    10.500%, 04/01/05     BA1        498,750                       
LEAR CORP NOTE                                          
250,000     7.960%, 05/15/05     BA1        234,485                       
LEAR CORP                                               
500,000     8.110%, 05/15/09     BA1        451,425                       
LENNAR CORP NOTE                                        
500,000  g  9.950%, 05/01/10     BA1        492,500                       
MORRISON KNUDSEN                                        
500,000  g 11.000%, 07/01/10     BA2        497,500                       
                 -----------
                   2,174,660
                 -----------
TOTAL CONSTRUCTION AND                                  
REAL ESTATE                    2,653,325            
                 -----------

CONSUMER DURABLE -- 2.48%                                                       

HOME APPLIANCES AND                                                             
FURNISHINGS -- 0.86%                                                        
FLEXTRONICS INTERNATIONAL                               
500,000  g  9.875%, 07/01/10     BA3        505,000                       
                 -----------

TEXTILE APPAREL AND                                                             
ACCESSORIES -- 1.62%                                                        
COLLINS & AIKMAN                                        
500,000    11.500%, 04/15/06     B2         492,500                       
JOSTENS, INC NOTE                                       
250,000    12.750%, 05/01/10     B3         248,125                       

+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)                         

78  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
79th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 79th
TIAA-CREF MUTUAL FUNDS                                      HIGH-YIELD BOND FUND

------------------------------------------------------------------------------- 
PRINCIPAL                       RATINGS+     VALUE                          
------------------------------------------------------------------------------- 

TEXTILE APPAREL AND ACCESSORIES --                                              
(CONTINUED)                                                                 
SAMSONITE CORP                                          
$  250,000    10.750%, 06/15/08     CAA1   $   208,125                          
                 -----------
                     948,750
                 -----------
TOTAL CONSUMER DURABLE           1,453,750              
                 -----------

ENERGY -- 3.40%                                                                 

OIL, GAS AND OTHER ENERGY                                                       
SERVICES -- 3.40%                                                           
CHESAPEAKE ENERGY                                       
750,000     9.625%, 05/01/05     B3         733,125                       
EOTT ENERGY PART                                        
500,000    11.000%, 10/01/09     BA2        505,000                       
LOMAK PETROLEUM NOTE                                    
400,000     6.000%, 02/01/07     CAA1       238,000                       
PIONEER NATURAL                                         
500,000     9.625%, 04/01/10     BA2        515,000                       
                 -----------
TOTAL ENERGY                     1,991,125              
                 -----------

FINANCE -- 0.42%                                                                

BANKS, SAVINGS AND LOANS -- 0.42%                                               
SOVEREIGN BANCORP                                       
250,000    10.250%, 05/15/04     BA3        246,522                       
                 -----------
TOTAL FINANCE                      246,522              
                 -----------

FOODS AND RELATED -- 2.17%                                                      

BEVERAGES, OTHER FOOD                                                           
PRODUCTS -- 2.17%                                                           
PACKAGED ICE, INC                                       
300,000     9.750%, 02/01/05     B3         249,000                       
SBARRO, INC                                             
1,000,000    11.000%, 09/15/09     BA3      1,020,000                         
                 -----------
TOTAL FOODS AND RELATED          1,269,000              
                 -----------

HEALTH -- 6.91%                                                                 

DRUGS AND PHARMACEUTICALS -- 0.85%                                              
LYONDELL CHEMICAL                                       
250,000     9.625%, 05/01/07     BA3        247,500                       
250,000    10.875%, 05/01/09     B2         248,125                       
                 -----------
                     495,625
                 -----------

MEDICAL FACILITIES                                                              
MANAGEMENT -- 6.06%                                                         
COLUMBIA/HCA                                            
$1,000,000     8.120%, 08/04/03     BA2        967,970                          
EXPRESS SCRIPTS                                         
500,000     9.625%, 06/15/09     BA2        485,000                       
HEALTHSOUTH CORP                                        
750,000     9.500%, 04/01/01     BA2        747,885                       
HEALTHSOUTH CORP                                        
500,000     3.250%, 04/01/03     BA2        392,500                       
TENET HEALTHCARE CORP                                   
(SR NOTE)                                           
1,000,000     8.000%, 01/15/05     BA1        957,500                         
                 -----------
                   3,550,855
                 -----------
TOTAL HEALTH                     4,046,480              
                 -----------

INDUSTRIAL MACHINERY -- 0.81%                                                   

ELECTRICAL -- 0.43%                                                             
ORION POWER HOLDINGS                                    
250,000  g 12.000%, 05/01/10     BA3        253,750                       
                 -----------

OTHER INDUSTRIAL EQUIPMENT -- 0.38%                                             
TENNECO, INC                                            
250,000    11.625%, 10/15/09     B2         221,875                       
                 -----------
TOTAL INDUSTRIAL MACHINERY         475,625              
                 -----------

MEDIA AND LEISURE -- 18.36%                                                     

BROADCASTING -- 6.15%                                                           
ACME TELEVISION                                         
250,000     0.000%, 09/30/04     B3         238,750                       
ADELPHIA COMMUNICATION                                  
500,000     7.750%, 01/15/09     B1         422,500                       
ALLBRITTON COMMUNICATION                                
500,000     8.875%, 02/01/08     B3         457,500                       
CABLEVISION SA                                          
250,000  g 13.750%, 04/30/07     B1         231,250                       
CENTURY COMMUNICATION                                   
250,000     0.000%, 01/15/08     B1         101,250                       
CHANCELLOR MEDIA 8%                                     
1,000,000     8.000%, 11/01/08     BA2      1,003,750                         
CHARTER COMMUNICATION                                   
HOLDINGS                                            
500,000     8.625%, 04/01/09     B2         441,875                       
INTERNATIONAL GAME                                      
TECHNOLOGY                                          
500,000     8.375%, 05/15/09     BA1        472,500                       
YOUNG BROADCASTING                                      
250,000     9.000%, 01/15/06     B2         233,750                       
                 -----------
                   3,603,125
                 -----------

+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)                         

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 79

N-30D
80th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 80th
TIAA-CREF MUTUAL FUNDS                                      HIGH-YIELD BOND FUND

------------------------------------------------------------------------------- 
PRINCIPAL                       RATINGS+     VALUE                          
------------------------------------------------------------------------------- 

LODGING/GAMING/RECREATION -- 8.09%                                              
BOYD GAMING CORP                                        
$  250,000     9.250%, 10/01/03     BA3    $   248,125                          
BOYD GAMING CORP                                        
250,000     9.500%, 07/15/07     B1         240,000                       
CIRCUS CIRCUS                                           
250,000     9.250%, 12/01/05     BA2        241,875                       
HARRAH's ENTERTAINMENT,                                 
INC                                                 
250,000     7.875%, 12/15/05     BA2        235,000                       
HMH PROPERTIES                                          
500,000     7.875%, 08/01/05     BA2        462,500                       
MGM GRAND, INC                                          
250,000     9.750%, 06/01/07     BA2        253,750                       
PARK PLACE ENTERTAINMENT                                
250,000     7.875%, 12/15/05     BA2        235,000                       
PREMIER PARKS                                           
250,000     10.000%, 04/01/08    B3         170,000                       
1,000,000     9.750%, 06/15/07     B3         962,500                         
SIX FLAGS ENTERTAINMENT                                 
500,000     8.875%, 04/01/06     B2         476,250                       
STATION CASINOS                                         
500,000  g   9.875%, 07/01/10    B1         501,250                       
YANKEE NETS                                             
750,000  g 12.750%, 03/01/07     B1         712,500                       
                 -----------
                   4,738,750
                 -----------

PUBLISHING -- 4.12%                                                             
HOLLINGER PUB                                           
1,000,000     9.250%, 02/01/06     BA3        985,000                         
500,000     9.250%, 03/15/07     BA3        492,500                       
LIBERTY GROUP                                           
500,000     9.375%, 02/01/08     B3         460,000                       
WORLD COLOR PRESS                                       
500,000     8.375%, 11/15/08     BAA3       475,635                       
                 -----------
                   2,413,135
                 -----------
TOTAL MEDIA AND LEISURE         10,755,010              
                 -----------

RETAIL AND WHOLESALE -- 1.63%                                                   

GENERAL MERCHANDISE STORES -- 0.82%                                             
INTERNATIONAL GAME                                      
500,000     7.875%, 05/15/04     BA1        480,000                       

RETAIL TRADE -- 0.81%                                                           
K MART CORP NOTE                                        
500,000     8.375%, 12/01/04     BA1        474,375                       
                 -----------
TOTAL RETAIL AND WHOLESALE         954,375              
                 -----------

TECHNOLOGY -- 1.69%                                                             

COMMUNICATIONS EQUIPMENT -- 1.69%                                               
UNITED PAN                                              
1,000,000    11.250%, 02/01/10     B2         867,500                         
UNITED PAN (STEP)                                       
250,000    13.750%, 02/01/10     B2         120,000                       
                 -----------
TOTAL TECHNOLOGY                   987,500              
                 -----------

TRANSPORTATION -- 5.88%                                                         

AIR TRANSPORTATION -- 2.81%                                                     
NORTHWEST AIRLINES                                      
500,000     8.375%, 03/15/04     BA2        471,334                       
SEQUA CORP NOTE                                         
1,250,000     9.000%, 08/01/09     BA2      1,175,000                         
                 -----------
                   1,646,334
                 -----------

AUTOS, TIRES AND RELATED                                                        
PRODUCTS -- 2.32%                                                           
AVIS RENT A CAR                                         
750,000    11.000%, 05/01/09     B2         780,000                       
FEDERAL MOGUL CORP                                      
500,000     7.500%, 01/15/09     BA2        350,000                       
HAYES WHEELS                                            
INTERNATIONAL                                       
250,000     9.125%, 07/15/07     B2         226,250                       
                 -----------
                   1,356,250
                 -----------

TRUCKING AND RELATED                                                            
SERVICES -- 0.75%                                                           
PIERCE LEAHY CO                                         
500,000     8.125%, 05/15/08     B3         437,500                       
                 -----------
TOTAL TRANSPORTATION             3,440,084              

UTILITIES -- 17.22%                                                             

TELEPHONE -- 9.95%                                                              
AZURIX CORP                                             
500,000  g 10.750%, 02/15/10     BA3        481,250                       
CROWN CASTLE                                            
INTERNATIONAL                                       
500,000    10.750%, 08/01/11     B3         506,875                       
DOBSON COMM CORP                                        
250,000    10.875%, 07/01/10     NR         250,625                       
EXODUS COMMUNICATIONS                                   
250,000  g 11.625%, 07/15/10     NR         250,625                       
FAIRPOINT COMMUNICATIONS                                
500,000  g 12.500%, 05/01/10     B3         500,000                       
FLAG TELECOM HOLDINGS                                   
250,000  g 11.625%, 03/30/10     B2         240,625                       

+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)                         

80  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
81st “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 81st
TIAA-CREF MUTUAL FUNDS                                      HIGH-YIELD BOND FUND

------------------------------------------------------------------------------- 
PRINCIPAL                       RATINGS+     VALUE                          
------------------------------------------------------------------------------- 

TELEPHONE -- (CONTINUED)                                                        
GLOBAL CROSSING                                         
$  500,000     9.500%, 11/15/09     BA2     $  482,500                          
GRAY COMMUNICATIONS                                     
500,000    10.625%, 10/01/06     B3         498,750                       
HYPERION                                                
TELECOMMUNICATIONS                                  
1,000,000     0.000%, 04/15/03     B3         920,000                         
PF. NET COMMUNICATIONS,                                 
INC                   NR                            
500,000    13.750%, 05/15/10                501,250                       
WILLIAMS                                                
COMMUNICATIONS                                      
500,000    10.875%, 10/01/09     B2         490,000                       
WINSTAR COMMUNICATIONS,                                 
INC                                                 
500,000  g 12.500%, 04/15/08     B3         475,000                       
WINSTAR COMMUNICATIONS,                             
INC                                             
500,000  g 14.750%, 04/15/10     B3         230,000                       
                 -----------
                   5,827,500
                 -----------

ELECTRIC, GAS AND OTHER -- 7.27%                                                
ALLIED WASTE NA                                         
1,000,000     7.625%, 01/01/06     BA3        870,000                         
250,000    10.000%, 08/01/09     B2         211,250                       
LEVIATHAN GAS PIPE                                      
500,000    10.375%, 06/01/09     B2         508,750                       
NEXTEL COMMUNICATIONS,                                  
INC                                                 
1,250,000     9.375%, 11/15/09     B1       1,193,750                         
PRIMEDIA, INC                                           
500,000     7.625%, 04/01/08     BA3        452,500                       
STERICYCLE, INC                                         
500,000    12.375%, 11/15/09     B3         510,000                       
TNP ENTERPRISES                                         
500,000  g 10.250%, 04/01/10     BA3        512,501                       
                 -----------
                   4,258,751
                 -----------
TOTAL UTILITIES                 10,086,251              
                 -----------

TOTAL CORPORATE BONDS                                                           
(COST $50,297,786)                          48,774,047                          
                 -----------

TOTAL BONDS                                                                     
(COST $50,297,786)                          48,774,047                          
                 -----------
PREFERRED STOCK -- 1.87%                                                        

MEDIA AND LEISURE -- 0.82%                                                      

PUBLISHING -- 0.82%                                                             
5,000  PRIMEDIA, INC                      480,000                     
                 -----------
TOTAL MEDIA AND LEISURE            480,000              
                 -----------
UTILITIES -- 1.05%                                                              

TELEPHONE -- 1.05%                                                              
2,000  GLOBAL CROSSING LTD                438,500                     
1,800  GLOBALCROSSING Holdings LTD        173,700                     
                 -----------
TOTAL UTILITIES                    612,200              
                 -----------

TOTAL PREFERRED STOCK                                                           
(COST $1,105,000)                            1,092,200                          
                 -----------

SHORT TERM INVESTMENTS -- 15.03%                                                

U.S. GOVERNMENT AND AGENCIES-- 15.03%                                           
FEDERAL HOME LOAN MORTGAGE CORP                         
(FHLMC)                                             
3,810,000     6.570%, 07/03/00              3,808,609                         
FEDERAL NATIONAL MORTGAGE                               
ASSOCIATION (FNMA)                                  
5,000,000     6.025%, 07/06/00              4,995,816                         
                 -----------
                   8,804,425
                 -----------

TOTAL SHORT TERM INVESTMENTS                                                    
(COST $8,804,425)                            8,804,425                          
                 -----------

TOTAL PORTFOLIO -- 100.18%                                                      
(COST $59,102,212)                          58,670,672                          
OTHER ASSETS & LIABILITIES, NET-- (0.18%)     (103,311)                         
                 -----------
NET ASSETS-- 100.00%                       $58,567,361                          
                 ===========

-----------                                                               
g  SECURITY IS EXEMPT FROM REGISTRATION UNDER RULE 144(A) OF THE SECURITIES ACT 
OF 1933 AND MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION TO     
QUALIFIED INSTITUTIONAL BUYERS. AT JUNE 30, 2000, THE VALUE OF THESE      
SECURITIES AMOUNTED TO $6,960,626 OR 11.88% OF NET ASSETS.                

-----------                                                               
OTHER INFORMATION                                                         
THE COMPOSITION OF LONG-TERM DEBT HOLDINGS AS A PERCENT OF TOTAL VALUE OF 
INVESTMENT IN DEBT SECURITIES, IS AS FOLLOWS:                             

MOODY'S RATINGS                                         
BAA             1.95%                                         
BA             44.01%                                         
B              50.60%                                         
CAA             0.91%                                         

THE PERCENTAGE NOT RATED BY MOODY'S INVESTORS SERVICES AMOUNTS TO 2.53%.  

+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)                          

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 81

N-30D
82nd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 82nd
TIAA-CREF MUTUAL FUNDS       STATEMENT OF INVESTMENTS      SHORT-TERM BOND FUND 
   (Unaudited)
     June 30, 2000

------------------------------------------------------------------------------- 
PRINCIPAL                       RATINGS+     VALUE                          
------------------------------------------------------------------------------- 

BONDS -- 92.59%                                                                 

CORPORATE BONDS -- 44.72%                                                       

ASSET BACKED -- 5.01%                                                           
ADVANTA MORTGAGE LOAN                                   
TRUST SERIES 1998-1                                 
(CLASS A3)                                          
$ 1,500,000   6.270%, 12/25/17      AAA    $ 1,479,780                          
                 -----------

ENERGY -- 2.43%                                                                 

OIL, GAS AND OTHER ENERGY                                                       
SERVICES -- 2.43%                                                           
CONOCO, INC NOTE                                        
750,000    5.900%, 04/15/04      A3         716,197                       
                 -----------
TOTAL ENERGY                       716,197              
                 -----------

FINANCE -- 13.28%                                                               

CREDIT AND OTHER FINANCE -- 11.60%                                              
DAIMLERCHRYSLER NA                                      
HOLDINGS                                            
(MEDIUM TERM NOTE)                                  
500,000    6.670%, 02/15/02      A1         495,225                       
FORD MOTOR CREDIT CO NOTE                               
500,000    6.550%, 09/10/02                 490,245                       
500,000    6.700%, 07/16/04      A1         484,430                       
GENERAL ELECTRIC CAPITAL                                
CORP (MEDIUM TERM NOTE)                             
500,000    6.650%, 09/03/02      AAA        495,165                       
GENERAL MOTORS ACCEPTANCE                               
CORP (MEDIUM TERM NOTE)                             
500,000    6.850%, 06/17/04      A2         487,995                       
500,000    6.750%, 12/10/02      A2         491,495                       
HOUSEHOLD FINANCE CORP                                  
NOTE                                                
500,000    5.875%, 11/01/02      A2         480,395                       
                 -----------
                   3,424,950
                 -----------

SECURITIES AND COMMODITIES -- 1.68%                                             
MORGAN STANLEY DEAN                                     
WITTER CO                                           
500,000    7.125%, 01/15/03      AA3        496,795                       
                 -----------
TOTAL FINANCE                    3,921,745              
                 -----------

FOODS AND RELATED -- 4.99%                                                      

BEVERAGES, OTHER FOOD                                                           
PRODUCTS -- 4.99%                                                           
DIAGEO CAPITAL PLC NOTE                                 
500,000    6.625%, 06/24/04      A1         485,905                       
SAFEWAY, INC                                            
1,000,000    7.000%, 09/15/02      BAA2       988,810                         
                 -----------
TOTAL FOODS AND RELATED          1,474,715              
                 -----------

RETAIL AND WHOLESALE -- 1.68%                                                   

GENERAL MERCHANDISE                                                             
STORES -- 1.68%                                                             
WAL-MART STORES                                         
500,000    6.150%, 08/10/01      AA2        495,670                       
                 -----------
TOTAL RETAIL AND                                          
WHOLESALE                        495,670            
                 -----------

TECHNOLOGY -- 3.32%                                                             

COMPUTERS AND OFFICE EQUIPMENT--                                                
1.62%                                                                       
COMDISCO, INC (SR NOTE)                                 
500,000    6.000%, 01/30/02      BAA1       477,940                       
                 -----------

INSTRUMENTS AND RELATED                                                         
PRODUCTS -- 1.70%                                                           
RAYTHEON CO                                             
500,000  g 7.900%, 03/01/03      BAA2       502,985                       
                 -----------
TOTAL TECHNOLOGY                   980,925              
                 -----------

TRANSPORTATION -- 1.66%                                                         

AUTOS, TIRES AND RELATED                                                        
PRODUCTS -- 1.66%                                                           
BOMBARDIER CAPITAL                                      
500,000  g 7.300%, 12/15/02      AA3        491,726                       
                 -----------
TOTAL TRANSPORTATION               491,726              
                 -----------

UTILITIES -- 12.35%                                                             

TELEPHONE -- 5.06%                                                              
SPRINT CAPITAL CORP                                     
500,000    7.625%, 06/10/02      BAA1       499,645                       
US WEST CAPITAL CORP                                    
1,000,000    6.875%, 08/15/01      BAA1       994,780                         
                 -----------
                   1,494,425
                 -----------

ELECTRIC, GAS AND OTHER -- 7.29%                                                
DUKE CAPITAL NOTE                                       
200,000    7.250%, 10/01/04      A3         197,060                       
K N ENERGY, INC                                         
(SR NOTE)                                             
1,000,000    6.450%, 11/30/01      BAA2       984,300                         
WILLIAMS COS, INC                                       
1,000,000    6.200%, 08/01/02      BAA2       973,080                         
                 -----------
                   2,154,440
                 -----------
TOTAL UTILITIES                  3,648,865              
                 -----------

+AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)                          

82  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
83rd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 83rd
TIAA-CREF MUTUAL FUNDS                                      SHORT-TERM BOND FUND

------------------------------------------------------------------------------- 
PRINCIPAL                       RATINGS+     VALUE                          
------------------------------------------------------------------------------- 

TOTAL CORPORATE BONDS                                                           
(COST $13,220,993)                         $13,209,623                          
                 -----------

GOVERNMENT BONDS -- 47.87%                                                      

AGENCY SECURITIES -- 12.85%                                                     
FEDERAL NATIONAL                                        
MORTGAGE ASSOCIATION                                
(FNMA)                                              
2,000,000    4.750%, 11/14/03               1,864,380                         
FEDERAL HOME LOAN                                       
MORTGAGE CORP (FHLMC)                               
2,000,000    5.750%, 07/15/03               1,931,560                         
                 -----------
                   3,795,940
                 -----------

FOREIGN GOVERNMENT BONDS -- 0.33%                                               
CANADA GOVERNMENT                                       
100,000    6.375%, 11/30/04      AA2         97,463                       
                 -----------

U.S. TREASURY SECURITIES-- 34.69%                                               
U.S. TREASURY NOTE                                      
2,500,000    6.250%, 02/28/02               2,491,400                         
1,200,000    5.750%, 10/31/02               1,182,937                         
3,000,000    6.250%, 02/15/03               2,989,230                         
3,500,000    6.750%, 05/15/05               3,581,480                         
                 -----------
                  10,245,047
                 -----------

TOTAL GOVERNMENT BONDS                                                          
(COST $14,108,844)                          14,138,450                          
                 -----------

TOTAL BONDS                                                                     
(COST $ 27,329,837)                         27,348,073                          
                 -----------

SHORT TERM INVESTMENT -- 0.44%                                                  

U.S. GOVERNMENT AND AGENCY-- 0.44%                                              
FEDERAL HOME LOAN                                       
MORTGAGE CORP (FHLMC)                               
$    129,000    6.570%, 07/03/00               128,953                          
                 -----------

TOTAL SHORT TERM INVESTMENT                                                     
(COST $128,953)                                128,953                          
                 -----------

TOTAL PORTFOLIO -- 93.03%                                                       
(COST $27,458,790)                          27,477,026                          

OTHER ASSETS & LIABILITIES, NET-- 6.97%      2,057,691                          
                 -----------
NET ASSETS-- 100.00%                       $29,534,717                          
                 -----------

-----------                                                                     
g  SECURITY IS EXEMPT FROM REGISTRATION UNDER RULE 144(A) OF THE SECURITIES ACT 
OF 1933 AND MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION TO     
QUALIFIED INSTITUTIONAL BUYERS. AT JUNE 30, 2000, THE VALUE OF THESE      
SECURITIES AMOUNTED TO $994,711 OR 3.37% OF NET ASSETS.                   

-----------------                                                         
OTHER INFORMATION                                                         
  THE COMPOSITION OF LONG-TERM DEBT HOLDINGS AS A PERCENTAGE OF TOTAL VALUE OF
INVESTMENT IN SECURITIES, IS AS FOLLOWS:                                  

MOODY'S RATINGS                                         
AAA, AA, A     28.84%                                         
BAA            19.82%                                         

  U.S. GOVERNMENT OBLIGATIONS REPRESENT 51.34% OF THE LONG-TERM DEBT PORTFOLIO
VALUE AND ARE NOT REFLECTED IN THE ABOVE RATINGS.                         

+ AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED)                         

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 83

N-30D
84th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 84th
TIAA-CREF MUTUAL FUNDS     STATEMENT OF INVESTMENTS    SOCIAL CHOICE EQUITY FUND
(Unaudited) 
June 30, 2000   

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

COMMON STOCK -- 98.34%                                                          

BASIC INDUSTRIES -- 3.84%                                                       

CHEMICALS AND PLASTIC -- 2.91%                                                  
1,913    AIR PRODUCTS & CHEMICALS, INC             $   58,944         
1,025    AVON PRODUCTS, INC                            45,612         
725    CABOT CORP                                    19,756       
1,123    CLOROX CO                                     50,324         
2,403    COLGATE PALMOLIVE CO                         143,879         
1,200    ECOLAB, INC                                   46,875         
234    FULLER (H.B.) CO                              10,661       
1,055    HANNA (M.A.) CO                                9,495         
1,601    ILLINOIS TOOL WORKS, INC                      91,257         
723    INTERNATIONAL FLAVORS &                                    
 FRAGRANCES, INC                              21,825
214    NCH CORP                                       7,744       
1,237    PHARMACIA CORP                                63,937         
1,475    PRAXAIR, INC                                  55,220         
4,885    PROCTER & GAMBLE CO                          279,666         
846    SCHULMAN (A.), INC                            10,204       
                                         -----------
                                             915,399
                                         -----------
STEEL AND OTHER METALS -- 0.40%                                                 
1,262    BIRMINGHAM STEEL CORP                          4,890         
2,464    CROWN CORK & SEAL CO, INC                     36,960         
281    MARK IV INDUSTRIES, INC                        5,865       
1,498    NUCOR CORP                                    49,714         
2,600    WORTHINGTON INDUSTRIES, INC                   27,300         
                                         -----------
                                             124,729
                                         -----------
PAPER AND FOREST PRODUCTS -- 0.53%                                              
1,323    AVERY DENNISON CORP                           88,806         
1,160    CONSOLIDATED PAPERS, INC                      42,412         
1,771    SONOCO PRODUCTS CO                            36,416         
                                         -----------
                                             167,634
                                         -----------
TOTAL BASIC INDUSTRIES                     1,207,762
                                         -----------

BUSINESS SERVICES -- 0.29%                                                      

ADVERTISING AND OTHER SERVICES-- 0.29%                                          
1,017    DUN & BRADSTREET CORP                         29,111         
50    GARTNER GROUP, INC (CLASS A)                     600      
705    OMNICOM GROUP, INC                            62,789       
                                         -----------
TOTAL BUSINESS SERVICES                       92,500
                                         -----------

CONSTRUCTION AND REAL ESTATE -- 2.46%                                           

BUILDING MATERIALS -- 2.30%                                                     
809    CORNING, INC                                 218,328       
6,584    HOME DEPOT, INC                              328,788         
1,021    LOWE'S COS, INC                               41,924         
1,828    MASCO CORP                                    33,018         
2,304    PPG INDUSTRIES, INC                          102,096         
                                         -----------
                                             724,154
                                         -----------
CONSTRUCTION -- 0.16%                                                           
351    HILLENBRAND INDUSTRIES, INC                   10,990       
1,467    NEWELL RUBBERMAID, INC                        37,775         
                                         -----------
                                              48,765
                                         -----------
TOTAL CONSTRUCTION AND                              
 REAL ESTATE                                 772,919
                                         -----------

CONSUMER DURABLE -- 7.63%                                                       

HOME APPLIANCES AND FURNISHINGS-- 7.21%                                         
453  * ADVANCED MICRO DEVICES, INC                   34,994       
500  * ALTERA CORP                                   50,968       
400  * AMERICAN POWER CONVERSION                                  
 CORP                                         16,325
900  * ANALOG DEVICES, INC                           68,400       
3,714    GILLETTE CO                                  129,757         
9,200    INTEL CORP                                 1,229,925         
700  * LSI LOGIC CORP                                37,887       
1,532  * MICRON TECHNOLOGY, INC                       134,911         
738    MOLEX, INC                                    35,516       
554  * NATIONAL SEMICONDUCTOR CORP                   31,439       
1,688  * SOLECTRON CORP                                70,685         
4,674    TEXAS INSTRUMENTS, INC                       321,045         
439  * VISHAY INTERTECHNOLOGY, INC                   16,654       
460    WHIRLPOOL CORP                                21,447       
800  * XILINX, INC                                   66,050       
                                         -----------
                                           2,266,003
                                         -----------
TEXTILE APPAREL AND ACCESSORIES -- 0.42%                                        
2,091    GAP, INC                                      65,343         
600    LIMITED, INC                                  12,975       
162    LIZ CLAIBORNE, INC                             5,710       
1,020    NIKE, INC (CLASS B)                           40,608         
358    V.F. CORP                                      8,524       
                                         -----------
                                             133,160
                                         -----------
TOTAL CONSUMER DURABLE                     2,399,163
                                         -----------

84  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
85th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 85th
TIAA-CREF MUTUAL FUNDS                                 SOCIAL CHOICE EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

ENERGY -- 3.77%                                                                 

OIL, GAS AND OTHER ENERGY SERVICES -- 3.77%                                     
1,889    ANADARKO PETROLEUM CORP                   $   93,151         
1,445    APACHE CORP                                   84,984         
381  * BJ SERVICES CO                                23,812       
2,592    BURLINGTON RESOURCES, INC                     99,144         
3,103    ENRON CORP                                   200,143         
2,200    HALLIBURTON CO                               103,812         
1,204    HELMERICH & PAYNE, INC                        44,999         
1,201    MITCHELL ENERGY & DEVELOPMENT                                
 CORP (CLASS A)                               38,582
1,453    MURPHY OIL CORP                               86,362         
741  * NABORS INDUSTRIES, INC                        30,797       
1,285    NOBLE AFFILIATES, INC                         47,866         
712  * NOBLE DRILLING CORP                           29,325       
1,564  * PARKER DRILLING CO                             9,677         
959  * ROWAN COS, INC                                29,129       
3,499  * SANTA FE SNYDER CORP                          39,801         
1,207    TRANSOCEAN SEDCO FOREX, INC                   64,499         
3,017    UNION PACIFIC RESOURCES GROUP,                               
 INC                                          66,374
809    VASTAR RESOURCES, INC                         66,439       
214    WD-40 CO                                       4,440       
490  * WEATHERFORD INTERNATIONAL, INC                19,508       
                                         -----------
TOTAL ENERGY                               1,182,844
                                         -----------

FINANCE -- 16.42%                                                               

BANKS, SAVINGS AND LOANS -- 7.67%                                               
6,181    BANK OF AMERICA CORP                         265,783         
2,460    BANK OF NEW YORK CO, INC                     114,390         
3,884    BANK ONE CORP                                103,168         
4,375    CHASE MANHATTAN CORP                         201,523         
10,432    CITIGROUP, INC                               628,528          
743    FIFTH THIRD BANCORP                           46,994       
3,910    FIRST UNION CORP                              97,016         
2,700    FIRSTAR CORP                                  56,868         
2,685    FLEETBOSTON FINANCIAL CORP                    91,290         
1,036    KEYCORP                                       18,259         
3,281    MBNA CORP                                     88,997         
1,277    MELLON FINANCIAL CORP                         46,530         
799    MORGAN (J.P.) & CO, INC                       87,989       
1,860    NATIONAL CITY CORP                            31,736         
1,249    PNC FINANCIAL SERVICES GROUP, INC             58,546         
474    PROVIDIAN FINANCIAL CORP                      42,660       
300    STATE STREET CORP                             31,818       
1,158    SUNTRUST BANKS, INC                           52,906         
2,240    U.S. BANCORP                                  43,120         
845    WACHOVIA CORP                                 45,841       
1,660    WASHINGTON MUTUAL, INC                        47,932         
5,401    WELLS FARGO CO                               209,288         
                                         -----------
                                           2,411,182
                                         -----------
CREDIT AND OTHER FINANCE -- 3.20%                                               
5,453    AMERICAN EXPRESS CO                          284,237         
2,534    ASSOCIATES FIRST CAPITAL CORP                 56,539         
600    CAPITAL ONE FINANCIAL CORP                    26,775       
380    CARRAMERICA REALTY CORP                       10,070       
100    COLONIAL PROPERTIES TRUST                      2,737       
1,217    CRESCENT REAL ESTATE EQUITIES CO              24,948         
684    DUKE-WEEKS REALTY CORP                        15,304       
4,426    FEDERAL NATIONAL MORTGAGE                                    
 ASSOCIATION                                 230,981
100    FINOVA GROUP, INC                              1,300       
350    FIRST INDUSTRIAL REALTY TRUST, INC            10,325       
2,775    FREDDIE MAC                                  112,387         
400    HIGHWOODS PROPERTIES, INC                      9,600       
2,388    HOUSEHOLD INTERNATIONAL, INC                  99,251         
150    LEUCADIA NATIONAL CORP                         3,421       
377    LIBERTY PROPERTY TRUST CO                      9,778       
397    ROUSE CO                                       9,825       
1,192    SIMON PROPERTY GROUP, INC                     26,447         
773    SLM HOLDINGS CORP                             28,939       
288    SPIEKER PROPERTIES, INC                       13,248       
100    STORAGE U.S.A., INC                            2,950       
651    WEINGARTEN REALTY INVESTORS, INC              26,284       
                                         -----------
                                           1,005,346
                                         -----------
INSURANCE -- 3.68%                                                              
1,300    AEGON NV ARS                                  46,312         
300    AETNA, INC                                    19,256       
600    AFLAC, INC                                    27,562       
2,651    ALLSTATE CORP                                 58,984         
1,430    AMERICAN GENERAL CORP                         87,230         
5,159    AMERICAN INTERNATIONAL GROUP, INC            606,182         
659    CHUBB CORP                                    40,528       
691    CIGNA CORP                                    64,608       
120  * CNA FINANCIAL CORP                             4,080       
689    CONSECO, INC                                   6,717       
700  * HUMANA, INC                                    3,412       
310    JEFFERSON-PILOT CORP                          17,495       
300  * JOHN HANCOCK FINANCIAL SERVICES,                           
 INC                                           7,106
1,449    MARSH & MCLENNAN COS, INC                    151,329         
176    SAFECO CORP                                    3,498       
352    ST. PAUL COS, INC                             12,012       
                                         -----------
                                           1,156,311
                                         -----------

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 85

N-30D
86th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 86th
TIAA-CREF MUTUAL FUNDS                                 SOCIAL CHOICE EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

SECURITIES AND COMMODITIES -- 1.87%                                             
103    BEAR STEARNS COS, INC                       $  4,287       
1,282    MERRILL LYNCH & CO, INC                      147,430         
3,377    MORGAN STANLEY DEAN WITTER & CO              281,135         
280    PAINE WEBBER GROUP, INC                       12,740       
3,505    SCHWAB (CHARLES) CORP                        117,855         
242    THE GOLDMAN SACHS GROUP, INC                  22,959       
                                         -----------
                                             586,406
                                         -----------
TOTAL FINANCE                              5,159,245
                                         -----------

FOODS AND RELATED -- 5.49%                                                      

BEVERAGES, OTHER FOOD PRODUCTS -- 5.49%                                         
1,394    ALBERTSONS, INC                               46,350         
1,267    BESTFOODS, INC                                87,739         
1,703    CAMPBELL SOUP CO                              49,599         
7,739    COCA COLA CO                                 444,508         
1,162    COCA COLA ENTERPRISES, INC                    18,955         
662    DARDEN RESTAURANTS, INC                       10,757       
1,734    GENERAL MILLS, INC                            66,325         
1,908    HEINZ (H.J.) CO                               83,475         
782    HERSHEY FOODS CORP                            37,927       
1,664    KELLOGG CO                                    49,504         
2,239  * KROGER CO                                     49,397         
112    MCCORMICK & CO, INC (NON-VOTE)                 3,640       
5,651    MCDONALD'S CORP                              186,129         
541    NABISCO GROUP HOLDINGS                        14,032       
150    PEPSI BOTTLING GROUP, INC                      4,378       
5,010    PEPSICO, INC                                 222,631         
815    QUAKER OATS CO                                61,226       
1,000    RALSTON PURINA CO                             19,937         
1,408  * SAFEWAY, INC                                  63,536         
1,447    SYSCO CORP                                    60,954         
2,084    UNILEVER NV (NEW YORK SHS)                    89,612         
313    WHITMAN CORP                                   3,873       
640    WRIGLEY (WM) JR CO                            51,320       
                                         -----------
TOTAL FOODS AND RELATED                    1,725,804
                                         -----------

HEALTH -- 12.15%                                                                

DRUGS AND PHARMACEUTICALS -- 9.92%                                              
495    ALLERGAN, INC                                 36,877       
470  * ALZA CORP                                     27,788       
3,000  * AMGEN, INC                                   210,750         
50    BERGEN BRUNSWIG CORP (CLASS A)                   275      
6,355    BRISTOL MYERS SQUIBB CO                      370,178         
929    CARDINAL HEALTH, INC                          68,746       
1,057    CVS CORP                                      42,280         
144  * FOREST LABORATORIES, INC                      14,544       
120  * GENZYME CORP (GENERAL DIVISION)                7,132       
63  * GENZYME SURGICAL PRODUCTS                        626      
154  * GENZYME-MOLECULAR ONCOLOGY                     2,136       
192  * IVAX CORP                                      7,968       
4,946    JOHNSON & JOHNSON CO                         503,873         
3,400    LILLY (ELI) & CO                             339,575         
414    MALLINCKRODT, INC                             17,983       
705    MCKESSON HBOC, INC                            14,760       
7,487    MERCK & CO, INC                              573,691         
205    MYLAN LABORATORIES, INC                        3,741       
10,652    PFIZER, INC                                  511,296          
4,762    SCHERING-PLOUGH CORP                         240,481         
706    SIGMA ALDRICH CORP                            20,650       
3,115    WALGREEN CO                                  100,264         
                                         -----------
                                           3,115,614
                                         -----------

MEDICAL EQUIPMENT AND SUPPLIES -- 1.83%                                         
1,123  * AGILENT TECHNOLOGIES, INC                     82,821         
283    BAUSCH & LOMB, INC                            21,897       
1,227    BAXTER INTERNATIONAL, INC                     86,273         
1,339    BECTON DICKINSON & CO                         38,412         
498    BIOMET, INC                                   19,141       
1,249  * BOSTON SCIENTIFIC CORP                        27,399         
145  * EDWARDS LIFESCIENCES CORP                      2,682       
1,060  * GUIDANT CORP                                  52,470         
4,040    MEDTRONIC, INC                               201,242         
500    PE CORP-PE BIOSYSTEMS GROUP                   32,937       
183  * ST. JUDE MEDICAL, INC                          8,395       
                                         -----------
                                             573,669
                                         -----------

MEDICAL FACILITIES MANAGEMENT -- 0.40%                                          
2,650    COLUMBIA/HCA HEALTHCARE CORP                  80,493         
62  * LIFEPOINT HOSPITALS, INC                       1,379      
1,514    TENET HEALTHCARE CORP                         40,878         
118  * TRIAD HOSPITALS, INC                           2,854       
                                         -----------
                                             125,604
                                         -----------
TOTAL HEALTH                               3,814,887
                                         -----------

INDUSTRIAL MACHINERY -- 2.32%                                                   

ELECTRICAL -- 0.86%                                                             
248    AVNET, INC                                    14,694       
561    BALDOR ELECTRIC CO                            10,448       
1,100    COOPER INDUSTRIES, INC                        35,818         
3,078    EMERSON ELECTRIC CO                          185,834         
524    GRAINGER (W.W.), INC                          16,145       
438    THOMAS & BETTS CORP                            8,376       
                                         -----------
                                             271,315
                                         -----------

86  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
87th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 87th
TIAA-CREF MUTUAL FUNDS                                 SOCIAL CHOICE EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

OTHER INDUSTRIAL EQUIPMENT-- 1.46%                                              
2,234  * APPLIED MATERIALS, INC                    $  202,456         
1,800    BAKER HUGHES, INC                             57,600         
434    CUMMINS ENGINE CO, INC                        11,826       
1,367    DEERE & CO                                    50,579         
429    GRACO, INC                                    13,942       
790  * GRANT PRIDECO, INC                            19,750       
944    INGERSOLL-RAND CO                             37,996       
238    NORDSON CORP                                  12,048       
372  * SMITH INTERNATIONAL, INC                      27,086       
1,377    TIMKEN CO                                     25,646         
                                         -----------
                                             458,929
                                         -----------
TOTAL INDUSTRIAL MACHINERY                   730,244
                                         -----------

MEDIA AND LEISURE -- 4.38%                                                      

BROADCASTING -- 3.33%                                                           
876  * CLEAR CHANNEL COMMUNICATIONS,                              
 INC                                          65,700
2,500  * COMCAST CORP (CLASS A) SPECIAL               101,250         
751  * COX COMMUNICATIONS, INC (CLASS A)             34,217       
6,729    DISNEY (WALT) CO                             261,169         
3,972    TIME WARNER, INC                             301,872         
4,169  * VIACOM, INC (CLASS B)                        284,273         
                                         -----------
                                           1,048,481
                                         -----------

PUBLISHING -- 1.05%                                                             
442    DELUXE CORP                                   10,414       
619    DOW JONES & CO, INC                           45,341       
1,696    GANNETT CO, INC                              101,442         
399    KNIGHT-RIDDER, INC                            21,221       
1,399    MCGRAW HILL COS, INC                          75,546         
825    NEW YORK TIMES CO (CLASS A)                   32,587       
100  * R.H. DONNELLEY CORP                            1,937       
447    TIMES MIRROR CO SERIES A                      40,509       
                                         -----------
                                             328,997
                                         -----------
TOTAL MEDIA AND LEISURE                    1,377,478
                                         -----------

RETAIL AND WHOLESALE -- 3.74%                                                   

GENERAL MERCHANDISE STORES -- 3.74%                                             
893  * COSTCO WHOLESALE CORP                         29,469       
204  * FEDERATED DEPARTMENT STORES, INC               6,885       
787    HASBRO, INC                                   11,854       
1,064  * K MART CORP                                    7,248         
300  * KOHLS CORP                                    16,687       
1,942    MATTEL, INC                                   25,610         
719    MAY DEPARTMENT STORES CO                      17,256       
3,083    MINNESOTA MINING &                                           
 MANUFACTURING CO                            254,347
575    PENNEY, (J.C.) CO, INC                        10,601       
1,059    SEARS ROEBUCK & CO                            34,549         
1,027    TARGET CORP                                   59,566         
422  * TOYS `R' US, INC                               6,145       
12,036    WAL-MART STORES, INC                         693,574          
                                         -----------
TOTAL RETAIL AND WHOLESALE                 1,173,795
                                         -----------

TECHNOLOGY -- 22.96%                                                            

COMMUNICATIONS EQUIPMENT -- 2.37%                                               
450  * GLENAYRE TECHNOLOGIES, INC                     4,753       
7,800    NORTEL NETWORKS CORP (U.S.)                  532,350         
1,900  * QUALCOMM, INC                                114,000         
370  * SENSORMATIC ELECTRONICS CORP                   5,850       
1,280  * TELLABS, INC                                  87,600         
                                         -----------
                                             744,553
                                         -----------

COMPUTERS AND OFFICE EQUIPMENT -- 20.24%                                        
1,049  * 3COM CORP                                     60,448         
6,019  * AMERICA ONLINE, INC                          317,502         
1,194  * APPLE COMPUTER, INC                           62,535         
3,183    AUTOMATIC DATA PROCESSING, INC               170,489         
17,900  * CISCO SYSTEMS, INC                         1,137,768          
4,966    COMPAQ COMPUTER CORP                         126,943         
1,599    COMPUTER ASSOCIATES                                          
 INTERNATIONAL, INC                           81,848
6,900  * DELL COMPUTER CORP                           340,256         
152    DIEBOLD, INC                                   4,237       
2,068    ELECTRONIC DATA SYSTEMS CORP                  85,305         
5,742  * EMC CORP                                     441,775         
1,159    FIRST DATA CORP                               57,515         
755  * GATEWAY, INC                                  42,846       
2,883    HEWLETT-PACKARD CO                           360,014         
569    IKON OFFICE SOLUTIONS, INC                     2,204       
103  * IMATION CORP                                   3,025       
1,175    IMS HEALTH, INC                               21,150         
5,221    INTERNATIONAL BUSINESS                                       
 MACHINES CORP                               572,025
13,600  * MICROSOFT CORP                             1,088,000          
500  * NETWORK APPLIANCE, INC                        40,250       
853  * NOVELL, INC                                    7,890       
7,300  * ORACLE CORP                                  613,656         
1,347    PITNEY BOWES, INC                             53,880         
476    SABRE HOLDINGS CORP                           13,566       
4,300  * SUN MICROSYSTEMS, INC                        391,031         
800  * VERITAS SOFTWARE CORP                         90,412       
1,400  * YAHOO, INC                                   173,425         
                                         -----------
                                           6,359,995
                                         -----------

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 87

N-30D
88th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 88th
TIAA-CREF MUTUAL FUNDS                                 SOCIAL CHOICE EQUITY FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

ELECTRONICS AND OTHER TECHNOLOGY -- 0.17%                                       
500  * BEST BUY CO, INC                           $  31,625       
467    RADIOSHACK CORP                               22,124       
                                         -----------
                                              53,749
                                         -----------

INSTRUMENTS AND RELATED PRODUCTS -- 0.18%                                       
2,673  XEROX CORP                                      55,464         
                                         -----------
TOTAL TECHNOLOGY                             7,213,761  
                                         -----------

TRANSPORTATION -- 0.78%                                                         

AIR TRANSPORTATION -- 0.40%                                                     
759  * AMR CORP                                      20,066       
504    DELTA AIRLINES, INC                           25,483       
1,046  * FEDEX CORP                                    39,748         
1,893    SOUTHWEST AIRLINES CO                         35,848         
100  * U.S. AIRWAYS GROUP, INC                        3,900       
                                         -----------
                                             125,045
                                         -----------

AUTOS, TIRES AND RELATED PRODUCTS -- 0.20%                                      
67    BANDAG, INC                                    1,624      
328    FEDERAL-MOGUL CORP                             3,136       
105    FLEETWOOD ENTERPRISES, INC                     1,496       
2,430    GENUINE PARTS CO                              48,600         
292    MODINE MANUFACTURING CO                        7,884       
68    RYDER SYSTEM, INC                              1,287      
                                         -----------
                                              64,027
                                         -----------

RAILROADS -- 0.17%                                                              
3,585    NORFOLK SOUTHERN CORP                         53,326         
                                         -----------

TRUCKING AND RELATED SERVICES-- 0.01%                                           
284    ARNOLD INDUSTRIES, INC                         3,425       
                                         -----------
TOTAL TRANSPORTATION                         245,823
                                         -----------

UTILITIES -- 12.11%                                                             

TELEPHONE -- 9.22%                                                              
851    ALLTEL CORP                                   52,708       
9,022    AT & T CORP                                  285,320         
1,330  * AT & T CORP - LIBERTY MEDIA GROUP                            
 (CLASS A)                                    32,252
4,776    BELL ATLANTIC CORP                           242,680         
6,332    BELLSOUTH CORP                               269,901         
2,000  * GLOBAL CROSSING LTD                           52,625         
9,040    LUCENT TECHNOLOGIES, INC                     535,620         
2,147  * MEDIA ONE GROUP, INC                         143,188         
1,744  * NEXTEL COMMUNICATIONS, INC                                   
 (CLASS A)                                   106,711
10,048    SBC COMMUNICATIONS, INC                      434,576          
2,415    SPRINT CORP (FON GROUP)                      123,165         
2,079  * SPRINT CORP (PCS GROUP)                      123,700         

--------------------------------------------------------------------------------
PRINCIPAL/SHARES                                         VALUE            
--------------------------------------------------------------------------------
1,848    U.S. WEST, INC                           $   158,466         
7,300  * WORLDCOM, INC                                334,887         
                                         -----------
                                           2,895,799
                                         -----------

ELECTRIC, GAS AND OTHER -- 2.89%                                                
1,096    AGL RESOURCES, INC                            17,467         
1,378    COLUMBIA ENERGY GROUP                         90,431         
2,042    EL PASO ENERGY CORP                          104,014         
844    EQUITABLE RESOURCES, INC                      40,723       
1,057    IDACORP, INC                                  34,088         
2,145    KEYSPAN CORP                                  65,958         
1,824    LOUISVILLE GAS & ELECTRIC ENERGY                             
 CORP                                         43,548
966    MCN ENERGY GROUP, INC                         20,648       
1,166    NICOR, INC                                    38,040         
1,867    NISOURCE, INC                                 34,772         
2,787    OGE ENERGY CORP                               51,559         
1,079    PEOPLES ENERGY CORP                           34,932         
3,173    POTOMAC ELECTRIC POWER CO                     79,325         
2,659    PUGET SOUND ENERGY, INC                       56,669         
210  * SOUTHERN UNION CO                              3,320       
3,368    TECO ENERGY, INC                              67,570         
3,025    WILLIAMS COS, INC                            126,081         
                                         -----------
                                             909,145
                                         -----------
TOTAL UTILITIES                            3,804,944
                                         -----------

TOTAL COMMON STOCK                                                              
(COST $29,691,435)                                      30,901,165              
                                         -----------

SHORT TERM INVESTMENT -- 1.47%                                                  

U.S. GOVERNMENT AND AGENCY -- 1.47%                                             
FEDERAL HOME LOAN                                   
MORTGAGE CORP (FHLMC)                             
$462,000     6.570%, 07/03/00                            461,831            
                                         -----------

TOTAL SHORT TERM INVESTMENT                                                     
(COST $461,831)                                            461,831              
                                         -----------

TOTAL PORTFOLIO -- 99.81%                                                       
(COST $30,153,266)                                      31,362,996              
OTHER ASSETS & LIABILITIES, NET -- 0.19%                    58,160              
                                         -----------
NET ASSETS-- 100.00%                                   $31,421,156              
                                         ===========
-----------                                                                     
*  NON-INCOME PRODUCING                                                         

88 2000 SEMI-ANNUAL REPORT                     SEE NOTES TO FINANCIAL STATEMENTS

N-30D
89th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 89th
TIAA-CREF MUTUAL FUNDS  STATEMENT OF INVESTMENTS (Unaudited)   EQUITY INDEX FUND
 June 30, 2000

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

COMMON STOCK -- 98.87%                                                          

BASIC INDUSTRIES -- 3.82%                                                       

CHEMICALS AND PLASTIC -- 2.59%                                                  
13  * AEP INDUSTRIES, INC                         $    328      
898    AIR PRODUCTS & CHEMICALS, INC                 27,669       
235  * AIRGAS, INC                                    1,336       
92    ALBEMARLE CORP                                 1,817      
129    ALBERTO CULVER CO (CLASS B)                    3,942       
119    APTARGROUP, INC                                3,213       
82    ARCH CHEMICALS, INC                            1,793      
1,012    AVON PRODUCTS, INC                            45,034         
56    BLOCK DRUG, INC (CLASS A)                      2,369      
383    CABOT CORP                                    10,436       
128    CALGON CARBON CORP                               992       
88    CAMBREX CORP                                   3,960      
113    CARLISLE COS, INC                              5,085       
81    CARTER WALLACE, INC                            1,630      
34    CHEMED CORP                                      958      
68    CHEMFIRST, INC                                 1,640      
146    CHURCH & DWIGHT CO, INC                        2,628       
982    CLOROX CO                                     44,005       
2,395    COLGATE PALMOLIVE CO                         143,400         
435    CROMPTON CORP                                  5,328       
83  * CYGNUS, INC                                    1,182      
161  * CYTEC INDUSTRIES, INC                          3,974       
87    DEXTER CORP                                    4,176      
357    DIAL CORP                                      3,703       
3,078    DOW CHEMICAL CO                               92,917         
4,193    DU PONT (E.I.) DE NEMOURS & CO               183,443         
295    EASTMAN CHEMICAL CO                           14,086       
525    ECOLAB, INC                                   20,507       
235    ETHYL CORP                                       587       
99  * FMC CORP                                       5,742      
50    FULLER (H.B.) CO                               2,278      
79    GEON CO                                        1,461      
117    GEORGIA GULF CORP                              2,435       
249  * GRACE W.R. & CO                                3,019       
192    GREAT LAKES CHEMICAL CORP                      6,048       
184    HANNA (M.A.) CO                                1,656       
400    HERCULES, INC                                  5,625       
1,153    ILLINOIS TOOL WORKS, INC                      65,721         
376    IMC GLOBAL, INC                                4,888       
56  * INTERNATIONAL SPECIALTY PRODUCTS, INC            318      
396    INTERNATIONAL FLAVORS &                                    
 FRAGRANCES, INC                              11,954
113    JOHNS MANVILLE CORP                            1,490       
429    LAUDER (ESTEE) CO (CLASS A)                   21,208       
12    LIQUI-BOX CORP                                   594      
206    LUBRIZOL CORP                                  4,326       
58    MACDERMID, INC                                 1,363      
257    MILLENNIUM CHEMICAL, INC                       4,369       
71    MINERALS TECHNOLOGIES, INC                     3,266      
98    MISSISSIPPI CHEMICAL CORP                        465      
58    MYERS INDUSTRIES, INC                            623      
10    NCH CORP                                         361      
82    NL INDUSTRIES, INC                             1,250      
45  * OCTEL CORP                                       351      
152    OLIN CORP                                      2,508       
90    OM GROUP, INC                                  3,960      
124    OMNOVA SOLUTIONS, INC                            775       
634  * PACTIV CORP                                    4,992       
232  * PERRIGO CO                                     1,464       
5,412    PHARMACIA CORP                               279,732         
699    PRAXAIR, INC                                  26,168       
5,748    PROCTER & GAMBLE CO                          329,073         
75  * REVLON, INC (CLASS A)                            473      
58  * ROGERS CORP                                    2,030      
461    ROHM & HAAS CO                                15,904       
116    SCHULMAN (A.), INC                             1,399       
69  * SCOTTS CO (CLASS A)                            2,518      
414  * SEALED AIR CORP                               21,683       
415    SOLUTIA, INC                                   5,706       
57    SPARTECH CORP                                  1,539      
22    STEPAN CO                                        511      
76    TREDEGAR CORP                                  1,444      
16  * TREX CO, INC                                     800      
217    TUPPERWARE CORP                                4,774       
119  * U.S. PLASTIC LUMBER CORP                         524       
648    UNION CARBIDE CORP                            32,076       
341    USEC, INC                                      1,577       
30    VALHI, INC                                       311      
128    WELLMAN, INC                                   2,072       
                                         -----------
                                           1,526,962
                                         -----------

STEEL AND OTHER METALS -- 0.48%                                                 
392    AK STEEL HOLDINGS CORP                         3,136       
3,630    ALCOA, INC                                   105,270         
324    ALLEGHENY TECHNOLOGIES, INC                    5,832       
25  * ALLTRISTA CORP                                   534      
50  * ALPINE GROUP, INC                                337      
129    ARCH COAL, INC                                   991       
114    BALL CORP                                      3,669       

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 89

N-30D
90th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 90th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

STEEL AND OTHER METALS -- (CONTINUED)                                           
493  * BATTLE MOUNTAIN GOLD CO                     $  1,078       
92    BELDEN, INC                                    2,357      
494  * BETHLEHEM STEEL CORP                           1,759       
61    BRUSH ENGINEERED MATERIALS, INC                  953      
20    BUTLER MANUFACTURING CO                          340      
106  * CABLE DESIGN TECHNOLOGIES CO                   3,551       
69    CARPENTER TECHNOLOGY CORP                      1,457      
41    CASTLE (A.M.) & CO                               340      
61  * CHART INDUSTRIES, INC                            297      
42    CLEVELAND CLIFFS, INC                          1,084      
47    COMMERCIAL METALS CO                           1,292      
226    CRANE CO                                       5,494       
487    CROWN CORK & SEAL CO, INC                      7,305       
19    CURTISS WRIGHT CORP                              706      
323    ENGELHARD CORP                                 5,511       
526  * FREEPORT-MCMORAN COPPER &                                  
 GOLD, INC (CLASS B)                           4,865
116    GENERAL CABLE CORP                               942       
28    GIBRALTAR STEEL CORP                             392      
115  * GRIFFON CORP                                     639       
151    HARSCO CORP                                    3,850       
877    HOMESTAKE MINING CO                            6,029       
55    IMCO RECYCLING, INC                              299      
85    INTERMET CORP                                    584      
110  * KAISER ALUMINUM CORP                             440       
85  * LONE STAR TECHNOLOGIES, INC                    3,931      
376    LTV CORP                                       1,081       
175    MARK IV INDUSTRIES, INC                        3,653       
55    MATTHEWS INTERNATIONAL CORP                               
`              (CLASS A)                                     1,595              
67  * MAVERICK TUBE CORP                             1,951      
16  * MAXXAM, INC                                      284      
114    METALS U.S.A., INC                               534       
132  * MUELLER INDUSTRIES, INC                        3,696       
76    NATIONAL STEEL CORP (CLASS B)                    318      
69  * NCI BUILDING SYSTEMS, INC                      1,397      
731    NEWMONT MINING CORP                           15,807       
36  * NORTEK, INC                                      711      
428    NUCOR CORP                                    14,204       
9  * OPTICAL CABLE CORP                               272     
97    OREGON STEEL MILLS, INC                          187      
528    PARKER-HANNIFIN CORP                          18,084       
282    PHELPS DODGE CORP                             10,486       
16    PITT-DES MOINES, INC                             304      
92    PRECISION CAST PARTS CORP                      4,163      
33    PRIMEX TECHNOLOGIES, INC                         726      
54    QUANEX CORP                                      803      
71    RELIANCE STEEL & ALUMINUM CO                   1,357      
33    ROUGE INDUSTRIES, INC (CLASS A)                   99      
57  * RTI INTERNATIONAL METALS                         648      
51    RYERSON TULL, INC                                529      
41  * SILGAN HOLDINGS, INC                             402      
95    SOUTHERN PERU COPPER CORP                      1,157      
48  * SPS TECHNOLOGIES, INC                          1,971      
160  * STEEL DYNAMICS, INC                            1,450       
142  * STILLWATER MINING CO                           3,958       
38    SUPERIOR TELECOM, INC                            377      
79    TEXAS INDUSTRIES, INC                          2,281      
60    TITAN INTERNATIONAL, INC                         318      
67    TITANIUM METALS CORP                             314      
151  * TOWER AUTOMOTIVE, INC                          1,887       
35  * U.S. CAN CORP                                    608      
333    USX-US STEEL GROUP, INC                        6,181       
66    VALMONT INDUSTRIES, INC                        1,311      
63    WATTS INDUSTRIES, INC (CLASS A)                  795      
48  * WOLVERINE TUBE, INC                              816      
280    WORTHINGTON INDUSTRIES, INC                    2,940       
                                         -----------
                                             284,919
                                         -----------

PAPER AND FOREST PRODUCTS -- 0.75%                                              
18    AMERICAN WOODMARK CORP                           369      
465    AVERY DENNISON CORP                           31,213       
181    BEMIS, INC                                     6,086       
198    BOISE CASCADE CORP                             5,123       
195    BOWATER, INC                                   8,604       
95  * BUCKEYE TECHNOLOGIES, INC                      2,084      
96    CARAUSTAR INDUSTRIES, INC                      1,452      
153  * CHAMPION ENTERPRISES, INC                        745       
80    CHESAPEAKE CORP                                2,370      
403    CLAYTON HOMES, INC                             3,224       
213    CONSOLIDATED PAPERS, INC                       7,787       
65  * DAISYTEK INTERNATIONAL CORP                      613      
47    DELTIC TIMBER CORP                             1,004      
100  * EARTHSHELL CORP                                  303       
915    FORT JAMES CORP                               21,159       
201  * GAYLORD CONTAINER CO                             540       
744    GEORGIA-PACIFIC CORP                                       
 (PACKING GROUP)                              19,530
325    GEORGIA-PACIFIC CORP (TIMBER GROUP)            7,028       
97    GLATFELTER (P.H.) CO                             988      
53  * GRAPHIC PACKAGING INTERNATIONAL                           
 CORP                                            112
100    GREIF BROTHERS CORP (CLASS A)                  3,075       
2,085    INTERNATIONAL PAPER CO                        62,159         
79  * IVEX PACKAGING CORP                              878      
2,300    KIMBERLY-CLARK CORP                          131,962         

90  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
91st “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 91st
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

PAPER AND FOREST PRODUCTS -- (CONTINUED)                                        
195    LONGVIEW FIBRE CO                          $   2,157       
401    LOUISIANA PACIFIC CORP                         4,360       
145  * MAIL-WELL, INC                                 1,250       
386    MEAD CORP                                      9,746       
177    OAKWOOD HOMES CORP                               320       
69  * PALM HARBOR HOMES, INC                         1,000      
108  * PLAYTEX PRODUCTS, INC                          1,221       
98    POTLATCH CORP                                  3,246      
105    RAYONIER, INC                                  3,766       
36    REPUBLIC GROUP, INC                              324      
46    ROCK-TENN CO (CLASS A)                           393      
66  * SCHOOL SPECIALTY, INC                          1,225      
56    SCHWEITZER-MAUDUIT INTERNATIONAL,                         
 INC                                             700
34    SKYLINE CORP                                     731      
438  * SMURFIT-STONE CONTAINER CORP                   5,639       
384    SONOCO PRODUCTS CO                             7,896       
122    ST. JOE CO                                     3,660       
181    TEMPLE-INLAND, INC                             7,602       
122  * UNITED STATIONERS, INC                         3,949       
55    UNIVERSAL FOREST PRODUCTS, INC                   756      
194    WAUSAU-MOSINEE PAPER CORP                      1,661       
428    WESTVACO CORP                                 10,619       
987    WEYERHAEUSER CO                               42,441       
384    WILLAMETTE INDUSTRIES, INC                    10,464       
                                         -----------
                                             443,534
                                         -----------
TOTAL BASIC INDUSTRIES                     2,255,415
                                         -----------

BUSINESS SERVICES -- 1.07%                                                      

ADVERTISING AND OTHER SERVICES -- 1.07%                                         
55  * 24/7 MEDIA, INC                                  859      
67    AARON RENTS, INC                                 841      
61    ABM INDUSTRIES, INC                            1,403      
44    ACKERLEY GROUP, INC                              517      
18    ADECCO S.A. ADR                                1,910      
34  * ADMINSTAFF, INC                                2,159      
69  * ADVO, INC                                      2,898      
30  * AHL SERVICES, INC                                183      
20  * AKAMAI TECHNOLOGIES, INC                       2,374      
102  * ANSWERTHINK, INC                               1,695       
289  * APOLLO GROUP, INC (CLASS A)                    8,092       
10  * BERLITZ INTERNATIONAL, INC                        90      
369    BLOCK (H&R), INC                              11,946       
46  * BRIGHT HORIZONS FAMILY SOLUTIONS,                         
 INC                                             983
42  * BURNS INTERNATIONAL SERVICES CORP                525      
28  * CAREER EDUCATION CORP                          1,358      
18  * CAREERBUILDER, INC                                59      
43  * CARRIAGE SERVICES, INC (CLASS A)                 145      
59  * CATALINA MARKETING CORP                        6,018      
217  * CATALYTICA, INC                                2,387       
42  * CDI CORP                                         855      
295  * CELGENE CORP                                  17,368       
3,077  * CENDANT CORP                                  43,078         
267  * CENTURY BUSINESS SERVICES, INC                   517       
27  * CHARLES RIVER ASSOCIATES, INC                    475      
137  * CHECKFREE HOLDINGS CORP                        7,064       
529    CINTAS CORP                                   19,407       
927  * CMGI, INC                                     42,468       
76  * COINSTAR, INC                                    764      
17  * CORINTHIAN COLLEGES, INC                         398      
36  * CORNELL COS, INC                                 288      
32  * CORPORATE EXECUTIVE BOARD CO                   1,916      
221  * COVANCE, INC                                   1,947       
30    CPI CORP                                         633      
74  * CRITICAL PATH, INC                             4,315      
49  * CTC COMMUNICATIONS GROUP, INC                  1,764      
226  * DEVRY, INC                                     5,974       
47  * DIAMOND TECHNOLOGY                                        
 PARTNERS, INC (CLASS A)                       4,136
427  * DOUBLECLICK, INC                              16,279       
706    DUN & BRADSTREET CORP                         20,209       
324  * EBAY, INC                                     17,597       
72  * EDUCATION MANAGEMENT CORP                      1,300      
54  * ELECTRO RENT CORP                                661      
51  * ENTREMED, INC                                  1,526      
45  * F.Y.I., INC                                    1,515      
38    FAIR ISSAC & CO, INC                           1,672      
64  * FIRST CONSULTING GROUP, INC                      356      
21  * FORRESTER RESEARCH, INC                        1,529      
72    G & K SERVICES, INC (CLASS A)                  1,804      
307    GARTNER GROUP, INC (CLASS A)                   3,684       
110  * GETTY IMAGES, INC                              4,076       
42  * HEARME.COM                                       189      
55  * HEIDRICK & STRUGGLES INTERNATIONAL,                       
 INC                                           3,471
92  * INCTYE GENOMICS                                7,561      
44  * INSPIRE INSURANCE SOLUTIONS, INC                 132      
206  * INTERIM SERVICES, INC                          3,656       
49    INTERPOOL, INC                                   477      
1,294    INTERPUBLIC GROUP OF COS, INC                 55,642         
86  * IT GROUP, INC                                    419      
55  * ITT EDUCATIONAL SERVICES, INC                    965      
83  * JACOBS ENGINEERING GROUP, INC                  2,713      
21  * KANA COMMUNICATIONS, INC                       1,299      

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 91

N-30D
92nd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 92nd
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

ADVERTISING AND OTHER SERVICES -- (CONTINUED)                                   
67    KELLY SERVICES, INC (CLASS A)               $  1,549      
153  * KFORCE.COM, INC                                1,061       
83  * KORN FERRY INTERNATIONAL                       2,630      
134  * LABOR READY, INC                                 887       
199  * LAMAR ADVERTISING CO (CLASS A)                 8,619       
30    LANDAUER, INC                                    466      
71  * LASON, INC                                       177      
41  * LEARNING TREE INTERNATIONAL, INC               2,511      
286    MANPOWER, INC                                  9,152       
517  * MARCHFIRST, INC                                9,435       
69  * MARKETING SERVICES GROUP                         306      
43  * MAXIMUS, INC                                     951      
34    MCGRATH RENTCORP                                 578      
13  * MEDIA METRIX, INC                                330      
46  * MEMBERWORKS, INC                               1,546      
109  * MESSAGEMEDIA, INC                                381       
23  * MODEM MEDIA, INC                                 286      
341  * MODIS PROFESSIONAL SERVICES, INC               3,026       
90  * NATIONAL EQUIPMENT SERVICES, INC                 540      
153  * NATIONSRENT, INC                                 583       
140  * NAVIGANT CONSULTING CO                           595       
144  * NBC INTERNET, INC                              1,800       
44  * NEFF CORP                                        167      
36  * NEXTERA ENTERPRISES, INC                         172      
214  * NOVA CORP (GEORGIA)                            5,978       
768    OMNICOM GROUP, INC                            68,400       
82  * ON ASSIGNMENT, INC                             2,501      
95  * PAREXEL INTERNATIONAL CORP                       908      
71  * PEGASUS SOLUTIONS, INC                           772      
97  * PERSONNEL GROUP OF AMERICA, INC                  284      
69  * PHARMACEUTICAL PRODUCT DEVELOPMENT,                       
 INC                                           1,449
180    PITTSTON BRINKS GROUP CO                       2,463       
73  * PREPAID LEGAL SERVICES, INC                    2,180      
55  * PROBUSINESS SERVICES, INC                      1,460      
14  * PROFESSIONAL DETAILING, INC                      476      
135  * PROFIT RECOVERY GROUP INTERNATIONAL,                       
 INC                                           2,244
74  * PROTECTION ONE, INC                              161      
35  * PROVANT, INC                                     196      
433  * QUINTILES TRANSNATIONAL CORP                   6,116       
40  * REDBACK NETWORKS, INC                          7,120      
112    REGIS CORP                                     1,400       
138  * RENAISSANCE WORLDWIDE, INC                       215       
63  * RENT WAY, INC                                  1,838      
66  * RENT-A-CENTER, INC                             1,485      
876  * ROBERT HALF INTERNATIONAL, INC                24,966       
64    ROLLINS, INC                                     952      
17  * RWD TECHNOLOGIES, INC                             98      
243 b* SAFETY-KLEEN CORP                                 17       
1,024    SERVICE CORP INTERNATIONAL, INC                3,264         
1,269    SERVICEMASTER CO                              14,434         
164  * SITEL CORP                                       809       
205  * SNYDER COMMUNICATIONS, INC                     4,868       
156    SOTHEBY'S HOLDINGS, INC (CLASS A)              2,730       
65  * STAFF LEASING, INC                               231      
111  * STAFFMARK, INC                                   742       
27  * STARTEK, INC                                   1,360      
34 b* STONE & WEBSTER, INC                              25      
28    STRAYER EDUCATION, INC                           672      
27  * SUPERIOR CONSULTANT HOLDINGS CORP                128      
166  * SYLVAN LEARNING SYSTEMS, INC                   2,282       
25    TEJON RANCH CO                                   564      
83  * TELETECH HOLDINGS, INC                         2,578      
129  * TETRA TECH, INC                                2,950       
42  * THEGLOBE.COM, INC                                 72      
204  * TMP WORLDWIDE, INC                            15,057       
162    TRUE NORTH COMMUNICATIONS, INC                 7,128       
40    UNIFIRST CORP                                    315      
117  * UNITED RENTALS, INC                            2,003       
48  * URS CORP                                         732      
212  * VALASSIS COMMUNICATIONS, INC                   8,082       
90  * VALENCE TECHNOLOGY, INC                        1,659      
368  * VERTICALNET, INC                              13,593       
31  * VOLT INFORMATION SCIENCES, INC                 1,021      
49  * WACKENHUT CORP SERIES A                          633      
38  * WACKENHUT CORRECTIONS CORP                       285      
35  * WEST TELESERVICES CORP                           885      
48  * XCEED, INC                                       438      
50  * XTRA CORP                                      1,971      
127    YOUNG & RUBICAM, INC                           7,262       
                                         -----------
TOTAL BUSINESS SERVICES                      628,741
                                         -----------

CONSTRUCTION AND REAL ESTATE -- 2.10%                                           

BUILDING MATERIALS -- 1.84%                                                     
101    AMCOL INTERNATIONAL CORP                       1,666       
105    APOGEE ENTERPRISES, INC                          370       
18    CARBO CERAMICS, INC                              632      
31    CENTEX CONSTRUCTION PRODUCTS, INC                703      
113  * COMFORT SYSTEMS U.S.A., INC                      452       
1,278    CORNING, INC                                 344,900         
205  * DAL-TILE INTERNATIONAL, INC                    1,691       
63  * DEPARTMENT 56, INC                               693      
18  * DUPONT PHOTOMASKS, INC                         1,233      
74    ELCOR CORP                                     1,702      
32  * EMCOR GROUP, INC                                 742      

92  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
93rd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 93rd
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

BUILDING MATERIALS -- (CONTINUED)                                               
324  * ENCOMPASS SERVICES CORP                    $   1,863       
133    FERRO CORP                                     2,793       
71    FLORIDA ROCK INDUSTRIES, INC                   2,529      
9,969    HOME DEPOT, INC                              497,826         
116  * INTEGRATED ELECTRICAL SERVICES, INC              594       
124    LAFARGE CORP                                   2,604       
60    LIBBEY, INC                                    1,927      
86    LILLY INDUSTRIES, INC (CLASS A)                2,585      
1,488    LOWE'S COS, INC                               61,101         
176    MARTIN MARIETTA MATERIALS, INC                 7,117       
1,869    MASCO CORP                                    33,758         
26    MIKASA, INC                                      286      
189    OWENS CORNING CO                               1,748       
565  * OWENS ILLINOIS, INC                            6,603       
854    PPG INDUSTRIES, INC                           37,842       
189  * QUANTA SERVICES, INC                          10,395       
407    RPM, INC                                       4,120       
632    SHERWIN-WILLIAMS CO                           13,390       
142    SOUTHDOWN, INC                                 8,200       
186    USG CORP                                       5,649       
146    VALSPAR CORP                                   4,927       
440    VULCAN MATERIALS CO                           18,782       
64    WATSCO, INC                                      800      
                                         -----------
                                           1,082,223
                                         -----------

CONSTRUCTION -- 0.21%                                                           
116  * BLOUNT INTERNATIONAL, INC                        891       
223    CENTEX CORP                                    5,240       
27  * CROSSMAN COMMUNITIES, INC                        445      
244  * DYCOM INDUSTRIES, INC                         11,224       
286    FLUOR CORP                                     9,044       
153    FOSTER WHEELER CORP                            1,319       
71    GRANITE CONSTRUCTION, INC                      1,739      
181    HILLENBRAND INDUSTRIES, INC                    5,667       
227    HON INDUSTRIES, INC                            5,334       
190    HORTON (D.R.), INC                             2,576       
75  * INSITUFORM TECHNOLOGIES, INC                              
 (CLASS A)                                     2,034
180    KAUFMAN & BROAD HOME CORP                      3,566       
120    KIMBALL INTERNATIONAL, INC (CLASS B)           1,770       
252  * LEAR CORP                                      5,040       
247    LENNAR CORP                                    5,001       
115  * MASTEC, INC                                    4,391       
84    MDC HOLDINGS, INC                              1,564      
298    MILLER (HERMAN), INC                           7,710       
120  * MORRISON KNUDSEN CORP                            870       
1,162    NEWELL RUBBERMAID, INC                        29,921         
38  * NVR, INC                                       2,166      
121    PULTE CORP                                     2,616       
54    RYLAND GROUP, INC                              1,194      
95    STANDARD-PACIFIC CORP                            950      
228    STEELCASE, INC                                 3,876       
78  * TOLL BROTHERS, INC                             1,599      
338    U.S. INDUSTRIES, INC                           4,098       
21    VIRCO MANUFACTURING CORP                         309      
159    WALTER INDUSTRIES, INC                         1,818       
57  * WEBB (DEL) CORP                                  872      
                                         -----------
                                             124,844
                                         -----------

REAL ESTATE -- 0.05%                                                            
209    ARDEN REALTY GROUP, INC                        4,911       
50  * CASTLE & COOKE, INC                              965      
403  * CATELLUS DEVELOPMENT CORP                      6,045       
78  * CB RICHARD ELLIS SERVICES GROUP, INC             711      
168  * FAIRFIELD COMMUNITIES, INC                     1,323       
59    FOREST CITY ENTERPRISES, INC                              
 (CLASS A)                                     1,969
67  * INSIGNIA FINANCIAL GROUP, INC                    670      
114  * JONES LANG LA SALLE                            1,524       
94    LNR PROPERTY CORP                              1,833      
105  * PINNACLE HOLDINGS, INC                         5,670       
152  * SECURITY CAPITAL GROUP, INC                                
 (CLASS B)                                     2,584
339    STEWART ENTERPRISES, INC (CLASS A)             1,197       
91  * TRAMMELL CROW CO                                 978      
                                         -----------
                                              30,380
                                         -----------
TOTAL CONSTRUCTION AND                              
 REAL ESTATE                               1,237,447
                                         -----------

CONSUMER DURABLE -- 9.03%                                                       

HOME APPLIANCES AND FURNISHINGS -- 8.54%                                        
77  * ACTEL CORP                                     3,513      
56  * ACTION PERFORMANCE COS, INC                      406      
39  * ADVANCED ENERGY INDUSTRIES, INC                2,298      
656  * ADVANCED MICRO DEVICES, INC                   50,676       
69  * AEROFLEX, INC                                  3,428      
92  * ALLIANCE SEMICONDUCTOR CORP                    2,259      
126  * ALPHA INDUSTRIES, INC                          5,551       
770  * ALTERA CORP                                   78,491       
711  * AMERICAN POWER CONVERSION CORP                29,017       
58  * AMERICAN SUPERCONDUCTOR CORP                   2,798      
62  * AMERICAN XTAL TECHNOLOGY, INC                  2,681      
441  * AMKOR TECHNOLOGY, INC                         15,572       
222  * AMPHENOL CORP (CLASS A)                       14,693       
101  * ANADIGICS, INC                                 3,440       
1,514  * ANALOG DEVICES, INC                          115,064         
85  * APPLICA, INC                                     961      

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 93

N-30D
94th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 94th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

HOME APPLIANCES AND FURNISHINGS-- (CONTINUED)                                   
482  * APPLIED MICRO CIRCUITS CORP                 $ 47,597       
126  * ARTESYN TECHNOLOGIES, INC                      3,504       
1,055  * ATMEL CORP                                    38,903         
162    AVX CORP                                       3,715       
46    BASSETT FURNITURE INDUSTRIES, INC                580      
535  * BED BATH & BEYOND, INC                        19,393       
61  * BENCHMARK ELECTRONICS, INC                     2,230      
103    BMC INDUSTRIES, INC                              418       
137  * BOMBAY, INC                                      402       
202  * BOYDS COLLECTION LTD                           1,717       
503  * BROADCOM CORP (CLASS A)                      110,125       
245  * BURR BROWN CORP                               21,238       
34    BUSH INDUSTRIES, INC (CLASS A)                   544      
18  * CATAPULT COMMUNICATIONS CORP                     181      
826  * CONEXANT SYSTEMS, INC                         40,164       
95  * CREE, INC                                     12,682      
104    CTS CORP                                       4,680       
495  * CYPRESS SEMICONDUCTOR CORP                    20,913       
221    DALLAS SEMICONDUCTOR CORP                      9,005       
38  * EMCORE CORP                                    4,560      
98  * ESS TECHNOLOGY, INC                            1,421      
123  * E-TEK DYNAMICS, INC                           32,448       
154    ETHAN ALLEN INTERIORS, INC                     3,696       
66  * EXAR CORP                                      5,754      
177  * FURNITURE BRANDS INTERNATIONAL,                            
 INC                                           2,677
114  * GENERAL SEMICONDUCTOR, INC                     1,681       
4,439    GILLETTE CO                                  155,087         
156  * HA-LO INDUSTRIES, INC                            877       
105  * HANDLEMAN CO                                   1,312       
61    HARMAN INTERNATIONAL INDUSTRIES,                          
 INC                                           3,721
68    HAVERTY FURNITURE COS, INC                       578      
228    HEILIG MEYERS CO                                 270       
84    HELIX TECHNOLOGY CORP                          3,276      
26  * HI/FN, INC                                     1,153      
93  * HUTCHINSON TECHNOLOGY, INC                     1,325      
56    INNOVEX, INC                                     546      
319  * INTEGRATED DEVICE TECHNOLOGY, INC             19,100       
14,383    INTEL CORP                                 1,922,827          
288  * INTERNATIONAL RECTIFIER CORP                  16,128       
476  * JABIL CIRCUIT, INC                            23,621       
2,602  * JDS UNIPHASE CORP                            311,914         
288  * KEMET CORP                                     7,218       
113  * KOPIN CORP                                     7,825       
67  * LASERSIGHT, INC                                  255      
171  * LATTICE SEMICONDUCTOR CORP                    11,820       
197    LA-Z-BOY, INC                                  2,758       
839    LEGGETT & PLATT, INC                          13,843       
1,352    LINEAR TECHNOLOGY CO                          86,443         
349  * LINENS `N THINGS, INC                          9,466       
1,320  * LSI LOGIC CORP                                71,445         
1,229  * MAXIM INTEGRATED PRODUCTS, INC                83,495         
36  * MAXWELL TECHNOLOGIES, INC                        486      
318    MAYTAG CO                                     11,726       
125  * MEMC ELECTRONIC MATERIALS, INC                 2,250       
136    METHODE ELECTRONICS, INC (CLASS A)             5,253       
216  * MICREL, INC                                    9,382       
288  * MICROCHIP TECHNOLOGY, INC                     16,780       
2,016  * MICRON TECHNOLOGY, INC                       177,534         
95  * MIPS TECHNOLOGIES, INC (CLASS B)               3,657      
119  * MMC NETWORKS, INC                              6,359       
383    MOLEX, INC                                    18,431       
178  * MRV COMMUNICATIONS, INC                       11,970       
28    NATIONAL PRESTO INDUSTRIES, INC                  861      
746  * NATIONAL SEMICONDUCTOR CORP                   42,335       
48  * NAVARRE CORP                                      63      
95  * NEOMAGIC CORP                                    287      
128  * NVIDIA CORP                                    8,136       
35    PARK ELECTROCHEMICAL CORP                      1,262      
26  * PARKERVISION, INC                              1,311      
81  * PHOTRONICS, INC                                2,298      
364    PIER 1 IMPORTS, INC                            3,549       
66  * PLEXUS CORP                                    7,458      
49  * PLX TECHNOLOGY, INC                            2,033      
613  * PMC-SIERRA, INC                              108,922       
83  * POWER INTEGRATIONS, INC                        1,955      
82  * POWER-ONE, INC                                 9,342      
275  * QLOGIC CORP                                   18,167       
280  * RAMBUS, INC                                   28,840       
173  * READ RITE CORP                                   383       
81  * REMEC, INC                                     3,391      
51  * RESTORATION HARDWARE, INC                        280      
194  * RF MICRO DEVICES, INC                         16,999       
387  * S3, INC                                        5,708       
34  * SALTON, INC                                    1,253      
551  * SANMINA CORP                                  47,110       
92  * SAWTEK, INC                                    5,295      
645  * SCI SYSTEMS, INC                              25,275       
57  * SCP POOL CORP                                  1,339      
344  * SDL, INC                                      98,104       
68  * SELECT COMFORT CORP                              216      
120  * SEMTECH CORP                                   9,178       
22  * SILICONIX, INC                                 1,485      
31  * SIMPSON MANUFACTURING CO, INC                  1,482      
68  * SIPEX CORP                                     1,882      

94  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
95th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 95th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

HOME APPLIANCES AND FURNISHINGS -- (CONTINUED)                                  
220    SNAP-ON, INC                                $  5,857       
2,134  * SOLECTRON CORP                                89,361         
260    STANLEY WORKS CO                               6,175       
348  * SUNBEAM CORP                                   1,196       
44    TECHNITROL, INC                                4,262      
7,168    TEXAS INSTRUMENTS, INC                       492,352         
190  * TITAN CORP                                     8,502       
245  * TRANSWITCH CORP                               18,910       
111  * TRIQUINT SEMICONDUCTOR, INC                   10,621       
117  * VARIAN SEMICONDUCTOR EQUIPMENT                             
 ASSOCIATES, INC                               7,349
511  * VISHAY INTERTECHNOLOGY, INC                   19,386       
693  * VITESSE SEMICONDUCTOR CORP                    50,978       
280    WHIRLPOOL CORP                                13,055       
164  * WILLIAMS-SONOMA, INC                           5,319       
1,235  * XILINX, INC                                  101,964         
82  * ZOMAX, INC                                     1,076      
                                         -----------
                                           5,033,769
                                         -----------

TEXTILE APPAREL AND ACCESSORIES -- 0.49%                                        
364  * ABERCROMBIE & FITCH CO (CLASS A)               4,436       
71  * ALBANY INTERNATIONAL CORP                                 
 (CLASS A) NEW                                 1,029
79  * AMERICAN EAGLE OUTFITTERS, INC                 1,106      
82  * ANN TAYLOR STORES CORP                         2,716      
10  * BEBE STORES, INC                                  83      
69    BROWN SHOE CO, INC                               897      
30  * BUCKLE, INC                                      352      
68    BURLINGTON COAT FACTORY                                   
 WAREHOUSE CORP                                  735
194  * BURLINGTON INDUSTRIES, INC                       327       
57    CATO CORP (CLASS A)                              662      
371  * CHARMING SHOPPES, INC                          1,889       
50  * CHICO'S FAS, INC                               1,000      
64  * CHILDREN'S PLACE RETAIL STORES, INC            1,312      
156    CLAIRE'S STORES, INC                           3,003       
233  * COLLINS & AIKMAN CORP                          1,208       
33  * COLUMBIA SPORTSWEAR CO                           886      
58  * DAN RIVER, INC (CLASS A)                         275      
31  * DAVID'S BRIDAL, INC                              358      
13    DEB SHOPS, INC                                   162      
50  * DONNA KARAN INTERNATIONAL, INC                   318      
59  * DRESS BARN, INC                                1,305      
65  * FINISH LINE, INC (CLASS A)                       532      
73  * FOOTSTAR, INC                                  2,427      
53  * FOSSIL, INC                                    1,030      
2,754    GAP, INC                                      86,062         
85  * GENESCO, INC                                   1,365      
19  * GLOBAL SPORTS, INC                               122      
71  * GOODYS FAMILY CLOTHING, INC                      390      
28  * GUESS ?, INC                                     392      
60    GUILFORD MILLS, INC                              255      
80  * GYMBOREE CORP                                    240      
155    INTERFACE, INC (CLASS A)                         590       
318    INTIMATE BRANDS, INC (CLASS A)                 6,280       
393  * JONES APPAREL GROUP, INC                       9,235       
62    JUSTIN INDUSTRIES, INC                         1,356      
104    KELLWOOD CO                                    2,197       
24    K-SWISS, INC (CLASS A)                           382      
1,418    LIMITED, INC                                  30,664         
223    LIZ CLAIBORNE, INC                             7,860       
96  * MEN'S WEARHOUSE, INC                           2,142      
168  * MOHAWK INDUSTRIES, INC                         3,654       
34    MOVADO GROUP, INC                                408      
117  * NAUTICA ENTERPRISES, INC                       1,250       
321    NIKE, INC (CLASS B)                           12,779       
403    NORDSTROM, INC                                 9,722       
109  * OAKLEY, INC                                    1,253       
52    ONEIDA LTD                                       923      
33    OSHKOSH B'GOSH, INC (CLASS A)                    540      
24    OXFORD INDUSTRIES, INC                           432      
104  * PACIFIC SUNWEAR CALIFORNIA, INC                1,950       
119  * PAYLESS SHOESOURCE, INC                        6,098       
85    PHILLIPS VAN HEUSEN CORP                         807      
34    PILLOWTEX CORP                                   144      
210  * POLO RALPH LAUREN CORP                         2,992       
78    POLYMER GROUP, INC                               721      
81  * QUIKSILVER, INC                                1,260      
174  * REEBOK INTERNATIONAL LTD                       2,773       
333    ROSS STORES, INC                               5,681       
104    RUSSELL CORP                                   2,080       
439    SHAW INDUSTRIES, INC                           5,487       
32  * SHOE CARNIVAL, INC                               200      
40    SPRINGS INDUSTRIES, INC                        1,280      
106  * STEIN MART, INC                                1,086       
173    STRIDE RITE CORP                               1,059       
43    TALBOTS, INC                                   2,362      
20  * TARRANT APPAREL GROUP                            178      
37  * TIMBERLAND CO                                  2,620      
1,268    TJX COS, INC                                  23,775         
87  * TOO, INC                                       2,213      
17  * TROPICAL SPORTSWEAR                                       
 INTERNATIONAL CORP                              297

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 95

N-30D
96th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 96th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

TEXTILE APPAREL AND ACCESSORIES-- (CONTINUED)                                   
223  * UNIFI, INC                                 $   2,759       
50  * UNITED RETAIL GROUP, INC                         425      
38  * URBAN OUTFITTERS, INC                            334      
360    V.F. CORP                                      8,572       
209    WARNACO GROUP, INC (CLASS A)                   1,619       
140    WESTPOINT STEVENS, INC                         1,557       
41  * WET SEAL, INC (CLASS A)                          538      
155    WOLVERINE WORLD WIDE, INC                      1,530       
                                         -----------
                                             290,938
                                         -----------
TOTAL CONSUMER DURABLE                     5,324,707
                                         -----------

ENERGY -- 4.45%                                                                 

OIL, GAS AND OTHER ENERGY SERVICES -- 4.45%                                     
297    AMERADA HESS CORP                             18,339       
507    ANADARKO PETROLEUM CORP                       25,001       
384    APACHE CORP                                   22,584       
272    ASHLAND, INC                                   9,537       
40  * ATWOOD OCEANICS, INC                           1,775      
108  * BARRETT RESOURCES CORP                         3,287       
54  * BASIN EXPLORATION, INC                           965      
35  * BELCO OIL & GAS CORP                             297      
68    BERRY PETROLEUM CO (CLASS A)                   1,156      
340  * BJ SERVICES CO                                21,250       
122  * BROWN (TOM), INC                               2,813       
919    BURLINGTON RESOURCES, INC                     35,151       
86    CABOT OIL & GAS CORP (CLASS A)                 1,822      
22  * CAL DIVE INTERNATIONAL, INC                    1,192      
289  * CHESAPEAKE ENERGY CORP                         2,239       
2,870    CHEVRON CORP                                 243,411         
2,600    CONOCO, INC (CLASS B)                         63,862         
85    CONSOL ENERGY, INC                             1,285      
184    CROSS TIMBERS OIL CO                           4,071       
365    DEVON ENERGY CORP (NEW)                       20,508       
448    DIAMOND OFFSHORE DRILLING, INC                15,736       
160  * EEX CORP                                         930       
3,095    ENRON CORP                                   199,627         
617    ENSCO INTERNATIONAL, INC                      22,096       
206    EOG RESOURCES, INC                             6,901       
47  * EVERGREEN RESOURCES, INC                       1,392      
14,934    EXXON MOBIL CORP                           1,172,319          
123  * FOREST OIL CORP                                1,960       
109  * FRIEDE GOLDMAN HALTER, INC                       974       
229  * GLOBAL INDUSTRIES LTD                          4,322       
702  * GLOBAL MARINE, INC                            19,787       
622  * GREY WOLF, INC                                 3,110       
2,063    HALLIBURTON CO                                97,347         
216  * HANOVER COMPRESSOR CO                          8,208       
505  * HARKEN ENERGY CORP                               315       
186    HELMERICH & PAYNE, INC                         6,951       
31  * HOUSTON EXPLORATION CO                           778      
63  * HS RESOURCES, INC                              1,890      
426    KERR-MCGEE CORP                               25,107       
312  * KEY ENERGY SERVICES, INC                       3,003       
73  * LOUIS DREYFUS NATURAL GAS CORP                 2,285      
215  * MARINE DRILLING CO, INC                        6,020       
48  * MCMORAN EXPLORATION CO                           792      
100  * MERIDIAN RESOURCE CORP                           568       
77    MITCHELL ENERGY & DEVELOPMENT                             
 CORP (CLASS A)                                2,473
169    MURPHY OIL CORP                               10,044       
617  * NABORS INDUSTRIES, INC                        25,644       
139  * NEWFIELD EXPLORATION CO                        5,438       
215    NOBLE AFFILIATES, INC                          8,008       
595  * NOBLE DRILLING CORP                           24,506       
62  * NUEVO ENERGY CO                                1,170      
1,484    OCCIDENTAL PETROLEUM CORP                     31,256         
728  * OCEAN ENERGY, INC (NEW)                       10,328       
79  * OCEANEERING INTERNATIONAL, INC                 1,501      
246  * PARKER DRILLING CO                             1,522       
123  * PATTERSON ENERGY, INC                          3,505       
294    PENNZOIL-QUAKER STATE CO                       3,546       
897    PHILLIPS PETROLEUM CO                         45,466       
378  * PIONEER NATURAL RESOURCES CO                   4,819       
60  * PLAINS RESOURCES, INC                            960      
151    POGO PRODUCING CO                              3,340       
327  * PRIDE INTERNATIONAL, INC                       8,093       
743  * R & B FALCON CORP                             17,506       
273  * ROWAN COS, INC                                 8,292       
50    RPC, INC                                         528      
694  * SANTA FE SNYDER CORP                           7,894       
91  * SEITEL, INC                                      739      
142    ST. MARY LAND & EXPLORATION CO                 5,972       
62  * STONE ENERGY CORP                              3,704      
440    SUNOCO, INC                                   12,952       
74  * SWIFT ENERGY CO                                2,099      
101  * SYNTROLEUM CORP                                1,729       
122  * TESORO PETROLEUM CORP                          1,235       
2,282    TEXACO, INC                                  121,516         
642    TOSCO CORP                                    18,176       
99  * TRANSMONTAIGNE, INC                              606      
426    ULTRAMAR DIAMOND SHAMROCK                                  
 CORP                                         10,570
1,049    UNION PACIFIC RESOURCES GROUP,                               
 INC                                          23,078
1,013    UNOCAL CORP                                   33,555         

96  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
97th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 97th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

OIL, GAS AND OTHER ENERGY SERVICES -- (CONTINUED)                               
1,363    USX-MARATHON GROUP, INC                    $  34,160         
52  * UTI ENERGY CORP                                2,086      
186    VALERO ENERGY CORP                             5,905       
273  * VARCO INTERNATIONAL, INC (NEW)                 6,347       
65    VASTAR RESOURCES, INC                          5,338      
96  * VERITAS DGC, INC                               2,496      
167    VINTAGE PETROLEUM, INC                         3,767       
52    WD-40 CO                                       1,079      
507  * WEATHERFORD INTERNATIONAL, INC                20,184       
                                         -----------
TOTAL ENERGY                               2,626,095
                                         -----------

FINANCE -- 13.89%                                                               

BANKS, SAVINGS AND LOANS -- 6.60%                                               
36    ALABAMA NATIONAL                                 713      
39    ALLIANCE BANCORP                                 641      
106    AMCORE FINANCIAL, INC                          1,941       
1,573    AMSOUTH BANCORP                               24,774         
95    ANCHOR BANCORP WISCONSIN, INC                  1,454      
25    ANDOVER BANCORP, INC                             720      
45    AREA BANCSHARES CORP                           1,004      
265    ASSOCIATED BANC-CORP                           5,780       
205    ASTORIA FINANCIAL CORP                         5,278       
15    BANCFIRST CORP                                   472      
25    BANCFIRST OHIO CORP                              409      
215    BANCORPSOUTH, INC                              3,023       
190    BANCWEST CORP                                  3,123       
7,104    BANK OF AMERICA CORP                         305,472         
43    BANK OF GRANITE CORP                             983      
3,073    BANK OF NEW YORK CO, INC                     142,894         
5,122    BANK ONE CORP                                136,053         
122    BANK UNITED CORP (CLASS A)                     4,292       
160    BANKATLANTIC BANCORP, INC                                  
 (CLASS B)                                       940
544    BANKNORTH GROUP, INC                           8,330       
94    BAY VIEW CAPITAL CORP                            922      
1,456    BB&T CORP                                     34,762         
45  * BOK FINANCIAL CORP                               790      
62    BRENTON BANKS, INC                               860      
50    BROOKLINE BANCORP, INC                           571      
31    BSB BANCORP, INC                                 621      
63    BT FINANCIAL CORP                              1,086      
21    CAPITAL CITY BANK GROUP, INC                     409      
344    CAPITOL FEDERAL FINANCIAL                      3,805       
34    CATHAY BANCORP, INC                            1,576      
152    CCB FINANCIAL CORP                             5,624       
74  * CENTENNIAL BANCORP                               642      
151    CENTURA BANKS, INC                             5,124       
39    CENTURY SOUTH BANKS, INC                         755      
74    CFS BANCORP, INC                                 677      
853    CHARTER ONE FINANCIAL, INC                    19,619       
5,301    CHASE MANHATTAN CORP                         244,177         
53    CHEMICAL FINANCIAL CORP                        1,378      
106    CHITTENDEN CORP                                2,590       
14,517    CITIGROUP, INC                               874,649          
153    CITIZENS BANKING CORP (MICHIGAN)               2,483       
63    CITY HOLDINGS CO                                 370      
246    CITY NATIONAL CORP                             8,548       
366    COLONIAL BANCGROUP, INC                        3,294       
689    COMERICA, INC                                 30,918       
110    COMMERCE BANCORP, INC                          5,060       
236    COMMERCE BANCSHARES, INC                       7,021       
228    COMMERCIAL FEDERAL CORP                        3,548       
45    COMMONWEALTH BANCORP, INC                        534      
177    COMMUNITY FIRST BANKSHARES, INC                2,887       
46    COMMUNITY TRUST BANCORP, INC                     813      
528    COMPASS BANCSHARES, INC                        9,009       
35    CORUS BANKSHARES, INC                            925      
32    CPB, INC                                         800      
201    CULLEN FROST BANKERS, INC                      5,288       
54    CVB FINANCIAL CORP                               853      
417    DIME BANCORP, INC                              6,567       
48    DIME COMMUNITY BANCORP, INC                      780      
77    DOWNEY FINANCIAL CORP                          2,233      
35    F & M BANCORP, INC (MARYLAND)                    691      
87    F & M NATIONAL CORP                            1,827      
79    F.N.B. CORP                                    1,629      
24    FARMERS CAPITAL BANK CORP                        729      
40    FCNB CORP                                        722      
1,021    FIFTH THIRD BANCORP                           64,578         
88    FIRST BANCORP (PUERTO RICO)                    1,633      
41    FIRST BUSEY CORP                                 673      
59    FIRST CHARTER CORP                               929      
20    FIRST CITIZENS BANCSHARES, INC                            
 (CLASS A)                                     1,190
233    FIRST COMMONWEALTH FINANCIAL CORP              2,111       
58    FIRST FEDERAL CAPITAL CORP                       641      
134    FIRST FINANCIAL BANCORP                        2,638       
38    FIRST FINANCIAL BANKSHARES, INC                1,045      
23    FIRST FINANCIAL CORP (INDIANA)                   701      
50    FIRST FINANCIAL HOLDINGS, INC                    687      
35    FIRST INDIANA CORP                               695      
41    FIRST MERCHANTS CORP                             868      
134    FIRST MIDWEST BANCORP, INC                     3,115       
47    FIRST NIAGARA FINANCIAL GROUP, INC               440      

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 97

N-30D
98th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 98th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

BANKS, SAVINGS AND LOANS-- (CONTINUED)                                          
36  * FIRST REPUBLIC BANK                          $   717      
837    FIRST SECURITY CORP                           11,351       
150    FIRST SENTINEL BANCORP, INC                    1,232       
42    FIRST SOURCE CORP                                658      
589    FIRST TENNESSEE NATIONAL CORP                  9,755       
4,119    FIRST UNION CORP                             102,202         
95    FIRST UNITED BANCSHARES, INC                   1,442      
187    FIRST VIRGINIA BANKS, INC                      6,509       
43    FIRST WASHINGTON BANCORP, INC                    599      
4,091    FIRSTAR CORP                                  86,166         
69  * FIRSTFED FINANCIAL CORP                          974      
304    FIRSTMERIT CORP                                6,498       
27    FLAGSTAR BANCORP, INC                            219      
4,047    FLEETBOSTON FINANCIAL CORP                   137,598         
55    FRONTIER FINANCIAL CORP                        1,010      
271    FULTON FINANCIAL CORP                          4,793       
40    GBC BANCORP                                    1,170      
36    GLACIER BANCORP, INC                             474      
255  * GOLDEN STATE BANCORP, INC                      4,590       
621    GOLDEN WEST FINANCIAL CORP                    25,344       
25    GREAT SOUTHERN BANCORP                           434      
51    GREATER BAY BANCORP                            2,384      
328    GREENPOINT FINANCIAL CORP                      6,150       
32  * HAMILTON BANCORP, INC                            560      
35    HANCOCK HOLDINGS CO                            1,190      
48    HARBOR FLORIDA BANCSHARES, INC                   501      
30    HARLEYSVILLE NATIONAL CORP                       982      
33    HARRIS FINANCIAL, INC                            204      
604    HIBERNIA CORP (CLASS A)                        6,568       
62    HUDSON RIVER BANCORP, INC                        736      
190    HUDSON UNITED BANCORP                          4,263       
867    HUNTINGTON BANCSHARES, INC                    13,709       
140  * IMPERIAL BANCORP                               2,187       
300    INDEPENDENCE COMMUNITY BANK                                
 CORP                                          3,975
44    INDEPENDENT BANK CORP                            497      
67    INTEGRA BANK CORP                              1,139      
58    INTERNATIONAL BANCSHARES CORP                  1,892      
60    INTERWEST BANCORP, INC                           840      
41    IRWIN FINANCIAL CORP                             591      
1,800    KEYCORP                                       31,725         
183    KEYSTONE FINANCIAL, INC                        3,888       
77  * LOCAL FINANCIAL CORP                             642      
29    M & T BANK CORP                               13,050      
91    MAF BANCORP, INC                               1,655      
557    MARSHALL & ILSLEY CORP                        23,115       
2,927    MBNA CORP                                     79,394         
2,015    MELLON FINANCIAL CORP                         73,421         
260    MERCANTILE BANKSHARES CORP                     7,751       
72    MERCHANTS NEW YORK BANCORP, INC                1,237      
32    MID-AMERICA BANCORP                              800      
31    MIDWEST BANC HOLDINGS, INC                       430      
24    MISSISSIPPI VALLEY BANCSHARES                    582      
761    MORGAN (J.P.) & CO, INC                       83,805       
56    NATIONAL BANCORP OF ALASKA, INC                2,009      
2,500    NATIONAL CITY CORP                            42,656         
322    NATIONAL COMMERCE BANCORP                      5,172       
67    NATIONAL PENN BANCSHARES, INC                  1,381      
68    NBT BANCORP, INC                                 726      
751    NORTH FORK BANCORP, INC                       11,358       
883    NORTHERN TRUST CORP                           57,450       
55    NORTHWEST BANCORP, INC                           378      
50    OCEANFIRST FINANCIAL CORP                        921      
143  * OCWEN FINANCIAL CORP                             795       
563    OLD KENT FINANCIAL CORP                       15,060       
182    OLD NATIONAL BANCORP                           5,334       
33    OMEGA FINANCIAL CORP                             833      
126    ONE VALLEY BANCORP, INC                        3,937       
43    ORIENTAL FINANCIAL GROUP                         620      
92    PACIFIC CAPITAL BANCORP                        2,305      
302    PACIFIC CENTURY FINANCIAL CORP                 4,416       
32    PARK NATIONAL CORP                             2,904      
98    PEOPLES BANK OF BRIDGEPORT CO                  1,800      
23    PEOPLES HOLDINGS CO                              460      
49    PFF BANCORP, INC                                 894      
1,208    PNC FINANCIAL SERVICES GROUP, INC             56,625         
611    POPULAR, INC                                  11,647       
64    PREMIER NATIONAL BANCORP, INC                    832      
100    PROVIDENT BANKSHARES CORP                      1,350       
80    PROVIDENT FINANCIAL GROUP                      1,905      
635    PROVIDIAN FINANCIAL CORP                      57,150       
63    QUEENS COUNTY BANCORP, INC                     1,161      
38    R&G FINANCIAL CORP (CLASS B)                     301      
923    REGIONS FINANCIAL CORP                        18,344       
171    REPUBLIC BANCORP, INC                          1,528       
22    REPUBLIC BANCORP, INC (KENTUCKY)                 221      
21  * REPUBLIC BANCSHARES, INC                         252      
187    REPUBLIC SECURITY FINANCIAL CORP                 935       
116    RICHMOND COUNTY FINANCIAL CORP                 2,218       
72    RIGGS NATIONAL CORP                              909      
300    ROSLYN BANCORP, INC                            4,982       
101    S & T BANCORP, INC                             1,843       
241  * S1 CORP                                        5,618       
36    SANDY SPRING BANCORP, INC                        735      

98  2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
99th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 99th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

BANKS, SAVINGS AND LOANS-- (CONTINUED)                                          
31    SANTANDER BANCORP                           $    395      
100    SEACOAST FINANCIAL SERVICES CORP                 950       
40    SECOND BANCORP, INC                              607      
38    SHORELINE FINANCIAL CORP                         451      
148  * SILICON VALLEY BANCSHARES                      6,308       
28    SIMMONS FIRST NATIONAL CORP                               
 (CLASS A)                                       626
300    SKY FINANCIAL GROUP, INC                       4,781       
162    SOUTH FINANCIAL GROUP, INC                     2,349       
700    SOUTHTRUST CORP                               15,837       
105  * SOUTHWEST BANCORP OF TEXAS, INC                2,178       
882    SOVEREIGN BANCORP, INC                         6,201       
32    ST. FRANCIS CAPITAL CORP                         484      
702    STATE STREET CORP                             74,455       
149    STATEN ISLAND BANCORP, INC                     2,626       
98    STERLING BANCSHARES, INC                       1,059      
30    STERLING FINANCIAL CORP                          594      
754    SUMMIT BANCORP                                18,567       
1,305    SUNTRUST BANKS, INC                           59,622         
139    SUSQUEHANNA BANCSHARES, INC                    1,980       
1,005    SYNOVUS FINANCIAL CORP                        17,713         
312    TCF FINANCIAL CORP                             8,014       
54    TEXAS REGIONAL BANCSHARES,                                
 INC (CLASS A)                                 1,370
25    THREE RIVERS BANCORP, INC                        164      
61    TRUST CO OF NEW JERSEY                         1,113      
202    TRUSTCO BANK CORP (NEW YORK)                   2,525       
240    TRUSTMARK CORP                                 4,185       
3,240    U.S. BANCORP                                  62,370         
37    U.S.B. HOLDINGS CO, INC                          522      
65    UMB FINANCIAL CORP                             2,132      
631    UNION PLANTERS CORP                           17,628       
121    UNIONBANCAL CORP                               2,246       
161    UNITED BANKSHARES, INC                         2,928       
133    UNITED COMMUNITY FINANCIAL CORP                            
 (OHIO)                                          885
60    UNITED NATIONAL BANCORP                        1,102      
50    USBANCORP, INC                                   178      
239    VALLEY NATIONAL BANCORP                        5,810       
159    W HOLDING CO, INC                              1,311       
963    WACHOVIA CORP                                 52,242       
206    WASHINGTON FEDERAL, INC                        3,759       
2,274    WASHINGTON MUTUAL, INC                        65,661         
143    WEBSTER FINANCIAL CORP                         3,172       
7,128    WELLS FARGO CO                               276,210         
75    WESBANCO, INC                                  1,818      
58    WEST COAST BANCORP (OREGON)                      580      
142    WESTAMERICA BANCORP                            3,709       
40    WESTCORP                                         477      
85    WHITNEY HOLDINGS CORP                          2,905      
123    WILMINGTON TRUST CORP                          5,258       
322    ZIONS BANCORP                                 14,776       
                                         -----------
                                           3,894,802
                                         -----------

CREDIT AND OTHER FINANCE -- 2.43%                                               
203  * ACNEILSEN CORP                                 4,466       
75    ADVANTA CORP (CLASS A)                           914      
44    ALEXANDRIA REAL ESTATE EQUITIES, INC           1,509      
335    ALLIED CAPITAL CORP                            5,695       
279    AMB PROPERTY CORP                              6,364       
32  * AMERCO                                           640      
5,858    AMERICAN EXPRESS CO                          305,348         
67    AMERICAN INDUSTRIAL PROPERTIES REIT              908      
282  * AMERICREDIT CORP                               4,794       
55    AMLI RESIDENTIAL PROPERTIES TRUST              1,295      
184  * AMRESCO, INC                                     103       
451    APARTMENT INVESTMENT &                                     
 MANAGEMENT CO                                19,505
321    ARCHSTONE COMMUNITIES TRUST                    6,761       
62    ASSOCIATED ESTATES REALTY CORP                   434      
149  * ASSOCIATES FIRST CAPITAL RESIDUAL                          
 VALUE                                             4
3,142    ASSOCIATES FIRST CAPITAL CORP                 70,105         
448    AVALONBAY COMMUNITIES, INC                    18,704       
77    BEDFORD PROPERTY INVESTORS, INC                1,429      
196    BOSTON PROPERTIES, INC                         7,570       
64    BOYKIN LODGING CO                                864      
91    BRADLEY REAL ESTATE, INC                       1,939      
133    BRANDYWINE REALTY TRUST                        2,543       
168    BRE PROPERTIES, INC (CLASS A)                  4,851       
121    BURNHAM PACIFIC PROPERTIES, INC                  831       
151    CAMDEN PROPERTY TRUST                          4,435       
81    CAPITAL AUTOMOTIVE REIT                        1,144      
842    CAPITAL ONE FINANCIAL CORP                    37,574       
31    CAPSTEAD MORTGAGE CORP                           259      
252    CARRAMERICA REALTY CORP                        6,678       
85    CBL & ASSOCIATES PROPERTIES, INC               2,119      
90    CENTER TRUST, INC                                455      
78    CENTERPOINT PROPERTIES CORP                    3,178      
74    CHARLES E. SMITH RESIDENTIAL REALTY,                      
 INC                                           2,812
77    CHARTER MUNICIPAL MORTGAGE                                
 ACCEPTANCE                                      948
80    CHATEAU PROPERTIES, INC                        2,260      
59    CHELSEA GCA REALTY, INC                        2,039      
130  * CHOICEPOINT, INC                               5,785       

SEE NOTES TO FINANCIAL STATEMENTS                     2000 SEMI-ANNUAL REPORT 99

N-30D
100th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 100th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

CREDIT AND OTHER FINANCE -- (CONTINUED)                                         
204    CIT GROUP, INC (CLASS A)                    $  3,315       
98    COLONIAL PROPERTIES TRUST                      2,682      
114    COMMERCIAL NET LEASE REALTY, INC               1,197       
29  * COMPUCREDIT CORP                                 870      
870  * CONCORD EFS, INC                              22,620       
147    CORNERSTONE REALTY INCOME TRUST, INC           1,470       
525    COUNTRYWIDE CREDIT INDUSTRIES, INC            15,914       
91    COUSINS PROPERTIES, INC                        3,503      
83  * CREDIT ACCEPTANCE CORP                           461      
17 b* CREDITRUST CORP                                   22      
403    CRESCENT REAL ESTATE EQUITIES CO               8,261       
87    CROWN AMERICAN REALTY TRUST                      467      
225    DEVELOPERS DIVERSIFIED REALTY CORP             3,360       
120    DORAL FINANCIAL CORP                           1,372       
471    DUKE-WEEKS REALTY CORP                        10,538       
37  * DVI, INC                                         592      
84    EAST WEST BANCORP, INC                         1,207      
60    EASTGROUP PROPERTIES, INC                      1,263      
56    ENTERTAINMENT PROPERTIES TRUST                   773      
633    EQUIFAX, INC                                  16,616       
140    EQUITY INNS, INC                                 857       
1,384    EQUITY OFFICE PROPERTIES TRUST                38,146         
476    EQUITY RESIDENTIAL PROPERTIES                              
 TRUST CO                                     21,896
68    ESSEX PROPERTY TRUST, INC                      2,856      
29  * FEDERAL AGRICULTURE MORTGAGE CORP                422      
4,451    FEDERAL NATIONAL MORTGAGE                                    
 ASSOCIATION                                 232,286
152    FEDERAL REALTY INVESTMENT TRUST                3,040       
218    FELCOR LODGING TRUST, INC                      4,033       
41  * FINANCIAL FEDERAL CORP                           712      
223  * FINET.COM, INC                                   153       
231    FINOVA GROUP, INC                              3,003       
143    FIRST INDUSTRIAL REALTY TRUST, INC             4,218       
31    FIRST WASHINGTON REALTY TRUST, INC               683      
211    FRANCHISE FINANCE CORP OF AMERICA              4,853       
2,912    FREDDIE MAC                                  117,936         
96    GABLES RESIDENTIAL TRUST                       2,478      
195    GENERAL GROWTH PROPERTIES, INC                 6,191       
29    GETTY REALTY HOLDINGS CORP                       315      
117    GLENBOROUGH REALTY TRUST, INC                  2,040       
89    GLIMCHER REALTY TRUST                          1,279      
29    GOLF TRUST OF AMERICA, INC                       460      
62    GREAT LAKES REIT, INC                          1,054      
188    HEALTH CARE PROPERTY INVESTORS, INC            5,123       
107    HEALTH CARE REIT, INC                          1,738       
151    HEALTHCARE REALTY TRUST, INC                   2,576       
158    HELLER FINANCIAL, INC                          3,239       
234    HIGHWOODS PROPERTIES, INC                      5,616       
73    HOME PROPERTIES OF NEW YORK, INC               2,190      
190    HOSPITALITY PROPERTIES TRUST                   4,286       
2,170    HOUSEHOLD INTERNATIONAL, INC                  90,190         
494    HRPT PROPERTIES TRUST                          3,025       
97  * IMPERIAL CREDIT INDUSTRIES, INC                  412      
269    INDYMAC MORTGAGE HOLDINGS, INC                 3,648       
131    INNKEEPERS U.S.A. TRUST                        1,195       
125    IRT PROPERTY CO                                1,062       
324    ISTAR FINANCIAL, INC                           6,783       
127    JDN REALTY CORP                                1,293       
48    JP REALTY, INC                                   855      
105    KILROY REALTY CORP                             2,723       
179    KIMCO REALTY CORP                              7,339       
101    KOGER EQUITY, INC                              1,704       
116    KONOVER PROPERTY TRUST, INC                      551       
45    LASALLE HOTEL PROPERTIES                         646      
350    LEUCADIA NATIONAL CORP                         7,984       
65    LEXINGTON CORPORATE PROPERTIES TRUST             727      
252    LIBERTY PROPERTY TRUST CO                      6,536       
103    LTC PROPERTIES, INC                              611       
114    MACERICH CO                                    2,515       
220    MACK-CALI REALTY CORP                          5,651       
76    MANUFACTURED HOME COMMUNITIES, INC             1,819      
42    MEDALLION FINANCIAL CORP                         648      
469    MEDITRUST CORP PAIRED                          1,758       
180    MERISTAR HOSPITALITY CORP                      3,780       
367    METRIS COS, INC                                9,220       
52    MGI PROPERTIES, INC                              120      
69    MID-AMERICA APARTMENT                                     
 COMMUNITIES, INC                              1,656
42    MID-STATE BANCSHARES                           1,144      
57    MILLS CORP                                     1,072      
47    NATIONAL GOLF PROPERTIES, INC                    992      
92    NATIONAL HEALTH INVESTORS, INC                 1,012      
28  * NATIONAL PROCESSING, INC                         350      
174    NATIONWIDE HEALTH PROPERTIES, INC              2,425       
89  * NETBANK, INC                                   1,106      
37  * NEW CENTURY FINANCIAL CORP                       322      
333    NEW PLAN EXCEL REALTY TRUST                    4,329       
20  * NEXTCARD, INC                                    170      
75  * OMEGA HEALTHCARE INVESTORS, INC                  337      
67    PACIFIC GULF PROPERTIES, INC                   1,679      
33    PAN PACIFIC RETAIL PROPERTIES, INC               664      
38    PARKWAY PROPERTIES, INC                        1,159      

100 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
101st “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 101st
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

CREDIT AND OTHER FINANCE -- (CONTINUED)                                         
45    PENNSYLVANIA REAL ESTATE                                  
 INVESTMENT TRUST                           $    770
246    POST PROPERTIES, INC                          10,824       
142    PRENTISS PROPERTIES TRUST                      3,408       
34    PRIME GROUP REALTY TRUST                         516      
163    PRIME RETAIL, INC                                203       
446    PRISON REALTY TRUST, INC                       1,365       
440    PROLOGIS TRUST                                 9,377       
89    PS BUSINESS PARKS, INC                         2,136      
322    PUBLIC STORAGE, INC                            7,546       
101    REALTY INCOME CORP                             2,379       
152    RECKSON ASSOCIATES REALTY CORP                 3,610       
28    REDWOOD TRUST, INC                               392      
133    REGENCY REALTY CORP                            3,158       
88    RESOURCE AMERICA, INC (CLASS A)                  574      
75    RESOURCE BANCSHARES MORTGAGE                              
 GROUP, INC                                      314
94    RFS HOTEL INVESTORS, INC                       1,104      
271    ROUSE CO                                       6,707       
40    SAUL CENTERS, INC                                645      
98    SENIOR HOUSING PROPERTIES TRUST                  716      
109    SHURGARD STORAGE CENTERS, INC                  2,452       
62  * SIERRACITIES.COM, INC                            232      
477    SIMON PROPERTY GROUP, INC                     10,583       
81    SL GREEN REALTY CORP                           2,166      
699    SLM HOLDINGS CORP                             26,168       
47    SOVRAN SELF STORAGE, INC                       1,007      
231    SPIEKER PROPERTIES, INC                       10,626       
106    STORAGE U.S.A., INC                            3,127       
86    SUMMIT PROPERTIES, INC                         1,806      
66    SUN COMMUNITIES, INC                           2,206      
20    TANGER FACTORY OUTLET CENTERS, INC               470      
130    TAUBMAN CENTERS, INC                           1,430       
48  * TELESCAN, INC                                    351      
81    THORNBURG MORTAGE, INC                           582      
59    TOWN & COUNTRY TRUST                           1,014      
58    U.S. RESTAURANT PROPERTIES, INC                  518      
201  * UNICAPITAL CORP                                  100       
388    UNITED DOMINION REALTY TRUST, INC              4,268       
38    URBAN SHOPPING CENTERS, INC                    1,280      
205  * VENTAS, INC                                      653       
324    VORNADO REALTY TRUST                          11,259       
134    WASHINGTON REAL ESTATE                                     
 INVESTMENT TRUST                              2,395
101    WEINGARTEN REALTY INVESTORS, INC               4,077       
39    WELLSFORD REAL PROPERTIES, INC                   589      
65    WESTERN PROPERTIES TRUST                         771      
109    WESTFIELD AMERICA, INC                         1,464       
16    WFS FINANCIAL, INC                               276      
                                         -----------
                                           1,436,270
                                         -----------

INSURANCE -- 3.06%                                                              
328    21ST CENTURY INSURANCE GROUP                   5,166       
44  * ACCEPTANCE INSURANCE COS, INC                    220      
664    AETNA, INC                                    42,620       
1,101    AFLAC, INC                                    50,577         
149    ALFA CORP                                      2,607       
18  * ALLEGHANY CORP (DELAWARE)                      3,024      
204    ALLMERICA FINANCIAL CORP                      10,684       
3,333    ALLSTATE CORP                                 74,159         
363    AMBAC FINANCIAL GROUP, INC                    19,896       
143    AMERICAN FINANCIAL GROUP, INC                  3,548       
1,038    AMERICAN GENERAL CORP                         63,318         
5,585    AMERICAN INTERNATIONAL GROUP,                                
 INC                                         656,237
39    AMERICAN NATIONAL INSURANCE CO                 1,989      
57    AMERUS LIFE HOLDINGS, INC (CLASS A)            1,175      
1,149    AON CORP                                      35,690         
33  * ARCH CAPITAL GROUP LTD                           492      
63    ARGONAUT GROUP, INC                            1,078      
700    AXA FINANCIAL, INC                            23,800       
50    BALDWIN & LYONS, INC (CLASS B)                   853      
64    BERKLEY (W.R.) CORP                            1,200      
50    BLANCH (E.W.) HOLDINGS, INC                    1,015      
40    BROWN & BROWN, INC                             2,080      
763    CHUBB CORP                                    46,924       
800    CIGNA CORP                                    74,800       
579    CINCINNATI FINANCIAL CORP                     18,202       
65  * CNA FINANCIAL CORP                             2,210      
62    CNA SURETY CORP                                  740      
96    COMMERCE GROUP, INC                            2,832      
1,231    CONSECO, INC                                  12,002         
137    CRAWFORD & CO (CLASS B)                        1,507       
57  * DELPHI FINANCIAL GROUP, INC                    1,934      
102    ENHANCE FINANCIAL SERVICES                                 
 GROUP, INC                                    1,466
246    ERIE INDEMNITY CO (CLASS A)                    7,749       
21  * FARM FAMILY HOLDINGS, INC                        649      
232    FIDELITY NATIONAL FINANCIAL, INC               4,248       
73    FINANCIAL SECURITY ASSURANCE                              
 HOLDINGS LTD                                  5,538
210    FIRST AMERICAN CORP                            3,005       
185  * FIRST HEALTH GROUP CORP                        6,070       
374  * FOUNDATION HEALTH SYSTEMS (CLASS A)            4,862       
37  * FPIC INSURANCE GROUP, INC                        580      
219    FREMONT GENERAL CORP                             862       

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 101

N-30D
102nd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 102nd
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

INSURANCE -- (CONTINUED)                                                        
114    FRONTIER INSURANCE GROUP, INC               $     85       
138    GALLAGHER (ARTHUR J.) & CO                     5,796       
30    GREAT AMERICAN FINANCIAL RESOURCES,                       
 INC                                             530
50    HARLEYSVILLE GROUP, INC                          837      
934    HARTFORD FINANCIAL SERVICES                                
 GROUP, INC                                   52,245
151    HCC INSURANCE HOLDINGS, INC                    2,850       
37  * HEALTHAXIS, INC                                  141      
149    HILB, ROGAL & HAMILTON CO                      5,168       
154    HORACE MANN EDUCATORS CORP                     2,310       
110    HSB GROUP, INC                                 3,423       
596  * HUMANA, INC                                    2,905       
394    JEFFERSON-PILOT CORP                          22,236       
26    KANSAS CITY LIFE INSURANCE CO                    698      
53    LANDAMERICA FINANCIAL GROUP, INC               1,215      
61    LIBERTY CORP                                   2,562      
50    LIBERTY FINANCIAL COS, INC                     1,096      
836    LINCOLN NATIONAL CORP                         30,200       
276    LOEWS CORP                                    16,560       
16  * MARKEL CORP                                    2,266      
1,105    MARSH & MCLENNAN COS, INC                    115,403         
375    MBIA, INC                                     18,070       
89  * MEDICAL ASSURANCE, INC                         1,001      
101    MERCURY GENERAL CORP                           2,386       
498    MGIC INVESTMENT CORP                          22,659       
171  * MID ATLANTIC MEDICAL SERVICES, INC             2,308       
17    MIDLAND CO                                       416      
178    MONY GROUP, INC                                6,018       
8  * NATIONAL WESTERN LIFE INSURANCE                          
 CO                                              576
90    NATIONWIDE FINANCIAL SERVICES, INC                        
 (CLASS A)                                     2,958
226    OHIO CASUALTY CORP                             2,401       
475    OLD REPUBLIC INTERNATIONAL CORP                7,837       
307  * OXFORD HEALTH PLANS, INC                       7,310       
141  * PACIFICARE HEALTH SYSTEMS, INC                             
 (CLASS A)                                     8,486
22  * PENN TREATY AMERICAN CORP                        374      
32  * PHILADELPHIA CONSOLIDATED HOLDINGS                        
 CORP                                            538
38  * PICO HOLDINGS, INC                               534      
66    PMA CAPITAL CORP (CLASS A)                     1,254      
114    PMI GROUP, INC                                 5,415       
88    PRESIDENTIAL LIFE CORP                         1,221      
34  * PROFESSIONALS GROUP, INC                         830      
200    PROGRESSIVE CORP                              14,800       
194    PROTECTIVE LIFE CORP                           5,165       
137    RADIAN GROUP, INC                              7,089       
72    REINSURANCE GROUP OF AMERICA,                             
 INC                                           2,169
240    RELIANCE GROUP HOLDINGS, INC                     180       
416    RELIASTAR FINANCIAL CORP                      21,814       
30    RLI CORP                                       1,042      
490    SAFECO CORP                                    9,738       
45    SCPIE HOLDINGS, INC                              922      
103    SELECTIVE INSURANCE GROUP, INC                 1,957       
101  * SIERRA HEALTH SERVICES, INC                      321       
1,049    ST. PAUL COS, INC                             35,797         
54    STANCORP FINANCIAL GROUP, INC                  1,734      
52    STATE AUTO FINANCIAL CORP                        617      
44    STEWART INFORMATION SERVICES                              
 CORP                                            643
495    TORCHMARK CORP                                12,220       
67    TRANSATLANTIC HOLDINGS, INC                    5,611      
38    TRENWICK GROUP, INC                              553      
50  * TRIAD GUARANTY, INC                            1,146      
248  * TRIGON HEALTHCARE, INC                        12,787       
143  * UICI                                             938       
26    UNITED FIRE & CASULTY CO                         403      
670    UNITEDHEALTH GROUP, INC                       57,452       
183    UNITRIN, INC                                   5,375       
887    UNUMPROVIDENT CORP                            17,795       
340  * WELLPOINT HEALTH NETWORKS, INC                24,628       
36    ZENITH NATIONAL INSURANCE CORP                   765      
                                         -----------
                                           1,802,387
                                         -----------

SECURITIES AND COMMODITIES -- 1.80%                                             
28    ADVEST GROUP, INC                                586      
87  * AFFILIATED MANAGERS GROUP, INC                 3,958      
241  * AMERITRADE HOLDINGS CORP (CLASS A)             2,801       
527    BEAR STEARNS COS, INC                         21,936       
47    DAIN RAUSCHER CORP                             3,102      
60    DLJ DIRECT                                       427      
128    DONALDSON, LUFKIN & JENRETTE, INC              5,432       
889  * E TRADE GROUP, INC                            14,668       
113    EATON VANCE CORP                               5,226       
347    EDWARDS (A.G.), INC                           13,533       
214    FEDERATED INVESTORS, INC                       7,503       
725    FRANKLIN RESOURCES, INC                       22,021       
87  * FRIEDMAN, BILLINGS, RAMSEY GROUP,                         
 INC                                             706
45  * INVESTMENT TECHNOLOGY GROUP, INC               1,777      
110    INVESTORS FINANCIAL SERVICES CORP              4,365       
80    JEFFERIES GROUP, INC (NEW)                     1,615      
27    JOHN NUVEEN CO (CLASS A)                       1,132      

102 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
103rd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 103rd
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

SECURITIES AND COMMODITIES-- (CONTINUED)                                        
362  * KNIGHT TRADING GROUP                        $ 10,792       
215    LEGG MASON, INC                               10,750       
552    LEHMAN BROTHERS HOLDINGS, INC                 52,198       
1,676    MERRILL LYNCH & CO, INC                      192,740         
108    MORGAN KEEGAN, INC                             1,593       
4,900    MORGAN STANLEY DEAN WITTER & CO              407,925         
40  * NATIONAL DISCOUNT BROKERS                                 
 GROUP, INC                                    1,275
637    PAINE WEBBER GROUP, INC                       28,983       
165    PHOENIX INVESTMENT PARTNERS LTD                1,732       
100  * PIONEER GROUP, INC                             4,237       
387    PRICE (T. ROWE) ASSOCIATES, INC               16,447       
152    RAYMOND JAMES FINANCIAL CORP                   3,420       
4,936    SCHWAB (CHARLES) CORP                        165,973         
44    SOUTHWEST SECURITIES GROUP, INC                1,639      
333    THE GOLDMAN SACHS GROUP, INC                  31,593       
58    TUCKER ANTHONY SUTRO CORP                      1,044      
198    UNITED ASSET MANAGEMENT CORP                   4,628       
7    VALUE LINE, INC                                  269     
327    WADDELL & REED FINANCIAL, INC                              
 (CLASS A)                                    10,729
                                         -----------
                                           1,058,755
                                         -----------
TOTAL FINANCE                              8,192,214
                                         -----------

FOODS AND RELATED -- 4.58%                                                      

BEVERAGES, OTHER FOOD PRODUCTS -- 4.09%                                         
88  * 7-ELEVEN, INC                                  1,210      
123  * ADVANTICA RESTAURANT GROUP, INC                  119       
39  * AGRIBRANDS INTERNATIONAL, INC                  1,635      
1,795    ALBERTSONS, INC                               59,683         
69  * AMERICAN ITALIAN PASTA CO (CLASS A)            1,427      
2,052    ANHEUSER-BUSCH COS, INC                      153,258         
92    APPLEBEES INTERNATIONAL, INC                   2,788      
2,491    ARCHER DANIELS MIDLAND CO                     24,442         
66  * AURORA FOODS, INC                                264      
65    AVADO BRANDS, INC                                 97      
69  * BERINGER WINE ESTATES                                     
 HOLDINGS, INC (CLASS B)                       2,436
1,250    BESTFOODS, INC                                86,562         
145    BOB EVANS FARMS, INC                           2,165       
346  * BRINKER INTERNATIONAL, INC                    10,120       
188    BROWN FORMAN, INC (CLASS B)                   10,105       
158  * BUFFETS, INC                                   2,004       
23  * BUSH BOAKE ALLEN, INC                          1,006      
132  * CADIZ, INC                                     1,056       
1,344    CAMPBELL SOUP CO                              39,144         
61  * CANANDAIGUA BRANDS, INC (CLASS A)              3,076      
221    CBRL GROUP, INC                                3,245       
102  * CEC ENTERTAINMENT, INC                         2,613       
76  * CENTRAL GARDEN & PET CO                          681      
157    CHIQUITA BRANDS INTERNATIONAL,                             
 INC                                             618
195    CKE RESTAURANTS, INC                             585       
9,891    COCA COLA CO                                 568,114         
1,001    COCA COLA ENTERPRISES, INC                    16,328         
2,343    CONAGRA, INC                                  44,663         
90  * CONSOLIDATED PRODUCTS, INC                       810      
134    COORS (ADOLPH) CO (CLASS B)                    8,107       
140    CORN PRODUCTS INTERNATIONAL, INC               3,710       
495    DARDEN RESTAURANTS, INC                        8,043       
44  * DAVE & BUSTERS, INC                              275      
147    DEAN FOODS CO                                  4,658       
196  * DEL MONTE FOODS CO                             1,335       
454    DELHAIZE AMERICA, INC (CLASS B)                6,980       
145    DELTA & PINE LAND CO                           3,634       
168    DIMON, INC                                       357       
176    DOLE FOOD, INC                                 2,464       
52    DREYERS GRAND ICE CREAM, INC                   1,092      
160    EARTHGRAINS CO                                 3,110       
377    FLOWERS INDUSTRIES, INC                        7,516       
718    FORTUNE BRANDS, INC                           16,558       
1,248    GENERAL MILLS, INC                            47,736         
113  * GRAND UNION CO                                    60       
65    GREAT ATLANTIC & PACIFIC TEA CO, INC           1,080      
168  * HAIN CELESTIAL GROUP, INC                      6,163       
118    HANNAFORD BROTHERS, INC                        8,481       
1,648    HEINZ (H.J.) CO                               72,100         
560    HERSHEY FOODS CORP                            27,160       
83  * HINES HORTICULTURE, INC                          565      
303    HORMEL FOODS CORP                              5,094       
750    HOST MARRIOTT CORP (NEW)                       7,031       
376    IBP, INC                                       5,804       
76  * IHOP CORP (NEW)                                1,273      
119    IMPERIAL SUGAR CO                                156       
36    INGLES MARKETS, INC (CLASS A)                    375      
92  * INTERNATIONAL HOME FOODS, INC                  1,926      
64    INTERNATIONAL MULTIFOODS CORP                  1,108      
152    INTERSTATE BAKERIES CORP                       2,128       
23  * J & J SNACK FOODS CORP                           411      
155  * JACK IN THE BOX, INC                           3,816       
76    KEEBLER FOODS CO                               2,821      
926    KELLOGG CO                                    27,548       
3,523  * KROGER CO                                     77,726         
129    LANCASTER COLONY CORP                          2,475       
91    LANCE, INC                                       819      
97    LANDRY'S SEAFOOD RESTAURANTS, INC                824      

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 103

N-30D
104th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 104th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

BEVERAGES, OTHER FOOD PRODUCTS-- (CONTINUED)                                    
125    LONE STAR STEAKHOUSE & SALOON,                             
 INC                                        $  1,265
84    LUBYS, INC                                       672      
261    MCCORMICK & CO, INC (NON-VOTE)                 8,482       
5,698    MCDONALD'S CORP                              187,677         
54    MICHAEL FOODS, INC                             1,323      
50    MORRISON MANAGEMENT                                       
 SPECIALISTS, INC                              1,409
1,428    NABISCO GROUP HOLDINGS                        37,038         
192    NABISCO HOLDINGS CORP (CLASS A)               10,080       
37  * NPC INTERNATIONAL, INC                           331      
53  * O'CHARLEY'S, INC                                 722      
257  * OUTBACK STEAKHOUSE, INC                        7,517       
23  * P.F. CHANGS CHINA BISTRO, INC                    734      
85  * PAPA JOHNS INTERNATIONAL, INC                  2,082      
376    PEPSI BOTTLING GROUP, INC                     10,974       
6,181    PEPSICO, INC                                 274,668         
47  * PERFORMANCE FOOD GROUP CO                      1,504      
61    PILGRIMS PRIDE CORP (CLASS B)                    434      
550    QUAKER OATS CO                                41,318       
108  * RALCORP HOLDINGS, INC                          1,323       
1,318    RALSTON PURINA CO                             26,277         
27    RIVIANA FOODS, INC                               470      
32  * ROBERT MONDAVI CORP (CLASS A)                    982      
234    RUBY TUESDAY, INC                              2,939       
114    RUDDICK CORP                                   1,346       
136  * RYANS FAMILY STEAK HOUSES, INC                 1,147       
1,999  * SAFEWAY, INC                                  90,204         
22    SANDERSON FARMS, INC                             176      
3,725    SARA LEE CORP                                 71,939         
28  * SMART & FINAL, INC                               215      
171  * SMITHFIELD FOODS, INC                          4,798       
97    SMUCKER, (J.M.) CO (CLASS A)                   1,867      
119    SODEXHO MARRIOTT SERVICES, INC                 1,904       
69  * SONIC CORP                                     2,026      
788  * STARBUCKS CORP                                30,091       
117  * SUIZA FOODS CORP                               5,718       
551    SUPERVALU, INC                                10,503       
1,440    SYSCO CORP                                    60,660         
123  * TERRA INDUSTRIES, INC                            130       
97  * THE CHEESECAKE FACTORY CO                      2,667      
126    TOOTSIE ROLL INDUSTRIES, INC                   4,410       
61  * TRIARC COS, INC                                1,250      
581  * TRICON GLOBAL RESTAURANTS, INC                16,413       
472    TYSON FOODS, INC                               4,130       
33  * UNITED NATURAL FOODS, INC                        453      
117    UNIVERSAL CORP                                 2,471       
177    UNIVERSAL FOODS CORP                           3,274       
81  * VETERINARY CENTERS OF AMERICA, INC             1,113      
331    VIAD CORP                                      9,019       
107  * VLASIC FOODS INTERNATIONAL, INC                  173       
59    WEIS MARKETS, INC                              1,932      
394    WENDY'S INTERNATIONAL, INC                     7,018       
532    WHITMAN CORP                                   6,583       
99  * WHOLE FOODS MARKET, INC                        4,089      
63  * WILD OATS MARKETS, INC                           791      
337    WINN DIXIE STORES, INC                         4,823       
292    WRIGLEY (WM) JR CO                            23,414       
51  * ZAPATA CORP                                      159      
                                         -----------
                                           2,409,900
                                         -----------

TOBACCO -- 0.49%                                                                
10,009    PHILIP MORRIS COS, INC                       265,864          
413    RJR REYNOLDS TOBACCO HOLDINGS,                             
 INC                                          11,538
644    UST, INC                                       9,458       
46    VECTOR GROUP LTD                                 678      
                                         -----------
                                             287,538
                                         -----------
TOTAL FOODS AND RELATED                    2,697,438
                                         -----------

HEALTH -- 12.56%                                                                

DRUGS AND PHARMACEUTICALS-- 10.26%                                              
6,831    ABBOTT LABORATORIES CO                       304,406         
168  * ABGENIX, INC                                  20,136       
23  * ALBANY MOLECULAR RESEARCH, INC                 1,252      
45  * ALGOS PHARMACEUTICAL CORP                        686      
182  * ALKERMES, INC                                  8,576       
610    ALLERGAN, INC                                 45,445       
73    ALPHARMA, INC (CLASS A)                        4,544      
429  * ALZA CORP                                     25,364       
5,616    AMERICAN HOME PRODUCTS CORP                  329,940         
183  * AMERISOURCE HEALTH CORP (CLASS A)              5,673       
4,446  * AMGEN, INC                                   312,331         
130  * ANDRX CORP                                     8,309       
45  * ANESTA CORP                                    1,119      
51  * AVIRON, INC                                    1,574      
225  * BARR LABORATORIES, INC                        10,082       
505    BERGEN BRUNSWIG CORP (CLASS A)                 2,777       
102    BINDLEY WESTERN INDUSTRIES, INC                2,696       
766  * BIOGEN, INC                                   49,407       
55  * BIOMATRIX, INC                                 1,244      
199  * BIO-TECHNOLOGY GENERAL CORP                    2,624       
8,469    BRISTOL MYERS SQUIBB CO                      493,319         
1,255    CARDINAL HEALTH, INC                          92,870         
751  * CAREMARK RX, INC                               5,116       
76  * CELL PATHWAYS, INC                             1,786      

104 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
105th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 105th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

DRUGS AND PHARMACEUTICALS -- (CONTINUED)                                        
115  * CEPHALON, INC                              $   6,885       
37  * CHATTEM, INC                                     506      
52  * CHIREX, INC                                    1,040      
386  * CHIRON CORP                                   18,335       
87  * COLUMBIA LABORATORIES, INC                       500      
86  * COR THERAPEUTICS, INC                          7,336      
56  * CORIXA CORP                                    2,404      
63  * COULTER PHARMACEUTICALS, INC                   1,291      
1,675    CVS CORP                                      67,000         
42    DIAGNOSTIC PRODUCTS CORP                       1,344      
65  * DUANE READE, INC                               1,673      
167  * DURA PHARMACEUTICALS, INC                      2,400       
82  * DURAMED PHARMACEUTICALS, INC                     445      
56  * ELAN CORP PLC ADR                              2,712      
239  * ENZON, INC                                    10,157       
415  * FOREST LABORATORIES, INC                      41,915       
50  * GELTEX PHARMACEUTICALS, INC                    1,021      
417  * GENZYME CORP (GENERAL DIVISION)               24,785       
265  * GILEAD SCIENCES, INC                          18,848       
87  * GUILFORD PHARMACEUTICALS, INC                  1,310      
92  * HEMISPHERX BIOPHARMA, INC                        517      
50    HERBALIFE INTERNATIONAL, INC                              
 (CLASS B)                                       393
275  * HUMAN GENOME SCIENCES, INC                    36,678       
295    ICN PHARMACEUTICALS, INC                       8,204       
245  * ICOS CORP                                     10,780       
259  * IDEC PHARMACEUTICALS CORP                     30,383       
138  * IDEXX LABORATORIES, INC                        3,156       
37  * IGEN INTERNATIONAL, INC                          612      
107  * IMCLONE SYSTEMS, INC                           8,178       
1,052  * IMMUNEX CORP                                  52,008         
151  * INHALE THERAPEUTIC SYSTEMS                    15,321       
24  * INVITROGEN CORP                                1,804      
116  * ISIS PHARMACEUTICALS, INC                      1,682       
625  * IVAX CORP                                     25,937       
6,039    JOHNSON & JOHNSON CO                         615,223         
206    JONES PHARMACEUTICAL, INC                      8,227       
156  * KING PHARMACEUTICALS, INC                      6,844       
45  * KV PHARMACEUTICAL CO (CLASS B)                 1,223      
170  * LIGAND PHARMACEUTICALS CO                                  
 (CLASS A)                                     2,241
4,145    LILLY (ELI) & CO                             413,981         
117    LONGS DRUG STORES CORP                         2,544       
410    LYONDELL CHEMICAL CO                           6,867       
79  * MACROCHEM CORP (DELAWARE)                        382      
262    MALLINCKRODT, INC                             11,380       
23  * MANNATECH, INC                                    53      
1,161    MCKESSON HBOC, INC                            24,308         
107  * MEDICIS PHARMACEUTICAL CORP                                
 (CLASS A)                                     6,099
930  * MEDIMMUNE, INC                                68,820       
9,901    MERCK & CO, INC                              758,664         
380  * MILLENNIUM PHARMACEUTICALS, INC               42,512       
487    MYLAN LABORATORIES, INC                        8,887       
52    NATURES SUNSHINE PRODUCTS, INC                   364      
208  * NBTY, INC                                      1,326       
53  * NCS HEALTHCARE, INC (CLASS A)                     39      
45  * NEUROGEN CORP                                  1,299      
172  * NU SKIN ENTERPRISES, INC (CLASS A)               989       
344    OMNICARE, INC                                  3,117       
115  * ORGANOGENESIS, INC                             1,315       
62  * PATHOGENESIS CORP                              1,612      
27,143    PFIZER, INC                                1,302,852          
65  * PHARMACEUTICAL RESOURCES, INC                    341      
57  * PHARMACYCLICS, INC                             3,477      
15  * PRIORITY HEALTHCARE CORP (CLASS B)             1,114      
170  * PROTEIN DESIGN LABORATORIES, INC              28,042       
61  * REGENERON PHARMACEUTICALS, INC                 1,818      
975    RITE AID CORP                                  6,398       
34  * SAFESCIENCE, INC                                 178      
58  * SANGSTAT MEDICAL CORP                          1,674      
19  * SCHEIN PHARMACEUTICAL, INC                       410      
6,332    SCHERING-PLOUGH CORP                         319,766         
354  * SEPRACOR, INC                                 42,701       
72  * SEROLOGICALS CORP                                360      
334  * SICOR, INC                                     2,672       
380    SIGMA ALDRICH CORP                            11,115       
72  * SUPERGEN, INC                                  2,610      
37  * SYNCOR INTERNATIONAL CORP                      2,664      
76  * TECHNE CORP                                    9,880      
99  * THERAGENICS CORP                                 847      
75  * TRANSKARYOTIC THERAPIES, INC                   2,756      
123  * TRIANGLE PHARMACEUTICALS, INC                  1,114       
86  * TWINLAB CORP                                     548      
62  * VENTIV HEALTH, INC                               689      
97  * VERTEX PHARMACEUTICALS, INC                   10,221      
61  * VICAL, INC                                     1,174      
4,278    WALGREEN CO                                  137,698         
561  * WATSON PHARMACEUTICALS, INC                   30,153       
48    WEST PHARMACEUTICAL SERVICES,                             
 INC                                           1,038
                                         -----------
                                           6,051,462
                                         -----------

MEDICAL EQUIPMENT AND SUPPLIES -- 1.99%                                         
77  * ACUSON CORP                                    1,039      
65  * AFFYMETRIX, INC                               10,733      
1,373  * AGILENT TECHNOLOGIES, INC                    101,258         

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 105

N-30D
106th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 106th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

MEDICAL EQUIPMENT AND SUPPLIES -- (CONTINUED)                                   
47  * ALARIS MEDICAL, INC                         $     82      
23    ANALOGIC CORP                                    920      
37  * APPLIED ANALYTICAL INDUSTRIES, INC               354      
43    ARROW INTERNATIONAL, INC                       1,440      
18  * BACOU U.S.A., INC                                360      
193    BARD (C.R.), INC                               9,288       
205    BAUSCH & LOMB, INC                            15,861       
1,195    BAXTER INTERNATIONAL, INC                     84,023         
102    BECKMAN COULTER, INC                           5,954       
1,243    BECTON DICKINSON & CO                         35,658         
378    BIOMET, INC                                   14,529       
32  * BIO-RAD LABORATORIES, INC (CLASS A)              800      
1,126  * BOSTON SCIENTIFIC CORP                        24,701         
38  * BRITESMILE, INC                                  171      
24  * CLOSURE MEDICAL CORP                             552      
231  * COGNEX CORP                                   11,954       
93  * COHERENT, INC                                  7,800      
75    COHU, INC                                      2,022      
58  * CONMED CORP                                    1,500      
52    COOPER COS, INC                                1,891      
162  * CREDENCE SYSTEMS CORP                          8,940       
20    CUBIC CORP                                       375      
67  * CYBERONICS, INC                                  804      
136  * CYTYC CORP                                     7,259       
46    DATASCOPE CORP                                 1,656      
169    DENTSPLY INTERNATIONAL, INC                    5,207       
83  * DIONEX CORP                                    2,220      
71  * ECLIPSE SURGICAL TECHNOLOGIES, INC               310      
219  * EDWARDS LIFESCIENCES CORP                      4,051       
83  * ENZO BIOCHEMICAL, INC                          5,727      
101  * GENRAD, INC                                      909       
36  * GLIATECH, INC                                    729      
1,338  * GUIDANT CORP                                  66,231         
97  * HAEMONETICS CORP                               2,037      
72  * HANGER ORTHOPEDIC GROUP, INC                     355      
30  * IMPATH, INC                                    1,627      
170  * INPUT/OUTPUT, INC                              1,434       
90    INVACARE CORP                                  2,362      
421    JOHNSON CONTROLS, INC                         21,602       
777  * KLA-TENCOR CORP                               45,503       
25  * LABORATORY CORP OF                                        
 AMERICA HOLDINGS                              1,928
360  * LTX CORP                                      12,577       
87  * MECHANICAL TECHNOLOGY, INC                     1,305      
132  * MEDICAL MANAGER CORP                           4,496       
5,019    MEDTRONIC, INC                               250,008         
78    MENTOR CORP                                    2,120      
145  * METTLER-TOLEDO INTERNATIONAL, INC              5,800       
270    MILLIPORE CORP                                20,351       
36    MINE SAFETY APPLIANCES CO                        864      
78  * MINIMED, INC                                   9,204      
25  * MKS INSTRUMENTS, INC                             978      
36  * MOLECULAR DEVICES CORP                         2,490      
79    MTS SYSTEMS CORP                                 493      
53  * NOVOSTE CORP                                   3,233      
59  * OCULAR SCIENCES, INC                             693      
53  * OSTEOTECH, INC                                   556      
197  * PE CORP-CELERA GENOMICS GROUP                 18,419       
881    PE CORP-PE BIOSYSTEMS GROUP                   58,035       
174    PERKINELMER, INC                              11,505       
252  * QUEST DIAGNOSTICS, INC                        18,033       
112  * RESMED, INC                                    2,996       
124  * RESPIRONICS, INC                               2,232       
55  * SCOTT TECHNOLOGIES, INC                          945      
94  * SOLA INTERNATIONAL, INC                          458      
417  * ST. JUDE MEDICAL, INC                         19,129       
254  * STERIS CORP                                    2,254       
638    STRYKER CORP                                  27,912       
176  * SUMMIT TECHNOLOGY, INC                         3,322       
84  * SUNRISE MEDICAL, INC                             409      
174  * SUNRISE TECHNOLOGIES                                       
 INTERNATIONAL, INC                            1,740
392  * SYBRON INTERNATIONAL CORP                      7,766       
267  * TEKTRONIX, INC                                19,758       
143    TELEFLEX, INC                                  5,112       
744  * TERADYNE, INC                                 54,684       
67  * THERMEDICS, INC                                  665      
59  * THERMO CARDIOSYSTEMS, INC                        590      
696  * THERMO ELECTRON CORP                          14,659       
74  * THERMO INSTRUMENT SYSTEMS, INC                 1,387      
32  * TREX MEDICAL CORP                                 64      
115  * VARIAN MEDICAL SYSTEMS, INC                    4,499       
117  * VARIAN, INC                                    5,396       
137  * VEECO INSTRUMENTS, INC                        10,035       
51  * VENTANA MEDICAL SYSTEMS, INC                   1,198      
213  * VISX, INC                                      5,977       
24    VITAL SIGNS, INC                                 435      
334  * WATERS CORP                                   41,687       
66  * WESLEY JESSEN VISIONCARE, INC                  2,479      
                                         -----------
                                           1,173,104
                                         -----------

MEDICAL FACILITIES MANAGEMENT -- 0.31%                                          
18  * ACCREDO HEALTH, INC                              622      
71  * ADVANCE PARADIGM, INC                          1,455      

106 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
107th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 107th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

MEDICAL FACILITIES MANAGEMENT -- (CONTINUED)                                    
83  * ALTERRA HEALTHCARE CORP                     $    166      
65  * AMERICAN RETIREMENT CORP                         361      
81  * AMERIPATH, INC                                   718      
196  * APRIA HEALTHCARE GROUP, INC                    2,401       
354  * BEVERLY ENTERPRISES, INC                         995       
41  * CAPITAL SENIOR LIVING CORP                       120      
37  * CAREMATRIX CORP                                   19      
2,345    COLUMBIA/HCA HEALTHCARE CORP                  71,229         
223  * COVENTRY HEALTH CARE, INC                      2,972       
79  * EXPRESS SCRIPTS, INC                           4,907      
66  * GENTIVA HEALTH SERVICES, INC                     536      
1,154  * HEALTH MANAGEMENT ASSOCIATES, INC                            
 (CLASS A) (NEW)                              15,074
1,654  * HEALTHSOUTH CORP                              11,888         
218    HOOPER HOLMES, INC                             1,744       
95  * LASER VISION CENTERS, INC                        587      
110  * LCA-VISION, INC                                  268       
117  * LIFEPOINT HOSPITALS, INC                       2,603       
145  * LINCARE HOLDINGS, INC                          3,570       
120  * MAGELLAN HEALTH SERVICES, INC                    150       
271  * MANOR CARE, INC                                1,897       
138  * MATRIA HEALTHCARE, INC                           633       
152  * ORTHODONTIC CENTERS OF                                     
 AMERICA, INC                                  3,439
59  * PEDIATRIX MEDICAL GROUP, INC                     685      
277  * PHYCOR, INC                                      173       
46  * PROVINCE HEALTHCARE CO                         1,661      
266  * QUORUM HEALTH GROUP, INC                       2,743       
168  * RENAL CARE GROUP, INC                          4,108       
73  * RES-CARE, INC                                    392      
70  * SUNRISE ASSISTED LIVING, INC                   1,295      
1,272    TENET HEALTHCARE CORP                         34,344         
283  * TOTAL RENAL CARE HOLDINGS, INC                 1,698       
128  * TRIAD HOSPITALS, INC                           3,096       
87  * UNIVERSAL HEALTH SERVICES, INC                 5,698      
214  * US ONCOLOGY, INC                               1,070       
                                         -----------
                                             185,317
                                         -----------
TOTAL HEALTH                               7,409,883
                                         -----------

INDUSTRIAL MACHINERY -- 5.56%                                                   

ELECTRICAL -- 4.25%                                                             
121    AMETEK, INC                                    2,117       
95  * ANICOM, INC                                      356      
80  * ANIXTER INTERNATIONAL, INC                     2,120      
41  * ARGUSS COMMUNICATIONS, INC                       773      
461  * ARROW ELECTRONICS, INC                        14,291       
258    AVNET, INC                                    15,286       
122    BALDOR ELECTRIC CO                             2,272       
64    BARNES GROUP, INC                              1,044      
201  * BRIGHTPOINT, INC                               1,739       
96    C&D TECHNOLOGIES, INC                          5,424      
129  * CELLSTAR CORP                                    358       
309    COOPER INDUSTRIES, INC                        10,061       
99  * ELECTRO SCIENTIFIC INDUSTRIES, INC             4,359      
1,836    EMERSON ELECTRIC CO                          110,848         
406  * ENERGIZER HOLDINGS, INC                        7,409       
72    EXIDE CORP                                       576      
17    FRANKLIN ELECTRIC CO, INC                      1,151      
42,632    GENERAL ELECTRIC CO                        2,259,496          
46  * GENLYTE GROUP, INC                               968      
280    GRAINGER (W.W.), INC                           8,627       
192    HUBBELL, INC (CLASS B)                         4,896       
88    HUGHES SUPPLY, INC                             1,738      
106  * KENT ELECTRONICS CORP                          3,160       
246  * KOMAG, INC                                       430       
74  * LITTELFUSE, INC                                3,626      
38    LSI INDUSTRIES, INC                              577      
91  * MAGNETEK, INC                                    728      
16  * MOOG, INC (CLASS A)                              422      
152    NATIONAL SERVICE INDUSTRIES, INC               2,964       
86    PIONEER-STANDARD ELECTRONICS, INC              1,268      
104  * RAYOVAC CORP                                   2,327       
580    ROCKWELL INTERNATIONAL CORP                   18,270       
69    SLI, INC                                         836      
105    STEWART & STEVENSON SERVICES, INC              1,581       
218    THOMAS & BETTS CORP                            4,169       
60    THOMAS INDUSTRIES, INC                         1,061      
170  * UCAR INTERNATIONAL, INC                        2,220       
70  * VICOR CORP                                     2,436      
115  * WESCO INTERNATIONAL, INC                       1,099       
31    WOODWARD GOVERNOR CO                             877      
                                         -----------
                                           2,503,960
                                         -----------

OTHER INDUSTRIAL EQUIPMENT -- 1.31%                                             
36  * A.S.V., INC                                      517      
103    AAR CORP                                       1,236       
224    AGCO CORP                                      2,744       
266  * AMERICAN STANDARD COS, INC                    10,906       
79    APPLIED INDUSTRIAL TECHNOLOGIES, INC           1,293      
3,455  * APPLIED MATERIALS, INC                       313,109         
247    APPLIED POWER, INC (CLASS A)                   8,274       
55  * ASTEC INDUSTRIES, INC                          1,395      
113  * ASYST TECHNOLOGIES, INC                        3,870       
76  * ATMI, INC                                      3,534      

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 107

N-30D
108th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 108th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

OTHER INDUSTRIAL EQUIPMENT -- (CONTINUED)                                       
43  * AVIATION SALES CO                           $    266      
1,211    BAKER HUGHES, INC                             38,752         
427    BLACK & DECKER CORP                           16,786       
87    BRIGGS & STRATTON CORP                         2,979      
42  * BROOKS AUTOMATION, INC                         2,685      
346    BRUNSWICK CORP                                 5,730       
1,435    CATERPILLAR, INC                              48,610         
70    CMI CORP (CLASS A)                               245      
47    COLUMBUS MCKINNON CORP                           652      
202  * COOPER CAMERON CORP                           13,332       
158    CUMMINS ENGINE CO, INC                         4,305       
61  * CUNO, INC                                      1,410      
980    DEERE & CO                                    36,260       
32    DETROIT DIESEL CORP                              472      
152    DONALDSON CO, INC                              3,002       
967    DOVER CORP                                    39,223       
35  * DRIL-QUIP, INC                                 1,636      
75  * ELECTROGLAS, INC                               1,612      
65  * ESTERLINE TECHNOLOGIES CORP                      966      
59  * FAIRCHILD CORP (CLASS A)                         287      
113    FEDDERS CORP                                     656       
141    FLOWSERVE CORP                                 2,123       
93  * FSI INTERNATIONAL, INC                         2,016      
48  * GARDNER DENVER, INC                              858      
55    GRACO, INC                                     1,787      
507  * GRANT PRIDECO, INC                            12,675       
112    IDEX CORP                                      3,535       
716    INGERSOLL-RAND CO                             28,819       
61  * IONICS, INC                                    1,868      
166    JLG INDUSTRIES, INC                            1,971       
16  * JLK DIRECT DISTRIBUTION, INC                              
 (CLASS A)                                        82
116    KAYDON CORP                                    2,436       
106    KENNAMETAL, INC                                2,272       
89  * KULICKE & SOFFA INDUSTRIES, INC                5,284      
647  * LAM RESEARCH CORP                             24,262       
22    LAWSON PRODUCTS, INC                             541      
141    LINCOLN ELECTRIC HOLDINGS CO                   2,009       
47    LINDSAY MANUFACTURING CO                         922      
98    MANITOWOC CO,  INC                             2,621      
11  * MESTEK, INC                                      193      
139    MILACRON, INC                                  2,015       
102  * MSC INDUSTRIAL DIRECT CO (CLASS A)             2,135       
24    NACCO INDUSTRIES, INC (CLASS A)                  843      
204  * NATIONAL-OILWELL, INC                          6,706       
53    NORDSON CORP                                   2,683      
540  * NOVELLUS SYSTEMS, INC                         30,543       
467    PALL CORP                                      8,639       
261    PENTAIR, INC                                   9,265       
103  * PRESSTEK, INC                                  1,680       
75  * PRI AUTOMATION, INC                            4,904      
30    ROBBINS & MYERS, INC                             684      
114    ROPER INDUSTRIES, INC                          2,921       
45    SAUER-DANFOSS, INC                               444      
126  * SILICON VALLEY GROUP, INC                      3,260       
184  * SMITH INTERNATIONAL, INC                      13,397       
46  * SPECIALTY EQUIPMENT COS, INC                   1,247      
93  * SPEEDFAM-IPEC, INC                             1,691      
44    STANDEX INTERNATIONAL CORP                       698      
25    STARRETT (L.S.) CO (CLASS A)                     437      
67    TECUMSEH PRODUCTS CO (CLASS A)                 2,558      
34    TENNANT CO                                     1,275      
93  * TEREX CORP                                     1,313      
23  * THERMO FIBERTEK, INC                             109      
190    TIMKEN CO                                      3,538       
43    TORO CO                                        1,416      
81  * ULTRATECH STEPPER, INC                         1,204      
160  * UNOVA, INC                                     1,170       
147    YORK INTERNATIONAL CORP                        3,711       
                                         -----------
                                             773,504
                                         -----------
TOTAL INDUSTRIAL MACHINERY                 3,277,464
                                         -----------

MEDIA AND LEISURE -- 3.76%                                                      

BROADCASTING -- 2.86%                                                           
203  * ADELPHIA COMMUNICATIONS CORP                               
 (CLASS A)                                     9,515
68  * AMC ENTERTAINMENT, INC                           331      
678  * AMFM, INC                                     46,782       
17    BHC COMMUNICATIONS, INC (CLASS A)              2,584      
565  * CABLEVISION SYSTEMS CORP (CLASS A)            38,349       
35  * CARMIKE CINEMAS, INC (CLASS A)                   135      
62  * CHRIS CRAFT INDUSTRIES, INC                    4,095      
85  * CITADEL COMMUNICATIONS CORP                    2,969      
1,107  * CLEAR CHANNEL COMMUNICATIONS,                                
 INC                                          83,025
3,395  * COMCAST CORP (CLASS A) SPECIAL               137,497         
652  * COX COMMUNICATIONS, INC (CLASS A)             29,706       
102  * COX RADIO, INC (CLASS A)                       2,856       
68  * CUMULUS MEDIA, INC                               620      
9,037    DISNEY (WALT) CO                             350,748         
172  * EMMIS COMMUNICATIONS (CLASS A)                 7,116       
89  * ENTERCOM COMMUNICATIONS CORP                   4,338      
607  * FOX ENTERTAINMENT GROUP, INC                  18,437       
68    GAYLORD ENTERTAINMENT CO                       1,462      

108 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
109th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 109th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                    VALUE           
--------------------------------------------------------------------------------

BROADCASTING -- (CONTINUED)                                                     
21  * GC COS, INC                                 $    469      
48    GRAY COMMUNICATIONS SYSTEMS, INC                 471      
81  * HEARST-ARGYLE TELEVISION, INC                  1,579      
514  * HISPANIC BROADCASTING CORP                    17,026       
119  * HOLLYWOOD ENTERTAINMENT CORP                     937       
1,195  * INFINITY BROADCASTING CORP (CLASS A)          43,542         
52  * LOEWS CINEPLEX ENTERTAINMENT CORP                165      
57  * METRO-GOLDWYN-MAYER, INC                       1,489      
195  * METROMEDIA INTERNATIONAL GROUP, INC              926       
37  * ON COMMAND CORP                                  527      
160  * PANAMSAT CORP                                  6,990       
112  * PAXSON COMMUNICATIONS CORP                       896       
82  * PEGASUS COMMUNICATIONS CORP                    4,023      
45  * PIXAR, INC                                     1,586      
163  * PRICE COMMUNICATIONS CORP                      3,840       
32  * RADIO ONE, INC                                   946      
64  * RADIO ONE, INC (CLASS D)                       1,412      
29  * SAGA COMMUNICATIONS, INC (CLASS A)               638      
94  * SINCLAIR BROADCAST GROUP, INC                             
 (CLASS A)                                     1,034
61  * SIRIUS SATELLITE RADIO, INC                    2,703      
5,114    TIME WARNER, INC                             388,664         
142  * TV GUIDE, INC                                  4,863       
507  * U.S.A. NETWORKS, INC                          10,963       
15    UNITED TELEVISION, INC                         1,931      
412  * UNITEDGLOBALCOM, INC (CLASS A)                19,261       
297  * UNIVISION COMMUNICATIONS, INC                 30,739       
13  * VALLEY MEDIA, INC                                 45      
5,832  * VIACOM, INC (CLASS B)                        397,669         
81  * WAVO CORP                                         60      
35  * YOUNG BROADCASTING, INC (CLASS A)                899      
                                         -----------
                                           1,686,858
                                         -----------

LODGING/GAMING/RECREATION -- 0.28%                                              
315  * AMF BOWLING, INC                                  59       
27  * ANCHOR GAMING CO                               1,294      
73  * ARGOSY GAMING CORP                             1,049      
150  * AZTAR CORP                                     2,325       
90  * BALLY TOTAL FITNESS HOLDINGS CORP              2,283      
120  * BOCA RESORTS, INC (CLASS A)                    1,185       
136  * BOYD GAMING CORP                                 756       
37  * CHAMPIONSHIP AUTO RACING TEAMS, INC              943      
207  * CHOICE HOTELS INTERNATIONAL, INC               2,057       
32    CHURCHILL DOWNS, INC                             748      
70  * CRESTLINE CAPITAL CORP                         1,194      
51    DOVER DOWNS ENTERTAINMENT, INC                   714      
269  * EXTENDED STAY AMERICA, INC                     2,488       
79 b* FAMILY GOLF CENTERS, INC                          18      
484  * HARRAH'S ENTERTAINMENT, INC                   10,133       
1,342    HILTON HOTELS CORP                            12,581         
101    INTERNATIONAL SPEEDWAY CORP                                
 (CLASS A )                                    4,178
90  * LODGIAN, INC                                     219      
267  * MANDALAY RESORT GROUP                          5,340       
85    MARCUS CORP                                    1,030      
829    MARRIOTT INTERNATIONAL, INC                                
 (CLASS A)                                    29,895
86    MGM GRAND, INC                                 2,762      
1,088  * PARK PLACE ENTERTAINMENT CORP                 13,260         
88  * PINNACLE ENTERTAINMENT, INC                    1,710      
295  * PREMIER PARKS, INC                             6,711       
184  * PRIME HOSPITALITY CORP                         1,736       
212  * SFX ENTERTAINMENT, INC (CLASS A)               9,606       
51  * SPEEDWAY MOTORSPORTS, INC                      1,173      
812    STARWOOD HOTELS & RESORTS                                  
 WORLDWIDE                                    26,440
90  * STATION CASINOS, INC                           2,250      
33  * STEINWAY MUSICAL INSTRUMENTS, INC                544      
136 b* SUNTERRA CORP                                     31       
14  * TRENDWEST RESORTS, INC                           225      
51  * U.S. FRANCHISE SYSTEMS, INC (CLASS A)            245      
84  * VAIL RESORTS, INC                              1,370      
458  * WESTWOOD ONE, INC                             15,629       
509  * WYNDHAM INTERNATIONAL, INC                     1,272       
                                         -----------
                                             165,453
                                         -----------

PUBLISHING -- 0.62%                                                             
225    AMERICAN GREETINGS CORP (CLASS A)              4,275       
61  * APPLIED GRAPHICS TECHNOLOGIES, INC               259      
100    BANTA CORP                                     1,893       
341    BELO (A.H.) CORP SERIES A                      5,903       
139    BOWNE & CO, INC                                1,398       
106    CENTRAL NEWSPAPERS, INC (CLASS A)              6,704       
48  * CONSOLIDATED GRAPHICS, INC                       450      
23  * CSS INDUSTRIES, INC                              470      
276    DELUXE CORP                                    6,503       
354    DONNELLEY (R.R.) & SONS CO                     7,987       
175    DOW JONES & CO, INC                           12,818       
77  * FRANKLIN COVEY CO                                534      
1,250    GANNETT CO, INC                               74,765         
114    HARLAND (JOHN H.) CO                           1,702       
169    HARTE-HANKS, INC                               4,225       
27    HOLLINGER INTERNATIONAL, INC                     367      
103    HOUGHTON MIFFLIN CO                            4,808       
12  * IDG BOOKS WORLDWIDE, INC                         108      

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 109

N-30D
110th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 110th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

PUBLISHING -- (CONTINUED)                                                       
17  * INFORMATION HOLDINGS, INC                  $     629      
175  * JOURNAL REGISTER CO                            3,193       
316    KNIGHT-RIDDER, INC                            16,807       
166    LEE ENTERPRISES, INC                           3,869       
72    MCCLATCHY CO (CLASS A)                         2,385      
838    MCGRAW HILL COS, INC                          45,252       
84    MEDIA GENERAL, INC (CLASS A)                   4,079      
139    MEREDITH CORP                                  4,691       
46    NEW ENGLAND BUSINESS SERVICES, INC               747      
742    NEW YORK TIMES CO (CLASS A)                   29,309       
158  * PAXAR CORP                                     1,886       
80    PENTON MEDIA, INC                              2,800      
75  * PLAYBOY ENTERPRISES, INC (CLASS B)               965      
847  * PRIMEDIA, INC                                 19,269       
27    PULITZER, INC                                  1,139      
126  * R.H. DONNELLEY CORP                            2,441       
443    READER'S DIGEST ASSOCIATION, INC                           
 (CLASS A) (NON-VOTE)                         17,609
275    REYNOLDS & REYNOLDS CO (CLASS A)               5,018       
34    SCHAWK, INC (CLASS A)                            318      
52  * SCHOLASTIC CORP                                3,178      
37  * SCIENTIFIC GAMES HOLDINGS CORP                   908      
99    SCRIPPS (E.W.) CO (CLASS A)                    4,875      
47    STANDARD REGISTER, INC                           669      
178    TIMES MIRROR CO SERIES A                      16,131       
164  * TOPPS, INC                                     1,886       
803    TRIBUNE CO                                    28,105       
147    WALLACE COMPUTER SERVICES, INC                 1,451       
12    WASHINGTON POST CO (CLASS B)                   5,736      
176    WILEY (JOHN) & SONS, INC (CLASS A)             3,960       
100  * ZIFF-DAVIS, INC -ZD                              900       
                                         -----------
                                             365,374
                                         -----------
TOTAL MEDIA AND LEISURE                    2,217,685
                                         -----------

RETAIL AND WHOLESALE -- 2.61%                                                   

GENERAL MERCHANDISE STORES-- 2.61%                                              
45  * 99 CENTS ONLY STORES                           1,794      
767  * AMAZON.COM, INC                               27,851       
110  * AMES DEPARTMENT STORES, INC                      852       
135    ARMSTRONG HOLDINGS, INC                        2,067       
203  * BARNES & NOBLE, INC                            4,516       
110  * BARNESANDNOBLE.COM, INC                          718       
262  * BJ'S WHOLESALE CLUB, INC                       8,646       
131    BLYTH, INC                                     3,864       
294  * BORDERS GROUP, INC                             4,575       
79    BRADY CORP (CLASS A)                           2,567      
286    CALLAWAY GOLF CO                               4,665       
199    CASEYS GENERAL STORES, INC                     2,064       
96    CASH AMERICA INTERNATIONAL, INC                  708      
184  * CDW COMPUTER CENTERS, INC                     11,500       
10  * COLDWATER CREEK, INC                             301      
415  * CONSOLIDATED STORES CORP                       4,980       
77  * COST PLUS, INC                                 2,208      
2,054  * COSTCO WHOLESALE CORP                         67,782         
28  * DELIA*S, INC                                      66      
389    DILLARDS, INC (CLASS A)                        4,765       
33  * DIRECT FOCUS, INC                              1,617      
755    DOLLAR GENERAL CORP                           14,722       
501  * DOLLAR TREE STORES, INC                       19,820       
63  * E4L, INC                                          51      
83  * EGGHEAD.COM, INC                                 243      
51    ENESCO GROUP, INC                                242      
37  * ETOYS, INC                                       234      
47  * FACTORY 2-U STORES, INC                        1,777      
649    FAMILY DOLLAR STORES, INC                     12,696       
105    FASTENAL CO                                    5,315       
12  * FATBRAIN.COM, INC                                 79      
890  * FEDERATED DEPARTMENT STORES, INC              30,037       
448  * HANOVER DIRECT, INC                              700       
194    HARCOURT GENERAL, INC                         10,548       
730    HASBRO, INC                                   10,995       
56  * HEXCEL CORP                                      532      
126  * HOMEBASE, INC                                    196       
86  * IDENTIX, INC                                   1,349      
77  * INSIGHT ENTERPRISES, INC                       4,567      
298  * INTERNATIONAL GAME TECHNOLOGY                              
 CO                                            7,897
18  * ITURF, INC                                        51      
57  * JAKKS PACIFIC, INC                               840      
61  * JO-ANN STORES, INC (CLASS A)                     427      
1,964  * K MART CORP                                   13,379         
1,310  * KOHLS CORP                                    72,868         
150  * LANDS END, INC                                 5,006       
59  * LYDALL, INC                                      626      
30  * MARVEL ENTERPRISES                               187      
1,682    MATTEL, INC                                   22,181         
1,549    MAY DEPARTMENT STORES CO                      37,176         
105  * MICHAELS STORES, INC                           4,810       
1,719    MINNESOTA MINING &                                           
 MANUFACTURING CO                            141,817
166  * NEIMAN MARCUS GROUP, INC (CLASS A)             4,907       
1,239  * OFFICE DEPOT, INC                              7,743         
427  * OFFICEMAX, INC                                 2,135       
21  * PC CONNECTION, INC                             1,197      
972    PENNEY, (J.C.) CO, INC                        17,921       

110 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
111th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 111th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

GENERAL MERCHANDISE STORES -- (CONTINUED)                                       
79  * PETCO ANIMAL SUPPLIES, INC                 $   1,550      
420  * PETSMART, INC                                  1,417       
44  * RACING CHAMPIONS CORP                             74      
39    RUSS BERRIE & CO, INC                            750      
545  * SAKS, INC                                      5,722       
90  * SCHEIN (HENRY), INC                            1,552      
1,285    SEARS ROEBUCK & CO                            41,923         
99  * SHOP AT HOME, INC                                462      
114  * SHOPKO STORES, INC                             1,752       
61    SPIEGEL, INC (CLASS A)                           518      
1,869  * STAPLES, INC                                  28,735         
154  * SUNGLASS HUT INTERNATIONAL, INC                1,265       
135  * SYSTEMAX, INC                                    523       
2,059    TARGET CORP                                  119,422         
223    TIFFANY & CO                                  15,052       
904  * TOYS `R' US, INC                              13,164       
25  * TRACTOR SUPPLY CO                                414      
29  * TUESDAY MORNING CORP                             304      
138  * U.S. OFFICE PRODUCTS CO                           51       
38  * VALUE AMERICA, INC                                41      
54  * VALUE CITY DEPARTMENT STORES, INC                513      
141  * VALUEVISION INTERNATIONAL, INC                 3,384       
518  * VENATOR GROUP, INC                             5,309       
11,746    WAL-MART STORES, INC                         676,863          
60  * WHITEHALL JEWELLERS, INC                       1,117      
86  * WMS INDUSTRIES, INC                            1,327      
133  * ZALE CORP                                      4,854       
                                         -----------
TOTAL RETAIL AND WHOLESALE                 1,541,435
                                         -----------

TECHNOLOGY -- 20.81%                                                            

COMMUNICATIONS EQUIPMENT -- 1.86%                                               
37  * ACT NETWORKS, INC                                566      
136  * ACTV, INC                                      2,031       
220  * ADAPTIVE BROADBAND CORP                        8,085       
1,439  * ADC TELECOMMUNICATIONS, INC                  120,696         
75  * ADTRAN, INC                                    4,490      
272  * ADVANCED FIBRE COMMUNICATIONS, INC            12,325       
104  * ALLEN TELECOM, INC                             1,839       
531  * AMERICAN TOWER CORP (CLASS A)                 22,136       
168  * AMPEX CORP (CLASS A)                             283       
103  * ANCOR COMMUNICATIONS, INC                      3,683       
309  * ANDREW CORP                                   10,370       
90  * ANTEC CORP                                     3,740      
179  * ASPECT COMMUNICATIONS CORP                     7,036       
41  * BROOKTROUT, INC                                  894      
36  * CARRIER ACCESS CORP                            1,903      
93  * C-COR.NET CORP                                 2,511      
108  * CHECKPOINT SYSTEMS, INC                          810       
617  * CIENA CORP                                   102,846       
181  * COMMSCOPE, INC                                 7,421       
626  * COMVERSE TECHNOLOGY, INC                      58,218       
31  * COPPER MOUNTAIN NETWORKS, INC                  2,731      
256  * DIGITAL MICROWAVE CORP                         9,760       
704  * ECHOSTAR COMMUNICATIONS CORP                               
 (CLASS A)                                    23,309
237  * ELOT, INC                                        444       
16  * ESHARE COMMUNICATIONS, INC                       112      
234  * GLENAYRE TECHNOLOGIES, INC                     2,471       
62  * GLOBIX CORP                                    1,817      
38    HARMON INDUSTRIES, INC                           503      
183  * HARMONIC, INC                                  4,529       
298    HARRIS CORP                                    9,759       
22  * INET TECHNOLOGIES, INC                         1,193      
183  * INTERDIGITAL COMMUNICATIONS CORP               3,030       
15  * INTERLOGIX, INC                                  206      
78    INTER-TEL, INC                                 1,252      
121  * INTERVOICE-BRITE, INC                            794       
123  * L-3 COMMUNICATIONS HOLDINGS, INC               7,018       
57  * METRICOM, INC                                  1,588      
9,200    MOTOROLA, INC                                267,375         
243  * P-COM, INC                                     1,382       
153  * PICTURETEL CORP                                  401       
62  * PLANTRONICS, INC                               7,161      
81  * POLYCOM, INC                                   7,621      
162  * POWERWAVE TECHNOLOGIES, INC                    7,128       
2,781  * QUALCOMM, INC                                166,860         
692    SCIENTIFIC-ATLANTA, INC                       51,554       
47  * SCM MICROSYSTEMS, INC                          2,846      
265  * SENSORMATIC ELECTRONICS CORP                   4,190       
104  * TEKELEC                                        5,011       
1,468  * TELLABS, INC                                 100,466         
314  * TERAYON COMMUNICATION SYSTEMS, INC            20,169       
44  * TUT SYSTEMS, INC                               2,524      
139  * WEBLINK WIRELESS, INC                          1,841       
64  * WESTELL TECHNOLOGIES, INC (CLASS A)              960      
170  * WORLD ACCESS, INC                              1,880       
48  * YOUTHSTREAM MEDIA NETWORKS, INC                  270      
58  * ZIXIT CORP                                     2,671      
                                         -----------
                                           1,094,709
                                         -----------

COMPUTERS AND OFFICE EQUIPMENT -- 18.44%                                        
1,499  * 3COM CORP                                     86,379         
78  * 3DFX INTERACTIVE, INC                            606      
15  * ABOUT.COM, INC                                   472      

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 111

N-30D
112th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 112th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

COMPUTERS AND OFFICE EQUIPMENT-- (CONTINUED)                                    
155  * ACCLAIM ENTERTAINMENT, INC                 $     222       
96  * ACTIVISION, INC                                  624      
93  * ACTUATE CORP                                   4,963      
221  * ACXIOM CORP                                    6,022       
384  * ADAPTEC, INC                                   8,736       
566    ADOBE SYSTEMS, INC                            73,580       
252  * ADVANCED DIGITAL INFORMATION CORP              4,016       
32  * ADVANTAGE LEARNING SYSTEMS, INC                  492      
94  * ADVENT SOFTWARE, INC                           6,063      
134  * AFFILIATED COMPUTER SERVICES, INC                          
 (CLASS A)                                     4,430
150  * ALLAIRE CORP                                   5,512       
9,922  * AMERICA ONLINE, INC                          523,385         
158  * AMERICAN MANAGEMENT SYSTEMS, INC               5,186       
80    ANALYSTS INTERNATIONAL CORP                      745      
69  * APEX, INC                                      3,018      
1,412  * APPLE COMPUTER, INC                           73,953         
18  * APPLIEDTHEORY CORP                               270      
94  * ASHTON TECHNOLOGY GROUP, INC                     267      
95  * ASPEN TECHNOLOGY, INC                          3,657      
104  * AUSPEX SYSTEMS, INC                              513       
32  * AUTOBYTEL.COM, INC                               197      
207    AUTODESK, INC                                  7,180       
2,754    AUTOMATIC DATA PROCESSING, INC               147,511         
145  * AVANT CORP                                     2,716       
93  * AVT CORP                                         685      
61  * AWARE, INC                                     3,118      
105  * AXENT TECHNOLOGIES, INC                        2,605       
42  * BARRA, INC                                     2,081      
1,292  * BEA SYSTEMS, INC                              63,873         
56  * BELL & HOWELL CO                               1,358      
90  * BEYOND.COM CORP                                  120      
145  * BILLING CONCEPTS CORP                            643       
125  * BINDVIEW DEVELOPMENT CORP                      1,500       
103  * BISYS GROUP, INC                               6,334       
72  * BLACK BOX CORP                                 5,700      
1,019  * BMC SOFTWARE, INC                             37,177         
27  * BOTTOMLINE TECHNOLOGIES, INC                     923      
68  * BRIO TECHNOLOGY, INC                           1,440      
830  * BROADVISION, INC                              42,174       
150  * BROCADE COMMUNICATIONS                                     
 SYSTEMS, INC                                 27,522
700  * CABLETRON SYSTEMS, INC                        17,675       
35  * CACI INTERNATIONAL, INC (CLASS A)                682      
1,017  * CADENCE DESIGN SYSTEMS, INC                   20,721         
27  * CAIS INTERNET, INC                               379      
193  * CAMBRIDGE TECHNOLOGY PARTNERS, INC             1,682       
82  * CCC INFORMATION SERVICES GROUP,                           
 INC                                             871
153  * C-CUBE MICROSYSTEMS, INC (NEW)                 3,002       
478  * CERIDIAN CORP                                 11,501       
99  * CERNER CORP                                    2,697      
188 b* CHS ELECTRONICS, INC                               1       
170  * CIBER, INC                                     2,252       
247  * CIRRUS LOGIC, INC                              3,952       
29,864  * CISCO SYSTEMS, INC                         1,898,230          
736  * CITRIX SYSTEMS, INC                           13,938       
360  * CNET NETWORKS, INC                             8,842       
24  * COGNIZANT TECHNOLOGY SOLUTIONS                            
 CORP                                            796
534    COMDISCO, INC                                 11,914       
7,301    COMPAQ COMPUTER CORP                         186,631         
89  * COMPLETE BUSINESS SOLUTIONS, INC               1,563      
179  * COMPUCOM SYSTEMS, INC                            290       
1,915    COMPUTER ASSOCIATES                                          
 INTERNATIONAL, INC                           98,024
117  * COMPUTER HORIZONS CORP                         1,572       
88  * COMPUTER NETWORK TECHNOLOGY                               
 CORP                                          1,529
669  * COMPUTER SCIENCES CORP                        49,965       
61    COMPUTER TASK GROUP, INC                         308      
1,270  * COMPUWARE CORP                                13,176         
8    COMPX INTERNATIONAL, INC                         162     
54  * CONCORD COMMUNICATIONS, INC                    2,153      
51  * CONCUR TECHNOLOGIES, INC                         213      
195  * CONCURRENT COMPUTER CORP                       2,559       
150  * CONVERGYS CORP                                 7,781       
24  * COSTAR GROUP, INC                                601      
44  * COTELLIGENT, INC                                 250      
181  * CSG SYSTEMS INTERNATIONAL, INC                10,147       
66  * CYBERCASH, INC                                   313      
59  * CYBEX COMPUTER PRODUCTS CORP                   2,500      
313  * DATA BROADCASTING CORP                         1,975       
60  * DATASTREAM SYSTEMS, INC                          750      
9,239  * DELL COMPUTER CORP                           455,598         
114  * DENDRITE INTERNATIONAL, INC                    3,797       
267    DIEBOLD, INC                                   7,442       
60  * DIGITAL RIVER, INC                               461      
55  * DOCUMENTUM, INC                                4,915      
95  * DSP GROUP, INC                                 5,320      
240  * DST SYSTEMS, INC                              18,270       
267  * EARTHLINK, INC                                 4,121       
24  * EARTHWEB, INC                                    336      
70  * ECHELON CORP                                   4,055      
132  * ECLIPSYS CORP                                    990       

112 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
113th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 113th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

COMPUTERS AND OFFICE EQUIPMENT-- (CONTINUED)                                    
32  * EFAX.COM, INC                               $     39      
338  * ELECTRONIC ARTS, INC                          24,652       
1,514    ELECTRONIC DATA SYSTEMS CORP                  62,452         
185  * ELECTRONICS FOR IMAGING, INC                   4,682       
162  * ELOYALTY CORP                                  2,065       
9,362  * EMC CORP                                     720,288         
123  * EMULEX CORP                                    8,079       
45  * ENGINEERING ANIMATION, INC                       420      
160  * ENTRUST TECHNOLOGIES, INC                     13,240       
154  * EPICOR SOFTWARE CORP                             385       
92  * EPRESENCE, INC                                   667      
43  * EXCALIBUR TECHNOLOGIES CORP                    1,717      
88  * EXCHANGE APPLICATIONS, INC                     2,343      
620  * EXCITE AT HOME                                12,865       
86  * EXTREME NETWORKS, INC                          9,073      
73    FACTSET RESEARCH SYSTEMS, INC                  2,062      
24  * FIDELITY HOLDINGS, INC                            30      
122  * FILENET CORP                                   2,241       
1,715    FIRST DATA CORP                               85,106         
562  * FISERV, INC                                   24,306       
151  * FISHER SCIENTIFIC INTERNATIONAL, INC           3,737       
766  * GATEWAY, INC                                  43,470       
22    GENERAL BINDING CORP                             147      
74    GERBER SCIENTIFIC, INC                           851      
25  * GLOBAL IMAGING SYSTEMS, INC                      262      
2  * GLOBAL SOURCES LTD                                50     
209  * GO.COM                                         2,494       
86  * GO2NET, INC                                    4,326      
38  * GREAT PLAINS SOFTWARE, INC                       745      
142  * GTECH HOLDINGS CORP                            3,221       
188  * HEALTHEON/WEBMD CORP                           2,784       
3,700    HEWLETT-PACKARD CO                           462,037         
92  * HNC SOFTWARE, INC                              5,681      
46  * HYPERCOM CORP                                    661      
121  * HYPERION SOLUTIONS CORP                        3,924       
446  * I2 TECHNOLOGIES, INC                          46,502       
53  * IDX SYSTEMS CORP                                 748      
132  * IGATE CAPITAL CORP                             1,815       
561    IKON OFFICE SOLUTIONS, INC                     2,173       
137  * IMATION CORP                                   4,024       
74  * IMRGLOBAL CORP                                   966      
1,259    IMS HEALTH, INC                               22,662         
162 b* INACOM CORP                                       10       
110  * INFOCURE CORP                                    618       
85  * INFOCUS CORP                                   2,735      
27  * INFOGRAMES, INC                                  219      
64  * INFORMATICA CORP                               5,244      
106  * INFORMATION RESOURCES, INC                       417       
1,048  * INFORMIX CORP                                  7,794         
558  * INFOSPACE.COM, INC                            30,829       
85  * INFOUSA, INC                                     552      
230  * INGRAM MICRO, INC (CLASS A)                    4,010       
368  * INKTOMI CORP                                  43,516       
13  * INTERACT COMMERCE CORP                           153      
163  * INTERGRAPH CORP                                1,232       
7,589    INTERNATIONAL BUSINESS MACHINES                              
 CORP                                        831,469
637  * INTUIT, INC                                   26,355       
1,016  * IOMEGA CORP                                    4,064         
96  * ISS GROUP, INC                                 9,478      
62  * IVILLAGE, INC                                    523      
163  * J.D. EDWARDS & CO                              2,455       
251    JACK HENRY & ASSOCIATES, INC                  12,581       
77  * JDA SOFTWARE GROUP, INC                        1,477      
25  * JUNO ONLINE SERVICES, INC                        268      
212  * KEANE, INC                                     4,584       
44  * KRONOS, INC                                    1,144      
313  * LANIER WORLDWIDE, INC                            313       
168  * LEARN2.COM, INC                                  330       
384  * LEGATO SYSTEMS, INC                            5,808       
481  * LEXMARK INTERNATIONAL GROUP                                
 (CLASS A)                                    32,347
90  * LHS GROUP, INC                                 3,105      
397  * LYCOS, INC                                    21,438       
261  * MACROMEDIA, INC                               25,235       
100  * MACROVISION CORP                               6,392       
16  * MANHATTAN ASSOCIATES, INC                        400      
77  * MANUGISTICS GROUP, INC                         3,599      
66  * MAPICS, INC                                      379      
51  * MARIMBA, INC                                     710      
12  * MARKETWATCH.COM, INC                             225      
257  * MAXTOR CORP                                    2,714       
37  * MCSI, INC                                        957      
47  * MEDICONSULT.COM, INC                              70      
135  * MEDQUIST, INC                                  4,590       
242  * MENTOR GRAPHICS CORP                           4,809       
58  * MERCATOR SOFTWARE, INC                         3,987      
77  * MERCURY COMPUTER SYSTEMS, INC                  2,488      
289  * MERCURY INTERACTIVE CORP                      27,960       
102  * MERISEL, INC                                      76       
25  * METRO INFORMATION SERVICES, INC                  250      
79  * MICROMUSE, INC                                13,073      
132  * MICRON ELECTRONICS, INC                        1,650       
62  * MICROS SYSTEMS, INC                            1,150      
16,638  * MICROSOFT CORP                             1,331,040          

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 113

N-30D
114th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 114th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)                                   
290  * MICROSTRATEGY, INC                          $  8,700       
111  * MIDWAY GAMES, INC                                894       
44  * MIPS TECHNOLOGIES, INC                         1,870      
115  * MTI TECHNOLOGY CORP                              920       
51  * MULTEX.COM, INC                                1,284      
121    NATIONAL COMPUTER SYSTEMS, INC                 5,959       
128    NATIONAL DATA CORP                             2,944       
91  * NATIONAL INSTRUMENTS CORP                      3,969      
45  * NCO GROUP, INC                                 1,040      
26  * NEON SYSTEMS, INC                                487      
40  * NET PERCEPTIONS, INC                             635      
23  * NETOBJECTS, INC                                  209      
29  * NETOPIA, INC                                   1,167      
1,190  * NETWORK APPLIANCE, INC                        95,795         
81  * NETWORK EQUIPMENT                                         
 TECHNOLOGIES, INC                               815
148  * NETWORK PERIPHERALS, INC                       2,479       
624  * NETWORK ASSOCIATES, INC                       12,714       
91  * NEW ERA OF NETWORKS, INC                       3,867      
1,454  * NOVELL, INC                                   13,449         
16  * OMEGA RESEARCH, INC                               48      
72  * ONEMAIN.COM, INC                                 810      
58  * ONHEALTH NETWORK CO                              134      
250  * ONYX SOFTWARE CORP                             7,421       
127  * OPEN MARKET, INC                               1,754       
9,412  * ORACLE CORP                                  791,196         
123    OWENS & MINOR, INC                             2,114       
1,132  * PARAMETRIC TECHNOLOGY CORP                    12,452         
91  * PATTERSON DENTAL CO                            4,641      
1,386    PAYCHEX, INC                                  58,212         
9  * PCORDER.COM, INC                                  69     
109  * PEGASYSTEMS, INC                                 545       
910  * PEOPLESOFT, INC                               15,242       
105  * PER SE TECHNOLOGIES, INC                         984       
378  * PEREGRINE SYSTEMS, INC                        13,111       
193  * PEROT SYSTEMS CORP (CLASS A)                   2,123       
59  * PERVASIVE SOFTWARE, INC                          331      
89  * PHOENIX TECHNOLOGIES LTD                       1,451      
1,099    PITNEY BOWES, INC                             43,960         
134  * POLICY MANAGEMENT SYSTEMS CORP                 2,060       
56  * PORTAL SOFTWARE, INC                           3,577      
115  * PRICELINE.COM, INC                             4,368       
39  * PRIMARK CORP                                   1,452      
17  * PRIVATE BUSINESS, INC                             42      
55  * PRODIGY COMMUNICATIONS CORP                               
 (CLASS A)                                       577
117  * PROGRESS SOFTWARE CORP                         2,098       
149  * PROJECT SOFTWARE & DEVELOPMENT,                            
 INC                                           2,682
78  * PROXICOM, INC                                  3,734      
45  * PROXIM, INC                                    4,453      
68  * PROXYMED, INC                                    114      
559  * PSINET, INC                                   14,044       
267  * PSS WORLD MEDICAL, INC                         1,793       
82  * PUBLICARD, INC                                   269      
41  * QRS CORP                                       1,007      
95  * QUADRAMED CORP                                   237      
620  * QUANTUM CORP-DLT &                                         
 STORAGE SYSTEMS GROUP                         6,006
315  * QUANTUM CORP-HARD DISK DRIVE                               
 GROUP                                         3,484
57  * RADIANT SYSTEMS, INC                           1,368      
38  * RADISYS CORP                                   2,156      
289  * RARE MEDIUM GROUP, INC                         5,067       
434  * RATIONAL SOFTWARE CORP                        40,334       
53  * RAZORFISH, INC                                   851      
343  * REALNETWORKS, INC                             17,342       
95  * REMEDY CORP                                    5,296      
236  * RSA SECURITY, INC                             16,343       
490    SABRE HOLDINGS CORP                           13,965       
493  * SAFEGUARD SCIENTIFICS, INC                    15,806       
108  * SAGA SYSTEMS, INC                              1,343       
49  * SAGENT TECHNOLOGY, INC                           698      
48  * SANCHEZ COMPUTER ASSOCIATES, INC               1,140      
184  * SANDISK CORP                                  11,258       
69  * SANTA CRUZ OPERATION, INC                        439      
100  * SAPIENT CORP                                  10,693       
24  * SCIENT CORP                                    1,059      
984  * SEAGATE TECHNOLOGY, INC                       54,120       
141    SEI INVESTMENTS CO                             5,613       
149  * SERENA SOFTWARE, INC                           6,765       
94    SHARED MEDICAL SYSTEMS CORP                    6,856      
615  * SIEBEL SYSTEMS, INC                          100,590       
692  * SILICON GRAPHICS, INC                          2,595       
1  * SIMIONE CENTRAL HOLDINGS, INC                      3     
71  * SOFTNET SYSTEMS, INC                             683      
51  * SOURCE MEDIA, INC                                199      
61  * SPORTSLINE.COM, INC                            1,040      
30  * SPSS, INC                                        873      
64  * SPYGLASS, INC                                  2,004      
41  * SS&C TECHNOLOGIES, INC                           174      
29  * STARMEDIA NETWORK, INC                           547      
351  * STORAGE TECHNOLOGY CORP                        3,839       
135  * STRUCTURAL DYNAMICS RESEARCH CORP              2,033       
6,782  * SUN MICROSYSTEMS, INC                        616,738         

114 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
115th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 115th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

COMPUTERS AND OFFICE EQUIPMENT -- (CONTINUED)                                   
549  * SUNGARD DATA SYSTEMS, INC                  $  17,019       
14  * SUNQUEST INFORMATION SYSTEMS, INC                150      
92  * SVI HOLDINGS, INC                                471      
407  * SYBASE, INC                                    9,361       
84  * SYKES ENTERPRISES, INC                         1,081      
196  * SYMANTEC CORP                                 10,571       
599    SYMBOL TECHNOLOGIES, INC                      32,346       
339  * SYNOPSYS, INC                                 11,716       
19  * SYNTEL, INC                                      190      
121  * SYSTEMS & COMPUTER TECHNOLOGY                              
 CORP                                          2,420
196  * TECH DATA CORP                                 8,538       
162  * TECHNOLOGY SOLUTIONS CO                        1,002       
18  * TENFOLD CORP                                     295      
22  * THESTREET.COM, INC                               127      
67  * THQ, INC                                         816      
85  * TICKETMASTER ONLINE-CITYSEARCH, INC            1,354      
142    TOTAL SYSTEM SERVICES, INC                     2,254       
54  * TOWNE SERVICES, INC                               50      
47  * TRACK DATA CORP                                   60      
123  * TRANSACTION SYSTEMS ARCHITECTS, INC            2,106       
161  * TYLER TECHNOLOGIES, INC                          412       
19  * UNIGRAPHICS SOLUTIONS, INC                       370      
1,367  * UNISYS CORP                                   19,906         
82  * USINTERNETWORKING, INC                         1,675      
356  * VERIO, INC                                    19,752       
496  * VERISIGN, INC                                 87,544       
1,753  * VERITAS SOFTWARE CORP                        198,116         
117  * VERITY, INC                                    4,446       
373  * VIGNETTE CORP                                 19,401       
93  * VISUAL NETWORKS, INC                           2,650      
152  * WAVE SYSTEMS CORP (CLASS A)                    2,403       
150  * WEBTRENDS CORP                                 5,803       
486  * WESTERN DIGITAL CORP                           2,430       
198  * WIND RIVER SYSTEMS, INC                        7,499       
100  * XIRCOM, INC                                    4,750       
1,128  * YAHOO, INC                                   139,731         
92  * ZEBRA TECHNOLOGIES CORP                        4,076      
52  * ZIFF-DAVIS, INC -ZDNET                           468      
                                         -----------
                                          10,872,665
                                         -----------

ELECTRONICS AND OTHER TECHNOLOGY -- 0.20%                                       
729  * BEST BUY CO, INC                              46,109       
59  * CDNOW, INC                                       182      
864    CIRCUIT CITY STORES-CIRCUIT CITY                           
 GROUP                                        28,674
55  * CYBERIAN OUTPOST, INC                            264      
21  * ELECTRONICS BOUTIQUE HOLDINGS                             
 CORP                                            343
83  * GUITAR CENTER, INC                               871      
19  * IDEAMALL, INC                                     91      
107  * INTERTAN, INC                                  1,257       
114  * MUSICLAND STORES CORP                            847       
828    RADIOSHACK CORP                               39,226       
122  * TRANS WORLD ENTERTAINMENT CORP                 1,479       
40  * TWEETER HOME ENTERTAINMENT                                
 GROUP, INC                                    1,215
                                         -----------
                                             120,558
                                         -----------

INSTRUMENTS AND RELATED PRODUCTS -- 0.31%                                       
42  * ANACOMP, INC                                     126      
84  * AVID TECHNOLOGIES, INC                         1,008      
106  * CYMER, INC                                     5,061       
1,288    EASTMAN KODAK CO                              76,636         
123  * LITTON INDUSTRIES, INC                         5,166       
146  * PINNACLE SYSTEMS, INC                          3,282       
168    POLAROID CORP                                  3,034       
1,474    RAYTHEON CO (CLASS B)                         28,374         
80  * TRIMBLE NAVIGATION LTD                         3,905      
2,801    XEROX CORP                                    58,120         
                                         -----------
                                             184,712
                                         -----------
TOTAL TECHNOLOGY                          12,272,644
                                         -----------

TRANSPORTATION -- 3.01%                                                         

AEROSPACE AND DEFENSE -- 0.17%                                                  
32  * ALLIANT TECHSYSTEMS, INC                       2,158      
721    GENERAL DYNAMICS CORP                         37,672       
391    GOODRICH (B.F.) CO                            13,318       
1,488    LOCKHEED MARTIN CORP                          36,921         
117    NEWPORT NEWS SHIPBUILDING, INC                 4,299       
141  * ORBITAL SCIENCES CORP                          1,718       
73    STURM, RUGER & CO, INC                           647      
92  * TELEDYNE TECHNOLOGIES, INC                     1,541      
                                         -----------
                                              98,274
                                         -----------

AIR TRANSPORTATION -- 0.86%                                                     
183    AIRBORNE FREIGHT CORP                          3,465       
212  * AIRTRAN HOLDINGS, INC                            881       
93  * ALASKA AIR GROUP, INC                          2,522      
124  * AMERICA WEST HOLDINGS CORP                                 
 (CLASS B)                                     2,123
658  * AMR CORP                                      17,395       
13  * AMTRAN, INC                                      161      
43  * ATLANTIC COAST AIRLINES HOLDINGS               1,365      
53  * ATLAS AIR, INC                                 1,901      
69  * AVIALL, INC                                      340      

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 115

N-30D
116th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 116th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                      VALUE                         
--------------------------------------------------------------------------------

AIR TRANSPORTATION -- (CONTINUED)                                               
88  * BE AEROSPACE, INC                           $    605      
3,919    BOEING CO                                    163,863         
163  * CONTINENTAL AIRLINES, INC (CLASS B)            7,661       
500    DELTA AIRLINES, INC                           25,281       
58  * EGL, INC                                       1,783      
1,192  * FEDEX CORP                                    45,296         
66  * FRONTIER AIRLINES, INC                           944      
19    HEICO CORP                                       270      
85    KAMAN CORP (CLASS A)                             908      
45  * KELLSTROM INDUSTRIES, INC                        208      
114  * MESA AIR GROUP, INC                              630       
46  * MESABA HOLDINGS, INC                             439      
53  * MIDWEST EXPRESS HOLDINGS, INC                  1,139      
362    NORTHROP GRUMMAN CORP                         23,982       
95  * NORTHWEST AIRLINES CORP (CLASS A)              2,891      
79  * OFFSHORE LOGISTICS, INC                        1,135      
39  * SEQUA CORP (CLASS A)                           1,489      
79    SKYWEST, INC                                   2,927      
2,099    SOUTHWEST AIRLINES CO                         39,749         
472    TEXTRON, INC                                  25,635       
221  * TRANS WORLD AIRLINES, INC                        483       
44  * TRIUMPH GROUP, INC                             1,226      
256  * U.S. AIRWAYS GROUP, INC                        9,984       
108    UAL CORP                                       6,284       
1,918    UNITED TECHNOLOGIES CORP                     112,922         
                                         -----------
                                             507,887
                                         -----------

AUTOS, TIRES AND RELATED PRODUCTS -- 1.53%                                      
77  * AFTERMARKET TECHNOLOGY CORP                      654      
36  * AMERICAN AXLE & MANUFACTURING                             
 HOLDINGS, INC                                   510
97    ARVIN INDUSTRIES, INC                          1,685      
384    AUTOLIV, INC                                   9,240       
1,396  * AUTONATION, INC                                9,859         
25  * AUTOWEB.COM, INC                                  53      
560  * AUTOZONE, INC                                 12,320       
83  * AVIS GROUP HOLDINGS, INC                       1,556      
48    BANDAG, INC                                    1,164      
94    BORG WARNER, INC                               3,301      
99  * BUDGET GROUP, INC                                408      
46    CENTRAL PARKING CORP                           1,089      
90    CLARCOR, INC                                   1,788      
63    COACHMEN INDUSTRIES, INC                         724      
254    COOPER TIRE & RUBBER CO                        2,825       
138  * COPART, INC                                    2,208       
71  * CSK AUTO CORP                                    536      
719    DANA CORP                                     15,233       
557    DANAHER CORP                                  27,536       
81  * DELCO REMY INTERNATIONAL, INC                             
 (CLASS A)                                       673
2,312    DELPHI AUTOMOTIVE SYSTEMS CORP                33,668         
34  * DISCOUNT AUTO PARTS, INC                         340      
91  * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC           1,677      
58  * DURA AUTOMOTIVE SYSTEMS, INC                     627      
277    EATON CORP                                    18,559       
174    FEDERAL SIGNAL CORP                            2,871       
278    FEDERAL-MOGUL CORP                             2,658       
126    FLEETWOOD ENTERPRISES, INC                     1,795       
4,781    FORD MOTOR CO                                205,583         
126    GENCORP, INC                                   1,008       
2,281    GENERAL MOTORS CORP                          132,440         
1,068  * GENERAL MOTORS CORP (CLASS H)                 93,717         
57    GENTEK, INC                                      637      
276  * GENTEX CORP                                    6,934       
970    GENUINE PARTS CO                              19,400       
689    GOODYEAR TIRE & RUBBER CO                     13,780       
59  * GROUP 1 AUTOMOTIVE, INC                          708      
1,340    HARLEY DAVIDSON, INC                          51,590         
67  * HAYES LEMMERZ INTERNATIONAL, INC                 808      
78    HERTZ CORP (CLASS A)                           2,188      
3,372    HONEYWELL INTERNATIONAL, INC                 113,594         
431    ITT INDUSTRIES, INC                           13,091       
58  * KEYSTONE AUTOMOTIVE INDUSTRIES, INC              402      
43  * KROLL-OGARA CO                                   287      
26  * LITHIA MOTORS, INC (CLASS A)                     347      
139    MASCOTECH, INC                                 1,502       
260    MERITOR AUTOMOTIVE, INC                        2,860       
61    MIDAS, INC                                     1,220      
150  * MILLER INDUSTRIES, INC                           271       
84    MODINE MANUFACTURING CO                        2,268      
65  * MONACO COACH CORP                                885      
32  * NATIONAL R.V. HOLDINGS, INC                      336      
246  * NAVISTAR INTERNATIONAL CORP                    7,641       
128  * O'REILLY AUTOMOTIVE, INC                       1,776       
54    OSHKOSH TRUCK CORP                             1,930      
270    PACCAR, INC                                   10,715       
174    PEP BOYS MANNY, MOE, & JACK CO                 1,044       
79    REGAL-BELOIT CORP                              1,268      
176    ROLLINS TRUCK LEASING CORP                     1,221       
242    RYDER SYSTEM, INC                              4,582       
68    SIMPSON INDUSTRIES, INC                          512      
79    SMITH (A.O.) CORP                              1,654      
117  * SPX CORP                                      14,149       
30    STANDARD MOTOR PRODUCTS, INC                              
 (CLASS A)                                       255
46  * STONERIDGE, INC                                  402      

116 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
117th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 117th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

AUTOS, TIRES AND RELATED PRODUCTS -- (CONTINUED)                                
74    SUPERIOR INDUSTRIES INTERNATIONAL,                        
 INC                                        $  1,905
128    TENNECO AUTOMOTIVE, INC                          672       
26    THOR INDUSTRIES, INC                             546      
380    TRW, INC                                      16,482       
81  * UNITED AUTO GROUP, INC                           739      
625  * VISTEON CORP                                   7,578       
81    WABASH NATIONAL CORP                             966      
30  * WEST MARINE, INC                                 205      
54    WINNEBAGO INDUSTRIES, INC                        705      
54    WYNNS INTERNATIONAL, INC                       1,225      
                                         -----------
                                             899,585
                                         -----------

RAILROADS -- 0.33%                                                              
72  * ABC-NACO, INC                                    576      
1,821    BURLINGTON NORTHERN SANTA FE                                 
 CORP                                         41,769
920    CSX CORP                                      19,492       
117    FLORIDA EAST COAST INDUSTRIES, INC             4,680       
185    GATX CORP                                      6,290       
516    KANSAS CITY SOUTHERN INDUSTRIES,                           
  INC                                         45,762
1,633    NORFOLK SOUTHERN CORP                         24,290         
349    TRINITY INDUSTRIES, INC                        6,456       
1,036    UNION PACIFIC CORP                            38,526         
160    WABTEC CORP                                    1,660       
193  * WISCONSIN CENTRAL TRANSIT CORP                 2,509       
                                         -----------
                                             192,010
                                         -----------

TRUCKING AND RELATED SERVICES -- 0.09%                                          
81  * AMERICAN FREIGHTWAYS CORP                      1,174      
68    ARCTIC CAT, INC                                  807      
71    ARNOLD INDUSTRIES, INC                           856      
155    C.H. ROBINSON WORLDWIDE, INC                   7,672       
36  * CAREY INTERNATIONAL, INC                         499      
17  * CHEAP TICKETS, INC                               204      
47    CIRCLE INTERNATIONAL GROUP, INC                1,180      
172    CNF TRANSPORTATION, INC                        3,913       
75  * CONSOLIDATED FREIGHTWAYS CORP                    304      
29  * COVENANT TRANSPORT, INC (CLASS A)                232      
180    EXPEDITORS INTERNATIONAL OF                                
 WASHINGTON, INC                               8,550
54  * FORWARD AIR CORP                               2,160      
75  * FRITZ COS, INC                                   773      
197    GALILEO INTERNATIONAL, INC                     4,112       
65  * HEARTLAND EXPRESS, INC                         1,084      
24  * HUB GROUP, INC (CLASS A)                         358      
80    HUNT (J.B.) TRANSPORT SERVICES, INC            1,235      
125  * IRON MOUNTAIN, INC                             4,250       
25  * KNIGHT TRANSPORTATION, INC                       364      
36  * LANDSTAR SYSTEM, INC                           2,144      
35  * M.S. CARRIERS, INC                               616      
92    POLARIS INDUSTRIES, INC                        2,944      
48    ROADWAY EXPRESS, INC                           1,125      
139  * SWIFT TRANSPORTATION CO, INC                   1,946       
47  * TRAVELOCITY.COM, INC                             769      
23  * U.S. XPRESS ENTERPRISES, INC                              
 (CLASS A)                                       185
100    USFREIGHTWAYS CORP                             2,456       
116    WERNER ENTERPRISES, INC                        1,341       
94  * YELLOW CORP                                    1,386      
                                         -----------
                                              54,639
                                         -----------

WATER TRANSPORTATION -- 0.03%                                                   
162    ALEXANDER & BALDWIN, INC                       3,574       
33  * AMERICAN CLASSIC VOYAGES CO                      680      
92  * KIRBY CORP                                     1,955      
95    OVERSEAS SHIPHOLDING GROUP, INC                2,339      
63  * SEACOR SMIT, INC                               2,437      
209    TIDEWATER, INC                                 7,524       
                                         -----------
                                              18,509
                                         -----------
TOTAL TRANSPORTATION                       1,770,904
                                         -----------

UTILITIES -- 11.62%                                                             

TELEPHONE -- 8.87%                                                              
56  * ADELPHIA BUSINESS SOLUTIONS, INC               1,298      
91  * ADVANCED RADIO TELECOM CORP                    1,330      
467  * ALLEGIANCE TELECOM, INC                       29,888       
1,332    ALLTEL CORP                                   82,500         
13,732    AT & T CORP                                  434,274          
11,302  * AT & T CORP - LIBERTY MEDIA GROUP                             
 (CLASS A)                                   274,073
6,747    BELL ATLANTIC CORP                           342,831         
8,088    BELLSOUTH CORP                               344,751         
919    BROADWING, INC                                23,836       
125  * CAPROCK COMMUNICATIONS CORP                    2,437       
625    CENTURYTEL, INC                               17,968       
49    CFW COMMUNICATIONS CO                          1,837      
64  * COM21, INC                                     1,600      
39  * COMMONWEALTH TELEPHONE                                    
 ENTERPRISES, INC                              1,835
84    COMSAT CORP                                    2,073      
511  * COVAD COMMUNICATIONS GROUP, INC                8,239       
417  * CROWN CASTLE INTERNATIONAL CORP               15,220       
70    CT COMMUNICATIONS, INC                         1,990      
192  * E.SPIRE COMMUNICATIONS, INC                    1,296       

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 117

N-30D
118th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 118th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

TELEPHONE -- (CONTINUED)                                                        
33  * ELECTRIC LIGHTWAVE, INC (CLASS A)           $    616      
1,848  * EXODUS COMMUNICATIONS, INC                    85,123         
142  * GENERAL COMMUNICATION, INC                                 
 (CLASS A)                                       727
167  * GLOBAL CROSSING LTD                            4,394       
778    GLOBAL TELESYSTEMS, INC                        9,384       
4,159    GTE CORP                                     258,897         
179  * ICG COMMUNICATIONS, INC                        3,949       
75  * IDT CORP                                       2,545      
181  * INTERMEDIA COMMUNICATIONS, INC                 5,384       
88  * INTERNATIONAL FIBERCOM, INC                    2,244      
54  * INTRAWARE, INC                                   867      
182  * ITC DELTACOM, INC                              4,060       
11  * LATITUDE COMMUNICATIONS, INC                     123      
36  * LAUNCH MEDIA, INC                                333      
76  * LEAP WIRELESS INTERNATIONAL, INC               3,572      
1,208  * LEVEL 3 COMMUNICATIONS, INC                  106,304         
172  * LIBERTY DIGITAL, INC (CLASS A)                 5,160       
13,902    LUCENT TECHNOLOGIES, INC                     823,693          
1,730  * MCLEODUSA, INC (CLASS A)                      35,789         
2,704  * MEDIA ONE GROUP, INC                         180,336         
912  * METROMEDIA FIBER NETWORK, INC                              
 (CLASS A)                                    36,195
165  * MGC COMMUNICATIONS, INC                        9,889       
69  * MOTIENT CORP                                   1,082      
1,614  * NEXTEL COMMUNICATIONS, INC                                   
 (CLASS A)                                    98,756
1,663  * NEXTLINK COMMUNICATIONS, INC                  63,090         
56    NORTH PITTSBURGH SYSTEMS, INC                    826      
19  * NORTHEAST OPTIC NETWORK, INC                   1,170      
57  * NORTHPOINT COMMUNICATIONS                                 
 GROUP, INC                                      637
596  * NTL, INC                                      35,685       
54  * PACIFIC GATEWAY EXCHANGE, INC                    183      
353  * PAGING NETWORK, INC                              253       
93  * POWERTEL, INC                                  6,597      
108  * PRIMUS TELECOMMUNICATIONS GROUP,                           
 INC                                           2,686
177  * PTEK HOLDINGS, INC                               575       
659  * QWEST COMMUNICATIONS                                       
 INTERNATIONAL , INC                          32,744
155  * RCN CORP                                       3,933       
238  * RHYTHMS NETCONNECTIONS, INC                    2,989       
14,745    SBC COMMUNICATIONS, INC                      637,721          
2,882    SPRINT CORP (FON GROUP)                      146,982         
1,978  * SPRINT CORP (PCS GROUP)                      117,691         
136  * STAR TELECOMMUNICATIONS, INC                     344       
153  * TALK.COM, INC                                    889       
205    TELEPHONE & DATA SYSTEMS, INC                 20,551       
83  * TELIGENT, INC                                  1,960      
71  * TIME WARNER TELECOM, INC                       4,570      
62  * U.S. CELLULAR CORP                             3,906      
39  * U.S. LEC CORP (CLASS A)                          663      
2,203    U.S. WEST, INC                               188,907         
53  * VIATEL, INC                                    1,513      
757  * VOICESTREAM WIRELESS CORP                     88,036       
171  * WESTERN WIRELESS CORP (CLASS A)                9,319       
407  * WINSTAR COMMUNICATIONS, INC                   13,787       
12,487  * WORLDCOM, INC                                572,841          
41  * WORLDGATE COMMUNICATIONS, INC                    727      
45  * WORLDPAGES.COM, INC                              270      
                                         -----------
                                           5,230,743
                                         -----------

ELECTRIC, GAS AND OTHER -- 2.75%                                                
1,286  * AES CORP                                      58,673         
214    AGL RESOURCES, INC                             3,410       
432    ALLEGHENY ENERGY, INC                         11,826       
295    ALLIANT ENERGY CORP                            7,670       
711  * ALLIED WASTE INDUSTRIES, INC                   7,110       
617    AMEREN CORP                                   20,823       
1,371    AMERICAN ELECTRIC POWER CO, INC               40,615         
34    AMERICAN STATES WATER CO                       1,011      
365    AMERICAN WATER WORKS CO, INC                   9,125       
117    ATMOS ENERGY CORP                              2,047       
238    AVISTA CORP                                    4,150       
80    BLACK HILLS CORP                               1,805      
44    CALIFORNIA WATER SERVICE GROUP                 1,067      
674  * CALPINE CORP                                  44,315       
42    CASCADE NATURAL GAS CORP                         700      
38  * CASELLA WASTE SYSTEMS, INC (CLASS A)             408      
63    CH ENERGY GROUP, INC                           2,138      
664    CINERGY CORP                                  16,890       
1,081  * CITIZENS COMMUNICATIONS CO                    18,647         
85    CLECO CORP                                     2,847      
122    CMP GROUP, INC                                 3,576       
390    CMS ENERGY CORP                                8,628       
773    COASTAL CORP                                  47,056       
309    COLUMBIA ENERGY GROUP                         20,278       
310    CONECTIV, INC                                  4,824       
932    CONSOLIDATED EDISON INC                       27,610       
663    CONSTELLATION ENERGY GROUP                    21,588       
701    CP & L ENERGY, INC                            22,388       
33    CTG RESOURCES, INC                             1,210      
1,006    DOMINION RESOURCES, INC                       43,132         
597    DPL, INC                                      13,096       
278    DQE, INC                                      10,981       

118 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
119th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 119th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
SHARES                                                   VALUE            
--------------------------------------------------------------------------------

ELECTRIC, GAS AND OTHER -- (CONTINUED)                                          
646    DTE ENERGY CO                               $ 19,743       
1,577    DUKE ENERGY CORP                              88,903         
475    DYNEGY, INC                                   32,448       
102    EASTERN ENTERPRISES CO                         6,426       
1,407    EDISON INTERNATIONAL CO                       28,843         
224  * EL PASO ELECTRIC CO                            2,506       
943    EL PASO ENERGY CORP                           48,034       
65    EMPIRE DISTRICT ELECTRIC CO                    1,434      
101    ENERGEN CORP                                   2,203       
494    ENERGY EAST CORP                               9,416       
1,009    ENTERGY CORP                                  27,432         
124    EQUITABLE RESOURCES, INC                       5,983       
33    ETOWN CORP                                     2,192      
977    FIRSTENERGY CORP                              22,837       
445    FLORIDA PROGRESS CORP                         20,859       
775    FPL GROUP, INC                                38,362       
465    GPU, INC                                      12,584       
121    HAWAIIAN ELECTRIC INDUSTRIES, INC              3,970       
142    IDACORP, INC                                   4,579       
290    IPALCO ENTERPRISES, INC                        5,836       
233    KANSAS CITY POWER & LIGHT CO                   5,242       
604    KEYSPAN CORP                                  18,573       
384    KINDER MORGAN, INC                            13,272       
71    LACLEDE GAS CO                                 1,366      
488    LOUISVILLE GAS & ELECTRIC ENERGY                           
 CORP                                         11,651
61    MADISON GAS & ELECTRIC CO                      1,204      
323    MCN ENERGY GROUP, INC                          6,904       
215    MDU RESOURCES GROUP, INC                       4,649       
277    MINNESOTA POWER, INC                           4,795       
415    MONTANA POWER CO                              14,654       
246    NATIONAL FUEL GAS CO                          11,992       
535    NEW CENTURY ENERGIES, INC                     16,050       
67    NEW JERSEY RESOURCES CORP                      2,550      
260  * NEWPARK RESOURCES, INC                         2,453       
705  * NIAGARA MOHAWK HOLDINGS, INC                   9,825       
177    NICOR, INC                                     5,774       
471    NISOURCE, INC                                  8,772       
595    NORTHEAST UTILITIES CO                        12,941       
583    NORTHERN STATES POWER CO                      11,769       
94    NORTHWEST NATURAL GAS CO                       2,103      
87    NORTHWESTERN CORP                              2,011      
257    NSTAR                                         10,456       
48    NUI CORP                                       1,296      
186    OGDEN CORP                                     1,674       
293    OGE ENERGY CORP                                5,420       
119    ONEOK, INC                                     3,086       
90    OTTER TAIL POWER CO                            1,890      
800    PECO ENERGY CO                                32,250       
134    PEOPLES ENERGY CORP                            4,338       
1,646    PG&E CORP                                     40,532         
134    PHILADELPHIA SUBURBAN CORP                     2,747       
117    PIEDMONT NATURAL GAS CO, INC                   3,107       
319    PINNACLE WEST CAPITAL CORP                    10,806       
646    POTOMAC ELECTRIC POWER CO                     16,150       
641    PPL CORP                                      14,061       
136    PUBLIC SERVICE CO OF NEW MEXICO                2,099       
923    PUBLIC SERVICE ENTERPRISE GROUP, INC          31,958       
318    PUGET SOUND ENERGY, INC                        6,777       
310    QUESTAR CORP                                   6,006       
1,020    RELIANT ENERGY, INC                           30,153         
238  * REPUBLIC SERVICES, INC (CLASS A)               3,808       
137    RGS ENERGY GROUP, INC                          3,048       
400    SCANA CORP                                     9,650       
67    SEMCO ENERGY, INC                                871      
905    SEMPRA ENERGY                                 15,385       
295    SIERRA PACIFIC RESOURCES (NEW)                 3,705       
8    SJW CORP                                         951     
30    SOUTH JERSEY INDUSTRIES, INC                     780      
2,734    SOUTHERN CO                                   63,736         
141  * SOUTHERN UNION CO                              2,229       
116    SOUTHWEST GAS CORP                             2,030       
94    SOUTHWESTERN ENERGY CO                           587      
51  * STERICYCLE, INC                                1,224      
487    TECO ENERGY, INC                               9,770       
8  * THERMO ECOTEK CORP                                75     
1,141    TXU CORP                                      33,659         
50  * U.S. LIQUIDS, INC                                275      
120    UGI CORP                                       2,460       
919    UNICOM CORP                                   35,553       
122    UNISOURCE ENERGY CORP                          1,830       
54    UNITED ILLUMINATING CO                         2,362      
105    UNITED WATER RESOURCES, INC                    3,661       
350    UTILICORP UNITED, INC                          6,956       
230    VECTREN CORP                                   3,967       
175    WASHINGTON GAS LIGHT CO                        4,210       
59  * WASTE CONNECTIONS, INC                         1,165      
11  * WASTE INDUSTRIES, INC                            118      
2,600    WASTE MANAGEMENT, INC                         49,400         
57    WESTERN GAS RESOURCES, INC                     1,197      
256    WESTERN RESOURCES, INC                         3,968       
1,937    WILLIAMS COS, INC                             81,917         
544    WISCONSIN ENERGY CORP                         10,778       
101    WPS RESOURCES CORP                             3,036       
                                         -----------
                                           1,621,951
                                         -----------
TOTAL UTILITIES                            6,852,694
                                         -----------

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 119

N-30D
120th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 120th
TIAA-CREF MUTUAL FUNDS                                         EQUITY INDEX FUND

--------------------------------------------------------------------------------
PRINCIPAL                                                 VALUE             
--------------------------------------------------------------------------------

TOTAL COMMON STOCK                                                              
(COST $57,985,749)                                     $58,304,766              
                                         -----------

SHORT TERM INVESTMENT -- 1.00%                                                  

U.S. GOVERNMENT AND AGENCY-- 1.00%                                              
FEDERAL HOME LOAN                                   
MORTGAGE CORP (FHLMC)                             
$592,000     6.570%, 07/03/00                            591,784            
                                         -----------

TOTAL SHORT TERM INVESTMENT                                                     
(COST $591,784)                                            591,784              
                                         -----------

TOTAL PORTFOLIO -- 99.87%                                                       
(COST $58,577,533)                                      58,896,550              

OTHER ASSET & LIABILITIES, NET-- 0.13%                      75,168              
                                         -----------
NET ASSETS-- 100.00%                                   $58,971,718              
                                         -----------

-------------                                                                   
*  NON-INCOME PRODUCING                                                         
b  IN BANKRUPTCY                                                                

120 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
121st “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 121st
THIS PAGE INTENTIONALLY LEFT BLANK. 

N-30D
122nd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 122nd
                                                        [Enlarge/Download Table]


TIAA-CREF MUTUAL FUNDS                                                                                                     
---------------------------------------------------------------------------------------------------------------------------
JUNE 30, 2000                                                                                                              

                                                  MONEY                BOND              GROWTH &              GROWTH      
                                                 MARKET                PLUS               INCOME               EQUITY      
                                                  FUND                 FUND                FUND                 FUND       
---------------------------------------------------------------------------------------------------------------------------
                                                                                                                           
ASSETS                                                                                                                     

  Portfolio investments, at cost              $501,976,511         $283,585,716        $549,043,155         $711,574,100   
  Net unrealized appreciation (depreciation)                                                                               
    of portfolio investments                            --           (1,503,494)         96,074,204          197,954,694   
---------------------------------------------------------------------------------------------------------------------------
  Portfolio investments, at value              501,976,511          282,082,222         645,117,359          909,528,794   
  Cash                                              99,948            1,004,979              19,207               27,775   
  Receivable from securities transactions               --            7,397,864                  --            1,192,238   
  Receivable for Fund shares sold                1,865,915              521,993             693,802            2,457,132   
  Dividends and interest receivable                584,714            2,839,594             452,950              233,106   
---------------------------------------------------------------------------------------------------------------------------
    TOTAL ASSETS                               504,527,088          293,846,652         646,283,318          913,439,045   
---------------------------------------------------------------------------------------------------------------------------

LIABILITIES                                                                                                                

  Accrued management fee                           117,182               56,022             226,021              326,510   
  Due to custodian                                      --                   --                  --                   --   
  Payable for securities transactions                   --           63,231,239             827,426              544,446   
  Payable for Fund shares redeemed               3,987,806              247,589             152,432              200,397   
  Income distribution payable                       51,945               55,042              66,039                   --   
  Other payables and accrued expenses                4,322                2,605                 299                6,554   
---------------------------------------------------------------------------------------------------------------------------
    TOTAL LIABILITIES                            4,161,255           63,592,497           1,272,217            1,077,907   
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS                                    $500,365,833         $230,254,155        $645,011,101         $912,361,138   
===========================================================================================================================

NET ASSETS CONSIST OF:                                                                                                     

  Paid in capital                             $500,373,348         $239,622,382        $529,004,334         $684,487,346   
  Accumulated undistributed (overdistributed)                                                                              
    net investment income                               --                  (20)            107,231               52,020   
  Accumulated undistributed net realized                                                                                   
    gain (loss) on total investments                (7,515)          (7,892,162)         19,825,502           29,867,068   
  Accumulated net unrealized appreciation                                                                                  
    (depreciation) on total investments                 --           (1,476,045)         96,074,034          197,954,704   
---------------------------------------------------------------------------------------------------------------------------
NET ASSETS                                    $500,365,833         $230,254,155        $645,011,101         $912,361,138   
===========================================================================================================================

  Outstanding shares of beneficial Interest,                                                                               
    unlimited shares authorized                                                                                            
    ($.0001 par value)                         500,373,348           23,740,494          39,975,881           49,606,246   
NET ASSET VALUE PER SHARE                            $1.00                $9.70              $16.14               $18.39   
===========================================================================================================================

122 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
123rd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 123rd
                                                        [Enlarge/Download Table]


                                                                                    STATEMENTS OF ASSETS AND LIABILITIES
------------------------------------------------------------------------------------------------------------------------
                                                                                                             (UNAUDITED)

   INTERNATIONAL       MANAGED         TAX-EXEMPT       HIGH-YIELD       SHORT-TERM      SOCIAL CHOICE        EQUITY    
      EQUITY         ALLOCATION           BOND             BOND             BOND            EQUITY             INDEX    
       FUND             FUND              FUND             FUND             FUND             FUND              FUND     
------------------------------------------------------------------------------------------------------------------------

                                                                                                                        
   $287,012,262     $267,443,840       $33,005,645      $59,102,212      $27,458,790      $30,153,266      $58,577,533  

     17,206,660       46,131,807           350,765         (431,540)          18,236        1,209,730          319,017  
------------------------------------------------------------------------------------------------------------------------
    304,218,922      313,575,647        33,356,410       58,670,672       27,477,026       31,362,996       58,896,550  
      2,550,118               --                --           10,047              900            2,913            3,413  
      5,055,120               --                --          251,875        2,260,074               --               --  
      1,622,662          288,875           216,960          105,407          613,719           39,461           45,155  
        291,689          793,562           620,401        1,058,559          440,104           22,557           46,552  
------------------------------------------------------------------------------------------------------------------------
    313,738,511      314,658,084        34,193,771       60,096,560       30,791,823       31,427,927       58,991,670  
------------------------------------------------------------------------------------------------------------------------

        119,597               --             7,318           15,385            6,722            6,744           12,360  
             --          734,648            45,985               --               --               --               --  
      7,973,189          138,717         2,297,428        1,494,340        1,247,825               --               --  
        912,585           59,999                --               --               --               --            7,539  
             --          108,983             8,787           19,422            2,533               --               --  
             --               --                27               52               26               27               53  
------------------------------------------------------------------------------------------------------------------------
      9,005,371        1,042,347         2,359,545        1,529,199        1,257,106            6,771           19,952  
------------------------------------------------------------------------------------------------------------------------
   $304,733,140     $313,615,737       $31,834,226      $58,567,361      $29,534,717      $31,421,156      $58,971,718  
========================================================================================================================

   $239,155,821     $260,906,801       $31,518,334      $59,075,604      $29,570,331      $30,123,107      $58,471,173  

        754,567           11,427               933           50,587          (82,552)          74,932          137,851  

     47,589,570        6,565,702           (35,806)        (127,290)          28,702           13,387           43,677  

     17,233,182       46,131,807           350,765         (431,540)          18,236        1,209,730          319,017  
------------------------------------------------------------------------------------------------------------------------
   $304,733,140     $313,615,737       $31,834,226      $58,567,361      $29,534,717      $31,421,156      $58,971,718  
========================================================================================================================

     20,207,947       22,670,403         3,148,475        5,918,960        2,956,085        2,998,511        5,845,980  
         $15.08           $13.83            $10.11            $9.89            $9.99           $10.48           $10.09  
========================================================================================================================

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 123

N-30D
124th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 124th
                                                        [Enlarge/Download Table]


TIAA-CREF MUTUAL FUNDS                                                                                                     
---------------------------------------------------------------------------------------------------------------------------

                                                  MONEY                BOND              GROWTH &              GROWTH      
                                                 MARKET                PLUS               INCOME               EQUITY      
                                                  FUND                 FUND                FUND                 FUND       
---------------------------------------------------------------------------------------------------------------------------

                                                               FOR THE SIX MONTHS ENDED JUNE 30, 2000                      
                                       ------------------------------------------------------------------------------------
                                                                                                                           
INVESTMENT INCOME                                                                                                          

  Interest                                     $14,101,387           $7,085,548            $333,755             $312,477   
  Dividends                                             --                   --           3,109,884            1,501,892   
  Foreign taxes withheld                                --                   --             (37,535)              (7,007)  
---------------------------------------------------------------------------------------------------------------------------
    Total income                                14,101,387            7,085,548           3,406,104            1,807,362   
---------------------------------------------------------------------------------------------------------------------------

EXPENSES                                                                                                                   

  Management fees                                1,804,693              858,798           2,715,040            3,718,996   
  Trustee fees and expenses                            992                  465               1,258                1,668   
---------------------------------------------------------------------------------------------------------------------------
  Total expenses before waiver                   1,805,685              859,263           2,716,298            3,720,664   
    Less expenses waived by the advisor         (1,142,211)            (536,749)         (1,459,699)          (1,957,366)  
---------------------------------------------------------------------------------------------------------------------------
    Net expenses                                   663,474              322,514           1,256,599            1,763,298   
---------------------------------------------------------------------------------------------------------------------------
  Net investment income                         13,437,913            6,763,034           2,149,505               44,064   
---------------------------------------------------------------------------------------------------------------------------

NET REALIZED AND UNREALIZED                                                                                                
  GAIN (LOSS) ON TOTAL INVESTMENTS                                                                                         

  Realized gain (loss) on:                                                                                                 
    Portfolio investments                             (232)          (2,404,808)         10,610,663           23,398,684   
    Foreign currency transactions                       --                   --              22,618               (5,737)  
---------------------------------------------------------------------------------------------------------------------------
  Net realized gain (loss) on total investments       (232)          (2,404,808)         10,633,281           23,392,947   
---------------------------------------------------------------------------------------------------------------------------
  Change in unrealized appreciation (depreciation) on:                                                                     
    Portfolio investments                               --            4,018,415            (342,431)          31,671,915   
    Futures transactions                                --                   --            (841,050)            (740,875)  
    Translation of assets (other than                                                                                      
      portfolio investments) and liabilities                                                                               
      denominated in foreign currencies                 --                   --                  --                   --   
---------------------------------------------------------------------------------------------------------------------------
  Net change in unrealized appreciation (depreciation)                                                                     
    on total investments                                --            4,018,415          (1,183,481)          30,931,040   
---------------------------------------------------------------------------------------------------------------------------
  Net realized and unrealized                                                                                              
    gain (loss) on total investments                  (232)           1,613,607           9,449,800           54,323,987   
---------------------------------------------------------------------------------------------------------------------------

NET INCREASE (DECREASE) IN NET ASSETS                                                                                      
  RESULTING FROM OPERATIONS                    $13,437,681           $8,376,641         $11,599,305          $54,368,051   
===========================================================================================================================

124  2000 SEMI-ANNUAL REPORT                   SEE NOTES TO FINANCIAL STATEMENTS

N-30D
125th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 125th
                                                        [Enlarge/Download Table]


                                                                                               STATEMENTS OF OPERATIONS
-----------------------------------------------------------------------------------------------------------------------
                                                                                                            (UNAUDITED)

    INTERNATIONAL       MANAGED          TAX-EXEMPT       HIGH-YIELD       SHORT-TERM      SOCIAL CHOICE        EQUITY 
       EQUITY         ALLOCATION            BOND             BOND             BOND            EQUITY             INDEX 
        FUND             FUND               FUND             FUND             FUND             FUND              FUND  
-----------------------------------------------------------------------------------------------------------------------

FOR THE SIX MONTHS ENDED JUNE 30, 2000    FOR THE PERIOD MARCH 1, 2000 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 2000   
--------------------------------------   ------------------------------------------------------------------------------

                                                                                                                       
       $121,230          $19,527          $477,865       $1,597,903         $594,699          $34,561          $63,157 
      2,130,055        3,697,414                --           30,481               --           99,290          195,778 
       (523,540)              --                --               --               --             (301)             (32)
-----------------------------------------------------------------------------------------------------------------------
      1,727,745        3,716,941           477,865        1,628,384          594,699          133,550          258,903 
-----------------------------------------------------------------------------------------------------------------------

      1,494,783               --            71,837          144,893           69,421           70,445          135,630 
            653               --                27               52               26               28               53 
-----------------------------------------------------------------------------------------------------------------------
      1,495,436               --            71,864          144,945           69,447           70,473          135,683 
       (754,941)              --           (44,898)         (86,246)         (43,388)         (45,744)         (89,230)
-----------------------------------------------------------------------------------------------------------------------
        740,495               --            26,966           58,699           26,059           24,729           46,453 
-----------------------------------------------------------------------------------------------------------------------
        987,250        3,716,941           450,899        1,569,685          568,640          108,821          212,450 
-----------------------------------------------------------------------------------------------------------------------

     44,458,177        2,206,004           (25,756)        (120,799)          28,702           56,455           43,677 
       (369,082)              --                --               --               --               --               -- 
-----------------------------------------------------------------------------------------------------------------------
     44,089,095        2,206,004           (25,756)        (120,799)          28,702           56,455           43,677 
-----------------------------------------------------------------------------------------------------------------------

    (65,963,833)       2,395,815           350,765         (431,540)          18,236        1,209,730          319,017 
         17,500               --                --               --               --               --               -- 

        (34,430)              --                --               --               --               --               -- 
-----------------------------------------------------------------------------------------------------------------------

    (65,980,763)       2,395,815           350,765         (431,540)          18,236        1,209,730          319,017 
---------------------------------------------------------------------------------------------------------------------- 

    (21,891,668)       4,601,819           325,009         (552,339)          46,938        1,266,185          362,694 
-----------------------------------------------------------------------------------------------------------------------

   $(20,904,418)      $8,318,760          $775,908       $1,017,346         $615,578       $1,375,006         $575,144 
=======================================================================================================================

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 125

N-30D
126th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 126th
                                                        [Enlarge/Download Table]


TIAA-CREF MUTUAL FUNDS                                                                                                     
---------------------------------------------------------------------------------------------------------------------------

                                                        MONEY MARKET FUND                       BOND PLUS FUND             
                                                  ------------------------------          ---------------------------------
                                                      FOR THE        FOR THE                  FOR THE       FOR THE        
                                                    SIX MONTHS        YEAR                  SIX MONTHS       YEAR          
                                                       ENDED          ENDED                    ENDED         ENDED         
                                                     JUNE 30,     DECEMBER 31,               JUNE 30,    DECEMBER 31,      
                                                       2000           1999                     2000          1999          
---------------------------------------------------------------------------------------------------------------------------
                                                   (Unaudited)                             (Unaudited)                     
                                                                                                                           
INCREASE IN NET ASSETS                                                                                                     

OPERATIONS:                                                                                                                

  Net investment income                           $ 13,437,913   $ 15,484,833              $ 6,763,034     $ 10,982,753    
  Net realized gain (loss) on total investments           (232)        (6,877)              (2,404,808)      (5,314,364)   
  Net change in unrealized appreciation                                                                                    
    (depreciation) on total investments                     --             --                4,018,415       (7,510,407)   
---------------------------------------------------------------------------------------------------------------------------
    Net increase (decrease) from operations         13,437,681     15,477,956                8,376,641       (1,842,018)   
---------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS:                                                                                             

  From net investment income                       (13,437,913)   (15,484,833)              (6,763,034)     (10,982,753)   
  In excess of net investment income                        --             --                      (20)         (29,357)   
  From net realized gain on total investments               --             --                       --               --    
---------------------------------------------------------------------------------------------------------------------------
    Total distributions                            (13,437,913)   (15,484,833)              (6,763,054)     (11,012,110)   
---------------------------------------------------------------------------------------------------------------------------

SHARE TRANSACTIONS:                                                                                                        

  Seed money redemptions by TIAA                            --    (52,851,933)                      --       (9,103,000)   
  Subscriptions                                    309,784,131    457,344,272               37,352,409       88,216,517    
  Reinvestment of distributions                     13,058,139     14,954,612                6,448,493       10,478,773    
  Exchanges among the Funds, net                   (14,546,436)   (32,084,331)             (11,929,634)     (15,044,382)   
  Redemptions                                     (202,894,729)  (217,578,081)              (7,576,553)     (12,381,642)   
---------------------------------------------------------------------------------------------------------------------------
    Net increase from shareholder transactions     105,401,105    169,784,539               24,294,715       62,166,266    
---------------------------------------------------------------------------------------------------------------------------
  Total increase in net assets                     105,400,873    169,777,662               25,908,302       49,312,138    

NET ASSETS                                                                                                                 

  Beginning of year                                394,964,960    225,187,298              204,345,853      155,033,715    
---------------------------------------------------------------------------------------------------------------------------
  End of period                                   $500,365,833   $394,964,960             $230,254,155     $204,345,853    
===========================================================================================================================

CHANGE IN FUND SHARES:                                                                                                     

  Shares outstanding, beginning of year            394,972,243    225,187,704               21,219,325       15,052,690    
---------------------------------------------------------------------------------------------------------------------------
  Seed money shares redeemed by TIAA                        --    (52,851,933)                      --         (918,796)   
  Shares sold                                      309,784,131    457,344,272                3,877,593        8,785,902    
  Shares issued in reinvestment of distributions    13,058,139     14,954,612                  670,478        1,061,063    
  Shares exchanged among the Funds, net            (14,546,436)   (32,084,331)              (1,241,125)      (1,656,630)   
  Shares redeemed                                 (202,894,729)  (217,578,081)                (785,777)      (1,104,904)   
---------------------------------------------------------------------------------------------------------------------------
    Net increase in shares outstanding             105,401,105    169,784,539                2,521,169        6,166,635    
---------------------------------------------------------------------------------------------------------------------------
  Shares outstanding, end of period                500,373,348    394,972,243               23,740,494       21,219,325    
===========================================================================================================================

126 2000 SEMI-ANNUAL REPORT                    SEE NOTES TO FINANCIAL STATEMENTS

N-30D
127th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 127th
                                                        [Enlarge/Download Table]


                                                                                 STATEMENTS OF CHANGES IN NET ASSETS  
----------------------------------------------------------------------------------------------------------------------

    GROWTH & INCOME FUND          GROWTH EQUITY FUND        INTERNATIONAL EQUITY FUND       MANAGED ALLOCATION FUND   
  -------------------------   --------------------------   --------------------------    -----------------------------
   FOR THE       FOR THE         FOR THE       FOR THE       FOR THE      FOR THE           FOR THE       FOR THE     
 SIX MONTHS       YEAR         SIX MONTHS       YEAR       SIX MONTHS      YEAR           SIX MONTHS        YEAR      
    ENDED         ENDED           ENDED         ENDED         ENDED        ENDED             ENDED          ENDED     
  JUNE 30,    DECEMBER 31,      JUNE 30,    DECEMBER 31,    JUNE 30,   DECEMBER 31,        JUNE 30,     DECEMBER 31,  
    2000          1999            2000          1999          2000         1999              2000           1999      
----------------------------------------------------------------------------------------------------------------------
 (Unaudited)                  (Unaudited)                  (Unaudited)                    (Unaudited)                 

                                                                                                                      
  $ 2,149,505  $ 3,152,449    $   44,064    $  733,377      $  987,250   $ 1,599,196     $ 3,716,941    $ 5,550,604   
   10,633,281   21,753,194    23,392,947    41,665,781      44,089,095    10,597,435       2,206,004      6,003,561   

   (1,183,481)  64,322,442    30,931,040   110,836,038     (65,980,763)   71,816,052       2,395,815     26,264,115   
----------------------------------------------------------------------------------------------------------------------
   11,599,305   89,228,085    54,368,051   153,235,196     (20,904,418)   84,012,683       8,318,760     37,818,280   
----------------------------------------------------------------------------------------------------------------------

   (2,042,274)  (3,152,449)           --      (718,684)             --    (1,599,196)     (3,705,514)    (6,594,363)  
           --      (22,503)           --            --              --       (93,788)             --             --   
           --  (17,339,813)           --   (35,533,948)             --    (3,475,912)             --       (824,275)  
----------------------------------------------------------------------------------------------------------------------
   (2,042,274) (20,514,765)           --   (36,252,632)             --    (5,168,896)     (3,705,514)    (7,418,638)  
----------------------------------------------------------------------------------------------------------------------

           --  (56,727,011)           --   (57,185,880)             --   (14,890,000)     (6,856,299)   (59,570,000)  
  130,325,206  290,847,934   212,424,227   316,020,250     126,448,030    72,734,618      79,381,186    120,670,740   
    1,926,775   19,412,362            --    35,306,048              --     5,077,311       3,500,852      7,107,275   
   (9,859,147)  17,789,301    11,797,206    23,420,253      17,750,881    12,448,805      (2,233,454)    (6,529,646)  
  (28,657,063) (30,942,249)  (62,500,233)  (34,632,884)    (74,380,443)  (16,950,390)     (9,161,918)   (10,572,862)  
----------------------------------------------------------------------------------------------------------------------
   93,735,771  240,380,337   161,721,200   282,927,787      69,818,468    58,420,344      64,630,367     51,105,507   
----------------------------------------------------------------------------------------------------------------------
  103,292,802  309,093,657   216,089,251   399,910,351      48,914,050   137,264,131      69,243,613     81,505,149   

  541,718,299  232,624,642   696,271,887   296,361,536     255,819,090   118,554,959     244,372,124    162,866,975   
----------------------------------------------------------------------------------------------------------------------
 $645,011,101 $541,718,299  $912,361,138  $696,271,887    $304,733,140  $255,819,090    $313,615,737   $244,372,124   
======================================================================================================================

   34,000,823   17,449,059    40,499,770    21,708,531      15,909,110    11,248,585      17,975,893     13,810,531   
----------------------------------------------------------------------------------------------------------------------
           --   (3,874,248)           --    (3,915,637)             --    (1,364,322)       (512,562)    (4,822,121)  
    8,301,325   20,004,558    12,111,334    21,269,142       7,850,554     5,899,058       5,792,979      9,801,352   
      118,039    1,243,755            --     2,083,043              --       324,287         250,365        556,145   
     (620,278)   1,153,684       576,917     1,443,973       1,003,311     1,197,954        (166,621)      (523,795)  
   (1,824,028)  (1,975,985)   (3,581,775)   (2,089,282)     (4,555,028)   (1,396,452)       (669,651)      (846,219)  
----------------------------------------------------------------------------------------------------------------------
    5,975,058   16,551,764     9,106,476    18,791,239       4,298,837     4,660,525      (4,694,510)     4,165,362   
----------------------------------------------------------------------------------------------------------------------
   39,975,881   34,000,823    49,606,246    40,499,770      20,207,947    15,909,110      22,670,403     17,975,893   
======================================================================================================================

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 127

N-30D
128th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 128th
                                                        [Enlarge/Download Table]


TIAA-CREF MUTUAL FUNDS                                                                   STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------------------------------------------------- 
FOR THE PERIOD MARCH 1, 2000 (COMMENCEMENT OF OPERATIONS)TO JUNE 30, 2000                                       (UNAUDITED) 

                                           TAX-EXEMPT       HIGH-YIELD        SHORT-TERM      SOCIAL CHOICE    EQUITY INDEX 
                                            BOND FUND        BOND FUND         BOND FUND       EQUITY FUND        FUND      
--------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                            
INCREASE IN NET ASSETS                                                                                                      

OPERATIONS                                                                                                                  

  Net investment income                      $450,899        $1,569,685         $568,640         $108,821       $212,450    
  Net realized gain (loss) on total                                                                                         
    investments                               (25,756)        (120,799)          28,702            56,455         43,677    
  Net change in unrealized appreciation                                                                                     
    (depreciation) on total investments       350,765          (431,540)          18,236        1,209,730        319,017    
--------------------------------------------------------------------------------------------------------------------------- 
    Net increase from operations              775,908         1,017,346          615,578        1,375,006        575,144    
--------------------------------------------------------------------------------------------------------------------------- 

DISTRIBUTIONS TO SHAREHOLDERS:                                                                                              

  From net investment income                 (449,966)       (1,519,098)        (568,640)         (33,889)       (74,599)   
  In excess of net investment income               --                --          (82,552)              --             --    
  From net realized gain on total investments (10,050)           (6,491)              --          (43,068)            --    
--------------------------------------------------------------------------------------------------------------------------- 
    Total distributions                      (460,016)       (1,525,589)        (651,192)         (76,957)       (74,599)   
--------------------------------------------------------------------------------------------------------------------------- 

SHARE TRANSACTIONS:                                                                                                         

  Seed money subscriptions by TIAA         25,000,000        50,000,000       25,000,000       25,000,000     50,000,000    
  Subscriptions                             4,903,052         4,296,617        3,999,697        3,767,731      5,172,368    
  Reinvestment of distributions               447,228         1,488,630          645,925           76,965         74,599    
  Exchanges among the Funds, net            1,174,113         3,296,188          (32,214)       1,282,906      3,299,591    
  Redemptions                                  (6,059)           (5,831)         (43,077)          (4,495)       (75,385)   
--------------------------------------------------------------------------------------------------------------------------- 
    Net increase from share transactions   31,518,334        59,075,604       29,570,331       30,123,107     58,471,173    
--------------------------------------------------------------------------------------------------------------------------- 
  NET ASSETS                              $31,834,226       $58,567,361      $29,534,717      $31,421,156    $58,971,718    
=========================================================================================================================== 

 CHANGE IN FUND SHARES:                                                                                                     

  Seed money shares sold to TIAA            2,500,000         5,000,000        2,500,000        2,500,000      5,000,000    
  Shares sold                                 487,544           434,903          398,826          366,370        517,554    
  Shares issued in reinvestment of                                                                                          
    distributions                              44,537           151,659           64,757            7,220          7,152    
  Shares exchanged among the Funds, net       116,993           332,988           (3,203)         125,351        328,972    
  Shares redeemed                                (599)             (590)          (4,295)            (430)        (7,698)   
--------------------------------------------------------------------------------------------------------------------------- 
  Shares outstanding, end of period         3,148,475         5,918,960        2,956,085        2,998,511      5,845,980    
=========================================================================================================================== 

128  2000 SEMI-ANNUAL REPORT                   SEE NOTES TO FINANCIAL STATEMENTS

N-30D
129th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 129th
                                                        [Enlarge/Download Table]


TIAA-CREF MUTUAL FUNDS                                                                               FINANCIAL HIGHLIGHTS  
---------------------------------------------------------------------------------------------------------------------------

                                                                             MONEY MARKET FUND                             
                                                     ----------------------------------------------------------------------
                                                                                                          FOR THE PERIOD   
                                                       FOR THE             FOR THE          FOR THE        JULY 17, 1997   
                                                      SIX MONTHS             YEAR             YEAR         (COMMENCEMENT   
                                                        ENDED               ENDED            ENDED       OF OPERATIONS) TO 
                                                       JUNE 30,          DECEMBER 31,     DECEMBER 31,      DECEMBER 31,   
                                                       2000(1)              1999             1998            1997(1)       
---------------------------------------------------------------------------------------------------------------------------
                                                     (Unaudited)                                                           

                                                                                                                           
SELECTED PER SHARE DATA                                                                                                    

  Net asset value, beginning of period                  $1.00              $1.00               $1.00             $1.00     
---------------------------------------------------------------------------------------------------------------------------
  Gain (loss) from investment operations:                                                                                  
    Net investment income                                0.02               0.05                0.05              0.02     
---------------------------------------------------------------------------------------------------------------------------
      Total gain (loss) from investment operations       0.02               0.05                0.05              0.02     
---------------------------------------------------------------------------------------------------------------------------

  Less distributions from:                                                                                                 
    Net investment income                               (0.02)             (0.05)              (0.05)            (0.02)    
---------------------------------------------------------------------------------------------------------------------------
    Total distributions                                 (0.02)             (0.05)              (0.05)            (0.02)    
---------------------------------------------------------------------------------------------------------------------------
  Net asset value, end of period                        $1.00              $1.00               $1.00             $1.00     
===========================================================================================================================

  TOTAL RETURN                                           2.96%              5.05%               5.45%             2.51%    

RATIOS AND SUPPLEMENTAL DATA                                                                                               

  Net assets at end of period (in thousands)         $500,366           $394,965            $225,187           $63,605     
  Ratio of expenses to average net assets                                                                                  
    before expense waiver                                0.39%              0.79%               0.79%             0.36%    
  Ratio of expenses to average net assets                                                                                  
    after expense waiver                                 0.14%              0.29%               0.29%             0.13%    
  Ratio of net investment income to                                                                                        
    average net assets                                   2.93%              4.97%               5.28%             2.49%    
  Portfolio turnover rate                                 n/a                n/a                 n/a               n/a     
  (1) The percentages shown for this period are                                                                            
      not annualized.                                                                                                      
===========================================================================================================================

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 129

N-30D
130th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 130th
                                                        [Enlarge/Download Table]


TIAA-CREF MUTUAL FUNDS                                                                                                     
---------------------------------------------------------------------------------------------------------------------------

                                                                              BOND PLUS FUND                               
                                                ---------------------------------------------------------------------------
                                                                                                         FOR THE PERIOD    
                                                      FOR THE            FOR THE            FOR THE       JULY 17, 1997    
                                                    SIX MONTHS            YEAR               YEAR         (COMMENCEMENT    
                                                       ENDED              ENDED              ENDED      OF OPERATIONS) TO  
                                                     JUNE 30,         DECEMBER 31,       DECEMBER 31,     DECEMBER 31,     
                                                      2000(1)             1999               1998            1997(1)       
---------------------------------------------------------------------------------------------------------------------------
                                                   (Unaudited)                                                             

                                                                                                                           
SELECTED PER SHARE DATA                                                                                                    

  Net asset value, beginning of period                  $9.63             $10.30              $10.09            $10.00     
---------------------------------------------------------------------------------------------------------------------------

  Gain (loss) from investment operations:                                                                                  
    Net investment income                                0.30               0.56                0.56              0.27     
    Net realized and unrealized gain (loss)                                                                                
      on investments                                     0.07              (0.66)               0.32              0.20     
---------------------------------------------------------------------------------------------------------------------------
    Total gain (loss) from investment operations         0.37              (0.10)               0.88              0.47     
---------------------------------------------------------------------------------------------------------------------------

  Less distributions from:                                                                                                 
    Net investment income                               (0.30)             (0.56)              (0.56)            (0.27)    
    In excess of net investment income                     --              (0.01)                 --                --     
    Net realized gains                                     --                 --               (0.11)            (0.11)    
---------------------------------------------------------------------------------------------------------------------------
    Total distributions                                 (0.30)             (0.57)              (0.67)            (0.38)    
---------------------------------------------------------------------------------------------------------------------------
  Net asset value, end of period                        $9.70              $9.63              $10.30            $10.09     
===========================================================================================================================

  TOTAL RETURN                                           3.91%             (1.01)%              8.94%             4.79%    

RATIOS AND SUPPLEMENTAL DATA                                                                                               

  Net assets at end of period (in thousands)         $230,254           $204,346            $155,034           $58,403     
  Ratio of expenses to average net assets                                                                                  
    before expense waiver                                0.40%              0.80%               0.80%             0.37%    
  Ratio of expenses to average net assets                                                                                  
    after expense waiver                                 0.15%              0.30%               0.30%             0.14%    
  Ratio of net investment income to                                                                                        
    average net assets                                   3.13%              5.75%               5.66%             2.72%    
  Portfolio turnover rate                              190.62%            652.82%             531.92%           143.61%    

  (1) The percentages shown for this period are                                                                            
      not annualized.                                                                                                      
===========================================================================================================================

130 2000 SEMI-ANNUAL REPORT                   SEE NOTES TO FINANCIAL STATEMENTS 

N-30D
131st “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 131st
                                                        [Enlarge/Download Table]


                                                                                                       FINANCIAL HIGHLIGHTS
---------------------------------------------------------------------------------------------------------------------------

                      GROWTH & INCOME FUND                                         GROWTH EQUITY FUND                      
      -----------------------------------------------------       -------------------------------------------------------  
                                           FOR THE PERIOD                                                FOR THE PERIOD    
       FOR THE     FOR THE       FOR THE    JULY 17, 1997            FOR THE      FOR THE      FOR THE    JULY 17, 1987    
     SIX MONTHS     YEAR          YEAR      (COMMENCEMENT          SIX MONTHS      YEAR         YEAR      (COMMENCEMENT    
        ENDED       ENDED         ENDED   OF OPERATIONS) TO           ENDED        ENDED        ENDED   OF OPERATIONS) TO  
      JUNE 30,  DECEMBER 31,  DECEMBER 31,  DECEMBER 31,            JUNE 30,   DECEMBER 31, DECEMBER 31,   DECEMBER 31,    
       2000(1)      1999          1998         1997(1)               2000(1)       1999         1998         1997(1)       
---------------------------------------------------------------------------------------------------------------------------
     (Unaudited)                                                   (Unaudited)                                             

                                                                                                                           
        $15.93        $13.33       $10.32       $10.00                $17.19       $13.65       $10.12      $10.00         
---------------------------------------------------------------------------------------------------------------------------

          0.06          0.11         0.10         0.07                    --         0.02         0.03        0.06         

          0.21          3.13         3.04         0.32                  1.20         4.47         3.61        0.28         
---------------------------------------------------------------------------------------------------------------------------
          0.27          3.24         3.14         0.39                  1.20         4.49         3.64        0.34         
---------------------------------------------------------------------------------------------------------------------------

         (0.06)        (0.11)       (0.10)       (0.07)                   --        (0.02)       (0.03)      (0.06)        
            --            --           --           --                    --           --           --          --         
            --         (0.53)       (0.03)          --                    --        (0.93)       (0.08)      (0.16)        
---------------------------------------------------------------------------------------------------------------------------
         (0.06)        (0.64)       (0.13)       (0.07)                   --        (0.95)       (0.11)      (0.22)        
---------------------------------------------------------------------------------------------------------------------------
        $16.14        $15.93       $13.33       $10.32                $18.39       $17.19       $13.65      $10.12         
===========================================================================================================================

          1.58%        24.46%       30.51%        3.96%                 6.98%       33.00%       35.97%       3.44%        

      $645,011      $541,718     $232,625      $61,822              $912,361     $696,272     $296,362     $64,487         

          0.46%         0.93%        0.93%        0.43%                 0.47%        0.95%        0.95%       0.44%        

          0.21%         0.43%        0.43%        0.20%                 0.22%        0.45%        0.45%       0.21%        

          0.59%         0.82%        0.97%        0.76%                 0.06%        0.16%        0.37%       0.68%        
         13.47%        39.35%       71.49%        1.46%                16.50%       69.56%       49.91%      29.44%        
===========================================================================================================================


SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 131

N-30D
132nd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 132nd
                                                        [Enlarge/Download Table]


TIAA-CREF MUTUAL FUNDS                                                                                                     
---------------------------------------------------------------------------------------------------------------------------

                                                                         INTERNATIONAL EQUITY FUND                         
                                                  -------------------------------------------------------------------------
                                                                                                       FOR THE PERIOD      
                                                     FOR THE            FOR THE            FOR THE      JULY 17, 1997      
                                                   SIX MONTHS            YEAR               YEAR        (COMMENCEMENT      
                                                      ENDED              ENDED              ENDED     OF OPERATIONS) TO    
                                                    JUNE 30,         DECEMBER 31,       DECEMBER 31,    DECEMBER 31,       
                                                     2000(1)             1999               1998           1997(1)         
---------------------------------------------------------------------------------------------------------------------------
                                                   (Unaudited)                                                             

                                                                                                                           
SELECTED PER SHARE DATA                                                                                                    

  Net asset value, beginning of period                 $16.08             $10.54               $8.92            $10.00     
---------------------------------------------------------------------------------------------------------------------------
  Gain (loss) from investment operations:                                                                                  
    Net investment income                                0.05               0.11                0.09              0.07     
    Net realized and unrealized gain (loss)                                                                                
      on investments                                    (1.05)              5.77                1.63             (1.07)    
---------------------------------------------------------------------------------------------------------------------------
    Total gain (loss) from investment operations        (1.00)              5.88                1.72             (1.00)    
---------------------------------------------------------------------------------------------------------------------------

  Less distributions from:                                                                                                 
    Net investment income                                  --              (0.11)              (0.08)            (0.07)    
    In excess of net investment income                     --                 --               (0.02)            (0.01)    
    Net realized gain                                      --              (0.23)                 --                --     
---------------------------------------------------------------------------------------------------------------------------
    Total distributions                                    --              (0.34)              (0.10)            (0.08)    
---------------------------------------------------------------------------------------------------------------------------
  Net asset value, end of period                       $15.08             $16.08              $10.54             $8.92     
===========================================================================================================================

  TOTAL RETURN                                          (6.22)%            55.83%              19.27%           (10.09)%   

RATIOS AND SUPPLEMENTAL DATA                                                                                               

  Net assets at end of period (in thousands)         $304,733           $255,819            $118,555           $47,758     
  Ratio of expenses to average net assets                                                                                  
    before expense waiver                                0.49%              0.99%               0.99%             0.46%    
  Ratio of expenses to average net assets                                                                                  
    after expense waiver                                 0.24%              0.49%               0.49%             0.23%    
  Ratio of net investment income to                                                                                        
    average net assets                                   0.33%              1.03%               1.23%             0.56%    
  Portfolio turnover rate                               90.13%             74.16%              27.20%             4.56%    

  (1) The percentages shown for this period are                                                                            
      not annualized.                                                                                                      
===========================================================================================================================

132  2000 SEMI-ANNUAL REPORT                   SEE NOTES TO FINANCIAL STATEMENTS

N-30D
133rd “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 133rd
                                                        [Enlarge/Download Table]


                                                                                                           FINANCIAL HIGHLIGHTS 
--------------------------------------------------------------------------------------------------------------------------------

                                                      TAX-EXEMPT   HIGH-YIELD   SHORT-TERM  SOCIAL CHOICE  EQUITY INDEX         
       MANAGED ALLOCATION FUND                         BOND FUND    BOND FUND    BOND FUND   EQUITY FUND      FUND              
--------------------------------------------------------------------------------------------------------------------------------
                                     FOR THE PERIOD                                                                             
   FOR THE     FOR THE     FOR THE    JULY 17, 1997                                                                             
 SIX MONTHS     YEAR        YEAR      (COMMENCEMENT                                                                             
    ENDED       ENDED       ENDED   OF OPERATIONS) TO                                                                           
  JUNE 30,  DECEMBER 31,DECEMBER 31,  DECEMBER 31,                                                                              
   2000(1)      1999        1998         1997(1)    FOR THE PERIOD MARCH 1, 2000 (COMMENCEMENT OF OPERATIONS)TO JUNE 30, 2000(1)
--------------------------------------------------------------------------------------------------------------------------------
     (Unaudited)                                      (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)    (Unaudited)         

                                                                                                                                
   $13.59      $11.79      $10.01        $10.00          $10.00      $10.00        $10.00      $10.00          $10.00           
--------------------------------------------------------------------------------------------------------------------------------

     0.13        0.38        0.34          0.23            0.16        0.29          0.21        0.04            0.04           

     0.29        1.85        1.76          0.01            0.11       (0.12)         0.02        0.47            0.06           
--------------------------------------------------------------------------------------------------------------------------------
     0.42        2.23        2.10          0.24            0.27        0.17          0.23        0.51            0.10           
--------------------------------------------------------------------------------------------------------------------------------

    (0.13)      (0.38)      (0.32)        (0.23)          (0.16)      (0.28)        (0.21)      (0.01)          (0.01)          
    (0.05)         --          --            --              --          --         (0.03)         --              --           
       --       (0.05)         --            --              --          --            --       (0.02)             --           
--------------------------------------------------------------------------------------------------------------------------------
    (0.18)      (0.43)      (0.32)        (0.23)          (0.16)      (0.28)        (0.24)      (0.03)          (0.01)          
--------------------------------------------------------------------------------------------------------------------------------
   $13.83      $13.59      $11.79        $10.01          $10.11       $9.89         $9.99      $10.48          $10.09           
================================================================================================================================

     3.03%      19.20%      21.24%         2.44%           2.78%       1.81%         2.35%       5.10%           1.04%          

 $313,616     $244,372   $162,867       $59,087         $31,834     $58,567       $29,535     $31,421         $58,972           

     0.00%       0.00%       0.00%         0.00%           0.27%       0.28%         0.27%       0.26%           0.26%          

     0.00%       0.00%       0.00%         0.00%           0.10%       0.11%         0.10%       0.09%           0.09%          

     1.34%       2.70%       2.80%         2.46%           1.69%       3.06%         2.20%       0.40%           0.40%          
     0.07%       3.90%       4.78%         0.00%         139.00%      28.09%       145.19%       1.89%           1.69%          

================================================================================================================================

SEE NOTES TO FINANCIAL STATEMENTS                    2000 SEMI-ANNUAL REPORT 133

N-30D
134th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 134th
TIAA-CREF MUTUAL FUNDS                                                          
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (UNAUDITED)                         

NOTE 1. ORGANIZATION                                                            

TIAA-CREF  Mutual  Funds (the  "Funds")  is a Delaware  business  trust that was
organized on January 13, 1997 and is registered with the Securities and Exchange
Commission  ("Commission")  under  the  Investment  Company  Act of  1940  as an
open-end management investment company. The Funds consist of eleven series (each
referred to as a "Fund").  The Money Market, Bond PLUS, Growth & Income,  Growth
Equity,  International Equity, and Managed Allocation Funds commenced operations
on  July  17,  1997  with  an  investment  by  Teachers  Insurance  and  Annuity
Association  of  America  ("TIAA").   The  Tax-Exempt  Bond,   High-Yield  Bond,
Short-Term  Bond,  Social  Choice  Equity,  and  Equity  Index  Funds  commenced
operations on March 1, 2000 with an investment by TIAA.                         

The  following  table  summarizes  the activity in the Fund shares owned by TIAA
during the period ended June 30, 2000.                                          

                                                        [Enlarge/Download Table]


                                    SHARES             VALUE OF SHARES                                           
                             SOLD TO (REDEEMED BY)   SOLD TO (REDEEMED BY)   SHARES HELD         VALUE OF        
                            TIAA DURING THE PERIOD  TIAA DURING THE PERIOD   BY TIAA AT        SHARES HELD BY    
                              ENDED JUNE 30, 2000     ENDED JUNE 30, 2000   JUNE 30, 2000   TIAA AT JUNE 30, 2000
                           -----------------------  ----------------------  --------------  ---------------------
                                                                                                                 
Bond PLUS Fund                           --             $        --            2,901,961        $28,149,026      
International Equity Fund                --                      --            3,178,995         47,939,242      
Managed Allocation Fund            (512,562)             (6,856,299)                  --                 --      
Tax-Exempt Bond Fund              2,500,000              25,000,000            2,541,517         25,694,739      
High-Yield Bond Fund              5,000,000              50,000,000            5,147,345         50,907,246      
Short-Term Bond Fund              2,500,000              25,000,000            2,561,191         25,586,295      
Social Choice Equity Fund         2,500,000              25,000,000            2,507,220         26,275,665      
Equity Index Fund                 5,000,000              50,000,000            5,007,152         50,522,168      

The Managed  Allocation  Funds'  holdings in the other Funds as of June 30, 2000
were as follows:                                                                

                                                        [Enlarge/Download Table]


                                                              PERCENT OF TOTAL SHARES
                             NUMBER OF SHARES HELD IN FUND    OUTSTANDING IN THE FUND
                           ---------------------------------  -----------------------
                                                                                     
Money Market Fund                     5,567,958                        1.11%         
Bond PLUS Fund                       11,775,266                       49.60%         
Growth & Income Fund                  4,650,754                       11.63%         
Growth Equity Fund                    4,144,819                        8.36%         
International Equity Fund             2,600,157                       12.87%         
High-Yield Bond Fund                    315,919                        5.34%         

The Funds  publicly  offer their  shares,  without a sales load,  through  their
distributor, Teachers Personal Investors Services, Inc. ("TPIS"), a wholly-owned
indirect  subsidiary  of TIAA,  which is  registered  with the  Commission  as a
broker-dealer and is a member of the National Association of Securities Dealers,
Inc. Teachers Advisors, Inc. ("Advisors"), a wholly-owned indirect subsidiary of
TIAA, which is registered with the Commission as an investment adviser, provides
investment  management  services  for  the  Funds  and is also  responsible  for
providing,  or obtaining at its own expense,  the services reasonably  necessary
for the ordinary operation of the Funds.                                        

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES                                         

The preparation of financial statements may require management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, income,
expenses  and  related  disclosures.   Actual  results  may  differ  from  those
estimates.  The following is a summary of the  significant  accounting  policies
consistently  followed by the Funds,  which are in  conformity  with  accounting
principles generally accepted in the United States.                             

134  2000 SEMI-ANNUAL REPORT                                                    

N-30D
135th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 135th
TIAA-CREF MUTUAL FUNDS                                                          
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (UNAUDITED)--(CONTINUED)            

VALUATION OF  INVESTMENTS:  Securities  listed or traded on a national market or
exchange  are valued based on their sale price on such market or exchange at the
close of  business on the date of  valuation,  or at the mean of the closing bid
and asked  prices if no sale is  reported,  except for bonds which are valued at
the most recent bid price or the equivalent quoted yield of such bonds.  Foreign
investments  are valued at the closing values of such  securities as of the date
of valuation under the generally  accepted valuation method in the country where
traded,  converted to U.S.  dollars at the  prevailing  rates of exchange on the
date of  valuation.  For Funds other than the Money  Market  Fund,  money market
instruments are valued at fair market value,  except for such instruments within
60 days to maturity,  which are valued at  amortized  cost,  which  approximates
market  value.  For the Money  Market  Fund,  securities  are  valued  using the
amortized  cost method,  which  approximates  market value.  The amortized  cost
method  initially  values  securities  at  original  cost and assumes a constant
amortization  to maturity of any discount or premium.  Portfolio  securities for
which  market  quotations  are  not  readily  available  (including   restricted
securities)  are valued at fair  value,  as  determined  in good faith under the
direction of the Board of Trustees.                                             

ACCOUNTING FOR INVESTMENTS:  Securities transactions are accounted for as of the
date the  securities  are  purchased or sold (trade  date).  Realized  gains and
losses on  securities  transactions  are based upon the specific  identification
method for both financial  statement and federal  income tax purposes.  Interest
income is  recognized  on the  accrual  basis,  and  discounts  and  premiums on
short-term  money market  instruments  are amortized  using the effective  yield
method.  Dividend income is recorded on the ex-dividend date, except for certain
foreign  dividends,  which  are  recorded  as  the  Funds  are  informed  of the
ex-dividend date.                                                               

FOREIGN  CURRENCY  TRANSACTIONS  AND  TRANSLATION:  The records of the Funds are
maintained  in  U.S.  dollars.   Portfolio  investments  and  other  assets  and
liabilities  denominated in foreign  currencies are translated into U.S. dollars
at the exchange rates  prevailing at the end of the period.  Purchases and sales
of securities,  income receipts and expense payments made in foreign  currencies
are  translated  into U.S.  dollars  at the  exchange  rates  prevailing  on the
respective dates of the transactions. The effects of changes in foreign currency
exchange  rates on  portfolio  investments  are included in the net realized and
unrealized  gains and losses on  investments.  Net realized  gains and losses on
foreign  currency  transactions  include  maturities of forward foreign currency
contracts,  dispostition  of foreign  currencies,  and currency gains and losses
between the accrual and receipt dates of portfolio investment income and between
the trade and settlement dates of portfolio investment transactions.            

FORWARD FOREIGN CURRENCY  CONTRACTS:  The Funds may use forward foreign currency
contracts  to  facilitate  transactions  in  securities  denominated  in foreign
currencies. Such contracts are entered into directly with a counterparty and are
"marked-to-market" at the end of each day's trading.  Daily changes in the value
of such  contracts are reflected in net  unrealized  gains and losses.  Gains or
losses are realized  upon  maturity or if the  counterparties  do not perform in
accordance with contractual provisions.                                         

FUTURES CONTRACTS: The Funds may use futures contracts to manage exposure to the
stock market or for cash  management  purposes to remain highly  invested in the
equity markets while  minimizing  transaction  costs.  Buying futures  contracts
tends to increase exposure to the underlying  instrument,  while selling futures
contracts tends to decrease exposure to the underlying instrument or hedge other
investments.  Initial  margin  deposits  are made upon  entering  into a futures
contract and variation margin payments are made or received  reflecting  changes
in the value of the futures  contracts.  The underlying  face amount at value of
any open  futures  contracts at the end of the period  reflects  exposure to the
underlying  instrument.  Futures  contracts are valued at the  settlement  price
established each day by the board of trade or exchange on which they are traded.
Daily changes in the value of such  contracts  are  reflected in net  unrealized
gains and losses. Gains or losses are realized upon the expiration or closing of
the futures  contracts,  or if the  counterparties  do not perform in accordance
with contractual provisions.                                                    

                                                     2000 SEMI-ANNUAL REPORT 135

N-30D
136th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 136th
TIAA-CREF MUTUAL FUNDS                                                          
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (UNAUDITED)--(CONTINUED)            

SECURITIES  PURCHASED ON A WHEN-ISSUED OR DELAYED  DELIVERY BASIS: The Funds may
purchase  securities on a when-issued or delayed  delivery basis. In addition to
the normal market risks, this exposes the Funds to the risk that the transaction
may not be consummated. The price and interest rate of such securities are fixed
at trade date. For when-issued  purchases, a Fund does not earn interest on such
security until the settlement date.                                             

RESTRICTED SECURITIES:  Restricted securities held by the Funds, if any, may not
be sold except in exempt  transactions or in a public offering  registered under
the  Securities  Act of  1933.  The  risk of  investing  in such  securities  is
generally greater than the risk of investing in securities which are widely held
and publicly traded.                                                            

DIVIDENDS TO SHAREHOLDERS: Dividends from net investment income, if any, for the
Bond  PLUS,  Short-Term  Bond,  Tax-Exempt  Bond and  High-Yield  Bond Funds are
declared and paid monthly;  for the Growth & Income and Managed Allocation Funds
are declared and paid quarterly;  for the Growth Equity,  International  Equity,
Social Choice Equity and Equity Index Funds are declared and paid annually;  and
for the Money Market Fund are  declared  daily and paid  monthly.  Distributions
from  realized  gains,  if any, are  declared and paid  annually for each of the
Funds.  Undistributed  net investment  income and accumulated  undistributed net
realized gain (loss) on total  investments  may include  temporary  book and tax
differences  which will reverse in a subsequent  period.  Any permanent book and
tax basis  differences  relating  to  shareholder  distributions  will result in
reclassifications among the respective components of net assets.                

INCOME  TAXES:  The Funds  intend to qualify as regulated  investment  companies
under  Subchapter  M of the  Internal  Revenue  Code and will not be  subject to
income taxes to the extent that they distribute substantially all taxable income
each year.  At June 30, 2000,  the Money Market and Bond PLUS Funds have capital
loss carryovers of $7,283 and $4,494,057, respectively, which begin to expire in
2006.                                                                           

NOTE 3. MANAGEMENT AGREEMENT                                                    

Under the terms of an Investment Management Agreement,  each Fund pays a fee for
the management and  administration of the Funds,  based on the average daily net
assets of each  Fund.  Advisors  has  currently  waived  its right to  receive a
portion of its fee from each Fund until July 1, 2003.  As a result,  during such
waiver period,  Advisors will receive the following  annual  percentages of each
Fund's average daily net assets:                                                

                                   MANAGEMENT                 MANAGEMENT FEE
                                      FEE         WAIVER      AFTER WAIVER
                                   ----------      ------     --------------
 Money Market Fund                  0.79%        0.50%           0.29%
 Bond PLUS Fund                     0.80%        0.50%           0.30%
 Growth & Income Fund               0.93%        0.50%           0.43%
 Growth Equity Fund                 0.95%        0.50%           0.45%
 International Equity Fund          0.99%        0.50%           0.49%
 Managed Allocation Fund            0.00%        0.00%           0.00%
 Tax-Exempt Bond Fund               0.80%        0.50%           0.30%
 High-Yield Bond Fund               0.84%        0.50%           0.34%
 Short-Term Bond Fund               0.80%        0.50%           0.30%
 Social Choice Equity Fund          0.77%        0.50%           0.27%
 Equity Index Fund                  0.76%        0.50%           0.26%

Advisors  will not  receive a  management  fee for its  services  to the Managed
Allocation  Fund.  However,  shareholders  in the Managed  Allocation  Fund will
indirectly  bear their pro rata share of the fees and  expenses  incurred by the
Funds in which the Managed Allocation Fund invests.                             

136  2000 SEMI-ANNUAL REPORT                                                    

N-30D
137th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 137th
TIAA-CREF MUTUAL FUNDS                                                          
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 (UNAUDITED)--(CONCLUDED)            

NOTE 4. INVESTMENTS                                                             

At June 30,  2000,  net  unrealized  appreciation  (depreciation)  of  portfolio
investments,  consisting of gross  unrealized  appreciation and gross unrealized
depreciation for the Funds were as follows:                                     

                                                                [Download Table]


                                                                 NET UNREALIZED 
                                     GROSS UNREALIZED             APPRECIATION  
                              APPRECIATION      DEPRECIATION     (DEPRECIATION) 
                           -----------------  -----------------  ---------------
                                                                                
Bond PLUS Fund                 $ 1,782,437      $ 3,285,931       ($ 1,503,494) 
Growth & Income Fund           133,092,533       37,018,329         96,074,204  
Growth Equity Fund             232,035,452       34,080,758        197,954,694  
International Equity Fund       38,658,197       21,451,537         17,206,660  
Managed Allocation Fund         49,831,969        3,700,162         46,131,807  
Tax-Exempt Bond Fund               370,954           20,189            350,765  
High-Yield Bond Fund               443,098          874,638           (431,540) 
Short-Term Bond Fund                60,471           42,235             18,236  
Social Choice Equity Fund        2,990,407        1,780,677          1,209,730  
Equity Index Fund                5,359,258        5,040,241            319,017  

Purchases and sales of portfolio securities,  other than short-term money market
instruments,  for the Funds,  other than the Money Market  Fund,  for the period
ended June 30, 2000, were as follows:                                           

                                                        [Enlarge/Download Table]


                           NON-GOVERNMENT   GOVERNMENT   NON-GOVERNMENT   GOVERNMENT 
                              PURCHASES      PURCHASES        SALES          SALES   
                           --------------   ----------   --------------   ---------- 
                                                                                     
Bond PLUS Fund               $ 53,802,236  $376,003,323   $ 53,897,063   $349,756,514
Growth & Income Fund          202,809,802       654,724     77,544,175         48,828
Growth Equity Fund            326,373,653       294,107    134,441,804        149,043
International Equity Fund     366,773,107            --    277,131,273             --
Managed Allocation Fund        82,995,467            --     17,557,830             --
Tax-Exempt Bond Fund           72,453,470            --     39,407,282             --
High-Yield Bond Fund           67,395,106            --     16,795,808             --
Short-Term Bond Fund           31,530,210    32,709,709     18,230,926     18,756,462
Social Choice Equity Fund      29,845,078       369,304        563,000         16,403
Equity Index Fund              58,803,064       401,513      1,220,410         41,938

NOTE 5. TRUSTEE FEES                                                            

Each Fund, other than the Managed Allocation Fund, pays the Trustees who are not
also officers or affiliated persons of the Funds, certain remuneration for their
services,  plus travel and other expenses  incurred in attending Board meetings.
Trustees who are also officers or  affiliated  persons  receive no  remuneration
from the Funds for their services as Trustees.                                  

NOTE 6. LINE OF CREDIT                                                          

The Growth & Income, Growth Equity, International Equity, and Managed Allocation
Funds  participate in a $2.5 billion  unsecured  revolving credit facility,  for
temporary or  emergency  purposes,  including,  without  limitation,  funding of
shareholder redemptions that otherwise might require the untimely disposition of
securities.  College Retirement Equities Fund and TIAA-CREF Institutional Mutual
Fund,  both of which are managed by Advisors or an affiliate  of Advisors,  also
participate in this facility.  An annual  commitment fee for the credit facility
is borne by the  participating  Funds.  Interest  associated  with any borrowing
under the  facility  will be charged to the  borrowing  Funds at rates which are
based on the Federal Funds Rate in effect during the time of the borrowing.  For
the six months ended June 30, 2000,  there were no borrowings  under this credit
facility.                                                                       

                                                     2000 SEMI-ANNUAL REPORT 137

N-30D
138th “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 138th
TIAA-CREF PRODUCTS AND SERVICES                                                 

o  TIAA-CREF MUTUAL FUNDS                                                       

o  TIAA-CREF LIFE PERSONAL                                                      
ANNUITIES                                                                 

o  TIAA LIFE INSURANCE COVERAGE                                                 

o  TEACHERS LONGTERM CARE                                                       
INSURANCE                                                                 

o  TIAA-CREF RETIREMENT ANNUITIES                                               

o  TIAA-CREF SUPPLEMENTAL                                                       
RETIREMENT ANNUITIES (SRAs)                                               

o  TIAA-CREF IRAS                                                               

RETIREMENT ANNUITIES (SRAS)                                               

[GRAPHIC OMITTED] AUTOMATED TELEPHONE SERVICE                                   
800 842-2252                                
24 hours a day, 7 days a week               

                TIAA-CREF MUTUAL FUNDS SHAREHOLDERS CAN USE THE ATS TO CHECK
          FUND PERFORMANCE AND ACCOUNT BALANCES, AND TO INITIATE
PURCHASES OR EXCHANGES.                     

          FOR PENSION ANNUITIES, PARTICIPANTS CAN USE THE ATS TO
                ALLOCATE FUTURE PREMIUMS, TRANSFER ACCUMULATIONS, GET TIAA'S
                  CURRENT RATES OF INTEREST, CURRENT PERFORMANCE OF THE VARIABLE
            ACCOUNTS, THE LATEST ACCUMULATION UNIT VALUES, AND TOTAL
ACCUMULATIONS.                              

[GRAPHIC OMITTED] PERSONAL ASSISTANCE                                           
800 223-1200                                
8 a.m. to 11 p.m. ET, Monday - Friday       

                 FOR QUESTIONS ABOUT TIAA-CREF MUTUAL FUNDS, TEACHERS PERSONAL
             ANNUITY, TEACHERS LONGTERM CARE, AND TIAA LIFE INSURANCE.

800 842-2776                                
8 a.m. to 11 p.m. ET, Monday - Friday       
9 a.m. to 6 p.m. ET, Saturday and Sunday    

                 FOR QUESTIONS ABOUT RETIREMENT SAVING AND PLANNING, QUARTERLY
            AND ANNUAL BENEFITS REPORTS, RECEIVING ANNUITY PAYMENTS,
ANNUITY OPTIONS, AND TAX REPORTS.           

[GRAPHIC OMITTED] INTERNET ACCESS                                               

VISIT OUR WORLD WIDE WEB SITE:              
WWW.TIAA-CREF.ORG                           

              THROUGH OUR INTER/ACT SYSTEM AT TIAA-CREF'S WORLD WIDE WEB
               SITE, YOU CAN ALSO SEE YOUR ACCOUNT BALANCE AND TRANSACTION
              RECORDS, EXCHANGE SHARES BETWEEN FUNDS, AND BUY NEW SHARES
                  ONLINE. YOU CAN ALSO SEE THE LATEST VALUE OF YOUR RETIREMEMENT
                  ANNUITIES (RAS), SUPPLEMENTAL RETIREMENT ANNUITIES (SRAS), AND
              IRA ACCUMULATIONS, CHECK ON THE LAST PREMIUMS PAID TO YOUR
                 CONTRACT, REVIEW OR CHANGE YOUR PREMIUM ALLOCATIONS, TRANSFER
                ACCUMULATIONS AMONG YOUR TIAA-CREF ACCOUNTS, AND CHANGE YOUR
ADDRESS.                                    

[GRAPHIC OMITTED] MUTUAL FUND INFORMATION ONLINE                                

TIAA-CREF                                   
www.tiaa-cref.org/mfunds/                   
MORNINGSTAR                                 
www.morningstar.com                         
LIPPER ANALYTICAL SERVICES                  
www.lipperweb.com                           

N-30D
Last “Page” of 139
TOC
1st
Previous
Next
↓Bottom
Just 139th
[TIAA LOGO] 730 Third Avenue                                   -----------------
        New York, NY 10017-3206                                PRESORTED
                                                              STANDARD
                                                               U.S. POSTAGE PAID
                                                               TIAA-CREF
                                                               -----------------

TCMFSAR-8/00