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Tiaa Cref Mutual Fund · N-30D · For 6/30/98

Filed On 8/25/98 · SEC File 811-08055 · Accession Number 930413-98-773

  As Of               Filer                 Filing     On/For/As Docs:Pgs              Issuer               Agent

 8/25/98  Tiaa Cref Mutual Fund             N-30D       6/30/98    1:111                                    930413

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

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Annual or Semi-Annual Report Mailed to               111±   447K 
                          Shareholders

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (RTF, XML, et al.) Fund On balance, a buoyant Europe has helped to offset a gloomy Asia
1	1st Page
7	On balance, a buoyant Europe has helped to offset a gloomy Asia
9	Fund

N-30D 1st "Page" of 64 TOC Top Previous Next Bottom Just 1st
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TIAA-CREF MUTUAL FUNDS                                                          

TIAA-CREF MUTUAL FUNDS 1998 SEMI-ANNUAL REPORT                                  

MONEY MARKET FUND                                                               
BOND PLUS FUND                                                                  
GROWTH & INCOME FUND                                                            
GROWTH EQUITY FUND                                                              
INTERNATIONAL EQUITY FUND                                                       
MANAGED ALLOCATION FUND                                                         

FINANCIAL STATEMENTS (UNAUDITED)                                                
INCLUDING STATEMENTS OF INVESTMENTS                                             
JUNE 30, 1998                                                                   

[Graphic Omitted]                                                               

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================================================================================

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 FINANCIAL STATEMENTS                                                         
27 STATEMENTS OF INVESTMENTS                                                    

MONEY MARKET FUND         27                                              
BOND PLUS FUND            29                                              
GROWTH & INCOME FUND      32                                              
GROWTH EQUITY FUND        40                                              
INTERNATIONAL EQUITY FUND 52                                              
MANAGED ALLOCATION FUND   59                                              

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"Solid growth, low inflation, and well-behaved interest rates are all the       
more satisfying in light of the advanced age of this economic expansion         
period. March 1998 marked the beginning of its eighth year."                    

Martha Peyton, Managing Director, Investment Research and                       
Portfolio Strategy                                                              
[PHOTOGRAPH]                                                                    

================================================================================

FIRST HALF OF 1998 -- THE BEST OF TIMES FOR THE U.S. ECONOMY                    

The best of times continue for the U.S. economy in 1998 on top of last          
year's quite satisfying combination of strong growth and low                    
inflation. The first half of this year was marked by a very strong 5.4          
percent inflation-adjusted GDP growth rate in the first quarter and             
almost no inflation. The Consumer Price Index rose at an almost                 
imperceptible 0.5 percent annualized pace in the first quarter. (SEE            
FIGURE 1.) The very strong growth ebbed somewhat during the spring              
months and inflation stirred languidly, but altogether the best of              
times prevail as midyear approaches. Financial market conditions                
reflect these best of times. Interest rates on the 30-year maturity             
U.S. Treasury bond, used as a barometer of overall market conditions,           
bounced in the 5.8 percent to 6.0 percent range over the first half of          
the year. This compares with a 6.61 percent average for all of 1997,            
and a December 1997 monthly average of 5.99 percent. (SEE FIGURE 2.)            

Solid growth, low inflation, and well-behaved interest rates are all            
the more satisfying in light of the advanced age of this economic               
expansion period. March 1998 marked the beginning of its eighth year,           
ranking this economic expansion among the longest-lived in the                  
post-WWII period. In addition to its longevity, this expansion has              
been well balanced throughout the various sectors of the economy. This          
balance is evident in the ongoing solid condition of business and               
household balance sheets, manageable debt burdens, and an absence of            
serious supply-demand excesses throughout the sectors of the real               
economy.                                                                        

Consumers did very well during the first half of 1998 as employment             
opportunities soared. Almost 900,000 jobs were created in the first             
four months of the year alone, and the unemployment rate hit a 28-year          
low of 4.3 percent in April. (SEE FIGURE 3.) While wages have been              
rising at an accelerating pace in response to the tightening labor              
market, the degree of wage inflation remains surprisingly modest.               
Perhaps the primary reason for this is the low overall inflation rate,          
which is supporting the real purchasing power of wages and                      

                                                       1998 SEMI-ANNUAL REPORT 1

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FIGURE 1                                                                        
INFLATION AND REAL GROWTH IN THE U.S. ECONOMY IN THE 1990S                      
(SEASONALLY ADJUSTED ANNUALIZED RATES, QUARTERLY)                               

Real     GDP     CPI                                                            
----    ----    ----                                                            
1990    3.93%   7.06%                                                           
1990    1.24%   4.12%                                                           
1990   -1.90%   7.08%                                                           
1990   -4.05%   6.96%                                                           
1991   -2.05%   3.02%                                                           
1991    1.81%   2.39%                                                           
1991    1.02%   3.08%                                                           
1991    1.00%   3.36%                                                           
1992    4.70%   2.74%                                                           
1992    2.52%   3.11%                                                           
1992    3.03%   3.09%                                                           
1992    4.31%   3.55%                                                           
1993    0.05%   2:84%                                                           
1993    2.04%   3.01%                                                           
1993    2.13%   1.86%                                                           
1993    5.32%   3.26%                                                           
l994    2.98%   1.93%                                                           
1994    4.73%   2.57%                                                           
1994    1.78%   3.75%                                                           
1994    3.62%   2.44%                                                           
1995    0.91%   2.60%                                                           
1995    0.31%   3.40%                                                           
1995    3.04%   2.12%                                                           
1995    2.22%   2.46%                                                           
1996    1.77%   3.16%                                                           
1996    5.97%   3.75%                                                           
1996    1.03%   2.41%                                                           
1996    4.31%   3.34%                                                           
1997    4.89%   2.20%                                                           
1997    3.31%   1.34%                                                           
1997    3.07%   1.93%                                                           
1997    3.71%   2.09%                                                           
1998    4.79%   0.50%                                                           
-4.05%   0.50%                                                    
5.97%   7.08%                                                   

[Above Table Represents Graph in Printed Report]                                

FIGURE 2                                                                        
YIELD ON U.S. TREASURY BONDS IN THE 1990S                                       
(SEASONALLY ADJUSTED ANNUALIZED RATES, QUARTERLY)                               

Real    10 Yr Treasury  30 Yr Treasury                                          
----    --------------  --------------                                          
1990    8.42            8.44                                                    
1990    8.68            8.65                                                    
1990    8.70            8.80                                                    
1990    8.40            8.55                                                    
1991    8.02            8.20                                                    
1991    8.13            8.32                                                    
1991    7.94            8.18                                                    
1991    7.35            7.85                                                    
1992    7.30            7.80                                                    
1992    7.38            7.90                                                    
1992    6.62            7.44                                                    
1992    6.74            7.53                                                    
1993    6.28            7.08                                                    
1993    5.99            6.86                                                    
1993    5.62            6.32                                                    
1993    5.61            6.13                                                    
l994    6.07            6.56                                                    
1994    7.08            7.36                                                    
1994    7.33            7.59                                                    
1994    7.84            7.96                                                    
1995    7.48            7.64                                                    
1995    6.62            6.96                                                    
1995    6.32            6.71                                                    
1995    5.89            6.23                                                    
1996    5.91            6.30                                                    
1996    6.72            6.93                                                    
1996    6.78            6.97                                                    
1996    6.34            6.61                                                    
1997    6.56            6.82                                                    
1997    6.70            6.93                                                    
1997    6.24            6.53                                                    
1997    5.91            6.14                                                    
1998    5.59            5.88                                                    

[Above Table Represents Graph in Printed Report]                                

================================================================================

mitigating wage pressures from the tight labor market.                          

The housing sector has been especially strong this year. New home construction  
and sales, existing home resales, and spending on home improvements are all     
vibrant. The weather has contributed to housing-market strength as unusually    
warm winter weather in the Northeast accommodated construction through the      
winter. The lower interest rate environment that took hold during the fourth    
quarter of 1997 also contributed by bolstering housing affordability and        
stimulating mortgage refinancing to pay for renovations.                        

The first half of the year presented more challenging conditions for businesses.
Corporate profits declined in the first quarter on top of a decline in the      
fourth quarter of 1997; these followed three years of continuous profits growth.
(SEE FIGURE 4.) The reversal in the steady growth in profits was linked to      
rising labor costs, a buildup in inventories, and very constrained capacity to  
raise prices. On a more positive note, lower interest rates have created a      
window of opportunity for business debt refinancing, and the opportunity is not 
going unnoticed. Flows of corporate bonds to market have mushroomed this year   
and corporate bond spreads have widened. Owing in part to attractive interest   
rates, businesses are stepping up investments in new equipment, especially      
computers, but investment in nonresidential construction remains moderate.      

The government sector of the economy is reaping enormous benefits from these    
best of times. Tax revenues are mushrooming for federal, state, and local       
governments. The federal budget deficit has been replaced with expectation of a 
small surplus for the fiscal year that began last October 1.                    

2                                                                               

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FIGURE 3                                                                        
NONAGRICULTURAL EMPLOYMENT AND UNEMPLOYMENT RATES IN THE 1990S                  
(SEASONALLY ADJUSTED ANNUALIZED RATES, QUARTERLY)                               

Employment                                            
Real         (Millions)   Unemployment                                          
----         ----------   ------------                                          
1990         109          5.30                                                  
1990         110          5.33                                                  
1990         110          5.70                                                  
1990         109          6.13                                                  
1991         109          6.60                                                  
1991         108          6.83                                                  
1991         108          6.87                                                  
1991         108          7.10                                                  
1992         108          7.37                                                  
1992         108          7.60                                                  
1992         109          7.63                                                  
1992         109          7.37                                                  
1993         110          7.13                                                  
1993         110          7.07                                                  
1993         111          6.80                                                  
1993         112          6.63                                                  
l994         113          6.57                                                  
1994         114          6.17                                                  
1994         115          6.03                                                  
1994         116          5.60                                                  
1995         116          5.47                                                  
1995         117          5.63                                                  
1995         117          5.70                                                  
1995         118          5.60                                                  
1996         118          5.57                                                  
1996         119          5.43                                                  
1996         120          5.30                                                  
1996         120          5.33                                                  
1997         121          5.27                                                  
1997         122          4.93                                                  
1997         123          4.90                                                  
1997         123          4.70                                                  
1998         124          4.67                                                  

[Above Table Represents Graph in Printed Report]                                

FIGURE 4                                                                        
CORPORATE PROFITS AFTER TAXES                                                   
(SEASONALLY ADJUSTED ANNUALIZED RATES, QUARTERLY)                               

Real     Corp. Profits                                                          
----     -------------                                                          
1990            55.67%                                                          
1990            28.60%                                                          
1990           -53.91%                                                          
1990            39.36%                                                          
1991            79.60%                                                          
1991           -18.27%                                                          
1991            -7.45%                                                          
1991             2.98%                                                          
1992            45.98%                                                          
1992           -17.38%                                                          
1992           -43.24%                                                          
1992           126.63%                                                          
1993             6.72%                                                          
1993             3.80%                                                          
1993            26.14%                                                          
1993            33.45%                                                          
l994            -8.05%                                                          
1994            39.68%                                                          
1994            18.21%                                                          
1994            17.19%                                                          
1995            -7.46%                                                          
1995            16.05%                                                          
1995            37.97%                                                          
1995            15.25%                                                          
1996            19.19%                                                          
1996            12.60%                                                          
1996             1.35%                                                          
1996            11.32%                                                          
1997            13.35%                                                          
1997             9.38%                                                          
1997            14.13%                                                          
1997            -3.19%                                                          
1998             9.23%                                                          

[Above Table Represents Graph in Printed Report]                                

================================================================================

States and localities are accumulating surpluses. With fiscal                   
pressures on the wane, governments are facing conflicting demands for           
tax cuts on the one hand and more generous spending on the other.               

If these domestic sectors were the whole story, the year to date would          
indeed be the best of times for the U.S. economy. But the story                 
includes an international sector that has become uncertain and                  
tumultuous since the Pacific Rim currency crisis erupted in the second          
half of last year. The crisis has had indirect benefits for the U.S.            
economy over the last few months, including strengthening the dollar,           
supplying low-cost imports that have dampened U.S. inflation                    
pressures, and depressing U.S. interest rates as capital pours into             
the safe havens represented by U.S. Treasury securities. Economic and           
political pressures and dislocations in Pacific Rim countries continue          
as a result of the financial crisis. Elsewhere, financial turmoil is            
building in Russia and political tension is growing on the South Asian          
subcontinent after nuclear testing by both India and Pakistan.                  

Are this year's best of times for the U.S. economy too good to last? Perhaps. As
the more temporary factors that contributed to these best of times disappear,   
the combination of strong growth and low inflation will be tested. Among these  
temporary factors are falling oil prices, the surprising elasticity in the labor
force, ongoing containment in health care costs, and the downward pressure on   
interest rates and prices emanating from outside the U.S. The challenge for     
economists and investors is to recognize when the best of times are coming to an
end.                                                                            

/s/Martha S. Peyton                                                             
--------------------                                                            
Martha S. Peyton                                                                

                                                       1998 SEMI-ANNUAL REPORT 3

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"On balance, a buoyant Europe has helped                                        
to offset a gloomy Asia."                                                       

Harvey Kerrich, CREF Economist                                                  
[PHOTOGRAPH]                                                                    

================================================================================

FIRST HALF OF 1998 -- THE INTERNATIONAL PICTURE                                 

In the first half of 1998, economic growth in North America and Western Europe  
was well established in a highly favorable financial environment with low       
interest rates and strong equity markets. For countries joining the European    
Monetary Union, enjoying negligible signs of inflation and sharply reduced      
fiscal deficits, confidence remains high that the solid economic growth and a   
favorable financial environment currently prevailing are likely to continue into
coming quarters. In Asia, including Japan, the economic context is quite        
different, as contractionary forces, the consequence of policy choices and      
market perceptions, have resulted in deteriorating prospects for that region.   
The silver lining is, however, that weakness in Asia has contributed            
significantly to further reductions in already low rates of global inflation.   

The difficulties in several Asian emerging-market countries that arose last year
remain unresolved. High rates of economic growth over an extended period        
produced an extraordinary level of confidence, within the region itself and     
among major financial institutions and other observers elsewhere, in the        
perpetuation of this strong trend. The tendency of emerging countries in the    
region to either peg their respective currencies to the U.S. dollar, or manage  
them while attaching a relatively high weight to the dollar, contributed to a   
deterioration in the competitiveness of these countries' goods on international 
markets as the U.S. dollar appreciated, especially against the Japanese         
currency, the yen. The extent of the underlying risks was not fully appreciated,
leading to excessive levels of investment in a number of economic sectors across
the region, not least in real estate.                                           

The cumulative effect of the resulting economic imbalances and mispricing of    
assets and exchange rates as a result of errors in the assessment of risk       
contributed importantly to the crisis, triggered in this instance by a loss of  
confidence in several of the currencies, particularly of those countries now    
known as the "IMF-3": Thailand, Korea, and Indonesia. As a consequence, the     
viability of their banking systems and non-financial enterprises has come into  
question. In some cases intervention to encourage market and regulatory reforms 
has resulted in clear improvements; elsewhere, despite intervention,            
deterioration continued.                                                        

China has been relatively immune, thus far, from the contagion of currency      
weakness as its controls on its capital account limit the extent of potential   
speculative attacks on the currency. Added support for the currency comes from  
its accumulation of very substantial foreign exchange reserves as a result of   
its success in competing in a number of sectors of the global marketplace.      
However, an ongoing deflationary trend already in place in China appears to have
accelerated as a result of intensified competition, regionally and in global    
markets, since the onset of the Asian crisis, and economic growth is slowing.   

Japan, with some 40 percent of its exports destined for Asian markets, is the   
most directly exposed major industrialized country to the Asian crisis and has  
been seriously affected. Economic growth prospects have therefore been subject  
to large downward revisions of already modest expectations. In addition to the  
incremental adverse impact of the emerging Asia crisis, Japan has suffered from 
a seriously impaired banking system for a number of years, as a result of       
generous lending practices followed by sharp declines in prices in the real     
estate market and in the equity market.                                         

4                                                                               

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================================================================================

The imposition of a consumption tax increase in April 1997 adversely affected   
consumer demand. Consumer confidence was further eroded by a rising trend -- to 
record levels -- in the unemployment rate, a consequence of poor economic growth
prospects, and much needed restructuring among business enterprises. Business   
confidence is very poor, with declining expectations for corporate profits,     
leading to a pullback in investment intentions. Given prevailing recessionary   
conditions, equity prices deteriorated over much of the first half of 1998, in  
marked contrast to equity markets in other major industrialized countries which 
registered substantial gains.                                                   

In the European Union, decisions have been taken concerning which countries will
participate in monetary union, and the bilateral exchange rates at which        
conversion into the Union-wide currency, the "Euro," will occur. Confidence     
regarding the commitment to proceed with the European Monetary Union, EMU, is   
high. This has contributed to the high degree of convergence of long-term       
interest rates of participating countries toward low German levels. The         
formation of EMU will increase the competitive pressures on banks within the    
Euro area, while they continue to absorb the impact of exposure to troubled     
emerging markets. Banks will lose much of their home-currency advantage in      
lending and deposit-taking activities, as well as substantial sources of revenue
from currency transactions. A longer-run benefit of EMU, however, is the        
elimination of currency risk in cross-border financial transactions, which is   
expected to erode the segmentation of capital markets and over time result in   
the development of broad and deep Europe-wide securities markets, a trend which 
should be reinforced by policies to promote the growth of private pension       
schemes.                                                                        

Through the first half of the 1990s, economic policy conditions in the Euro area
were tight as the Maastricht Treaty requirements powerfully influenced fiscal   
policy. Prospective members of monetary union aimed to achieve low targeted     
fiscal deficits as a percentage of GDP and low rates of inflation as well.      
Unemployment levels moved higher in that environment. Having achieved the       
preconditions for EMU, European economic policy is unambiguously oriented toward
supporting growth, which should contribute to improved labor market conditions. 
While monetary policy shifted toward ease some time ago, only recently has there
been an end to fiscal tightening. Bond yields are well below year-ago levels,   
and equity markets have experienced a powerful rally since the latter part of   
last year, driven in considerable part by an increasingly optimistic outlook for
corporate earnings. In the United Kingdom, currently not set to join EMU, output
has risen strongly over the last year, with labor market conditions improving,  
and inflation very close to the central bank's announced target rate of 2.5%.   
The current account balance was in surplus and the fiscal budget deficit        
narrowed sharply to less than 2.0% of GDP. As the economy showed the potential  
for exceptionally robust growth over past quarters, monetary and fiscal policies
have been tightened. The latest fiscal budget retains a mildly contractionary   
bias, which together with a relatively strong currency, is expected to moderate 
economic growth and achieve targeted rates of inflation in the months ahead.    

On balance, a buoyant Europe has helped to offset a gloomy Asia.                

/s/Harvey Kerrich                                                               
-----------------                                                               
Harvey Kerrich                                                                  

                                                       1998 SEMI-ANNUAL REPORT 5

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"The TIAA-CREF Money Market Fund is a great match for investors who are looking 
for a conservative investment on a temporary basis or who want to maintain an   
emergency cash reserve. What's more, its expenses are among the lowest in the   
industry, and this means opportunity for higher yields for our shareholders."   

Steven Traum, Managing Director, Teachers Advisors                              
[PHOTOGRAPH]                                                                    

Mr. Traum joined TIAA-CREF in 1983. He has been responsible for management of   
the new CREF Inflation-Linked Bond Account since its inception in 1997 and the  
CREF Money Market Account since its inception in 1988.                          

================================================================================

MONEY MARKET FUND                                                               

OBJECTIVE                                                                       
seeks high current income,to the extent consistent with maintaining liquidity   
and preserving capital.                                                         

Q.  HOW HAS THE FUND PERFORMED?                                                 

A. The fund has done quite well. It has been consistently in the top ten among  
241 general-purpose money market mutual funds since March (the first full month 
the fund was available to the general public), according to the IBC Money Fund  
Report. Its net assets have nearly doubled over the first six months of 1998,   
from $63.6 million at the start of the year to $120.1 million as of June 30. The
fund's performance, as well as that of its benchmark and its peer funds, is     
shown in the table at the top of page 7.                                        

Q.  WHAT IS THE FUND'S INVESTMENT                                               
STRATEGY?                                                                       

A. The fund invests only in money market securities that are classified as      
"first tier" securities -- that is, securities ranked in the highest category by
nationally ranked statistical rating organizations. The fund invests in fixed   
and floating/variable-rate securities that represent minimal credit risk and    
that have a weighted average maturity of 90 days or less. The longest maturity  
will be 397 days. The fund's successes, compared with its benchmark and other   
money market mutual funds, can be attributed to three factors -- its asset      
allocations among the different types of money market instruments, its weighted 
average maturity, and its low expenses.                                         

Q.  HOW DID THE FUND'S ASSET ALLOCATION CHANGE?                                 

A. The two pie charts at right show the allocation of the fund's investments    
among its four principal sectors, a "before" and "after" look at the first half 
of 1998. The changes were slight, as you can see by comparing them.             

The economic environment for short-term investing has been fairly calm over the 
last six months. Inflation has been steady and low, and the Federal Reserve has 
not changed its target for short-term rates during that time. Also, the Asian   
crisis led many to expect a slowdown in the U.S. economy, which would keep      
short-term rates from rising. Short-term rates have generally moved within a    
range of 20 basis points (one basis point equals .01 of 1 percent). There were, 
however, a few rate "hiccups" as rates reflected the daily release of economic  
and other related information.                                                  

ASSET ALLOCATION                                                                
================================================================================
AS OF 12/31/97                                                                  

[The following table represents a pie chart in the Printed Report.]             

66% Commercial paper                                                            
15% Certificates of deposit                                                     
14% Floating-rate notes                                                         
5% Bankers' acceptances                                                       

MATURITY OF INVESTMENTS: MONTHLY SUMMARY                                        
================================================================================
AS OF 12/31/97                                                                  

Month      Dollars  Percent                                                     
-----      -------  -------                                                     
January     $29.30    45.4%                                                     
February    $13.20    20.5%                                                     
March       $ 1.30     2.0%                                                     
April       $ 0.40     0.6%                                                     
May         $ 6.50    10.1%                                                     
June        $ 2.00     3.1%                                                     
July        $   -      0.0%                                                     
August      $ 2.00     3.1%                                                     
September   $ 6.80    10.5%                                                     
October     $ 1.00     1.6%                                                     
November    $ 2.00     3.1%                                                     
$64.50   100.0%                                         

[Above Table Represents a Bar Chart in Printed Report]                          

6                                                                               

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                                                        · Enlarge/Download Table

MONEY MARKET FUND                                                                                                          
PERFORMANCE AT A GLANCE AS OF 6/30/98                                                                                      

                                                                                              Net Annualized Yield         
                     Total Return*                   Expense     Average   Net Assets       for 7 days ending 6/30/98      
        1/1/98 To 6/30/98    since 9/2/97 inception   ratio     Maturity  in millions  current yield        effective yield
                                                                                                                           
Money Market Fund                                                                                                          
             2.72%                   4.57%            0.29%***  54 days     $120.1        5.39%                   5.53%    

IBC Money Fund Report Averages--                                                                                           
All Taxable[TM]                                                                                                            
             2.52                    4.26**           0.50      58 days                    5.04                    5.16    

Lipper Money Market Funds Average                                                                                          
             2.42                     4.09            0.83                                                                 


* The performance of the financial markets fluctuates, so you should not    
expect a fund's past returns to be repeated in the future.              

** 9/1/97 - 6/30/98                                                           

*** Annualized rate reflecting a waiver of a portion of the fund's management   
fee.                                                                    
  The waiver is contractual and is guaranteed through at least July 1, 2000.

We will attempt to maintain a stable net asset value of $1.00 Per share for     
this fund, but we can't guarantee that we will be able to do so. Note that the  
current yield more closely reflects the current earnings of the TIAA-CREF Money 
Market Fund than does the total return.                                         

================================================================================

ASSET ALLOCATION                                                                
================================================================================
AS OF 6/30/98                                                                   

[The following table represents a pie chart in the Printed Report.]             

67% Commercial paper                                                            
12% Certificates of deposit                                                     
15% Floating-rate notes                                                         
6% Bankers' acceptances and bank notes                                        

MATURITY OF INVESTMENTS: MONTHLY SUMMARY                                        
================================================================================
AS OF 6/30/98                                                                   

Month       Dollars  Percent                                                    
-----       -------  -------                                                    
July        $ 40.60    33.8%                                                    
August      $ 31.00    25.8%                                                    
September   $ 14.80    12.3%                                                    
October     $ 10.40     8.7%                                                    
November    $  3.20     2.7%                                                    
December    $  5.80     4.8%                                                    
January     $  4.40     3.7%                                                    
February    $  7.00     5.8%                                                    
March       $    -      0.0%                                                    
April       $    -      0.0%                                                    
May         $  3.00     2.5%                                                    
$120.20   100.0%                                        

[Above Table Represents a Bar Chart in Printed Report]                          

The TIAA-CREF Money Market Fund is neither insured nor guaranteed by the U.S.   
government.                                                                     

$10,000 OVER LIFE OF FUND                                                       

Fund                                                            
Monthly        IBC Money Fund                                   
-------        --------------                                   
Sep-97  $10,000   Sept  2, 97  10,000                                           
Sep-97  $10,044   Sept 30, 97  10,041                                           
Oct-97  $10,090        Oct 97  10,084                                           
Nov-97  $10,132        Nov 97  10,123                                           
Dec-97  $10,179        Dec 97  10,170                                           
Jan-98  $10,226        Jan 98  10,213                                           
Feb-98  $10,269        Feb 98  10,256                                           
Mar-98  $10,317        Mar 98  10,299                                           
Apr-98  $10,363        Apr 98  10,341                                           
May-98  $10,407        May 98  10,383                                           
Jun-98  $10,458        Jun 98  10,426                                           

[Above Table Represents a Graph in Printed Report]                              

Q.  HOW DID THE FUND'S MATURITY STRUCTURE CHANGE?                               

A. The two bar graphs at left show the distribution of the maturities of the    
fund's investments, a "before" and "after" look at the first half of 1998. We   
ended 1997 with a weighted average maturity (WAM) somewhat longer than that of  
the benchmark, but our goal for the end of the first half of 1998 was a WAM     
close to that of the benchmark, to avoid making a "bet" on the direction of     
interest rates vis-a-vis the benchmark.                                         

                                                       1998 SEMI-ANNUAL REPORT 7

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"The Bond Plus Fund takes a conservative, value-oriented approach to bond       
investing. Our diversified, high-quality portfolio of fixed-income securities is
best suited for long-term saving."                                              

Elizabeth Black, Director, Portfolio Management, Teachers Advisors              
Ms. Black has been with TIAA-CREF for eleven years and is also responsible for  
managing the investments in CREF's Bond Market Account ($2 billion in assets)   
and the fixed income portion of CREF's Social Choice Account ($1.1 billion in   
assets).                                                                        
[PHOTOGRAPH]                                                                    

================================================================================

BOND PLUS FUND                                                                  

OBJECTIVE                                                                       
seeks a favorable long-term return, primarily through high current income       
consistent with preserving capital.                                             

TOP FIVE  MARKET SECTORS                                       12/31/97  6/30/98
U.S. Treasury bonds                                              41.1%    24.4% 
Mortgage-backed securities*                                      27.5     32.4  
Corporate bonds                                                  23.7     26.6  
U.S. agencies                                                     5.2     14.7  
Money market instruments                                          2.5      1.9  

* Includes government-backed and private-label securities and asset-backed    
securities                                                                

Q.  HOW DID THE FUND PERFORM?                                                   

A. For the first six months of 1998, the Bond PLUS Fund's total return was 4.14 
percent, outperforming its benchmark, the Lehman Brothers Aggregate Bond Index, 
which had a return of 3.93 percent. The Lipper Fixed Income Funds Average return
for the same period was 3.21 percent. The fund outperformed the benchmark       
basically because of its securities selection. Compared with the Lehman Brothers
Index, the fund was overweighted in corporate and U.S. agency securities and    
underweighted in U.S. Treasury bonds.                                           

The fund had net assets of $103.5 million as of June 30, 1998, up from $58.4    
million six months earlier.                                                     

Q.  HOW HAS THE COMPOSITION OF THE FUND CHANGED?                                

A. The most significant change from six months ago is the increase in the       
percentage of corporate bonds, as shown in the accompanying table, accompanied  
by a drop in the percentage of U.S. Treasury bonds. The percentage of U.S.      
agency bonds also rose during the period. We increased the proportion of our    
investments in U.S. agency securities as a result of acquiring attractive,      
highly liquid benchmark notes issued by the Federal National Mortgage           
Association (popularly known as Fannie Mae) and the Federal Home Loan Mortgage  
Corporation (popularly known as Freddie Mac). And we added a small position in  
asset-backed securities and expanded the fund's holdings in mortgage-backed     
securities.                                                                     

Within the corporate bond sector, we added to our holdings in the media and     
bank/finance industries, and from a credit-quality standpoint, bought some      
below-investment-grade bonds (with BB or B ratings) that offered higher yields  
without disproportionately increased risk. The below-investment-grade bonds     
constituted about 4 percent of the portfolio as of midyear.                     

Q.  HOW DOES THE FUND'S ASSET ALLOCATION COMPARE WITH ITS BENCHMARK?            

A.  As of June 30, the fund held a significantly smaller percentage of U.S.     
Treasury bonds than the benchmark -- 24.4 percent of the portfolio for the fund,
40.6 percent for the benchmark. Conversely, its corporate bond holdings are     
greater than those of its benchmark -- 26.6 percent for the fund compared with  
20.6 percent for the benchmark. Both held roughly the same percentage of        
mortgage-backed and asset-backed securities.                                    

8                                                                               

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BOND PLUS FUND                                                                  

PERFORMANCE AT A GLANCE AS OF 6/30/98                                           

                                                        · Enlarge/Download Table

                                                  Total Return*                  Expense   Net Assets 
                                      1/1/98 To 6/30/98  since 9/2/97 inception   Ratio    in millions
                                                                                                      
Bond PLUS                                   4.14%                8.83%            0.30%**    $103.5   
Lehman Brothers Aggregate Bond Index        3.93                 8.57                                 
Lipper Fixed Income Funds Average           3.21                 6.62                                 


* The performance of the financial markets fluctuates, so you should not    
expect a fund's past returns to be repeated in the future.              

** Annualized rate reflecting a waiver of a portion of the fund's management  
fee.                                                                    
  The waiver is contractual and is guaranteed through at least July 1, 2000.

================================================================================

Q.  WHAT ARE THE RISK CHARACTERISTICS                                           
OF THE FUND?                                                                    

A. The risk characteristics of the fund have been, and will continue to be,     
similar to those of its benchmark. The option-adjusted duration of the fund was 
4.56 years vs. 4.57 years for the Lehman Index. Other characteristics for the   
fund and the benchmark, for the beginning and end of the six months ending June 
30, 1998, are in the table at the bottom right of this page.                    

i  UNDERSTANDING PERFORMANCE: The option-adjusted duration is the best indicator
of how a fund will move in relation to the index for a given change in    
  interest rates. For example, if interest rates fall by one percentage point,
 the fund's and the index's return will rise by about 4.6 percentage points.
   By keeping the fund's option-adjusted duration close to the index's, movement
in interest rates does not materially affect the fund's return relative to
the benchmark.                                                            

$10,000 OVER LIFE OF FUND                                                       

Fund       Index                                              
Monthly    Monthly                                              
-------    -------                                              
Sep-97  $10,000    $10,000                                                      
Sep-97  $10,143    $10,147                                                      
Oct-97  $10,286    $10,295                                                      
Nov-97  $10,346    $10,342                                                      
Dec-97  $10,451    $10,446                                                      
Jan-98  $10,591    $10,580                                                      
Feb-98  $10,575    $10,571                                                      
Mar-98  $10,627    $10,607                                                      
Apr-98  $10,687    $10,662                                                      
May-98  $10,781    $10,764                                                      
Jun-98  $10,883    $10,855                                                      

[Above Table Represents a Graph in Printed Report]                              

Bond Plus vs. Benchmark: Risk Characteristics 
Measure*                                                                        
                            Average Life           Option-Adjusted
                               (in years)          Duration (in years)

                           12/31/97  6/30/98       12/31/97  6/30/98
Bond PLUS                          8.20    7.90            4.56   4.56          
Lehman Brothers                    8.34    8.10            4.60   4.57          
Aggregate Bond Index                                                            

* As calculated using an analytical model developed by BARRA, a widely          
recognized investment research firm that created the first multiple-factor  
bond risk model.                                                            

                                                       1998 SEMI-ANNUAL REPORT 9

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                                                        · Enlarge/Download Table

GROWTH & INCOME FUND                                                                                  
PERFORMANCE AT A GLANCE AS OF 6/30/98                                                                 

                                                  Total Return*                  Expense   Net Assets 
                                   1/1/98 To 6/30/98     since 9/2/97 inception   Ratio    in millions
                                                                                                      
Growth & Income Fund                       19.19%                29.18%           0.43%**     $147.8  
S&P 500                                    17.71                 27.72                                
Lipper Growth & Income Funds Index         11.62                 17.78                                


* The performance of the financial markets fluctuates, so you should not    
expect a fund's past returns to be repeated in the future.              

** Annualized rate reflecting a waiver of a portion of the fund's management  
fee.                                                                    
  The waiver is contractual and is guaranteed through at least July 1, 2000.

================================================================================

Q.  HOW DID THE FUND PERFORM?                                                   

A. As of June 30, 1998, net assets of the Growth & Income Fund totaled $147.8   
million. From inception (September 2, 1997) through June 30, 1998, the fund     
returned 29.18 percent compared with 27.72 percent for its benchmark, the S&P   
500 index. For the same period, the fund's peers earned 17.78 percent as        
measured by the Lipper Growth & Income Funds Index.                             

Q.  HOW IS THE FUND MANAGED?                                                    

A. We are managing the fund to have a relatively low tracking error (currently  
less than 2.0 percent). The indexed portion matches the benchmark very closely. 
And even in the actively managed portion, for those sectors for which we had no 
significant insight or conviction, we kept the sector weights relatively close  
to those of the S&P 500. We over- or underweighted sectors only where we had    
great conviction. As of June 30, 1998, this approach had led us to underweights 
and overweights as shown in the bar chart on page 11.                           

TEN LARGEST HOLDINGS                                                            

Company                                       Shares          Market Value (000)
General Electric                              55,440                $5,045      
Exxon Corp.                                   61,820                 4,409      
Merck & Co.                                   30,738                 4,111      
Procter & Gamble                              38,608                 3,516      
Nokia Oyj (ADR)                               45,012                 3,266      
Microsoft                                     28,300                 3,067      
Pfizer                                        27,842                 3,026      
Dayton Hudson                                 59,478                 2,885      
AT&T                                          50,066                 2,860      
SBC Communications                            69,741                 2,790      

10                                                                              

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"There is a dual benefit to investing in this fund because it offers the        
potential for both capital appreciation and current income. It is best suited   
for those investors looking for growth potential, without the higher levels of  
risk associated with pure growth or aggressive funds."                          

Carlton N. Martin, Managing Director-Global Research, Teachers Advisors         
Mr. Martin joined TIAA-CREF in 1980. He is also responsible for investments in  
chemical, paper, and forest products, as well as in the environmental,          
engineering, and construction industries for certain CREF accounts.             
[PHOTOGRAPH]                                                                    

================================================================================

GROWTH & INCOME FUND                                                            

OBJECTIVE                                                                       
seeks a favorable long-term return through capital appreciation and investment  
income, primarily from a broadly diversified portfolio of common stocks         

INDUSTRY DIVERSIFICATION                                                        
========================                                                        
AS OF 6/30/98                                                                   

[The following table represents a pie chart in the Printed Report.]             
34%  Consumer products and services                                             
17%  Financial                                                                  
15%  Manufacturing and materials                                                
14%  Technology                                                                 
11%  Utilities                                                                  
9% Other                                                                      

$10,000 OVER LIFE OF FUND                                                       

Fund       Index                                              
Monthly    Monthly                                              
-------    -------                                              
Sep-97  $10,000    $10,000                                                      
Sep-97  $10,542    $10,548                                                      
Oct-97  $10,207    $10,195                                                      
Nov-97  $10,667    $10,667                                                      
Dec-97  $10,837    $10,851                                                      
Jan-98  $10,952    $10,971                                                      
Feb-98  $11,708    $11,762                                                      
Mar-98  $12,430    $12,365                                                      
Apr-98  $12,651    $12,490                                                      
May-98  $12,451    $12,275                                                      
Jun-98  $12,917    $12,773                                                      

[Above Table Represents a Graph in Printed Report]                              

GROWTH & INCOME RELATIVE SECTOR WEIGHTS AS OF 6/30/98                           

SECTOR                 PERCENT OVER/UNDERWEIGHT                               

AEROSPACE AND DEFENSE          -1.12                                          
BASIC INDUSTRIES                0.01                                          
CONSUMER CYCLICALS             -2.37                                          
CONSUMER NONCYCLICALS           0.38                                          
ENERGY                         -0.81                                          
FINANCIAL SERVICES              0.02                                          
HEALTHCARE                      0.26                                          
OTHER                           0.26                                          
PRODUCER DURABLES               0.55                                          
TECHNOLOGY                      O.14                                          
TRANSPORTATION                  0.01                                          
UTILITIES (INCLUDING TELECOMS)  2.68                                          

                                                      1998 SEMI-ANNUAL REPORT 11

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                                                        · Enlarge/Download Table

GROWTH EQUITY FUND                                                                                
PERFORMANCE AT A GLANCE AS OF 6/30/98                                                             

                                            Total Return*                    Expense   Net Assets 
                                1/1/98 to 6/30/98    since 9/2/97 inception   Ratio    in millions

                                                                                                  
Growth Equity Fund                    20.75%                 30.64%            0.45%**   $156.7   
Russell 3000(R)Growth Index           18.94                  25.78                                
Lipper Growth Funds Index             15.57                  22.99                                


*  The performance of the financial markets fluctuates, so you should not expect
a fund's past returns to be repeated in the future.                       

** Annualized rate reflecting a waiver of a portion of the fund's management    
fee.                                                                      
The waiver is contractual and is guaranteed through at least July 1, 2000.

================================================================================

$10,000 OVER LIFE OF FUND                                                       

Fund       Index                                              
Monthly    Monthly                                              
-------    -------                                              
Sep-97  $10,000    $10,000                                                      
Sep-97  $10,535    $10,524                                                      
Oct-97  $10,189    $10,109                                                      
Nov-97  $10,640    $10,469                                                      
Dec-97  $10,819    $10,575                                                      
Jan-98  $11,097    $10,847                                                      
Feb-98  $11,899    $11,675                                                      
Mar-98  $12,434    $12,144                                                      
Apr-98  $12,658    $12,303                                                      
May-98  $12,327    $11,903                                                      
Jun-98  $13,064    $12,578                                                      

[Above Table Represents a Graph in Printed Report]                              

Q.  HOW DID THE FUND PERFORM DURING THE FIRST HALF OF 1998?                     

A. During the first half of 1998, the Growth Equity Fund's total return of      
20.75 percent outpaced both the benchmark Russell 3000 Growth Index, which      
advanced 18.94 percent, and the competition (as measured by the Lipper Growth   
Funds Index), which returned 15.57 percent. The fund's second quarter           
outperformance -- its return of 5.07 percent bested the benchmark by 150 basis  
points and the competition by 223 basis points -- was largely responsible for   
the year-to-date results.                                                       

The fund's performance during the first half was helped by select holdings of   
diversified industrial (Tyco International), telecommunications (WorldCom),     
media (CD Radio, Capstar), and leisure (Carnival Cruise) stocks, while it was   
hurt by its overweight in energy stocks (Ocean Energy) and its underweight in   
healthcare stocks.                                                              

The two biggest positive contributors to the fund's performance during the      
first half were Tyco International and WorldCom. Tyco recently announced its    
intention to acquire U.S. Surgical, which should help it further strengthen its 
disposable medical products business through enhancing scale economies in       
manufacturing and sales. WorldCom, which is moving closer to completing its     
merger with MCI Corp., continued to benefit from its focus on serving the       
fastest-growing segments of the telecommunications marketplace, namely          
high-speed data, Internet, and international business long-distance. As these   
companies have continued to build competitive advantage in their respective     
industries, their stock prices have moved higher. Year-to-date, Tyco and        
WorldCom shares have appreciated 39.8 percent and 61.8 percent, respectively.   

Media stocks also made valuable contributions to performance during the first   
half. Among the top performers were CD Radio, Chancellor Media, and a second    
quarter IPO, Capstar Broadcasting. A short-lived sell-off during the second     
quarter enabled the fund to add opportunistically to positions in Chancellor and
Clear Channel Communications, which resulted in an                              

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"This fund is designed for investors who are seeking above-average returns and  
can accept a higher degree of risk. To pursue our investment objective, we      
carefully acquire positions in a select group of outstanding growth companies   
when we believe the market offers us reasonable prices for their shares."       

Jeffrey Siegel, Managing Director, Teachers Advisors                            
Mr. Siegel joined TIAA-CREF in 1988. He is also responsible for managing the    
investments of the CREF Growth Account.                                         
[PHOTOGRAPH]                                                                    

================================================================================

GROWTH EQUITY FUND                                                              

OBJECTIVE                                                                       
seeks a favorable long-term return, mainly through capital appreciation,        
primarily from a diversified portfolio of common stocks that present the        
opportunity for exceptional growth.                                             

increased overweight in media stocks (6.3 percent overweight vs. the benchmark, 
compared with 3.4 percent at the end of the first quarter). By the end of the   
second quarter, these stocks had rebounded strongly, with a number of them      
reachieving their 52-week price highs. As consolidation in the industry enables 
media companies to capture additional revenue and cost synergies, we remain     
confident in their ability to generate strong cash-flow growth going forward.   

There were also a number of disappointing results in the first half of 1998.    
Dentsply International suffered a decline in its stock price following a        
negative earnings preannouncement, while the fund's energy holdings (Ocean      
Energy and Diamond Offshore) suffered along with the fall in the price of oil.  
Additionally, our ownership of Cendant Corp., which announced that it would     
restate earnings following the discovery of accounting irregularities, created a
drag on performance.                                                            

Q.  HOW HAVE THE SECTOR WEIGHTS CHANGED?                                        

A. As a result of initiating new positions or adding to existing ones, there    
were a number of important shifts in sector weights during the second quarter.  
For instance, the fund's overweight in consumer cyclicals increased largely as a
result of the aforementioned increased holdings of media stocks. Likewise, the  
fund's neutral weight in financial services at the end of the first quarter was 
brought to a moderate overweight, primarily as a result of the addition of      
several insurance stocks. Other significant changes included increased          
underweights in both technology and healthcare, and a shift from a modest       
underweight to a modest overweight in aerospace and defense (which resulted from
adding to positions in both Hughes Electronics and Loral Space &                
Communications).                                                                

In closing, I want to acknowledge how much we appreciate your investment in the 
Growth Equity Fund.                                                             

TEN LARGEST HOLDINGS                                                            

Company                                        Shares         Market Value (000)
Tyco International                            108,165              $6,814       
General Electric                               66,535               6,055       
WorldCom                                      119,890               5,807       
Merck & Co.                                    34,550               4,621       
Microsoft                                      39,025               4,229       
Procter & Gamble                               34,215               3,116       
Pfizer                                         28,300               3,076       
Lucent Technologies                            36,880               3,068       
Intel Corp.                                    39,653               2,939       
Ocean Energy                                  126,308               2,471       

                                                      1998 SEMI-ANNUAL REPORT 13

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INTERNATIONAL EQUITY FUND                                                                
PERFORMANCE AT A GLANCE AS OF 6/30/98                                                    

                                   Total Return*                   Expense    Net Assets 
                       1/1/98 TO 6/30/98   since 9/2/97 inception   Ratio     in millions
                                                                                         
International Equity Fund     16.59%           13.91%               0.49% **    $80.2    
Morgan Stanley EAFE           15.93            12.84                                     
Lipper International Funds                                                               
 Index                        15.81            13.82                                     

* The performance of the financial markets fluctuates, so you should not    
expect a fund's past returns to be repeated in the future.              
** Annualized rate reflecting a waiver of a portion of the fund's management  
fee.                                                                    
  The waiver is contractual and is guaranteed through at least July 1, 2000.

================================================================================

Q.  HOW DID THE FUND PERFORM?                                                   

A. For the first half of 1998, the TIAA-CREF International Equity Fund was up   
16.59 percent, 66 basis points (or 0.66 percent) ahead of our benchmark, the MS 
EAFE Index (+15.93 percent) and 78 basis points ahead of the competition, as    
measured by the Lipper International Funds Index, which gained 15.81 percent.   
During the second quarter 1998, the International Equity Fund rose 1.76 percent,
which was 70 basis points ahead of the MS-EAFE Index (which gained 1.06         
percent), and 90 basis points ahead of the competition, which gained 0.85       
percent.                                                                        

Q.  HOW DID THE FUND DO IN EUROPE?                                              

A. The European markets continued to be the best-performing markets in the      
world. Although the fund was overweight in Europe, it was not able to fully     
benefit from this asset allocation since it was more highly exposed to some of  
the relatively weaker-performing European markets, such as the United Kingdom   
and Norway. Once again it should be mentioned that our country allocation       
"evolves" out of our stock selection.                                           

Q.  HOW DID THE FUND DO IN THE ASIA/PACIFIC REGION?                             

A. The fund's continued underweight in Asia was one of the most significant     
positive contributors to performance throughout the first half of 1998. The     
Asia/Pacific region continued to be the world's worst-performing region and in  
most cases remains in negative territory since the year started. Malaysia (-46  
percent) and Hong Kong (-26 percent) were especially hard hit during the second 
quarter. Furthermore, the Japanese yen suffered a precipitous decline versus the
U.S. dollar during the first half, which enhanced the positive performance      
contribution from our Japanese market underweight.                              

Despite the continued Asian turmoil, we will sift through the region in search  
of opportunities. These will be well-managed companies that have sustainable    
growth characteristics and focus on shareholder returns.                        

Q.  CAN YOU DESCRIBE THE FUND'S STOCK SELECTION?                                

A.  The fund's overall stock selection during the first six months had a        

positive effect due to some good stock selection in the UK, France, and Bermuda.
This was partially offset by poor stock selection in Norway. Especially strong  
were our investments                                                            

TEN LARGEST HOLDINGS                                                            

COMPANY                     COUNTRY         SHARES       MARKET VALUE (000)     
Union Bank of Switzerland   Switzerland       5,178           $1,925            
Airtours PLC                Great Britain   226,000            1,701            
SMH                         Switzerland       2,105            1,626            
Alcatel Alsthom Cie Gen     France            7,800            1,588            
AXA                         France           13,405            1,508            
Railtrack Group PLC         Great Britain    58,500            1,434            
Adidas Salomon AG           Germany           7,900            1,376            
Compass Group PLC           Great Britain   115,600            1,329            
Mannesmann AG               Germany          12,200            1,254            
SGS-Thomson                                                                     
Microelectronics NV        France           15,200            1,077           

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"The  International  Equity  Fund  strives  to seek out and  invest in  non-U.S.
growth-oriented companies that have strong managements that focus on shareholder
returns  and  allocate  capital  effectively.  The fund  will let its  bottom-up
stock-picking style determine its country asset allocation."                    

Chris Semenuk, Director-Global Portfolio Management, Teachers Advisors          
Mr. Semenuk joined TIAA-CREF in 1993. He is also responsible for company        
research and analysis for the CREF Global Equities Account.                     
[PHOTOGRAPH]                                                                    

================================================================================

INTERNATIONAL EQUITY FUND                                                       

OBJECTIVE                                                                       
seeks a favorable long-term return, mainly through capital appreciation from a  
broadly diversified portfolio that consists primarily of foreign equity         
investments.                                                                    

$10,000 OVER LIFE OF FUND                                                       

Fund       Index                                              
Monthly    Monthly                                              
-------    -------                                              
Sep-97  $10,000    $10,000                                                      
Sep-97  $10,570    $10,560                                                      
Oct-97  $ 9,759    $ 9,748                                                      
Nov-97  $ 9,662    $ 9,649                                                      
Dec-97  $ 9,770    $ 9,733                                                      
Jan-97  $10,186    $10,178                                                      
Feb-98  $10,767    $10,831                                                      
Mar-98  $11,194    $11,165                                                      
Apr-98  $11,292    $11,253                                                      
May-98  $11,303    $11,198                                                      
Jun-98  $11,391    $11,283                                                      

[Above Table Represents a Graph in Printed Report]                              

in British names such as Railtrack (+54 percent), the rail                      
infrastructure company, and the contract catering company, Compass (+89         
percent). We also managed to identify a recovery in the French construction     
industry, which led us to investing in names such as Eiffage (+30 percent) and  
GTM Entrepose (+31 percent). Lastly, the fund participated in a Bermuda-based   
insurance start-up called Annuity Life Re, which added substantial performance  
to the fund's return during the second quarter. Unfortunately, these positive   
performances were mitigated by our ownership of Tandberg Data (-32 percent), a  
Norwegian technology company that rose dramatically and enhanced the fund's     
performance during the first quarter, but later significantly underperformed    
during the second quarter, because of a management change. Despite our          
confidence in the company's technology, we have lost confidence in the new      
management, and as result have sold the position. Having confidence in          
management is of paramount importance to our stock selection process. One other 
area of underperformance was our investment in the Norwegian oil service company
Aker Maritime (-17 percent), whose shares suffered along with the fall in the   
oil price.                                                                      

                                                      1998 SEMI-ANNUAL REPORT 15

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"This fund can be looked at as a 'one-stop investment shop.' It offers          
significant diversification through a mix of equity and fixed-income mutual     
funds, and seeks to provide a substantial level of current income along with    
relatively low volatility."                                                     

James G. Fleischmann, Senior Managing Director - Global Research, Teachers      
Advisors                                                                    
Edward J. Grzybowski, Managing Director - TIAA-CREF Investment Management, Inc. 
Michael T. O'Kane, Senior Managing Director - Securities, Teachers Advisors     

Mr. Fleischmann joined TIAA-CREF in 1994 and is also responsible for global     
equity research for the CREF accounts. Mr. Grzybowski joined TIAA-CREF in 1987; 
he also has supervisory responsibility over investments in CREF's Bond Market   
and Money Market Accounts. Mr. O'Kane joined TIAA-CREF in 1986 and also has     
supervisory responsibility over investments in CREF's Bond Market and Money     
Market Accounts and the Securities part of the TIAA general account.            

[PHOTOGRAPH]                                                                    
Jim Fleischmann                                                                 

[PHOTOGRAPH]                                                                    
Ed Grzybowski                                                                   

[PHOTOGRAPH]                                                                    
Mike O'Kane                                                                     

================================================================================

MANAGED ALLOCATION FUND                                                         

OBJECTIVE                                                                       
seeks favorable long-term returns that reflect the broad investment performance 
of the financial markets through capital appreciation and investment income,    
through investments in the other TIAA-CREF mutual funds.                        

Q.   HOW DOES THIS FUND DIFFER FROM THE OTHER TIAA-CREF FUNDS?                  

A. The Managed Allocation Fund does not buy stocks or bonds directly, but rather
buys shares in each of the other TIAA-CREF mutual funds to achieve its goals.   
The normal allocation of the fund will be 60 percent equities and 40 percent    
fixed income, but the managers may shift that allocation up or down by up to    
fifteen percentage points based on their perception of the relative value of    
each sector.                                                                    

The equity portion will consist of a changing mixture of the three equity funds 
(International Equity, Growth Equity, and Growth & Income), while the           
fixed-income portion will normally be invested in the Bond PLUS Fund.           

We think this fund is well suited for those individuals who would like a        
balanced portfolio but don't have the time or inclination to invest directly in 
each of the other funds.                                                        

Q.  HOW IS THE FUND MANAGED?                                                    

A. The managers meet periodically to discuss the relative merits of the primary 
allocation between equity and fixed income, including whether the 60/40         
percentages should change. As a general rule, we do not expect frequent or large
changes to this allocation, but when either sector appears overvalued or        
undervalued, we will change the percentage.                                     

Jim Fleischmann is responsible for allocating the equity percentages among the  
three equity funds.                                                             

Until August 10, 1998, Mike O'Kane was responsible for allocating the           
fixed-income percentages among the Bond PLUS and Money Market Funds. Since that 
day, Ed Grzybowski has taken over this responsibility.                          

Q.  HOW DID YOU CHANGE THE MANAGED ALLOCATION PORTFOLIO IN THE FIRST HALF OF    
1998?                                                                   

A. Because of concern about the impact of developments in the Asia/Pacific      
region on equity values generally, in mid-January we slightly reduced the equity
target and correspondingly increased the fixed-income target for the fund. By   
mid-March, however, enough stability had returned that we reverted to the       
baseline 60/40 equities/bonds mix for the fund.                                 

ASSET ALLOCATION AS OF 6/30/98                                                  
================================================================================
[The following table represents a pie chart in the Printed Report.]             

40% Bond PLUS Fund                                                              

25% Growth Equity Fund                                                          

25% Growth & Income Fund                                                        

10% International Equity Fund                                                   

16                                                                              

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MANAGED ALLOCATION FUND                                                         
PERFORMANCE AT A GLANCE AS OF 6/30/98                                           

                                                        · Enlarge/Download Table

                               Total Return*                     Expense  Net Assets 
                       1/1/98 to 6/30/98 since 9/2/97 inception   Ratio   in millions

                                                                                     
Managed Allocation Fund     12.75%        18.82%                  0%**      $115.9   
Composite index             11.98         18.27                   N/A                
Lipper Balanced Funds Index  9.52         15.66                                      

 * Past performance is no guarantee of future results. The fund's benchmark is
  a composite. It equals 48 percent of the performance of the S&P 500 Index,
  40 percent of the performance of the Lehman Brothers Aggregate Bond Index,
and 12 percent of the Morgan Stanley EAFE Index.                        

** The Managed Allocation Fund operates at a zero expense ratio because the fund
   advisor doesn't receive a management fee for its services to the fund and has
  agreed to be responsible for providing the services reasonably necessary for
 the ordinary operations of the fund. Shareholders indirectly bear their pro
rata share of the fees and expenses of the funds in which the Managed     
Allocation Fund invests.                                                  

================================================================================

$10,000 OVER LIFE OF FUND                                                       

Fund       Index                                              
Monthly    Monthly                                              
-------    -------                                              
Sep-97  $10,000    $10,000                                                      
Sep-97  $10,375    $10,388                                                      
Oct-97  $10,178    $10,235                                                      
Nov-97  $10,396    $10,537                                                      
Dec-97  $10,539    $10,689                                                      
Jan-98  $10,728    $10,859                                                      
Feb-98  $11,139    $11,315                                                      
Mar-98  $11,499    $11,651                                                      
Apr-98  $11,637    $11,743                                                      
May-98  $11,563    $11,684                                                      
Jun-98  $11,882    $11,963                                                      

[Above Table Represents a Graph in Printed Report]                              

Managed Allocation Fund                                                         

Composite index:                                                                
48% S&P 500 Index                                                               
40% Lehman Brothers Aggregate Bond Index                                        
12% Morgan Stanley Eafe Index                                                   

O'KANE. Early in January, we shifted the fixed-income portion entirely to the   
Bond PLUS Fund. Previously we had had a small amount of the fixed-income portion
in the Money Market Fund, as a means to deal with the "short-short" rule, as    
explained in the previous TIAA-CREF Mutual Funds Annual Report. Because that    
rule expired at the end of 1997, there was no need for the Money Market element,
and so we quickly converted it to a position in the Bond PLUS Fund.             

FLEISCHMANN. In the past six months we've made two small changes in the relative
proportions of the three equity components -- Growth Equity, Growth & Income,   
and International Equity -- of the fund. In mid-January, amid growing           
uncertainty regarding the economic prospects of the economies of the Southeast  
Asia and Pacific regions, we shifted the target components of the equity part of
the fund slightly toward the Growth Equity and Growth & Income Funds and        
slightly away from the International Equity Fund.                               

By mid-April, a degree of stability had returned to the Asian markets, and the  
European markets looked robust. Accordingly, we returned the equity targets to  
their original positions -- 24 percent of the total portfolio in the Growth     
Equity Fund, 24 percent in the Growth & Income Fund, and 12 percent in the      
International Fund.                                                             

                                                      1998 SEMI-ANNUAL REPORT 17

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TIAA-CREF Mutual Funds                     STATEMENTS OF ASSETS AND LIABILITIES                                            
---------------------------------------------------------------------------------------------------------------------------
June 30, 1998                                                     (Unaudited)                                              


                                              Money          Bond         Growth &      Growth    International    Managed 
                                              Market         Plus          Income       Equity       Equity      Allocation
                                               Fund          Fund           Fund         Fund         Fund          Fund   
---------------------------------------------------------------------------------------------------------------------------

ASSETS                                                                                                                     
                                                                                                                           
  Portfolio investments, at cost         $119,594,399   $115,738,494  $132,018,315  $139,701,262  $77,693,855 $107,144,584 

  Net unrealized appreciation                                                                                              
    of portfolio investments                       --        745,533    16,792,128    17,884,308    2,635,547    8,779,939 
---------------------------------------------------------------------------------------------------------------------------
  Portfolio investments, at value         119,594,399    116,484,027   148,810,443   157,585,570   80,329,402  115,924,523 

  Cash                                         12,341         60,744        34,099        29,753    2,041,098       30,289 

  Receivable from securities transactions          --     15,586,014            --            --      495,102           -- 

  Receivable for Fund shares sold             694,604        480,587       642,408       455,009      110,125      630,053 

  Dividends receivable                             --             --       122,790        79,700      234,911           -- 

  Interest receivable                         515,715      1,021,458            --            --           --           -- 
---------------------------------------------------------------------------------------------------------------------------
    Total assets                          120,817,059    133,632,830   149,609,740   158,150,032   83,210,638  116,584,865 
---------------------------------------------------------------------------------------------------------------------------

LIABILITIES                                                                                                                

  Accrued management fee                       27,487         24,249        48,546        53,279       30,581           -- 

  Payable for securities transactions              --     30,069,263     1,711,253     1,361,708    2,702,915      620,995 

  Payable for Fund shares redeemed            677,454         43,810        62,790        37,292      214,243        3,292 

  Other payables and accrued expenses           9,029         13,076         7,844           354       17,373       19,251 
---------------------------------------------------------------------------------------------------------------------------
    Total liabilities                         713,970     30,150,398     1,830,433     1,452,633    2,965,112      643,538 
---------------------------------------------------------------------------------------------------------------------------
  NET ASSETS                             $120,103,089   $103,482,432  $147,779,307  $156,697,399  $80,245,526 $115,941,327 
===========================================================================================================================

Net assets consist of:                                                                                                     

  Paid in capital                        $120,103,025   $102,158,258  $130,000,152  $136,934,534  $76,997,448 $107,159,317 

  Accumulated undistributed                                                                                                
    (overdistributed)                                                                                                      
    net investment income                          --        (38,667)       32,922       229,264      669,206        2,071 

  Accumulated undistributed                                                                                                
    (overdistributed)                                                                                                      
    net realized gain on                                                                                                   
    total investments                              64        617,308       954,089     1,649,293      (62,111)          -- 

  Accumulated net unrealized appreciation                                                                                  
    on total investments                           --        745,533    16,792,144    17,884,308    2,640,983    8,779,939 
---------------------------------------------------------------------------------------------------------------------------
  NET ASSETS                             $120,103,089   $103,482,432  $147,779,307  $156,697,399  $80,245,526 $115,941,327 
===========================================================================================================================

  Outstanding shares of beneficial interest,                                                                               
    unlimited shares authorized                                                                                            
    ($.001 par value)                     120,103,025     10,128,522    12,061,690    12,828,245    7,717,621   10,384,516 

  Net asset value per share                     $1.00         $10.22        $12.25        $12.22       $10.40       $11.16 
===========================================================================================================================


18   1998 SEMI-ANNUAL REPORT                   See notes to financial statements

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TIAA-CREF Mutual Funds                                 STATEMENTS OF OPERATIONS                                            
---------------------------------------------------------------------------------------------------------------------------
For the Six Months Ended June 30, 1998                              (Unaudited)                                            

                                               Money         Bond         Growth &      Growth    International    Managed 
                                              Market         Plus          Income       Equity       Equity      Allocation
                                               Fund          Fund           Fund         Fund         Fund          Fund   
---------------------------------------------------------------------------------------------------------------------------

INVESTMENT INCOME                                                                                                          

                                                                                                                           
  Interest                                 $2,523,093     $2,443,805   $    55,875   $    69,322   $   47,308  $    13,916 

  Dividends                                        --             --       706,090       405,519      933,738    1,111,080 

  Foreign taxes withheld                           --             --        (7,822)       (6,871)    (121,465)          -- 
---------------------------------------------------------------------------------------------------------------------------
    Total income                            2,523,093      2,443,805       754,143       467,970      859,581    1,124,996 
---------------------------------------------------------------------------------------------------------------------------
EXPENSES:                                                                                                                  

  Management fee                              348,921        321,887       466,828       502,595      310,113           -- 

  Trustee fees and expenses                       530            483           602           635          376           -- 
---------------------------------------------------------------------------------------------------------------------------
  Total expenses before waiver                349,451        322,370       467,430       503,230      310,489           -- 

    Less expenses waived by the advisor      (220,836)      (201,179)     (250,983)     (264,524)    (156,623)          -- 
---------------------------------------------------------------------------------------------------------------------------
    Net expenses                              128,615        121,191       216,447       238,706      153,866           -- 
---------------------------------------------------------------------------------------------------------------------------

Net investment income                       2,394,478      2,322,614       537,696       229,264      705,715    1,124,996 
---------------------------------------------------------------------------------------------------------------------------

NET REALIZED AND UNREALIZED                                                                                                
  GAIN (LOSS) ON TOTAL INVESTMENTS                                                                                         

  Realized gain (loss) on:                                                                                                 

    Portfolio investments                          64        623,378     1,006,086     1,602,776       42,836           -- 

    Foreign currency transactions                  --             --       (12,233)      (32,677)     (24,793)          -- 
---------------------------------------------------------------------------------------------------------------------------
  Net realized gain on total investments           64        623,378       993,853     1,570,099       18,043           -- 
---------------------------------------------------------------------------------------------------------------------------
  Change in unrealized appreciation on:                                                                                    

    Portfolio investments                          --        318,279    14,992,035    17,365,738    8,005,592    8,759,512 

    Translation of assets (other than portfolio                                                                            
      investments) and liabilities denominated                                                                             
      in foreign currencies                        --             --            16            --       (1,476)          -- 
---------------------------------------------------------------------------------------------------------------------------
  Net change in unrealized appreciation                                                                                    
    on total investments                           --        318,279    14,992,051    17,365,738    8,004,116    8,759,512 
---------------------------------------------------------------------------------------------------------------------------

  Net realized and unrealized                                                                                              
    gain on total investments                      64        941,657    15,985,904    18,935,837    8,022,159    8,759,512 
---------------------------------------------------------------------------------------------------------------------------

Net increase in net assets                                                                                                 
  resulting from operations                $2,394,542     $3,264,271   $16,523,600   $19,165,101   $8,727,874   $9,884,508 
===========================================================================================================================

See notes to financial statements                  1998 SEMI-ANNUAL REPORT   19 

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TIAA-CREF Mutual Funds                                                                                                       
---------------------------------------------------------------------------------------------------------------------------- 

                                                                     Money Market Fund                  Bond Plus Fund       
                                                                 ---------------------------     --------------------------- 
                                                                              For the Period                  For the Period 
                                                                   For the    July 17, 1997       For the     July 17, 1997  
                                                                 Six Months    (Commencement     Six Months    (Commencement 
                                                                    Ended      of Operations)       Ended      of Operations)
                                                                  June 30,   to December 31,      June 30,    to December 31,
                                                                    1998           1997             1998           1997      
---------------------------------------------------------------------------------------------------------------------------  
                                                                 (Unaudited)                     (Unaudited)                 

INCREASE IN NET ASSETS                                                                                                       

OPERATIONS:                                                                                                                  
                                                                                                                             
  Net investment income                                        $  2,394,478    $ 1,308,831     $  2,322,614    $ 1,411,285   

  Net realized gain (loss) on total investments                          64             --          623,378        626,451   

  Net change in unrealized appreciation                                                                                      
    (depreciation) on total investments                                  --             --          318,279        427,254   
---------------------------------------------------------------------------------------------------------------------------  
   Net increase (decrease) in net assets from operations          2,394,542      1,308,831        3,264,271      2,464,990   
---------------------------------------------------------------------------------------------------------------------------  

DISTRIBUTIONS TO SHAREHOLDERS:                                                                                               

  From net investment income                                     (2,394,478)    (1,308,831)      (2,322,614)    (1,411,285)  

  In excess of net investment income                                     --             --          (38,667)            --   

  From net realized gains on total investments                           --             --               --       (632,521)  
---------------------------------------------------------------------------------------------------------------------------  
    Total distributions                                          (2,394,478)    (1,308,831)      (2,361,281)    (2,043,806)  
---------------------------------------------------------------------------------------------------------------------------  

SHARE TRANSACTIONS:                                                                                                          

  Seed money subscriptions                                               --     48,000,000               --     32,000,000   

  Subscriptions                                                  80,753,803     15,370,172       41,684,733     23,894,752   

  Reinvestment of distributions                                   2,355,045      1,306,414        2,312,607      2,036,164   

  Exchanges among the Funds                                      (9,864,660)      (701,535)         556,947        151,528   

  Redemptions                                                   (16,746,418)      (369,796)        (377,651)      (100,822)  
---------------------------------------------------------------------------------------------------------------------------  
    Net increase from share transactions                         56,497,770     63,605,255       44,176,636     57,981,622   
---------------------------------------------------------------------------------------------------------------------------  
    Total increase in net assets                                 56,497,834     63,605,255       45,079,626     58,402,806   

NET ASSETS                                                                                                                   

     Beginning of period                                         63,605,255             --       58,402,806             --   
---------------------------------------------------------------------------------------------------------------------------  
     End of period                                             $120,103,089    $63,605,255     $103,482,432    $58,402,806   
===========================================================================================================================  

CHANGE IN FUND SHARES:                                                                                                       

  Shares sold                                                    80,753,803     63,370,172        4,095,672      5,581,036   

  Shares issued in reinvestment of distributions                  2,355,045      1,306,414          227,643        202,236   

  Shares exchanged among the Funds                               (9,864,660)      (701,535)          54,596         14,888   

  Shares redeemed                                               (16,746,418)      (369,796)         (37,582)        (9,967)  
---------------------------------------------------------------------------------------------------------------------------  
    Net increase in shares outstanding                           56,497,770     63,605,255        4,340,329      5,788,193   
===========================================================================================================================  

20   1998 SEMI-ANNUAL REPORT                                                    

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--------------------------------------------------------------------------------------------------------------------------------
                                                                  Growth & Income Fund             Growth Equity Fund           
                                                             -------------------------------  ----------------------------      
                                                                             For the Period                   For the Period    
                                                                  For the     July 17, 1997      For the       July 17, 1997    
                                                                Six Months    (Commencement     Six Months     (Commencement    
                                                                   Ended      of Operations)      Ended        of Operations)   
                                                                  June 30,    to December 31,    June 30,      to December 31,  
                                                                   1998             1997           1998             1997        
                                                             --------------------------------------------------------------     
                                                                (Unaudited)                     (Unaudited)                     
INCREASE IN NET ASSETS                                                                                                          

OPERATIONS:                                                                                                                     
                                                                                                                                
  Net investment income                                           $ 537,696     $ 396,266       $   229,264 $     354,221       

  Net realized gain (loss) on total investments                                                                                 
                                                                    993,853       (37,879)        1,570,099     1,066,329       
  Net change in unrealized appreciation                                                                                         
    (depreciation) on total investments                          14,992,051     1,800,093        17,365,738       518,570       
---------------------------------------------------------------------------------------------------------------------------     
   Net increase (decrease) in net assets from operations         16,523,600     2,158,480        19,165,101     1,939,120       
---------------------------------------------------------------------------------------------------------------------------     

DISTRIBUTIONS TO SHAREHOLDERS:                                                                                                  

  From net investment income                                       (504,170)     (396,266)               --      (354,221)      

  In excess of net investment income                                     --        (2,489)               --          (623)      

  From net realized gains on total investments                           --            --                --      (986,512)      
---------------------------------------------------------------------------------------------------------------------------     
    Total distributions                                            (504,170)     (398,755)               --    (1,341,356)      
---------------------------------------------------------------------------------------------------------------------------     

SHARE TRANSACTIONS:                                                                                                             

  Seed money subscriptions                                               --    38,000,000                --    38,000,000       

  Subscriptions                                                  67,081,149    21,780,739        71,149,880    24,185,187       

  Reinvestment of distributions                                     492,111       397,301                --     1,338,112       

  Exchanges among the Funds                                       3,244,325      (113,263)        2,980,171       383,490       

  Redemptions                                                      (879,615)       (2,595)       (1,085,193)      (17,113)      
---------------------------------------------------------------------------------------------------------------------------     
    Net increase from share transactions                         69,937,970    60,062,182        73,044,858    63,889,676       
---------------------------------------------------------------------------------------------------------------------------     
    Total increase in net assets                                 85,957,400    61,821,907        92,209,959    64,487,440       

NET ASSETS                                                                                                                      

     Beginning of period                                         61,821,907            --        64,487,440            --       
---------------------------------------------------------------------------------------------------------------------------     
     End of period                                             $147,779,307   $61,821,907      $156,697,399   $64,487,440       
===========================================================================================================================     

CHANGE IN FUND SHARES:                                                                                                          

  Shares sold                                                     5,824,185     5,960,003         6,285,996     6,205,429       

  Shares issued in reinvestment of distributions                     40,872        39,864                --       133,171       

  Shares exchanged among the Funds                                  282,978       (11,283)          262,496        37,592       

  Shares redeemed                                                   (74,677)         (252)          (94,752)       (1,687)      
---------------------------------------------------------------------------------------------------------------------------     
    Net increase in shares outstanding                            6,073,358     5,988,332         6,453,740     6,374,505       
===========================================================================================================================     

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                      STATEMENTS OF CHANGES IN NET ASSETS                                                                     

------------------------------------------------------------------------------------------------------------------------------
                                                                   International Equity Fund       Managed Allocation Fund    
                                                                  -----------------------------   --------------------------- 
                                                                                 For the Period                For the Period 
                                                                    For the      July 17, 1997      For the     July 17, 1997 
                                                                   Six Months    (Commencement    Six Months    (Commencement 
                                                                     Ended       of Operations)     Ended      of Operations) 
                                                                     June 30,   to December 31,    June 30,    to December 31,
                                                                      1998           1997            1998           1997      
                                                               ---------------------------------------------------------------
                                                                    (Unaudited)                    (Unaudited)                
INCREASE IN NET ASSETS                                                                                                        

OPERATIONS:                                                                                                                   
                                                                                                                              
  Net investment income                                        $     705,715  $     266,299   $    1,124,996   $  1,270,524   
  Net realized gain (loss) on total investments                                                                               
                                                                      18,043        (30,660)              --             --   
  Net change in unrealized appreciation                                                                                       
    (depreciation) on total investments                            8,004,116     (5,363,133)       8,759,512         20,427   
----------------------------------------------------------------------------------------------------------------------------  
   Net increase (decrease) in net assets from operations           8,727,874     (5,127,494)       9,884,508      1,290,951   
----------------------------------------------------------------------------------------------------------------------------  

DISTRIBUTIONS TO SHAREHOLDERS:                                                                                                

  From net investment income                                              --       (266,299)      (1,122,925)    (1,270,524)  

  In excess of net investment income                                      --        (97,712)              --             --   

  From net realized gains on total investments                            --             --               --             --   
----------------------------------------------------------------------------------------------------------------------------  
    Total distributions                                                   --       (364,011)      (1,122,925)    (1,270,524)  
----------------------------------------------------------------------------------------------------------------------------  

SHARE TRANSACTIONS:                                                                                                           

  Seed money subscriptions                                                --     44,000,000               --     50,000,000   

  Subscriptions                                                   22,250,892      8,920,825       46,280,132      7,498,848   

  Reinvestment of distributions                                           --        364,011        1,092,923      1,265,457   

  Exchanges among the Funds                                        1,728,871        (23,111)       1,354,346        302,891   

  Redemptions                                                       (219,936)       (12,395)        (634,780)          (500)  
----------------------------------------------------------------------------------------------------------------------------  
    Net increase from share transactions                          23,759,827     53,249,330       48,092,621     59,066,696   
----------------------------------------------------------------------------------------------------------------------------  
    Total increase in net assets                                  32,487,701     47,757,825       56,854,204     59,087,123   

NET ASSETS                                                                                                                    

     Beginning of period                                          47,757,825             --       59,087,123             --   
----------------------------------------------------------------------------------------------------------------------------  
     End of period                                               $80,245,526    $47,757,825     $115,941,327    $59,087,123   
============================================================================================================================  

CHANGE IN FUND SHARES:                                                                                                        

  Shares sold                                                      2,209,828      5,320,567        4,310,867      5,747,385   

  Shares issued in reinvestment of distributions                          --         39,871           99,136        127,521   

  Shares exchanged among the Funds                                   172,875         (2,677)         127,952         29,971   

  Shares redeemed                                                    (21,418)        (1,425)         (58,266)           (50)  
----------------------------------------------------------------------------------------------------------------------------  
    Net increase in shares outstanding                             2,361,285      5,356,336        4,479,689      5,904,827   
============================================================================================================================  


                                         See notes to financial statements  21

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TIAA-CREF Mutual Funds                                                                                                         
-------------------------------------------------------------------------------------------------------------------------------

                                                                          Money Market Fund             Bond Plus Fund         
                                                                        -----------------------   --------------------------   
                                                                                  For the Period              For the Period   
                                                                         For the  July 17, 1997    For the     July 17, 1997   
                                                                       Six Months  (Commencement  Six Months  (Commencement    
                                                                          Ended    of Operations)    Ended     of Operations)  
                                                                        June 30,  to December 31,   June 30,  to December 31,  
                                                                          1998         1997          1998          1997        
----------------------------------------------------------------------------------------------------------------------------   
                                                                       (Unaudited)                (Unaudited)                  
                                                                                                                               
SELECTED PER SHARE DATA                                                                                                        

  Net asset value, beginning of period                                     $1.00        $1.00        $10.09       $10.00       
----------------------------------------------------------------------------------------------------------------------------   
  Income (loss) from investment operations:                                                                                    

    Net investment income                                                   0.03         0.02          0.28         0.27       

    Net realized and unrealized gains (losses) on investments                 --           --          0.13         0.20       
----------------------------------------------------------------------------------------------------------------------------   
    Total income (loss) from investment operations                          0.03         0.02          0.41         0.47       
----------------------------------------------------------------------------------------------------------------------------   

  Less distributions from:                                                                                                     

    Net investment income                                                  (0.03)       (0.02)        (0.28)       (0.27)      

    In excess of net investment income                                        --           --            --           --       

    Net realized gains                                                        --          --             --        (0.11)      
----------------------------------------------------------------------------------------------------------------------------   
    Total distributions                                                    (0.03)       (0.02)        (0.28)       (0.38)      
----------------------------------------------------------------------------------------------------------------------------   
  Net asset value, end of period                                           $1.00        $1.00        $10.22       $10.09       
============================================================================================================================   

TOTAL RETURN                                                                2.72%        2.51%         4.14%        4.79%      

RATIOS AND SUPPLEMENTAL DATA                                                                                                   

Net assets at end of period (in thousands)                              $120,103      $63,605      $103,482     $ 58,403       

Ratio of expenses to average net assets before expense waiver               0.39%        0.36%         0.40%        0.37%      

Ratio of expenses to average net assets after expense waiver                0.14%        0.13%         0.15%        0.14%      

Ratio of net investment income to average net assets after expense waiver   2.69%        2.49%         2.86%        2.72%      

Portfolio turnover rate                                                     n/a           n/a        341.41%      143.61%      

                                 The percentages shown above are not annualized.                                               
============================================================================================================================   


22   1998 SEMI-ANNUAL REPORT                                                    

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----------------------------------------------------------------------------------------------------------------------------------- 
                                                                       Growth & Income Fund            Growth Equity Fund           
                                                                   --------------------------       -------------------------       
                                                                                    For the Period                  For the Period  
                                                                         For the     July 17, 1997      For the     July 17, 1997   
                                                                        Six Months   (Commencement     Six Months   (Commencement   
                                                                          Ended      of Operations)      Ended     of Operations)   
                                                                         June 30,    to December 31,    June 30,   to December 31,  
                                                                          1998          1997              1998         1997         
                                                                   --------------------------------------------------------------   
                                                                       (Unaudited)                     (Unaudited)                  
                                                                                                                                    
SELECTED PER SHARE DATA                                                                                                             
  Net asset value, beginning of period                                     $10.32        $10.00            $10.12       $10.00      
------------------------------------------------------------------------------------------------------------------------------------
  Income (loss) from investment operations:                                                                                         

    Net investment income                                                    0.05          0.07              0.02         0.06      

    Net realized and unrealized gains (losses) on investments                1.93          0.32              2.08         0.28      
------------------------------------------------------------------------------------------------------------------------------------
    Total income (loss) from investment operations                           1.98          0.39              2.10         0.34      
------------------------------------------------------------------------------------------------------------------------------------

  Less distributions from:                                                                                                          

    Net investment income                                                   (0.05)        (0.07)               --        (0.06)     

    In excess of net investment income                                         --            --                --           --      

    Net realized gains                                                         --            --                --        (0.16)     
------------------------------------------------------------------------------------------------------------------------------------
    Total distributions                                                     (0.05)        (0.07)               --        (0.22)     
------------------------------------------------------------------------------------------------------------------------------------
  Net asset value, end of period                                           $12.25        $10.32            $12.22       $10.12      
====================================================================================================================================

TOTAL RETURN                                                                19.19%         3.96%            20.75%        3.44%     

RATIOS AND SUPPLEMENTAL DATA                                                                                                        

Net assets at end of period (in thousands)                               $147,779       $61,822         $ 156,697     $ 64,487      

Ratio of expenses to average net assets before expense waiver                0.46%         0.43%             0.47%        0.44%     

Ratio of expenses to average net assets after expense waiver                 0.21%         0.20%             0.22%        0.21%     

Ratio of net investment income to average net assets after expense waiver    0.53%         0.76%             0.21%        0.68%     

Portfolio turnover rate                                                     35.45%         1.46%            10.54%       29.44%     
====================================================================================================================================

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                                                        · Enlarge/Download Table

                              FINANCIAL HIGHLIGHTS                                                                               
---------------------------------------------------------------------------------------------------------------------------------
                                                                         International Equity Fund     Managed Allocation Fund   
                                                                         -------------------------     ------------------------  
                                                                                     For the Period                For the Period
                                                                           For the   July 17, 1997     For the    July 17, 1997  
                                                                         Six Months  (Commencement    Six Months   (Commencement 
                                                                            Ended    of Operations)     Ended     of Operations) 
                                                                          June 30,   to December 31,    June 30,  to December 31,
                                                                            1998         1997            1998         1997       
                                                                        ---------------------------------------------------------
                                                                         (Unaudited)                  (Unaudited)                
SELECTED PER SHARE DATA                                                                                                          
                                                                                                                                 
  Net asset value, beginning of period                                      $ 8.92        $10.00          $10.01       $10.00    
---------------------------------------------------------------------------------------------------------------------------------
  Income (loss) from investment operations:                                                                                      

    Net investment income                                                     0.09          0.07            0.12         0.23    

    Net realized and unrealized gains (losses) on investments                 1.39         (1.07)           1.15         0.01    
---------------------------------------------------------------------------------------------------------------------------------
    Total income (loss) from investment operations                            1.48         (1.00)           1.27         0.24    
---------------------------------------------------------------------------------------------------------------------------------

  Less distributions from:                                                                                                       

    Net Investment income                                                       --         (0.07)          (0.12)       (0.23)   

    In excess of net investment income                                          --         (0.01)             --           --    

    Net realized gains                                                          --            --              --           --    
---------------------------------------------------------------------------------------------------------------------------------
    Total distributions                                                         --         (0.08)          (0.12)       (0.23)   
---------------------------------------------------------------------------------------------------------------------------------
  Net asset value, end of period                                            $10.40         $8.92          $11.16       $10.01    
=================================================================================================================================

TOTAL RETURN                                                                 16.59%       (10.09)%         12.75%        2.44%   

RATIOS AND SUPPLEMENTAL DATA                                                                                                     

Net assets at end of period (in thousands)                                $ 80,246      $ 47,758       $ 115,941     $ 59,087    

Ratio of expenses to average net assets before expense waiver                 0.49%         0.46%           0.00%        0.00%   

Ratio of expenses to average net assets after expense waiver                  0.24%         0.23%           0.00%        0.00%   

Ratio of net investment income to average net assets after expense waive      1.12%         0.56%           1.32%        2.46%   

Portfolio turnover rate                                                       8.52%         4.56%           2.77%        0.00%   
=================================================================================================================================

                                        See notes to financial statements   23

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TIAA-CREF Mutual Funds                                                          
--------------------------------------------------------------------------------
Notes to Financial Statements (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 six series (each
referred to as a "Fund"),  each of which commenced operations with an investment
by Teachers  Insurance and Annuity  Association of America  ("TIAA") on July 17,
1997.  On September  2, 1997,  the Funds began to 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.                                                                      

At June 30, 1998, TIAA owned  50,535,999  shares of the Money Market Fund with a
value of  $50,535,999;  3,416,867  shares  of the Bond Plus Fund with a value of
$34,920,381;  3,844,033  shares  of the  Growth  & Income  Fund  with a value of
$47,089,404;  3,884,176  shares  of the  Growth  Equity  Fund  with a  value  of
$47,464,631;  4,435,084 shares of the International  Equity Fund with a value of
$46,124,874; and 5,174,670 shares of the Managed Allocation Fund with a value of
$57,749,317.                                                                    

At June 30, 1998, the Managed Allocation Fund owned 4,501,017 shares in the Bond
Plus Fund,  which amounted to 44.4% of the total shares  outstanding;  2,249,409
shares in the Growth & Income Fund,  which amounted to 18.6% of the total shares
outstanding; 2,268,848 shares in the Growth Equity Fund, which amounted to 17.7%
of the total  shares  outstanding;  and  1,340,725  shares in the  International
Equity Fund, which amounted to 17.4% of the total shares outstanding.           

NOTE 2.  SIGNIFICANT ACCOUNTING POLICIES                                        

The preparation of financial statements may require management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, income,
expenses  and  related  disclosures.   Actual  results  may  differ  from  those
estimates.  The following is a summary of the  significant  accounting  policies
followed  by  the  Funds,  which  are  in  conformity  with  generally  accepted
accounting principles.                                                          

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.  Values for money market instruments (other than those in the
Money Market Fund) with  maturities of one year or less are obtained from either
one or more of the major market makers or derived from a pricing matrix that has
various types of money market instruments along one axis and maturities, ranging
from overnight to one year,  along the other.  This  information is derived from
one or more financial  information  services.  For money market instruments with
maturities  longer  than  one  year,  these  values  are  derived  utilizing  an
independent  pricing  service  when such prices are believed to reflect the fair
value of these  securities.  For the Money  Market Fund,  securities  are valued
using the amortized  cost method.  The amortized  cost method  initially  values
securities at original cost and assumes a constant  amortization  to maturity of
any discount or premium.  Portfolio  securities for which market  quotations are
not  readily  available  (including  restricted  securities)  are valued at fair
value, as determined in good faith under the direction of the Board of Trustees.

Accounting for Investments:  Securities transactions are accounted for as of the
date the  securities  are  purchased or sold (trade  date).  Realized  gains and
losses  are based upon the  specific  identification  method for both  financial
statement and federal income tax purposes.  Interest income is recognized on the
accrual  basis,  and discounts on securities  purchased 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.                                               

24   1998 SEMI-ANNUAL REPORT                                                    

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TIAA-CREF Mutual Funds                                                          
--------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited)--(Continued)                          

Foreign  Currency  Transactions  and  Translation:   Foreign  investments,  bank
deposits and forward  foreign  currency  contracts  are valued in U.S.  dollars,
based on the exchange  rate each  business  day.  Investments  traded in foreign
currencies are translated at exchange rates  prevailing on the respective  dates
traded.  Income is translated at approximate rates prevailing when earned. Asset
and liability  accounts that are denominated in a foreign  currency are adjusted
to reflect the exchange rate each business day. The cumulative impact of changes
in foreign  exchange  rates on portfolio  investments  sold during the period is
reflected  in the  net  realized  gain  (loss)  on  portfolio  investments.  The
cumulative impact of changes in foreign exchange rates on portfolio  investments
held  at the  end of  each  business  day is  reflected  in the  net  change  in
unrealized appreciation (depreciation) on portfolio investments.  Currency gains
and losses arising from the settlement of forward  foreign  currency  contracts,
changes in exchange  rates between the trade and  settlement  dates of portfolio
investment  transactions,  and changes in exchange rates between the accrual and
receipt  dates for  dividend  and  interest  income are recorded as net realized
gains (losses) on foreign currency transactions. For assets other than portfolio
investments and liabilities,  changes in foreign exchange rates are reflected in
the net change in  unrealized  appreciation  (depreciation)  on  translation  of
assets (other than portfolio investments) and liabilities denominated in foreign
currencies.                                                                     

Forward  Foreign  Currency  Contracts:  The Funds may enter into forward foreign
currency  contracts to purchase or sell foreign currency to accommodate  foreign
investment  transactions.  Forward  foreign  currency  contracts  are "marked to
market" at the end of each  day's  trading.  Daily  changes in the value of such
contracts  are   reflected  in  the  net  change  in   unrealized   appreciation
(depreciation)  on translation of assets and liabilities  denominated in foreign
currencies.  When the  contract  is closed,  payment is  received  or made and a
realized gain or loss on foreign currency  transactions is recognized,  equal to
the difference between the cost of the closing  transaction and the basis in the
contract.  A Fund may also enter into a forward  foreign  currency  contract  to
offset an existing contract. Forward foreign currency contracts are entered into
directly  with a  counterparty  and a Fund is  exposed to the risk of default of
such  counterparty.  The maximum  potential loss from such risk is the aggregate
face value in U.S. dollars at the time the contract is opened.                  
There is no daily margin requirement for such contracts.                        

Securities  Purchased on a When-Issued or Delayed  Delivery Basis: The Funds may
purchase  securities on a when-issued or delayed  delivery basis. In addition to
the normal market risks, this exposes the Funds to the risk that the transaction
may not be consummated. The price and interest rate of such securities are fixed
at trade date. For when-issued and delayed delivery  purchases,  a Fund does not
earn interest on such securities until settlement date.                         

Restricted Securities:  Restricted securities held by the Funds, if any, may not
be sold except in exempt  transactions or in a public offering  registered under
the  Securities  Act of  1933.  The  risk of  investing  in such  securities  is
generally greater than the risk of investing in securities which are widely held
and publicly traded.                                                            

Dividends to Shareholders: Dividends from net investment income, if any, for the
Bond  Plus Fund are  declared  and paid  monthly;  for the  Growth & Income  and
Managed Allocation Funds are declared and paid quarterly;  for the Growth Equity
and International Equity 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 to tax  basis
differences which will reverse in a subsequent period. Any permanent book to tax
basis  differences   relating  to  shareholder   distributions  will  result  in
reclassifications to paid in capital.                                           

Income Taxes: As qualified regulated  investment companies under Subchapter M of
the Internal  Revenue Code, the Funds will not be subject to income taxes to the
extent that they distribute substantially all taxable income each year.         

NOTE 3. MANAGEMENT AGREEMENT                                                    

Under the terms of an Investment Management Agreement,  each Fund pays a monthly
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,  2000.  As a result,
during such waiver  period,  Advisors will receive the following  percentages of
each Fund's average daily net assets:                                           

                                                  1998 SEMI-ANNUAL REPORT   25

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TIAA-CREF Mutual Funds                                                          
--------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited)--(Concluded)                          

NOTE 3. MANAGEMENT AGREEMENT -- (Concluded)                                     

                                                                · Download Table


                              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%   

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.                             

NOTE 4.  INVESTMENTS                                                            

At  June  30,  1998,  net  unrealized  appreciation  of  portfolio  investments,
consisting of gross unrealized  appreciation and gross unrealized  depreciation,
was as follows:                                                                 

                                                        · Enlarge/Download Table

                                         GROSS UNREALIZED                  NET UNREALIZED  
                              APPRECIATION              DEPRECIATION        APPRECIATION   
                           ------------------         -----------------  ------------------
                                                                                           
Bond Plus Fund               $     778,768                 $ 33,235            $ 745,533   
Growth & Income Fund            19,860,140                3,068,012           16,792,128   
Growth Equity Fund              23,199,006                5,314,698           17,884,308   
International Equity Fund       11,003,555                8,368,008            2,635,547   
Managed Allocation Fund          8,779,939                       --            8,779,939   

The above amounts are not  materially  different  from such amounts on a federal
income tax basis.                                                               

Purchases and sales of portfolio securities,  other than short-term money market
instruments,  for the Funds other than the Money Market Fund, for the six months
ended June 30, 1998, were as follows:                                           

                                                        · Enlarge/Download Table


                                 NON-                              NON-                      
                             GOVERNMENT       GOVERNMENT       GOVERNMENT       GOVERNMENT   
                              PURCHASES        PURCHASES          SALES            SALES     
                           ---------------  ---------------  ---------------  ---------------
                                                                                             
Money Market Fund            $412,045,680    $ 11,356,022     $  2,907,483    $          --  
Bond Plus Fund                110,749,458     204,151,866       93,828,705      176,488,001  
Growth & Income Fund          103,539,637       1,930,836       35,880,408               --  
Growth Equity Fund             84,783,302              --       11,296,613               --  
International Equity Fund      27,884,892              --        5,262,489               --  
Managed Allocation Fund        49,996,442              --        2,371,113               --  


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 for
their services as Trustees.                                                     

NOTE 6.  LINE OF CREDIT                                                         

The Growth & Income, Growth Equity, International Equity, and Managed Allocation
Funds share in a $25 million 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.
An annual  commitment fee for the line of credit is borne by Advisors.  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, 1998, there
were no borrowings under the line of credit.                                    

26   1998 SEMI-ANNUAL REPORT                  See notes to financial statements 

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TIAA-CREF Mutual Funds  STATEMENT OF INVESTMENTS (Unaudited) MONEY MARKET FUND  
                                  June 30, 1998            Summary by Industry

--------------------------------------------------------- 
                                       VALUE         %
--------------------------------------------------------- 
SHORT TERM INVESTMENTS                                    
BANK NOTES                           $  5,497,584    4.58%
BANKERS ACCEPTANCES                     2,156,981    1.80 
CERTIFICATES OF DEPOSIT                14,049,606   11.70 
COMMERCIAL PAPER                       80,187,106   66.76 
VARIABLE RATE NOTES                    17,703,122   14.74 
                                    ------------   -----

TOTAL SHORT TERM INVESTMENTS                              
(Cost $119,594,399)                   119,594,399   99.58 
                                    ------------   -----

TOTAL PORTFOLIO                                           
(Cost $119,594,399)                   119,594,399   99.58 
OTHER ASSETS & LIABILITIES, NET          508,690    0.42
                                    ------------   -----
NET ASSETS                           $120,103,089  100.00%
                                    ============  ======

TIAA-CREF Mutual Funds  STATEMENT OF INVESTMENTS (Unaudited) MONEY MARKET FUND  
   June 30, 1998

--------------------------------------------------                              
PRINCIPAL                              VALUE                                
--------------------------------------------------                              
SHORT TERM INVESTMENTS -- 99.58%                                                
BANK NOTES -- 4.58%                                                             
FIRST NATIONAL BANK                                     
OF CHICAGO                                          
$3,000,000    5.750%, 05/10/99        $ 2,998,430                               
HUNTINGTON NATIONAL BANK                                
2,500,000    5.800%, 09/22/98          2,499,154                              
       -----------
         5,497,584
       -----------

BANKERS ACCEPTANCES -- 1.80%                                                    
CITIBANK, N.A.                                          
91,700    5.600%, 07/17/98             91,472                           
51,808    5.630%, 07/24/98             51,622                           
69,112    5.580%, 07/29/98             68,812                           
60,000    5.580%, 07/31/98             59,721                           
400,000    5.520%, 08/17/98            397,117                            
114,336    5.670%, 08/24/98            113,363                            
125,458    5.670%, 09/01/98            124,233                            
120,000    5.550%, 09/09/98            118,705                            
134,519    5.550%, 09/11/98            133,025                            
76,894    5.700%, 09/24/98             75,859                           
220,362    5.550%, 09/25/98            217,441                            
90,000    5.700%, 09/29/98             88,718                           
74,232    5.700%, 10/02/98             73,139                           
70,000    5.700%, 10/07/98             68,914                           
69,000    5.700%, 10/15/98             67,842                           
187,295    5.670%, 10/16/98            184,138                            
73,853    5.700%, 11/03/98             72,391                           
153,985    5.670%, 11/23/98            150,469                            
       -----------
         2,156,981
       -----------

CERTIFICATES OF DEPOSIT -- 11.70%                                               
AMERICAN EXPRESS                                        
CENTURION BANK                                      
4,000,000    5.540%, 07/06/98          4,000,000                              
CANADIAN IMPERIAL BANK                                  
OF COMMERCE                                         
1,050,000    5.580%, 09/30/98          1,050,000                              
1,000,000    5.940%, 10/21/98            999,880                              
MORGAN GUARANTY TRUST CO                                
2,000,000    5.930%, 08/31/98          1,999,949                              
SWISS BANK CORP                                         
2,000,000    5.880%, 11/20/98          1,999,777                              
WESTDEUTSCHE LANDESBANK                                 
4,000,000    5.590%, 10/01/98          4,000,000                              
       -----------
        14,049,606
       -----------
COMMERCIAL PAPER -- 66.76%                                                      
~ ASSET SECURITIZATION                                      
COOPERATIVE CORP                                        
4,000,000    5.520%, 08/03/98          3,979,760                              
~ ATLANTIC RICHFIELD CO                                     
3,450,000    5.500%, 10/09/98          3,397,292                              
B.B.V. FINANCE (DELAWARE), INC                          
1,640,000    5.480%, 10/05/98          1,616,034                              

See notes to financial statements                  1998 SEMI-ANNUAL REPORT   27 

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TIAA-CREF Mutual Funds                  MONEY MARKET FUND                       
---------------------------------------------------------                       
PRINCIPAL                                     VALUE                         
---------------------------------------------------------                       
COMMERCIAL PAPER -- (Continued)                                                 
BANKERS TRUST NEW YORK CORP                             
$1,250,000    5.510%, 12/23/98               $ 1,216,519                        
2,000,000    5.520%, 12/23/98                 1,946,333                       
750,000    5.560%, 12/23/98                   729,729                     
BELL ATLANTIC FINANCIAL                                 
SERVICES, INC                                       
4,160,000    5.530%, 07/14/98                 4,151,693                       
~ BETA FINANCE, INC                                         
225,000    5.420%, 07/16/98                   224,492                     
3,400,000    5.510%, 08/10/98                 3,379,184                       
CATERPILLAR FINANCIAL                                   
SERVICES CORP                                       
3,240,000    5.490%, 08/07/98                 3,221,718                       
~ CIESCO LP                                                 
3,116,000    5.520%, 07/20/98                 3,106,922                       
CIT GROUP HOLDINGS, INC                                 
2,900,000    5.510%, 07/24/98                 2,889,791                       
~ COLGATE-PALMOLIVE CO                                      
3,575,000    5.510%, 07/01/98                 3,575,000                       
~ CORPORATE ASSET FUNDING                                   
CORP, INC                                             
2,800,000    5.470%, 07/02/98                 2,799,575                       
EASTMAN KODAK CO                                        
1,900,000    5.510%, 08/03/98                 1,890,403                       
~ ENTERPRISE FUNDING                                        
CORP                                                
4,300,000    5.520%, 08/31/98                 4,259,781                       
FORD MOTOR CREDIT CO                                    
1,930,000    5.500%, 07/10/98                 1,927,346                       
GENERAL ELECTRIC CAPITAL CORP                           
1,500,000    5.550%, 07/08/98                 1,498,381                       
2,600,000    5.500%, 09/09/98                 2,572,194                       
GENERAL MOTORS                                          
ACCEPTANCE CORP                                     
1,150,000    5.510%, 07/09/98                 1,148,592                       
GTE FUNDING, INC                                        
700,000    5.600%, 07/09/98                   699,129                     
~ HEINZ (H.J.) CO                                           
4,000,000    5.520%, 07/31/98                 3,981,600                       
IBM CREDIT CORP                                         
1,641,000    5.450%, 09/25/98                 1,619,635                       
MCGRAW-HILL, INC                                        
1,000,000    5.490%, 09/10/98                   989,173                       
NATIONSBANK CORP                                        
197,000    5.420%, 07/07/98                   196,822                     
NORTHERN INDIANA PUBLIC                                 
SERVICE CO                                          
4,000,000    5.600%, 07/10/98                 3,994,400                       
~ SAINT PAUL COS (THE)                                      
3,000,000    5.570%, 08/07/98                 2,982,826                       
~ SC JOHNSON & SON, INC                                     
2,600,000    5.540%, 07/01/98                 2,600,000                       
1,700,000    5.570%, 07/24/98                 1,693,950                       
THE STANLEY WORKS                                       
2,000,000    5.490%, 08/10/98                 1,987,800                       
UBS FINANCE (DELAWARE), INC                             
4,000,000    5.510%, 08/05/98                 3,978,572                       
WALT DISNEY CO                                        
2,000,000    5.410%, 12/18/98                 1,948,906                       
XEROX CAPITAL (EUROPE) PLC                              
2,000,000    5.520%, 07/14/98                 1,996,013                       
XEROX CREDIT CORP                                       
2,000,000    5.470%, 08/11/98                 1,987,541                       
                    ------------
                      80,187,106
                    ------------
VARIABLE RATE NOTES -- 14.74%                                                   
BANKERS TRUST CO OF                                     
NEW YORK                                            
3,000,000    5.850%, 02/03/99                 3,000,000                       
BEAR STEARNS CO, INC                                    
2,000,000    5.653%, 01/05/99                 2,000,000                       
GENERAL MOTORS                                          
ACCEPTANCE CORP                                     
1,000,000    5.567%, 09/21/98                   999,848                       
GOLDMAN SACHS GROUP, LP                                 
2,000,000    5.758%, 02/01/99                 2,000,826                       
2,000,000    5.741%, 02/24/99                 2,001,582                       
MERRILL LYNCH & CO, INC,                                
1,000,000    5.680%, 01/14/99                 1,000,000                       
MORGAN STANLEY DEAN WITTER                              
1,000,000    5.616%, 11/06/98                 1,000,000                       
1,400,000    5.890%, 01/15/99                 1,400,585                       
PNC BANK, NA                                            
2,300,000    5.676%, 09/25/98                 2,300,427                       
SOCIETE GENERALE                                        
2,000,000    5.775%, 09/08/98                 1,999,854                       
                    ------------
                      17,703,122
                    ------------

TOTAL SHORT TERM INVESTMENTS                            
(Cost $119,594,399)              119,594,399            
                    ------------
TOTAL PORTFOLIO                                         
(Cost $119,594,399)             $119,594,399            
                    ============

------------------                                                            
~Commercial Paper issued under the private placements exemption               
under section 4(2) of the Securities Act of 1933, as amended.               

The cost of investments for federal income tax purposes is                  
substantially the same as the amount disclosed above.                       

28   1998 SEMI-ANNUAL REPORT                   See notes to financial statements

N-30D 33rd "Page" of 64 TOC 1st Previous Next Bottom Just 33rd

TIAA-CREF Mutual Funds  STATEMENT OF INVESTMENTS (Unaudited)     BOND PLUS FUND 
                                  June 30, 1998            Summary by Industry
------------------------------------------------------                          
        VALUE        %
------------------------------------------------------                          
BONDS                                                                           
CORPORATE BONDS                                                                 
ASSET BACKED                      $ 2,996,836    2.89%                          
BUSINESS SERVICES                   1,987,600    1.92                           
COMMUNICATIONS                      5,296,990    5.12                           
DEPOSITORY INSTITUTIONS             5,986,680    5.79                           
GENERAL MERCHANDISE STORES          1,994,080    1.93                           
HOLDING AND OTHER INVESTMENT                                                    
OFFICES                           2,975,058    2.87                         
INDUSTRIAL MACHINERY AND                                                        
EQUIPMENT                         2,000,480    1.93                         
NONDEPOSITORY INSTITUTIONS          4,239,020    4.10                           
OIL AND GAS EXTRACTION              1,518,060    1.47                           
PRINTING AND PUBLISHING             3,000,240    2.90                           
       -----------  ------
TOTAL CORPORATE BONDS                                                           
(Cost $31,901,115)                 31,995,044   30.92                           
       -----------  ------
GOVERNMENT BONDS                                                                
AGENCY SECURITIES                  15,038,490   14.53                           
MORTGAGE BACKED SECURITIES         28,135,689   27.19                           
U.S. TREASURY SECURITIES           24,928,527   24.09                           
       -----------  ------
TOTAL GOVERNMENT BONDS                                                          
(Cost $67,451,102)                 68,102,706   65.81                           
      ------------   -----
TOTAL BONDS                                                                     
(Cost $99,352,217)               $100,097,750   96.73%                          
      ------------   -----
SHORT TERM INVESTMENTS                                                          
COMMERCIAL PAPER                   16,386,277   15.83                           
      ------------   -----
TOTAL SHORT TERM INVESTMENTS                                                    
(Cost $16,386,277)                 16,386,277   15.83                           
      ------------   -----
TOTAL PORTFOLIO                                                                 
(Cost $115,738,494)               116,484,027  112.56                           
OTHER ASSETS & LIABILITIES, NET   (13,001,595) (12.56)                          
      ------------   -----

NET ASSETS                       $103,482,432  100.00%                          
      ============  ======

TIAA-CREF Mutual Funds  STATEMENT OF INVESTMENTS (Unaudited)     BOND PLUS FUND 
   June 30, 1998
-----------------------------------------------------------------               
PRINCIPAL                            RATINGS+          VALUE                
-----------------------------------------------------------------               
BONDS -- 96.73%                                                                 
CORPORATE BONDS -- 30.92%                                                       
ASSET BACKED -- 2.89%                                                           
CITIBANK CREDIT CARD                                    
MASTER TR SERIES 1998-6                             
(CLASS A)                                           
$1,000,000    5.855%, 04/10/03           AAA      $   999,883                   
GREEN TREE HOME                                         
EQUITY LOAN TR                                      
SERIES 1998-C (CLASS A3)                            
1,000,000    6.180%, 07/15/29           AAA        1,001,328                  
UCFC HOME EQUITY LOAN                                   
SERIES 1998-B (CLASS A8)                            
1,000,000    6.180%, 10/15/29           AAA          995,625                  
                                ----------
                                 2,996,836
                                ----------
BUSINESS SERVICES -- 1.92%                                                      
^COMPUTER ASSOCIATES                                      
INTERNATIONAL DEB                                   
2,000,000    6.375%, 04/15/05          BAA1        1,987,600                  
                               -----------
COMMUNICATIONS -- 5.12%                                                         
VIACOM, INC (SR NOTE)                                   
3,000,000    7.750%, 06/01/05          BA2         3,196,350                  
WORLDCOM, INC                                           
(SR NOTE)                                           
2,000,000    9.375%, 01/15/04          BAA2        2,100,640                  
                                ----------
                                 5,296,990
                                ----------
DEPOSITORY INSTITUTIONS -- 5.79%                                                
NATIONSBANK CORP                                        
(SR NOTE)                                           
3,000,000    5.750%, 03/15/01          AA3         2,982,990                  
                               -----------

^ As provided by Moody's Investors Services                                     

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  29 

N-30D 34th "Page" of 64 TOC 1st Previous Next Bottom Just 34th

TIAA-CREF Mutual Funds                                           BOND PLUS FUND 
-----------------------------------------------------------                     
PRINCIPAL                            RATINGS    VALUE                       
-----------------------------------------------------------                     
DEPOSITORY INSTITUTIONS (Continued)                     
PROVIDIAN NATIONAL                                      
BANK (SR NOTE)                                      
$3,000,000    6.250%, 05/06/01         BAA3    $ 3,003,690                      
                         -----------
                           5,986,680
                         -----------
GENERAL MERCHANDISE STORES -- 1.93%                                             
WAL-MART STORES, INC                                    
2,000,000    5.650%, 02/01/10         AA2       1,994,080                     
                         -----------
HOLDING AND OTHER INVESTMENT                                                    
OFFICES -- 2.87%                                                                
^AMERCO, INC                                            
1,000,000    6.650%, 10/15/99         BA1       1,002,558                     
^CRIIMI MAE CMBS CORP                                   
SERIES 1998-1 (CLASS A1)                            
1,000,000    5.697%, 10/20/01         AAA         990,313                     
^CRIIMI MAE CMBS CORP                                   
SERIES 1998-1 (CLASS A3)                            
1,000,000    6.306%, 12/20/07         AAA         982,187                     
                         -----------
                           2,975,058
                         -----------
INDUSTRIAL MACHINERY AND                                                        
EQUIPMENT -- 1.93%                                                              
IBM CORP DEB                                            
2,000,000    6.500%, 01/15/28         A1        2,000,480                     
                         -----------
NONDEPOSITORY INSTITUTIONS -- 4.10%                                             
GENERAL MOTORS                                          
2,000,000    7.375%, 09/09/99         A2        2,033,900                     
MONEY STORE, INC NOTE                                   
2,000,000    8.375%, 04/15/04         BA1       2,205,120                     
                         -----------
                           4,239,020
                         -----------
OIL AND GAS EXTRACTION -- 1.47%                                                 
PETRO GEO-SERVICES ASA                                  
(SR NOTE)                                           
1,500,000    7.125%, 03/30/28         BAA3      1,518,060                     
                         -----------
PRINTING AND PUBLISHING -- 2.90%                                                
^TIME WARNER, INC                                       
(PASS-THRU CERT)                                    
2,000,000    6.100%, 12/30/01         BAA3      1,990,240                     
ZIFF-DAVIS, INC                                         
(SR SUB NOTE)                                       
1,000,000    8.500%, 05/01/08         B2        1,010,000                     
                         -----------
                           3,000,240
                         -----------
TOTAL CORPORATE BONDS                                                           
(Cost $31,901,115)                              31,995,044                      
                         -----------
GOVERNMENT BONDS -- 65.81%                                                      
AGENCY SECURITIES -- 14.53%                                                     
FEDERAL HOME LOAN                                     
BANK (FHLB)                                       
2,000,000    6.035%, 09/27/99                  2,008,440                    
500,000    5.370%, 01/16/03                    493,435                  
FEDERAL HOME LOAN                                     
MORTGAGE CORP                                     
(FHLMC)                                         
2,000,000    6.070%, 09/21/00                  2,016,560                    
1,000,000    5.750%, 07/15/03                  1,000,470                    
FEDERAL NATIONAL                                      
MORTGAGE                                          
ASSOCIATION (FNMA)                                
2,000,000    5.625%, 03/15/01                  1,996,880                    
STUDENT LOAN MARKETING                                
ASSOCIATION (SLMA)                                
6,500,000    5.570%, 03/17/00                  6,490,835                    
TENNESSEE VALLEY                                      
AUTHORITY (TVA)                                   
1,000,000    6.250%, 12/15/17                  1,031,870                    
                         -----------
                          15,038,490
                         -----------
MORTGAGE BACKED SECURITIES -- 27.19%                                          
FEDERAL HOME LOAN                                     
MORTGAGE CORP                                     
(FHLMC)                                           
1,750,600    7.000%, 09/01/10                  1,791,074                    
FEDERAL NATIONAL                                      
MORTGAGE                                          
ASSOCIATION (FNMA)                                
2,049,838    6.000%, 12/01/08                  2,037,908                    
1,482,680    6.500%, 03/01/13                  1,491,205                    
2,017,868    8.000%, 03/01/23                  2,093,821                    
1,488,397    9.000%, 11/01/25                  1,575,126                    
1,000,000    6.500%, 06/01/28                    995,938                    
6,500,000  @ 6.500%, 08/25/28                  6,473,545                    
6,000,000  @ 7.000%, 08/25/28                  6,084,360                    
1,000,000  @ 7.500%, 08/25/28                  1,025,620                    
GOVERNMENT NATIONAL                                   
MORTGAGE                                          
ASSOCIATION (GNMA)                                
1,988,565    7.500%, 11/15/23                  2,046,571                    
996,205    7.000%, 04/15/28                  1,012,503                  
1,483,744    7.000%, 05/15/28                  1,508,018                    
                         -----------
                          28,135,689
                         -----------
U.S. TREASURY SECURITIES -- 24.09%                                            
U.S. TREASURY BOND                                    
6,700,000    5.625%, 05/15/08                  6,791,053                    
4,600,000    8.000%, 11/15/21                  5,929,676                    
2,300,000    6.125%, 11/15/27                  2,464,588                    
U.S. TREASURY NOTE                                    
1,175,000    6.250%, 02/28/02                  1,201,990                    
2,000,000    7.250%, 05/15/04                  2,170,000                    
6,000,000    6.500%, 10/15/06                  6,371,220                    
                         -----------
                          24,928,527
                         -----------
TOTAL GOVERNMENT BONDS                                                        
(Cost $67,451,102)                             68,102,706                     
                         -----------
TOTAL BONDS                                           
(Cost $99,352,217)                100,097,750         
                         -----------

+ As provided by Moody's Investors Services                                     

30  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

N-30D 35th "Page" of 64 TOC 1st Previous Next Bottom Just 35th

TIAA-CREF Mutual Funds                                           BOND PLUS FUND 
----------------------------------------------------------                      
PRINCIPAL                                     VALUE                         
----------------------------------------------------------                      
SHORT TERM INVESTMENTS -- 15.83%                                                
COMMERCIAL PAPER -- 15.83%                                                      
~ ENRON CORP                                            
$2,100,000  # 7.000%, 07/01/98                 $ 2,100,000                      
~ HOUSTON INDUSTRIES                                    
FINANCECO LP                                        
4,000,000  # 5.650%, 07/06/98                   3,996,861                     
~ LOCKHEED MARTIN                                       
2,800,000  # 5.690%, 07/16/98                   2,793,362                     
~ RAYTHEON CO                                           
4,000,000  # 5.690%, 07/06/98                   3,996,839                     
~ SONAT, INC                                            
1,000,000  # 5.650%, 07/06/98                     999,215                     
~ VOLVO GROUP TREASURY                                  
N.A. INC                                            
2,500,000  # 6.500%, 07/01/98                   2,500,000                     
                       -------------
                          16,386,277
                       -------------

TOTAL SHORT TERM INVESTMENTS                            
(Cost $16,386,277)                  16,386,277          
                       -------------
TOTAL PORTFOLIO                                         
(Cost $115,738,494)               $116,484,027          
                       -------------

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

 ^  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 6/30/98, the value of these securities
amounted to  $6,952,898  or 6.72% of net assets.                        

 #  All or a portion of this  security has been  segregated  by the Custodian to
cover securities purchased on a delayed delivery basis.                 

@  These securities have been purchased on a delayed delivery basis.          

~  Commercial  Paper  issued  under  the  private                             
    placements  exemption  under section 4(2) of the  Securities Act of 1933, as
amended.                                                                
------------------------                                                
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 13.97%
 BAA        10.59%
 BA          6.40%
 B           1.01%

    U.S. Government obligations represent 68.03% of the long term debt portfolio
value.                                                                  

    The cost of investments for federal income tax purposes is substantially the
same as the amount disclosed above.                                     

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  31 

N-30D 36th "Page" of 64 TOC 1st Previous Next Bottom Just 36th

TIAA-CREF Mutual Funds    STATEMENT OF INVESTMENTS       GROWTH AND INCOME FUND 
                           (Unaudited)                   Summary by Industry
June 30, 1998             
---------------------------------------------------------                       
                VALUE        %
---------------------------------------------------------                       
PREFERRED STOCK                                                                 
RUBBER AND MISCELLANEOUS                                                        
PLASTICS PRODUCTS                  $      9,954    0.01%                    
             ------------  -----
TOTAL PREFERRED STOCK                                                           
(Cost $10,534)                              9,954    0.01                       
              ------------  ------
COMMON STOCK                                                                    
AGRICULTURAL                                                                    
PRODUCTION-- CROPS                       74,475    0.05                     
AMUSEMENT AND RECREATION                                                        
SERVICES                              1,622,614    1.10                     
APPAREL AND ACCESSORY STORES              435,565    0.29                       
APPAREL AND OTHER                                                               
TEXTILE PRODUCTS                        107,150    0.07                     
AUTO REPAIR, SERVICES                                                           
AND PARKING                              37,053    0.03                     
AUTOMOTIVE DEALERS AND                                                          
SERVICE STATIONS                         72,325    0.05                     
BUILDING MATERIALS AND                                                          
GARDEN SUPPLIES                         670,094    0.45                     
BUSINESS SERVICES                       6,502,142    4.40                       
CHEMICALS AND ALLIED                                                            
PRODUCTS                             25,484,796   17.25                     
COMMUNICATIONS                         17,539,708   11.87                       
DEPOSITORY INSTITUTIONS                 8,079,825    5.47                       
EATING AND DRINKING PLACES                415,234    0.28                       
ELECTRIC, GAS, AND                                                              
SANITARY SERVICES                     2,280,525    1.54                     
ELECTRONIC & OTHER                                                              
ELECTRIC EQUIPMENT                   12,436,567    8.42                     
FABRICATED METAL PRODUCTS               2,448,870    1.66                       
FOOD AND KINDRED PRODUCTS               6,094,954    4.12                       
FOOD STORES                             2,550,829    1.73                       
FURNITURE AND                                                                   
HOMEFURNISHINGS STORES                   84,900    0.06                     
GENERAL BUILDING CONTRACTORS               30,600    0.02                       
GENERAL MERCHANDISE STORES              4,534,296    3.07                       
HEALTH SERVICES                           530,323    0.36                       
HEAVY CONSTRUCTION,                                                             
EXCEPT BUILDING                          37,031    0.03                     
HOLDING AND OTHER                                                               
INVESTMENT OFFICES                      992,354    0.67                     
HOTELS AND OTHER                                                                
LODGING PLACES                        1,894,648    1.28                     
INDUSTRIAL MACHINERY                                                            
AND EQUIPMENT                         7,326,453    4.96                     
INSTRUMENTS AND RELATED                                                         
PRODUCTS                              2,947,680    1.99                     
INSURANCE AGENTS, BROKERS                                                       
AND SERVICE                              99,722    0.07                     
INSURANCE CARRIERS                     10,540,840    7.13                       
LEATHER AND LEATHER PRODUCTS                4,519    0.00                       
LOCAL AND INTERURBAN                                                            
PASSENGER TRANSIT                       115,281    0.08                     
LUMBER AND WOOD PRODUCTS                  536,275    0.36                       
METAL MINING                              298,494    0.20                       
MISCELLANEOUS MANUFACTURING                                                     
INDUSTRIES                            1,605,654    1.09                     
MISCELLANEOUS RETAIL                      786,775    0.53                       
MOTION PICTURES                           635,169    0.43                       
NONDEPOSITORY INSTITUTIONS              5,228,940    3.54                       
OIL AND GAS EXTRACTION                  9,282,795    6.28                       
PAPER AND ALLIED PRODUCTS                 859,763    0.58                       
PERSONAL SERVICES                         128,613    0.09                       
PETROLEUM AND COAL PRODUCTS             1,314,814    0.89                       
PRIMARY METAL INDUSTRIES                  396,290    0.27                       
PRINTING AND PUBLISHING                 1,166,994    0.79                       
RAILROAD TRANSPORTATION                   383,969    0.26                       
RUBBER AND MISCELLANEOUS                                                        
PLASTICS PRODUCTS                       861,842    0.58                     
SECURITY AND COMMODITY                                                          
BROKERS                                 925,600    0.63                     
STONE, CLAY, AND GLASS                                                          
PRODUCTS                                175,806    0.12                     
TEXTILE MILL PRODUCTS                      13,669    0.01                       
TOBACCO PRODUCTS                          860,850    0.58                       
TRANSPORTATION BY AIR                   1,259,377    0.85                       
TRANSPORTATION EQUIPMENT                3,343,218    2.26                       
WHOLESALE TRADE --                                                              
DURABLE GOODS                            88,813    0.06                     
WHOLESALE TRADE--                                                               
NONDURABLE GOODS                        935,396    0.63                     
              ------------  ------
TOTAL COMMON STOCK                                                              
(Cost $130,287,781)                   147,080,489   99.53                       
              ------------  ------
SHORT TERM INVESTMENTS                                                          
U.S. GOVERNMENT & AGENCIES              1,720,000    1.16                       
              ------------  ------
TOTAL SHORT TERM INVESTMENTS                                                    
(Cost $1,720,000)                       1,720,000    1.16                       
              ------------  ------
TOTAL PORTFOLIO                                                                 
(Cost $132,018,315)                   148,810,443  100.70                       
OTHER ASSETS & LIABILITIES, NET        (1,031,136)  (0.70)                      
              ------------  ------
NET ASSETS                           $147,779,307  100.00%                      
              ============  ======

32  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

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TIAA-CREF Mutual Funds    STATEMENT OF INVESTMENTS       GROWTH AND INCOME FUND 
(Unaudited)       
June 30, 1998     
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
PREFERRED STOCK -- 0.01%                                                        
RUBBER AND MISCELLANEOUS                                                        
PLASTICS PRODUCTS -- 0.01%                                                      
237    SEALED AIR CORP (CLASS A)           $    9,954                 
                          ----------
TOTAL PREFERRED STOCK                                                           
(Cost $10,534)                                       9,954                      
                          ----------
COMMON STOCK -- 99.53%                                                          
AGRICULTURAL PRODUCTION -- CROPS -- 0.05%                                       
1,800  PIONEER-HI-BRED                                                
INTERNATIONAL, INC                     74,475         
                          ----------
AMUSEMENT AND RECREATION                                                        
SERVICES -- 1.10%                                                               
2,100  SMH AG. (BR)                         1,622,614                 
                          ----------
APPAREL AND ACCESSORY STORES -- 0.29%                                           
1,634 oABERCROMBIE & FITCH CO                                         
(CLASS A)                               71,896          
700 oCHARMING SHOPPES, INC                    3,325               
2,950  GAP, INC                               181,794                 
500  NORDSTROM, INC                          38,625               
5,800  TJX COS, INC                           139,925                 
                          ----------
                             435,565
                          ----------
APPAREL AND OTHER TEXTILE PRODUCTS -- 0.07%                                     
1,200 oFRUIT OF THE LOOM, INC                                         
(CLASS A)                              39,825         
500  LIZ CLAIBORNE, INC                      26,125               
800  VF CORP                                 41,200               
                          ----------
                             107,150
                          ----------
AUTO REPAIR, SERVICES AND PARKING -- 0.03%                                      
116  MIDAS, INC                               2,335               
1,100  RYDER SYSTEM, INC                       34,718                 
                          ----------
                              37,053
                          ----------
AUTOMOTIVE DEALERS AND SERVICE                                                  
STATIONS -- 0.05%                                                               
1,000 oAUTOZONE, INC                           31,938                 
700  CIRCUIT CITY STORES-                                         
CIRCUIT CITY GROUP                     32,813         
400  PEP BOYS MANNY, MOE, &                                       
JACK CO                                 7,574         
                          ----------
                              72,325
                          ----------
BUILDING MATERIALS AND GARDEN                                                   
SUPPLIES -- 0.45%                                                               
6,700  HOME DEPOT, INC                        556,519                 
2,800  LOWES COS, INC                         113,575                 
                          ----------
                             670,094
                          ----------
BUSINESS SERVICES -- 4.40%                                                      
500  ADOBE SYSTEMS, INC                      21,219               
700  AUTODESK, INC                           27,038               
2,000  AUTOMATIC DATA                                                 
PROCESSING, INC                      145,750        
600 oCERIDIAN CORP                           35,250               
100 oCHOICEPOINT, INC                         5,063               
2,700  COGNIZANT CORP                         170,100                 
21,076  COMPUTER ASSOCIATES                                             
INTERNATIONAL, INC                 1,171,035        
2,500 oCOMPUTER SCIENCES CORP                 160,000                 
1,200  DUN & BRADSTREET CORP                   43,350                 
1,900  EQUIFAX, INC                            68,994                 
3,100  FIRST DATA CORP                        103,269                 
2,800  HBO& C0                                 98,700                 
800  INTERPUBLIC GROUP OF COS, INC           48,550               
28,300 oMICROSOFT CORP                       3,067,013                  
2,700  NEWELL COS, INC                        134,494                 
2,400 oNOVELL, INC                             30,600                 
10,750 oORACLE CORP                            264,047                  
1,800 oPARAMETRIC TECHNOLOGY CORP              48,824                 
200  SHARED MEDICAL SYSTEMS CORP             14,687               
26,380 oYOUNG & RUBICAM, INC                   844,159                  
                          ----------
                           6,502,142
                          ----------
CHEMICALS AND ALLIED PRODUCTS -- 17.25%                                         
13,400  ABBOTT LABORATORIES CO                 547,725                  
1,600  AIR PRODUCTS & CHEMICALS, INC           64,000                 
400  ALBERT0 CULVER CO(CLASS B)              11,600               
20 oALLERGAN SPECIALTY                                          
THERAPEUTICS, INC (CLASS A)              205        
1,100  ALLERGAN, INC                           51,013                 
600 oALZA CORP                               25,950               
46,435  AMERICAN HOME PRODUCTS                                          
CORP                               2,403,011        
4,700 oAMGEN, INC                             307,263                 
900  AVON PRODUCTS, INC                      69,750               
23,387  BRISTOL MYERS SQUIBB CO              2,688,043                  
800  CLOROX CO                               76,300               
2,000  COLGATE PALMOLIVE CO                   176,000                 
30 oCRESCENDO PHARMACEUTICALS                                   
CORP                                     381        
31,476  DU PONT (E.I.) DE NEMOURS & CO       2,348,897                  
500  EASTMAN CHEMICAL CO                     31,125               
1,400  ECOLAB, INC                             43,400                 
500 oFMC CORP                                34,094               
400  GREAT LAKES CHEMICAL CORP               15,775               
1,600  HERCULES, INC                           65,800                 
20,342 oIMPERIAL CHEMICAL INDUSTRIES                                    
PLC (ADR)                          1,312,059        
2,000  INTERNATIONAL FLAVORS &                                        
FRAGRANCES, INC                       86,875        
9,100  JOHNSON & JOHNSON CO                   671,125                 
7,600  LILLY (ELI) & CO                       502,075                 
30,738  MERCK & CO, INC                      4,111,208                  
1,300  MORTON INTERNATIONAL, INC               32,500                 
500  NALCO CHEMICAL CORP                     17,563               

See notes to financial statements                  1998 SEMI-ANNUAL REPORT  33  

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TIAA-CREF Mutual Funds                                  GROWTH AND INCOME FUND  
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
CHEMICALS AND ALLIED PRODUCTS -- (Continued)                                    
100 oOCTEL CORP                        $      1,988               
57,609 oOMEGA PROTEIN CORP                     885,738                  
27,842  PFIZER, INC                          3,026,077                  
8,100  PHARMACIA & UPJOHN, INC                373,613                 
1,100  PRAXAIR, INC                            51,494                 
38,608  PROCTER & GAMBLE CO                  3,515,741                  
400  ROHM & HAAS CO                          41,575               
14,439  SCHERING-PLOUGH CORP                 1,322,973                  
1,200  SHERWIN-WILLIAMS CO                     39,749                 
700  SIGMA ALDRICH CORP                      24,587               
2,100  UNION CARBIDE CORP                     112,087                 
5,700  WARNER-LAMBERT CO                      395,437                 
                         -----------
                          25,484,796
                         -----------
COMMUNICATIONS -- 11.87%                                                        
31,062 oAIRTOUCH COMMUNICATIONS,                                        
INC                                1,815,186        
3,400  ALLTEL CORP                            158,100                 
13,200  AMERITECH CORP                         592,350                  
50,066  AT & T CORP                          2,860,020                  
10,608  BELL ATLANTIC CORP                     483,990                  
7,100  BELLSOUTH CORP                         476,588                 
4,400  CBS CORP                               139,700                 
1,000 oCLEAR CHANNEL                                                  
COMMUNICATIONS, INC                  109,125        
21,124 oCOM21, INC                             448,885                  
2,400  COMCAST CORP (CLASS A) SPECIAL          97,425                 
1,100  FRONTIER CORP                           34,650                 
6,600  GTE CORP                               367,125                 
28,845  LUCENT TECHNOLOGIES, INC             2,399,543                  
4,700  MCI COMMUNICATIONS CORP                273,188                 
5,400 oMEDIA ONE GROUP, INC                   237,263                 
500 oNEXTEL COMMUNICATIONS, INC                                   
(CLASS A)                             12,438        
51,200 oRCN CORP                               992,000                  
69,741  SBC COMMUNICATIONS, INC              2,789,640                  
3,000  SPRINT CORP                            211,500                 
5,927 oTELE-COMMUNICATIONS, INC                                       
(CLASS A)                            227,819        
3,346 oTELECOM-TCI VENTURES GROUP                                     
(CLASS A)                             67,129        
4,014 oUS WEST, INC                           188,690                 
52,797 oWORLDCOM, INC                        2,557,354                  
                         -----------
                          17,539,708
                         -----------
DEPOSITORY INSTITUTIONS -- 5.47%                                                
22,278  ASTORIA FINANCIAL CORP               1,191,873                  
4,390  BANC ONE CORP                          245,017                 
2,700  BANK OF NEW YORK CO, INC               163,856                 
22,606  BANKAMERICA CORP                     1,954,006                  
2,000  BANKBOSTON CORP                        111,250                 
500  BANKERS TRUST CORP                      58,031               
9,500  CHASE MANHATTAN CORP                   717,250                 
4,400  CITICORP CO                            656,700                 
1,050  COMERICA, INC                           69,563                 
1,650  FIFTH THIRD BANCORP                    103,950                 
4,400  FIRST CHICAGO NBD CORP                 389,950                 
1,800  FLEET FINANCIAL GROUP, INC             150,300                 
700  GOLDEN WEST FINANCIAL CORP              74,419               
1,000  H.F. AHMANSON & CO                      71,000                 
8,100  KEYCORP                                288,563                 
1,800  MELLON BANK CORP                       125,325                 
3,000  MORGAN (J.P.) & CO, INC                351,375                 
1,500  NATIONAL CITY CORP                     106,500                 
5,200  NORWEST CORP                           194,350                 
5,500  PNC BANK CORP                          295,969                 
1,500  SUNTRUST BANKS, INC                    121,969                 
4,965  U.S. BANCORP                           213,495                 
1,100  WACHOVIA CORP                           92,950                 
2,550  WASHINGTON MUTUAL, INC                 110,765                 
600  WELLS FARGO & CO                       221,399               
                         -----------
                           8,079,825
                         -----------
EATING AND DRINKING PLACES -- 0.28%                                             
2,300  DARDEN RESTAURANTS, INC                 36,513                 
4,700  MCDONALDS CORP                         324,300                 
1,050 oTRICON GLOBAL                                                  
RESTAURANTS, INC                      33,272        
900  WENDYS INTERNATIONAL, INC               21,149               
                         -----------
                             415,234
                         -----------
ELECTRIC, GAS, AND SANITARY                                                     
SERVICES -- 1.54%                                                               
700  AMEREN CORP                             27,825               
1,300  AMERICAN ELECTRIC POWER                                        
CO, INC                               58,988        
2,600  BALTIMORE GAS & ELECTRIC CO             80,763                 
2,700  BROWNING FERRIS INDUSTRIES, INC         93,825                 
1,000  CAROLINA POWER & LIGHT CO               43,375                 
1,500  CENTRAL & SOUTH WEST CORP               40,313                 
2,400  CINERGY CORP                            84,000                 
1,700  COASTAL CORP                           118,681                 
1,600  CONSOLIDATED EDISON CO OF                                      
N.Y., INC                             73,700        
1,300  DOMINION RESOURCES, INC                 52,975                 
1,900  DTE ENERGY CO                           76,713                 
2,500  DUKE ENERGY CORP                       148,125                 
2,800  EDISON INTERNATIONAL CO                 82,775                 
1,600  ENTERGY CORP                            46,000                 
4,200  FIRSTENERGY CORP                       129,150                 
1,300  FPL GROUP, INC                          81,900                 
800  GPU, INC                                30,250               
1,710  HOUSTON INDUSTRIES, INC                 52,796                 
1,120 oLAIDLAW ENVIRONMENTAL                                          
SERVICES, INC                          4,060        
1,000 oNIAGARA MOHAWK POWER CORP               14,938                 
300  NICOR, INC                              12,038               
1,000  NORTHERN STATES POWER CO                28,625                 
200  ONEOK, INC                               7,975               
2,000  PACIFICORP                              45,250                 
4,100  PECO ENERGY CO                         119,669                 

34  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

N-30D 39th "Page" of 64 TOC 1st Previous Next Bottom Just 39th

TIAA-CREF Mutual Funds                                  GROWTH AND INCOME FUND  
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
ELECTRIC, GAS, AND SANITARY                                                     
SERVICES -- (Continued)                                                         
200  PEOPLES ENERGY CORP               $      7,725               
2,800  PG&E CORP                               88,375                 
1,100  PP&L RESOURCES, INC                     24,956                 
3,600  PUBLIC SERVICE ENTERPRISE                                      
GROUP, INC                           123,975        
902 oSEMPRA ENERGY                           25,038               
600  SONAT, INC                              23,175               
4,700  SOUTHERN CO                            130,131                 
1,612  TEXAS UTILITIES CO                      67,100                 
1,500  UNICOM CORP                             52,593                 
3,100  WASTE MANAGEMENT, INC                  108,499                 
2,200  WILLIAMS COS, INC                       74,249                 
                         -----------
                           2,280,525
                         -----------
ELECTRONIC & OTHER ELECTRIC                                                     
EQUIPMENT -- 8.42%                                                              
1,000 oADVANCED MICRO DEVICES, INC             17,063                 
1,500  AMP, INC                                51,563                 
1,500 oANDREW CORP                             27,094                 
3,000 oASCEND COMMUNICATIONS, INC             148,688                 
23,905  COOPER INDUSTRIES, INC               1,313,281                  
800 oDSC COMMUNICATIONS CORP                 24,000               
3,100  EMERSON ELECTRIC CO                    187,163                 
55,440  GENERAL ELECTRIC CO                  5,045,040                  
2,700 oGENERAL INSTRUMENT CORP                 73,406                 
250 oGENERAL SEMICONDUCTOR, INC               2,469               
1,200  HARRIS CORP                             53,625                 
13,900  INTEL CORP                           1,030,338                  
2,600 oLSI LOGIC CORP                          59,963                 
700  MAYTAG CO                               34,563               
2,400 oMICRON TECHNOLOGY, INC                  59,550                 
4,100  MOTOROLA, INC                          215,506                 
1,000 oNATIONAL SEMICONDUCTOR                                         
CORP                                  13,188        
45,012  NOKIA OYJ (ADR)                      3,266,183                  
5,600  NORTHERN                                                       
TELECOMMUNICATIONS LTD (U.S.)        317,800        
500  SCIENTIFIC-ATLANTA, INC                 12,687               
3,400 oTELLABS, INC                           243,524                 
2,600  TEXAS INSTRUMENTS, INC                 151,612                 
1,000 oTHERMO ELECTRON CORP                    34,187                 
400  THOMAS & BETTS CORP                     19,700               
500  WHIRLPOOL CORP                          34,374               
                        ------------
                          12,436,567
                        ------------
FABRICATED METAL PRODUCTS -- 1.66%                                              
300  AEROQUIP-VICKERS, INC                   17,513               
200  BALL CORP                                8,038               
300  CRANE CO                                14,569               
900  CROWN CORK & SEAL CO, INC               42,750               
11,800  GILLETTE CO                            668,913                  
2,400  ILLINOIS TOOL WORKS, INC               160,050                 
1,100  MASCO CORP                              66,550                 
1,950  PARKER-HANNIFIN CORP                    74,344                 
1,500  ROCKWELL INTERNATIONAL                                         
CORP                                  72,093        
400  SNAP-ON, INC                            14,500               
31,508  STANLEY WORKS CO                     1,309,550                  
                        ------------
                           2,448,870
                        ------------
FOOD AND KINDRED PRODUCTS -- 4.12%                                              
70 oAGRIBRANDS INTERNATIONAL, INC            2,118              
4,300  ANHEUSER BUSCH COS, INC                202,906                 
3,885  ARCHER DANIELS MIDLAND CO               75,272                 
2,000  BESTFOODS, INC                         116,125                 
500  BROWN FORMAN, INC (CLASS B)             32,125               
3,200  CAMPBELL SOUP CO                       170,000                 
22,600  COCA COLA CO                         1,932,300                  
6,300  CONAGRA, INC                           199,631                 
300  COORS (ADOLPH) CO (CLASS B)             10,200               
250 oCORN PRODUCTS                                                
INTERNATIONAL, INC                     8,469        
1,200  GENERAL MILLS, INC                      82,050                 
2,500  HEINZ (H.J.) CO                        140,313                 
1,000  HERSHEY FOODS CORP                      69,000                 
2,800  KELLOGG CO                             105,175                 
58,010  PEPSICO, INC                         2,389,287                  
900  QUAKER OATS CO                          49,444               
700  RALSTON PURINA CO                       81,769               
3,300  SARA LEE CORP                          184,594                 
3,500  SEAGRAMS CO LTD (U.S.)                 143,281                 
320 oVLASIC FOODS                                                 
INTERNATIONAL, INC                     6,440        
700  WHITMAN CORP                            16,055               
800  WRIGLEY (WM) JR CO                      78,400               
                        ------------
                           6,094,954
                        ------------
FOOD STORES -- 1.73%                                                            
1,700  ALBERTSONS, INC                         88,081                 
4,200  AMERICAN STORES CO                     101,588                 
400  GIANT FOOD, INC (CLASS A)               17,225               
300  GREAT ATLANTIC & PACIFIC                                     
TEA CO, INC                            9,919        
1,700 oKROGER CO                               72,888                 
54,315 oSAFEWAY, INC                         2,209,941                  
1,000  WINN DIXIE STORES, INC                  51,187                 
                        ------------
                           2,550,829
                        ------------
FURNITURE AND HOMEFURNISHINGS                                                   
STORES -- 0.06%                                                                 
1,600  TANDY CORP                              84,900                 
                        ------------
GENERAL BUILDING CONTRACTORS -- 0.02%                                           
400  CENTEX CORP                             15,100               
300  KAUFMAN & BROAD HOME CORP                9,525               
200  PULTE CORP                               5,975               
                        ------------
                              30,600
                        ------------
GENERAL MERCHANDISE STORES -- 3.07%                                             
1,400 oCOSTCO COS, INC                         88,288                 

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  35 

N-30D 40th "Page" of 64 TOC 1st Previous Next Bottom Just 40th

TIAA-CREF Mutual Funds                                  GROWTH AND INCOME FUND  
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
GENERAL MERCHANDISE STORES -- (Continued)                                       
59,478  DAYTON HUDSON CORP                $  2,884,683                  
800  DILLARDS, INC (CLASS A)                 33,150               
2,000 oFEDERATED DEPARTMENT                                           
STORES, INC                          107,625        
500  HARCOURT GENERAL, INC                   29,750               
4,300 oK MART CORP                             82,775                 
3,000  MAY DEPARTMENT STORES CO               196,500                 
300  MERCANTILE STORES CO, INC               23,681               
1,700  PENNEY, (J.C.) CO, INC                 122,931                 
900 oVENATOR GROUP, INC                      17,213               
15,600  WAL-MART STORES, INC                   947,700                  
                        ------------
                           4,534,296
                        ------------
HEALTH SERVICES -- 0.36%                                                        
700 oBEVERLY ENTERPRISES, INC                 9,669               
5,600  COLUMBIA/HCA HEALTHCARE                                        
CORP                                 163,100        
2,400 oHEALTHSOUTH CORP                        64,050                 
1,100 oHUMANA, INC                             34,306                 
1,000  MANOR CARE, INC                         38,438                 
318 oPHARMERICA, INC                          3,836               
4,300 oTENET HEALTHCARE CORP                  134,374                 
1,300  UNITED HEALTHCARE CORP                  82,550                 
                        ------------
                             530,323
                        ------------
HEAVY CONSTRUCTION, EXCEPT                                                      
BUILDING -- 0.03%                                                               
600  FLUOR CORP                              30,600               
300  FOSTER WHEELER CORP                      6,431               
                        ------------
                              37,031
                        ------------
HOLDING AND OTHER INVESTMENT                                                    
OFFICES -- 0.67%                                                                
3,450  MBNA CORP                              113,850                 
10,362  NATIONSBANK CORP                       792,693                  
800  REPUBLIC NEW YORK CORP                  50,350               
734  STARWOOD HOTELS & RESORTS               35,461               
                        ------------
                             992,354
                        ------------
HOTELS AND OTHER LODGING PLACES-- 1.28%                                         
83,443 oCENDANT CORP                         1,741,873                  
1,700 oHARRAHS ENTERTAINMENT, INC              39,525                 
1,700  HILTON HOTELS CORP                      48,450                 
1,800  MARRIOTT INTERNATIONAL                                         
(CLASS A)                             58,275        
225 oSODEXHO MARRIOTT                                             
SERVICES, INC                          6,525        
                        ------------
                           1,894,648
                        ------------
INDUSTRIAL MACHINERY AND                                                        
EQUIPMENT -- 4.96%                                                              
2,300 o3COM CORP                               70,581                 
900 oAPPLE COMPUTER, INC                     25,819               
2,400 oAPPLIED MATERIALS, INC                  70,800                 
1,100  BAKER HUGHES, INC                       38,019                 
1,400 oBAY NETWORKS, INC                       45,150                 
600  BLACK & DECKER CORP                     36,600               
700  BRUNSWICK CORP                          17,325               
1,100 oCABLETRON SYSTEMS, INC                  14,781                 
500  CASE CORP                               24,125               
2,600  CATERPILLAR, INC                       137,475                 
600  CINCINNATI MILACRON, INC                14,588               
10,400 oCISCO SYSTEMS, INC                     957,450                  
12,608  COMPAQ COMPUTER CORP                   357,752                  
300  CUMMINS ENGINE CO, INC                  15,375               
300 oDATA GENERAL CORP                        4,481               
2,900  DEERE & CO                             153,338                 
7,200 oDELL COMPUTER CORP                     668,250                 
1,600  DOVER CORP                              54,800                 
1,200  DRESSER INDUSTRIES, INC                 52,875                 
100  EASTERN ENTERPRISES CO                   4,288               
700  EATON CORP                              54,425               
3,400 oEMC CORP                               152,363                 
500  GENERAL SIGNAL CORP                     18,000               
300  HARNISCHFEGER INDUSTRIES, INC            8,494               
7,000  HEWLETT-PACKARD CO                     419,125                 
350  HUSSMANN INTERNATIONAL, INC              6,497               
1,050  INGERSOLL-RAND CO                       46,266                 
300 oINTERGRAPH CORP                          2,569               
17,201  INTERNATIONAL BUSINESS                                          
MACHINES CORP                      1,974,890        
400  MCDERMOTT INTERNATIONAL,                                     
INC                                   13,775        
900  PALL CORP                               18,450               
2,000  PITNEY BOWES, INC                       96,250                 
4,500 oSEAGATE TECHNOLOGY, INC                107,156                 
1,200 oSILICON GRAPHICS, INC                   14,550                 
2,500 oSUN MICROSYSTEMS, INC                  108,594                 
900  TIMKEN CO                               27,730               
52,561 oUNISYS CORP                          1,484,847                  
400 oUNOVA, INC                               8,600               
                        ------------
                           7,326,453
                        ------------
INSTRUMENTS AND RELATED PRODUCTS-- 1.99%                                        
900  BARD (C.R.), INC                        34,256               
400  BAUSCH & LOMB, INC                      20,050               
1,900  BAXTER INTERNATIONAL, INC              102,244                 
800  BECTON DICKINSON & CO                  62,100                
800  BIOMET, INC                             26,450               
3,300 oBOSTON SCIENTIFIC CORP                 236,363                 
2,800  EASTMAN KODAK CO                      204,575                  
300  EG & G, INC                              9,000               
2,000  GUIDANT CORP                           142,625                 
900  HONEYWELL, INC                          75,206               
600  JOHNSON CONTROLS, INC                   34,313               
500  MALLINCKRODT, INC                       14,844               
3,200  MEDTRONIC, INC                         204,000                 
300  MILLIPORE CORP                           8,175               
300  PERKIN-ELMER CORP                       18,656               
500  POLAROID CORP                           17,781               
318  RAYTHEON CO (CLASS A)                   18,325               
3,400  RAYTHEON CO(CLASS B)                   201,025                 

36  1998 SEMI-ANNUAL REPORT                   See notes to financial statement  

N-30D 41st "Page" of 64 TOC 1st Previous Next Bottom Just 41st

TIAA-CREF Mutual Funds                                  GROWTH AND INCOME FUND  
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
INSTRUMENTS AND RELATED                                                         
PRODUCTS -- (Continued)                                                         
600 oST. JUDE MEDICAL, INC             $     22,088               
300  TEKTRONIX, INC                          10,612               
500  U.S. SURGICAL CORP                      22,812               
14,388  XEROX CORP                           1,462,180                  
                        ------------
                           2,947,680
                        ------------
INSURANCE AGENTS, BROKERS AND                                                   
SERVICE -- 0.07%                                                                
1,650  MARSH & MCLENNAN COS, INC               99,722                 
                        ------------
INSURANCE CARRIERS -- 7.13%                                                     
1,000  AETNA, INC                              76,125                 
20,971  ALLSTATE CORP                        1,920,157                  
5,700  AMERICAN INTERNATIONAL                                         
GROUP, INC                           832,200        
1,100  AON CORP                                77,275                 
1,200  CHUBB CORP                              96,450                 
3,900  CIGNA CORP                             269,100                 
1,000  CINCINNATI FINANCIAL CORP               38,375                 
3,000  CONSECO, INC                           140,250                 
24,985  EXEL LTD                             1,944,145                  
600  GENERAL REINSURANCE CORP               152,100               
800  HARTFORD FINANCIAL SERVICES                                  
GROUP, INC                            91,500        
750  JEFFERSON-PILOT CORP                    43,453               
27,311  LIFE RE CORP                         2,263,399                  
700  LINCOLN NATIONAL CORP                   63,963               
800  LOEWS CORP                              69,700               
600  MBIA, INC                               44,925               
800  MGIC INVESTMENT CORP                    45,650               
1,300  PROGRESSIVE CORP                       183,300                 
600  PROVIDIAN FINANCIAL CORP                47,138               
900  SAFECO CORP                             40,894               
1,650  ST. PAUL COS, INC                       69,403                 
1,350  SUNAMERICA, INC                         77,541                 
1,000  TORCHMARK CORP                          45,750                 
500  TRANSAMERICA CORP                       57,563               
29,608  TRAVELERS GROUP, INC                 1,794,984                  
1,000  UNUM CORP                               55,500                 
                        ------------
                          10,540,840
                        ------------
LEATHER AND LEATHER PRODUCTS -- 0.00%                                           
300  STRIDE RITE CORP                         4,519               
                        ------------
LOCAL AND INTERURBAN PASSENGER                                                  
TRANSIT -- 0.08%                                                                
7,900  LAIDLAW, INC                            96,281                 
1,600 oLAIDLAW, INC (CLASS B)                  19,000                 
                        ------------
                             115,281
                        ------------
LUMBER AND WOOD PRODUCTS -- 0.36%                                               
600  GEORGIA-PACIFIC CORP                                         
(PACKAGING GROUP)                     35,363        
600  GEORGIA-PACIFIC CORP                                         
(TIMBER GROUP)                        13,838        
800  LOUISIANA PACIFIC CORP                  14,600               
35,800  MACMILLAN BLOEDEL LTD                  382,212                  
1,400  WEYERHAEUSER CO                         64,662                 
800  WILLAMETTE INDUSTRIES, INC              25,600               
                        ------------
                             536,275
                        ------------
METAL MINING -- 0.20%                                                           
1,600  ALCAN ALUMINIUM CO LTD (U.S.)           44,200                 
2,600  BARRICK GOLD CORP                       49,888                 
1,600  BATTLE MOUNTAIN GOLD CO                  9,500                 
600  CYPRUS AMAX MINERALS CO                  7,950               
1,000 oECHO BAY MINES LTD (U.S.)                2,250                 
2,500  FREEPORT-MCMORAN COPPER                                        
& GOLD, INC (CLASS B)                 37,969        
1,000  HOMESTAKE MINING CO                     10,375                 
2,800  INCO LTD CO                             38,150                 
1,100  NEWMONT MINING CORP                     25,988                 
400  PHELPS DODGE CORP                       22,874               
4,200  PLACER DOME, INC                        49,350                 
                        ------------
                             298,494
                        ------------
MISCELLANEOUS MANUFACTURING                                                     
INDUSTRIES -- 1.09%                                                             
300  ARMSTRONG WORLD                                              
INDUSTRIES, INC                       20,213        
900  HASBRO, INC                             35,381               
500  JOSTENS, INC                            11,938               
2,000  MATTEL, INC                             84,625                 
2,900  MINNESOTA MINING &                                             
MANUFACTURING CO                     238,344        
100  NACCO INDUSTRIES, INC (CLASS A)         12,925               
19,083  TYCO INTERNATIONAL LTD               1,202,228                  
                        ------------
                           1,605,654
                        ------------
MISCELLANEOUS RETAIL -- 0.53%                                                   
2,200  CVS CORP                                85,663                 
600  LONGS DRUG STORES CORP                  17,325               
1,600  RITE AID CORP                           60,100                 
6,100  SEARS ROEBUCK & CO                     372,481                 
4,700 oTOYS R US, INC                         110,744                 
3,400  WALGREEN CO                            140,462                 
                        ------------
                             786,775
                        ------------
MOTION PICTURES -- 0.43%                                                        
5,900  DISNEY (WALT) CO                       619,869                 
600 oKING WORLD PRODUCTIONS, INC             15,300               
                        ------------
                             635,169
                        ------------
NONDEPOSITORY INSTITUTIONS -- 3.54%                                             
5,500  AMERICAN EXPRESS CO                    627,000                 
1,700  AMERICAN GENERAL CORP                  121,019                 
17,157 oASSOCIATES FIRST CAPITAL CORP        1,318,944                  
400  BENEFICIAL CORP                         61,275               
700  COUNTRYWIDE CREDIT                                           
INDUSTRIES, INC                       35,525        
38,373  FEDERAL NATIONAL MORTGAGE                                       
ASSOCIATION                        2,331,160        

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  37 

N-30D 42nd "Page" of 64 TOC 1st Previous Next Bottom Just 42nd

TIAA-CREF Mutual Funds                                  GROWTH AND INCOME FUND  
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
NONDEPOSITORY INSTITUTIONS -- (Continued)                                       
6,268 oFIRST UNION CORP                 $     365,111                 
4,800  FREDDIE MAC                            225,900                 
900  GREEN TREE FINANCIAL CORP               38,531               
2,100  HOUSEHOLD INTERNATIONAL,                                       
INC                                  104,475        
                        ------------
                           5,228,940
                        ------------
OIL AND GAS EXTRACTION -- 6.28%                                                 
12,200  AMOCO CORP                             507,825                  
1,205  BURLINGTON RESOURCES, INC               51,890                 
600  COLUMBIA ENERGY GROUP                   33,375               
700  CONSOLIDATED NATURAL                                         
GAS CO                                41,213        
749 oEEX CORP                                 7,022               
61,820  EXXON CORP                           4,409,072                  
1,700  HALLIBURTON CO                          75,756                 
400  HELMERICH & PAYNE, INC                   8,900               
700  KERR-MCGEE CORP                         40,513               
14,009  MOBIL CORP                           1,073,440                  
2,300  OCCIDENTAL PETROLEUM CORP               62,100                 
1,600 oORYX ENERGY CO                          35,400                 
1,800  PHILLIPS PETROLEUM CO                   86,738                 
600 oROWAN COS, INC                          11,663               
15,600  ROYAL DUTCH PETROLEUM CO                                        
(N.Y. REGD)ADR                       855,075        
700 oSANTA FE ENERGY                                              
RESOURCES, INC                         7,525        
27,236  SCHLUMBERGER LTD                     1,860,559                  
1,700  UNION PACIFIC RESOURCES                                        
GROUP, INC                            29,855        
1,000 oWESTERN ATLAS, INC                      84,874                 
                        ------------
                           9,282,795
                        ------------
PAPER AND ALLIED PRODUCTS -- 0.58%                                              
700  AVERY DENNISON CORP                     37,625               
400  BEMIS, INC                              16,350               
300  BOISE CASCADE CORP                       9,825               
700  CHAMPION INTERNATIONAL                                       
CORP                                  34,431        
2,500  FORT JAMES CORP                        111,250                 
2,100  INTERNATIONAL PAPER CO                  90,300                 
5,500  KIMBERLY-CLARK CORP                    252,313                 
1,900  MEAD CORP                               60,325                 
200  POTLATCH CORP                            8,400               
1,700 oSTONE CONTAINER CORP                    26,563                 
400  TEMPLE-INLAND, INC                      21,550               
3,100  TENNECO, INC                           117,994                 
500  UNION CAMP CORP                         24,813               
1,700  WESTVACO CORP                           48,024                 
                        ------------
                             859,763
                        ------------
PERSONAL SERVICES -- 0.09%                                                      
700  BLOCK (H&R), INC                        29,488               
600  NATIONAL SERVICE                                             
INDUSTRIES, INC                       30,525        
1,600  SERVICE CORP INTERNATIONAL              68,600                 
                        ------------
                             128,613
                        ------------
PETROLEUM AND COAL PRODUCTS -- 0.89%                                            
600  AMERADA HESS CORP                       32,588               
1,400  ASHLAND, INC                            72,275                 
2,200  ATLANTIC RICHFIELD CO                  171,875                 
7,100  CHEVRON CORP                           589,744                 
300  PENNZOIL CO                             15,188               
1,500  SUN CO, INC                             58,219                 
3,706  TEXACO, INC                            221,201                 
4,300  UNOCAL CORP                            153,724                 
                        ------------
                           1,314,814
                        ------------
PRIMARY METAL INDUSTRIES -- 0.27%                                               
1,200  ALLEGHENY TELEDYNE, INC                 27,450                 
2,300  ALUMINUM CO OF AMERICA                 151,656                 
700 oARMCO, INC                               4,463               
300  ASARCO, INC                              6,675               
1,400 oBETHLEHEM STEEL CORP                    17,413                 
333 oCOMMSCOPE, INC                           5,390               
1,000  ENGELHARD CORP                          20,250                 
300  INLAND STEEL INDUSTRIES, INC             8,456               
600  NUCOR CORP                              27,600               
500  REYNOLDS METALS CO                      27,969               
2,000  USX-MARATHON GROUP, INC                 68,625                 
600  USX-US STEEL GROUP, INC                 19,800               
700  WORTHINGTON INDUSTRIES, INC             10,543               
                        ------------
                             396,290
                        ------------
PRINTING AND PUBLISHING -- 0.79%                                                
500  AMERICAN GREETINGS CORP                                      
(CLASS A)                             25,469        
1,400  DELUXE CORP                             50,138                 
1,000  DONNELLEY (R.R.) & SONS CO              45,750                 
700  DOW JONES & CO, INC                     39,025               
2,600  GANNETT CO, INC                        184,763                 
200  HARLAND (JOHN H.) CO                     3,388               
600  KNIGHT-RIDDER, INC                      33,038               
700  MCGRAW HILL COS, INC                    57,094               
400  MEREDITH CORP                           18,775               
600  MOORE CORP LTD                           7,950               
700  NEW YORK TIMES CO (CLASS A)             55,475               
3,800  TIME WARNER, INC                       324,663                 
700  TIMES MIRROR CO SERIES A                44,012               
900  TRIBUNE CO                              61,930               
3,700 oVIACOM, INC (CLASS B)                  215,524                 
                        ------------
                           1,166,994
                        ------------
RAILROAD TRANSPORTATION -- 0.26%                                                
1,400  BURLINGTON NORTHERN                                            
SANTA FE CORP                        137,463        
2,000  CSX CORP                                91,000                 
2,700  NORFOLK SOUTHERN CORP                   80,494                 
1,700  UNION PACIFIC CORP                      75,012                 
                        ------------
                             383,969
                        ------------

38  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

N-30D 43rd "Page" of 64 TOC 1st Previous Next Bottom Just 43rd

TIAA-CREF Mutual Funds                                  GROWTH AND INCOME FUND  
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
RUBBER AND MISCELLANEOUS PLASTICS                                               
PRODUCTS -- 0.58%                                                               
500  COOPER TIRE & RUBBER CO          $      10,313               
1,600  DOW CHEMICAL CO                        154,700                 
1,100  GOODRICH (B.F.) CO                      54,588                 
1,100  GOODYEAR TIRE & RUBBER CO               70,881                 
500 oGRACE, W.R. & CO                         8,531               
5,800  MONSANTO CO                            324,075                 
2,000  NIKE, INC (CLASS B)                     97,375                 
1,300  RAYCHEM CORP                            38,431                 
400 oREEBOK INTERNATIONAL LTD                11,075               
1,000  RUBBERMAID, INC                         33,188                 
268 oSEALED AIR CORP                          9,849               
820  SOLUTIA, INC                            23,524               
900  TUPPERWARE CORP                         25,312               
                        ------------
                             861,842
                        ------------
SECURITY AND COMMODITY BROKERS -- 0.63%                                         
2,200  LEHMAN BROTHERS                                                
HOLDINGS, INC                        170,638        
2,300  MERRILL LYNCH & CO, INC                212,175                 
5,300  MORGAN STANLEY, DEAN                                           
WITTER & CO                          484,287        
1,800  SCHWAB (CHARLES) CORP                   58,500                 
                        ------------
                             925,600
                        ------------
STONE, CLAY, AND GLASS PRODUCTS-- 0.12%                                         
1,600  CORNING, INC                            55,600                 
900  OWENS CORNING CO                        36,731               
1,200  PPG INDUSTRIES, INC                     83,475                 
                        ------------
                             175,806
                        ------------
TEXTILE MILL PRODUCTS -- 0.01%                                                  
300  RUSSELL CORP                             9,056               
100  SPRING INDUSTRIES, INC                   4,613               
                        ------------
                              13,669
                        ------------
TOBACCO PRODUCTS -- 0.58%                                                       
1,200  FORTUNE BRANDS, INC                     46,125                 
19,800  PHILIP MORRIS COS, INC                 779,625                  
1,300  UST, INC                                35,100                 
                        ------------
                             860,850
                        ------------
TRANSPORTATION BY AIR -- 0.85%                                                  
1,600 oAMR CORP                               133,200                 
14,074 oCONTINENTAL AIRLINES, INC                                       
(CLASS B)                            856,755        
500  DELTA AIRLINES, INC                     64,625               
1,040 oFDX CORP                                65,260                 
1,500  SOUTHWEST AIRLINES CO                   44,437                 
1,200 oU.S. AIRWAYS GROUP, INC                 95,100                 
                        ------------
                           1,259,377
                        ------------
TRANSPORTATION EQUIPMENT -- 2.26%                                               
22,502  ALLIED SIGNAL, INC                     998,526                  
6,720  BOEING CO                              299,460                 
7,700  CHRYSLER CORP                          434,088                 
700  DANA CORP                               37,450               
400  ECHLIN, INC                             19,625               
200  FLEETWOOD ENTERPRISES, INC               8,000               
8,200  FORD MOTOR CO                          483,800                 
800  GENERAL DYNAMICS CORP                   37,200               
5,000  GENERAL MOTORS CORP                    334,063                 
800  ITT INDUSTRIES, INC                     29,900               
1,300  LOCKHEED MARTIN CORP                   137,638                 
500  MERITOR AUTOMOTIVE, INC                 12,000               
1,100 oNAVISTAR INTERNATIONAL CORP             31,763                 
1,100  NORTHROP GRUMMAN CORP                  113,438                 
1,100  PACCAR, INC                             57,475                 
1,100  TEXTRON, INC                            78,855                 
1,500  TRW, INC                                81,937                 
1,600  UNITED TECHNOLOGIES CORP               148,000                 
                        ------------
                           3,343,218
                        ------------
WHOLESALE TRADE-DURABLE GOODS -- 0.06%                                          
200  BRIGGS & STRATTON CORP                   7,488               
1,200  GENUINE PARTS CO                        41,475                 
800  GRAINGER (W.W.), INC                    39,850               
                        ------------
                              88,813
                        ------------
WHOLESALE TRADE-NONDURABLE GOODS-- 0.63%                                        
2,000  CARDINAL HEALTH, INC                   187,500                 
2,100  ENRON CORP                             113,531                 
300  FLEMING COS, INC                         5,269               
900  IKON OFFICE SOLUTIONS, INC              13,106               
400  SUPERVALU, INC                          17,750               
2,400  SYSCO CORP                              61,500                 
6,800  UNILEVER NV-- N.Y. SHARES              536,740                 
                        ------------
                             935,396
                        ------------
TOTAL COMMON STOCK                                      
(Cost $130,287,781)                147,080,489          
                        ------------
SHORT TERM INVESTMENTS -- 1.16%                                                 
U.S. GOVERNMENT & AGENCIES -- 1.16%                                             
FEDERAL HOME LOAN BANK                                  
$1,720,000   5.400%, 07/01/98                    1,720,000                      
                        ------------
TOTAL SHORT TERM INVESTMENTS                            
(Cost $1,720,000)                    1,720,000          
                        ------------

TOTAL PORTFOLIO                                         
(Cost $132,018,315)               $148,810,443          
                        ============
------------------                                                              
o Non-income producing                                                        
   The cost of investments for federal income tax purposes is substantially  the
same as the amount disclosed above.                                       

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  39 

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TIAA-CREF Mutual Funds    STATEMENT OF INVESTMENTS          GROWTH EQUITY FUND  
                             (Unaudited)                 Summary by Industry
June 30, 1998           
---------------------------------------------------------                       
SHARES                                  VALUE      %                        
---------------------------------------------------------                       

PREFERRED STOCK                                                                 
HEALTH SERVICES                       $        47    0.00%                      
RUBBER AND MISCELLANEOUS                                                        
PLASTICS PRODUCTS                        11,970    0.01                     
               -----------   -----
TOTAL PREFERRED STOCK                                                           
(Cost $12,766)                             12,017    0.01                       
               -----------  ------
COMMON STOCK                                                                    
AGRICULTURAL PRODUCTION --                                                      
CROPS                                   118,038    0.08                     
AMUSEMENT AND RECREATION                                                        
SERVICES                              5,544,220    3.54                     
APPAREL AND ACCESSORY STORES              455,292    0.29                       
APPAREL AND OTHER TEXTILE                                                       
PRODUCTS                                 75,375    0.05                     
AUTO REPAIR, SERVICES AND PARKING          54,313    0.04                       
AUTOMOTIVE DEALERS AND                                                          
SERVICE STATIONS                         91,488    0.06                     
BUILDING MATERIALS AND                                                          
GARDEN SUPPLIES                         829,469    0.53                     
BUSINESS SERVICES                       9,247,502    5.90                       
CHEMICALS AND ALLIED PRODUCTS          22,953,805   14.65                       
COMMUNICATIONS                         24,593,106   15.69                       
DEPOSITORY INSTITUTIONS                 2,169,557    1.38                       
EATING AND DRINKING PLACES                637,479    0.41                       
EDUCATIONAL SERVICES                      126,328    0.08                       
ELECTRIC, GAS, AND SANITARY                                                     
SERVICES                              1,820,538    1.16                     
ELECTRONIC & OTHER ELECTRIC                                                     
EQUIPMENT                            15,985,567   10.20                     
ENGINEERING AND MANAGEMENT                                                      
SERVICES                              1,016,494    0.65                     
FABRICATED METAL PRODUCTS               1,984,872    1.27                       
FOOD AND KINDRED PRODUCTS               6,104,877    3.90                       
FOOD STORES                             1,827,216    1.17                       
FURNITURE AND FIXTURES                     39,163    0.02                       
FURNITURE AND HOMEFURNISHINGS                                                   
STORES                                  192,788    0.12                     
GENERAL BUILDING CONTRACTORS               27,425    0.02                       
GENERAL MERCHANDISE STORES              1,478,475    0.94                       
HEALTH SERVICES                           811,721    0.52                       
HEAVY CONSTRUCTION,                                                             
EXCEPT BUILDING                          31,931    0.02                     
HOLDING AND OTHER INVESTMENT                                                    
OFFICES                                 303,844    0.19                     
HOTELS AND OTHER                                                                
LODGING PLACES                        1,836,250    1.17                     
INDUSTRIAL MACHINERY AND                                                        
EQUIPMENT                             8,731,791    5.57                     
INSTRUMENTS AND RELATED                                                         
PRODUCTS                              4,963,760    3.17                     
INSURANCE AGENTS, BROKERS                                                       
AND SERVICE                           $ 134,128    0.09                     
INSURANCE CARRIERS                      7,232,907    4.62                       
LEATHER AND LEATHER PRODUCTS               13,810    0.01                       
LOCAL AND INTERURBAN                                                            
PASSENGER TRANSIT                        21,938    0.01                     
LUMBER AND WOOD PRODUCTS                   98,388    0.06                       
METAL MINING                              154,106    0.10                       
MISCELLANEOUS MANUFACTURING                                                     
INDUSTRIES                            8,341,133    5.32                     
MISCELLANEOUS REPAIR SERVICES               6,900    0.00                       
MISCELLANEOUS RETAIL                      870,050    0.56                       
MOTION PICTURES                         1,277,463    0.82                       
NONDEPOSITORY INSTITUTIONS              1,984,683    1.27                       
OIL AND GAS EXTRACTION                  5,893,660    3.76                       
PAPER AND ALLIED PRODUCTS                 410,138    0.26                       
PERSONAL SERVICES                         146,700    0.09                       
PETROLEUM AND COAL PRODUCTS                98,469    0.06                       
PRIMARY METAL INDUSTRIES                  162,318    0.10                       
PRINTING AND PUBLISHING                   757,306    0.48                       
RAILROAD TRANSPORTATION                    49,094    0.03                       
REAL ESTATE                                24,756    0.02                       
RUBBER AND MISCELLANEOUS                                                        
PLASTICS PRODUCTS                     2,560,945    1.63                     
SECURITY AND COMMODITY BROKERS          2,474,736    1.58                       
SOCIAL SERVICES                            16,463    0.01                       
STONE, CLAY, AND GLASS PRODUCTS           170,844    0.11                       
TEXTILE MILL PRODUCTS                   1,206,413    0.77                       
TOBACCO PRODUCTS                        1,240,913    0.79                       
TRANSPORTATION BY AIR                     494,883    0.32                       
TRANSPORTATION EQUIPMENT                2,902,086    1.85                       
TRANSPORTATION SERVICES                       978    0.00                       
WHOLESALE TRADE --                                                              
DURABLE GOODS                           198,919    0.13                     
WHOLESALE TRADE--                                                               
NONDURABLE GOODS                      3,250,742    2.07                     
              -----------   ------
TOTAL COMMON STOCK                                                              
(Cost $138,363,496)                   156,248,553   99.71                       
              -----------   ------
SHORT TERM INVESTMENTS                                                          

U.S. GOVERNMENT & AGENCIES             1,325,000     0.85                       
              -----------   ------
TOTAL SHORT TERM INVESTMENTS                                                    
(Cost $1,325,000)                       1,325,000    0.85                       
              -----------   ------
TOTAL PORTFOLIO                                                                 
(Cost $139,701,262)                   157,585,570  100.57                       
OTHER ASSETS & LIABILITIES, NET          (888,171)  (0.57)                      
              ------------  ------
NET ASSETS                           $156,697,399  100.00%                      
              ============  ======

40  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

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TIAA-CREF Mutual Funds    STATEMENT OF INVESTMENTS          GROWTH EQUITY FUND  
(Unaudited)       
June 30, 1998       
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
PREFERRED STOCK -- 0.01%                                                        
HEALTH SERVICES -- 0.00%                                                        
7 oMEDIQ, INC SERIES A 13%           $         47             
                        ------------
RUBBER AND MISCELLANEOUS                                                        
PLASTICS PRODUCTS -- 0.01%                                                      
285  SEALED AIR CORP (CLASS A)               11,970               
                        ------------
TOTAL PREFERRED STOCK                                                           
(Cost $12,766)                                      12,017                      
                        ------------
COMMON STOCK -- 99.71%                                                          
AGRICULTURAL PRODUCTION-CROPS -- 0.08%                                          
700  DELTA & PINE LAND CO                    31,150               
2,100  PIONEER-HI-BRED                                                
INTERNATIONAL, INC                    86,888        
                        ------------
                             118,038
                        ------------
AMUSEMENT AND RECREATION                                                        
SERVICES -- 3.54%                                                               
100 oANCHOR GAMING CO                         7,763               
48,420  CARNIVAL CORP (CLASS A)              1,918,643                  
900  DOVER DOWNS                                                  
ENTERTAINMENT, INC                    27,900        
500 oFLORIDA PANTHERS                                             
HOLDINGS, INC                          9,844        
300 oPENSKE MOTORSPORTS, INC                  8,756               
21,100 oPREMIER PARKS, INC                   1,405,788                  
15,350 oSFX ENTERTAINMENT, INC                                          
(CLASS A)                            704,181        
500 oSPEEDWAY MOTORSPORTS, INC               12,780               
57,440 oWESTWOOD ONE, INC                    1,448,565                  
                        ------------
                           5,544,220
                        ------------
APPAREL AND ACCESSORY STORES -- 0.29%                                           
1,318 oABERCROMBIE & FITCH CO                                         
(CLASS A)                             57,992        
600 oCHARMING SHOPPES, INC                    2,850               
200 oGADZOOKS, INC                            5,512               
3,300  GAP, INC                               203,363                 
600 oMENS WAREHOUSE, INC                     19,800               
200  NORDSTROM, INC                          15,450               
600 oPACIFIC SUNWEAR                                              
CALIFORNIA, INC                       21,000        
700 oSTAGE STORES, INC                       31,675               
800 oSTEIN MART, INC                         10,800               
3,600  TJX COS, INC                            86,850                 
                        ------------
                             455,292
                        ------------
APPAREL AND OTHER TEXTILE                                                       
PRODUCTS -- 0.05%                                                               
400 oFRUIT OF THE LOOM, INC                                       
(CLASS A)                             13,275        
400  LIZ CLAIBORNE, INC                      20,900               
800  VF CORP                                 41,200               
                        ------------
                              75,375
AUTO REPAIR, SERVICES AND PARKING-- 0.04%                                       
500 oBUDGET GROUP, INC                       15,969               
150  MIDAS, INC                               3,019               
800 oRENTERS CHOICE, INC                     22,700               
400  RYDER SYSTEM, INC                       12,625               
                        ------------
                              54,313
                        ------------
AUTOMOTIVE DEALERS AND                                                          
SERVICE STATIONS -- 0.06%                                                       
1,600 oAUTOZONE, INC                           51,100                 
700  CIRCUIT CITY STORES--                                        
CIRCUIT CITY GROUP                    32,813        
400  PEP BOYS MANNY, MOE, &                                       
JACK CO                                7,575        
                        ------------
                              91,488
                        ------------
BUILDING MATERIALS AND                                                          
GARDEN SUPPLIES -- 0.53%                                                        
700  FASTENAL CO                             32,506               
8,000  HOME DEPOT, INC                        664,500                 
2,600  LOWES COS, INC                         105,463                 
900  OAKWOOD HOMES CORP                      27,000               
                        ------------
                             829,469
                        ------------
BUSINESS SERVICES -- 5.90%                                                      
200 oABACUS DIRECT CORP                      10,388               
600 oABR INFORMATION SERVICES, INC           14,250               
1,600 oACCUSTAFF, INC                          50,000                 
400  ACKERLEY GROUP, INC                      8,400               
700 oACTIVISION, INC                          7,218               
100 oADMINSTAFF, INC                          4,613               
700  ADOBE SYSTEMS, INC                      29,706               
500 oADVO, INC                               14,094               
600 oALTERNATIVE RESOURCES CORP               7,425               
3,600  AMERICA ONLINE, INC                    381,600                 
300 oAPAC TELESERVICES, INC                   1,752               
300 oARBOR SOFTWARE CORP                      9,431               
200 oASPECT DEVELOPMENT, INC                 15,125               
400  AUTODESK, INC                           15,450               
2,500  AUTOMATIC DATA                                                 
PROCESSING, INC                      182,188        
230 oAZTEC TECHNOLOGY                                             
PARTNERS, INC                          1,755        
800 oBILLING CONCEPTS CORP                   12,400               
700 oBISYS GROUP, INC                        28,700               
2,000 oBMC SOFTWARE, INC                      103,874                 
900 oBOOLE & BABBAGE, INC                    21,488               
1,100 oCADENCE DESIGN SYSTEMS, INC             34,375                 
200 oCARIBINER INTERNATIONAL, INC             3,500               
500 oCATALINA MARKETING CORP                 25,969               
500 oCCC INFORMATION SERVICES                                     
GROUP, INC                             8,250        

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  41 

N-30D 46th "Page" of 64 TOC 1st Previous Next Bottom Just 46th

TIAA-CREF Mutual Funds                                       GROWTH EQUITY FUND 
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
BUSINESS SERVICES -- (Continued)                                                
1,600 oCERIDIAN CORP                     $     94,000                 
130 oCHOICEPOINT, INC                         6,580               
400 oCIBER, INC                              15,200               
300 oCITRIX SYSTEMS, INC                     20,513               
1,700  COGNIZANT CORP                         107,100                 
9,025  COMPUTER ASSOCIATES                                            
INTERNATIONAL, INC                   501,451        
700 oCOMPUTER HORIZONS CORP                  25,944               
1,200 oCOMPUTER SCIENCES CORP                  76,800                 
2,000 oCOMPUWARE CORP                         102,250                 
200 oCORT BUSINESS SERVICES CORP              6,300               
700 oCSG SYSTEMS INTERNATIONAL, INC          32,813               
500 oDATA TRANSMISSION NETWORK                                    
CORP                                  20,000        
300 oDBT ONLINE, INC                          8,100               
200 oDOCUMENTUM, INC                          9,600               
1,300  DUN & BRADSTREET CORP                   46,962                 
400 oE TRADE GROUP, INC                       9,175               
400 oEDIFY CORP                               4,050               
3,200  ELECTRONIC DATA SYSTEMS CORP           128,000                 
600 oELECTRONICS FOR IMAGING, INC            12,675               
400 oENVOY CORP                              18,950               
1,300  EQUIFAX, INC                            47,206                 
100 oFACTSET RESEARCH SYSTEMS, INC            3,250               
4,000  FIRST DATA CORP                        133,250                 
1,000 oFORE SYSTEMS, INC                       26,500                 
900 oGARTNER GROUP, INC (CLASS A)            31,500               
700 oGTECH HOLDINGS CORP                     23,581               
750 oHARBINGER CORP                          18,141               
4,680  HBO & CO                               164,970                 
400 oHNC SOFTWARE                            16,324               
300 oHYPERION SOFTWARE CORP                   8,550               
200 oI2 TECHNOLOGIES, INC                     7,025               
500 oIDENTIX, INC                             3,188               
600 oINDUSTRI-MATEMATIK                                           
INTERNATIONAL CORP                     6,562        
300 oINFORMATION MANAGEMENT                                       
RESOURCES, INC                        10,144        
600 oINTERNATIONAL NETWORK                                        
SERVICES                              24,600        
1,000  INTERPUBLIC GROUP OF COS, INC           60,688                 
600 oINTERSOLV, INC                           9,638               
600 oINTUIT, INC                             36,750               
200 oJDA SOFTWARE GROUP, INC                  8,750               
1,800 oKEANE, INC                             100,800                 
600 oLAMAR ADVERTISING CO                                         
(CLASS A)                             21,525        
1,100 oLEARNING CO, INC                        32,588                 
600 oLEGATO SYSTEMS, INC                     23,400               
200 oLHS GROUP, INC                          13,175               
400 oLYCOS, INC                              30,150               
400 oMANUGISTICS GROUP, INC                   9,900               
600 oMEDQUIST, INC                           17,325               
39,025 oMICROSOFT CORP                       4,229,333                  
100 oMIDWAY GAMES, INC                        1,563               
900 oNEOPATH, INC                             6,469               
1,300  NEWELL COS, INC                         64,756                 
500 oNOVA CORP/GEORGIA                       17,875               
1,600 oNOVELL, INC                             20,400                 
600  OMNICOM GROUP, INC                      29,925               
8,200 oORACLE CORP                            201,413                 
900 oOUTDOOR SYSTEMS, INC                    25,200               
1,400 oPAGING NETWORK, INC                     19,600                 
2,800 oPARAMETRIC TECHNOLOGY CORP              75,950                 
200 oPAYMENTECH, INC                          4,112               
1,400 oPEOPLESOFT, INC                         65,800                 
800 oPLATINUM TECHNOLOGY, INC                22,850               
500 oREMEDY CORP                              8,500               
854 oROMAC INTERNATIONAL, INC                25,940               
200  SHARED MEDICAL SYSTEMS CORP             14,688               
600 oSIEBEL SYSTEMS, INC                     19,350               
900 oSITEL CORP                               5,962               
400 oSNYDER COMMUNICATIONS, INC              17,600               
300 oSTAFFMARK, INC                          10,988               
900 oSTERLING COMMERCE, INC                  43,650               
900 oSTRUCTURAL DYNAMICS                                          
RESEARCH CORP                         20,812        
204 oSUNGARD DATA SYSTEMS, INC                7,829               
1,530 oSYNOPSYS, INC                           69,998                 
800 oSYSTEMS & COMPUTER                                           
TECHNOLOGY CORP                       21,600        
300 oTECHNOLOGY SOLUTIONS CO                  9,506               
700 oTRANSACTION SYSTEM                                           
ARCHITECTURE                          26,950        
500 oTRANSITION SYSTEMS, INC                  5,313               
400 oUSCS INTERNATIONAL, INC                  8,275               
1,050 oVERITAS SOFTWARE CORP                   43,444                 
500 oVIASOFT, INC                             8,094               
600 oVISIO CORP                              28,650               
200 oVOLT INFORMATION                                             
SCIENCES, INC                          5,425        
400 oWHITTMAN HART, INC                      19,350               
500 oWIND RIVER SYSTEMS, INC                 17,938               
600 oYAHOO, INC                              94,500               
25,000 oYOUNG & RUBICAM, INC                   800,000                  
                        ------------
                           9,247,502
                        ------------
CHEMICALS AND ALLIED PRODUCTS -- 14.65%                                         
32,600  ABBOTT LABORATORIES CO               1,332,525                  
900 oADVANCED TISSUE SCIENCE CO               3,994               
800 oAGOURON PHARMACEUTICALS, INC            24,250               
600  AIR PRODUCTS & CHEMICALS, INC           24,000               
300  ALBERTO CULVER CO (CLASS B)              8,700               
500 oALGOS PHARMACEUTICAL CORP               13,500               
20 oALLERGAN SPECIALTY                                          
THERAPEUTICS, INC (CLASS A)              205        
400  ALLERGAN, INC                           18,550               
700 oALZA CORP                               30,275               

42  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

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TIAA-CREF Mutual Funds                                       GROWTH EQUITY FUND 
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
CHEMICALS AND ALLIED                                                            
PRODUCTS -- (Continued)                                                         
27,100  AMERICAN HOME PRODUCTS                                          
CORP                             $ 1,402,425        
3,000 oAMGEN, INC                             196,125                 
1,500  AVON PRODUCTS, INC                     116,250                 
200 oBARR LABORATORIES, INC                   7,950               
1,000 oBIO-TECHNOLOGY GENERAL                                         
CORP                                   7,094        
1,100 oBIOGEN, INC                             53,900                 
300 oBIOMATRIX, INC                          12,300               
14,325  BRISTOL MYERS SQUIBB CO              1,646,480                  
1,300 oCENTOCOR, INC                           47,125                 
200  CHURCH & DWIGHT CO, INC                  6,475               
800  CLOROX CO                               76,300               
2,700  COLGATE PALMOLIVE CO                   237,600                 
800 oCOLUMBIA LABORATORIES, INC               4,600               
1,600 oCOVANCE, INC                            36,000                 
1,000 oCREATIVE BIOMOLECULES, INC               4,813                 
735 oCRESCENDO PHARMACEUTICALS                                    
CORP                                   9,325        
1,600  CROMPTON & KNOWLES CORP                 40,300                 
700 oCYGNUS, INC                              7,306               
200 oCYTEC INDUSTRIES, INC                    8,850               
1,200  DIAL CORP                               31,125                 
2,700  DU PONT (E.I.) DE NEMOURS & CO         201,488                 
1,200 oDURA PHARMACEUTICALS, INC               26,850                 
400  EASTMAN CHEMICAL CO                     24,900               
1,000  ECOLAB, INC                             31,000                 
200 oFMC CORP                                13,638               
1,900 oGENSIA SICOR, INC                        7,600                 
300  GREAT LAKES CHEMICAL CORP               11,831               
34,630 oGUILFORD PHARMACEUTICALS, INC          610,354                  
1,000  HERCULES, INC                           41,125                 
500 oHUMAN GENOME SCIENCES, INC              17,844               
500 oIDEC PHARMACEUTICALS CORP               11,780               
400 oINHALE THERAPEUTIC SYSTEMS               9,900               
900  INTERNATIONAL FLAVORS &                                      
FRAGRANCES, INC                       39,094        
900 oISIS PHARMACEUTICALS, INC               12,319               
14,800  JOHNSON & JOHNSON CO                 1,091,500                  
600  JONES PHARMACEUTICAL, INC               19,875               
1,000  LAUDER (ESTEE) CO (CLASS A)             69,688                 
1,000 oLIGAND PHARMACEUTICALS CO                                      
(CLASS A)                             12,875        
18,650  LILLY (ELI) & CO                     1,232,066                  
400 oMEDICIS PHARMACEUTICAL CORP                                  
(CLASS A)                             14,600        
600 oMEDIMMUNE, INC                          37,424               
2,000 oMEDPARTNERS, INC                        16,000                 
34,550  MERCK & CO, INC                      4,621,063                  
700  MORTON INTERNATIONAL, INC               17,500               
400  NALCO CHEMICAL CORP                     14,050               
1,000  NATURES SUNSHINE                                               
PRODUCTS, INC                         22,562        
1,200 oNBTY, INC                               22,050                 
700 oNEXSTAR PHARMACEUTICALS, INC             6,978               
75 oOCTEL CORP                               1,491              
40,000 oOMEGA PROTEIN CORP                     615,000                  
750 oORGANOGENESIS, INC                      14,812               
500 oPATHOGENESIS CORP                       14,500               
28,300  PFIZER, INC                          3,075,856                  
2,900  PHARMACIA & UPJOHN, INC                133,763                 
1,300  PRAXAIR, INC                            60,856                 
34,215  PROCTER & GAMBLE CO                  3,115,703                  
300 oPROTEIN DESIGN                                               
LABORATORIES, INC                      7,228        
200 oREVLON, INC (CLASS A)                   10,275               
300  ROHM & HAAS CO                          31,180               
400 oSANGSTAT MEDICAL CORP                   12,550               
8,000  SCHERING-PLOUGH CORP                   733,000                 
900  SHERWIN-WILLIAMS CO                     29,813               
600  SIGMA ALDRICH CORP                      21,075               
600 oTWINLAB CORP                            26,213               
700  UNION CARBIDE CORP                      37,363               
700 oVERTEX PHARMACEUTICALS, INC             15,750               
800 oVICAL, INC                              13,550               
17,100  WARNER-LAMBERT CO                    1,186,312                  
2,500 oWATSON PHARMACEUTICALS, INC            116,719                 
2,000 oZILA, INC                               14,500                 
                        ------------
                          22,953,805
                        ------------
COMMUNICATIONS -- 15.69%                                                        
900 o360 COMMUNICATIONS CO                   28,800               
5,200 oAIRTOUCH COMMUNICATIONS,                                       
INC                                  303,875        
1,100  ALLTEL CORP                             51,150                 
34,395  AT & T CORP                          1,964,813                  
40  BELL ATLANTIC CORP                       1,825              
100 oBET HOLDINGS, INC (CLASS A)              6,294               
68,400 oCAPSTAR BROADCASTING CORP                                       
(CLASS A)                          1,718,550        
38,720  CBS CORP                             1,229,360                  
900 oCELLULAR COMMUNICATIONS                                      
INTERNATIONAL, INC                    44,888        
30,150 oCHANCELLOR MEDIA CORP                                           
(CLASS A)                          1,497,136        
600  CINCINNATI BELL, INC                    17,175               
20,968 oCLEAR CHANNEL                                                   
COMMUNICATIONS, INC                2,288,133        
3,400  COMCAST CORP (CLASS A) SPECIAL         138,018                 
18,050 oCOX RADIO, INC (CLASS A)               780,663                  
24,598 oEMMIS BROADCASTING CORP                                         
(CLASS A)                          1,176,092        
1,000  FRONTIER CORP                           31,500                 
26,510 oGLOBALSTAR                                                      
TELECOMMUNICATIONS LTD               715,770        
700  GTE CORP                                38,937               
13,200 oHEFTEL BROADCASTING CORP                                        
(CLASS A)                            590,700        

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  43 

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TIAA-CREF Mutual Funds                                       GROWTH EQUITY FUND 
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
COMMUNICATIONS -- (Continued)                                                   
18,500 oLORAL SPACE &                                                   
COMMUNICATIONS LTD              $    522,625        
36,880  LUCENT TECHNOLOGIES, INC             3,067,955                  
300 oMASTEC, INC                              7,162               
3,900  MCI COMMUNICATIONS CORP                226,688                 
3,400 oMEDIA ONE GROUP, INC                   149,388                 
1,400 oPAGEMART WIRELESS, INC                                         
(CLASS A)                             12,688        
12,800 oRCN CORP                               248,000                  
2,500  SBC COMMUNICATIONS, INC                100,000                 
1,100  SPRINT CORP                             77,550                 
3,436 oTELE-COMMUNICATIONS, INC                                       
(CLASS A)                            132,070        
3,928 oTELECOM-TCI VENTURES GROUP                                     
(CLASS A)                             78,806        
7,875 oTELEPORT COMMUNICATIONS                                        
GROUP, INC (CLASS A)                 427,219        
600 oUNITED VIDEO SATELLITE                                       
GROUP, INC                            23,775        
92 oUS WEST, INC                             4,364              
1,000 oVANGUARD CELLULAR                                              
SYSTEMS, INC                          18,875        
600 oWEST TELESERVICES CORP                   7,275               
24,182 oWINSTAR COMMUNICATIONS, INC          1,038,315                  
119,890 oWORLDCOM, INC                        5,807,172                   
300 oYOUNG BROADCASTING, INC                                      
(CLASS A)                             19,500        
                        ------------
                          24,593,106
                        ------------
DEPOSITORY INSTITUTIONS -- 1.38%                                                
900  COMERICA, INC                           59,625               
1,200 oCONCORD EFS, INC                        31,350                 
1,950  FIFTH THIRD BANCORP                    122,850                 
500  NORWEST CORP                            18,688               
1,200  SUNTRUST BANKS, INC                     97,575                 
450  SYNOVUS FINANCIAL CORP                  10,688               
1,812  U.S. BANCORP                            77,915                 
500  U.S. TRUST CORP                         38,125               
1,500  WASHINGTON MUTUAL, INC                  65,156                 
4,465  WELLS FARGO & CO                     1,647,585                 
                        ------------
                           2,169,557
                        ------------
EATING AND DRINKING PLACES -- 0.41%                                             
800  APPLE SOUTH, INC                        10,450               
600 oAPPLEBEES INTERNATIONAL, INC            13,425               
500 oCONSOLIDATED PRODUCTS, INC              10,563               
900  DARDEN RESTAURANTS, INC                 14,288               
300 oFOODMAKER, INC                           5,063               
300 oLANDRYS SEAFOOD                                              
RESTAURANTS, INC                       5,427        
6,300  MCDONALDS CORP                         434,700                 
1,200 oNPC INTERNATIONAL, INC                  14,700                 
700 oOUTBACK STEAKHOUSE, INC                 27,300               
600 oPAPA JOHNS INTERNATIONAL, INC           23,663               
800 oPLANET HOLLYWOOD, INC                                        
(CLASS A)                              5,600        
600 oTHE CHEESECAKE FACTORY CO               13,575               
1,260 oTRICON GLOBAL                                                  
RESTAURANTS, INC                      39,925        
800  WENDYS INTERNATIONAL, INC               18,800               
                        ------------
                             637,479
                        ------------
EDUCATIONAL SERVICES -- 0.08%                                                   
1,050 oAPOLLO GROUP, INC (CLASS A)             34,716                 
200 oCOMPUTER LEARNING                                            
CENTERS, INC                           4,975        
1,600 oDEVRY, INC                              35,100                 
600 oEDUCATION MANAGEMENT CORP               19,725               
100 oITT EDUCATIONAL SERVICES, INC            3,225               
200 oLEARNING TREE                                                
INTERNATIONAL, INC                     4,025        
750 oSYLVAN LEARNING SYSTEMS, INC            24,562               
                        ------------
                             126,328
                        ------------
ELECTRIC, GAS, AND SANITARY SERVICES -- 1.16%                                   
900 oAES CORP                                47,306               
900 oALLIED WASTE INDUSTRIES, INC            21,600               
1,000 oAMERICAN STANDARD COS, INC              44,688                 
1,000  BROWNING FERRIS INDUSTRIES, INC         34,750                 
600  COASTAL CORP                            41,888               
600  DUKE ENERGY CORP                        35,550               
800  FIRSTENERGY CORP                        24,600               
300  FPL GROUP, INC                          18,900               
1,120 oLAIDLAW ENVIRONMENTAL                                          
SERVICES, INC                          4,060        
3,400 oREPUBLIC INDUSTRIES, INC                85,000                 
300  SONAT, INC                              11,588               
500 oSUPERIOR SERVICES, INC                  15,030               
12  TEXAS UTILITIES CO                         500              
26,275 oU.S.A. WASTE SERVICES, INC           1,297,328                  
2,200  WASTE MANAGEMENT, INC                   77,000                 
1,800  WILLIAMS COS, INC                       60,750                 
                        ------------
                           1,820,538
                        ------------
ELECTRONIC & OTHER ELECTRIC                                                     
EQUIPMENT -- 10.20%                                                             
500 oACTEL CORP                               5,375               
16,100 oADC TELECOMMUNICATIONS, INC            588,153                  
500 oADTRAN, INC                             13,063               
1,100 oADVANCED FIBRE                                                 
COMMUNICATIONS                        44,069        
800 oADVANCED MICRO DEVICES, INC             13,650               
14,087 oALTERA CORP                            416,447                  
900  AMP, INC                                30,938               
400 oANADIGICS, INC                           5,450               
25,500 oANALOG DEVICES, INC                    626,344                  
800 oANDREW CORP                             14,450               
700 oARTESYN TECHNOLOGIES, INC               11,200               
3,000 oASCEND COMMUNICATIONS, INC             148,688                 

44  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

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TIAA-CREF Mutual Funds                                       GROWTH EQUITY FUND 
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
ELECTRONIC & OTHER ELECTRIC                                                     
EQUIPMENT -- (Continued)                                                        
1,400 oASPECT TELECOMMUNICATIONS                                      
CORP                            $     38,325        
900 oATMEL CORP                              12,263               
400 oBERG ELECTRICS CORP                      7,825               
25,550 oCD RADIO, INC                          983,675                  
1,000 oCIENA CORP                              69,625                 
300 oCOHERENT COMMUNICATIONS                                      
SYSTEMS CORP                          14,044        
1,155 oCOMVERSE TECHNOLOGY, INC                59,916                 
8,000  COOPER INDUSTRIES, INC                 439,500                 
200 oDAVOX CORP                               4,375               
1,000 oDIGITAL MICROWAVE CORP                   7,250                 
500 oDII GROUP, INC                           8,531               
700 oDSC COMMUNICATIONS CORP                 21,000               
2,400  EMERSON ELECTRIC CO                    144,900                 
66,535  GENERAL ELECTRIC CO                  6,054,685                  
1,100 oGENERAL INSTRUMENT CORP                 29,906                 
275 oGENERAL SEMICONDUCTOR, INC               2,716               
400  HARRIS CORP                             17,875               
100 oHMT TECHNOLOGY CORP                        837               
100 oHUTCHINSON TECHNOLOGY, INC               2,725               
400  INNOVEX, INC                             5,225               
39,653  INTEL CORP                           2,939,279                  
200 oJABIL CIRCUIT, INC                       6,613               
200 oLATTICE SEMICONDUCTOR CORP               5,680               
10,225 oLERNOUT & HAUSPIE SPEECH                                        
PRODUCTS                             610,305        
750 oLEVEL ONE COMMUNICATIONS, INC           17,625               
15,989  LINEAR TECHNOLOGY CO                   964,336                  
900 oLO-JACK CORP                            11,194               
1,600 oLSI LOGIC CORP                          36,900                 
2,000 oMAXIM INTEGRATED PRODUCTS               63,375                 
500  MAYTAG CO                               24,687               
300 oMICREL, INC                              9,750               
1,200 oMICRON TECHNOLOGY, INC                  29,775                 
5,700  MOTOROLA, INC                          299,606                 
500 oMRV COMMUNICATIONS, INC                 10,375               
500 oNATIONAL SEMICONDUCTOR CORP              6,594               
300 oNATURAL MICROSYSTEMS CORP                4,800               
700 oNIMBUS CD INTERNATIONAL, INC             7,963               
4,200  NORTHERN TELECOMMUNICATIONS                                    
LTD (U.S.)                           238,350        
1,000 oP-COM, INC                               9,155                 
1,500 oPAIRGAIN TECHNOLOGIES, INC              26,156                 
500 oPLANTRONICS, INC                        25,750               
400 oPLEXUS CORP                              7,950               
700 oPMC-SIERRA, INC                         32,813               
200 oPREMISYS COMMUNICATIONS, INC             4,975               
200 oRAMBUS, INC                             12,224               
300 oREMEC, INC                               3,413               
300 oROYAL APPLIANCE                                              
MANUFACTURING CO, INC                  1,875        
100 oSANDISK CORP                             1,381               
1,000 oSANMINA CORP                            43,375                 
500  SCIENTIFIC-ATLANTA, INC                 12,687               
200 oSEMTECH CORP                             3,538               
200 oSIPEX CORP                               4,300               
600 oSMART MODULAR                                                
TECHNOLOGIES, INC                      8,775        
300 oSPECTRIAN CORP                           4,856               
200 oTEKELEC                                  8,950               
2,700 oTELLABS, INC                           193,388                 
4,100  TEXAS INSTRUMENTS, INC                 239,080                 
1,100 oTHERMO ELECTRON CORP                    37,606                 
200  THOMAS & BETTS CORP                      9,850               
600 oUNITRODE CORP                            6,900               
300 oVISX, INC                               17,850               
2,000 oVITESSE SEMICONDUCTOR CORP              61,750                 
400  WHIRLPOOL CORP                          27,500               
500 oWORLD ACCESS, INC                       15,000               
1,000 oXILINX, INC                             34,000                 
800 oZENITH ELECTRONICS CORP                    238               
                        ------------
                          15,985,567
                        ------------
ENGINEERING AND MANAGEMENT                                                      
SERVICES -- 0.65%                                                               
1,000 oCAMBRIDGE TECHNOLOGY                                           
PARTNERS, INC                         54,625        
600 oCOR THERAPEUTICS, INC                    8,325               
1,700 oCORRECTIONS CORP OF AMERICA             39,950                 
400 oCURATIVE HEALTH SERVICES, INC           11,400               
900 oICOS CORP                               17,213               
500 oINCYTE PHARMACEUTICALS, INC             17,063               
1,100 oNFO WORLDWIDE, INC                      19,593                 
9,600 oQUINTILES TRANSNATIONAL CORP           472,200                 
800 oRAMTRON INTERNATIONAL CORP               2,775               
400 oRENAISSANCE WORLDWIDE, INC               8,700               
18,700 oSTEVEN MYERS & ASSOCIATES, INC         359,975                  
200 oWACKENHUT CORRECTIONS CORP               4,675               
                        ------------
                           1,016,494
                        ------------
FABRICATED METAL PRODUCTS -- 1.27%                                              
200  AEROQUIP-VICKERS, INC                   11,675               
200  BALL CORP                                8,038               
300  CRANE CO                                14,568               
700  CROWN CORK & SEAL CO, INC               33,250               
30,950  GILLETTE CO                          1,754,478                  
800  ILLINOIS TOOL WORKS, INC                53,350               
900  MASCO CORP                              54,450               
600  PARKER-HANNIFIN CORP                    22,875               
200  SNAP-ON, INC                             7,250               
600  STANLEY WORKS CO                        24,938               
                        ------------
                           1,984,872
                        ------------
FOOD AND KINDRED PRODUCTS -- 3.90%                                              
90 oAGRIBRANDS INTERNATIONAL, INC            2,723              
2,100  ANHEUSER BUSCH COS, INC                 99,094                 
3,150  ARCHER DANIELS MIDLAND CO               61,030                 
2,400  BESTFOODS, INC                         139,350                 

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  45 

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TIAA-CREF Mutual Funds                                       GROWTH EQUITY FUND 
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
FOOD AND KINDRED PRODUCTS-- (Continued)                                         
300  BROWN FORMAN, INC (CLASS B)       $     19,275               
2,600  CAMPBELL SOUP CO                       138,125                 
27,000  COCA COLA CO                         2,308,500                  
1,300  COCA COLA ENTERPRISES, INC              51,025                 
4,300  CONAGRA, INC                           136,256                 
200  COORS (ADOLPH) CO (CLASS B)              6,800               
300 oCORN PRODUCTS                                                
INTERNATIONAL, INC                    10,163        
1,300  GENERAL MILLS, INC                      88,888                 
2,500  HEINZ (H.J.) CO                        140,312                 
1,300  HERSHEY FOODS CORP                      89,700                 
2,900  KELLOGG CO                             108,931                 
16,600  PEPSICO, INC                           683,713                  
700  QUAKER OATS CO                          38,456               
13,950  RALSTON PURINA CO                    1,629,534                  
3,900  SARA LEE CORP                          218,156                 
500 oTRIARC COS, INC                         10,969               
260 oVLASIC FOODS                                                 
INTERNATIONAL, INC                     5,233        
900  WHITMAN CORP                            20,644               
1,000  WRIGLEY (WM) JR CO                      98,000                 
                        ------------
                           6,104,877
                        ------------
FOOD STORES -- 1.17%                                                            
1,400  ALBERTSONS, INC                         72,538                 
1,500  AMERICAN STORES CO                      36,281                 
400  GIANT FOOD, INC (CLASS A)               17,225               
200  GREAT ATLANTIC & PACIFIC                                     
TEA CO, INC                            6,613        
2,100 oKROGER CO                               90,038                 
37,750 oSAFEWAY, INC                         1,535,952                  
900 oSTARBUCKS CORP                          48,094               
400  WINN DIXIE STORES, INC                  20,475               
                        ------------
                           1,827,216
                        ------------
FURNITURE AND FIXTURES -- 0.02%                                                 
100  BUSH INDUSTRIES, INC (CLASS A)           2,175               
100 oKNOLL, INC                               2,950               
1,400  MILLER (HERMAN), INC                    34,038                 
                        ------------
                              39,163
                        ------------
FURNITURE AND HOMEFURNISHINGS                                                   
STORES -- 0.12%                                                                 
1,300 oBED BATH & BEYOND, INC                  67,356                 
1,800 oCOMPUSA, INC                            32,513                 
100  ETHAN ALLEN INTERIORS, INC               4,993               
400 oGUITAR CENTER, INC                      12,050               
400 oLINENS N THINGS, INC                    12,225               
600  TANDY CORP                              31,838               
1,000 oWILLIAMS-SONOMA, INC                    31,813                 
                        ------------
                             192,788
                        ------------
GENERAL BUILDING CONTRACTORS -- 0.02%                                           
400  CENTEX CORP                             15,100               
200  KAUFMAN & BROAD HOME CORP                6,350               
200  PULTE CORP                               5,975               
                        ------------
                              27,425
                        ------------
GENERAL MERCHANDISE STORES -- 0.94%                                             
100 o99 CENTS ONLY STORES                     4,150               
1,670 oCONSOLIDATED STORES CORP                60,538                 
1,800 oCOSTCO COS, INC                        113,512                 
3,000  DAYTON HUDSON CORP                     145,500                 
600  DILLARDS, INC (CLASS A)                 24,863               
400 oDOLLAR GENERAL CORP                     15,825               
1,200 oDOLLAR TREE STORES, INC                 48,750                 
1,200 oFEDERATED DEPARTMENT                                           
STORES, INC                           64,575        
570 oFRED MEYER, INC                         24,225               
400  HARCOURT GENERAL, INC                   23,800               
500  MAY DEPARTMENT STORES CO                32,750               
500 oNEIMAN-MARCUS GROUP, INC                21,718               
128 oSCHOOL SPECIALTY, INC                    2,094               
800 oVENATOR GROUP, INC                      15,300               
14,500  WAL-MART STORES, INC                   880,875                  
                        ------------
                           1,478,475
                        ------------
HEALTH SERVICES -- 0.52%                                                        
500 oACCESS HEALTH, INC                      12,750               
600 oBEVERLY ENTERPRISES, INC                 8,288               
200 oCAREMATRIX CORP                          5,388               
3,700  COLUMBIA/HCA HEALTHCARE                                        
CORP                                 107,763        
735 oENZO BIOCHEMICAL, INC                    9,830               
200 oEXPRESS SCRIPTS, INC                    16,125               
1,800 oFIRST HEALTH GROUP CORP                 51,300                 
1,300 oHEALTH MANAGEMENT                                              
ASSOCIATES, INC (CLASS A)             43,469        
3,500 oHEALTHSOUTH CORP                        93,406                 
900 oHUMANA, INC                             28,068               
1,600 oLINCARE HOLDINGS, INC                   67,300                 
400 oMAGELLAN HEALTH SERVICES, INC           10,150               
400  MANOR CARE, INC                         15,375               
1,100 oMID ATLANTIC MEDICAL                                           
SERVICES, INC                         12,650        
500 oNATIONAL SURGERY CENTERS, INC           14,530               
900 oORTHODONTIC CENTERS OF                                       
AMERICA, INC                          18,844        
300 oPEDIATRIX MEDICAL GROUP, INC            11,156               
273 oPHARMERICA, INC                          3,293               
1,800 oPHYCOR, INC                             29,813                 
700 oPRIME MEDICAL SERVICES, INC              6,563               
1,700 oPSS WORLD MEDICAL, INC                  24,862                 
600 oRENAL CARE GROUP, INC                   26,438               
1,700 oTENET HEALTHCARE CORP                   53,125                 
1,901 oTOTAL RENAL CARE                                               
HOLDINGS, INC                         65,585        
1,100  UNITED HEALTHCARE CORP                  69,850                 
800 oVENCOR, INC                              5,800               
                        ------------
                             811,721
                        ------------

46  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

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TIAA-CREF Mutual Funds                                       GROWTH EQUITY FUND 
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
HEAVY CONSTRUCTION,                                                             
EXCEPT BUILDING -- 0.02%                                                        
500  FLUOR CORP                        $     25,500               
300  FOSTER WHEELER CORP                      6,431               
                        ------------
                              31,931
                        ------------
HOLDING AND OTHER INVESTMENT                                                    
OFFICES -- 0.19%                                                                
4,050  MBNA CORP                              133,650                 
950  NATIONSBANK CORP                        72,675               
737  PATRIOT AMERICAN HOSPITALITY,                                
INC                                   17,642        
600  REPUBLIC NEW YORK CORP                  37,763               
643  STARWOOD HOTELS & RESORTS               31,064               
800 oVENTAS, INC                             11,050               
                        ------------
                             303,844
                        ------------
HOTELS AND OTHER LODGING PLACES-- 1.17%                                         
600 oBRISTOL HOTEL CO                        14,700               
700 oCAPSTAR HOTEL CO                        19,600               
74,864 oCENDANT CORP                         1,562,786                  
600 oHARRAHS ENTERTAINMENT, INC              13,950               
2,000  HILTON HOTELS CORP                      57,000                 
500 oHOST MARRIOTT SERVICES CORP              7,281               
2,000  MARRIOTT INTERNATIONAL                                         
(CLASS A)                             64,750        
1,895 oPROMUS HOTEL CORP                       72,958                 
250 oSODEXHO MARRIOTT SERVICES, INC           7,250               
600 oVAIL RESORTS, INC                       15,975               
                        ------------
                           1,836,250
                        ------------
INDUSTRIAL MACHINERY AND                                                        
EQUIPMENT -- 5.57%                                                              
2,700 o3COM CORP                               82,856                 
1,100 oADAPTEC, INC                            15,744                 
27,225 oAPPLIED MATERIALS, INC                 803,138                  
100 oASYST TECHNOLOGIES, INC                  1,263               
900  BAKER HUGHES, INC                       31,106               
2,200 oBAY NETWORKS, INC                       70,950                 
300 oBELL & HOWELL CO                         7,744               
500  BLACK & DECKER CORP                     30,500               
500  BRUNSWICK CORP                          12,375               
900 oC-CUBE MICROSYSTEMS, INC                16,706               
1,300 oCABLETRON SYSTEMS, INC                  17,469                 
400  CASE CORP                               19,300               
200  CINCINNATI MILACRON, INC                 4,863               
23,580 oCISCO SYSTEMS, INC                   2,170,834                  
15,684  COMPAQ COMPUTER CORP                   445,048                  
1,000 oCOPYTELE, INC                            2,250                 
6,000 oDELL COMPUTER CORP                     556,875                 
200 oDIALOGIC CORP                            5,950               
1,000  DOVER CORP                              34,250                 
1,000  DRESSER INDUSTRIES, INC                 44,063                 
400  EATON CORP                              31,100               
5,200 oEMC CORP                               233,025                 
300 oENCAD, INC                               4,088               
600 oETEC SYSTEMS, INC                       21,113               
300  GENERAL SIGNAL CORP                     10,800               
200  HARNISCHFEGER INDUSTRIES, INC            5,663               
16,750  HEWLETT-PACKARD CO                   1,002,906                  
450  HUSSMANN INTERNATIONAL, INC              8,353               
900  INGERSOLL-RAND CO                       39,656               
300 oINTEGRATED PROCESS                                           
EQUIPMENT CORP                         3,375        
300 oINTERGRAPH CORP                          2,569               
4,300  INTERNATIONAL BUSINESS                                         
MACHINES CORP                        493,693        
3,200 oIOMEGA CORP                             18,800                 
600 oKULICHE & SOFFA INDUSTRIES, INC         10,200               
11,850 oLAM RESEARCH CORP                      226,631                  
200 oLEXMARK INTERNATIONAL                                        
GROUP (CLASS A)                       12,200        
300  MCDERMOTT INTERNATIONAL,                                     
INC                                   10,330        
1,500 oMICROCHIP TECHNOLOGY, INC               39,188                 
400 oMICROS SYSTEMS, INC                     13,238               
11,900 oNOVELLUS SYSTEMS, INC                  424,681                  
500 oOAKLEY, INC                              6,688               
1,000  PALL CORP                               20,500                 
800 oPAXAR CORP                               9,200               
500 oPHOTRONICS, INC                         11,031               
2,400  PITNEY BOWES, INC                      115,500                 
700 oPRESSTEK, INC                            7,830               
2,000 oSEAGATE TECHNOLOGY, INC                 47,625                 
900 oSECURITY DYNAMICS                                            
TECHNOLOGIES, INC                     16,650        
1,000 oSILICON GRAPHICS, INC                   12,125                 
300 oSPLASH TECHNOLOGY                                            
HOLDINGS, INC                          5,156        
4,000 oSUN MICROSYSTEMS, INC                  173,750                 
300  TIMKEN CO                                9,243               
46,200 oUNISYS CORP                          1,305,150                  
300 oUNOVA, INC                               6,450               
                        ------------
                           8,731,791
                        ------------
INSTRUMENTS AND RELATED                                                         
PRODUCTS -- 3.17%                                                               
600 oAFFYMETRIX, INC                         14,438               
1,000 oARTERIAL VASCULAR                                              
ENGINEERING, INC                      35,750        
300  BARD (C.R.), INC                        11,419               
300  BAUSCH & LOMB, INC                      15,038               
2,400  BAXTER INTERNATIONAL, INC              129,150                 
1,100  BECTON DICKINSON & CO                   85,388                 
1,200  BIOMET, INC                             39,675                 
1,600 oBOSTON SCIENTIFIC CORP                 114,600                 
900 oCOGNEX CORP                             16,650               
400 oCOLE NATIONAL CORP (CLASS A)            16,000               
300 oCOOPER COS, INC                         10,931               
200 oCYTEC CORP                               3,263               
42,400  DENTSPLY INTERNATIONAL, INC          1,060,000                  

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  47 

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TIAA-CREF Mutual Funds                                       GROWTH EQUITY FUND 
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
INSTRUMENTS AND RELATED                                                         
PRODUCTS -- (Continued)                                                         
1,600  EASTMAN KODAK CO                  $    116,900                 
300  EG & G, INC                              9,000               
700 oGENRAD, INC                             13,825               
1,500  GUIDANT CORP                           106,969                 
400 oHOLOGIC, INC                             7,275               
1,000  HONEYWELL, INC                          83,563                 
1,000 oIMATRON, INC                             2,750                 
300 oINTEGRATED CIRCUIT                                           
SYSTEMS, INC                           4,988        
400  JOHNSON CONTROLS, INC                   22,875               
23,825 oKLA-TENCOR CORP                        659,655                  
400  MALLINCKRODT, INC                       11,875               
4,700  MEDTRONIC, INC                         299,625                 
400  MILLIPORE CORP                          10,900               
300 oMINIMED, INC                            15,713               
23 oPANAVISION, INC                            624              
400  PERKIN-ELMER CORP                       24,875               
800 oPHYSIO-CONTROL                                               
INTERNATIONAL CORP                    21,050        
300  POLAROID CORP                           10,669               
1,300  RAYTHEON CO (CLASS B)                   76,863                 
700 oRESPIRONICS, INC                        10,894               
500 oROBOTIC VISION SYSTEMS, INC              2,203               
200 oSABRATEK CORP                            4,550               
700 oSEPRACOR, INC                           29,050               
600 oSOFAMOR DANEK GROUP, INC                51,938               
1,100 oST. JUDE MEDICAL, INC                   40,494                 
900 oSTAAR SURGICAL CO                       14,006               
900 oSTERIS CORP                             57,234               
150  TEKTRONIX, INC                           5,306               
600 oTHERAGENICS CORP                        15,637               
500 oTHERMO CARDIOSYSTEMS, INC               11,375               
400  U.S. SURGICAL CORP                      18,250               
900 oUNIPHASE CORP                           56,502               
900 oVIVUS, INC                               5,427               
400 oWATERS CORP                             23,574               
15,400  XEROX CORP                           1,565,024                  
                        ------------
                           4,963,760
                        ------------
INSURANCE AGENTS, BROKERS AND                                                   
SERVICE -- 0.09%                                                                
300  BLANCH (E.W.) HOLDINGS, INC             11,025               
300  HEALTHPLAN SERVICES CORP                 5,250               
1,950  MARSH & MCLENNAN COS, INC              117,853                 
                        ------------
                             134,128
                        ------------
INSURANCE CARRIERS -- 4.62%                                                     
24,700  ACE LTD                                963,300                  
200  AETNA, INC                              15,225               
200  AFLAC, INC                               6,063               
13,650  AMERICAN INTERNATIONAL                                          
GROUP, INC                         1,992,900        
900  AON CORP                                63,225               
1,000  CONSECO, INC                            46,750                 
17,500  EXEL LTD                             1,361,719                  
2,400 oFOUNDATION HEALTH SYSTEMS                                      
(CLASS A)                             63,300        
500  GENERAL REINSURANCE CORP               126,750               
600  JEFFERSON-PILOT CORP                    34,763               
22,726  LIFE RE CORP                         1,883,417                  
500  LOEWS CORP                              43,563               
400  MBIA, INC                               29,950               
700  MGIC INVESTMENT CORP                    39,944               
1,200 oOXFORD HEALTH PLANS, INC                18,375                 
100  PROGRESSIVE CORP                        14,100               
200  PROVIDIAN FINANCIAL CORP                15,712               
1,650  SUNAMERICA, INC                         94,771                 
800  TORCHMARK CORP                          36,600               
400  TRANSAMERICA CORP                       46,050               
4,817  TRAVELERS GROUP, INC                   292,030                 
800  UNUM CORP                               44,400               
                        ------------
                           7,232,907
                        ------------
LEATHER AND LEATHER PRODUCTS -- 0.01%                                           
194 oSAMSONITE CORP                           2,098               
300  STRIDE RITE CORP                         4,519               
100 oTIMBERLAND CO                            7,193               
                        ------------
                              13,810
                        ------------
LOCAL AND INTERURBAN PASSENGER                                                  
TRANSIT -- 0.01%                                                                
1,800  LAIDLAW, INC                            21,938                 
                        ------------
LUMBER AND WOOD PRODUCTS -- 0.06%                                               
1,300 oCHAMPION ENTERPRISES, INC               38,188                 
500  GEORGIA-PACIFIC CORP                                         
(PACKAGING GROUP)                     29,469        
500  GEORGIA-PACIFIC CORP                                         
(TIMBER GROUP)                        11,531        
600  WILLAMETTE INDUSTRIES, INC              19,200               
                        ------------
                              98,388
                        ------------
METAL MINING -- 0.10%                                                           
800  ALCAN ALUMINIUM CO LTD (U.S.)           22,100               
2,100  BARRICK GOLD CORP                       40,294                 
1,400  BATTLE MOUNTAIN GOLD CO                  8,313                 
900 oECHO BAY MINES LTD (U.S.)                2,025               
1,600  FREEPORT-MCMORAN COPPER &                                      
GOLD, INC (CLASS B)                   24,300        
900  INCO LTD CO                             12,262               
1,300  NEWMONT MINING CORP                     30,712                 
1,200  PLACER DOME, INC                        14,100                 
                        ------------
                             154,106
                        ------------
MISCELLANEOUS MANUFACTURING                                                     
INDUSTRIES -- 5.32%                                                             
900 oBLYTH INDUSTRIES, INC                   29,925               
300  HASBRO, INC                             11,794               
300  JOSTENS, INC                             7,163               
29,100  MATTEL, INC                          1,231,294                  

48  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

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TIAA-CREF Mutual Funds                                       GROWTH EQUITY FUND 
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
MISCELLANEOUS MANUFACTURING                                                     
INDUSTRIES -- (Continued)                                                       
3,000  MINNESOTA MINING &                                             
MANUFACTURING CO                $    246,563        
108,165  TYCO INTERNATIONAL LTD               6,814,394                   
                        ------------
                           8,341,133
                        ------------
MISCELLANEOUS REPAIR SERVICES -- 0.00%                                          
200 oSERVICE EXPERTS, INC                     6,900               
                        ------------
MISCELLANEOUS RETAIL -- 0.56%                                                   
600 oBARNES & NOBLE, INC                     22,463               
600 oBORDERS GROUP, INC                      22,200               
100 oBRYLANE, INC                             4,600               
2,800  CVS CORP                               109,025                 
2,000 oGENERAL NUTRITION COS, INC              62,250                 
400 oLANDS END, INC                          12,650               
200  LONGS DRUG STORES CORP                   5,775               
800 oMSC INDUSTRIAL DIRECT CO                                     
(CLASS A)                             22,800        
1,500 oPETSMART, INC                           15,000                 
2,000  RITE AID CORP                           75,125                 
2,100  SEARS ROEBUCK & CO                     128,231                 
2,700 oSTAPLES, INC                            78,131                 
1,000 oSUNGLASS HUT                                                   
INTERNATIONAL, INC                    11,063        
1,600 oTOYS R US, INC                          37,700                 
1,800 oVIKING OFFICE PRODUCTS, INC             56,475                 
5,000  WALGREEN CO                            206,562                 
                        ------------
                             870,050
                        ------------
MOTION PICTURES -- 0.82%                                                        
700 oAMERICAN MEDIA, INC (CLASS A)            4,638               
12,000  DISNEY (WALT) CO                     1,260,750                  
200 oPIXAR, INC                              12,075               
                        ------------
                           1,277,463
                        ------------
NONDEPOSITORY INSTITUTIONS -- 1.27%                                             
500  AAMES FINANCIAL CORP                     6,875               
3,800  AMERICAN EXPRESS CO                    433,200                 
800 oAMERICREDIT CORP                        28,550               
600 oAMRESCO, INC                            17,475               
1,600 oASSOCIATES FIRST CAPITAL CORP          123,000                 
300  BENEFICIAL CORP                         45,956               
100  CAPITAL ONE FINANCIAL CORP              12,419               
200 oCONTIFINANCIAL CORP                      4,625               
200  COUNTRYWIDE CREDIT                                           
INDUSTRIES, INC                       10,150        
10,300  FEDERAL NATIONAL MORTGAGE                                       
ASSOCIATION                          625,725        
585 oFIRST UNION CORP                        34,076               
600 oFIRSTPLUS FINANCIAL GROUP, INC          21,600               
5,400  FREDDIE MAC                            254,138                 
3,200  GREEN TREE FINANCIAL CORP              137,000                 
2,100  HOUSEHOLD INTERNATIONAL, INC           104,475                 
500 oIMC MORTGAGE CO                          5,281               
600 oIMPERIAL CREDIT INDUSTRIES, INC         14,100               
2,100  SLM HOLDING CORP                       102,900                 
200 oSOUTHERN PACIFIC FUNDING                                     
CORP                                   3,138        
                        ------------
                           1,984,683
                        ------------
OIL AND GAS EXTRACTION -- 3.76%                                                 
1,005  BURLINGTON RESOURCES, INC               43,278                 
400 oCLIFFS DRILLING CO                      13,125               
450  COLUMBIA ENERGY GROUP                   25,031               
10,675  DIAMOND OFFSHORE                                                
DRILLING, INC                        427,000        
749 oEEX CORP                                 7,022               
800  ENSCO INTERNATIONAL, INC                13,900               
600 oEVI WEATHERFORD, INC                    22,275               
1,500 oGLOBAL INDUSTRIES LTD                   25,313                 
2,000 oGREY WOLF, INC                           6,375                 
2,100  HALLIBURTON CO                          93,581                 
2,900 oHARKEN ENERGY CORP                      13,956                 
400  HELMERICH & PAYNE, INC                   8,900               
37,044  IHC CALAND NV                        2,085,091                  
300  KERR-MCGEE CORP                         17,363               
300 oKEY ENERGY GROUP, INC                    3,938               
200 oMARINE DRILLING CO, INC                  3,200               
200 oNEWPARK RESOURCES, INC                   2,225               
700 oNOBLE DRILLING CORP                     16,844               
126,308 oOCEAN ENERGY, INC                    2,470,900                   
900 oORYX ENERGY CO                          19,913               
600 oPATTERSON ENERGY, INC                    5,869               
1,500  PHILLIPS PETROLEUM CO                   72,281                 
1,200 oPRIDE INTERNATIONAL, INC                20,325                 
2,300 oR & B FALCON CORP                       52,038                 
500 oROWAN COS, INC                           9,719               
600 oSANTA FE ENERGY                                              
RESOURCES, INC                         6,450        
4,000  SCHLUMBERGER LTD                       273,250                 
600 oSEITEL, INC                              9,712               
1,200 oTUBOSCOPE, INC                          23,700                 
2,600  UNION PACIFIC RESOURCES                                        
GROUP, INC                            45,662        
600 oVERITAS DGC, INC                        29,962               
300 oWESTERN ATLAS, INC                      25,462               
                        ------------
                           5,893,660
                        ------------
PAPER AND ALLIED PRODUCTS -- 0.26%                                              
900  AVERY DENNISON CORP                     48,375               
300  BEMIS, INC                              12,263               
800 oBUCKEYE TECHNOLOGIES, INC               18,850               
500  CHAMPION INTERNATIONAL CORP             24,594               
200  FIRST BRANDS CORP                        5,125               
500  FORT JAMES CORP                         22,250               
5,100  KIMBERLY-CLARK CORP                    233,963                 
300  MEAD CORP                                9,525               
300  TEMPLE-INLAND, INC                      16,163               

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  49 

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TIAA-CREF Mutual Funds                                       GROWTH EQUITY FUND 
-----------------------------------------------------------                     
SHARES                                          VALUE                       
----------------------------------------------------------                      
PAPER AND ALLIED PRODUCTS-- (Continued)                                         
500  TENNECO, INC                      $     19,030               
                        ------------
                             410,138
                        ------------
PERSONAL SERVICES -- 0.09%                                                      
800  BLOCK (H&R), INC                        33,700               
200 oEQUITY CORP INTERNATIONAL                4,800               
300  NATIONAL SERVICE                                             
INDUSTRIES, INC                       15,263        
2,100  SERVICE CORP INTERNATIONAL              90,037                 
400 oTHERMOLASE CORP                          2,900               
                        ------------
                             146,700
                        ------------
PETROLEUM AND COAL PRODUCTS -- 0.06%                                            
400  ASHLAND, INC                            20,650               
300  PENNZOIL CO                             15,188               
91  TEXACO, INC                              5,431              
1,600  UNOCAL CORP                             57,200                 
                        ------------
                              98,469
                        ------------
PRIMARY METAL INDUSTRIES -- 0.10%                                               
1,400  ALLEGHENY TELEDYNE, INC                 32,025                 
1,000  ALUMINUM CO OF AMERICA                  65,938                 
300 oARMCO, INC                               1,913               
600 oBETHLEHEM STEEL CORP                     7,463               
366 oCOMMSCOPE, INC                           5,925               
800  ENGELHARD CORP                          16,200               
200 oMAVERICK TUBE CORP                       2,324               
500  NUCOR CORP                              23,000               
500  WORTHINGTON INDUSTRIES, INC              7,530               
                        ------------
                             162,318
                        ------------
PRINTING AND PUBLISHING -- 0.48%                                                
400  AMERICAN GREETINGS CORP                                      
(CLASS A)                             20,375        
100 oAPPLIED GRAPHICS                                             
TECHNOLOGIES, INC                        4,575          
400 oBIG FLOWER HOLDINGS, INC                12,000               
200 oCONSOLIDATED GRAPHICS, INC              11,800               
500  DELUXE CORP                             17,906               
200  DONNELLEY (R.R.) & SONS CO               9,150               
500  DOW JONES & CO, INC                     27,875               
2,200  GANNETT CO, INC                        156,338                 
200  HARLAND (JOHN H.) CO                     3,388               
800 oJOURNAL REGISTER CO                     13,400               
200  KNIGHT-RIDDER, INC                      11,013               
600  MCGRAW HILL COS, INC                    48,938               
300  MEREDITH CORP                           14,081               
600  MERRILL CORP                            13,238               
500  NEW YORK TIMES CO (CLASS A)             39,625               
2,000  TIME WARNER, INC                       170,875                 
500  TIMES MIRROR CO SERIES A                31,438               
800  TRIBUNE CO                              55,050               
500 oVALASSIS COMMUNICATIONS, INC            19,281               
1,300 oVIACOM, INC (CLASS B)                   75,724                 
153 oWORKFLOW MANAGEMENT, INC                 1,236               
                        ------------
                             757,306
                        ------------

RAILROAD TRANSPORTATION -- 0.03%                                                
500  BURLINGTON NORTHERN                                          
SANTA FE CORP                         49,094        
                        ------------
REAL ESTATE -- 0.02%                                                            
1,100 oCATELLUS DEVELOPMENT CORP               19,456                 
200 oGRUBB & ELLIS CO                         2,850               
100 oINSIGNIA FINANCIAL GROUP, INC            2,450               
                        ------------
                              24,756
                        ------------
RUBBER AND MISCELLANEOUS                                                        
PLASTICS PRODUCTS -- 1.63%                                                      
300 oCONVERSE, INC                            1,650               
400  COOPER TIRE & RUBBER CO                  8,250               
300  GOODRICH (B.F.) CO                      14,888               
800  GOODYEAR TIRE & RUBBER CO               51,550               
600 oGRACE, W.R. & CO                        10,238               
27,000  MONSANTO CO                          1,508,625                  
16,475  NIKE, INC (CLASS B)                    802,127                  
800  RAYCHEM CORP                            23,650               
500 oREEBOK INTERNATIONAL LTD                13,844               
1,200  RUBBERMAID, INC                         39,825                 
800 oSAFESKIN CORP                           32,900               
321 oSEALED AIR CORP                         11,797               
960  SOLUTIA, INC                            27,539               
500  TUPPERWARE CORP                         14,062               
                        ------------
                           2,560,945
                        ------------
SECURITY AND COMMODITY BROKERS -- 1.58%                                         
800  FRANKLIN RESOURCES, INC                 43,200               
27,750 oFREEDOM SECURITIES CORP                502,969                  
1,800  MERRILL LYNCH & CO, INC                166,050                 
800  MORGAN STANLEY, DEAN                                         
WITTER, & CO                          73,100        
2,100  SCHWAB (CHARLES) CORP                   68,250                 
67,725  WADDELL & REED FINANCIAL                                        
INC (CLASS A)                      1,621,167        
                        ------------
                           2,474,736
                        ------------
SOCIAL SERVICES -- 0.01%                                                        
200 oALTERNATIVE LIVING                                           
SERVICES, INC                          5,400        
600 oRES-CARE, INC                           11,063               
                        ------------
                              16,463
                        ------------
STONE, CLAY, AND GLASS PRODUCTS-- 0.11%                                         
1,900  CORNING, INC                            66,025                 
200  LIBBEY, INC                              7,663               
600  OWENS CORNING CO                        24,488               
500  PPG INDUSTRIES, INC                     34,781               
700  USG CORP                                37,887               
                        ------------
                             170,844
                        ------------

50  SEMI-ANNUAL REPORT                        See notes to financial statements 

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TIAA-CREF Mutual Funds                                       GROWTH EQUITY FUND 
-----------------------------------------------------------                     
SHARES                                          VALUE                       
-----------------------------------------------------------                     
TEXTILE MILL PRODUCTS -- 0.77%                                                  
200  RUSSELL CORP                      $      6,038               
36,375 oWESTPOINT STEVENS, INC               1,200,375                  
                        ------------
                           1,206,413
                        ------------
TOBACCO PRODUCTS -- 0.79%                                                       
300 oCONSOLIDATED CIGAR                                           
HOLDINGS, INC                          3,675        
600 oGENERAL CIGAR HOLDINGS, INC                                  
(CLASS A)                              5,925        
29,900  PHILIP MORRIS COS, INC               1,177,313                  
2,000  UST, INC                                54,000                 
                        ------------
                           1,240,913
                        ------------
TRANSPORTATION BY AIR -- 0.32%                                                  
43,000 oAIR CANADA, INC                        384,517                  
200 oEAGLE U.S.A. AIRFREIGHT, INC             6,938               
560 oFDX CORP                                35,140               
700  SOUTHWEST AIRLINES CO                   20,738               
600 oU.S. AIRWAYS GROUP, INC                 47,550               
                        ------------
                             494,883
                        ------------
TRANSPORTATION EQUIPMENT -- 1.85%                                               
4,600  ALLIED SIGNAL, INC                     204,125                 
6,960  BOEING CO                              310,155                 
400  DANA CORP                               21,400               
100  ECHLIN, INC                              4,906               
800  GENERAL DYNAMICS CORP                   37,200               
25,700 oGENERAL MOTORS CORP                                             
(CLASS H)                          1,211,113        
400 oGULFSTREAM AEROSPACE CORP               18,600               
17,775  HARLEY DAVIDSON, INC                   688,781                  
500  ITT INDUSTRIES, INC                     18,688               
1,100  LOCKHEED MARTIN CORP                   116,463                 
300  MERITOR AUTOMOTIVE, INC                  7,200               
300 oNAVISTAR INTERNATIONAL CORP              8,663               
300  NORTHROP GRUMMAN CORP                   30,938               
300  PACCAR, INC                             15,675               
300  TEXTRON, INC                            21,506               
200  TRW, INC                                10,924               
1,900  UNITED TECHNOLOGIES CORP               175,749                 
                        ------------
                           2,902,086
                        ------------
TRANSPORTATION SERVICES -- 0.00%                                                
115 oNAVIGANT INTERNATIONAL, INC                978               
                        ------------
WHOLESALE TRADE-- DURABLE GOODS-- 0.13%                                         
300 oACTION PERFORMANCE COS, INC              9,656               
200  BRIGGS & STRATTON CORP                   7,488               
1,400 oBRIGHTPOINT, INC                        20,300                 
200 oCDW COMPUTER CENTERS, INC               10,000               
600 oCELLSTAR CORP                            7,763               
900 oCHS ELECTRONICS, INC                    16,088               
900  GENUINE PARTS CO                        31,106               
600  GRAINGER (W.W.), INC                    29,888               
400 oHA-LO INDUSTRIES, INC                   12,450               
700 oKENT ELECTRONICS CORP                   12,819               
600 oQUALCOMM, INC                           33,712               
300 oWILMAR INDUSTRIES, INC                   7,649               
                        ------------
                             198,919
                        ------------
WHOLESALE TRADE --                                                              
NONDURABLE GOODS -- 2.07%                                                       
600 oAMERISOURCE HEALTH CORP                                      
(CLASS A)                             39,413        
31,100  BERGEN BRUNSWIG CORP                                            
(CLASS A)                          1,442,263        
10,565  CARDINAL HEALTH, INC                   990,469                  
400 oCENTRAL GARDEN & PET CO                 12,450               
1,500  DIMON, INC                              16,875                 
1,700  ENRON CORP                              91,906                 
1,000 oGENESCO, INC                            16,313                 
400  HUNT CORP                                9,475               
800  IKON OFFICE SOLUTIONS, INC              11,650               
1,000 oNATIONAL-OILWELL, INC                   26,813                 
300 oNU SKIN ENTERPRISES, INC                                     
(CLASS A)                              5,850        
900 oREXALL SUNDOWN, INC                     31,725               
500 oSUIZA FOODS CORP                        29,844               
300  SUPERVALU, INC                          13,313               
3,000  SYSCO CORP                              76,875                 
288 oU.S. OFFICE PRODUCTS CO                  5,610               
5,200  UNILEVER NV-- N.Y. SHARES              410,474                 
300 oUNITED STATIONERS, INC                  19,424               
                        ------------
                           3,250,742
                        ------------

TOTAL COMMON STOCK                                      
(Cost $138,363,496)                156,248,553          
                         -------------

SHORT TERM INVESTMENTS -- 0.85%                                                 
U.S. GOVERNMENT & AGENCIES -- 0.85%                                             
FEDERAL HOME LOAN BANK                                  
$1,325,000    5.400, 07/01/98                    1,325,000                      
                        ------------

TOTAL SHORT TERM INVESTMENTS                            
(Cost $1,325,000)                    1,325,000          
                        ------------

TOTAL PORTFOLIO                                         
(Cost $139,701,262)               $157,585,570          
                        ============

-----------------                                                               
o Non-income producing                                                        
   The cost of investments for federal income tax purposes is substantially  the
same as the amount disclosed above.                                       

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  51 

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TIAA-CREF Mutual Funds    STATEMENT OF INVESTMENTS    INTERNATIONAL EQUITY FUND 
                           (Unaudited)               Summary by Industry
---------------------------------------------------------                       
                 VALUE       %
---------------------------------------------------------                       

PREFERRED STOCK                                                                 
BUSINESS SERVICES                       $ 271,463    0.34%                      
               -----------  ------
TOTAL PREFERRED STOCK                                                           
(Cost $97,298)                            271,463    0.34                       
               -----------  ------
COMMON STOCK                                                                    
AMUSEMENT AND RECREATION                                                        
SERVICES                              2,578,607    3.21                     
APPAREL AND ACCESSORY STORES            1,376,456    1.72                       
BUILDING MATERIALS AND                                                          
GARDEN SUPPLIES                         331,870    0.41                     
BUSINESS SERVICES                       2,301,245    2.87                       
CHEMICALS AND ALLIED PRODUCTS           6,368,673    7.94                       
COMMUNICATIONS                          4,586,808    5.72                       
DEPOSITORY INSTITUTIONS                 9,380,097   11.69                       
EATING AND DRINKING PLACES                167,912    0.21                       
ELECTRIC, GAS, AND SANITARY                                                     
SERVICES                              2,456,457    3.06                     
ELECTRONIC & OTHER ELECTRIC                                                     
EQUIPMENT                             8,584,708   10.70                     
ENGINEERING AND MANAGEMENT                                                      
SERVICES                                552,641    0.69                     
FOOD AND KINDRED PRODUCTS               3,770,706    4.70                       
FOOD STORES                               434,369    0.54                       
GENERAL BUILDING CONTRACTORS              498,136    0.62                       
GENERAL MERCHANDISE STORES              1,705,557    2.13                       
HEAVY CONSTRUCTION,                                                             
EXCEPT BUILDING                       2,448,489    3.05                     
HOLDING AND OTHER INVESTMENT                                                    
OFFICES                               3,084,792    3.84                     
HOTELS AND OTHER                                                                
LODGING PLACES                          163,736    0.20                     
INDUSTRIAL MACHINERY AND                                                        
EQUIPMENT                             1,677,674    2.09                     
INSTRUMENTS AND RELATED                                                         
PRODUCTS                              1,256,065    1.56                     
INSURANCE AGENTS, BROKERS AND                                                   
SERVICE                                 320,630    0.40                     
INSURANCE CARRIERS                      3,293,962    4.10                       
LOCAL AND INTERURBAN                                                            
PASSENGER TRANSIT                       316,115    0.39                     
LUMBER AND WOOD PRODUCTS                  137,236    0.17                       
METAL MINING                              446,318    0.56                       
NONDEPOSITORY INSTITUTIONS                563,678    0.70                       
OIL AND GAS EXTRACTION                  2,055,397    2.56                       
PAPER AND ALLIED PRODUCTS                 318,913    0.40                       
PETROLEUM AND COAL PRODUCTS             2,818,050    3.51                       
PRIMARY METAL INDUSTRIES                1,616,102    2.01                       
PRINTING AND PUBLISHING                   490,417    0.61                       
RAILROAD TRANSPORTATION                 1,505,976    1.88                       
REAL ESTATE                             1,742,471    2.17                       
RUBBER AND MISCELLANEOUS                                                        
PLASTICS PRODUCTS                       128,732    0.16                     
SECURITY AND COMMODITY BROKERS            726,521    0.91                       
STONE, CLAY, AND GLASS PRODUCTS           208,301    0.26                       
TEXTILE MILL PRODUCTS                      72,688    0.09                       
TOBACCO PRODUCTS                          822,295    1.02                       
TRANSPORTATION BY AIR                     601,970    0.75                       
TRANSPORTATION EQUIPMENT                2,790,102    3.48                       
TRANSPORTATION SERVICES                 2,469,229    3.08                       
TRUCKING AND WAREHOUSING                  135,482    0.17                       
WATER TRANSPORTATION                      502,356    0.63                       
               -----------  ------
TOTAL COMMON STOCK                                                              
(Cost $75,346,557)                     77,807,939   96.96                       
               -----------  ------
SHORT TERM INVESTMENTS                                                          
U.S. GOVERNMENT & AGENCIES              2,250,000    2.80                       
               -----------  ------
TOTAL SHORT TERM INVESTMENTS                                                    
(Cost $2,250,000)                       2,250,000    2.80                       
               -----------  ------
TOTAL PORTFOLIO                                                                 
(Cost $77,693,855)                     80,329,402  100.10                       
OTHER ASSETS & LIABILITIES, NET           (83,876)  (0.10)                      
               -----------  ------
NET ASSETS                            $80,245,526  100.00%                      
               ===========  ======

52  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

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TIAA-CREF Mutual Funds    STATEMENT OF INVESTMENTS    INTERNATIONAL EQUITY FUND 
                          (Unaudited)               Summary by Country
----------------------------------------------------------                      
                   Value       %
----------------------------------------------------------                      
AUSTRALIA                             $ 1,208,124    1.50%                      
AUSTRIA                                   251,358    0.31                       
BELGIUM                                   737,030    0.92                       
CANADA                                    215,508    0.27                       
DENMARK                                   559,689    0.70                       
FINLAND                                   603,135    0.75                       
FRANCE                                 11,969,073   14.90                       
GERMANY                                 8,314,963   10.35                       
HONG KONG                                 880,544    1.10                       
IRELAND                                   218,413    0.27                       
ITALY                                   2,613,374    3.25                       
JAPAN                                  12,785,154   15.92                       
MALAYSIA                                  301,341    0.38                       
NETHERLANDS                             4,750,639    5.91                       
NEW ZEALAND                               120,761    0.15                       
NORWAY                                  1,376,919    1.71                       
PORTUGAL                                  288,523    0.36                       
SINGAPORE                                 232,970    0.29                       
SPAIN                                   2,256,837    2.81                       
SWEDEN                                  1,453,379    1.81                       
SWITZERLAND                             8,132,071   10.12                       
UNITED KINGDOM                         18,809,597   23.42                       
               -----------   -----
TOTAL FOREIGN                          78,079,402   97.20                       
               -----------  ------
SHORT TERM INVESTMENTS                  2,250,000    2.80                       
               -----------  ------
TOTAL PORTFOLIO                       $80,329,402  100.00%                      
               ===========  ======

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  53 

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TIAA-CREF Mutual Funds    STATEMENT OF INVESTMENTS    INTERNATIONAL EQUITY FUND 
(Unaudited)       
------------------------------------------------------------                    
SHARES                                         VALUE                      
------------------------------------------------------------                    
PREFERRED STOCK -- 0.34%                                                        
BUSINESS SERVICES -- 0.34%                                                      
400  SAP AG.                            $   271,463               
                         -----------
TOTAL PREFERRED STOCK                                   
(Cost $97,298)                         271,463          
                         -----------
COMMON STOCK -- 96.96%                                                          
AMUSEMENT AND RECREATION SERVICES -- 3.21%                                      
172  KUONI REISEN HOLDING (REGD)                                  
(CLASS B)                            853,870        
17,900  LADBROKE GROUP PLC                      98,260                  
2,105  SMH AG. (BR)                         1,626,477                 
                         -----------
                           2,578,607
                         -----------

APPAREL AND ACCESSORY STORES -- 1.72%                                           
7,900  ADIDAS SALOMON AG.                   1,376,456                 
                         -----------
BUILDING MATERIALS AND                                                          
GARDEN SUPPLIES -- 0.41%                                                        
15,397  CRH PLC                                218,414                  
63,000  MALAYAN CEMENT BERHAD                   20,506                  
12,000  SEKISUI HOUSE LTD                       92,950                  
                         -----------
                             331,870
                         -----------
BUSINESS SERVICES -- 2.87%                                                      
200  ADECCO S.A. (BR)                        90,189               
30,712  BTR PLC                                 87,113                  
28,000  COMMERCE ASSET HOLDINGS                                         
BERHAD                                10,464        
167,600  CORPORATE SERVICES GROUP PLC           666,943                   
34,900  CSR LTD                                100,711                  
14,000  MITSUBISHI CORP                         86,753                  
17,000  MITSUI & CO LTD                         91,869                  
8,200  PEARSON PLC                            150,225                 
12,480  RUETERS GROUP PLC                      142,637                  
500  SAP AG.                                303,318               
1,200  LYONNAISE DES EAUX S.A.                197,485                 
13,000  SUMITOMO CORP                           62,478                  
16,000  TOKYU CORP                              48,536                  
1,100  VIVENDI S.A.                           234,881                 
28,000  WHARF HOLDINGS LTD                      27,643                  
                         -----------
                           2,301,245
                         -----------
CHEMICALS AND ALLIED PRODUCTS -- 7.94%                                          
1,000  AKZO NOBEL NV                          222,296                 
6,300  BASF AG.                               299,288                 
6,700  BAYER AG.                              346,686                 
7,100  BOC GROUP PLC                           96,725                 
15,000  CHUGAI PHARMACEUTICAL                                           
CO LTD                                98,138        
25,000  DAINIPPON INK & CHEMICAL, INC           76,557                  
25,064  GLAXO WELLCOME PLC                     752,329                  
8,300  IMPERIAL CHEMICAL                                              
INDUSTRY PLC                         133,223        
19,016  KONINKLIJKE AHOLD NV                   610,427                  
1,900  MERCK & CO KGAA                         85,156                 
33,000  MITSUBISHI CHEMICAL CORP                59,682                  
2,000  NORSK HYDRO AS                          87,965                 
643  NOVARTIS AG. (REGD)                  1,069,963               
500  NOVO NORDISK AS (CLASS B)               68,925               
2,700  RHONE-POULENC S.A. (CLASS A)           152,282                 
14  ROCHE HOLDINGS AG. (BR)                207,442              
58  ROCHE HOLDINGS AG.                                          
(GENUSSCHEINE)                       569,556        
10,000  SEKISUI CHEMICAL CO LTD                 51,158                  
4,000  SHIN-ETSU CHEMICAL CO LTD               69,172                 
45,722  SMITHKLINE BEECHAM/                                             
BECKMAN LTD                          558,040        
24,000  SUMITOMO CHEMICAL CO LTD                74,014                  
5,000  TAISHO PHARMACEUTICAL CO LTD            93,310                 
7,000  TAKEDA CHEMICAL                                                
INDUSTRIES LTD                       186,115        
5,000  YAMANOUCHI PHARMACEUTICAL                                      
CO LTD                               104,118        
6,900  ZENECA GROUP PLC                       296,106                 
                         -----------
                           6,368,673
                         -----------
COMMUNICATIONS -- 5.72%                                                         
14,900  BRITISH SKY BROADCASTING                                        
GROUP PLC                            107,025        
47,400 oBRITISH TELECOMMUNICATIONS                                      
PLC                                  585,243        
400 oCANAL PLUS S.A.                         74,760               
16,300  DEUTSCHE TELEKOM AG.                   446,097                  
4,000  FRANCE TELECOM S.A.                    275,884                 
98,000  HONG KONG                                                       
TELECOMMUNICATIONS LTD               184,021        
5,300  KONINKLIJKE KPN NV                     204,004                 
15,500  MEDIASET S.P.A.                         98,932                  
96  NIPPON TELEGRAPH &                                          
TELEPHONE CORP                       795,476        
2,900  PORTUGAL TELECOM S.A.                  153,698                 
57,000 oSINGAPORE                                                       
TELECOMMUNICATIONS LTD                80,972        
17,000  SIRTI S.P.A.                            92,486                  
45,960  TELECOM ITALIA MOBILE S.P.A.           281,067                  
2,500  TELE DANMARK AS (CLASS B)              239,930                 
29,300  TELECOM CORP OF NEW ZEALAND            120,761                  
28,000  TELECOM ITALIA                         206,125                  
9,818  TELEFONICA DE ESPANA S.A.              454,695                 
31,000  TELEKOM MALAYSIA BERHAD                 52,321                  
52,000  TELSTRA CORP LTD (P/P)                 133,311                  
                         -----------
                           4,586,808
                         -----------
DEPOSITORY INSTITUTIONS -- 11.69%                                               
11,200  ABN-AMRO HOLDINGS NV                   262,076                  
8,400  ARGENTARIA S.A.                        188,752                 
20,000  ASAHI BANK LTD                          87,906                  
27,500  BANCA COMMERCIALE                                               
ITALIANA S.P.A.                      164,462        

54  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

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TIAA-CREF Mutual Funds                                INTERNATIONAL EQUITY FUND 
------------------------------------------------------------                    
SHARES                                         VALUE                      
------------------------------------------------------------                    
DEPOSITORY INSTITUTIONS -- (Continued)                                          
5,000  BANCO CENTRALE                                                 
HISPANOAMERICANO S.A.           $    157,424        
625 oBANCO CENTRALE                                               
HISPANOAMERICANO S.A. NEW             19,678        
10,000  BANCO SANTANDER S.A.                   256,385                  
35,000  BANK OF TOKYO MITSUBISHI LTD           370,466                  
2,633  BANQUE NATIONALE DE PARIS              212,288                 
11,408  BARCLAYS PLC                           328,912                  
3,600  BAYERISCHE HYPOTHEKEN-UND                                      
WECHSEL-BANK                         228,162        
3,200  BAYERISCHE VEREINSBANK AG.             271,241                 
23,500  CHRISTIANIA BANK OG                                             
KREDITKASSE                           98,305        
29,500  CREDITO ITALIANO S.P.A.                154,432                  
4,400  DEUTSCHE BANK AG.                      371,982                 
4,900  DRESDNER BANK AG.                      264,676                 
22,000  FUJI BANK LTD                           98,123                  
200  GENERALE DE BANQUE S.A.                148,482               
15,400  HANG SENG BANK LTD                      87,051                  
12,913  HSBC HOLDINGS PLC                      312,838                  
6,202  HSBC HOLDINGS LTD                                              
(UNITED KINGDOM)                     157,394        
20,000  INDUSTRIAL BANK OF JAPAN LTD           125,374                  
12,300  INSTITUTO BANCARIO SAN PAOLO                                    
DI TURINO                            177,497        
10,900  ISTITUTO MOBILIARE                                              
ITALIANO S.P.A.                      171,706        
18,000  JOYO BANK                               66,405                  
38,770  LLOYDS TSB GROUP PLC                   542,406                  
24,000  MALAYAN BANKING BERHAD                  24,188                  
11,000  MITSUBISHI TRUST &                                              
BANKING CORP                          93,447        
13,000  MITSUI TRUST & BANKING CO LTD           30,630                  
12,400  NATIONAL AUSTRALIA BANK LTD            163,556                  
22,000  OVERSEAS-CHINESE BANKING                                        
CORP LTD (FR)                         74,875        
1,600 oPARIBAS S.A.                           171,220                 
39,000  RHB CAPITAL BERHAD                      15,892                  
9,176  ROYAL BANK OF SCOTLAND PLC             159,226                 
87,000  SAKURA BANK LTD                        225,673                  
21,000  oSANWA BANK LTD                        187,780                  
10,000  SHIZUOKA BANK LTD                      107,360                  
4,700  SKANDINAVISKA ENSKILDA                                         
BANKEN SERIES A                       80,446        
1,100  SOCIETE GENERALE S.A.                  228,696                 
24,000  SUMITOMO BANK LTD                      233,455                  
2,200  SVENSKA HANDELSBANKEN                                          
SERIES A                             102,070        
17,000  TOKAI BANK LTD                          93,584                  
5,178 oUNION BANK OF SWITZERLAND                                      
AG. (REGD)                         1,925,662        
20,000  WESTPAC BANKING CORP                   121,991                  
17,000  YASUDA TRUST & BANKING                                          
CO LTD                                15,923        
                         -----------
                           9,380,097
                         -----------
EATING AND DRINKING PLACES -- 0.21%                                             
600  ACCOR S.A.                             167,912               
                         -----------
ELECTRIC, GAS, AND SANITARY SERVICES -- 3.06%                                   
23,500  CLP HOLDINGS LTD                       107,058                  
400  ELECTRABEL NV                          113,410               
5,800  ELECTRICIDADE DE PORTUGAL S.A.         134,827                 
7,600  ENDESA S.A.                            166,555                 
400  GAS NATURAL SDG S.A.                    28,950               
11,300  IBERDROLA S.A.                         183,794                  
8,900  KANSAI ELECTRIC POWER CO, INC          154,549                 
20,400  NATIONAL GRID GROUP PLC                137,511                  
11,600  NATIONAL POWER PLC                     109,160                  
2,100  OESTERREICHISCHE                                               
ELEKTRIZITAETSWIRSCHAFTS AG.         251,358        
2,400 oRHEIN-WESTFALEN ELECTRIC AG.                                   
(STAMM)                              142,003        
14,100  SCOTTISH POWER PLC                     123,511                  
27,000  TENAGA NASIONAL BERHAD                  32,550                  
10,600  TOKYO ELECTRIC POWER CO, INC           207,746                  
2,000  TOKYO ELECTRON CO LTD                   61,246                 
4,400  VEBA AG.                               295,806                 
300 oVIAG AG.                               206,423               
                         -----------
                           2,456,457
                         -----------
ELECTRONIC & OTHER ELECTRIC                                                     
EQUIPMENT -- 10.70%                                                             
7,700  ABB AB SERIES A                        109,104                 
900  ADVANTEST CORP                          48,377               
7,800  ALCATEL ALSTHOM CIE GEN              1,588,117                 
18,000 oALSTOM                                 592,455                  
500  BARCO INDUSTRIES NV                    139,747               
19,300  CABLE & WIRELESS PLC                   234,431                  
7,000  CANON, INC                             158,879                 
14,000  CITIZEN WATCH CO LTD                   115,503                  
5,500  ELECTROLUX AB SERIES B                  94,483                 
14,000  ERICSSON TELEFON (LM) AB                                        
SERIES B                             409,031        
12,000  FURUKAWA ELECTRIC CO LTD                40,379                  
25,200  GENERAL ELECTRIC CO                                             
(UNITED KINGDOM)                     217,169        
26,000  HITACHI LTD                            169,543                  
2,000  HOYA CORP                               56,634                 
16,000  MATSUSHITA ELECTRIC                                             
INDUSTRIAL CO LTD                    257,089        
23,000 oMITSUBISHI ELECTRIC CORP                52,866                  
3,000  MURATA MANUFACTURING                                           
CO LTD                                97,273        
4,000  NIKON CORP                              28,764                 
13,000  NIPPON ELECTRIC CORP (N.E.C.)          121,116                  
2,000  NOKIA AB SERIES K                      147,271                 

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  55 

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TIAA-CREF Mutual Funds                                INTERNATIONAL EQUITY FUND 
------------------------------------------------------------                    
SHARES                                         VALUE                      
------------------------------------------------------------                    
ELECTRONIC & OTHER ELECTRIC                                                     
EQUIPMENT -- (Continued)                                                        
3,600 oNOKIA OYJ SERIES A                $    264,760                 
4,000  OMRON CORP                              61,102                 
11,560  PHILIPS ELECTRONICS NV                 971,752                  
1,000  ROHM CO                                102,677                 
24,000  SANYO ELECTRIC CO LTD                   72,630                  
15,200 oSGS-THOMSON                                                     
MICROELECTRONICS NV                1,077,269        
10,000  SHARP CORP                              80,989                  
4,700  SIEMENS AG.                            286,812                 
5,800  SONY CORP                              499,406                 
8,000  SUMITOMO ELECTRIC                                              
INDUSTRIES CO                         80,873        
29,104  VODAFONE GROUP PLC                     369,299                  
4,000  YAMAHA CORP                             38,908                 
                         -----------
                           8,584,708
                         -----------
ENGINEERING AND MANAGEMENT                                                      
SERVICES -- 0.69%                                                               
10,100  ASTRA AB SERIES A FREE                 206,434                  
5,000  EISAI CO LTD                            68,091                 
500  LOREAL S.A.                            278,116               
                         -----------
                             552,641
                         -----------
FOOD AND KINDRED PRODUCTS -- 4.70%                                              
12,000  ASSOCIATED BRITISH FOODS PLC           113,224                  
49,300  BASS PLC                               923,746                  
300  BONGRAIN S.A.                          150,644               
12,900  CADBURY SCHWEPPES LTD                  199,632                  
7,004  COCA-COLA AMATIL LTD                    46,842                 
28,944  DIAGEO PLC (CLASS A)                   342,881                  
61,000  GUINESS ANCHOR BERHAD                   64,714                  
13,000  oKIRIN BREWERY CO LTD                  122,708                  
600  LVMH MOET HENNESSY                                           
LOUIS VUITTON                        120,079        
400  NESTLE S.A. REGD                       856,006               
12,200  SCOTTISH & NEWCASTLE PLC               172,616                  
26,000  UNILEVER LTD                           276,771                  
4,800  UNILEVER NV CERT                       380,843                 
                         -----------
                           3,770,706
                         -----------
FOOD STORES -- 0.54%                                                            
13,986  SAFEWAY PLC                             91,592                  
17,000  SAINSBURY (J) PLC                      151,466                  
19,600  TESCO PLC                              191,311                  
                         -----------
                             434,369
                         -----------
GENERAL BUILDING CONTRACTORS -- 0.62%                                           
10,726  BLUE CIRCLE INDUSTRIES PLC              60,579                  
10,000  DAIWA HOUSE INDUSTRY CO LTD             88,266                  
17,000  KAJIMA CORP                             46,547                  
13,000  OBAYASHI CORP                           55,078                  
1,700  SKANSKA AB SERIES B FREE                76,314                 
900  ST. GOBAIN S.A.                        166,870               
11,000#oUNITED ENGINEERING BERHAD                4,482                  
                         -----------
                             498,136
                         -----------
GENERAL MERCHANDISE STORES -- 2.13%                                             
9,400  BOOTS CO LTD                           155,741                 
300  CARREFOUR SUPERMARCHE S.A.             189,794               
10,000  DAIEI, INC                              23,418                  
2,000  DELHAIZE FRERES NV                     139,747                 
10,500  GREAT UNIVERSAL STORES PLC             138,402                  
2,100  HENNES & MAURITZ AB SERIES B           134,032                 
3,000  ITO-YOKADO CO LTD                      141,154                 
3,000  JUSCO CO LTD                            55,013                 
8,300  KINGFISHER PLC                         133,638                 
20,600  MARKS & SPENCER PLC                    187,494                  
5,000  MARUI CO LTD                            74,576                 
900 oMETRO AG.                               54,348               
200 oPINAULT-PRINTEMPS-REDOUTE S.A.         167,383               
200  PROMODES S.A.                          110,817               
                         -----------
                           1,705,557
                         -----------
HEAVY CONSTRUCTION,                                                             
EXCEPT BUILDING -- 3.05%                                                        
9,735 oEIFFAGE                                842,107                 
6,410  GROUPE GTM                             665,806                 
5,000  KINDEN CORP                             60,525                 
1,400 oSCHNEIDER S.A.                         111,634                 
16,250 oSOCIETE GENERALE                                                
DENTERPRISES S.A.                    768,417        
                         -----------
                           2,448,489
                         -----------
HOLDING AND OTHER INVESTMENT                                                    
OFFICES -- 3.84%                                                                
115,600  COMPASS GROUP PLC                    1,328,933                   
1,900  CREDIT SUISSE GROUP (REGD)             422,762                 
22,600  HANSON PLC                             137,352                  
28,000  HUTCHINSON WHAMPOA LTD                 147,795                  
11,000  MITSUBISHI ESTATE CO LTD                96,696                  
1,000 oMUENCHENER RUECKVER AG.                                        
(REGD)                               496,390        
2,100  PERNOD-RICARD S.A.                     145,534                 
4,000  SANKYO CO LTD                           91,076                 
770  TOHO CO LTD                             81,003               
1,000  WOLTERS KLUWER NV                      137,251                 
                         -----------
                           3,084,792
                         -----------
HOTELS AND OTHER LODGING PLACES -- 0.20%                                        
58,000  HONG KONG & SHANGHAI                                            
HOTELS LTD                            29,005        
18,335  RANK GROUP PLC                         100,647                  
31,000  RESORTS WORLD BERHAD                    34,084                  
                         -----------
                             163,736
                         -----------
INDUSTRIAL MACHINERY AND                                                        
EQUIPMENT -- 2.09%                                                              
2,800  FANUC LTD                               96,841                 
15,000  FUJITSU LTD                            157,798                  

56  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

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TIAA-CREF Mutual Funds                                INTERNATIONAL EQUITY FUND 
------------------------------------------------------------                    
SHARES                                         VALUE                      
------------------------------------------------------------                    
INDUSTRIAL MACHINERY AND                                                        
EQUIPMENT -- (Continued)                                                        
11,000  GKN PLC                           $    140,129                  
29,000  KEPPEL CORP                             43,599                  
2,000 oKEYENCE CORP                           217,603                 
73,000  KOMATSU LTD                            354,520                  
1,700  KYOCERA CORP                            83,049                 
6,000  MAKITA CORP                             69,129                 
25,000  MINEBEA CO LTD                         248,766                  
28,000  MITSUBISHI HEAVY                                                
INDUSTRIES LTD                       105,718        
23,000  NTN TOYO BEARING CO LTD                 72,256                  
5,000  TOYODA AUTOMATIC LOOM                                          
WORKS LTD                             88,266        
                         -----------
                           1,677,674
                         -----------
INSTRUMENTS AND RELATED PRODUCTS-- 1.56%                                        
7,000  FUJI PHOTO FILM CO LTD                 243,615                 
8,900  GRANADA GROUP LTD (CLASS A)            163,643                 
42,500 oSIEBE PLC                              848,807                  
                         -----------
                           1,256,065
                         -----------
INSURANCE AGENTS, BROKERS AND                                                   
SERVICE -- 0.40%                                                                
9,860 oASSICURAZIONI GENERALI S.P.A.          320,630                 
                         -----------
INSURANCE CARRIERS -- 4.10%                                                     
1,600 oALLIANZ AG. (REGD)                     533,176                 
47 oALLIANZ AG. NEW                         15,532              
10,200  CGU PLC                                190,269                  
5,863  ING GROEP NV                           383,907                 
107,600 oINSTITUTO NAZIONALE DELLE                                        
ASSICURAZION                         305,706        
14,200  LEGAL & GENERAL GROUP PLC              151,515                  
12,000  MITSUI TAISHO MARINE & FIRE                                     
CO LTD                                60,266        
15,800  PRUDENTIAL CORP PLC                    208,130                  
14,997  ROYAL & SUN ALLIANCE                                            
INSURANCE GROUP PLC                  155,014        
2,000 oSAMPO INSURANCE CO SERIES A             94,778                 
9,900  SCOR                                   627,958                 
11,000  SUMITOMO MARINE & FIRE                                          
INSURANCE CO                          61,505        
12,000  TOKIO MARINE & FIRE                                             
INSURANCE CO LTD                     123,299        
600  ZURICH INSURANCE CO (REGD)             382,907               
                         -----------
                           3,293,962
                         -----------
LOCAL AND INTERURBAN PASSENGER                                                  
TRANSIT -- 0.39%                                                                
36  EAST JAPAN RAILWAY CO                  169,125              
34,000  NANKAI ELECTRIC RAILWAY CO             146,990                  
                         -----------
                             316,115
                         -----------
LUMBER AND WOOD PRODUCTS -- 0.17%                                               
5,300  SCA AB SERIES B                        137,236                 
                         -----------

METAL MINING -- 0.56%                                                           
28,202  NORTH LTD                               57,981                  
8,800  RIO TINTO LTD                          104,628                 
8,000  RIO TINTO PLC (REGD)                    90,099                 
13,300  SMITH (HOWARD) LTD                      78,242                  
1,100  UNION MINIERE GROUP S.A.                67,992                 
15,742  WMC LTD                                 47,376                  
                         -----------
                             446,318
NONDEPOSITORY INSTITUTIONS -- 0.70%                                             
4,000  AIFUL CORP                             195,122                 
1,500  SHOKOH FUND & CO                       368,556                 
                         -----------
                             563,678
                         -----------
OIL AND GAS EXTRACTION -- 2.56%                                                 
30,500  AKER MARTIME ASA                       536,584                  
8,600  IHC CALAND NV                          484,067                 
21,000 oPETROLEUM GEO-SERVICES AS              654,066                  
1,200  TECHNIP S.A.                           146,675                 
1,800  TOTAL S.A.                             234,005                 
                         -----------
                           2,055,397
                         -----------
PAPER AND ALLIED PRODUCTS -- 0.40%                                              
17,000  NIPPON PAPER INDUSTRIES CO              70,800                  
6,900 oNORD-EST S.A.                          151,786                 
3,500  UPM-KYMMENE OY                          96,327                 
                         -----------
                             318,913
                         -----------
PETROLEUM AND COAL PRODUCTS -- 3.51%                                            
33,352  BG PLC                                 192,820                  
39,115  BRITISH PETROLEUM PLC                  570,402                  
14,407  BROKEN HILL PROPRIETARY                                         
CO LTD                               121,778        
27,000  COSMO OIL CO LTD                        48,636                  
1,900  ELF AQUITANE S.A.                      267,117                 
58,900  ENTE NAZIONALE                                                  
IDROCARBURI S.P.A.                   386,048        
47,000  JAPAN ENERGY CORP                       49,782                  
14,500  LONDON & SCOTTISH MARINE                                        
OIL PLC                               58,064        
4,100  REPSOL S.A.                            226,305                 
15,000  ROYAL DUTCH PETROLEUM CO               831,768                  
21,100  SANTOS LTD                              65,330                  
                         -----------
                           2,818,050
                         -----------
PRIMARY METAL INDUSTRIES -- 2.01%                                               
26,900  BRITISH STEEL PLC                       59,133                  
39,000  KAWASAKI STEEL CORP                     70,253                  
12,200  MANNESMANN AG.                       1,253,771                  
59,000  NIPPON STEEL CORP                      103,729                  
41,000  SUMITOMO METAL                                                  
INDUSTRIES LTD                        65,879        
4,100 oUSINOR                                  63,337                 
                         -----------
                           1,616,102
                         -----------

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  57 

N-30D 62nd "Page" of 64 TOC 1st Previous Next Bottom Just 62nd

TIAA-CREF Mutual Funds                                INTERNATIONAL EQUITY FUND 
------------------------------------------------------------                    
SHARES                                         VALUE                      
------------------------------------------------------------                    
PRINTING AND PUBLISHING -- 0.61%                                                
7,000  DAI NIPPON PRINTING CO LTD         $   111,720                 
8,400  ELSEVIER UTIGEVERSMIJ NV               126,771                 
20,386  NEWS CORP LTD                          166,384                  
8,000  TOPPAN PRINTING CO LTD                  85,542                 
                         -----------
                             490,417
                         -----------
RAILROAD TRANSPORTATION -- 1.88%                                                
58,500 oRAILTRACK GROUP PLC                  1,433,850                  
13,000  SEINO TRANSPORTATION                                            
CO LTD                                72,126        
                         -----------
                           1,505,976
                         -----------
REAL ESTATE -- 2.17%                                                            
13,405  AXA                                  1,507,667                  
19,000  CHEUNG KONG HOLDINGS LTD                93,424                  
12,000  CITY DEVELOPMENT LTD                    33,525                  
9,000  MITSUI FUDOSAN CO LTD                   71,074                 
19,000  NEW WORLD DEVELOPMENT                                           
CO LTD                                36,781        
                         -----------
                           1,742,471
                         -----------
RUBBER AND MISCELLANEOUS                                                        
PLASTICS PRODUCTS -- 0.16%                                                      
46,000  GOLDEN HOPE PLANTATIONS                                         
BERHAD                                42,146        
1,500  MICHELIN S.A. (CLASS B)                 86,586                 
                         -----------
                             128,732
                         -----------
SECURITY AND COMMODITY BROKERS-- 0.91%                                          
11,400  ABBEY NATIONAL PLC                     202,572                  
14,000  DAIWA SECURITIES CO LTD                 60,223                  
500  FORTIS AG.                             127,654               
14,000  NOMURA SECURITIES CO LTD               162,914                  
3,750  SCHROEDERS LTD                          96,731                 
18,000  SUN HUNG KAI PROPERTIES LTD             76,427                  
                         -----------
                             726,521
                         -----------
STONE, CLAY, AND GLASS PRODUCTS-- 0.26%                                         
15,000  ASAHI GLASS CO LTD                      81,061                  
100  HOLDERBANK FINANCIERE                                        
GLARUS AG. (BR)                      127,240        
                         -----------
                             208,301
                         -----------
TEXTILE MILL PRODUCTS -- 0.09%                                                  
26,000  MITSUBISHI RAYON CO LTD                 72,688                  
                         -----------
TOBACCO PRODUCTS -- 1.02%                                                       
24,772  B.A.T. INDUSTRIES LTD                  247,992                  
28,000 oTABACALERA S.A. SERIES A (REGD)        574,303                  
                         -----------
                             822,295
                         -----------
TRANSPORTATION BY AIR -- 0.75%                                                  
24,100 oAIR CANADA, INC                        215,509                  
9,984  BRITISH AIRWAYS PLC                    108,029                 
44,000  CATHAY PACIFIC AIRWAYS LTD              30,948                  
5,000  DEUTSCHE LUFTHANSA AG.                                         
(REGD)                               125,898        
22,000 oJAPAN AIRLINES CO LTD                   61,188                  
16,000  SWIRE PACIFIC LTD (CLASS A)             60,398                  
                         -----------
                             601,970
                         -----------
TRANSPORTATION EQUIPMENT -- 3.48%                                               
7,000  BRIDGESTONE CORP                       165,436                 
14,484  BRITISH AEROSPACE PLC                  110,924                  
4,400  DAIMLER BENZ AG.                       432,679                 
8,000  DENSO CORP                             132,579                 
33,200 oFIAT S.P.A.                            145,317                  
8,000  HONDA MOTOR CO LTD                     284,757                 
23,000  NISSAN MOTOR CO LTD                     72,421                  
900  PEUGEOT S.A.                           193,515               
34,900  PIRELLI S.P.A.                         108,973                  
26,000  ROLLS ROYCE LTD                        107,368                  
28,000  TOYOTA MOTOR CORP                      724,287                  
215  VOLKSWAGEN AG.                         207,612               
3,500  VOLVO AB SERIES B FREE                 104,234                 
                         -----------
                           2,790,102
                         -----------
TRANSPORTATION SERVICES -- 3.08%                                                
226,000  AIRTOURS PLC                         1,700,634                   
249,000 oTHOMSON TRAVEL GROUP                                             
PLC W/I                              768,595        
                         -----------
                           2,469,229
                         -----------
TRUCKING AND WAREHOUSING -- 0.17%                                               
5,300 oTNT POST GROUP NV                      135,482                 
                         -----------
WATER TRANSPORTATION -- 0.63%                                                   
15  DAMPSKIBSSELSKABET AF 1912                                  
(CLASS B)                            128,690        
10  DAMPSKIBSSELSKABET                                          
SVENDBORG (CLASS B)                  122,146        
35,000  NIPPON YUSEN KABUSHIKI KAISHA          118,529                  
9,236  PENINSULAR & ORIENTAL                                          
STEAM NAVIGATION CO                  132,991        
                         -----------
                             502,356
                         -----------
TOTAL COMMON STOCK                                      
(Cost $75,346,557)                  77,807,939            
                         -----------
SHORT TERM INVESTMENTS -- 2.80%                                                 
U.S. GOVERNMENT & AGENCIES -- 2.80%                                             
FEDERAL HOME LOAN BANK                                  
$2,250,000    5.400, 07/01/98                    2,250,000                      
                         -----------
TOTAL SHORT TERM INVESTMENTS                            
(Cost $2,250,000)                    2,250,000          
                         -----------
TOTAL PORTFOLIO                                         
(Cost $77,693,855)                 $80,329,402          
                         ===========
---------------                                                                 

o  Non-income producing                                                     
#  Restricted  securities-Investment  in  securities  not  registered       
     under the Securities Act of 1933 or not publicly traded on foreign markets.

Additional information on each holding is as follows:                 

                ACQUISITION  ACQUISITION
SECURITY                            DATE         COST                     
-----------                      ------------ ------------                
United Engineering Berhad.....      7/24/97      $79,442                  

The cost of investments for federal income tax purposes is substantially the    
same as the amount disclosed above.                                             

58  1998 SEMI-ANNUAL REPORT                   See notes to financial statements 

N-30D 63rd "Page" of 64 TOC 1st Previous Next Bottom Just 63rd

TIAA-CREF Mutual Funds    STATEMENT OF INVESTMENTS     MANAGED ALLOCATION FUND  
(Unaudited)       
June 30, 1998             
------------------------------------------------------------------              
SHARES/                                                                   
PRINCIPAL                               VALUE       %                         
------------------------------------------------------------------              

TIAA-CREF MUTUAL FUNDS -- 99.38%                                                
4,501,017  BOND PLUS FUND          $ 46,000,395   39.68%                      
2,249,409  GROWTH &                                                           
INCOME FUND             27,555,264   23.77          
2,268,848  GROWTH                                                             
EQUITY FUND             27,725,324   23.91          
1,340,725  INTERNATIONAL                                                      
EQUITY FUND             13,943,540   12.02          
            ------------  ------
             115,224,523   99.38
            ------------  ------

TOTAL TIAA-CREF                                         
MUTUAL FUNDS                                            
(Cost $106,444,584)      115,224,523   99.38            
            ------------  ------

SHORT TERM INVESTMENTS -- 0.60%                                                 
U.S. GOVERNMENT & AGENCIES -- 0.60%                                             
FEDERAL HOME                                            
LOAN BANK                                           
$700,000    5.400%, 07/01/98           700,000    0.60                      
            ------------  ------

TOTAL SHORT TERM                                        
INVESTMENTS                                             
(Cost $700,000)              700,000    0.60            
            ------------  ------

TOTAL PORTFOLIO                                         
(Cost $107,144,584)      115,924,523   99.98            
OTHER ASSETS &                                          
LIABILITIES, NET            16,804    0.02          
            ------------  ------

NET ASSETS              $115,941,327  100.00%           
            ============  ======

---------------------------                                                     
   The cost of investments for federal income tax purposes is substantially  the
same as the amount disclosed above.                                       

See notes to financial statements                   1998 SEMI-ANNUAL REPORT  59 

N-30D Last "Page" of 64 TOC 1st Previous Next Bottom Just 64th

TIAA-CREF MUTUAL FUNDS 1998 SEMI-ANNUAL REPORT                                  

|Teachers Insurance and Annuity Association                             
TIAA|College Retirement Equities Fund                                           
CREF|730 Third Avenue                                                           
|New York, NY 10017-3206                                                

                                                      |  BULK RATE |
                                                      |U.S. POSTAGE|
                                                      |    PAID    |
                                                      | TIAA-CREF  |

TCMFSAR-8/98

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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This N-30D Filing	Date	First	Last	Other Filings

	1/13/97	28
	7/17/97	22	28
	9/2/97	12	28
For The Period Ended	6/30/98	1	63	N-30D/A, NSAR-A
	8/10/98	18
Filed On / Filed As Of	8/25/98			NSAR-A
	7/1/0	9	29

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Filing Submission - Alternative Formats (Word / Rich Text, HTML, Plain Text, SGML, XML, et al.)

Tiaa Cref Mutual Fund · N-30D · For 6/30/98

Filed On 8/25/98 · SEC File 811-08055 · Accession Number 930413-98-773

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

Document Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

Annual or Semi-Annual Report Mailed to Shareholders · Rule 30d-1
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