N-30D 1 c25891_n30d.txt ANNUAL REPORT September 30, 2002 Financial statements (audited), including statements of investments TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Institutional International Equity Fund Institutional Growth Equity Fund Institutional Growth & Income Fund Institutional Equity Index Fund Institutional Social Choice Equity Fund Make this your last paper annual report. Sign up for electronic delivery. Log on to Institutional Bond Fund TIAA-CREF.org/profile Institutional Money Market Fund [LOGO] TIAA CREF -------------------------------------------------------------------------------- From the President -------------------------------------------------------------------------------- [PHOTO] MARTIN E. GALT, III PRESIDENT TIAA-CREF INVESTMENT PRODUCTS The year ending September 30, 2002, challenged the fortitude of even the most seasoned investors. For the second consecutive year, overall stock returns were down by double digits. Not surprisingly, many investors sought the relative safety of fixed-income investments. Bonds, for example, outperformed all other asset classes for the period. The performance of the seven TIAA-CREF Institutional Mutual Funds reflected these prevailing trends. While our equity fund performance was disappointing, strong returns from our bond and money market funds closely tracked or exceeded those of their benchmark indexes. The following letter from Martin Leibowitz, our chief investment officer, and the commentaries on individual funds detail our results. In the current investment environment, portfolio diversification across and within asset classes remains an investor's best defense against risk. To enable our clients to achieve a greater level of investment diversification and refine their asset allocations in line with their investment preferences, we introduced sixteen new institutional mutual funds on October 1. With the new equity funds, institutional investors will now be able to invest directly in specific sub-asset classes. These indexed and actively managed funds target a range of market capitalizations (e.g., large-, mid-, and small-cap) and investing styles (e.g., growth and value). They complement our original more broadly diversified equity funds. Specifically, our new equity offerings include ten indexed funds: an International Equity Index Fund; an S&P 500 Index Fund; Large-Cap Growth and Value Index funds; Mid-Cap Growth, Value, and Blend Index funds; and Small-Cap Growth, Value, and Blend Index funds. Three other equity funds--Large-Cap Value, Mid-Cap Growth, and Mid-Cap Value--will be actively managed using TIAA-CREF's Dual Investment Management Strategy(R), which combines active management with enhanced indexing. Lastly, a Small-Cap Equity Fund will be actively managed using our quantitative management strategy. (Small-cap stocks have limited marketability and may be more volatile than large-cap stocks.) To provide investors with a greater ability to diversify across asset classes, we've introduced two specialized funds that capitalize on TIAA-CREF's unique investment strengths. Our new Inflation-Linked Bond Fund offers investors a more-stable alternative to equity investing in seeking returns that outpace inflation. Our new Real Estate Securities Fund invests primarily in real estate investment trusts (REITs), which can perform counter to stocks and bonds.* Even as we expand our selection of funds, we remain committed to keeping our costs low compared with those of other mutual funds. The expense charges for TIAA-CREF Institutional Mutual Funds continue to be among the lowest in the industry.** Our goal is to provide TIAA-CREF Trust Company and 529 College Savings Plan clients with high-quality, low-cost investment products and services to meet a broad range of financial goals. If you need assistance with any aspect of your investment program, our knowledgeable Trust Company and tuition financing consultants are ready to help. In uncertain times like these, you may be sure that you have a solid, experienced investment management team firmly behind you. /s/Martin E. Galt, III -------------------------- Martin E. Galt, III * REITs are subject to various risks, including fluctuations in property values, expenses, and income, and environmental liabilities. Because the fund is not diversified, it may experience greater price volatility than other funds. **Source: MORNINGSTAR PRINCIPIA PRO Mutual Fund database as of September 30, 2002, tracking 14,609 mutual funds. CONTENTS FUND PERFORMANCE Institutional International Equity Fund .... 2 Institutional Growth Equity Fund ........... 3 Institutional Growth & Income Fund ......... 4 Institutional Equity Index Fund ............ 5 Institutional Social Choice Equity Fund .... 6 Institutional Bond Fund .................... 7 Institutional Money Market Fund ............ 8 STATEMENTS OF INVESTMENTS Institutional International Equity Fund .... 9 Institutional Growth Equity Fund ........... 19 Institutional Growth & Income Fund ......... 25 Institutional Equity Index Fund ............ 29 Institutional Social Choice Equity Fund .... 53 Institutional Bond Fund .................... 60 Institutional Money Market Fund ............ 66 FINANCIAL STATEMENTS Report of Management Responsibility ........ 67 Report of the Audit Committee .............. 68 Statements of Assets and Liabilities ....... 69 Statements of Operations ................... 70 Statements of Cash Flows ................... 71 Statements of Changes in Net Assets ........ 72 Financial Highlights ....................... 74 Notes to Financial Statements .............. 77 Report of Independent Auditors ............. 82 Trustees and Officers ...................... 83 Important Tax Information .................. 86 As with all mutual funds, investments in the TIAA-CREF Institutional Mutual Funds are not deposits of any bank and are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. Due to market volatility, the current performance of the Institutional Mutual Funds may differ significantly from the Funds' twelve-month performance ended September 30, 2002. -------------------------------------------------------------------------------- From the Vice Chairman -------------------------------------------------------------------------------- [PHOTO] MARTIN L. LEIBOWITZ VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER TIAA-CREF This report contains the performance and financial statements for the TIAA-CREF Institutional Mutual Funds for the twelve-month period that ended September 30, 2002. These funds are available to all clients of TIAA-CREF Trust Company, FSB, and serve as the funding vehicles for the state-sponsored college savings programs administered by TIAA-CREF Tuition Financing, Inc. The economic recovery in the United States that began in the fourth quarter of 2001 proceeded fitfully during 2002. Gross domestic product posted annualized gains of 5%, 1.3%, and 3.1%, respectively, for the first three quarters of the year. Corporate earnings of the S&P 500 companies improved but remained well below the levels of the late nineties. Cost-cutting layoffs by many companies kept unemployment at 5.6% at the end of September. Concerns about slower growth, declining earnings and higher unemployment produced a broad-based decline in the domestic stock markets. The S&P 500's 17.28% drop during the third quarter of 2002 was its worst quarterly loss since the fourth quarter of 1987 and drove the index down 20.49% for the year ending September 30. The Russell 3000(R) Growth Index, with its large component of technology stocks, fell 22.22% during the twelve months. Foreign stocks experienced similar losses, with the Morgan Stanley World Index, which tracks stocks in twenty-three developed nations, posting an 18.95% loss. In contrast, fixed-income investments flourished in this highly volatile environment. The Lehman Brothers Aggregate Bond Index, which tracks both corporate and government securities, gained 8.60% for the twelve-month period. During the third quarter of 2002 alone, $49.5 billion poured into taxable bond funds in the United States--more than half the total amount for 2001. The past year's performance of TIAA-CREF Institutional Mutual Funds reflected the trends of the markets at large. The Institutional Equity Index Fund, which is designed to track the broad domestic stock market, posted a return of -19.04%. Among our actively managed equity funds, the Institutional Growth Equity and Growth & Income funds trailed their benchmarks, while the International Equity Fund significantly outperformed its benchmark. The Institutional Bond Fund, which invests primarily in high-quality, domestic bonds, returned 8.52% for the twelve-month period. A well-diversified portfolio continued to be an investor's best defense against market volatility, and the same will be true if stock prices rise and higher interest rates cause bond prices to slump. Detailed descriptions of the funds' performance appear on the following pages. On October 1 we launched sixteen new funds in order to provide for wider diversification and coverage across company sizes and styles. These include ten domestic and international equity funds that are indexed and four domestic equity funds that combine active stock selection with quantitative techniques. In addition, we now offer a real estate securities fund and an inflation-linked bond fund. Descriptions of the funds can be found in the prospectus that was sent to you recently. Beginning with the fourth quarter of 2002, the benchmark for the Institutional Growth Equity Fund will be the Russell 1000(R) Growth Index, replacing the Russell 3000 Growth Index. This will allow us to align the fund more closely with the large-cap growth category used by fund rating services such as Morningstar and Lipper. However, since these two Russell indexes have an overlap of about 93%, there will be considerable continuity in the fund's portfolio. The marketplace has again demonstrated its unpredictability and its ability to inflict pain. At such a time, we believe it is important to restate our commitment to investors. With both our new and existing funds, we will pursue our stated goals while remaining vigilant in the search for new opportunities. This steadfast approach, in combination with an increased range of investment choices, will enable investors to choose the blend of funds that best suits their own objectives. /s/ Martin L. Leibowitz ------------------------ Martin L. Leibowitz On October 1 we launched sixteen new funds in order to provide for wider diversification and coverage across company sizes and styles. -------------------------------------------------------------------------------- Institutional International Equity Fund -------------------------------------------------------------------------------- INVESTMENT OBJECTIVE The TIAA-CREF Institutional International Equity Fund seeks a favorable long-term return, mainly through capital appreciation from a broadly diversified portfolio primarily consisting of foreign equity investments. PORTFOLIO PROFILE o The fund uses TIAA-CREF's Dual Investment Management Strategy. Active managers identify stocks they believe will offer superior returns and those that may detract from performance. Quantitative managers build a portfolio designed to reflect the overall characteristics of the fund's benchmark, the Morgan Stanley Capital International EAFE(R) (Europe, Australasia, Far East) Index. They may also attempt to boost performance by buying more or fewer shares of certain stocks relative to their weightings in the index. PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2002 The fund completed the period with a total return of -14.28%, bettering the -15.39% return of its benchmark, the Morgan Stanley EAFE Index, but trailing the -13.68% average return of similar funds included in Morningstar's Foreign Stock category. The fund's returns were helped by overweight holdings, compared with the benchmark, in several well-performing companies in the U.K., including British Sky Broadcasting; Smith & Nephew, a health care company; and the Game Group, a computer and video software company. Positive contributions also came from Centerpulse, a Swiss health care company, and Finnish phone maker Nokia. An underweight position in Britain's BP plc also boosted relative performance. Detracting from fund performance were investments in Royal Ahold, a Netherlands food retailer and service company; Swedish health care firm Nobel Biocare; EMI Group, a British media firm; and financial services companies ABN AMRO in the Netherlands and Mitsubishi Estate Group in Japan. The fund's holdings in firms headquartered in Europe and the Asia Pacific area, the two major regions in which the fund invests, were roughly in line with comparable weightings in the fund's benchmark during the twelve-month period. On September 30, 2002, approximately 56% of the fund's portfolio was actively managed, while 44% was held in the enhanced index portion of the portfolio and managed using quantitative techniques. VALUE OF $10,000 INVESTED AT FUND'S 7/1/1999 INCEPTION [The table below represents a line chart in the printed report.] Institutional Morgan Lipper Morningstar International Stanley International Foreign Stock Equity Fund EAFE Index Fund Index category ----------- ---------- ---------- -------- 7/1/99 10000 10000 10000 10000 9/30/99 10768 10439 10337 10448 12/31/99 14825 12212 12893 13214 3/31/2000 15782 12199 12973 13571 6/30/2000 13960 11716 12364 12773 9/30/2000 12768 10771 11456 11876 12/31/2000 11987 10482 10995 11174 3/31/2001 10198 9042 9560 9558 6/30/2001 10007 8923 9617 9576 9/30/2001 8602 7677 8178 8024 12/31/2001 9222 8198 8868 8724 3/31/2002 9318 8245 9086 8847 6/30/2002 9147 8093 8914 8619 9/30/2002 7373 6496 7166 6931 TEN LARGEST HOLDINGS AS OF 9/30/2002
Shares Market Value Percent of Company Country (in thousands) (in millions) Net Assets ---------------------------- ------------- -------------- ------------- ---------- BP plc United Kingdom 509.5 $5.04 2.45 iShares MSCI EAFE Index Fund N/A 46.1 4.39 2.13 Royal Dutch Petroleum Co Netherlands 96.6 3.90 1.89 GlaxoSmithKline plc United Kingdom 195.5 3.78 1.84 Novartis AG. Switzerland 86.8 3.43 1.67 Nestle S.A. Switzerland 15.0 3.27 1.59 Total Fina Elf S.A. France 24.3 3.20 1.55 HSBC Holdings plc United Kingdom 303.6 3.08 1.49 Royal Bank Of Scotland Group plc United Kingdom 152.6 2.88 1.40 Roche Holding AG. Switzerland 38.2 2.59 1.26
PERFORMANCE AT A GLANCE AS OF 9/30/2002
Average Annual Compound Rates of Cumulative Rates of Total Return(1,2) Total Return(1,2) since since Annual Net Assets 1 year inception(3) 1 year inception(3) Expenses (in millions) ------ ------------ ------ ------------ -------- ------------- INSTITUTIONAL INTERNATIONAL EQUITY FUND(4) -14.28% -8.94% -14.28% -26.27% 0.29%(5) $205.90 Morgan Stanley EAFE Index -15.39 -12.33 -15.39 -34.84 -- -- Morningstar Foreign Stock category -13.68 -11.00 -13.68 -29.68 -- -- Lipper International Fund Index -12.37 -9.74 -12.37 -28.33 -- --
(1) Due to market volatility, recent performance of the Institutional International Equity Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 888 842-9001. (2) Returns for the Institutional International Equity Fund reflect past performance. No assurance can be given that the fund will achieve similar performance returns in the future. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (3) Inception date of the Institutional International Equity Fund was 7/1/99. (4) There are special risks associated with investing in funds that invest primarily in foreign securities, such as the Institutional International Equity Fund. These special risks include erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. (5) As of October 1, 2002, the fund's annual expense charge is estimated to be 0.20%. 2 TIAA-CREF Institutional Mutual Funds 2002 Annual Report -------------------------------------------------------------------------------- Institutional Growth Equity Fund -------------------------------------------------------------------------------- INVESTMENT OBJECTIVE The TIAA-CREF Institutional Growth Equity Fund seeks a favorable rate of return, mainly through the capital appreciation of a diversified portfolio of common stocks that have the potential for strong growth. PORTFOLIO PROFILE o The fund uses TIAA-CREF's Dual Investment Management Strategy. Active managers identify stocks they believe will offer superior returns and those that may detract from performance. Quantitative managers build a portfolio designed to reflect the overall characteristics of the fund's benchmark. They may also attempt to boost performance by buying more or fewer shares of certain stocks relative to their weightings in the index. o The fund may invest up to 20% of its assets in foreign securities. o As of October 1, 2002, the fund's benchmark was changed from the Russell 3000 Growth Index to the Russell 1000 Growth Index (see the vice chairman's letter). PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2002 The fund's one-year total return of -24.44% lagged both the -22.22% return of its benchmark, the Russell 3000 Growth Index, and the -21.05% average return of similar funds, as measured by the Morningstar Large Growth category. Fund performance was hurt by overweight holdings, versus the index, in Tyco International, Sprint PCS Group, Qualcomm, AOL Time Warner, and pharmaceutical giant GlaxoSmithKline. Relative performance also suffered because of underweight positions in Coca-Cola, Procter & Gamble, and Lowe's Companies, a home improvement chain. These factors more than offset positive contributions to relative performance from underweight positions in Bristol-Myers Squibb, AT&T Wireless, and Electronic Data Systems. Overweight holdings in Avon Products; Apache, an oil and gas production company; and health care/pharmaceutical companies Anthem, Tenet Healthcare, and Pharmacia also contributed positively to returns. As of September 30, 2002, 55% of the fund's assets was actively managed; 45% was held in the enhanced index portion of the portfolio and managed using quantitative techniques. VALUE OF $10,000 INVESTED AT FUND'S 7/1/1999 INCEPTION [The table below represents a line chart in the printed report.] Institutional Russell 3000 Lipper Morningstar Growth Growth Growth Large Growth Equity Fund Index Fund Index category ----------- ---------- ---------- -------- 7/1/99 10000 10000 10000 10000 9/30/99 9703 9624 9482 9674 12/31/99 11880 12097 11436 12391 3/31/2000 13021 12980 12269 13507 6/30/2000 12733 12586 11757 12810 9/30/2000 12033 11921 11600 12840 12/31/2000 9463 9385 10191 10580 3/31/2001 7334 7461 8516 8360 6/30/2001 8004 8143 9111 8913 9/30/2001 6309 6513 7356 7047 12/31/2001 7298 7543 8359 8095 3/31/2002 7051 7352 8180 7877 6/30/2002 5637 5994 7031 6620 9/30/2002 4767 5065 5934 5595 TEN LARGEST HOLDINGS AS OF 9/30/2002 Shares Market Value Percent of Company (in thousands) (in millions) Net Assets ---------------------- -------------- ------------- ---------- General Electric Co 1,145.4 $28.23 5.79 Microsoft Corp 576.2 25.20 5.17 Pfizer, Inc 756.2 21.94 4.50 Johnson & Johnson 360.2 19.48 3.99 Wal-Mart Stores, Inc 373.5 18.39 3.77 Intel Corp 877.2 12.18 2.50 Amgen, Inc 250.6 10.45 2.14 Abbott Laboratories 254.4 10.28 2.11 Pharmacia Corp 262.7 10.21 2.09 Cisco Systems, Inc 934.2 9.79 2.01 PERFORMANCE AT A GLANCE AS OF 9/30/2002
Average Annual Compound Rates of Cumulative Rates of Total Return(1,2) Total Return(1,2) since since Annual Net Assets 1 year inception(3) 1 year inception(3) Expenses (in millions) ------ ------------ ------ ------------ -------- ------------- INSTITUTIONAL GROWTH EQUITY FUND -24.44% -20.36% -24.44% -52.33% 0.22%(4) $487.62 Russell 3000 Growth Index(5) -22.22 -18.86 -22.22 -49.35 -- -- Morningstar Large Growth category -21.05 -16.44 -21.05 -42.65 -- -- Lipper Growth Fund Index -19.34 -14.83 -19.34 -40.66 -- --
(1) Due to market volatility, recent performance of the Institutional Growth Equity Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 888 842-9001. (2) Returns for the Institutional Growth Equity Fund reflect past performance. No assurance can be given that the fund will achieve similar performance returns in the future. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (3) Inception date of the Institutional Growth Equity Fund was 7/1/99. (4) As of October 1, 2002, the fund's annual expense charge is estimated to be 0.14%. (5) Russell 3000(R) is a trademark and a service mark of the Frank Russell Company. 2002 Annual Report TIAA-CREF Institutional Mutual Funds 3 -------------------------------------------------------------------------------- Institutional Growth & Income Fund -------------------------------------------------------------------------------- INVESTMENT OBJECTIVE The TIAA-CREF Institutional Growth & Income Fund seeks favorable long-term returns through capital appreciation and investment income, primarily from income-producing equity securities. PORTFOLIO PROFILE o The fund uses TIAA-CREF's Dual Investment Management Strategy. Active managers identify stocks they believe will offer superior returns and those that may detract from performance. Quantitative managers build a portfolio designed to reflect the overall characteristics of the fund's benchmark, the S&P 500 Index. They may also attempt to boost performance by buying more or fewer shares of certain stocks relative to their weightings in the index. o The fund invests at least 80% of its assets in income-producing stocks of large, well-established growth companies. o The fund may invest up to 20% of its assets in foreign securities. PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2002 The fund returned -21.51% for the year, trailing both the -20.49% return of the S&P 500 Index, the fund's benchmark, and the -19.03% average return of similar funds, as measured by Morningstar's Large Blend category. Individual stock selections, including an investment in WorldCom before the firm declared bankruptcy, were the main reasons the fund's performance fell short of the benchmark. Other overweight holdings that detracted from relative performance were in Baxter International, a global health care company; Ciena, a fiber optics firm; and telecommunications companies Sprint PCS Group, AT&T Wireless, and Level 3 Communications. These holdings more than offset positive contributions to relative performance from well-performing investments in a variety of industries. Strong performers in the fund's portfolio included General Mills; Diageo plc, a British beverage company; health care giant Aetna; Apache and Burlington Resources, both energy companies; automotive firms Nissan Motor and Sweden-based Autoliv; Bank of America; and Safeco, an insurance and financial services company. At the end of the period, 37% of the fund's assets was actively managed, while 63% was held in the enhanced index portion of the portfolio and managed using quantitative techniques. VALUE OF $10,000 INVESTED AT FUND'S 7/1/1999 INCEPTION [The table below represents a line chart in the printed report.] Institutional Lipper Morningstar Growth & S&P 500 Growth & Income Large Blend Income Fund Index Fund Index category ----------- ---------- ------------- -------- 6/30/99 10000 10000 10000 10000 9/30/99 9337 9376 9200 9400 12/31/99 10822 10771 10025 10872 3/31/2000 11187 11018 10194 11324 6/30/2000 10894 10725 9937 11012 9/30/2000 10841 10621 10229 11016 12/31/2000 9962 9790 10063 10138 3/31/2001 8711 8629 9272 8861 6/30/2001 9176 9134 9775 9334 9/30/2001 7842 7794 8498 7904 12/31/2001 8688 8626 9316 8767 3/31/2002 8594 8650 9477 8740 6/30/2002 7368 7491 8512 7674 9/30/2002 6155 6197 7112 6453 TEN LARGEST HOLDINGS AS OF 9/30/2002 Shares Market Value Percent of Company (in thousands) (in millions) Net Assets ---------------------- -------------- ------------- ---------- Microsoft Corp 348.0 $15.22 4.04 Wal-Mart Stores, Inc 265.0 13.05 3.47 General Electric Co 446.0 10.99 2.92 Pfizer, Inc 358.1 10.39 2.76 Exxon Mobil Corp 304.0 9.70 2.58 Johnson & Johnson 176.2 9.53 2.53 Procter & Gamble Co 86.6 7.74 2.06 Bank of America Corp 115.5 7.37 1.96 Citigroup, Inc 237.9 7.05 1.87 Intel Corp 494.6 6.87 1.82 PERFORMANCE AT A GLANCE AS OF 9/30/2002
Average Annual Compound Rates of Cumulative Rates of Total Return(1,2) Total Return(1,2) since since Annual Net Assets 1 year inception(3) 1 year inception(3) Expenses (in millions) ------ ------------ ------ ------------ -------- ------------- INSTITUTIONAL GROWTH & INCOME FUND -21.51% -13.85% -21.51% -38.45% 0.22%(4) $376.53 S&P 500 Index -20.49 -13.67 -20.49 -38.03 -- -- Morningstar Large Blend category -19.03 -12.56 -19.03 -34.19 -- -- Lipper Growth & Income Fund Index -16.31 -9.95 -16.31 -28.87 -- --
(1) Due to market volatility, recent performance of the Institutional Growth & Income Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 888 842-9001. (2) Returns for the Institutional Growth & Income Fund reflect past performance. No assurance can be given that the fund will achieve similar performance returns in the future. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (3) Inception date of the Institutional Growth & Income Fund was 7/1/99. (4) As of October 1, 2002, the fund's annual expense charge is estimated to be 0.14%. 4 TIAA-CREF Institutional Mutual Funds 2002 Annual Report -------------------------------------------------------------------------------- Institutional Equity Index Fund -------------------------------------------------------------------------------- INVESTMENT OBJECTIVE The TIAA-CREF Institutional Equity Index Fund seeks favorable long-term returns, mainly from capital appreciation, by investing in a portfolio of equity securities selected to track the overall U.S. equity markets. PORTFOLIO PROFILE o Benchmarked to the Russell 3000, a broad stock market index. o May use a sampling approach to create a portfolio that closely matches the investment characteristics of the Russell 3000(R) Index without actually investing in all 3,000 stocks in the index. PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2002 The fund posted a total return of -19.04%, compared with -18.82% for its benchmark, the Russell 3000 Index, and the -19.03% average return of similar funds, as measured by Morningstar's Large Blend category. The U.S. equity market was highly volatile during the period. In the fourth quarter of 2001, stocks rebounded from their steep decline following the attacks of September 11. Though leading economic indicators suggested that the sluggish economy was picking up steam, the market lost ground in the first quarter of 2002 because of profit concerns at several blue-chip companies within key industries and mounting corporate accounting scandals. Reacting to news that the Federal Reserve decided to maintain interest rates at their current level, the market rallied at the end of the first quarter. This upswing proved to be short-lived, and by the end of the third quarter, equity investors had experienced one of the worst periods in market history, as overall stock returns declined for a second consecutive year. After a modest 1.3% annualized real GDP growth rate in the second quarter of 2002, the U.S. economy reaccelerated in the third quarter, spurred largely by consumer demand. However, as consumer confidence waned at the end of September, spending declined along with it, leaving a sustained recovery in doubt. On the positive side, corporate inventories, business equipment investment, and federal government spending continued to contribute to the economy's overall growth, while inflation remained low. During the period, the fund's return was comparable to that of its benchmark index, minus the effects of expenses and some cash holdings for liquidity. The fund also had a similar risk profile to that of its benchmark. VALUE OF $10,000 INVESTED AT FUND'S 7/1/1999 INCEPTION [The table below represents a line chart in the printed report.] Institutional Morningstar Equity Russell Large Blend Fund Index 3000 Index category ----------- ---------- -------- 6/30/99 10000 10000 10000 9/30/99 9340 9342 9400 12/31/99 10828 10857 10872 3/31/2000 11253 11352 11324 6/30/2000 10877 10973 11012 9/30/2000 10960 11041 11016 12/31/2000 9990 10047 10138 3/31/2001 8750 8826 8861 6/30/2001 9350 9433 9334 9/30/2001 7933 7959 7904 12/31/2001 8851 8895 8767 3/31/2002 8920 8981 8740 6/30/2002 7760 7806 7674 9/30/2002 6422 6461 6453 TEN LARGEST HOLDINGS AS OF 9/30/2002 Shares Market Value Percent of Company (in thousands) (in millions) Net Assets ---------------------- -------------- ------------- ---------- General Electric Co 507.5 $12.51 2.98 Exxon Mobil Corp 348.0 11.10 2.64 Microsoft Corp 229.8 10.05 2.39 Pfizer, Inc 320.4 9.30 2.22 Johnson & Johnson 153.9 8.32 1.98 Citigroup, Inc 264.1 7.83 1.87 Wal-Mart Stores, Inc 139.8 6.88 1.64 American International Group, Inc 117.9 6.45 1.54 Procter & Gamble Co 66.7 5.96 1.42 Merck & Co, Inc 116.2 5.31 1.27 PERFORMANCE AT A GLANCE AS OF 9/30/2002
Average Annual Compound Rates of Cumulative Rates of Total Return(1,2) Total Return(1,2) since since Annual Net Assets 1 year inception(3) 1 year inception(3) Expenses (in millions) ------ ------------ ------ ------------ -------- ------------- Institutional Equity Index Fund -19.04% -12.72% -19.04% -35.78% 0.17%(4) $419.77 Russell 3000 Index -18.82 -12.56 -18.82 -35.39 -- -- Morningstar Large Blend category -19.03 -12.56 -19.03 -34.19 -- --
(1) Due to market volatility, recent performance of the Institutional Equity Index Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 888 842-9001. (2) Returns for the Institutional Equity Index Fund reflect past performance. No assurance can be given that the fund will achieve similar performance returns in the future. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (3) Inception date of the Institutional Equity Index Fund was 7/1/99. (4) As of October 1, 2002, the fund's annual expense charge is estimated to be 0.08%. 2002 Annual Report TIAA-CREF Institutional Mutual Funds 5 -------------------------------------------------------------------------------- Institutional Social Choice Equity Fund -------------------------------------------------------------------------------- INVESTMENT OBJECTIVE The TIAA-CREF Institutional Social Choice Equity Fund seeks a favorable long-term rate of return that reflects the investment performance of the U.S. stock market while giving special consideration to certain social criteria. PORTFOLIO PROFILE o Invests primarily in equity securities that meet its social criteria. The fund attempts to track the return of the U.S. stock market as represented by the Russell 3000 Index. o The fund does not invest in companies with involvement in alcohol or tobacco products, gambling, weapons production, or nuclear power. The remaining companies are selected based on criteria such as whether they produce safe, quality products, follow fair labor and governance practices, are philanthropic, adhere to sound environmental practices, and employ diversity in hiring. PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2002 The fund posted a -19.34% total return, compared with -20.49% for the S&P 500 Index, its benchmark for the first three quarters of the period, and -18.82% for the Russell 3000 Index, the fund's benchmark for the last quarter. The average similar fund, as measured by the Morningstar Large Blend category, returned -19.03%. The fund outperformed the S&P 500 Index partly because its social criteria precluded its investing in several underperforming companies represented in the index. The fund had no investments in Tyco International or General Electric (the largest weight in the S&P 500) because they fail the weapons screen. Also excluded were pharmaceutical giant Wyeth and energy company El Paso, which fail the fund's environmental and product-quality screens. Conversely, the fund underperformed the Russell 3000 Index partly because its social criteria prevented its owning several stocks that performed well during the year. These included Royal Dutch Petroleum, which fails the fund's environmental screen; Anheuser-Busch, which fails the alcohol screen; and Lockheed Martin and United Technologies, which fail the weapons screen. We switched to the Russell 3000 benchmark on July 1, 2002, when the fund adopted a new method of screening investments that uses both exclusionary screens and screens that evaluate a company from a broader perspective. The latter are favored by many investors. VALUE OF $10,000 INVESTED AT FUND'S 7/1/1999 INCEPTION [The table below represents a line chart in the printed report.] Institutional Russell S&P Lipper Morningstar Social Choice 3000 500 Growth & Income Large Blend Equity Fund Index Index Fund Index category ----------- ----- ----- --------------- ----- 7/1/99 10000 10000 10000 10000 10000 9/30/99 9364 9342 9376 9200 9400 12/31/99 10650 10857 10771 10025 10872 3/31/2000 11013 11352 11018 10194 11324 6/30/2000 10803 10973 10725 9937 11012 9/30/2000 10660 11041 10621 10229 11016 12/31/2000 9943 10047 9790 10063 10138 3/31/2001 8734 8826 8629 9272 8861 6/30/2001 9108 9433 9134 9775 9334 9/30/2001 7889 7959 7794 8498 7904 12/31/2001 8696 8895 8626 9316 8767 3/31/2002 8746 8981 8650 9477 8740 6/30/2002 7604 7806 7491 8512 7674 9/30/2002 6363 6461 6200 7112 6453 TEN LARGEST HOLDINGS AS OF 9/30/2002 Shares Market Value Percent of Company (in thousands) (in millions) Net Assets ---------------------- -------------- ------------- ---------- Microsoft Corp 22.3 $975.4 2.70 Johnson & Johnson 18.0 973.4 2.69 Procter & Gamble Co 8.8 786.5 2.17 American International Group, Inc 13.5 738.5 2.04 Merck &Co, Inc 15.8 722.2 2.00 Coca-Cola Co 13.4 642.7 1.78 Bank of America Corp 10.0 638.0 1.76 Wells Fargo & Co 11.7 563.5 1.56 International Business Machines Corp 9.1 531.3 1.47 Intel Corp 31.8 441.7 1.22 PERFORMANCE AT A GLANCE AS OF 9/30/2002
Average Annual Compound Rates of Cumulative Rates of Total Return(1,2) Total Return(1,2) since since Annual Net Assets 1 year inception(3) 1 year inception(3) Expenses (in millions) ------ ------------ ------ ------------ -------- ------------- INSTITUTIONAL SOCIAL CHOICE EQUITY FUND -19.34% -12.97% -19.34% -36.37% 0.18%(4) $36.18 Russell 3000 Index -18.82 -12.56 -18.82 -35.39 -- -- S&P 500 Index -20.49 -13.67 -20.49 -38.03 -- -- Morningstar Large Blend category -19.03 -12.56 -19.03 -34.19 -- -- Lipper Growth & Income Fund Index -16.31 -9.95 -16.31 -28.87 -- --
(1) Due to market volatility, recent performance of the Institutional Social Choice Equity Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 888 842-9001. (2) Returns for the Institutional Social Choice Equity Fund reflect past performance. No assurance can be given that the fund will achieve similar performance returns in the future. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (3) Inception date of the Institutional Social Choice Equity Fund was 7/1/99. (4) As of October 1, 2002, the fund's annual expense charge is estimated to be 0.08%. 6 TIAA-CREF Institutional Mutual Funds 2002 Annual Report -------------------------------------------------------------------------------- Institutional Bond Fund -------------------------------------------------------------------------------- INVESTMENT OBJECTIVE The TIAA-CREF Institutional Bond Fund seeks a favorable long-term rate of return through income consistent with preserving capital. PORTFOLIO PROFILE o The fund primarily invests in a broad range of investment-grade debt securities. The majority of the fund's portfolio is invested in U.S. Treasury and agency securities, corporate bonds, and mortgage- or other asset-backed securities. PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2002 The fund's one-year total return of 8.52% closely tracked the 8.60% return of its benchmark, the Lehman Brothers Aggregate Bond Index, and was significantly higher than the 5.93% average return of similar funds, as measured by the Morningstar Intermediate-Term Bond category. In spite of its expense charge, the fund was able to nearly match the benchmark's returns because of its holdings in U.S. Treasury inflation-protected securities (TIPs), which are of higher quality than the corporate bonds included in the benchmark. During the period, TIPs proved to be the best-performing fixed-income asset class. Fund returns versus the benchmark were also assisted by our well-positioned mortgage-backed securities (MBS) portfolio. In the first half of 2002, we held an overweight position in MBS, which outperformed U.S. Treasury securities of similar duration. Then in July, we reduced our holdings just when mortgage-backed securities began to underperform, as investors became concerned about surging prepayments spurred by historically low interest rates. Because of highly publicized corporate malfeasance, a bleak economic outlook, and geopolitical tensions, corporate securities underperformed their Treasury counterparts during most of 2002. However, since the fund's corporate bond portfolio consists mainly of higher-quality securities, fund returns were not overly affected by underperformance in the telecom, energy, and auto sectors. For example, fund performance was only slightly reduced by its WorldCom investment. VALUE OF $10,000 INVESTED AT FUND'S 7/1/1999 INCEPTION [The table below represents a line chart in the printed report.] Lehman Brothers Lipper Institutional Aggregate Intermediate Morningstar Bond Bond Investment Grade Intermediate-Term Fund Index Debt Index Bond category ----- ----- ----- ----- 7/11/99 10000 10000 10000 10000 9/30/99 10067 10068 10064 10042 12/31/99 10059 10056 10044 10033 3/31/2000 10278 10278 10242 10219 6/30/2000 10451 10456 10375 10333 9/30/2000 10779 10772 10679 10617 12/31/2000 11237 11225 11107 11000 3/31/2001 11546 11565 11455 11331 6/30/2001 11620 11631 11506 11373 9/30/2001 12203 12167 12007 11817 12/31/2001 12158 12172 12020 11811 3/31/2002 12163 12184 12012 11782 6/30/2002 12615 12634 12321 12088 9/30/2002 13243 13213 12746 12521 RISK CHARACTERISTICS: INSTITUTIONAL BOND FUND VS. BENCHMARK Average Maturity Option-Adjusted Duration Measure (in years) 9/30/2002 (in years) 9/30/2002 ------------------------ -------------------- ------------------------ INSTITUTIONAL BOND FUND* 6.00 3.96 Lehman Brothers Aggregate Bond Index 6.84 3.81 * As calculated using an analytical model developed by CMS BondEdge, a widely recognized risk analytic software package TOP FIVE MARKET SECTORS 9/30/2002 --------- Mortgage-backed securities* 31.9% U.S. Treasury securities 29.6 Corporate bonds 23.5 U.S. agency securities 6.2 Asset-backed securities 4.8 * Includes government-backed, private-label, and asset-backed securities PERFORMANCE AT A GLANCE AS OF 9/30/2002
Average Annual Compound Rates of Cumulative Rates of Total Return(1,2) Total Return(1,2) since since Annual Net Assets 1 year inception(3) 1 year inception(3) Expenses (in billions) ------ ------------ ------ ------------ -------- ------------- INSTITUTIONAL BOND FUND 8.52% 9.01% 8.52% 32.43% 0.19%(4) $1.17 Lehman Brothers Aggregate Bond Index 8.60 8.94 8.60 32.13 -- -- Morningstar Intermediate-Term Bond category 5.93 7.34 5.93 25.92 -- -- Lipper Intermediate Investment Grade Debt Index 6.15 7.75 6.15 27.46 -- --
(1) Due to market volatility, recent performance of the Institutional Bond Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/ charts/imf-performance.html or call 888 842-9001. (2) Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (3) Inception date of the Institutional Bond Fund was 7/1/99. (4) As of October 1, 2002, the fund's annual expense charge is estimated to be 0.14%. 2002 Annual Report TIAA-CREF Institutional Mutual Funds 7 -------------------------------------------------------------------------------- Institutional Money Market Fund -------------------------------------------------------------------------------- INVESTMENT OBJECTIVE The TIAA-CREF Institutional Money Market Fund seeks high current income, consistent with maintaining liquidity and preserving capital. PORTFOLIO PROFILE o Invests in money market securities classified at the time of purchase as "first-tier securities" that are ranked in the highest category by at least two nationally recognized statistical rating organizations. o Seeks to maintain an average weighted maturity of 90 days or less. o Limits longest maturity to 397 days. PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2002 The fund achieved a 1.89% total rate of return for the period, surpassing the 1.52% return of its benchmark, the iMoneyNet Money Fund Report Averages(TM)--All Taxable. In reaction to the events of September 11, the Federal Reserve reduced the federal funds and discount rates to 1.75% and 1.25%, respectively, by the end of 2001, and left them unchanged through the end of September 2002. Concern regarding the viability of some industries after the attacks, plus well-publicized accounting and liquidity problems in several major corporations, prompted us to increase our holdings in U.S. government agency securities and decrease our investments in commercial paper and bank liabilities. However, by the first quarter of 2002, we became more comfortable with the economic outlook and gradually decreased our agency holdings from 90% of the portfolio to 30%. We also increased our commercial paper investments from 10% to 68%. As it turned out, commercial paper provided the best relative value among money market asset classes during the second half of the period. As we took advantage of these and other opportunities, the fund's weighted average maturity fluctuated from 14 days to 66 days, compared with 53 days to 59 days for its benchmark. VALUE OF $10,000 INVESTED AT FUND'S 7/1/1999 INCEPTION [The table below represents a line chart in the printed report.] Institutional Report Money iMoneyNet Average(TM)-- Market Fund Money Fund All Taxable ------------- ---------- ------------- 7/1/99 10000 10000 10000 9/30/99 10128 10115 10117 12/31/99 10270 10241 10246 3/31/2000 10420 10375 10384 6/30/2000 10581 10521 10532 9/30/2000 10755 10680 10693 12/31/2000 10932 10843 10853 3/31/2001 11084 10983 10998 6/30/2001 11210 11095 11113 9/30/2001 11310 11184 11205 12/31/2001 11379 11239 11265 3/31/2002 11425 11280 11307 6/30/2002 11475 11317 9/30/2002 11524 11353 ASSET ALLOCATION AS OF 9/30/2002 [THE FOLLOWING DATA ARE REPRESENTED AS A PIE CHART IN THE ORIGINAL DOCUMENT] Commercial Paper 67.8% U.S. Government Agency Securities 29.6% Bank Liabilities 2.6% PERFORMANCE AT A GLANCE AS OF 9/30/2002
Average Annual Compound Rates of Cumulative Rates of Total Return(1) Total Return(1) Average Maturity since since Annual (days) Net Assets 1 year inception(2) 1 year inception(2) Expenses as of 9/24/02(3) (in millions) ------ ------------ ------ ------------ -------- ---------------- ------------- INSTITUTIONAL MONEY MARKET FUND 1.89% 4.45% 1.89% 15.24% 0.16%(4) 41 $188.39 iMoneyNet Money Fund Report Averages(a)--All Taxable 1.52 3.99 1.52 13.53 -- 54 --
Net Annualized Yield for the 7 days ending 9/24/02(3) current yield effective yield ------------- --------------- 1.68% 1.70% 1.23 1.2 (1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Institutional Money Market Fund. Future returns will fluctuate. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund. The current yield more closely reflects the Institutional Money Market Fund's current earnings than does the total return. (2) Inception date of the Institutional Money Market Fund was 7/1/99. (3) Date used to conform with data from iMoneyNet, which typically reports maturities and yields on the last Tuesday of each month. (4) As of October 1, 2002, the fund's annual expense charge is estimated to be 0.09%. LIKE THE OTHER INSTITUTIONAL FUNDS, THE TIAA-CREF INSTITUTIONAL MONEY MARKET FUND IS NOT A DEPOSIT OF ANY BANK AND IS NEITHER INSURED NOR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER U.S. GOVERNMENT AGENCY. 8 TIAA-CREF Institutional Mutual Funds 2002 Annual Report Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- Summary by Country VALUE % -------------------------------------------------------------------------------- DOMESTIC: United States .......................................... $ 96,632 0.05% ------------ ------ TOTAL Domestic ......................................... 96,632 0.05 ------------ ------ FOREIGN: Australia .............................................. 8,529,133 4.22 Austria ................................................ 94,445 0.05 Belgium ................................................ 1,042,042 0.51 Denmark ................................................ 739,073 0.36 Finland ................................................ 2,846,819 1.41 France ................................................. 17,209,867 8.51 Germany ................................................ 7,495,219 3.70 Greece ................................................. 296,459 0.15 Hong Kong .............................................. 3,005,025 1.48 Ireland ................................................ 896,619 0.44 Italy .................................................. 5,609,110 2.77 Japan .................................................. 44,902,060 22.19 Korea .................................................. 494,289 0.24 Netherlands ............................................ 13,627,912 6.74 New Zealand ............................................ 128,965 0.06 Norway ................................................. 406,566 0.20 Portugal ............................................... 315,204 0.16 Singapore .............................................. 1,403,734 0.69 Spain .................................................. 4,482,978 2.22 Sweden ................................................. 2,439,197 1.21 Switzerland ............................................ 21,881,221 10.82 United Kingdom ......................................... 52,282,467 25.84 ------------ ------ TOTAL FOREIGN .......................................... 190,128,404 93.97 OTHER .................................................. 4,388,720 2.17 SHORT TERM INVESTMENT .................................. 7,699,636 3.81 ------------ ------ TOTAL PORTFOLIO ........................................ $202,313,392 100.00% ============ ====== SHARES/ PRINCIPAL VALUE --------- ----- CORPORATE BOND--0.00% AEROSPACE AND DEFENSE--0.00% $392(1) BAE Systems plc 7.450%, 11/30/03 ............................... $ 290 -------- TOTAL AEROSPACE AND DEFENSE 290 -------- TOTAL CORPORATE BONDS (COST $362) 290 -------- -------- (1) Denominated in British Pounds. PREFERRED STOCK--0.08% CONSUMER CYCLICAL--0.06% 416 Hugo Boss AG. .................................... 3,577 1,000 News Corp Ltd .................................... 4,092 243 Porsche AG. ...................................... 100,866 710 Prosieben Media AG. .............................. 4,526 -------- TOTAL CONSUMER CYCLICAL 113,061 -------- CONSUMER NON-CYCLICAL--0.02% 613 Henkel Kgaa ...................................... 38,773 -------- TOTAL CONSUMER NON-CYCLICAL 38,773 -------- HEALTH CARE--0.00% 390 Fresenius Medical Care AG. ....................... 6,283 -------- TOTAL HEALTH CARE 6,283 -------- TOTAL PREFERRED STOCK (COST $162,152) 158,117 -------- COMMON STOCK--94.44% AEROSPACE AND DEFENSE--0.17% 49,626 BAE Systems plc .................................. 149,840 SHARES VALUE -------- ----- 5,619 European Aeronautic Defense And Space Co ......... $ 59,697 34,442 Rolls-Royce plc .................................. 54,163 4,863 Smiths Group plc ................................. 49,021 691 Thales S.A. ...................................... 18,473 560 Zodiac S.A. ...................................... 10,892 -------- TOTAL AEROSPACE AND DEFENSE 342,086 -------- BASIC INDUSTRIES--7.81% 124 Acciona S.A. ..................................... 4,846 715 Acerinox S.A. .................................... 21,990 1,011 ACS Actividades de Construccion y Servicios S.A. . 27,837 3,879 Aggreko plc ...................................... 7,473 9,090 Akzo Nobel NV .................................... 292,867 84 Aluminum Of Greece S.A.I.C. ...................... 1,559 92,181 Amcor Ltd ........................................ 412,751 3,026 Amec plc ......................................... 10,362 70,760 * Arcelor .......................................... 717,503 18,000 Asahi Kasei Corp ................................. 48,792 6,798 Barratt Developments plc ......................... 45,381 9,809 BASF AG. ......................................... 341,237 10,978 Bayer AG. ........................................ 189,216 2,773 Berkeley Group plc ............................... 25,794 176,910 BHP Billiton Ltd ................................. 870,003 64,864 BHP Billiton plc ................................. 300,915 12,407 * BHP Steel Ltd .................................... 18,068 14,945 BOC Group plc .................................... 203,767 104 Boehler-Uddeholm AG. ............................. 4,682 16,794 Boral Ltd ........................................ 38,146 5,857 BPB plc .......................................... 24,639 665 Buderus AG. ...................................... 13,013 2,564 Buhrmann NV ...................................... 12,847 15,031 Carter Holt Harvey Ltd ........................... 11,138 7,000 Cheung Kong Infrastructure Holdings Ltd. ......... 11,937 1,404 Ciba Specialty Chemicals AG. (Regd) .............. 92,539 1,235 Cimpor Cimentos de Portugal S.A. ................. 21,116 1,393 Clariant AG. (Regd) .............................. 25,152 6,781 Compagnie De Saint-Gobain ........................ 149,715 34,467 * Corus Group plc .................................. 18,564 8,449 CRH plc (Ireland) ................................ 94,774 20,320 CSR Ltd .......................................... 62,939 186,271 Daicel Chemical Industries Ltd ................... 526,343 11,000 Dainippon Ink & Chemicals, Inc ................... 18,794 2,200 Daito Trust Construction Co Ltd .................. 48,883 7,000 Daiwa House Industry Co Ltd ...................... 42,780 5,110 Denki Kagaku Kogyo KK ............................ 11,837 3,000 Dowa Mining Co Ltd ............................... 13,332 412 Elkem ASA ........................................ 9,729 6,300 Fletcher Building Ltd ............................ 8,835 21,800 * Fletcher Challenge Forests Ltd ................... 2,352 1,303 Fomento de Construcciones y Contratas S.A. ....... 25,601 22 Forbo Holding AG. (Regd) ......................... 6,123 4,693 Grupo Dragados S.A. .............................. 70,499 25,819 Grupo Ferrovial S.A. ............................. 637,923 7,469 Hanson plc ....................................... 37,117 406 Heidelberger Zement AG. (Germany) ................ 14,646 3,514 Heijmans NV ...................................... 55,045 964 Hellenic Technodomiki S.A. ....................... 5,450 463 Hoganas AB (B Shs) ............................... 8,339 317 Holcim Ltd (Br) .................................. 50,190 744 Holcim Ltd (Regd) ................................ 22,272 788 Holmen AB (B Shs) ................................ 17,209 1,762 Iluka Resources Ltd .............................. 4,452 124 Imerys S.A. ...................................... 14,400 25,638 Imperial Chemical Industries plc ................. 82,249 3,000 * Ishihara Sangyo Kaisha Ltd ....................... 4,288 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 9 Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- BASIC INDUSTRIES--(Continued) 2,161 Italcementi S.p.A. ............................... $ 20,503 7,174 James Hardie Industries NV ....................... 25,339 8,000 * JFE Holdings, Inc ................................ 89,633 5,000 JGC Corp ......................................... 28,750 2,051 Johnson Matthey plc .............................. 26,932 2,000 JSR Corp ......................................... 15,443 162,200 Kajima Corp ...................................... 492,967 3,532 Kaneka Corp ...................................... 19,903 2,567 Kinden Corp ...................................... 10,838 2,121 Lafarge S.A. (Br) ................................ 169,372 1,488 L'Air Liquide S.A. ............................... 183,824 4,360 Leighton Holdings Ltd ............................ 23,384 1,505 Linde AG. ........................................ 54,290 16,511 Lonza Group AG. (Regd) ........................... 936,953 12,000 Matsushita Electric Works Ltd .................... 73,041 78 Mayr-Melnhof Karton AG. .......................... 5,005 245,060 MIM Holdings Ltd ................................. 150,477 32,737 * Mitsubishi Chemical Corp ......................... 59,967 7,000 Mitsubishi Gas Chemical Co, Inc .................. 10,292 13,000 Mitsubishi Materials Corp ........................ 18,047 5,000 * Mitsubishi Paper Mills Ltd ....................... 5,832 11,000 Mitsui Chemicals, Inc ............................ 47,256 8,312 Mitsui Mining & Smelting Co Ltd .................. 18,093 3,000 NatSteel Ltd ..................................... 3,038 3,359 Newcrest Mining Ltd .............................. 12,321 4,000 Nippon Kayaku Co Ltd ............................. 16,067 4,000 Nippon Sanso Corp ................................ 11,336 1,000 Nippon Shokubai Co Ltd ........................... 4,953 88,000 * Nippon Steel Corp ................................ 115,656 9 Nippon Unipac Holding ............................ 45,318 5,000 Nishimatsu Construction Co Ltd ................... 14,950 3,000 Nissan Chemical Industries Ltd ................... 13,356 1 Nord-Est S.A. .................................... 18 3,239 Norske Skogindustrier ASA ........................ 37,588 6,101 Novar plc ........................................ 10,170 599 Novozymes a/s (B Shs) ............................ 11,318 11,000 Obayashi Corp .................................... 28,462 77,500 OJI Paper Co Ltd ................................. 366,045 4,000 Okumura Corp ..................................... 12,551 6,307 OneSteel Ltd ..................................... 5,484 3,553 Orica Ltd ........................................ 18,380 1,550 Outokumpu Oyj .................................... 14,629 6,921 Paperlinx Ltd .................................... 18,804 44,458 Patrick Corp Ltd ................................. 333,870 1,010 Pechiney S.A. (A Shs) ............................ 26,851 15,840 Pilkington plc ................................... 13,638 1,224 Rautaruukki Oyj .................................. 4,960 6,031 Rexam plc ........................................ 38,198 125 * RHI AG. .......................................... 889 15,118 Rio Tinto Ltd .................................... 248,918 35,502 Rio Tinto plc .................................... 570,587 4,397 RMC Group plc .................................... 28,973 469 Sapa AB .......................................... 8,295 7,250 Sekisui Chemical Co Ltd .......................... 20,010 10,365 Sekisui House Ltd ................................ 77,392 10,000 SembCorp Marine Ltd .............................. 6,189 60,400 Shimizu Corp ..................................... 187,044 22,103 Shin-Etsu Chemical Co Ltd ........................ 731,681 9,000 * Showa Denko KK ................................... 12,937 6,491 Skanska AB (B Shs) ............................... 31,991 1,004 * Smurfit-Stone Container Corp ..................... 12,620 1,077 Solvay S.A. ...................................... 63,704 1,241 Sons Of Gwalia Ltd ............................... 3,237 11,448 Stora Enso Oyj (R Shs) ........................... 110,878 SHARES VALUE -------- ----- 3,000 Sumitomo Bakelite Co Ltd ......................... $ 15,032 163,436 Sumitomo Chemical Co Ltd ......................... 626,946 2,000 Sumitomo Forestry Co Ltd ......................... 11,730 33,000 * Sumitomo Metal Industries Ltd .................... 13,282 8,036 Sumitomo Metal Mining Co Ltd ..................... 33,137 3,000 Sumitomo Osaka Cement Co Ltd ..................... 4,214 6,305 Svenska Cellulosa AB (B Shs) ..................... 195,151 779 Svenskt Stal AB (Ssab) Series A .................. 7,183 590 Svenskt Stal AB (Ssab) Series B .................. 5,090 1,208 Syngenta AG. ..................................... 65,927 15,000 Taiheiyo Cement Corp ............................. 26,984 11,000 Taisei Corp ...................................... 22,589 10,901 Taylor Woodrow plc ............................... 30,686 2,487 Technical Olympic S.A. ........................... 7,619 7,252 ThyssenKrupp AG. ................................. 77,047 454 Titan Cement Co S.A. ............................. 16,305 2,000 Toda Corp ........................................ 3,664 24,000 Tokyo Ohka Kogyo Co Ltd .......................... 316,214 8,000 Tosoh Corp ....................................... 17,151 3,508 Tostem Inax Holding Corp ......................... 51,147 6,000 Toto Ltd ......................................... 23,903 3,815 Toyo Seikan Kaisha Ltd ........................... 42,775 5,098 Transurban Group ................................. 10,693 1,386 Trelleborg AB (B Shs) ............................ 10,912 18,286 UBE Industries Ltd ............................... 23,132 284 Umicore .......................................... 9,894 4,969 UPM-Kymmene Oyj .................................. 136,522 477 Uponor Oyj ....................................... 9,334 18,688 Vinci S.A. ....................................... 1,132,171 1,002 Viohalco S.A. .................................... 4,575 191 Voestalpine AG. .................................. 4,851 347 Wienerberger AG. ................................. 5,031 7,082 Wimpey (George) plc .............................. 32,019 92,825 WMC Ltd .......................................... 357,627 138,773 Wolseley plc ..................................... 1,103,174 ----------- TOTAL BASIC INDUSTRIES 16,093,408 ----------- CONSUMER CYCLICAL--12.69% 6,202 Accor S.A. ....................................... 181,125 4,225 Aeon Co Ltd ...................................... 108,280 1,077 Aoyama Trading Co Ltd ............................ 13,765 4,602 Aristocrat Leisure Ltd ........................... 12,079 1,705 Arnoldo Mondadori Editore S.p.A. ................. 8,240 700 Asatsu-DK, Inc ................................... 13,139 500 Autobacs Seven Co Ltd ............................ 13,471 1,504 * Autogrill S.p.A. ................................. 11,876 500 Avex, Inc ........................................ 6,744 6,920 BBA Group plc .................................... 18,799 265 Bekaert S.A. ..................................... 10,109 1,988 Benetton Group S.p.A. ............................ 18,469 11,000 Bridgestone Corp ................................. 130,836 167,980 * British Sky Broadcasting Group plc ............... 1,353,847 1,843 Bulgari S.p.A. ................................... 6,120 711 Canal Plus ....................................... 2,937 600 Capcom Co Ltd .................................... 13,701 7,436 Carlton Communications plc ....................... 12,746 3,000 Casio Computer Co Ltd ............................ 15,254 1,735 Castorama-Dubois Investissements ................. 114,542 134 * Club Mediterranee S.A. ........................... 2,912 17,932 Coles Myer Ltd ................................... 58,271 43,200 Compass Group plc ................................ 180,031 3,182 * Continental AG. .................................. 42,297 4,075 Cycle & Carriage Ltd ............................. 8,713 3,000 * Daiei, Inc ....................................... 4,337 3,027 Daily Mail & General Trust plc ................... 22,373 4,000 Daimaru, Inc ..................................... 18,827 SEE NOTES TO FINANCIAL STATEMENTS 10 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- CONSUMER CYCLICAL--(Continued) 13,121 DaimlerChrysler AG. (Regd) ...................... $ 439,598 10,442 * DaimlerChrysler AG. (U.S.) ...................... 349,911 8,616 David Jones Ltd ................................. 4,916 5,700 Denso Corp ...................................... 92,752 40 D'ieteren S.A. .................................. 5,380 28,432 Dixons Group plc ................................ 77,128 502 Douglas Holding AG. ............................. 10,022 313,775 EMI Group plc ................................... 776,339 2,743 Eniro AB ........................................ 12,720 8,310 Esprit Holdings Ltd ............................. 12,785 1,400 FamilyMart Co Ltd ............................... 33,062 1,100 Fast Retailing Co Ltd ........................... 28,372 3,748 Fiat S.p.A. ..................................... 36,301 5,000 First Capital Corp Ltd .......................... 1,927 1,850 Fisher & Paykel Appliances Holdings Ltd ......... 8,807 1,128 Fisher & Paykel Healthcare Corp ................. 5,132 142 Folli-Follie S.A ................................ 2,125 40,632 Fuji Photo Film Co Ltd .......................... 1,211,547 7 Fuji Television Network, Inc .................... 30,762 20,000 Giordano International Ltd ...................... 7,821 11,984 GKN plc ......................................... 45,937 42,974 Granada plc ..................................... 45,448 1,195 Groupe Bruxelles Lambert S.A. ................... 44,276 822 Grupo Prisa S.A. ................................ 5,037 3,000 Gruppo Editoriale L'Espresso S.p.A. ............. 8,198 6,000 Gunze Ltd ....................................... 23,657 34,375 GUS plc ......................................... 292,995 70,000 Hankyu Department Stores, Inc ................... 443,320 9,394 Harvey Norman Holdings Ltd ...................... 14,497 230 Hellenic Duty Free Shops S.A. ................... 1,159 17,397 Hennes & Mauritz AB (B Shs) ..................... 302,067 42,325 Hilton Group plc ................................ 106,496 4,000 Hino Motors Ltd ................................. 10,876 27,481 Honda Motor Co Ltd .............................. 1,112,871 6,004 Independent News & Media plc .................... 8,011 1,300 Independent Newspapers Ltd ...................... 1,951 3,624 Inditex S.A. .................................... 73,423 4,000 Isetan Co Ltd ................................... 38,180 6,452 Ito-Yokado Co Ltd ............................... 253,331 12,958 John Fairfax Holdings Ltd ....................... 19,998 8,000 * Kanebo Ltd ...................................... 12,091 713 KarstadtQuelle AG. .............................. 11,761 1,041 Kesko Oyj (B Shs) ............................... 10,854 9,120 * Kia Motors Corp ................................. 58,163 343,092 Kingfisher plc .................................. 1,111,465 1,000 Konami Corp ..................................... 25,710 1,795 Koninklijke Vendex KBB NV ....................... 14,635 31 * Kuoni Reisen Holding (Regd) ..................... 5,471 4,000 Kuraray Co Ltd .................................. 23,558 2,785 Lagardere S.C.A. ................................ 106,794 1,000 Lawson, Inc ..................................... 30,310 5,946 LVMH Moet Hennessy Louis Vuitton S.A. ........... 216,840 1,144 MAN AG. ......................................... 15,037 71,702 Marks & Spencer Group plc ....................... 361,955 3,354 Marui Co Ltd .................................... 36,339 36,931 Matsushita Electric Industrial Co Ltd ........... 383,142 18,475 Mediaset S.p.A. ................................. 114,848 4,169 Michelin (C.G.D.E.) (B Shs) ..................... 117,097 6,000 Mitsubishi Rayon Co Ltd ......................... 14,539 4,000 Mitsukoshi Ltd .................................. 11,894 854 * Modern Times Group AB (B Shs) ................... 7,322 3,000 b* Mycal Corp ...................................... 25 4,745 MyTravel Group plc .............................. 6,082 1,000 Namco Ltd ....................................... 17,907 49,905 News Corp Ltd ................................... 238,371 SHARES VALUE -------- ----- 10,778 Next plc ........................................ $ 157,461 3,000 NGK Insulators Ltd .............................. 20,207 1,137 * NH Hoteles S.A. ................................. 10,001 4,140 Nintendo Co Ltd ................................. 484,597 2,620 Nippon Television Network Corp .................. 445,919 40,688 Nissan Motor Co Ltd ............................. 302,134 2,000 Nisshinbo Industries, Inc ....................... 9,381 1,000 Onward Kashiyama Co Ltd ......................... 8,921 672 Oriental Land Co Ltd ............................ 42,945 1,000 Overseas Union Enterprises Ltd .................. 3,095 14,900 P & O Princess Cruises plc ...................... 104,505 16,200 Paris Miki, Inc ................................. 290,758 10,539 Pearson plc ..................................... 84,443 6,299 Peugeot Citroen S.A. ............................ 232,888 1,962 Pinault-Printemps-Redoute S.A. .................. 124,099 2,936 Pioneer Corp .................................... 48,596 8,359 Pirelli S.p.A. .................................. 7,055 279 * Pt Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A. ........................ 1,668 139 * Pt Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A. (New) .................. 872 731 Publicis Groupe S.A. ............................ 13,799 19 * PubliGroupe S.A. (Regd) ......................... 2,579 1,260 Publishing & Broadcasting Ltd ................... 5,368 12,600 Puma AG. Rudolf Dassler Sport ................... 655,877 8,111 Rank Group plc .................................. 34,057 67,493 Reed Elsevier NV ................................ 806,443 38,310 Reed Elsevier plc ............................... 329,246 11,048 Renault S.A. .................................... 475,948 14,345 Reuters Group plc ............................... 50,983 819 Saizeriya Co Ltd ................................ 12,163 14,000 Sankyo Co Ltd (Gunman) .......................... 386,396 500 Sanrio Co Ltd ................................... 3,676 26,770 Sanyo Electric Co Ltd ........................... 90,596 1,127 Schibsted ASA ................................... 10,797 15,000 SCMP Group Ltd .................................. 6,491 61,764 * Seat-Pagine Gialle S.p.A. ....................... 35,831 2,200 * Sega Corp ....................................... 41,112 5,000 * Seiyu Ltd ....................................... 17,455 5,000 Seven-Eleven Japan Co Ltd ....................... 169,213 17,000 Shangri-La Asia Ltd ............................. 9,808 12,317 Sharp Corp ...................................... 118,273 1,000 Shimachu Co Ltd ................................. 16,198 241 Shimamura Co Ltd ................................ 15,045 800 Shimano, Inc .................................... 12,131 25,793 Signet Group plc ................................ 33,464 6,000 Singapore Press Holdings Ltd .................... 64,142 18,369 Six Continents plc .............................. 171,300 3,289 Sky City Entertainment Group .................... 11,106 730 Skylark Co Ltd .................................. 16,670 1,427 Societe Television Francaise 1 (T.F.1) .......... 30,307 931 Sodexho Alliance S.A. ........................... 18,099 1,155 Sol Melia S.A. .................................. 4,589 48,131 Sony Corp ....................................... 2,020,278 6,656 TAB Ltd ......................................... 12,008 34,515 TABCORP Holdings Ltd ............................ 220,377 91,500 Takashimaya Co Ltd .............................. 508,833 23,000 Teijin Ltd ...................................... 61,212 1,787 Telefonica Publicidad e Informacion S.A. ........ 4,857 734 * Telepizza S.A. .................................. 537 4,000 Television Broadcasts Ltd ....................... 12,308 2,000 Toho Co Ltd ..................................... 20,864 1,578 Tokyo Broadcasting System, Inc .................. 23,008 2,000 Tokyo Style Co Ltd .............................. 16,215 11,000 Toray Industries, Inc ........................... 26,745 8,000 Toyobo Co Ltd ................................... 11,631 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 11 Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- CONSUMER CYCLICAL--(Continued) 900 Toyoda Gosei Co Ltd ............................ $ 13,581 67,977 Toyota Motor Corp .............................. 1,747,719 2,052 TUI AG. ........................................ 31,535 10,761 United Business Media plc ...................... 36,384 2,741 UNY Co Ltd ..................................... 27,018 1,300 Valeo S.A. ..................................... 37,297 90 Valora Holding AG. ............................. 16,495 97,886 Vivendi Universal S.A. ......................... 1,098,007 5,354 VNU NV ......................................... 124,400 8,180 Volkswagen AG. ................................. 297,502 5,319 Volvo AB (B Shs) ............................... 77,153 2,000 Wacoal Corp .................................... 16,773 3,040 Warehouse Group Ltd ............................ 10,194 6,047 Whitbread plc .................................. 48,974 2,950 Wolters Kluwer NV .............................. 53,353 17,900 Woolworths Ltd ................................. 119,640 400 World Co Ltd ................................... 9,364 290,669 WPP Group plc .................................. 1,949,556 700 Yamada Denki Co Ltd ............................ 17,882 1,400 * Yamada Denki Co Ltd (New) ...................... 34,500 2,000 Yamaha Motor Co Ltd ............................ 16,100 ---------- TOTAL CONSUMER CYCLICAL 26,126,192 ---------- CONSUMER NON-CYCLICAL--10.38% 700 Aderans Co Ltd ................................. 13,512 854 Adidas-Salomon AG. ............................. 56,549 1,048 AGFA Gevaert NV ................................ 19,317 38,175 Ajinomoto Co, Inc .............................. 404,201 5,414 Altadis S.A. ................................... 120,925 125 Ariake Japan Co Ltd ............................ 3,686 8,185 Asahi Breweries Ltd ............................ 52,711 107 Bang & Olufsen a/s (B Shs) ..................... 1,993 290 Beiersdorf AG. ................................. 28,087 13,682 Boots Co plc ................................... 113,714 151,889 British American Tobacco plc ................... 1,550,205 2,182 BRL Hardy Ltd .................................. 9,248 4,254 Bunzl plc ...................................... 29,502 42,070 Cadbury Schweppes plc .......................... 281,177 193 Carlsberg a/s (A Shs) .......................... 9,116 9,067 Carrefour S.A. ................................. 363,813 410 Casino Guichard-Perrachon ...................... 26,865 39 * Casino Guichard-Perrachon A Wts 12/1 5/03 ...... 19 39 * Casino Guichard-Perrachon B Wts 12/1 5/05 ...... 35 11,468 Coca-Cola Amatil Ltd ........................... 36,767 2,152 Coca-Cola Hellenic Bottling Co S.A. ............ 31,349 500 Coca-Cola West Japan Co Ltd .................... 8,666 284 Colruyt S.A. ................................... 13,473 8,959 Compagnie Financiere Richemont AG. (Units) (A Shs) 132,877 906 Danisco a/s .................................... 31,584 899 Delhaize Group ................................. 14,589 150,464 Diageo plc ..................................... 1,866,928 5,800 Doutor Coffee Co Ltd ........................... 121,488 5,800 * Doutor Coffee Co Ltd (New) ..................... 114,818 5,340 Electrolux AB Series B ......................... 80,626 1,036 Essilor International S.A. ..................... 42,020 27,500 Foster's Group Ltd ............................. 68,890 2,700 Fraser & Neave Ltd ............................. 11,698 18,500 Fuji Oil Co Ltd ................................ 182,203 1,420 Givaudan S.A. (Regd) ........................... 636,166 316,024 Goodman Fielder Ltd ............................ 279,916 2,745 Greencore Group plc ............................ 7,271 11,067 Groupe Danone .................................. 1,334,376 2,789 Heineken NV .................................... 109,455 2,380 Hite Brewery Co Ltd ............................ 114,372 187 House Foods Corp ............................... 1,671 SHARES VALUE -------- ----- 13,761 Imperial Tobacco Group plc ..................... $ 217,487 2,581 Interbrew S.A. ................................. 61,168 300 ITO EN Ltd ..................................... 10,695 15 Japan Tobacco, Inc ............................. 94,628 420 * Jeronimo Martins SGPS S.A. ..................... 2,428 36,473 Kao Corp ....................................... 804,417 600 Katokichi Co Ltd ............................... 9,463 2,102 Kerry Group (Class A) .......................... 27,214 3,000 Kikkoman Corp .................................. 19,320 6,374 Kirin Brewery Co Ltd ........................... 37,697 10,780 Kose Corp ...................................... 328,517 26,000 Li & Fung Ltd .................................. 24,668 10,582 L'Oreal S.A. ................................... 763,448 2,566 Luxottica Group S.p.A. ......................... 33,526 2,000 Meiji Dairies Corp ............................. 6,210 4,000 Meiji Seika Kaisha Ltd ......................... 11,566 2,159 Metro AG. ...................................... 37,554 14,978 Nestle S.A. (Regd) ............................. 3,273,769 6,000 Nichirei Corp .................................. 20,256 4,000 Nippon Meat Packers, Inc ....................... 32,035 3,663 Nisshin Seifun Group, Inc ...................... 27,230 2,300 Nissin Food Products Co Ltd .................... 46,476 1,000 Noritake Co Ltd ................................ 3,154 1,450 Numico NV ...................................... 15,448 2,849 Orkla ASA ...................................... 45,556 745 * PAN Fish ASA ................................... 245 166 Papastratos Cigarette Co ....................... 2,743 13,444 Parmalat Finanziaria S.p.A. .................... 36,804 6,311 Pernod-Ricard .................................. 567,581 2,000 QP Corp ........................................ 16,987 84,937 Reckitt Benckiser plc .......................... 1,602,862 1,610 Rinascente S.p.A. .............................. 5,155 18,100 Rinnai Corp .................................... 424,473 32,932 Royal Ahold NV ................................. 387,781 7,800 SABMiller plc .................................. 53,481 31,231 Safeway plc .................................... 102,402 23,204 Sainsbury (J) plc .............................. 102,174 3,000 Sapporo Breweries Ltd .......................... 6,604 8,153 Scottish & Newcastle plc ....................... 71,800 4,367 Shiseido Co Ltd ................................ 52,121 2,000 * Snow Brand Milk Products Co .................... 3,302 676 Societe BIC S.A. ............................... 22,381 9,528 * Sonae SPGS S.A. ................................ 3,767 9,707 Southcorp Ltd .................................. 28,906 5,836 Swedish Match AB ............................... 44,057 2,235 Takara Holdings, Inc ........................... 11,841 6,788 Tate & Lyle plc ................................ 39,497 109,704 Tesco plc ...................................... 354,961 3,708 The Swatch Group AG. (Regd) .................... 55,751 529 Uni-Charm Corp ................................. 20,597 38,399 Unilever NV (Cert) ............................. 2,273,188 71,350 Unilever plc ................................... 647,423 140,000 Want Want Holdings Ltd ......................... 84,000 6,088 Waterford Wedgwood plc (Units) ................. 2,407 367 Wella AG. ...................................... 16,249 3,000 Yakult Honsha Co Ltd ........................... 32,454 2,000 Yamazaki Baking Co Ltd ......................... 11,171 ---------- TOTAL CONSUMER NON-CYCLICAL 21,364,973 ---------- ENERGY--9.49% 96,232 BG Group plc ................................... 377,201 460,417 BP plc ......................................... 3,077,218 49,096 BP plc (Spon ADR) .............................. 1,958,930 64,846 Centrica plc ................................... 169,026 195,600 CNOOC Ltd ...................................... 272,099 773 * Energy Developments Ltd ........................ 1,407 SEE NOTES TO FINANCIAL STATEMENTS 12 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- ENERGY--(Continued) 85,512 ENI S.p.A. ..................................... $ 1,173,019 3,849 Fortum Oyj ..................................... 21,987 3,008 Gas Natural SDG S.A. ........................... 50,984 1,094 Hellenic Petroleum S.A. ........................ 6,466 205,599 Hong Kong & China Gas Co Ltd ................... 275,464 26,145 IHC Caland NV .................................. 1,188,598 4,382 Italgas S.p.A. ................................. 43,654 197,873 John Wood Group plc ............................ 581,119 106,144 Lattice Group plc .............................. 285,854 5,000 Nippon Mining Holdings, Inc .................... 11,212 32,000 Nippon Oil Corp ................................ 137,736 2,444 Norsk Hydro ASA ................................ 92,011 215 OMV AG. ........................................ 18,146 141,442 Origin Energy Ltd .............................. 272,083 32,000 Osaka Gas Co Ltd ............................... 78,068 1,278 * Petroleum Geo-Services ASA ..................... 964 15,052 Repsol YPF S.A. ................................ 178,362 96,638 Royal Dutch Petroleum Co ....................... 3,901,473 7,844 Santos Ltd ..................................... 25,958 307,149 Shell Transport & Trading Co plc ............... 1,830,654 2,000 Showa Shell Sekiyu KK .......................... 11,812 398 Smedvig a/s (A Shs) ............................ 1,762 223 Smedvig a/s (B Shs) ............................ 782 11,776 Snam Rete Gas .................................. 35,031 6,733 Statoil ASA .................................... 51,332 162 Technip-Coflexip S.A. .......................... 10,647 2,000 Teikoku Oil Co Ltd ............................. 7,968 40,000 Tokyo Gas Co Ltd ............................... 116,970 3,000 TonenGeneral Sekiyu KK ......................... 19,172 24,276 Total Fina Elf S.A. ............................ 3,195,729 8,475 Woodside Petroleum Ltd ......................... 57,106 ---------- TOTAL ENERGY 19,538,004 ---------- FINANCIAL SERVICES--21.52% 11,342 3i Group plc ................................... 76,875 5,000 77 Bank Ltd .................................... 17,496 119,903 ABN Amro Holding NV ............................ 1,312,981 1,461 Acom Co Ltd .................................... 61,685 16,411 Aegon NV ....................................... 154,080 300 Aeon Credit Service Co Ltd ..................... 15,747 900 Aiful Corp ..................................... 51,971 116,000 Aioi Insurance Co Ltd .......................... 256,316 6,404 Alleanza Assicurazioni S.p.A. .................. 39,050 10,808 Allgreen Properties Ltd ........................ 5,838 5,747 Allianz AG. (Regd) ............................. 494,707 24,497 Allied Irish Banks plc ......................... 292,946 2,363 Alpha Bank S.A. ................................ 28,024 6,238 AMP Diversified Property Trust ................. 8,508 17,081 AMP Ltd ........................................ 108,597 19,563 Amvescap plc ................................... 92,602 8,000 * Ashikaga Bank Ltd .............................. 9,331 39,958 Assicurazioni Generali S.p.A. .................. 586,039 62,402 Australia and New Zealand Banking Group Ltd .... 598,498 934 Australian Stock Exchange Ltd .................. 5,801 77,281 Aviva plc ...................................... 434,477 40,840 AXA ............................................ 400,796 2,226 Banca Fideuram S.p.A. .......................... 8,250 23,471 Banca Monte dei Paschi di Siena S.p.A. ......... 47,901 13,085 * Banca Nazionale Del Lavoro S.p.A. .............. 14,290 5,547 * Banca Popolare di Milano ....................... 17,433 102,823 Banco Bilbao Vizcaya Argentaria S.A. ........... 768,247 27,886 Banco Comercial Portugues S.A. (Regd) .......... 59,253 2,275 Banco Espirito Santo S.A. (Regd) ............... 23,383 138,580 Banco Santander Central Hispano S.A. ........... 708,076 21,762 Bank Of East Asia Ltd .......................... 38,225 SHARES VALUE -------- ----- 10,000 Bank Of Fukuoka Ltd ............................ $ 38,442 19,843 Bank Of Ireland (Dublin) ....................... 193,167 11,338 Bank Of Ireland (London) ....................... 111,381 20,000 Bank Of Yokohama Ltd ........................... 86,742 242,335 Barclays plc ................................... 1,415,771 10,403 Bayerische Hypo-und Vereinsbank AG. ............ 137,255 11,785 * Bipop-Carire S.p.A. ............................ 4,496 38,374 BNP Paribas .................................... 1,250,767 6,257 BPI-SGPS S.A. (Regd) ........................... 12,368 7,690 British Land Co plc ............................ 53,210 22,346 BT Office Trust ................................ 17,243 1,552 * BTG plc ........................................ 3,466 4,436 * Canary Wharf Group plc ......................... 22,358 114,309 CapitaLand Ltd ................................. 78,466 11,568 Capitalia S.p.A. ............................... 11,364 42,800 Cheung Kong Holdings Ltd ....................... 269,983 11,000 Chiba Bank Ltd ................................. 38,130 27,400 City Developments Ltd .......................... 72,458 2,039 Close Brothers Group plc ....................... 15,664 8,160 Colonial First State Property Trust Group ...... 10,731 962 Commercial Bank Of Greece ...................... 17,798 55,784 Commonwealth Bank Of Australia ................. 913,635 881 Corporacion Mapfre S.A. ........................ 4,963 1,779 Credit Lyonnais S.A. ........................... 58,178 1,000 Credit Saison Co Ltd ........................... 21,973 75,348 Credit Suisse Group ............................ 1,478,114 237 Daido Life Insurance Co Ltd .................... 486,691 18,000 Daiwa Securities Group, Inc .................... 99,359 12,559 Danske Bank a/s ................................ 190,501 45,573 DBS Group Holdings Ltd ......................... 287,187 17,080 Deutsche Bank AG. (Regd) ....................... 781,551 889 Deutsche Boerse AG. ............................ 29,082 16,990 Deutsche Office Trust .......................... 10,525 10,995 Dexia .......................................... 99,101 8,700 Diamond Lease Co Ltd ........................... 175,086 8,445 DnB Holding ASA ................................ 36,922 1,599 Drott AB (B Shs) ............................... 13,106 2,059 EFG Eurobank Ergasias S.A. ..................... 24,419 380 Erste Bank Der Oesterreichischen Sparkassen AG. 23,660 24,476 Fortis ......................................... 344,460 158,400 Fuji Fire & Marine Insurance Co Ltd ............ 268,033 11,751 Gandel Retail Trust ............................ 7,918 32,857 General Property Trust ......................... 50,171 1,303 * Gjensidige Nor ASA ............................. 39,824 2,522 Great Portland Estates plc ..................... 8,944 6,000 Gunma Bank Ltd ................................. 26,368 3,866 Hammerson plc .................................. 27,511 101,267 Hang Lung Properties Ltd ....................... 90,236 25,200 Hang Seng Bank Ltd ............................. 264,129 109,291 HBOS plc ....................................... 1,009,742 10,749 Henderson Land Development Co Ltd .............. 31,697 9,000 * Hokuriku Bank Ltd .............................. 13,159 65,010 Hong Kong Exchanges & Clearing Ltd ............. 78,341 3,000 Hotel Properties Ltd ........................... 1,561 303,629 HSBC Holdings plc (United Kingdom) ............. 3,075,012 10,307 Hysan Development Co Ltd ....................... 7,797 56,135 ING Groep NV ................................... 777,249 28,126 Insurance Australia Group Ltd .................. 46,615 311,481 IntesaBci S.p.A. ............................... 523,322 22,995 IntesaBci S.p.A. (Rnc) ......................... 27,544 624 * IntesaBci S.p.A. Put Wts 11/15/02 .............. 3,250 8,981 Irish Life & Permanent plc ..................... 101,629 46,100 iShares MSCI EAFE Index Fund ................... 4,388,720 10,000 Joyo Bank Ltd .................................. 28,257 2,970 KBC Bancassurance Holding NV ................... 93,458 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 13 Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- FINANCIAL SERVICES--(Continued) 4,000 Keppel Land Ltd ................................ $ 2,273 4,080 Kookmin Credit Card Co Ltd ..................... 93,215 10,290 Land Securities Group Plc ...................... 119,747 134,816 Legal & General Group plc ...................... 183,390 35,052 * Legal & General Group plc Rts .................. 15,159 4,362 Lend Lease Corp Ltd ............................ 23,940 191,080 Lloyds TSB Group plc ........................... 1,410,811 2,911 Macquarie Bank Ltd ............................. 35,054 35,206 Macquarie Infrastructure Group ................. 57,202 3,941 Man Group plc .................................. 61,604 5,048 Mediobanca S.p.A. .............................. 34,374 2,157 Mediolanum S.p.A. .............................. 8,335 813 Metrovacesa S.A. ............................... 13,740 40 * Metrovacesa S.A. (New) ......................... 676 18 * Millea Holdings, Inc ........................... 144,307 9,602 Mirvac Group ................................... 21,393 13,000 Mitsubishi Estate Co Ltd ....................... 103,901 87 Mitsubishi Tokyo Financial ..................... 642,457 38,196 Mitsui Fudosan Co Ltd .......................... 310,612 25,500 Mitsui Sumitomo Insurance Co ................... 119,603 7,000 Mitsui Trust Holdings, Inc ..................... 17,365 90 Mizuho Holdings, Inc ........................... 210,694 550 MLP AG. ........................................ 4,555 2,061 Muenchener Rueckver AG. (Regd) ................. 210,207 59,154 National Australia Bank Ltd .................... 1,076,191 2,929 National Bank Of Greece S.A. ................... 45,505 24,639 New World Development Co Ltd ................... 12,636 24,000 Nikko Cordial Corp ............................. 114,145 33,000 Nipponkoa Insurance Co Ltd ..................... 120,626 32,700 Nissay Dowa General Insurance Co Ltd ........... 130,005 29,300 Nomura Holdings, Inc ........................... 385,082 1,270 Nordea AB (Finland) ............................ 5,053 65,452 Nordea AB (Sweden) ............................. 259,761 8,700 ORIX Corp ...................................... 512,394 26,739 Oversea-Chinese Banking Corp Ltd ............... 144,429 6,000 Parkway Holdings Ltd ........................... 2,718 1,796 Piraeus Bank S.A. .............................. 11,005 170 Pohjola Group plc (D Shs) ...................... 2,369 1,200 Promise Co Ltd ................................. 46,230 2,592 Provident Financial plc ........................ 24,253 68,614 Prudential plc ................................. 366,328 7,000 QBE Insurance Group Ltd ........................ 27,235 6,127 RAS S.p.A. ..................................... 71,998 76,150 * Resona Holdings, Inc ........................... 56,922 23,164 Royal & Sun Alliance Insurance Group plc ....... 35,062 152,605 Royal Bank Of Scotland Group plc ............... 2,879,841 4,576 Sampo Oyj (A Shs) .............................. 30,071 23,320 Sanpaolo IMI S.p.A. ............................ 131,138 2,936 Schroders plc .................................. 20,777 10,000 Shizuoka Bank Ltd .............................. 67,685 7,980 Shohkoh Fund & Co Ltd .......................... 701,378 10,900 Singapore Exchange Ltd ......................... 7,053 2,000 Singapore Land Ltd ............................. 3,578 24,348 Sino Land Co Ltd ............................... 7,180 29,000 Skandia Forsakrings AB ......................... 42,534 8,213 Skandinaviska Enskilda Banken (A Shs) .......... 69,973 9,432 Slough Estates plc ............................. 47,465 8,985 Societe Generale (A Shs) ....................... 378,815 20,000 Sompo Japan Insurance, Inc ..................... 117,956 47,259 Standard Chartered plc ......................... 486,792 10,904 Stockland Trust Group .......................... 27,078 2,862 * Storebrand ASA ................................. 7,608 15,700 Sumisho Lease Co Ltd ........................... 225,814 66,845 Sumitomo Mitsui Banking Corp ................... 375,569 SHARES VALUE -------- ----- 101,100 Sumitomo Realty & Development Co Ltd ........... $ 581,319 19,000 Sumitomo Trust & Banking Co Ltd ................ 99,729 30,683 Sun Hung Kai Properties Ltd .................... 180,174 9,762 Suncorp-Metway Ltd ............................. 61,534 3,000 Suruga Bank Ltd ................................ 13,356 18,846 Svenska Handelsbanken AB (A Shs) ............... 234,749 7,774 Swiss Reinsurance Co (Regd) .................... 437,195 1,140 Takefuji Corp .................................. 64,426 103 TK Development ................................. 822 454 * Topdanmark As .................................. 10,904 2,009 Tower Ltd ...................................... 3,580 44,608 UBS AG. (Regd) ................................. 1,856,143 38 UFJ Holdings, Inc .............................. 100,821 522 Unibail ........................................ 29,406 83,003 UniCredito Italiano S.p.A. ..................... 300,236 21,056 United Overseas Bank Ltd ....................... 140,981 4,000 United Overseas Land Ltd ....................... 3,578 3,415 Vallehermoso S.A. .............................. 23,794 1,860 * WCM Beteiligungs & Grundbesitz AG. ............. 3,676 5,206 Westfield Holdings Ltd ......................... 36,776 37,232 Westfield Trust (Units) ........................ 68,384 31,239 Westpac Banking Corp ........................... 235,108 6,000 Wing Tai Holdings Ltd .......................... 2,009 2,390 Zurich Financial Services AG. .................. 223,069 ---------- TOTAL FINANCIAL SERVICES 44,302,318 ---------- HEALTH CARE--10.81% 1,234 Altana AG. ..................................... 44,941 6,983 Amersham plc ................................... 58,696 45,959 AstraZeneca plc (United Kingdom) ............... 1,393,463 20,100 Aventis S.A. ................................... 1,052,835 4,000 Banyu Pharmaceutical Co Ltd .................... 42,221 5,141 * Celltech Group plc ............................. 24,153 2,916 Chugai Pharmaceutical Co Ltd ................... 24,671 739 Cochlear Ltd ................................... 13,714 307 Coloplast a/s (B Shs) .......................... 21,650 2,718 CSL Ltd ........................................ 32,552 5,485 Daiichi Pharmaceutical Co Ltd .................. 89,028 4,856 Eisai Co Ltd ................................... 112,086 5,867 * Elan Corp plc .................................. 11,771 332 Fresenius Medical Care AG. ..................... 7,284 4,000 Fujisawa Pharmaceutical Co Ltd ................. 82,142 2,944 Gambro AB (A Shs) .............................. 11,716 1,483 Gambro AB (B Shs) .............................. 5,758 623 Gehe AG. ....................................... 25,644 195,518 GlaxoSmithKline plc ............................ 3,781,898 1,079 H. Lundbeck a/s ................................ 22,397 647 Instrumentarium Oyj ............................ 15,826 1,000 Kaken Pharmaceutical Co Ltd .................... 4,657 3,669 Kyowa Hakko Kogyo Co Ltd ....................... 17,631 1,411 Merck Kgaa ..................................... 24,543 29,528 * Nobel Biocare Holding AG. ...................... 1,287,791 86,820 Novartis AG. (Regd) ............................ 3,432,843 8,333 Novo Nordisk a/s (B Shs) ....................... 227,297 226 Omega Pharma S.A. .............................. 9,155 8,000 Ono Pharmaceutical Co Ltd ...................... 240,512 345 Orion-Yhtyma (B Shs) ........................... 7,331 440 Phonak Holding AG. (Regd) ...................... 5,077 1,151 * Qiagen NV ...................................... 5,381 62 Roche Holding AG. (Br) ......................... 7,007 38,174 Roche Holding AG. (Genusscheine) ............... 2,582,161 6,514 Sankyo Co Ltd .................................. 84,328 13,073 Sanofi-Synthelabo S.A. ......................... 737,088 3,036 Schering AG. ................................... 142,223 487 Serono S.A. (B Shs) ............................ 233,054 4,461 Shionogi & Co Ltd .............................. 48,150 SEE NOTES TO FINANCIAL STATEMENTS 14 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- HEALTH CARE--(Continued) 239,369 Smith & Nephew plc ............................. $ 1,445,497 1,764 Sonic Healthcare Ltd ........................... 5,655 5,436 SSL International plc .......................... 21,585 9,429 * Sulzer Medica AG. (Regd) ....................... 1,420,878 400 Suzuken Co Ltd ................................. 9,923 2,541 Synthes-Stratec, Inc ........................... 1,293,613 3,377 Taisho Pharmaceutical Co Ltd ................... 53,038 39,381 Takeda Chemical Industries Ltd ................. 1,588,304 208 Tecan Group AG. (Regd) ......................... 5,365 20,700 Terumo Corp .................................... 306,061 1,434 UCB S.A. ....................................... 41,383 349 * William Demant Holding ......................... 6,919 4,200 Yamanouchi Pharmaceutical Co Ltd ............... 92,114 1,720 Zeltia S.A. .................................... 8,244 ---------- TOTAL HEALTH CARE 22,269,254 ---------- OTHER--2.37% 10,450 Adecco S.A. (Regd) ............................. 353,606 13,926 Aegis Group plc ................................ 14,947 4,053 Amadeus Global Travel Distribution S.A. (A Shs) 6,984 301 Amer Group plc ................................. 8,032 3,201 Amey plc ....................................... 3,801 1,998 * Ansell Ltd ..................................... 7,491 46,229 Assa Abloy AB (B Shs) .......................... 448,704 3,700 Auckland International Airport Ltd ............. 7,635 23,582 BAA plc ........................................ 196,180 53 Bellsystem 24, Inc ............................. 9,169 1,400 Benesse Corp ................................... 21,896 5,762 Capita Group plc ............................... 17,941 18,946 Chubb plc ...................................... 32,476 1,149 DCC plc ........................................ 11,094 2,818 De La Rue plc .................................. 11,145 6,861 Deutsche Post AG. (Regd) ....................... 56,619 4,255 Electrocomponents plc .......................... 16,862 100 Flughafen Wien AG. ............................. 3,143 2,694 Fugro NV ....................................... 109,960 400 Fuji Soft ABC, Inc ............................. 7,245 908 Group 4 Falck a/s .............................. 21,988 2,845 Hagemeyer NV ................................... 21,538 2,000 Haw Par Corp Ltd ............................... 4,479 15,859 Hays plc ....................................... 28,556 200 Hitachi Software Engineering Co Ltd ............ 4,978 66,033 Hutchison Whampoa Ltd .......................... 382,672 552 * ISS a/s ........................................ 16,636 24,946 Itochu Corp .................................... 69,875 400 Itochu Techno-Science Corp ..................... 7,721 126,000 Keppel Corp Ltd ................................ 307,680 10,921 Kidde plc ...................................... 10,820 83 Kobenhavns Lufthavne As ........................ 4,970 314 M.J. Maillis S.A. .............................. 1,595 14,000 Marubeni Corp .................................. 16,905 600 Meitec Corp .................................... 14,071 18,682 Mitsubishi Corp ................................ 125,528 23,368 Mitsui & Co Ltd ................................ 122,656 2 NET One Systems Co Ltd ......................... 8,198 200 Nippon System Development Co Ltd ............... 3,458 2,185 OCE NV ......................................... 15,310 772 OM AB .......................................... 2,664 1,000 Oracle Corp (Japan) ............................ 29,571 454 * Ostasiatiske Kompagni .......................... 8,517 36,383 Rentokil Initial plc ........................... 119,152 7,918 Secom Co Ltd ................................... 316,746 6,188 Securicor plc .................................. 9,829 9,735 Securitas AB (B Shs) ........................... 120,736 7,325 Serco Group plc ................................ 16,127 SHARES VALUE -------- ----- 4,034 SGS Societe Generale Surveillance Holdings S.A. $ 985,773 2,814 Softbank Corp .................................. 27,229 10,000 Sumitomo Corp .................................. 51,339 16,300 Swire Pacific Ltd (A Shs) ...................... 64,367 8,055 * Terra Lycos S.A. ............................... 32,241 431 TIS, Inc ....................................... 6,111 4,908 TPG NV ......................................... 82,266 400 Trans Cosmos, Inc .............................. 6,769 22,461 Vedior NV ...................................... 130,969 7,024 Wesfarmers Ltd ................................. 103,246 115,833 Wharf Holdings Ltd ............................. 220,540 ---------- TOTAL OTHER 4,878,756 ---------- PRODUCER DURABLES--4.30% 11,816 * ABB Ltd ........................................ 39,061 6,758 Advantest Corp ................................. 262,570 680 Aixtron AG. .................................... 3,192 2,704 * Alstom ......................................... 10,208 6,331 Amada Co Ltd ................................... 23,922 1,000 Amano Corp ..................................... 6,235 3,188 Atlas Copco AB (B Shs) ......................... 49,337 3,676 Balfour Beatty plc ............................. 8,035 125 Barco NV ....................................... 4,571 78 BWT AG. ........................................ 1,079 8,721 * Chartered Semiconductor Manufacturing Ltd ...... 4,858 6,976 * Chartered Semiconductor Manufacturing Ltd Rts .. 20 1,000 Daifuku Co Ltd ................................. 3,696 3,000 Daikin Industries Ltd .......................... 56,432 3,000 Ebara Corp ..................................... 12,247 1,706 Fanuc Ltd ...................................... 76,233 50 Fischer (Georg) Ltd (Regd) ..................... 6,958 7,353 FKI plc ........................................ 9,424 390 * FLS Industries a/s (B Shs) ..................... 4,567 7,000 Fuji Electric Co Ltd ........................... 16,272 400 Fuji Machine Manufacturing Co Ltd .............. 3,746 23,106 Fujitsu Ltd .................................... 99,833 13,500 Futaba Corp .................................... 338,220 54,967 Hitachi Ltd .................................... 275,421 8,000 * Hitachi Zosen Corp ............................. 3,614 1,272 Hoya Corp ...................................... 78,886 9,879 IMI plc ........................................ 40,704 81,031 Invensys plc ................................... 77,413 17,000 Ishikawajima-Harima Heavy Industries Co Ltd .... 23,320 22,000 * Kawasaki Heavy Industries Ltd .................. 22,408 137 KCI Konecranes International ................... 3,250 21,404 Komatsu Ltd .................................... 71,909 1,092 Komori Corp .................................... 11,984 297 Kone Oyj (B Shs) ............................... 7,778 45,506 Koninklijke Philips Electronics NV ............. 661,111 1,000 Koyo Seiko Co Ltd .............................. 4,526 18,000 Kubota Corp .................................... 51,602 1,000 Kurita Water Industries Ltd .................... 8,995 3,408 * Kvaerner Industrier ASA (Series A) ............. 1,807 21,414 * Logitech International S.A. (Regd) ............. 603,232 6,700 Mabuchi Motor Co Ltd ........................... 591,628 1,204 Makita Corp .................................... 6,824 1,633 Metso Oyj ...................................... 14,202 32,789 * Mitsubishi Electric Corp ....................... 105,849 55,000 Mitsubishi Heavy Industries Ltd ................ 149,991 8,000 * Mitsui Engineering & Shipbuilding Co Ltd ....... 9,726 1,000 Mori Seiki Co Ltd .............................. 5,988 12,898 Murata Manufacturing Co Ltd .................... 658,989 23,733 * NEC Corp ....................................... 114,434 199 * NEG Micon a/s .................................. 3,826 2,470 * Nikon Corp ..................................... 18,849 2,200 Nitto Denko Corp ............................... 55,840 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 15 Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- PRODUCER DURABLES--(Continued) 220 NKT Holding a/s ................................ $ 1,727 7,592 NSK Ltd ........................................ 24,695 4,704 NTN Corp ....................................... 17,001 10,000 * Oki Electric Industry Co Ltd ................... 18,071 4,636 Rohm Co Ltd .................................... 543,797 940 Samsung Electronics Co Ltd ..................... 228,541 1,000 Sanden Corp .................................... 3,031 6,841 Sandvik AB ..................................... 160,835 100 Schindler Holding AG. (Regd) ................... 17,649 5,849 Schneider Electric S.A. ........................ 259,432 14,000 SembCorp Industries Ltd ........................ 7,365 206 * SGL Carbon AG. ................................. 1,191 27,284 Siemens AG. .................................... 915,454 20,927 Singapore Technologies Engineering Ltd ......... 19,664 1,666 SKF AB (B Shs) ................................. 37,641 5,200 SMC Corp ....................................... 468,144 3,000 * ST Assembly Test Services ...................... 1,528 2,000 Stanley Electric Co Ltd ........................ 22,425 94 * Sulzer AG. (Regd) .............................. 12,123 9,820 * Sumitomo Heavy Industries Ltd .................. 7,421 3,166 Taiyo Yuden Co Ltd ............................. 48,371 1,000 Takuma Co Ltd .................................. 7,040 1,689 Tandberg ASA ................................... 16,524 2,800 THK Co Ltd ..................................... 34,523 2,533 * Thomson Multimedia ............................. 39,904 6,901 Tokyo Electron Ltd ............................. 264,158 2,724 Tomra Systems ASA .............................. 16,614 43,488 * Toshiba Corp ................................... 132,886 46,600 Toyota Industries Corp ......................... 736,472 1,000 Ushio, Inc ..................................... 10,596 96 VA Technologie AG. ............................. 1,523 1,143 Vestas Wind Systems a/s ........................ 15,665 849 Wartsila Oyj (B Shs) ........................... 9,196 5,000 Yokogawa Electric Corp ......................... 31,419 ---------- TOTAL PRODUCER DURABLES 8,857,448 ---------- TECHNOLOGY--4.07% 21,732 Alcatel S.A. ................................... 50,473 1,556 Alps Electric Co Ltd ........................... 18,380 870 Altran Technologies S.A. ....................... 4,480 2,000 * Anritsu Corp ................................... 8,691 9,664 * ARM Holdings plc ............................... 18,845 7,553 Asahi Glass Co Ltd ............................. 46,407 2,500 ASM Pacific Technology Ltd ..................... 4,295 8,018 * ASML Holding NV ................................ 49,288 239 * Atos Origin .................................... 5,976 743 * Business Objects ............................... 7,527 22,922 Canon, Inc ..................................... 749,378 1,767 Cap Gemini S.A. ................................ 28,290 7,241 Citizen Watch Co Ltd ........................... 36,401 7,082 CMG plc ........................................ 4,371 467 Comptel Oyj .................................... 346 5,936 Computershare Ltd .............................. 7,096 750 Creative Technology Ltd ........................ 4,684 1,482 CSK Corp ....................................... 46,990 69,721 Dai Nippon Printing Co Ltd ..................... 755,394 4,000 * Dainippon Screen Manufacturing Co Ltd .......... 15,213 777 Dassault Systemes S.A. ......................... 11,979 3,000 Datacraft Asia Ltd ............................. 1,440 430 * EDB Business Partner ASA ....................... 899 1,568 * Epcos AG. ...................................... 11,080 8,656 * ERG Ltd ........................................ 753 288,141 * Ericsson (LM) (B Shs) .......................... 104,722 7,000 Fujikura Ltd ................................... 16,387 200 Fujitsu Support & Service, Inc ................. 3,177 SHARES VALUE -------- ----- 15,000 Furukawa Electric Co Ltd ....................... $ 34,130 7,989 Futuris Corp Ltd ............................... 5,644 5,000 GES International Ltd .......................... 774 3,621 * Getronics NV ................................... 2,612 6,500 Hirose Electric Co Ltd ......................... 466,649 2,000 Hitachi Cable Ltd .............................. 5,290 9,098 * Infineon Technologies AG. ...................... 49,094 1,850 Intracom S.A. .................................. 10,714 385 * Iona Technologies plc .......................... 753 195,881 Johnson Electric Holdings Ltd .................. 195,891 3,000 Keyence Corp ................................... 503,695 1,000 Kokuyo Co Ltd .................................. 8,822 3,000 Konica Corp .................................... 19,542 383 * Kudelski S.A. (Br) ............................. 5,239 3,370 Kyocera Corp ................................... 225,607 1,000 Kyowa Exeo Corp ................................ 3,959 10,659 Logica plc ..................................... 20,115 52,140 * Marconi plc .................................... 1,189 1,200 Matsushita Communication Industrial Co Ltd ..... 35,387 14,500 Melco, Inc ..................................... 267,988 1,986 * Merkantildata ASA .............................. 922 3,000 Minebea Co Ltd ................................. 15,204 17,116 Misys plc ...................................... 40,106 1,700 Mitsumi Electric Co Ltd ........................ 20,039 1,294 * Nera ASA ....................................... 952 2,000 NGK Spark Plug Co Ltd .......................... 13,767 11,200 Nichicon Corp .................................. 142,599 526 Nidec Corp ..................................... 27,091 1,000 Nippon Comsys Corp ............................. 5,282 10,000 Nippon Sheet Glass Co Ltd ...................... 25,300 179,666 Nokia Oyj ...................................... 2,388,233 12 NTT Data Corp .................................. 43,075 3,000 Olympus Optical Co Ltd ......................... 43,938 5,000 Omron Corp ..................................... 64,030 73 * Opticom ASA .................................... 601 200 * QPL International Holdings Ltd Wts 01/28/04 .... 1 11,000 Ricoh Co Ltd ................................... 191,103 10,543 Sage Group plc ................................. 18,652 110 Sagem S.A. ..................................... 6,294 5,195 SAP AG. ........................................ 231,040 200 Software AG. (Regd) ............................ 1,739 26,679 Spirent plc .................................... 15,104 63,433 STMicroelectronics NV .......................... 853,222 9,778 Sumitomo Electric Industries Ltd ............... 56,062 423 * Tandberg Television ASA ........................ 234 1,800 TDK Corp ....................................... 69,936 1,163 Tietoenator Corp ............................... 13,655 11,000 Toppan Printing Co Ltd ......................... 97,133 1,000 * Trend Micro, Inc ............................... 26,285 273 Unaxis Holding AG. (Regd) ...................... 15,890 8,451 Venture Manufacturing Ltd (Singapore) .......... 50,403 3,934 WM-Data AB (B Shs) ............................. 2,927 2,542 Yamaha Corp .................................... 24,075 ---------- TOTAL TECHNOLOGY 8,380,950 ---------- TRANSPORTATION--1.98% 2,533 Air France ..................................... 18,275 10,659 * Alitalia S.p.A. ................................ 2,265 10,000 * All Nippon Airways Co Ltd ...................... 23,739 5,350 Associated British Ports Holdings plc .......... 34,411 455 Attica Enterprise Holding S.A. ................. 1,309 798 Bergesen DY a/s (B Shs) ........................ 11,199 101,010 Brambles Industries Ltd ........................ 354,033 21,132 Brambles Industries plc ........................ 68,791 124,209 * British Airways plc ............................ 187,518 16,000 Cathay Pacific Airways Ltd ..................... 21,642 SEE NOTES TO FINANCIAL STATEMENTS 16 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- TRANSPORTATION--(Continued) 22 Central Japan Railway Co ....................... $ 139,691 36 Compagnie Maritime Belge S.A. .................. 1,557 4 Dampskibsselskabet Af 1912 (B Shs) ............. 22,460 3 Dampskibsselskabet Svendborg (B Shs) ........... 21,875 2,821 * Deutsche Lufthansa AG. (Regd) .................. 25,928 178 DSV, DE Sammensluttede Vognmaend a/s ........... 3,932 53 East Japan Railway Co .......................... 247,280 76,900 * easyJet plc .................................... 314,425 3,090 Exel plc ....................................... 30,565 9,235 Firstgroup plc ................................. 35,400 413 * Frontline Ltd .................................. 1,588 88,000 * Hankyu Corp .................................... 271,791 8,000 Japan Airlines Co Ltd .......................... 19,386 4,000 Kamigumi Co Ltd ................................ 18,268 5,000 Kawasaki Kisen Kaisha Ltd ...................... 6,982 6,000 Keihin Electric Express Railway Co Ltd ......... 28,093 8,000 Keio Electric Railway Co Ltd ................... 43,897 25,614 * Kinki Nippon Railway Co Ltd .................... 69,642 312 KLM (Royal Dutch Airlines) NV .................. 2,513 19,762 Mayne Group Ltd ................................ 37,693 1,000 Mitsubishi Logistics Corp ...................... 6,300 10,000 Mitsui O.S.K. Lines Ltd ........................ 18,975 63,000 Mitsui-Soko Co Ltd ............................. 125,751 22,501 MTR Corp ....................................... 25,676 19,000 * Neptune Orient Lines Ltd ....................... 6,575 133,179 Nippon Express Co Ltd .......................... 600,583 18,000 Nippon Yusen Kabushiki Kaisha .................. 59,290 7,567 Peninsular And Oriental Steam Navigation Co .... 20,200 6,395 * Railtrack Group plc ............................ 24,941 6,178 * Ryanair Holdings plc ........................... 34,192 927 * SAS AB ......................................... 5,249 3,000 Seino Transportation Co Ltd .................... 18,852 3,000 SembCorp Logistics Ltd ......................... 2,836 9,455 Singapore Airlines Ltd ......................... 51,071 12,000 SMRT Corp Ltd .................................. 4,017 26,614 Stagecoach Group plc ........................... 8,475 91,700 Sumitomo Warehouse Co Ltd ...................... 222,206 14,000 Tobu Railway Co Ltd ............................ 36,455 8,000 Tokyu Corp ..................................... 29,505 12 West Japan Railway Co .......................... 43,765 44,405 Yamato Transport Co Ltd ........................ 667,495 ----------- TOTAL TRANSPORTATION 4,078,557 ----------- UTILITIES--8.85% 1,126 ACEA S.p.A. .................................... 4,952 1,019 Aguas de Barcelona S.A. ........................ 8,872 311 Athens Water Supply & Sewage Co S.A. ........... 1,131 6,649 Australian Gas Light Co Ltd .................... 35,408 1,731 Autopistas Concesionaria Espanola S.A. ......... 19,674 35,448 * Autoroutes Du Sud De La France ................. 945,898 81,475 Autostrade-Concessioni e Costruzion30,485i Autostrade S.p.A. ............................ 6 6,253 AWG plc ........................................ 39,826 1,950,936 AWG plc (Regd) ................................. 2,761 2,331 Bouygues S.A. .................................. 59,897 4,422 Brisa-Auto Estradas de Portugal S.A. ........... 21,851 524,899 BT Group plc ................................... 1,357,875 19,440 Cable & Wireless plc ........................... 35,310 8,500 Chubu Electric Power Co, Inc ................... 143,132 30,860 CLP Holdings Ltd ............................... 128,194 3,887 Contact Energy Ltd ............................. 6,891 36,764 Deutsche Telekom AG. (Regd) .................... 310,654 215 * e.Biscom S.p.A. ................................ 2,869 20,432 E.ON AG. ....................................... 963,203 874 Electrabel S.A. ................................ 206,442 59,607 Electricidade de Portugal S.A. ................. 88,953 SHARES/ PRINCIPAL VALUE --------- ----- 15,809 Endesa S.A. .................................... $ 142,960 78,555 Enel S.p.A. .................................... 379,639 6,343 France Telecom S.A. ............................ 43,505 394,322 Game Group Plc ................................. 660,418 6,214 * GN Store Nord .................................. 17,859 5,776 Hellenic Telecommunications Organization S.A. .. 65,190 77,100 Hong Kong Electric Holdings Ltd ................ 326,209 26,551 Iberdrola S.A. ................................. 343,748 12,042 * International Power plc ........................ 15,907 13,000 Kansai Electric Power Co, Inc .................. 182,602 7,810 Kelda Group plc ................................ 45,873 42,257 * KPN NV ......................................... 219,254 6,400 Kyushu Electric Power Co, Inc .................. 86,742 61,618 National Grid Group Plc ........................ 437,505 218 Nippon Telegraph & Telephone Corp .............. 725,232 297 NTT Docomo, Inc ................................ 507,440 130 Oesterreichische Elektrizitaetswirt,161 schafts AG. (A Shs) ...................................... 9 152,839 * Pacific Century CyberWorks Ltd ................. 21,751 17,688 Portugal Telecom SGPS S.A. (Regd) .............. 79,539 6,055 RWE AG. ........................................ 179,525 22,977 Scottish & Southern Energy plc ................. 247,515 33,394 Scottish Power plc ............................. 181,047 6,333 Severn Trent plc ............................... 59,357 110,000 Singapore Telecommunications Ltd ............... 85,410 8,718 * Sonera Oyj ..................................... 32,310 500 Suez ........................................... 8,005 500 * Suez (Strip Vvpr) .............................. 5 13,941 Suez S.A. ...................................... 219,344 925 Swisscom AG. (Regd) ............................ 257,119 2,792 TDC a/s ........................................ 60,554 1,502 * Tele2 AB (B Shs) ............................... 22,354 22,287 Telecom Corp Of New Zealand Ltd ................ 51,343 88,022 Telecom Italia S.p.A. .......................... 627,213 30,107 Telecom Italia S.p.A. (Rnc) .................... 149,666 148,629 * Telefonica S.A. ................................ 1,107,550 2,241 * Telekom Austria AG. ............................ 17,275 6,593 Telenor ASA .................................... 20,106 15,247 Telia AB ....................................... 38,313 144,677 Telstra Corp Ltd ............................... 372,647 96,265 TIM S.p.A. ..................................... 374,846 3,422 * Tiscali S.p.A. ................................. 13,528 8,261 Tohoku Electric Power Co, Inc .................. 110,811 58,954 Tokyo Electric Power Co, Inc ................... 1,065,739 3,564 Union Fenosa S.A. .............................. 45,790 16,322 United Utilities plc ........................... 150,799 1,675,575 Vodafone Group plc ............................. 2,147,531 96,841 Vodafone Group plc (Spon ADR) .................. 1,242,470 2,322 Vodafone-Panafon S.A. .......................... 10,419 ----------- TOTAL UTILITIES 18,223,403 ----------- TOTAL COMMON STOCK (COST $248,246,781) 194,455,349 ----------- SHORT TERM INVESTMENT--3.74% U.S. GOVERNMENT AND AGENCY--3.74% Federal Home Loan Bank (FHLB) $7,700,000 1.450%, 10/01/2002 ........................... 7,699,636 ----------- TOTAL SHORT TERM INVESTMENT (COST $7,699,636) 7,699,636 ----------- SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 17 Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- VALUE ----- TOTAL PORTFOLIO--98.26% (COST $256,108,931) $202,313,392 OTHER ASSETS & LIABILITIES, NET--1.74% 3,585,615 ------------ NET ASSETS--100.00% $205,899,007 ============ ---------- * Non-income producing b In bankruptcy At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $262,017,196. Net unrealized depreciation of portfolio investments aggregated $59,703,804 of which $2,566,354 related to appreciated portfolio investments and $62,270,158 related to depreciated portfolio investments. For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 18 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL GROWTH EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- PREFERRED STOCK--0.00% FINANCIAL SERVICES--0.00% 5 * Corrections Corp of America ..................... $ 116 ---------- TOTAL FINANCIAL SERVICES 116 ---------- TOTAL PREFERRED STOCK (COST $96) 116 ---------- COMMON STOCK--99.32% AEROSPACE AND DEFENSE--0.95% 1,800 * Alliant Techsystems, Inc ........................ 124,650 27,800 Boeing Co ....................................... 948,814 12,600 * EchoStar Communications Corp (Class A) .......... 217,980 2,100 General Dynamics Corp ........................... 170,793 170,952 * General Motors Corp ............................. 1,564,211 22,700 * L-3 Communications Holdings, Inc ................ 1,196,290 4,500 Lockheed Martin Corp ............................ 291,015 1,100 * PanAmSat Corp ................................... 19,085 4,500 PerkinElmer, Inc ................................ 24,525 1,800 Rockwell Collins, Inc ........................... 39,492 3,200 * Titan Corp ...................................... 30,720 ---------- TOTAL AEROSPACE AND DEFENSE 4,627,575 ---------- BASIC INDUSTRIES--0.72% 6,800 Alcoa, Inc ...................................... 131,240 2,600 * American Standard Cos, Inc ...................... 165,412 3,800 Avery Dennison Corp ............................. 216,524 1,000 Ball Corp ....................................... 50,390 3,900 Black & Decker Corp ............................. 163,527 100 Cabot Corp ...................................... 2,100 1,000 Consol Energy, Inc .............................. 12,660 400 D.R. Horton, Inc ................................ 7,448 6,900 Ecolab, Inc ..................................... 287,937 1,400 Fluor Corp ...................................... 34,216 3,600 * Freeport-McMoRan Copper & Gold, Inc (Class A) ... 48,456 1,600 * Jacobs Engineering Group, Inc ................... 49,408 13,900 Kimberly-Clark Corp ............................. 787,296 12,800 Masco Corp ...................................... 250,240 33,068 Monsanto Co ..................................... 504,325 16,200 Newmont Mining Corp ............................. 445,662 400 * NVR, Inc ........................................ 119,932 60 * Packaging Dynamics Corp ......................... 339 3,600 * Sealed Air Corp ................................. 60,804 1,700 * Shaw Group, Inc ................................. 24,140 800 Sigma-Aldrich Corp .............................. 39,416 1,900 Stanley Works ................................... 62,073 1,100 Valspar Corp .................................... 41,030 400 Vulcan Materials Co ............................. 14,464 ---------- TOTAL BASIC INDUSTRIES 3,519,039 ---------- CONSUMER CYCLICAL--13.91% 1,800 * 99 Cents Only Stores ............................ 37,260 5,100 * Abercrombie & Fitch Co (Class A) ................ 100,317 700 * Advance Auto Parts .............................. 36,918 2,700 * American Eagle Outfitters, Inc .................. 32,562 216,400 * AOL Time Warner, Inc ............................ 2,531,880 6,500 * Apollo Group, Inc (Class A) ..................... 282,295 500 * Apollo Group, Inc (University Of Phoenix Online) 16,075 2,900 Applebee's International, Inc ................... 63,568 800 ArvinMeritor, Inc ............................... 14,960 15,600 * Bed Bath & Beyond, Inc .......................... 508,092 3,700 * Big Lots, Inc ................................... 58,571 800 Blockbuster, Inc (Class A) ...................... 19,840 4,200 * Brinker International, Inc ...................... 108,780 1,400 Callaway Golf Co ................................ 14,560 2,000 * Catalina Marketing Corp ......................... 56,160 500 CBRL Group, Inc ................................. 11,410 1,300 * CEC Entertainment, Inc .......................... 44,343 SHARES VALUE -------- ----- 3,100 * Chico's FAS, Inc ................................ $ 49,383 131,141 * Clear Channel Communications, Inc ............... 4,557,150 750 * Columbia Sportswear Co .......................... 26,040 3,800 * Comcast Corp (Class A) Special .................. 79,268 3,100 * Copart, Inc ..................................... 33,635 19,495 * Cox Communications, Inc (Class A) ............... 479,382 1,700 * Cox Radio, Inc (Class A) ........................ 44,472 400 * Cumulus Media, Inc (Class A) .................... 7,060 9,100 Darden Restaurants, Inc ......................... 220,584 14,706 Dollar General Corp ............................. 197,355 5,700 * Dollar Tree Stores, Inc ......................... 125,628 1,300 Donaldson Co, Inc ............................... 44,629 1,400 Dow Jones & Co, Inc ............................. 53,774 1,300 * Entercom Communications Corp .................... 61,581 1,000 * Extended Stay America, Inc ...................... 12,700 42,600 Family Dollar Stores, Inc ....................... 1,145,088 2,400 * Foot Locker, Inc ................................ 23,976 2,600 * Fox Entertainment Group, Inc (Class A) .......... 57,278 32,900 Gap, Inc ........................................ 356,965 5,100 * Gemstar-TV Guide International, Inc ............. 12,852 1,100 * Genesisintermedia, Inc .......................... 1 4,000 * Gentex Corp ..................................... 108,760 3,000 Graco, Inc ...................................... 74,400 108,680 Harley-Davidson, Inc ............................ 5,048,186 1,100 Harman International Industries, Inc ............ 56,925 5,400 * Harrah's Entertainment, Inc ..................... 260,334 2,500 Harte-Hanks, Inc ................................ 46,525 3,300 Hilton Hotels Corp .............................. 37,554 2,600 * Hispanic Broadcasting Corp ...................... 48,490 45,000 * International Game Technology ................... 3,111,300 800 International Speedway Corp (Class A) ........... 31,784 20,100 Interpublic Group Of Cos, Inc ................... 318,585 1,300 * Jones Apparel Group, Inc ........................ 39,910 36,800 * Kohl's Corp ..................................... 2,237,808 2,100 * Krispy Kreme Doughnuts, Inc ..................... 65,646 2,500 * Lamar Advertising Co ............................ 75,875 800 La-Z-Boy, Inc ................................... 18,560 3,200 Leggett & Platt, Inc ............................ 63,328 53,770 * Liberty Media Corp (Class A) .................... 386,069 10,500 Limited Brands, Inc ............................. 150,570 26,555 * Lin TV Corp (Class A) ........................... 657,236 300 * Mandalay Resort Group ........................... 10,065 5,600 Marriott International, Inc (Class A) ........... 162,344 3,300 Maytag Corp ..................................... 76,494 9,200 McGraw-Hill Cos, Inc ............................ 563,224 300 Meredith Corp ................................... 12,915 1,700 * Metro-Goldwyn-Mayer, Inc ........................ 20,315 300 * MGM Mirage ...................................... 11,190 3,300 * Michaels Stores, Inc ............................ 150,810 3,100 * Mohawk Industries, Inc .......................... 153,915 100 * Morgan Group Holding Co ......................... 13 1,900 * MSC Industrial Direct Co (Class A) .............. 20,178 4,800 New York Times Co (Class A) ..................... 218,160 63,522 Nike, Inc (Class B) ............................. 2,742,880 93,145 Omnicom Group, Inc .............................. 5,186,314 1,600 * O'Reilly Automotive, Inc ........................ 45,792 2,200 * Outback Steakhouse, Inc ......................... 60,456 2,100 * Performance Food Group Co ....................... 71,316 2,700 Pier 1 Imports, Inc ............................. 51,489 900 * Pixar, Inc ...................................... 43,290 1,600 Polaris Industries, Inc ......................... 99,200 700 R.R. Donnelley & Sons Co ........................ 16,457 1,900 * Radio One, Inc (Class D) ........................ 31,331 1,000 Reader's Digest Association, Inc (Class A) ...... 15,650 200 * Regal Entertainment Group (Class A) ............. 3,560 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 19 Statement of Investments - INSTITUTIONAL GROWTH EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- CONSUMER CYCLICAL--(Continued) 1,700 * Rent-A-Center, Inc ............................. $ 88,315 4,300 Ross Stores, Inc ............................... 153,252 3,200 Ruby Tuesday, Inc .............................. 60,096 900 * Scholastic Corp ................................ 40,212 500 * Scotts Co (Class A) ............................ 20,845 1,600 Scripps (E.W.) Co (Class A) .................... 110,880 500 * Sonic Automotive, Inc .......................... 8,850 20,600 * Starbucks Corp ................................. 425,184 1,100 Talbots, Inc ................................... 30,800 111,200 Target Corp .................................... 3,282,624 2,400 * The Cheesecake Factory, Inc .................... 71,592 94,550 Tiffany & Co ................................... 2,026,207 1,300 * Timberland Co (Class A) ........................ 41,184 28,900 TJX Cos, Inc ................................... 491,300 8,400 * U.S.A. Interactive, Inc ........................ 162,792 3,200 * UnitedGlobalcom, Inc (Class A) ................. 5,248 57,700 * Univision Communications, Inc (Class A) ........ 1,315,560 147,230 * Viacom, Inc (Class B) .......................... 5,970,177 373,500 Wal-Mart Stores, Inc ........................... 18,391,140 3,300 Wendy's International, Inc ..................... 109,263 4,500 * Westwood One, Inc .............................. 160,875 3,000 Wiley (John) & Sons, Inc (Class A) ............. 66,030 4,400 * Williams-Sonoma, Inc ........................... 103,972 20,700 * Yahoo!, Inc .................................... 198,099 12,800 * Yum! Brands, Inc ............................... 354,688 200 * Zale Corp ...................................... 6,032 ----------- TOTAL CONSUMER CYCLICAL 67,826,812 ----------- CONSUMER NON-CYCLICAL--13.28% 600 Alberto-Culver Co (Class B) .................... 29,418 10,200 * Amazon.Com, Inc ................................ 162,486 32,100 Anheuser-Busch Cos, Inc ........................ 1,624,260 1,100 * Aramark Corp (Class B) ......................... 23,100 3,700 * Autozone, Inc .................................. 291,782 102,900 Avon Products, Inc ............................. 4,743,690 700 * Barnes & Noble, Inc ............................ 14,812 52,100 * Best Buy Co, Inc ............................... 1,162,351 3,100 * BJ's Wholesale Club, Inc ....................... 58,931 600 * Borders Group, Inc ............................. 9,480 2,100 Brown-Forman Corp (Class B) .................... 140,595 5,200 * CDW Computer Centers, Inc ...................... 220,272 1,600 Church & Dwight Co, Inc ........................ 53,040 1,000 * Circuit City Stores, Inc (Carmax Group) ........ 16,050 3,600 Circuit City Stores, Inc (Circuit City Group) .. 54,540 6,000 Clorox Co ...................................... 241,080 40,700 * Coach, Inc ..................................... 1,041,920 94,500 Coca-Cola Co ................................... 4,532,220 11,400 Coca-Cola Enterprises, Inc ..................... 242,136 71,960 Colgate-Palmolive Co ........................... 3,882,242 1,300 * Constellation Brands, Inc (Class A) ............ 30,030 12,000 * Costco Wholesale Corp .......................... 388,440 2,600 Dial Corp ...................................... 55,796 800 Dreyer's Grand Ice Cream, Inc .................. 55,888 24,600 * eBay, Inc ...................................... 1,299,126 1,000 * Energizer Holdings, Inc ........................ 30,400 4,000 Estee Lauder Cos (Class A) ..................... 114,960 1,000 Ethan Allen Interiors, Inc ..................... 32,360 500 * Expedia, Inc (Class A) ......................... 25,325 95 * Expedia, Inc Wts 02/04/09 ...................... 1,929 3,000 Fastenal Co .................................... 94,740 30 * FTD, Inc (Class A) ............................. 416 1,200 * Furniture Brands International, Inc ............ 27,540 700 * Gamestop Corp .................................. 14,315 13,800 General Mills, Inc ............................. 612,996 156,500 Gillette Co .................................... 4,632,400 SHARES VALUE -------- ----- 8,700 H.J. Heinz Co .................................. $ 290,319 4,000 Herman Miller, Inc ............................. 71,040 3,200 Hershey Foods Corp ............................. 198,560 350,900 Home Depot, Inc ................................ 9,158,490 2,100 International Flavors & Fragrances, Inc ........ 66,885 8,500 Kellogg Co ..................................... 282,625 41,571 Kraft Foods, Inc (Class A) ..................... 1,515,679 33,000 * Kroger Co ...................................... 465,300 72 * Ladenburg Thalmann Financial Services, Inc ..... 14 42,100 Lowe's Cos ..................................... 1,742,940 23,800 Mattel, Inc .................................... 428,638 4,000 McCormick & Co, Inc (Non-Vote) ................. 91,200 300 Newell Rubbermaid, Inc ......................... 9,261 300 * PayPal, Inc .................................... 6,273 9,600 Pepsi Bottling Group, Inc ...................... 224,640 211,300 PepsiCo, Inc ................................... 7,807,535 500 * Petco Animal Supplies, Inc ..................... 10,845 6,700 * Petsmart, Inc .................................. 119,327 156,400 Philip Morris Cos, Inc ......................... 6,068,320 42,100 Procter & Gamble Co ............................ 3,762,898 11,800 * RadioShack Corp ................................ 236,708 9,800 * Rite Aid Corp .................................. 20,580 10,200 * Safeway, Inc ................................... 227,460 20,200 Sara Lee Corp .................................. 369,458 24,800 * Staples, Inc ................................... 317,192 800 * Ticketmaster (Class B) ......................... 12,200 1,600 Tootsie Roll Industries, Inc ................... 47,552 4,900 UST, Inc ....................................... 138,229 124,100 Walgreen Co .................................... 3,817,316 20,194 * Weight Watchers International, Inc ............. 875,612 3,200 * Whole Foods Market, Inc ........................ 137,088 5,800 Wrigley (Wm.) Jr Co ............................ 287,042 ----------- TOTAL CONSUMER NON-CYCLICAL 64,768,292 ----------- ENERGY--2.18% 2,200 Amerada Hess Corp .............................. 149,336 5,600 Anadarko Petroleum Corp ........................ 249,424 48,480 Apache Corp .................................... 2,882,136 128,000 Baker Hughes, Inc .............................. 3,715,840 53,700 * BJ Services Co ................................. 1,396,200 3,000 Burlington Resources, Inc ...................... 115,080 2,400 * Cooper Cameron Corp ............................ 100,224 39,700 Diamond Offshore Drilling, Inc ................. 792,015 6,157 ENSCO International, Inc ....................... 154,171 600 * Forest Oil Corp ................................ 15,300 3,700 * Grant Prideco, Inc ............................. 31,598 14,100 Halliburton Co ................................. 182,031 220 * Magnum Hunter Resources, Inc Wts 03/21/05 ...... 79 1,400 Murphy Oil Corp ................................ 114,898 2,100 * National-Oilwell, Inc .......................... 40,698 1,800 * Newfield Exploration Co ........................ 60,462 1,100 Noble Energy, Inc .............................. 37,367 6,200 Ocean Energy, Inc .............................. 123,690 3,200 * Patterson-UTI Energy, Inc ...................... 81,632 1,100 * Pioneer Natural Resources Co ................... 26,675 1,100 Pogo Producing Co .............................. 37,466 1,500 * Pride International, Inc ....................... 19,500 3,200 Rowan Cos, Inc ................................. 59,648 5,000 * Smith International, Inc ....................... 146,550 1,500 Tidewater, Inc ................................. 40,485 2,300 * Varco International, Inc ....................... 38,916 1,500 XTO Energy, Inc ................................ 30,915 ----------- TOTAL ENERGY 10,642,336 ----------- FINANCIAL SERVICES--9.30% 900 * Affiliated Managers Group, Inc ................. 40,149 13,700 Aflac, Inc ..................................... 420,453 SEE NOTES TO FINANCIAL STATEMENTS 20 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL GROWTH EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- FINANCIAL SERVICES--(Continued) 2,700 Allied Capital Corp ............................ $ 59,103 200 Ambac Financial Group, Inc ..................... 10,778 107,800 American Express Co ............................ 3,361,204 116,100 American International Group, Inc .............. 6,350,670 2,300 * AmeriCredit Corp ............................... 18,561 675 b* ANC Rental Corp ................................ 68 1 Bancfirst Corp ................................. 49 23,900 Bank Of America Corp ........................... 1,524,820 13,500 Bank Of New York Co, Inc ....................... 387,990 1,200 * Blackrock, Inc ................................. 49,704 2,600 Brown & Brown, Inc ............................. 78,000 10,900 Capital One Financial Corp ..................... 380,628 2,800 * Catellus Development Corp ...................... 51,660 58,100 Charles Schwab Corp ............................ 505,470 4,700 * ChoicePoint, Inc ............................... 167,508 112,764 Citigroup, Inc ................................. 3,343,453 2,500 Commerce Bancorp, Inc .......................... 103,775 2,550 Doral Financial Corp ........................... 61,557 6,600 * E*trade Group, Inc ............................. 29,370 2,900 Eaton Vance Corp ............................... 80,156 150,400 Fannie Mae ..................................... 8,954,816 4,600 Federated Investors, Inc (Class B) ............. 124,154 95,700 Fifth Third Bancorp ............................ 5,859,711 74,200 Freddie Mac .................................... 4,147,780 4,300 Gallagher (Arthur J.) & Co ..................... 105,995 169 * Gartner, Inc (Class B) ......................... 1,352 12,000 Goldman Sachs Group, Inc ....................... 792,360 1,182 Greater Bay Bancorp ............................ 21,501 400 HCC Insurance Holdings, Inc .................... 9,604 6,600 Household International, Inc ................... 186,846 1,500 Hudson United Bancorp .......................... 39,900 2,600 * Investment Technology Group, Inc ............... 76,076 3,300 Investors Financial Services Corp .............. 89,331 2,100 John Nuveen Co (Class A) ....................... 47,775 1,400 * LaBranche & Co, Inc ............................ 28,350 1,600 Legg Mason, Inc ................................ 68,096 100 * Markel Corp .................................... 19,918 28,300 Marsh & McLennan Cos, Inc ...................... 1,178,412 57,650 MBNA Corp ...................................... 1,059,607 11,100 Mellon Financial Corp .......................... 287,823 400 Mississippi Valley Bancshares, Inc ............. 19,928 2,500 Neuberger Berman, Inc .......................... 67,375 2,534 New York Community Bancorp, Inc ................ 71,383 1,600 North Fork Bancorp, Inc ........................ 60,544 37,600 Northern Trust Corp ............................ 1,418,272 7,600 Progressive Corp ............................... 384,788 1,300 Provident Financial Group, Inc ................. 32,617 5,300 * Providian Financial Corp ....................... 25,970 1,000 Rouse Co ....................................... 31,950 4,000 SEI Investments Co ............................. 95,520 8,100 SLM Corp ....................................... 754,434 2,100 St. Joe Co ..................................... 57,960 5,300 Starwood Hotels & Resorts Worldwide, Inc ....... 118,190 12,900 State Street Corp .............................. 498,456 3,300 Stilwell Financial, Inc ........................ 39,831 16,100 Synovus Financial Corp ......................... 331,982 2,100 T Rowe Price Group, Inc ........................ 52,416 2,400 TCF Financial Corp ............................. 101,592 500 Three Rivers Bancorp, Inc ...................... 8,000 1 * Travelers Property Casualty Corp (Class B) ..... 14 300 * United Rentals, Inc ............................ 2,532 27,900 UnumProvident Corp ............................. 567,765 3,600 Waddell & Reed Financial, Inc (Class A) ........ 63,576 8,500 Wells Fargo & Co ............................... 409,360 SHARES VALUE -------- ----- 500 Westamerica Bancorp ............................ $ 20,140 ----------- TOTAL FINANCIAL SERVICES 45,359,128 ----------- HEALTH CARE--28.81% 254,442 Abbott Laboratories ............................ 10,279,457 1,500 * Accredo Health, Inc ............................ 71,520 1,400 * Advanced Medical Optics, Inc ................... 13,314 4,100 * AdvancePCS ..................................... 92,373 2,200 * Affymetrix, Inc ................................ 45,760 64,150 * Alcon, Inc ..................................... 2,485,813 7,000 Allergan, Inc .................................. 380,800 4,600 AmerisourceBergen Corp ......................... 328,532 250,592 * Amgen, Inc ..................................... 10,449,686 900 * AMN Healthcare Services, Inc ................... 16,650 2,800 * Andrx Corp ..................................... 62,020 52,765 * Anthem, Inc .................................... 3,429,725 2,400 * Apogent Technologies, Inc ...................... 44,784 11,900 Applera Corp (Applied Biosystems Group) ........ 217,770 2,504 * Barr Laboratories, Inc ......................... 155,974 156,900 Baxter International, Inc ...................... 4,793,295 3,100 Beckman Coulter, Inc ........................... 119,970 3,400 Becton Dickinson & Co .......................... 96,560 7,500 * Biogen, Inc .................................... 219,525 13,800 Biomet, Inc .................................... 367,494 16,900 * Boston Scientific Corp ......................... 533,364 38,500 Bristol-Myers Squibb Co ........................ 916,300 107,311 Cardinal Health, Inc ........................... 6,674,744 11,100 * Caremark Rx, Inc ............................... 188,700 3,500 * Celgene Corp ................................... 58,940 2,447 * Cephalon, Inc .................................. 99,887 1,300 * Cerner Corp .................................... 45,773 2,200 * Charles River Laboratories International, Inc .. 86,350 5,800 * Chiron Corp .................................... 202,652 1,900 * Community Health Systems, Inc .................. 50,597 1,000 * Coventry Health Care, Inc ...................... 32,500 5,800 * Cytyc Corp ..................................... 62,176 3,670 * DaVita, Inc .................................... 86,612 3,700 Dentsply International, Inc .................... 148,629 1,100 Diagnostic Products Corp ....................... 50,600 700 * Digene Corp .................................... 5,530 3,000 * Edwards Lifesciences Corp ...................... 76,770 500 * Elan Corp plc (Contingent Value Rts) ........... 3 1 * Elan Corp plc (Spon ADR) ....................... 2 3,500 * Express Scripts, Inc (Class A) ................. 190,820 5,100 * First Health Group Corp ........................ 138,312 3,000 * Fisher Scientific International, Inc ........... 91,050 8,600 * Forest Laboratories, Inc ....................... 705,286 10,600 * Genentech, Inc ................................. 345,878 8,500 * Genzyme Corp (General Division) ................ 175,185 9,000 * Gilead Sciences, Inc ........................... 301,770 18,800 * Guidant Corp ................................... 607,428 26,500 HCA, Inc ....................................... 1,261,665 13,500 * Health Management Associates, Inc (Class A) .... 272,970 1,100 * Health Net, Inc ................................ 23,595 600 * Healthsouth Corp ............................... 2,490 1,100 * Henry Schein, Inc .............................. 58,025 2,500 * Human Genome Sciences, Inc ..................... 30,150 1,900 ICN Pharmaceuticals, Inc ....................... 17,214 5,900 * IDEC Pharmaceuticals Corp ...................... 244,968 15,100 IMS Health, Inc ................................ 226,047 1,000 * Invitrogen Corp ................................ 34,070 7,400 * IVAX Corp ...................................... 90,798 360,200 Johnson & Johnson .............................. 19,479,616 12,794 * King Pharmaceuticals, Inc ...................... 232,467 38,200 * Laboratory Corp Of America Holdings ............ 1,290,396 2,300 * LifePoint Hospitals, Inc ....................... 71,732 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 21 Statement of Investments - INSTITUTIONAL GROWTH EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- HEALTH CARE--(Continued) 103,200 Lilly (Eli) & Co ............................... $ 5,711,088 5,300 * Lincare Holdings, Inc .......................... 164,512 2,100 * Manor Care, Inc ................................ 47,208 12,100 McKesson Corp .................................. 342,793 1,200 * Medicis Pharmaceutical Corp (Class A) .......... 49,044 17,300 * Medimmune, Inc ................................. 361,916 193,264 Medtronic, Inc ................................. 8,140,280 71,500 Merck & Co, Inc ................................ 3,268,265 3,700 * Mid Atlantic Medical Services, Inc ............. 133,940 9,200 * Millennium Pharmaceuticals, Inc ................ 85,744 2,200 * Millipore Corp ................................. 69,938 7,300 Mylan Laboratories, Inc ........................ 239,002 1,700 Omnicare, Inc .................................. 35,904 2,100 * Orthodontic Centers Of America, Inc ............ 22,470 6,700 * Oxford Health Plans, Inc ....................... 260,898 300 Pall Corp ...................................... 4,737 2,700 * Patterson Dental Co ............................ 138,186 756,179 Pfizer, Inc .................................... 21,944,315 2,200 * Pharmaceutical Product Development, Inc ........ 42,548 262,677 Pharmacia Corp ................................. 10,212,882 4,700 * Quest Diagnostics, Inc ......................... 289,191 2,800 * Quintiles Transnational Corp ................... 26,628 2,400 * Renal Care Group, Inc .......................... 78,936 400 * Ribapharm, Inc ................................. 1,800 129,699 Schering-Plough Corp ........................... 2,765,183 3,400 * SICOR, Inc ..................................... 51,714 10,800 * St. Jude Medical, Inc .......................... 385,560 3,700 * Steris Corp .................................... 92,167 7,500 Stryker Corp ................................... 432,000 110,700 * Tenet Healthcare Corp .......................... 5,479,650 2,000 * Triad Hospitals, Inc ........................... 75,900 800 * Umilab Corp .................................... 16,776 46,200 UnitedHealth Group, Inc ........................ 4,029,564 2,100 * Universal Health Services, Inc (Class B) ....... 107,415 3,500 * Varian Medical Systems, Inc .................... 150,465 6,400 * Waters Corp .................................... 155,200 2,700 * Watson Pharmaceuticals, Inc .................... 66,177 6,910 * WebMD Corp ..................................... 34,896 8,000 * Wellpoint Health Networks, Inc ................. 586,400 160,100 Wyeth .......................................... 5,091,180 10,100 * Zimmer Holdings, Inc ........................... 387,234 ----------- TOTAL HEALTH CARE 140,462,789 ----------- OTHER--1.40% 2,300 * Career Education Corp .......................... 110,418 6,600 Cintas Corp .................................... 276,672 2,800 * DeVry, Inc ..................................... 52,136 3,200 * Dun & Bradstreet Corp .......................... 107,552 1,300 * Education Management Corp ...................... 57,551 1,200 * Getty Images, Inc .............................. 24,072 2,600 * GTECH Holdings Corp ............................ 64,532 10,000 H & R Block, Inc ............................... 420,100 2 Havas Advertising ADR .......................... 8 200 HON Industries, Inc ............................ 5,090 4,200 Honeywell International, Inc ................... 90,972 600 * Hotels.Com (Class A) ........................... 30,348 300 ITT Industries, Inc ............................ 18,699 2,300 Manpower, Inc .................................. 67,482 7,100 Moody's Corp ................................... 344,350 8,900 * Robert Half International, Inc ................. 141,243 800 * SPX Corp ....................................... 80,720 36,500 Sysco Corp ..................................... 1,036,235 300 Teleflex, Inc .................................. 13,674 3,400 * TMP Worldwide, Inc ............................. 30,600 182,989 Tyco International Ltd ......................... 2,580,145 SHARES VALUE -------- ----- 500 b* Uniroyal Technology Corp ....................... $ 10 20,929 United Technologies Corp ....................... 1,182,279 3,800 Viad Corp ...................................... 77,634 ----------- TOTAL OTHER 6,812,522 ----------- PRODUCER DURABLES--6.39% 15,400 3M Co .......................................... 1,693,538 1,600 * AGCO Corp ...................................... 37,120 5,900 * Allied Waste Industries, Inc ................... 43,365 1,700 b* Covanta Energy Corp ............................ 17 5,900 Danaher Corp ................................... 335,415 1,700 * Flowserve Corp ................................. 17,000 1,600 * FMC Technologies, Inc .......................... 26,816 1,145,386 General Electric Co ............................ 28,233,765 5,900 Illinois Tool Works, Inc ....................... 344,147 1,600 * National Instruments Corp ...................... 35,024 8,200 Pitney Bowes, Inc .............................. 250,018 6,600 Waste Management, Inc .......................... 153,912 ----------- TOTAL PRODUCER DURABLES 31,170,137 ----------- TECHNOLOGY--21.59% 500 b* ACT Manufacturing, Inc ......................... 8 3,900 * Activision, Inc ................................ 93,327 2,900 * Acxiom Corp .................................... 41,122 1,700 * Adaptec, Inc ................................... 7,497 17,200 * ADC Telecommunications, Inc .................... 19,780 13,300 Adobe Systems, Inc ............................. 254,030 1,600 * Advanced Fibre Communications, Inc ............. 21,232 4,700 * Advanced Micro Devices, Inc .................... 25,098 1,600 * Advent Software, Inc ........................... 18,320 6,300 * Affiliated Computer Services, Inc (Class A) .... 268,065 354,000 * Agere Systems, Inc (Class A) ................... 389,400 18,973 * Agere Systems, Inc (Class B) ................... 18,783 14,700 * Agilent Technologies, Inc ...................... 191,982 2,800 * Alliance Data Systems Corp ..................... 42,420 23,400 * Altera Corp .................................... 202,878 1,000 * American Power Conversion Corp ................. 9,560 5,100 * Amkor Technology, Inc .......................... 12,138 1,500 * Amphenol Corp (Class A) ........................ 46,500 145,592 * Analog Devices, Inc ............................ 2,868,162 332,500 * Applied Materials, Inc ......................... 3,840,375 8,300 * Applied Micro Circuits Corp .................... 23,738 1,400 * Arrow Electronics, Inc ......................... 17,682 4,808 b* At Home Corp (Series A) ........................ 12 11,000 * Atmel Corp ..................................... 11,660 1,700 Autodesk, Inc .................................. 21,539 34,400 Automatic Data Processing, Inc ................. 1,196,088 9,100 * Avaya, Inc ..................................... 13,013 18,100 * BEA Systems, Inc ............................... 93,758 5,600 * Bisys Group, Inc ............................... 93,576 7,800 * BMC Software, Inc .............................. 101,946 58 * Brightpoint, Inc ............................... 140 31,900 * Broadcom Corp (Class A) ........................ 340,692 75,016 * Brocade Communications Systems, Inc ............ 564,870 13,292 * Cadence Design Systems, Inc .................... 135,180 5,900 * Ceridian Corp .................................. 84,075 3,400 * Certegy, Inc ................................... 68,340 3,200 * Checkfree Corp ................................. 36,416 14,600 * CIENA Corp ..................................... 43,362 934,161 * Cisco Systems, Inc ............................. 9,790,007 8,300 * Citrix Systems, Inc ............................ 50,049 5,400 Computer Associates International, Inc ......... 51,840 1,800 * Computer Sciences Corp ......................... 50,022 8,000 * Compuware Corp ................................. 24,400 7,200 * Comverse Technology, Inc ....................... 50,328 26,900 * Concord EFS, Inc ............................... 427,172 4,400 * Conexant Systems, Inc .......................... 4,884 SEE NOTES TO FINANCIAL STATEMENTS 22 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL GROWTH EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- TECHNOLOGY--(Continued) 1,000 * Constellation 3D, Inc .......................... $ 40 10,200 * Convergys Corp ................................. 153,306 30,300 * Corning, Inc ................................... 48,480 2,700 * CSG Systems International, Inc ................. 29,430 1,800 * Cymer, Inc ..................................... 33,552 3,200 * Cypress Semiconductor Corp ..................... 20,992 278,575 * Dell Computer Corp ............................. 6,549,298 3,800 Deluxe Corp .................................... 171,228 6,500 * DST Systems, Inc ............................... 191,555 6,400 * Electronic Arts, Inc ........................... 422,144 20,700 Electronic Data Systems Corp ................... 289,386 143,388 * EMC Corp ....................................... 655,283 3,300 * Emulex Corp .................................... 37,158 7,300 Equifax, Inc ................................... 158,702 2,782 Fair, Isaac & Co, Inc .......................... 90,971 5,500 * Fairchild Semiconductor International, Inc (Class A) .................................... 52,085 41,500 First Data Corp ................................ 1,159,925 10,200 * Fiserv, Inc .................................... 286,416 1,800 Global Payments, Inc ........................... 46,080 1,400 Harris Corp .................................... 46,886 3,400 Henry (Jack) & Associates, Inc ................. 42,262 7,000 * i2 Technologies, Inc ........................... 3,640 1,400 * Ingram Micro, Inc (Class A) .................... 18,620 2,800 * Integrated Circuit Systems, Inc ................ 43,960 34,200 * Integrated Device Technology, Inc .............. 357,048 876,866 Intel Corp ..................................... 12,183,836 49,175 International Business Machines Corp ........... 2,871,328 2,600 * International Rectifier Corp ................... 40,612 24,000 * Internet Security Systems, Inc ................. 295,680 3,700 * Intersil Corp (Class A) ........................ 47,952 10,200 * Intuit, Inc .................................... 464,406 2,400 * Iron Mountain, Inc ............................. 59,976 5,400 * J.D. Edwards & Co .............................. 49,950 10,600 * Jabil Circuit, Inc ............................. 156,668 32,900 * JDS Uniphase Corp .............................. 64,089 13,600 * Juniper Networks, Inc .......................... 65,280 45,100 * KLA-Tencor Corp ................................ 1,260,094 8,200 * KPMG Consulting, Inc ........................... 52,972 15,202 * Lam Research Corp .............................. 135,298 7,400 * Lexmark International, Inc ..................... 347,800 56,800 Linear Technology Corp ......................... 1,176,896 7,000 * LSI Logic Corp ................................. 44,450 2,800 * Macromedia, Inc ................................ 21,644 69,300 * Maxim Integrated Products, Inc ................. 1,715,868 3,700 * Mercury Interactive Corp ....................... 63,492 1,900 * Mettler-Toledo International, Inc .............. 49,400 3,500 * Micrel, Inc .................................... 21,560 11,600 * Microchip Technology, Inc ...................... 237,220 81,400 * Micron Technology, Inc ......................... 1,006,918 576,155 * Microsoft Corp ................................. 25,201,020 1,253 * MKS Instruments, Inc ........................... 13,683 5,800 Molex, Inc ..................................... 136,416 266,500 Motorola, Inc .................................. 2,712,970 1,000 * National Processing, Inc ....................... 16,990 15,725 * National Semiconductor Corp .................... 187,757 14,900 * Network Appliance, Inc ......................... 109,217 62,070 * Network Associates, Inc ........................ 659,804 49 * Nortel Networks Corp (U.S.) .................... 26 95,200 * Novellus Systems, Inc .......................... 1,981,112 6,000 * Nvidia Corp .................................... 51,360 838,008 * Oracle Corp .................................... 6,586,743 17,600 Paychex, Inc ................................... 427,152 15,998 * Peoplesoft, Inc ................................ 197,895 3,100 * Perot Systems Corp (Class A) ................... 28,830 SHARES VALUE -------- ----- 5,600 * PMC-Sierra, Inc ................................ $ 21,728 3,900 * Polycom, Inc ................................... 26,481 7,700 * QLogic Corp .................................... 200,508 54,900 * Qualcomm, Inc .................................. 1,516,338 6,700 * Rational Software Corp ......................... 28,944 4,200 * RealNetworks, Inc .............................. 15,162 3,300 Reynolds & Reynolds Co (Class A) ............... 74,052 5,800 * RF Micro Devices, Inc .......................... 34,800 160,052 * Sanmina-SCI Corp ............................... 443,344 3,200 * Semtech Corp ................................... 31,040 98,700 * Siebel Systems, Inc ............................ 567,525 473 * SmartForce Plc (Spon ADR) ...................... 1,561 24,700 * Solectron Corp ................................. 52,117 1,500 * StarMedia Network, Inc ......................... 11 62,500 STMicroelectronics NV (New York Shs) ........... 845,625 2,000 * Storage Technology Corp ........................ 21,020 190,790 * Sun Microsystems, Inc .......................... 494,146 17,700 * Sungard Data Systems, Inc ...................... 344,265 3,547 * Sybase, Inc .................................... 41,216 28,000 * Symantec Corp .................................. 941,640 5,800 Symbol Technologies, Inc ....................... 44,486 3,700 * Synopsys, Inc .................................. 141,155 115,390 * Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR) ................................... 732,727 1,500 * Tech Data Corp ................................. 39,600 300 * Tektronix, Inc ................................. 4,929 12,000 * Tellabs, Inc ................................... 48,840 7,700 * Teradyne, Inc .................................. 73,920 207,405 Texas Instruments, Inc ......................... 3,063,372 2,000 * Thermo Electron Corp ........................... 32,260 2,100 Total System Services, Inc ..................... 27,615 300 b* U.S. Wireless Corp ............................ 0 2,100 * Unisys Corp .................................... 14,700 2,700 * Utstarcom, Inc ................................. 41,229 6,500 * VeriSign, Inc .................................. 32,825 77,775 * Veritas Software Corp .......................... 1,140,959 1,300 * Vishay Intertechnology, Inc .................... 11,440 45,841 * Xilinx, Inc .................................... 726,030 1,100 * Zebra Technologies Corp (Class A) .............. 57,959 ----------- TOTAL TECHNOLOGY 105,253,846 ----------- TRANSPORTATION--0.42% 3,800 C.H. Robinson Worldwide, Inc ................... 102,676 4,900 Expeditors International Of Washington, Inc .... 136,906 7,300 * Sabre Holdings Corp ............................ 141,255 1,700 Skywest, Inc ................................... 22,270 22,400 Southwest Airlines Co .......................... 292,544 1,700 * Swift Transportation Co, Inc ................... 26,520 21,200 United Parcel Service, Inc (Class B) ........... 1,325,636 ----------- TOTAL TRANSPORTATION 2,047,807 ----------- UTILITIES--0.37% 58,200 * A T & T Wireless Services, Inc ................. 239,784 11,900 * AES Corp ....................................... 29,869 5,575 * Arch Wireless, Inc ............................. 1 3,200 * Calpine Corp ................................... 7,904 6,300 * Citizens Communications Co ..................... 42,714 1 Energy East Corp ............................... 20 14,700 b* Enron Corp ..................................... 1,661 298 * Focal Communications Corp Wts 12/14/07 ......... 0 2,400 b* IMPSAT Fiber Networks, Inc ..................... 41 2,700 Kinder Morgan, Inc ............................. 95,715 16,400 * Level 3 Communications, Inc .................... 63,796 5,900 * Mirant Corp .................................... 13,039 1,700 b* NewPower Holdings, Inc ......................... 60 40,200 * Nextel Communications, Inc (Class A) ........... 303,510 1,700 b* Pinnacle Holdings, Inc ......................... 26 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 23 Statement of Investments - INSTITUTIONAL GROWTH EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES/ PRINCIPAL VALUE --------- ----- UTILITIES--(Continued) 51,985 * Qwest Communications International, Inc ....... $ 118,526 437,541 * Sprint Corp (PCS Group) ....................... 855,753 1,000 * West Corp ..................................... 14,000 2,089 Williams Cos, Inc ............................. 4,721 63 b* WorldCom, Inc (MCI Group) ..................... 10 ------------ TOTAL UTILITIES 1,791,150 ------------ TOTAL COMMON STOCK (COST $625,031,195) 484,281,433 ------------ SHORT TERM INVESTMENT--0.47% U.S. GOVERNMENT AND AGENCY--0.47% Federal Home Loan Bank (FHLB) $2,300,000 1.450%, 10/01/2002 .......................... 2,299,891 ------------ TOTAL SHORT TERM INVESTMENT (COST $2,299,891) 2,299,891 ------------ TOTAL PORTFOLIO--99.79% (COST $627,331,182) 486,581,440 OTHER ASSETS & LIABILITIES, NET--0.21% 1,038,572 ------------ NET ASSETS--100.00% $487,620,012 ============ ---------- * Non-income producing b In bankruptcy At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $644,223,239. Net unrealized depreciation of portfolio investments aggregated $157,641,799 of which $2,336,059 related to appreciated portfolio investments and $159,977,858 related to depreciated portfolio investments. For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 24 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL GROWTH AND INCOME FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- COMMON STOCK--99.73% AEROSPACE AND DEFENSE--1.58% 29,643 Boeing Co ...................................... $ 1,011,716 46,100 General Dynamics Corp .......................... 3,749,313 17,100 Goodrich Corp .................................. 322,848 12,300 Lockheed Martin Corp ........................... 795,441 400 Northrop Grumman Corp .......................... 49,616 45 PerkinElmer, Inc ............................... 245 945 Raytheon Co .................................... 27,689 ----------- TOTAL AEROSPACE AND DEFENSE 5,956,868 ----------- BASIC INDUSTRIES--4.81% 51,000 Air Products & Chemicals, Inc .................. 2,142,510 6,812 Alcoa, Inc ..................................... 131,472 800 * American Standard Cos, Inc ..................... 50,896 6,579 Avery Dennison Corp ............................ 374,871 3,500 Centex Corp .................................... 155,225 33,927 Dow Chemical Co ................................ 926,546 32,882 Du Pont (E.I.) de Nemours & Co ................. 1,186,054 5,500 Ecolab, Inc .................................... 229,515 5,300 Fluor Corp ..................................... 129,532 9,909 * Freeport-McMoRan Copper & Gold, Inc (Class A) .. 133,375 11,605 Georgia-Pacific Corp ........................... 151,909 10,200 Great Lakes Chemical Corp ...................... 245,004 20,941 International Paper Co ......................... 699,220 8,200 Kimberly-Clark Corp ............................ 464,448 19,552 Masco Corp ..................................... 382,242 8,091 MeadWestvaco Corp .............................. 155,428 66,386 Monsanto Co .................................... 1,015,042 126,400 Newmont Mining Corp ............................ 3,477,264 6,023 Nucor Corp ..................................... 228,272 4,336 * Phelps Dodge Corp .............................. 111,132 4,700 PPG Industries, Inc ............................ 210,090 41,600 Praxair, Inc ................................... 2,126,176 6,162 Rohm & Haas Co ................................. 191,022 11,700 Stanley Works .................................. 382,239 57 Temple-Inland, Inc ............................. 2,202 19,300 United States Steel Corp ....................... 224,073 58,892 Weyerhaeuser Co ................................ 2,577,703 ----------- TOTAL BASIC INDUSTRIES 18,103,462 ----------- CONSUMER CYCLICAL--11.74% 126,200 * AOL Time Warner, Inc ........................... 1,476,540 3,800 * Apollo Group, Inc (Class A) .................... 165,034 184,984 Autoliv, Inc ................................... 3,899,463 6,400 * Bed Bath & Beyond, Inc ......................... 208,448 17,600 * Big Lots, Inc .................................. 278,608 21,800 Carnival Corp .................................. 547,180 113,442 * Clear Channel Communications, Inc .............. 3,942,110 32,442 * Comcast Corp (Class A) Special ................. 676,740 107,773 * Cox Communications, Inc (Class A) .............. 2,650,138 9,317 Dana Corp ...................................... 121,866 89 Dillard's, Inc (Class A) ....................... 1,796 7,325 Dollar General Corp ............................ 98,302 88,032 Family Dollar Stores, Inc ...................... 2,366,300 9,400 * Federated Department Stores, Inc ............... 276,736 27,368 Ford Motor Co .................................. 268,206 5,900 Gannett Co, Inc ................................ 425,862 850 Gap, Inc ....................................... 9,223 21,449 General Motors Corp ............................ 834,366 3,900 Genuine Parts Co ............................... 119,496 14,300 Harley-Davidson, Inc ........................... 664,235 2,500 * Harrah's Entertainment, Inc .................... 120,525 1,997 * International Game Technology .................. 138,073 8,800 Interpublic Group Of Cos, Inc .................. 139,480 10,000 J.C. Penney Co, Inc ............................ 159,200 2,400 Johnson Controls, Inc .......................... 184,368 SHARES VALUE -------- ----- 4,000 * Jones Apparel Group, Inc ....................... $ 122,800 7,500 * Kohl's Corp .................................... 456,075 96 Leggett & Platt, Inc ........................... 1,900 32,400 Limited Brands, Inc ............................ 464,616 1,600 Liz Claiborne, Inc ............................. 39,920 16,662 Marriott International, Inc (Class A) .......... 483,031 39,985 McDonald's Corp ................................ 706,135 9,092 McGraw-Hill Cos, Inc ........................... 556,612 1,100 Meredith Corp .................................. 47,355 892 Nike, Inc (Class B) ............................ 38,517 307,500 Nissan Motor Co Ltd ............................ 2,283,383 3,100 Nordstrom, Inc ................................. 55,614 5,964 Omnicom Group, Inc ............................. 332,076 14,505 R.R. Donnelley & Sons Co ....................... 341,013 8,200 * Reebok International Ltd ....................... 205,410 15,062 Sears Roebuck & Co ............................. 587,418 5,300 * Starbucks Corp ................................. 109,392 27,300 Target Corp .................................... 805,896 17,500 TJX Cos, Inc ................................... 297,500 12,340 Tribune Co ..................................... 515,935 5,000 * Univision Communications, Inc (Class A) ........ 114,000 3,300 VF Corp ........................................ 118,734 40,789 * Viacom, Inc (Class B) .......................... 1,653,994 30 Visteon Corp ................................... 284 265,035 Wal-Mart Stores, Inc ........................... 13,050,323 33,088 Walt Disney Co ................................. 500,952 2,700 Whirlpool Corp ................................. 123,822 16,000 * Yahoo!, Inc .................................... 153,120 9,700 * Yum! Brands, Inc ............................... 268,787 ----------- TOTAL CONSUMER CYCLICAL 44,206,909 ----------- CONSUMER NON-CYCLICAL--12.33% 1,300 Alberto-Culver Co (Class B) .................... 63,739 41 Albertson's, Inc ............................... 991 16,944 Anheuser-Busch Cos, Inc ........................ 857,366 2,400 * Autozone, Inc .................................. 189,264 35,400 Avon Products, Inc ............................. 1,631,940 8,184 * Best Buy Co, Inc ............................... 182,585 1,500 Brown-Forman Corp (Class B) .................... 100,425 24,336 Campbell Soup Co ............................... 537,339 12,822 Clorox Co ...................................... 515,188 56,200 Coca-Cola Co ................................... 2,695,352 25,863 Coca-Cola Enterprises, Inc ..................... 549,330 92,424 Colgate-Palmolive Co ........................... 4,986,275 1,171 Conagra Foods, Inc ............................. 29,099 6,201 Coors (Adolph) Co (Class B) .................... 349,116 2,500 * Costco Wholesale Corp .......................... 80,925 2,400 CVS Corp ....................................... 60,840 225,760 Diageo plc ..................................... 2,801,186 7,579 * eBay, Inc ...................................... 400,247 93,800 General Mills, Inc ............................. 4,166,596 37,200 Gillette Co .................................... 1,101,120 3,163 H.J. Heinz Co .................................. 105,549 2,900 Hasbro, Inc .................................... 32,277 7,956 Hershey Foods Corp ............................. 493,670 129,863 Home Depot, Inc ................................ 3,389,424 1,600 International Flavors & Fragrances, Inc ........ 50,960 796 Kellogg Co ..................................... 26,467 24,025 * Kroger Co ...................................... 338,753 38,356 Lowe's Cos ..................................... 1,587,938 9,600 Mattel, Inc .................................... 172,896 200 Nestle S.A. (Regd) ............................. 43,714 6,800 * Office Depot, Inc .............................. 83,912 52,780 Pepsi Bottling Group, Inc ...................... 1,235,052 106,025 PepsiCo, Inc ................................... 3,917,624 61,400 Philip Morris Cos, Inc ......................... 2,382,320 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 25 Statement of Investments - INSTITUTIONAL GROWTH AND INCOME FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- CONSUMER NON-CYCLICAL--(Continued) 86,636 Procter & Gamble Co ............................ $ 7,743,526 72,000 Reckitt Benckiser plc .......................... 1,358,726 11,400 * Safeway, Inc ................................... 254,220 13,160 Sara Lee Corp .................................. 240,696 10,300 * Staples, Inc ................................... 131,737 14,400 * Toys ORO Us, Inc ............................... 146,592 49 UST, Inc ....................................... 1,382 24,200 Walgreen Co .................................... 744,392 8,300 Winn-Dixie Stores, Inc ......................... 108,896 10,900 Wrigley (Wm.) Jr Co ............................ 539,441 ----------- TOTAL CONSUMER NON-CYCLICAL 46,429,087 ----------- ENERGY--8.04% 8,674 Anadarko Petroleum Corp ........................ 386,340 92,688 Apache Corp .................................... 5,510,302 137,185 Baker Hughes, Inc .............................. 3,982,481 141,460 Burlington Resources, Inc ...................... 5,426,406 31,519 ChevronTexaco Corp ............................. 2,182,691 10,026 ConocoPhillips ................................. 463,602 5,700 Devon Energy Corp .............................. 275,025 304,020 Exxon Mobil Corp ............................... 9,698,238 11,800 Halliburton Co ................................. 152,338 900 Kerr-McGee Corp ................................ 39,096 2,500 * Nabors Industries Ltd .......................... 81,875 20,100 Occidental Petroleum Corp ...................... 570,438 22,288 Schlumberger Ltd ............................... 857,196 7,016 * Transocean, Inc ................................ 145,933 15,984 Unocal Corp .................................... 501,738 ----------- TOTAL ENERGY 30,273,699 ----------- FINANCIAL SERVICES--19.50% 15,800 ACE Ltd ........................................ 467,838 22,778 Aflac, Inc ..................................... 699,057 15,230 Allstate Corp .................................. 541,427 8,200 Ambac Financial Group, Inc ..................... 441,898 111,708 American Express Co ............................ 3,483,055 111,945 American International Group, Inc .............. 6,123,392 23,372 AmSouth Bancorp ................................ 484,735 115,543 Bank Of America Corp ........................... 7,371,643 9,100 Bank Of New York Co, Inc ....................... 261,534 64,111 Bank One Corp .................................. 2,397,751 3,100 BB&T Corp ...................................... 108,624 5,420 Bear Stearns Cos, Inc .......................... 305,688 4,800 Capital One Financial Corp ..................... 167,616 21,800 Charles Schwab Corp ............................ 189,660 21 Charter One Financial, Inc ..................... 624 5,900 Chubb Corp ..................................... 323,498 237,927 Citigroup, Inc ................................. 7,054,535 2,705 Countrywide Credit Industries, Inc ............. 127,541 12,426 Equity Office Properties Trust ................. 320,839 200 Equity Residential ............................. 4,788 107,636 Fannie Mae ..................................... 6,408,647 16,299 Fifth Third Bancorp ............................ 997,988 11,800 First Tennessee National Corp .................. 409,106 14,262 FleetBoston Financial Corp ..................... 289,946 5,300 Franklin Resources, Inc ........................ 164,830 98,772 Freddie Mac .................................... 5,521,355 6,600 Golden West Financial Corp ..................... 410,388 8,278 Goldman Sachs Group, Inc ....................... 546,596 13,792 Household International, Inc ................... 390,452 11,417 Huntington Bancshares, Inc ..................... 207,675 63,446 J.P. Morgan Chase & Co ......................... 1,204,840 4,600 John Hancock Financial Services, Inc ........... 127,880 9,580 Marsh & McLennan Cos, Inc ...................... 398,911 16,100 Marshall & Ilsley Corp ......................... 449,029 50 MBIA, Inc ...................................... 1,998 SHARES VALUE -------- ----- 44,800 MBNA Corp ...................................... $ 823,424 30,900 Merrill Lynch & Co, Inc ........................ 1,018,155 5,300 MetLife, Inc ................................... 120,628 3,500 MGIC Investment Corp ........................... 142,905 33,997 Morgan Stanley ................................. 1,151,818 26,300 National City Corp ............................. 750,339 5,200 North Fork Bancorp, Inc ........................ 196,768 89,824 Northern Trust Corp ............................ 3,388,161 2,700 PNC Financial Services Group, Inc .............. 113,859 11,300 Progressive Corp ............................... 572,119 3,964 * Prudential Financial, Inc ...................... 113,212 5,000 Regions Financial Corp ......................... 163,350 129,712 Safeco Corp .................................... 4,122,247 3,900 Simon Property Group, Inc ...................... 139,347 300 SLM Corp ....................................... 27,942 13,197 SouthTrust Corp ................................ 320,027 9,591 St. Paul Cos, Inc .............................. 275,454 92 Starwood Hotels & Resorts Worldwide, Inc ....... 2,052 4,600 State Street Corp .............................. 177,744 8,188 Stilwell Financial, Inc ........................ 98,829 2,600 SunTrust Banks, Inc ............................ 159,848 22,000 Synovus Financial Corp ......................... 453,640 5,100 T Rowe Price Group, Inc ........................ 127,296 9,400 Torchmark Corp ................................. 322,044 9,748 * Travelers Property Casualty Corp (Class A) ..... 128,674 19,423 * Travelers Property Casualty Corp (Class B) ..... 262,793 137,051 U.S. Bancorp ................................... 2,546,408 15,997 Union Planters Corp ............................ 439,278 46,999 UnumProvident Corp ............................. 956,430 74,931 Wachovia Corp .................................. 2,449,494 20,550 Washington Mutual, Inc ......................... 646,709 50,000 Wells Fargo & Co ............................... 2,408,000 3,000 XL Capital Ltd (Class A) ....................... 220,500 4,000 Zions Bancorp .................................. 174,120 ----------- TOTAL FINANCIAL SERVICES 73,418,998 ----------- HEALTH CARE--16.00% 32,235 Abbott Laboratories ............................ 1,302,294 125,189 Aetna, Inc ..................................... 4,483,018 3,500 AmerisourceBergen Corp ......................... 249,970 125,539 * Amgen, Inc ..................................... 5,234,976 2,000 * Anthem, Inc .................................... 130,000 9,900 Applera Corp (Applied Biosystems Group) ........ 181,170 1,100 Bard (C.R.), Inc ............................... 60,093 127,580 Baxter International, Inc ...................... 3,897,569 16,400 Becton Dickinson & Co .......................... 465,760 1,500 * Biogen, Inc .................................... 43,905 11,800 Biomet, Inc .................................... 314,234 1,800 * Boston Scientific Corp ......................... 56,808 35,580 Bristol-Myers Squibb Co ........................ 846,804 78,967 Cardinal Health, Inc ........................... 4,911,747 4,200 * Chiron Corp .................................... 146,748 5,401 Cigna Corp ..................................... 382,121 4,000 * Forest Laboratories, Inc ....................... 328,040 4,700 * Genzyme Corp (General Division) ................ 96,867 6,700 * Guidant Corp ................................... 216,477 18,700 HCA, Inc ....................................... 890,307 5,300 * Health Management Associates, Inc (Class A) .... 107,166 15,400 IMS Health, Inc ................................ 230,538 176,192 Johnson & Johnson .............................. 9,528,463 7,500 * King Pharmaceuticals, Inc ...................... 136,275 23,847 Lilly (Eli) & Co ............................... 1,319,693 2,200 * Manor Care, Inc ................................ 49,456 6,300 McKesson Corp .................................. 178,479 13,300 * Medimmune, Inc ................................. 278,236 29,700 Medtronic, Inc ................................. 1,250,964 SEE NOTES TO FINANCIAL STATEMENTS 26 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL GROWTH AND INCOME FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- HEALTH CARE--(Continued) 64,600 Merck & Co, Inc ................................ $ 2,952,866 1,224 * Millipore Corp ................................. 38,911 2,200 Pall Corp ...................................... 34,738 358,076 Pfizer, Inc .................................... 10,391,366 83,095 Pharmacia Corp ................................. 3,230,734 6,700 * Quintiles Transnational Corp ................... 63,717 67,884 Schering-Plough Corp ........................... 1,447,287 4,000 * St. Jude Medical, Inc .......................... 142,800 4,300 Stryker Corp ................................... 247,680 12,200 * Tenet Healthcare Corp .......................... 603,900 9,078 UnitedHealth Group, Inc ........................ 791,783 2,900 * Waters Corp .................................... 70,325 2,300 * Watson Pharmaceuticals, Inc .................... 56,373 2,900 * Wellpoint Health Networks, Inc ................. 212,570 70,107 Wyeth .......................................... 2,229,403 11,018 * Zimmer Holdings, Inc ........................... 422,430 ----------- TOTAL HEALTH CARE 60,255,061 ----------- OTHER--1.44% 23,100 * Cendant Corp ................................... 248,556 5,622 Cintas Corp .................................... 235,674 4,400 Dover Corp ..................................... 111,672 19 Fortune Brands, Inc ............................ 899 10,900 H & R Block, Inc ............................... 457,909 7,907 Honeywell International, Inc ................... 171,266 4,200 ITT Industries, Inc ............................ 261,786 4,200 Loews Corp ..................................... 180,138 2,700 Moody's Corp ................................... 130,950 18,700 Supervalu, Inc ................................. 302,005 24,100 Sysco Corp ..................................... 684,199 12,400 Textron, Inc ................................... 422,840 2,400 * TMP Worldwide, Inc ............................. 21,600 93,399 Tyco International Ltd ......................... 1,316,926 15,874 United Technologies Corp ....................... 896,722 ----------- TOTAL OTHER 5,443,142 ----------- PRODUCER DURABLES--5.30% 12,600 3M Co .......................................... 1,385,622 6,319 * Allied Waste Industries, Inc ................... 46,445 1,028 Caterpillar, Inc ............................... 38,262 12,100 Cummins, Inc ................................... 285,802 3,300 Danaher Corp ................................... 187,605 104,400 Deere & Co ..................................... 4,744,980 6,478 Eaton Corp ..................................... 412,908 3,800 Emerson Electric Co ............................ 166,972 445,958 General Electric Co ............................ 10,992,865 6,800 Illinois Tool Works, Inc ....................... 396,644 7,200 Ingersoll-Rand Co (Class A) .................... 247,968 12,300 Paccar, Inc .................................... 415,617 10,248 Rockwell Automation, Inc ....................... 166,735 16,700 Waste Management, Inc .......................... 389,444 15,781 * Xerox Corp ..................................... 78,116 ----------- TOTAL PRODUCER DURABLES 19,955,985 ----------- TECHNOLOGY--13.31% 6,200 Adobe Systems, Inc ............................. 118,420 4,600 * Advanced Micro Devices, Inc .................... 24,564 12,411 * Agilent Technologies, Inc ...................... 162,088 8,500 * Altera Corp .................................... 73,695 54,700 * Analog Devices, Inc ............................ 1,077,590 4,400 * Apple Computer, Inc ............................ 63,800 46,400 * Applied Materials, Inc ......................... 535,920 3,600 * Applied Micro Circuits Corp .................... 10,296 14,800 Automatic Data Processing, Inc ................. 514,596 3,522 * Avaya, Inc ..................................... 5,036 5,300 * BMC Software, Inc .............................. 69,271 SHARES VALUE -------- ----- 11,000 * Broadcom Corp (Class A) ........................ $ 117,480 6,700 * CIENA Corp ..................................... 19,899 381,490 * Cisco Systems, Inc ............................. 3,998,015 4,100 * Citrix Systems, Inc ............................ 24,723 200 Computer Associates International, Inc ......... 1,920 3,700 * Computer Sciences Corp ......................... 102,823 8,200 * Compuware Corp ................................. 25,010 4,100 * Comverse Technology, Inc ....................... 28,659 15,200 * Concord EFS, Inc ............................... 241,376 3,800 * Convergys Corp ................................. 57,114 700 * Corning, Inc ................................... 1,120 194,700 * Dell Computer Corp ............................. 4,577,397 3,654 * Electronic Arts, Inc ........................... 241,018 2,600 Electronic Data Systems Corp ................... 36,348 89,000 * EMC Corp ....................................... 406,730 6,800 Equifax, Inc ................................... 147,832 20,100 First Data Corp ................................ 561,795 10,200 * Fiserv, Inc .................................... 286,416 71,892 Hewlett-Packard Co ............................. 838,980 494,610 Intel Corp ..................................... 6,870,133 86,500 International Business Machines Corp ........... 5,050,735 5,800 * Intuit, Inc .................................... 264,074 4,300 * Jabil Circuit, Inc ............................. 63,554 30,100 * JDS Uniphase Corp .............................. 58,635 700 * KLA-Tencor Corp ................................ 19,558 5,898 * Lam Research Corp .............................. 52,492 2,600 * Lexmark International, Inc ..................... 122,200 7,100 Linear Technology Corp ......................... 147,112 14,300 * LSI Logic Corp ................................. 90,805 55,660 * Lucent Technologies, Inc ....................... 42,302 7,100 * Maxim Integrated Products, Inc ................. 175,796 1,800 * Mercury Interactive Corp ....................... 30,888 6,900 * Micron Technology, Inc ......................... 85,353 347,978 * Microsoft Corp ................................. 15,220,558 1,750 Molex, Inc ..................................... 41,160 200,698 Motorola, Inc .................................. 2,043,106 43 * National Semiconductor Corp .................... 513 7,400 * Network Appliance, Inc ......................... 54,242 3,200 * Novellus Systems, Inc .......................... 66,592 5,100 * Nvidia Corp .................................... 43,656 135,200 * Oracle Corp .................................... 1,062,672 7,250 Paychex, Inc ................................... 175,958 6,300 * Peoplesoft, Inc ................................ 77,931 7,100 * PMC-Sierra, Inc ................................ 27,548 3,000 * QLogic Corp .................................... 78,120 31,300 * Qualcomm, Inc .................................. 864,506 13,700 * Rational Software Corp ......................... 59,184 11,600 * Sanmina-SCI Corp ............................... 32,132 11,000 * Siebel Systems, Inc ............................ 63,250 18,200 * Solectron Corp ................................. 38,402 54,485 * Sun Microsystems, Inc .......................... 141,116 900 * Sungard Data Systems, Inc ...................... 17,505 14,800 Symbol Technologies, Inc ....................... 113,516 4,000 * Teradyne, Inc .................................. 38,400 135,759 Texas Instruments, Inc ......................... 2,005,160 21,046 * Unisys Corp .................................... 147,322 9,012 * Veritas Software Corp .......................... 132,206 7,400 * Xilinx, Inc .................................... 117,201 ----------- TOTAL TECHNOLOGY 50,105,524 ----------- TRANSPORTATION--0.96% 2,631 * AMR Corp ....................................... 10,998 13,068 CSX Corp ....................................... 344,734 2,700 Delta Air Lines, Inc ........................... 25,083 11,565 FedEx Corp ..................................... 579,060 6,800 Norfolk Southern Corp .......................... 137,292 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 27 Statement of Investments - INSTITUTIONAL GROWTH AND INCOME FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- TRANSPORTATION--(Continued) 4,400 Ryder System, Inc ............................. $ 109,692 7,944 * Sabre Holdings Corp ........................... 153,716 17,100 Southwest Airlines Co ......................... 223,326 10,300 Union Pacific Corp ............................ 596,061 22,830 United Parcel Service, Inc (Class B) .......... 1,427,560 ------------ TOTAL TRANSPORTATION 3,607,522 ------------ UTILITIES--4.72% 397,525 A T & T Corp .................................. 4,774,275 463,168 * A T & T Wireless Services, Inc ................ 1,908,252 9,400 * AES Corp ...................................... 23,594 15,293 Allegheny Energy, Inc ......................... 200,338 14,800 Alltel Corp ................................... 593,924 33,300 BellSouth Corp ................................ 611,388 34,938 * Centerpoint Energy, Inc ....................... 349,729 3,883 CenturyTel, Inc ............................... 87,096 35,200 CMS Energy Corp ............................... 283,712 2,500 Dominion Resources, Inc ....................... 126,825 9,800 Duke Energy Corp .............................. 191,590 3,200 * Edison International .......................... 32,000 10,668 El Paso Corp .................................. 88,224 10,861 Entergy Corp .................................. 451,818 15,313 Exelon Corp ................................... 727,368 18,000 FirstEnergy Corp .............................. 538,020 2,800 Kinder Morgan, Inc ............................ 99,260 4,969 * Mirant Corp ................................... 10,981 28,900 * Nextel Communications, Inc (Class A) .......... 218,195 5,600 Nicor, Inc .................................... 157,920 5,283 NiSource, Inc ................................. 91,026 122 * NiSource, Inc (Sails) ......................... 221 5,800 * P G & E Corp .................................. 65,308 13,100 Pinnacle West Capital Corp .................... 363,656 200 PPL Corp ...................................... 6,508 SHARES/ PRINCIPAL VALUE --------- ----- 200 * Progress Energy, Inc (Cvo) .................... $ 90 15,100 Public Service Enterprise Group, Inc .......... 460,567 50,437 * Qwest Communications International, Inc ....... 114,996 76,737 SBC Communications, Inc ....................... 1,542,414 6,368 Southern Co ................................... 183,271 54,567 Sprint Corp (FON Group) ....................... 497,651 22,000 * Sprint Corp (PCS Group) ....................... 43,120 24,600 TECO Energy, Inc .............................. 390,648 10,900 TXU Corp ...................................... 454,639 73,996 Verizon Communications, Inc ................... 2,030,450 20,300 Williams Cos, Inc ............................. 45,878 65 Xcel Energy, Inc .............................. 605 ------------ TOTAL UTILITIES 17,765,557 ------------ TOTAL COMMON STOCK (COST $467,512,152) 375,521,814 ------------ SHORT TERM INVESTMENT--0.40% U.S. GOVERNMENT AND AGENCY--0.40% Federal Home Loan Banks (FHLB) $1,500,000 1.450%, 10/01/02 ............................. 1,499,929 ------------ TOTAL SHORT TERM INVESTMENT (COST $1,499,929) 1,499,929 ------------ TOTAL PORTFOLIO--100.13% (COST $469,012,081) 377,021,743 OTHER ASSETS & LIABILITIES, NET--(0.13%) (492,303) ------------ NET ASSETS--100.00% $376,529,440 ============ ---------- * Non-income producing At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $488,425,201. Net unrealized depreciation of portfolio investments aggregated $111,403,458 of which $4,182,522 related to appreciated portfolio investments and $115,585,980 related to depreciated portfolio investments. For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 28 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- COMMON STOCK--102.13% AEROSPACE AND DEFENSE--1.49% 1,100 AAR Corp ....................................... $ 5,225 1,653 * Alliant Techsystems, Inc ....................... 114,470 1,300 * Armor Holdings, Inc ............................ 19,487 1,165 * Aviall, Inc .................................... 11,871 40,981 Boeing Co ...................................... 1,398,682 694 * DRS Technologies, Inc .......................... 25,831 363 * Ducommun, Inc .................................. 6,392 356 * Dynamics Research Corp ......................... 5,190 12,367 * EchoStar Communications Corp (Class A) ......... 213,949 351 Engineered Support Systems, Inc ................ 20,021 9,341 General Dynamics Corp .......................... 759,704 45,026 * General Motors Corp ............................ 411,988 4,972 Goodrich Corp .................................. 93,871 500 Heico Corp ..................................... 5,660 556 * Herley Industries, Inc ......................... 10,325 700 * Hexcel Corp .................................... 1,736 468 * Integrated Defense Technology, Inc ............. 9,220 1,180 Kaman Corp (Class A) ........................... 14,455 3,563 * L-3 Communications Holdings, Inc ............... 187,770 400 * Ladish Co, Inc ................................. 2,480 19,207 Lockheed Martin Corp ........................... 1,242,117 797 * Moog, Inc (Class A) ............................ 22,523 4,941 Northrop Grumman Corp .......................... 612,882 1,700 * Orbital Sciences Corp .......................... 5,780 1,600 * PanAmSat Corp .................................. 27,760 5,780 PerkinElmer, Inc ............................... 31,501 2,600 Precision Castparts Corp ....................... 56,368 20,400 Raytheon Co .................................... 597,720 2,900 * Remec, Inc ..................................... 9,889 9,421 Rockwell Collins, Inc .......................... 206,697 294 * Sequa Corp (Class A) ........................... 15,317 1,561 * Teledyne Technologies, Inc ..................... 28,348 3,780 * Titan Corp ..................................... 36,288 742 * Triumph Group, Inc ............................. 20,776 1,006 * United Defense Industries, Inc ................. 23,742 800 * Viasat, Inc .................................... 5,040 ----------- TOTAL AEROSPACE AND DEFENSE 6,261,075 ----------- BASIC INDUSTRIES--4.26% 459 * Aaon, Inc ...................................... 7,766 200 * AEP Industries, Inc ............................ 5,406 11,628 Air Products & Chemicals, Inc .................. 488,492 2,923 * Airgas, Inc .................................... 38,379 4,876 * AK Steel Holding Corp .......................... 35,644 1,058 Albany International Corp (Class A) ............ 20,081 1,387 Albemarle Corp ................................. 35,077 43,414 Alcoa, Inc ..................................... 837,890 200 Alico, Inc ..................................... 5,690 4,171 Allegheny Technologies, Inc .................... 28,863 900 Amcol International Corp ....................... 5,040 3,068 * American Standard Cos, Inc ..................... 195,186 276 American Woodmark Corp ......................... 14,004 228 Ameron International Corp ...................... 11,215 521 * Applied Films Corp ............................. 5,700 1,874 Aptargroup, Inc ................................ 50,354 877 Arch Chemicals, Inc ............................ 15,540 2,381 Arch Coal, Inc ................................. 39,406 400 * Avatar Holdings, Inc ........................... 9,624 5,043 Avery Dennison Corp ............................ 287,350 500 * Baker (Michael) Corp ........................... 5,150 2,873 Ball Corp ...................................... 144,770 2,572 Bemis Co ....................................... 127,057 4,087 Black & Decker Corp ............................ 171,368 2,588 Boise Cascade Corp ............................. 59,006 SHARES VALUE -------- ----- 2,553 Bowater, Inc ................................... $ 90,121 1,058 * Brush Engineered Materials, Inc ................ 8,252 1,400 * Buckeye Technologies, Inc ...................... 10,290 500 * Building Materials Holding Corp ................ 5,850 200 Butler Manufacturing Co ........................ 4,320 3,234 Cabot Corp ..................................... 67,914 1,222 * Cabot Microelectronics Corp .................... 45,507 1,622 Calgon Carbon Corp ............................. 9,375 1,176 Cambrex Corp ................................... 43,277 1,008 * Caraustar Industries, Inc ...................... 9,425 1,600 Carlisle Cos, Inc .............................. 58,688 1,066 Carpenter Technology Corp ...................... 13,858 300 Castle (A.M.) & Co ............................. 2,025 300 Centex Construction Products, Inc .............. 10,710 3,112 Centex Corp .................................... 138,017 400 Century Aluminum Co ............................ 2,784 3,400 * Champion Enterprises, Inc ...................... 9,996 600 Chemed Corp .................................... 18,462 565 ChemFirst, Inc ................................. 16,249 624 Chesapeake Corp ................................ 9,323 1,300 Clarcor, Inc ................................... 39,910 4,694 Clayton Homes, Inc ............................. 51,540 440 * Cleveland-Cliffs, Inc .......................... 10,582 1,666 * Collins & Aikman Corp .......................... 5,981 1,747 * Comfort Systems U.S.A., Inc .................... 5,311 1,200 Commercial Metals Co ........................... 21,504 1,181 Consol Energy, Inc ............................. 14,951 5,814 Crompton Corp .................................. 58,431 8,164 * Crown Cork & Seal Co, Inc ...................... 42,861 2,053 * Cytec Industries, Inc .......................... 45,063 5,983 D.R. Horton, Inc ............................... 111,403 444 Deltic Timber Corp ............................. 9,759 900 * Dionex Corp .................................... 23,004 100 Donnelly Corp .................................. 2,591 46,615 Dow Chemical Co ................................ 1,273,056 399 * Drew Industries, Inc ........................... 6,204 50,950 Du Pont (E.I.) de Nemours & Co ................. 1,837,767 2,600 * Earthshell Corp ................................ 1,820 3,957 Eastman Chemical Co ............................ 151,039 6,575 Ecolab, Inc .................................... 274,375 1,070 ElkCorp ........................................ 18,265 752 * EMCOR Group, Inc ............................... 37,374 500 * Encore Wire Corp ............................... 4,400 573 * Energy Conversion Devices, Inc ................. 6,217 6,608 Engelhard Corp ................................. 157,469 1,739 Ferro Corp ..................................... 40,171 2,019 * Fleetwood Enterprises, Inc ..................... 13,608 1,000 Florida Rock Industries, Inc ................... 30,560 4,031 Fluor Corp ..................................... 98,518 1,513 * FMC Corp ....................................... 39,066 800 * Foamex International, Inc ...................... 4,400 3,799 * Freeport-McMoRan Copper & Gold, Inc (Class A) .. 51,135 1,412 Georgia Gulf Corp .............................. 32,292 11,791 Georgia-Pacific Corp ........................... 154,344 500 Gibraltar Steel Corp ........................... 11,130 400 Glatfelter ..................................... 4,620 1,727 Granite Construction, Inc ...................... 28,461 1,936 Great Lakes Chemical Corp ...................... 46,503 748 Greif Brothers Corp (Class A) .................. 18,326 1,424 H.B. Fuller Co ................................. 37,878 4,359 * Hecla Mining Co ................................ 15,562 4,204 * Hercules, Inc .................................. 38,719 800 * Hovnanian Enterprises, Inc (Class A) ........... 27,040 5,558 IMC Global, Inc ................................ 66,974 554 * Imco Recycling, Inc ............................ 3,352 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 29 Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- BASIC INDUSTRIES--(Continued) 1,171 * Insituform Technologies, Inc (Class A) ......... $ 16,803 1,300 * Integrated Electrical Services, Inc ............ 4,862 24,782 International Paper Co ......................... 827,471 800 * International Specialty Products, Inc .......... 7,752 215 Interpool, Inc ................................. 2,584 2,400 * Jacobs Engineering Group, Inc .................. 74,112 540 * Jarden Corp .................................... 14,661 2,260 KB Home ........................................ 110,378 26,584 Kimberly-Clark Corp ............................ 1,505,718 1,600 Lafarge North America, Inc ..................... 46,352 2,730 Lennar Corp .................................... 152,279 2,267 Lennox International, Inc ...................... 29,992 200 * Liquidmetal Technologies ....................... 1,598 1,500 * Lone Star Technologies, Inc .................... 17,775 2,385 * Longview Fibre Co .............................. 16,552 5,381 * Louisiana-Pacific Corp ......................... 34,815 1,011 LSI Industries, Inc ............................ 10,252 2,600 Lubrizol Corp .................................. 73,502 600 * Lydall, Inc .................................... 7,080 6,469 Lyondell Chemical Co ........................... 77,240 662 M/I Schottenstein Homes, Inc ................... 20,853 1,363 MacDermid, Inc ................................. 27,192 2,442 Martin Marietta Materials, Inc ................. 79,536 24,822 Masco Corp ..................................... 485,270 3,300 Massey Energy Co ............................... 21,285 490 * Material Sciences Corp ......................... 5,963 801 * Mattson Technology, Inc ........................ 1,322 100 * Maui Land & Pineapple Co ....................... 1,813 1,041 MDC Holdings, Inc .............................. 36,747 10,295 MeadWestvaco Corp .............................. 197,767 100 * Mestek, Inc .................................... 1,825 2,945 Millennium Chemicals, Inc ...................... 29,097 1,067 Minerals Technologies, Inc ..................... 39,554 1,000 * Mobile Mini, Inc ............................... 12,950 440 * Modtech Holdings, Inc .......................... 4,400 13,433 Monsanto Co .................................... 205,391 1,400 * Mueller Industries, Inc ........................ 36,260 1,000 * NCI Building Systems, Inc ...................... 18,800 17,468 Newmont Mining Corp ............................ 480,545 585 NL Industries, Inc ............................. 8,488 400 * Nortek, Inc .................................... 17,308 320 * Northwest Pipe Co .............................. 5,725 700 * NS Group, Inc .................................. 4,151 3,985 Nucor Corp ..................................... 151,032 283 * NVR, Inc ....................................... 84,852 400 Octel Corp ..................................... 7,556 2,660 Olin Corp ...................................... 43,571 1,478 OM Group, Inc .................................. 63,258 1,817 * Omnova Solutions, Inc .......................... 8,340 2,100 * Oregon Steel Mills, Inc ........................ 12,852 700 * Osmonics, Inc .................................. 8,330 5,552 * Owens-Illinois, Inc ............................ 62,849 3,000 * Packaging Corp Of America ...................... 52,530 8,103 * Pactiv Corp .................................... 133,294 800 * Palm Harbor Homes, Inc ......................... 9,289 1,167 Peabody Energy Corp ............................ 29,759 391 Penford Corp ................................... 5,279 500 Penn Engineering & Manufacturing Corp .......... 5,600 363 Penn Virginia Corp ............................. 11,761 900 * Penwest Pharmaceuticals Co ..................... 7,497 4,227 * Phelps Dodge Corp .............................. 108,338 9,462 Plum Creek Timber Co, Inc ...................... 213,936 4,075 PolyOne Corp ................................... 35,004 600 Pope & Talbot, Inc ............................. 7,710 SHARES VALUE -------- ----- 1,500 Potlatch Corp .................................. $ 43,020 8,625 PPG Industries, Inc ............................ 385,538 8,397 Praxair, Inc ................................... 429,171 2,489 Pulte Homes, Inc ............................... 106,106 400 Quaker Chemical Corp ........................... 7,696 700 Quanex Corp .................................... 24,290 1,460 Rayonier, Inc .................................. 61,189 1,268 Reliance Steel & Aluminum Co ................... 27,706 400 Roanoke Electric Steel Corp .................... 4,340 700 Rock-Tenn Co (Class A) ......................... 10,794 7,990 Rohm & Haas Co ................................. 247,690 578 Royal Gold, Inc ................................ 11,022 5,887 RPM, Inc ....................................... 82,771 1,200 * RTI International Metals, Inc .................. 12,600 948 Ryerson Tull, Inc .............................. 6,096 1,442 Ryland Group, Inc .............................. 53,599 155 Schnitzer Steel Industries, Inc (Class A) ...... 2,805 1,470 Schulman (A.), Inc ............................. 25,475 4,219 * Sealed Air Corp ................................ 71,259 2,200 * Shaw Group, Inc ................................ 31,240 6,706 Sherwin-Williams Co ............................ 158,798 3,709 Sigma-Aldrich Corp ............................. 182,742 400 * Silgan Holdings, Inc ........................... 11,376 716 * Simpson Manufacturing Co, Inc .................. 22,475 300 Skyline Corp ................................... 8,157 8,935 * Smurfit-Stone Container Corp ................... 112,313 2,867 Snap-On, Inc ................................... 65,884 5,595 Solutia, Inc ................................... 29,206 4,965 Sonoco Products Co ............................. 105,804 511 Southern Peru Copper Corp ...................... 7,006 754 Spartech Corp .................................. 15,955 1,700 Standard-Pacific Corp .......................... 39,746 3,514 Stanley Works .................................. 114,802 1,596 * Steel Dynamics, Inc ............................ 20,892 2,600 * Stillwater Mining Co ........................... 15,600 100 * Technical Olympic U.S.A., Inc .................. 1,528 2,413 Temple-Inland, Inc ............................. 93,214 1,100 * Terra Industries, Inc .......................... 2,035 1,100 Texas Industries, Inc .......................... 26,708 2,300 * Toll Brothers, Inc ............................. 50,002 1,346 Tredegar Corp .................................. 22,546 100 Tremont Corp ................................... 3,201 300 * Trex Co, Inc ................................... 8,202 1,400 * U.S. Concrete, Inc ............................. 7,350 5,117 United States Steel Corp ....................... 59,408 752 Universal Forest Products, Inc ................. 14,153 745 * URS Corp ....................................... 12,345 4,300 USEC, Inc ...................................... 26,918 1,577 b* USG Corp ....................................... 6,308 2,572 Valspar Corp ................................... 95,936 4,824 Vulcan Materials Co ............................ 174,436 506 * Water Pik Technologies, Inc .................... 5,136 861 Watsco, Inc .................................... 12,312 1,872 Wausau-Mosinee Paper Corp ...................... 17,241 364 * WCI Communities, Inc ........................... 4,623 800 WD-40 Co ....................................... 23,120 1,600 Wellman, Inc ................................... 21,840 657 West Pharmaceutical Services, Inc .............. 14,073 11,213 Weyerhaeuser Co ................................ 490,793 289 * William Lyon Homes, Inc ........................ 6,621 3,366 Worthington Industries, Inc .................... 62,944 2,504 b* WR Grace & Co .................................. 4,006 2,000 York International Corp ........................ 56,400 ----------- TOTAL BASIC INDUSTRIES 17,907,256 ----------- SEE NOTES TO FINANCIAL STATEMENTS 30 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- CONSUMER CYCLICAL--11.14% 200 * 1-800 Contacts, Inc ............................. $ 2,000 2,085 * 99 Cents Only Stores ............................ 43,160 700 Aaron Rents, Inc ................................ 16,100 4,339 * Abercrombie & Fitch Co (Class A) ................ 85,348 3,000 * Acclaim Entertainment, Inc ...................... 3,300 652 * Acme Communication, Inc ......................... 5,086 797 Action Performance Cos, Inc ..................... 20,483 2,676 b* Adelphia Communications Corp (Class A) .......... 335 738 * Advance Auto Parts .............................. 38,922 798 Advanced Marketing Services, Inc ................ 11,004 677 * Aeropostale, Inc ................................ 10,426 674 * AFC Enterprises, Inc ............................ 13,608 489 * Aftermarket Technology Corp ..................... 6,323 2,128 * Alliance Gaming Corp ............................ 32,899 1,600 * AMC Entertainment, Inc .......................... 11,840 400 * Amerco .......................................... 4,024 1,287 * American Axle & Manufacturing Holdings, Inc ..... 32,149 2,850 * American Eagle Outfitters, Inc .................. 34,371 3,414 * American Greetings Corp (Class A) ............... 54,965 470 * Ameristar Casinos, Inc .......................... 8,911 429 Angelica Corp ................................... 9,219 2,249 * AnnTaylor Stores Corp ........................... 51,794 219,770 * AOL Time Warner, Inc ............................ 2,571,309 1,322 Apogee Enterprises, Inc ......................... 14,463 6,038 * Apollo Group, Inc (Class A) ..................... 262,230 755 * Apollo Group, Inc (University Of Phoenix Online) 24,273 2,863 Applebee's International, Inc ................... 62,757 964 Arctic Cat, Inc ................................. 13,457 100 * Arden Group, Inc (Class A) ...................... 5,551 1,300 * Argosy Gaming Co ................................ 29,848 3,485 ArvinMeritor, Inc ............................... 65,170 5,048 Autoliv, Inc .................................... 106,412 1,700 * Aztar Corp ...................................... 22,457 1,600 * Bally Total Fitness Holding Corp ................ 15,856 500 Bandag, Inc ..................................... 15,250 623 Barnes Group, Inc ............................... 12,516 543 Bassett Furniture Industries, Inc ............... 7,477 200 * Beasley Broadcast Group, Inc (Class A) .......... 2,512 300 * Bebe Stores, Inc ................................ 3,543 14,966 * Bed Bath & Beyond, Inc .......................... 487,443 4,513 Belo Corp (Class A) ............................. 98,744 294 * Benihana, Inc (Class A) ......................... 3,646 5,995 * Big Lots, Inc ................................... 94,901 305 Blair Corp ...................................... 6,237 1,400 Blockbuster, Inc (Class A) ...................... 34,720 1,837 Bob Evans Farms, Inc ............................ 43,537 1,600 * Boca Resorts, Inc (Class A) ..................... 16,320 1,300 BorgWarner, Inc ................................. 64,532 1,900 Bowne & Co, Inc ................................. 19,000 1,600 * Boyd Gaming Corp ................................ 29,872 679 * Boyds Collection Ltd ............................ 4,373 5,001 * Brinker International, Inc ...................... 129,526 424 * Brookstone, Inc ................................. 5,215 872 Brown Shoe Co, Inc .............................. 15,609 4,629 Brunswick Corp .................................. 97,394 582 * Buca, Inc ....................................... 4,656 400 * Buckle, Inc ..................................... 8,040 865 Burlington Coat Factory Warehouse Corp .......... 15,570 400 Bush Industries, Inc (Class A) .................. 3,224 6,967 * Cablevision Systems Corp (Class A) .............. 63,121 100 * Cache, Inc ...................................... 1,330 716 * California Pizza Kitchen, Inc ................... 16,475 3,495 Callaway Golf Co ................................ 36,348 458 * Cascade Corp .................................... 6,435 SHARES VALUE -------- ----- 1,884 * Catalina Marketing Corp ......................... $ 52,903 700 Cato Corp (Class A) ............................. 13,286 2,678 CBRL Group, Inc ................................. 61,112 1,212 * CEC Entertainment, Inc .......................... 41,341 847 * Central Garden & Pet Co ......................... 14,492 500 * Championship Auto Racing Teams, Inc ............. 1,885 616 * Champps Entertainment, Inc ...................... 4,823 341 * Charlotte Russe Holding, Inc .................... 3,240 6,153 * Charming Shoppes, Inc ........................... 41,533 7,000 * Charter Communications, Inc (Class A) ........... 13,020 382 * Checkers Drive-In Restaurant .................... 3,056 282 * Cherokee, Inc ................................... 4,549 503 * Chicago Pizza & Brewery, Inc .................... 3,466 3,784 * Chico's FAS, Inc ................................ 60,279 606 * Children's Place Retail Stores, Inc ............. 6,121 1,155 * Choice Hotels International, Inc ................ 26,692 1,169 * Christopher & Banks Corp ........................ 29,365 330 Churchill Downs, Inc ............................ 12,045 2,943 * CKE Restaurants, Inc ............................ 11,772 2,200 Claire's Stores, Inc ............................ 47,960 26,429 * Clear Channel Communications, Inc ............... 918,408 659 Coachmen Industries, Inc ........................ 9,892 200 * Coldwater Creek, Inc ............................ 2,636 600 * Cole National Corp .............................. 7,530 700 * Columbia Sportswear Co .......................... 24,304 48,562 * Comcast Corp (Class A) Special .................. 1,013,003 3,041 Cooper Tire & Rubber Co ......................... 49,082 3,425 * Copart, Inc ..................................... 37,161 10,626 * Cox Communications, Inc (Class A) ............... 261,293 1,695 * Cox Radio, Inc (Class A) ........................ 44,341 300 CPI Corp ........................................ 4,125 619 * Cross Media Marketing Corp ...................... 464 1,100 * Crown Media Holdings, Inc (Class A) ............. 3,850 400 * CSS Industries, Inc ............................. 14,424 430 * Culp, Inc ....................................... 3,655 1,531 * Cumulus Media, Inc (Class A) .................... 27,022 7,604 Dana Corp ....................................... 99,460 8,863 Darden Restaurants, Inc ......................... 214,839 520 * Dave & Buster's, Inc ............................ 5,829 28,800 Delphi Corp ..................................... 246,240 522 * Department 56, Inc .............................. 5,455 500 * DHB Industries, Inc ............................. 1,060 3,545 Dillard's, Inc (Class A) ........................ 71,538 14,464 Dollar General Corp ............................. 194,107 1,400 * Dollar Thrifty Automotive Group, Inc ............ 22,470 5,849 * Dollar Tree Stores, Inc ......................... 128,912 1,999 Donaldson Co, Inc ............................... 68,626 413 Dover Downs Gaming & Entertainment, Inc ......... 3,362 448 Dover Motorsport, Inc ........................... 1,792 2,550 Dow Jones & Co, Inc ............................. 97,946 1,512 * Dress Barn, Inc ................................. 23,527 755 * Dura Automotive Systems, Inc .................... 9,249 15,018 Eastman Kodak Co ................................ 409,090 773 * Elizabeth Arden, Inc ............................ 9,268 1,916 * Emmis Communications Corp (Class A) ............. 36,404 1,805 * Entercom Communications Corp .................... 85,503 2,405 * Entravision Communications Corp (Class A) ....... 31,866 2,400 Equity Inns, Inc ................................ 14,880 237 * Escalade, Inc ................................... 4,704 857 * EUniverse, Inc .................................. 2,511 3,759 * Extended Stay America, Inc ...................... 47,739 1,069 Factset Research Systems, Inc ................... 28,382 8,210 Family Dollar Stores, Inc ....................... 220,685 10,292 * Federated Department Stores, Inc ................ 302,996 800 * Finish Line, Inc (Class A) ...................... 7,216 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 31 Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- CONSUMER CYCLICAL--(Continued) 232 * Fisher Communications, Inc ...................... $ 10,904 23 Florida East Coast Industries, Inc (Class B) .... 505 7,268 * Foot Locker, Inc ................................ 72,607 1,200 * Footstar, Inc ................................... 9,360 93,032 Ford Motor Co ................................... 911,714 1,105 Forest City Enterprises, Inc (Class A) .......... 35,913 1,068 * Fossil, Inc ..................................... 21,413 6,616 * Fox Entertainment Group, Inc (Class A) .......... 145,750 1,091 Fred's, Inc ..................................... 32,575 600 Friedman's, Inc (Class A) ....................... 4,668 1,012 G & K Services, Inc (Class A) ................... 34,256 13,652 Gannett Co, Inc ................................. 985,401 31,537 Gap, Inc ........................................ 342,176 1,071 * Gaylord Entertainment Co ........................ 20,263 11,938 * Gemstar-TV Guide International, Inc ............. 30,084 1,719 GenCorp, Inc .................................... 17,293 28,773 General Motors Corp ............................. 1,119,270 1,000 * Genesco, Inc .................................... 13,800 3,727 * Gentex Corp ..................................... 101,337 8,964 Genuine Parts Co ................................ 274,657 7,285 Goodyear Tire & Rubber Co ....................... 64,764 704 * Goody's Family Clothing, Inc .................... 3,323 2,492 Graco, Inc ...................................... 61,802 545 Gray Television, Inc (Class A) .................. 7,330 29 Grey Global Group, Inc .......................... 17,110 1,004 * Group 1 Automotive, Inc ......................... 22,439 700 * GSI Commerce, Inc ............................... 3,535 200 * Guess?, Inc ..................................... 858 700 * Guitar Center, Inc .............................. 13,146 700 * Gulfmark Offshore, Inc .......................... 12,110 1,226 * Gymboree Corp ................................... 19,996 1,048 Hancock Fabrics, Inc ............................ 16,925 1,400 * Handleman Co .................................... 12,810 15,506 Harley-Davidson, Inc ............................ 720,254 1,291 Harman International Industries, Inc ............ 66,809 5,861 * Harrah's Entertainment, Inc ..................... 282,559 1,514 * Harris Interactive, Inc ......................... 3,482 3,152 Harte-Hanks, Inc ................................ 58,659 700 Haverty Furniture Cos, Inc ...................... 8,750 833 * Hearst-Argyle Television, Inc ................... 20,692 450 * Hibbett Sporting Goods, Inc ..................... 9,338 16,983 Hilton Hotels Corp .............................. 193,267 3,046 * Hispanic Broadcasting Corp ...................... 56,808 2,781 Hollinger International, Inc .................... 25,279 500 * Hollywood Casino Corp (Class A) ................. 6,040 2,700 * Hollywood Entertainment Corp .................... 39,204 1,707 * Hot Topic, Inc .................................. 30,777 635 * iDine Rewards Network, Inc ...................... 5,874 956 * IHOP Corp ....................................... 23,040 600 * IMPCO Technologies, Inc ......................... 2,160 590 * Information Holdings, Inc ....................... 12,774 2,400 * Insight Communications Co, Inc .................. 22,152 1,734 * Interactive Data Corp ........................... 21,242 822 Intermet Corp ................................... 3,954 4,646 * International Game Technology ................... 321,224 1,400 International Speedway Corp (Class A) ........... 55,622 19,558 Interpublic Group Of Cos, Inc ................... 309,994 1,101 * Intertan, Inc ................................... 7,685 741 * Isle Of Capri Casinos, Inc ...................... 12,360 13,730 J.C. Penney Co, Inc ............................. 218,582 1,910 * Jack In The Box, Inc ............................ 43,548 1,054 * Jakks Pacific, Inc .............................. 11,719 647 * Jo-Ann Stores, Inc (Class A) .................... 18,142 4,588 Johnson Controls, Inc ........................... 352,450 SHARES VALUE -------- ----- 100 * Johnson Outdoors, Inc (Class A) ................. $ 1,051 6,200 * Jones Apparel Group, Inc ........................ 190,340 1,366 * Journal Register Co ............................. 25,749 21,874 b* Kmart Corp ...................................... 10,718 700 * K2, Inc ......................................... 5,530 1,300 Kellwood Co ..................................... 29,718 300 * Kenneth Cole Productions, Inc (Class A) ......... 6,090 492 * Keystone Automotive Industries, Inc ............. 8,118 1,800 Kimball International, Inc (Class B) ............ 24,876 912 * Kirby Corp ...................................... 20,629 4,323 Knight Ridder, Inc .............................. 243,860 14,944 * Kohl's Corp ..................................... 908,745 2,119 * Krispy Kreme Doughnuts, Inc ..................... 66,240 1,177 * Kroll, Inc ...................................... 23,340 500 K-Swiss, Inc (Class A) .......................... 10,685 3,796 * Lamar Advertising Co ............................ 115,209 1,200 Landry's Restaurants, Inc ....................... 27,108 1,100 LaSalle Hotel Properties ........................ 13,750 2,586 La-Z-Boy, Inc ................................... 59,995 3,349 * Lear Corp ....................................... 139,486 2,258 Lee Enterprises, Inc ............................ 74,198 10,097 Leggett & Platt, Inc ............................ 199,820 757 Libbey, Inc ..................................... 24,118 600 * Liberty Livewire Corp (Class A) ................. 942 133,143 * Liberty Media Corp (Class A) .................... 955,967 21,748 Limited Brands, Inc ............................. 311,866 851 * Lin TV Corp (Class A) ........................... 21,062 1,899 * Linens `n Things, Inc ........................... 34,885 5,479 Liz Claiborne, Inc .............................. 136,701 800 * Lodgenet Entertainment Corp ..................... 6,128 930 Lone Star Steakhouse & Saloon, Inc .............. 19,521 879 * Luby's, Inc ..................................... 4,325 2,050 * Mandalay Resort Group ........................... 68,778 1,100 Marcus Corp ..................................... 14,410 451 Marine Products Corp ............................ 4,785 9,926 Marriott International, Inc (Class A) ........... 287,755 400 * Martha Stewart Living Omnimedia, Inc (Class A) .. 2,800 624 * Maxwell Shoe Co, Inc (Class A) .................. 7,082 14,807 May Department Stores Co ........................ 337,155 3,965 Maytag Corp ..................................... 91,909 914 McClatchy Co (Class A) .......................... 55,708 65,293 McDonald's Corp ................................. 1,153,074 9,988 McGraw-Hill Cos, Inc ............................ 611,465 700 Media General, Inc (Class A) .................... 35,595 2,650 * Mediacom Communications Corp .................... 14,231 440 * Medis Technologies Ltd .......................... 1,883 1,604 * Men's Wearhouse, Inc ............................ 23,579 2,066 Meredith Corp ................................... 88,941 941 * Metro One Telecommunications, Inc ............... 7,999 2,354 * Metro-Goldwyn-Mayer, Inc ........................ 28,130 3,457 * MGM Mirage ...................................... 128,946 3,400 * Michaels Stores, Inc ............................ 155,380 959 * Micros Systems, Inc ............................. 22,239 212 * Midas, Inc ...................................... 1,060 1,900 * Midway Games, Inc ............................... 10,412 1,400 Modine Manufacturing Co ......................... 26,628 2,626 * Mohawk Industries, Inc .......................... 130,381 1,293 * Monaco Coach Corp ............................... 25,899 100 * Monarch Casino & Resort, Inc .................... 1,332 306 * Monro Muffler Brake, Inc ........................ 5,465 200 * Mossimo, Inc .................................... 1,176 177 * Mothers Work, Inc ............................... 6,731 792 * Movie Gallery, Inc .............................. 11,888 1,520 * MSC Industrial Direct Co (Class A) .............. 16,142 833 * MTR Gaming Group, Inc ........................... 7,672 SEE NOTES TO FINANCIAL STATEMENTS 32 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- CONSUMER CYCLICAL--(Continued) 491 * Multimedia Games, Inc ........................... $ 9,668 1,138 Myers Industries, Inc ........................... 14,259 200 National Presto Industries, Inc ................. 5,776 1,200 * Nautica Enterprises, Inc ........................ 12,480 1,535 * Nautilus Group, Inc ............................. 29,933 1,828 * Neiman Marcus Group, Inc (Class A) .............. 47,985 30 * Neiman Marcus Group, Inc (Class B) .............. 735 300 * Netratings, Inc ................................. 1,752 6,946 New York Times Co (Class A) ..................... 315,696 3,717 Nike, Inc (Class B) ............................. 160,500 4,920 Nordstrom, Inc .................................. 88,265 1,303 * Oakley, Inc ..................................... 13,095 858 * O'Charley's, Inc ................................ 16,080 9,556 Omnicom Group, Inc .............................. 532,078 2,022 * O'Reilly Automotive, Inc ........................ 57,870 493 Oshkosh B'gosh, Inc (Class A) ................... 16,939 774 Oshkosh Truck Corp .............................. 43,654 3,092 * Outback Steakhouse, Inc ......................... 84,968 300 Oxford Industries, Inc .......................... 6,570 700 * P.F. Chang's China Bistro, Inc .................. 20,321 1,600 * Pacific Sunwear Of California, Inc .............. 32,576 1,201 * Panera Bread Co (Class A) ....................... 32,427 600 * Papa John's International, Inc .................. 17,478 13,902 * Park Place Entertainment Corp ................... 110,521 600 * Parkervision, Inc ............................... 6,780 1,159 * Payless Shoesource, Inc ......................... 62,598 1,580 * Penn National Gaming, Inc ....................... 29,830 676 * Penton Media, Inc ............................... 162 2,288 * Performance Food Group Co ....................... 77,700 1,180 Phillips-Van Heusen Corp ........................ 14,868 4,846 Pier 1 Imports, Inc ............................. 92,413 1,000 * Pinnacle Entertainment, Inc ..................... 7,300 3,146 * Pinnacle Systems, Inc ........................... 33,977 943 * Pixar, Inc ...................................... 45,358 702 * PLATO Learning, Inc ............................. 4,668 471 * Playboy Enterprises, Inc (Class B) .............. 4,503 1,200 Polaris Industries, Inc ......................... 74,400 1,674 * Polo Ralph Lauren Corp .......................... 34,786 2,498 * Presstek, Inc ................................... 6,370 100 * Pricesmart, Inc ................................. 2,000 2,400 * Prime Hospitality Corp .......................... 19,680 5,994 * Primedia, Inc ................................... 8,332 400 * Private Media Group, Inc ........................ 944 500 Pulitzer, Inc ................................... 20,825 500 * Quaker Fabric Corp .............................. 3,145 1,072 * Quiksilver, Inc ................................. 24,216 5,403 R.R. Donnelley & Sons Co ........................ 127,025 424 * Racing Champions Ertl Corp ...................... 6,928 2,200 * Radio One, Inc (Class A) ........................ 36,652 1,600 * Radio One, Inc (Class D) ........................ 26,384 1,021 * Rare Hospitality International, Inc ............. 23,912 2,389 * Raytech Corp .................................... 14,549 5,173 Reader's Digest Association, Inc (Class A) ...... 80,957 2,597 * Reebok International Ltd ........................ 65,055 890 * Regal Entertainment Group (Class A) ............. 15,842 1,020 * Regent Communications, Inc ...................... 5,182 2,217 Regis Corp ...................................... 62,719 1,823 * Rent-A-Center, Inc .............................. 94,705 1,066 * Resources Connection, Inc ....................... 15,361 421 * Rex Stores Corp ................................. 4,336 400 Riviana Foods, Inc .............................. 9,160 4,125 Ross Stores, Inc ................................ 147,015 3,392 Ruby Tuesday, Inc ............................... 63,702 1,400 Russell Corp .................................... 20,986 SHARES VALUE -------- ----- 2,250 * Ryan's Family Steak Houses, Inc ................. $ 27,383 775 * Saga Communications, Inc (Class A) .............. 14,338 6,152 * Saks, Inc ....................................... 64,781 382 * Salem Communications Corp (Class A) ............. 8,564 200 * Salton, Inc ..................................... 1,702 300 Schawk, Inc ..................................... 2,946 1,500 * Scholastic Corp ................................. 67,020 2,341 * Scientific Games Corp (Class A) ................. 15,687 1,000 * Scotts Co (Class A) ............................. 41,690 882 * SCP Pool Corp ................................... 24,176 1,459 Scripps (E.W.) Co (Class A) ..................... 101,109 14,511 Sears Roebuck & Co .............................. 565,929 374 * Shoe Carnival, Inc .............................. 5,330 1,200 * ShopKo Stores, Inc .............................. 15,672 832 * Shuffle Master, Inc ............................. 15,484 1,590 * Sinclair Broadcast Group, Inc (Class A) ......... 21,783 2,758 * Sirius Satellite Radio, Inc ..................... 2,758 4,978 * Six Flags, Inc .................................. 17,523 856 Smith (A.O.) Corp ............................... 24,328 1,400 * Sonic Automotive, Inc ........................... 24,780 1,890 * Sonic Corp ...................................... 43,659 2,416 * Sotheby's Holdings, Inc (Class A) ............... 16,912 2,000 * Spanish Broadcasting System, Inc (Class A) ...... 13,100 494 Spartan Motors, Inc ............................. 5,582 748 Speedway Motorsports, Inc ....................... 17,615 1,000 * Sports Resorts International, Inc ............... 4,170 1,063 * Stage Stores, Inc ............................... 23,056 300 Standard Motor Products, Inc .................... 3,243 200 * Stanley Furniture Co, Inc ....................... 4,248 19,832 * Starbucks Corp .................................. 409,332 1,818 * Station Casinos, Inc ............................ 30,924 1,551 Steelcase, Inc (Class A) ........................ 16,239 900 * Stein Mart, Inc ................................. 5,256 553 * Steven Madden Ltd ............................... 7,963 600 * Stoneridge, Inc ................................. 10,200 1,900 Stride Rite Corp ................................ 15,029 1,000 Sturm Ruger & Co, Inc ........................... 12,200 1,114 Superior Industries International, Inc .......... 52,447 1,700 * Sylvan Learning Systems, Inc .................... 23,256 1,282 Talbots, Inc .................................... 35,896 200 Tanger Factory Outlet Centers, Inc .............. 5,596 46,550 Target Corp ..................................... 1,374,156 700 * TBC Corp ........................................ 7,259 1,544 * Tenneco Automotive, Inc ......................... 6,500 2,541 * The Cheesecake Factory, Inc ..................... 75,798 2,451 * The Sports Authority, Inc ....................... 14,632 1,168 * The Steak n Shake Co ............................ 12,848 406 * Thomas Nelson, Inc .............................. 3,573 800 Thor Industries, Inc ............................ 27,808 1,996 * THQ, Inc ........................................ 41,517 5,758 Tiffany & Co .................................... 123,394 930 * Timberland Co (Class A) ......................... 29,462 27,628 TJX Cos, Inc .................................... 469,676 1,783 * Too, Inc ........................................ 41,508 2,100 * Topps Co, Inc ................................... 18,102 3,354 * Tower Automotive, Inc ........................... 22,472 9,927 Tribune Co ...................................... 415,048 500 * Tropical Sportswear International Corp .......... 6,490 5,461 TRW, Inc ........................................ 319,742 1,331 * Tyler Technologies, Inc ......................... 5,856 9,817 * U.S.A. Interactive, Inc ......................... 190,253 2,712 * Unifi, Inc ...................................... 17,004 3,497 * UnitedGlobalcom, Inc (Class A) .................. 5,735 600 * Universal Electronics, Inc ...................... 5,370 7,805 * Univision Communications, Inc (Class A) ......... 177,954 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 33 Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- CONSUMER CYCLICAL--(Continued) 400 * Urban Outfitters, Inc .......................... $ 9,716 580 * Vail Resorts, Inc .............................. 8,213 2,560 * Valassis Communications, Inc ................... 89,779 1,300 * Vans, Inc ...................................... 7,397 3,243 * Vastera, Inc ................................... 6,972 4,343 VF Corp ........................................ 156,261 80,023 * Viacom, Inc (Class B) .......................... 3,244,933 6,746 Visteon Corp ................................... 63,885 1,576 * Wabash National Corp ........................... 8,526 139,812 Wal-Mart Stores, Inc ........................... 6,884,343 104,596 Walt Disney Co ................................. 1,583,583 191 Washington Post Co (Class B) ................... 123,959 5,893 Wendy's International, Inc ..................... 195,117 495 * West Marine, Inc ............................... 6,291 1,300 * Westpoint Stevens, Inc ......................... 1,274 3,922 * Westwood One, Inc .............................. 140,212 1,169 * Wet Seal, Inc (Class A) ........................ 11,690 3,311 Whirlpool Corp ................................. 151,842 2,467 Wiley (John) & Sons, Inc (Class A) ............. 54,299 4,576 * Williams-Sonoma, Inc ........................... 108,131 500 * Wilsons The Leather Experts, Inc ............... 3,560 651 Winnebago Industries, Inc ...................... 25,734 1,167 * WMS Industries, Inc ............................ 16,455 2,155 Wolverine World Wide, Inc ...................... 32,325 470 Woodward Governor Co ........................... 22,277 800 * World Wrestling Federation Entertainment, Inc .. 6,696 3,132 * XM Satellite Radio Holdings, Inc ............... 12,215 19,996 * Yahoo!, Inc .................................... 191,362 900 * Young Broadcasting, Inc (Class A) .............. 7,803 15,197 * Yum! Brands, Inc ............................... 421,109 1,700 * Zale Corp ...................................... 51,272 1,200 * Zomax, Inc ..................................... 4,680 ----------- TOTAL CONSUMER CYCLICAL 46,769,261 ----------- CONSUMER NON-CYCLICAL--11.44% 600 * 1-800-Flowers.com, Inc (Class A) ............... 4,200 1,402 * 7-Eleven, Inc .................................. 12,015 662 * AC Moore Arts & Crafts, Inc .................... 13,988 1,802 Alberto-Culver Co (Class B) .................... 88,352 19,394 Albertson's, Inc ............................... 468,559 9,768 * Amazon.Com, Inc ................................ 155,604 865 * American Italian Pasta Co (Class A) ............ 30,872 44,984 Anheuser-Busch Cos, Inc ........................ 2,276,190 680 * Applica, Inc ................................... 3,604 1,450 * Aramark Corp (Class B) ......................... 30,450 29,329 Archer Daniels Midland Co ...................... 366,906 593 * Asbury Automotive Group, Inc ................... 5,189 800 * Aurora Foods, Inc .............................. 520 10,200 * Autonation, Inc ................................ 117,504 3,726 * Autozone, Inc .................................. 293,832 12,107 Avon Products, Inc ............................. 558,133 2,302 * Barnes & Noble, Inc ............................ 48,710 13,143 * Best Buy Co, Inc ............................... 293,220 3,549 * BJ's Wholesale Club, Inc ....................... 67,466 1,500 Blyth, Inc ..................................... 41,850 4,180 * Borders Group, Inc ............................. 66,044 400 * Boston Beer Co, Inc (Class A) .................. 5,560 100 Bridgford Foods Corp ........................... 1,006 1,825 Brown-Forman Corp (Class B) .................... 122,184 2,400 * Cadiz, Inc ..................................... 7,200 11,525 Campbell Soup Co ............................... 254,472 2,088 Casey's General Stores, Inc .................... 24,116 3,052 * CDW Computer Centers, Inc ...................... 129,283 1,873 * Chiquita Brands International, Inc ............. 28,938 1,857 Church & Dwight Co, Inc ........................ 61,560 SHARES VALUE -------- ----- 1,918 * Circuit City Stores, Inc (Carmax Group) ........ $ 30,784 10,700 Circuit City Stores, Inc (Circuit City Group) .. 162,105 8,634 Clorox Co ...................................... 346,914 4,392 * Coach, Inc ..................................... 112,435 100 Coca-Cola Bottling Co Consolidated ............. 4,690 104,114 Coca-Cola Co ................................... 4,993,307 11,917 Coca-Cola Enterprises, Inc ..................... 253,117 28,033 Colgate-Palmolive Co ........................... 1,512,380 27,547 Conagra Foods, Inc ............................. 684,543 3,756 * Constellation Brands, Inc (Class A) ............ 86,764 1,359 Coors (Adolph) Co (Class B) .................... 76,512 1,718 Corn Products International, Inc ............... 49,393 978 * Cost Plus, Inc ................................. 26,259 23,284 * Costco Wholesale Corp .......................... 753,703 20,090 CVS Corp ....................................... 509,282 4,660 * Dean Foods Co .................................. 185,375 200 Deb Shops, Inc ................................. 4,986 251 * DEL Laboratories, Inc .......................... 4,538 1,547 * Del Monte Foods Co ............................. 12,639 1,900 Delta & Pine Land Co ........................... 35,606 4,740 Dial Corp ...................................... 101,720 1,927 DIMON, Inc ..................................... 12,024 2,167 Dole Food Co ................................... 62,908 912 Dreyer's Grand Ice Cream, Inc .................. 63,712 1,000 * Drugstore.Com, Inc ............................. 1,670 1,109 * Duane Reade, Inc ............................... 17,744 7,606 * eBay, Inc ...................................... 401,673 485 * Electronics Boutique Holdings Corp ............. 13,313 4,734 * Energizer Holdings, Inc ........................ 143,914 5,415 Estee Lauder Cos (Class A) ..................... 155,627 1,646 Ethan Allen Interiors, Inc ..................... 53,265 466 * Expedia, Inc (Class A) ......................... 23,603 31 * Expedia, Inc Wts 02/04/09 ...................... 629 544 * Factory 2-U Stores, Inc ........................ 1,055 736 * FAO, Inc ....................................... 2,098 35 Farmer Brothers Co ............................. 11,375 3,000 Fastenal Co .................................... 94,740 403 * Finlay Enterprises, Inc ........................ 6,080 1,968 Fleming Cos, Inc ............................... 9,840 1,178 * Flowers Foods, Inc ............................. 26,776 805 * FTI Consulting, Inc ............................ 32,007 2,533 * Furniture Brands International, Inc ............ 58,132 409 * Gaiam, Inc ..................................... 4,691 496 * Galyans Trading Co, Inc ........................ 4,965 990 * Gamestop Corp .................................. 20,246 340 * Gart Sports Co ................................. 6,416 18,779 General Mills, Inc ............................. 834,163 54,228 Gillette Co .................................... 1,605,149 791 * Great Atlantic & Pacific Tea Co, Inc ........... 6,629 100 * Green Mountain Coffee, Inc ..................... 1,289 17,945 H.J. Heinz Co .................................. 598,825 1,278 * Hain Celestial Group, Inc ...................... 18,723 7,230 Hasbro, Inc .................................... 80,470 3,882 Herman Miller, Inc ............................. 68,944 4,862 Hershey Foods Corp ............................. 301,687 120,589 Home Depot, Inc ................................ 3,147,373 349 * Horizon Organic Holding Corp ................... 5,444 3,888 Hormel Foods Corp .............................. 85,069 1,200 Hughes Supply, Inc ............................. 34,968 700 Ingles Markets, Inc (Class A) .................. 7,490 2,199 * Insight Enterprises, Inc ....................... 22,320 200 Inter Parfums, Inc ............................. 1,336 1,946 Interface, Inc (Class A) ....................... 7,706 3,667 International Flavors & Fragrances, Inc ........ 116,794 800 * International Multifoods Corp .................. 15,680 SEE NOTES TO FINANCIAL STATEMENTS 34 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- CONSUMER NON-CYCLICAL--(Continued) 2,266 Interstate Bakeries Corp ....................... $ 60,208 300 * J & J Snack Foods Corp ......................... 11,055 2,312 J.M. Smucker Co ................................ 84,850 940 * Jill (J.) Group, Inc ........................... 16,375 12,596 Kellogg Co ..................................... 418,817 14,449 Kraft Foods, Inc (Class A) ..................... 526,811 40,798 * Kroger Co ...................................... 575,252 1,400 Lancaster Colony Corp .......................... 58,968 1,200 Lance, Inc ..................................... 15,300 500 * Lithia Motors, Inc (Class A) ................... 8,505 1,396 Loews Corp (Carolina Group) .................... 26,259 1,511 Longs Drug Stores Corp ......................... 34,889 39,809 Lowe's Cos ..................................... 1,648,093 379 * MarineMax, Inc ................................. 3,415 850 * Marvel Enterprises, Inc ........................ 5,950 22,406 Mattel, Inc .................................... 403,532 7,137 McCormick & Co, Inc (Non-Vote) ................. 162,724 637 * Monterey Pasta Co .............................. 2,962 500 Movado Group, Inc .............................. 8,125 484 Nash Finch Co .................................. 6,582 100 * National Beverage Corp ......................... 1,366 600 Nature's Sunshine Products, Inc ................ 6,498 2,187 * NBTY, Inc ...................................... 28,387 411 * NetFlix, Inc ................................... 3,987 13,709 Newell Rubbermaid, Inc ......................... 423,197 2,164 Nu Skin Enterprises, Inc (Class A) ............. 26,401 15,780 * Office Depot, Inc .............................. 194,725 6,306 * OfficeMax, Inc ................................. 25,728 849 Oneida Ltd ..................................... 11,827 100 * Overstock.com, Inc ............................. 595 225 * Party City Corp ................................ 3,094 1,637 * Pathmark Stores, Inc ........................... 14,979 408 * PayPal, Inc .................................... 8,531 200 * PC Connection, Inc ............................. 812 531 * Peets Coffee & Tea, Inc ........................ 6,797 508 * Penn Traffic Co ................................ 3,317 2,500 Pep Boys-Manny Moe & Jack ...................... 30,625 9,020 Pepsi Bottling Group, Inc ...................... 211,068 4,212 PepsiAmericas Inc .............................. 59,810 90,759 PepsiCo, Inc ................................... 3,353,545 3,320 * Perrigo Co ..................................... 35,292 754 * Petco Animal Supplies, Inc ..................... 16,354 6,833 * Petsmart, Inc .................................. 121,696 109,729 Philip Morris Cos, Inc ......................... 4,257,485 1,000 Pilgrim's Pride Corp (Class B) ................. 9,300 1,503 * Playtex Products, Inc .......................... 12,791 5,682 * Priceline.com, Inc ............................. 8,296 715 * Princeton Review, Inc .......................... 4,290 66,705 Procter & Gamble Co ............................ 5,962,093 4,714 R.J. Reynolds Tobacco Holdings, Inc ............ 190,068 8,949 * RadioShack Corp ................................ 179,517 1,502 * Ralcorp Holdings, Inc .......................... 31,948 682 * Restoration Hardware, Inc ...................... 3,069 272 * Revlon, Inc (Class A) .......................... 813 20,746 * Rite Aid Corp .................................. 43,567 500 * Robert Mondavi Corp (Class A) .................. 15,230 1,699 Ruddick Corp ................................... 25,808 500 Russ Berrie & Co, Inc .......................... 15,005 24,784 * Safeway, Inc ................................... 552,683 200 Sanderson Farms, Inc ........................... 3,200 40,241 Sara Lee Corp .................................. 736,008 817 Schweitzer-Mauduit International, Inc .......... 17,443 20 Seaboard Corp .................................. 4,300 600 * Seminis, Inc (Class A) ......................... 1,758 SHARES VALUE -------- ----- 2,196 Sensient Technologies Corp ..................... $ 46,401 470 * Sharper Image Corp ............................. 8,986 1,300 * Shop At Home, Inc .............................. 3,042 700 * Skechers U.S.A., Inc (Class A) ................. 6,678 500 * Smart & Final, Inc ............................. 2,125 5,461 * Smithfield Foods, Inc .......................... 85,738 1,400 * Stamps.com, Inc ................................ 5,922 500 Standard Commercial Corp ....................... 8,370 23,925 * Staples, Inc ................................... 306,001 200 * Steinway Musical Instruments, Inc .............. 3,070 300 Stepan Co ...................................... 8,055 800 Tasty Baking Co ................................ 10,200 1,565 * The Bombay Co, Inc ............................. 4,226 717 Thomas Industries, Inc ......................... 17,782 1,746 * Ticketmaster (Class B) ......................... 26,627 1,270 Tootsie Roll Industries, Inc ................... 37,744 10,035 * Toys ORO Us, Inc ............................... 102,156 720 * Tractor Supply Co .............................. 22,882 636 * Trans World Entertainment Corp ................. 2,003 702 * Triarc Cos, Inc ................................ 15,928 500 * Tuesday Morning Corp ........................... 9,105 2,641 Tupperware Corp ................................ 43,893 800 * Tweeter Home Entertainment Group, Inc .......... 5,520 11,497 Tyson Foods, Inc (Class A) ..................... 133,710 845 * United Auto Group, Inc ......................... 11,838 1,067 * United Natural Foods, Inc ...................... 24,573 1,300 Universal Corp ................................. 45,591 8,713 UST, Inc ....................................... 245,794 1,169 * Valuevision International, Inc (Class A) ....... 13,747 1,160 Vector Group Ltd ............................... 14,604 300 * Virbac Corp .................................... 1,524 52,509 Walgreen Co .................................... 1,615,177 1,259 * Weight Watchers International, Inc ............. 54,590 521 Weis Markets, Inc .............................. 17,443 527 * Whitehall Jewellers, Inc ....................... 5,544 2,700 * Whole Foods Market, Inc ........................ 115,668 859 * Wild Oats Markets, Inc ......................... 7,800 3,373 Winn-Dixie Stores, Inc ......................... 44,254 8,296 Wrigley (Wm.) Jr Co ............................ 410,569 1,456 * Yankee Candle Co, Inc .......................... 25,000 ----------- TOTAL CONSUMER NON-CYCLICAL 48,024,996 ----------- ENERGY--5.90% 907 * 3TEC Energy Corp ............................... 12,970 3,645 Amerada Hess Corp .............................. 247,423 12,743 Anadarko Petroleum Corp ........................ 567,573 7,056 Apache Corp .................................... 419,479 3,453 Ashland, Inc ................................... 92,506 400 * Atwood Oceanics, Inc ........................... 11,700 17,312 Baker Hughes, Inc .............................. 502,567 964 Berry Petroleum Co (Class A) ................... 16,378 8,013 * BJ Services Co ................................. 208,338 10,294 Burlington Resources, Inc ...................... 394,878 1,406 Cabot Oil & Gas Corp (Class A) ................. 30,229 1,800 * Cal Dive International, Inc .................... 36,301 473 CARBO Ceramics, Inc ............................ 16,952 7,400 Chesapeake Energy Corp ......................... 48,840 54,726 ChevronTexaco Corp ............................. 3,789,776 900 * Comstock Resources, Inc ........................ 6,210 34,645 ConocoPhillips ................................. 1,601,985 2,367 * Cooper Cameron Corp ............................ 98,846 1,300 * Denbury Resources, Inc ......................... 13,221 7,418 Devon Energy Corp .............................. 357,919 2,752 Diamond Offshore Drilling, Inc ................. 54,902 400 * Dril-Quip, Inc ................................. 6,740 400 * Encore Acquisition Co .......................... 6,580 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 35 Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- ENERGY--(Continued) 1,032 * Energy Partners Ltd ............................ $ 8,400 7,646 ENSCO International, Inc ....................... 191,456 5,938 EOG Resources, Inc ............................. 213,530 1,000 * Evergreen Resources, Inc ....................... 40,980 895 * Exploration Co Of Delaware, Inc ................ 4,645 347,983 Exxon Mobil Corp ............................... 11,100,658 1,550 * Forest Oil Corp ................................ 39,525 1,500 Frontier Oil Corp .............................. 18,600 756 Getty Realty Corp .............................. 14,424 3,959 * Global Industries Ltd .......................... 16,351 4,595 * Grant Prideco, Inc ............................. 39,241 8,591 * Grey Wolf, Inc ................................. 30,928 500 * Gulf Island Fabrication, Inc ................... 5,880 22,362 Halliburton Co ................................. 288,693 2,446 * Hanover Compressor Co .......................... 20,302 1,625 * Harvest Natural Resources, Inc ................. 8,824 2,577 Helmerich & Payne, Inc ......................... 88,211 400 Holly Corp ..................................... 6,792 676 * Horizon Offshore, Inc .......................... 2,847 500 * Houston Exploration Co ......................... 15,575 600 * Hydril Co ...................................... 14,928 2,700 * Input/Output, Inc .............................. 12,933 5,181 Kerr-McGee Corp ................................ 225,063 5,014 * Key Energy Services, Inc ....................... 39,510 800 * Key Production Co, Inc ......................... 12,960 300 Lufkin Industries, Inc ......................... 7,380 2,824 * Magnum Hunter Resources, Inc ................... 14,826 215 * Magnum Hunter Resources, Inc Wts 03/21/05 ...... 77 15,844 Marathon Oil Corp .............................. 359,342 1,764 * Maverick Tube Corp ............................. 15,647 1,000 * Meridian Resource Corp ......................... 2,110 1,882 Murphy Oil Corp ................................ 154,456 4,197 * National-Oilwell, Inc .......................... 81,338 2,232 * Newfield Exploration Co ........................ 74,973 2,872 Noble Energy, Inc .............................. 97,562 702 * Nuevo Energy Co ................................ 7,652 19,253 Occidental Petroleum Corp ...................... 546,400 8,998 Ocean Energy, Inc .............................. 179,510 1,200 * Oceaneering International, Inc ................. 30,540 3,115 * Parker Drilling Co ............................. 6,853 1,200 Patina Oil & Gas Corp .......................... 34,200 3,591 * Patterson-UTI Energy, Inc ...................... 91,606 4,179 * Pennzoil-Quaker State Co ....................... 91,813 196 * Petroleum Helicopters (Vote) ................... 5,155 5,863 * Pioneer Natural Resources Co ................... 142,178 1,213 * Plains Resources, Inc .......................... 31,271 2,970 Pogo Producing Co .............................. 101,158 988 * Premcor, Inc ................................... 15,502 5,736 * Pride International, Inc ....................... 74,568 600 * Prima Energy Corp .............................. 12,582 906 * Pure Resources, Inc ............................ 20,294 600 * Quantum Fuel Systems Technologies Worldwide, Inc 1,284 3,075 * Range Resources Corp ........................... 14,391 1,125 * Remington Oil & Gas Corp ....................... 15,863 4,808 Rowan Cos, Inc ................................. 89,621 700 RPC, Inc ....................................... 6,930 864 * Seacor Smit, Inc ............................... 35,415 5,094 * Smith International, Inc ....................... 149,305 1,250 * Spinnaker Exploration Co ....................... 35,875 1,400 St. Mary Land & Exploration Co ................. 33,460 1,079 * Stone Energy Corp .............................. 35,068 3,449 Sunoco, Inc .................................... 104,022 2,400 * Superior Energy Services, Inc .................. 15,600 1,218 * Swift Energy Co ................................ 12,667 SHARES VALUE -------- ----- 4,000 * Tesoro Petroleum Corp .......................... $ 11,200 2,713 Tidewater, Inc ................................. 73,224 1,800 * Tom Brown, Inc ................................. 41,220 400 * Transmontaigne, Inc ............................ 1,992 3,100 * Trico Marine Services, Inc ..................... 7,874 1,900 * Unit Corp ...................................... 36,385 800 * Universal Compression Holdings, Inc ............ 12,960 12,547 Unocal Corp .................................... 393,850 5,164 Valero Energy Corp ............................. 136,691 4,042 * Varco International, Inc ....................... 68,391 1,450 * Veritas DGC, Inc ............................... 15,675 2,659 Vintage Petroleum, Inc ......................... 28,717 813 * Westport Resources Corp ........................ 14,878 1,144 * W-H Energy Services, Inc ....................... 19,791 438 World Fuel Services Corp ....................... 8,453 5,927 XTO Energy, Inc ................................ 122,155 ----------- TOTAL ENERGY 24,745,519 ----------- FINANCIAL SERVICES--22.35% 605 1st Source Corp ................................ 8,524 1,711 21st Century Insurance Group ................... 17,640 4,130 A.G. Edwards, Inc .............................. 132,077 477 ABC Bancorp .................................... 6,115 500 Acadia Realty Trust ............................ 3,700 771 Advanta Corp (Class A) ......................... 7,749 1,100 * Affiliated Managers Group, Inc ................. 49,071 26,576 Aflac, Inc ..................................... 815,617 571 Alabama National Bancorp ....................... 25,855 900 Alexandria Real Estate Equities, Inc ........... 38,232 1,632 Alfa Corp ...................................... 19,992 272 * Alleghany Corp ................................. 51,544 551 Allegiant Bancorp, Inc ......................... 8,954 5,198 Allied Capital Corp ............................ 113,784 2,774 Allmerica Financial Corp ....................... 33,288 36,433 Allstate Corp .................................. 1,295,193 4,284 AMB Property Corp .............................. 123,808 4,312 Ambac Financial Group, Inc ..................... 232,374 1,300 Amcore Financial, Inc .......................... 28,548 2,050 American Capital Strategies Ltd ................ 38,622 60,528 American Express Co ............................ 1,887,263 1,602 American Financial Group, Inc .................. 36,878 1,200 American Financial Holdings, Inc ............... 36,492 450 American Home Mortgage Holdings, Inc ........... 4,965 117,941 American International Group, Inc .............. 6,451,372 322 American National Bankshares, Inc .............. 8,842 500 American National Insurance Co ................. 34,505 491 * American Physicians Capital, Inc ............... 8,278 4,287 * AmeriCredit Corp ............................... 34,596 4,736 * Ameritrade Holding Corp ........................ 17,665 2,036 AmerUs Group Co ................................ 57,741 800 AMLI Residential Properties Trust .............. 17,664 18,531 AmSouth Bancorp ................................ 384,333 1,090 Anchor Bancorp Wisconsin, Inc .................. 22,018 4,251 Annaly Mortgage Management, Inc ................ 78,431 2,548 Anthracite Capital, Inc ........................ 28,792 966 Anworth Mortgage Asset Corp .................... 11,776 12,233 AON Corp ....................................... 250,654 4,186 Apartment Investment & Management Co (Class A) . 162,626 1,616 Apex Mortgage Capital, Inc ..................... 18,083 9,031 Archstone-Smith Trust .......................... 215,660 2,997 Arden Realty, Inc .............................. 70,879 958 Argonaut Group, Inc ............................ 16,526 305 Arrow Financial Corp ........................... 8,738 3,943 Associated Banc-Corp ........................... 125,111 800 Associated Estates Realty Corp ................. 6,480 4,323 Astoria Financial Corp ......................... 105,481 SEE NOTES TO FINANCIAL STATEMENTS 36 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- FINANCIAL SERVICES--(Continued) 3,086 AvalonBay Communities, Inc ..................... $ 128,995 246 Baldwin & Lyons, Inc (Class B) ................. 5,378 599 * Banc Corp ...................................... 4,636 200 Bancfirst Corp ................................. 9,844 4,052 Bancorpsouth, Inc .............................. 79,824 500 Bank Mutual Corp ............................... 10,120 78,945 Bank Of America Corp ........................... 5,036,691 726 Bank Of Granite Corp ........................... 13,068 3,387 Bank Of Hawaii Corp ............................ 94,497 37,374 Bank Of New York Co, Inc ....................... 1,074,129 269 Bank Of The Ozarks, Inc ........................ 6,160 60,230 Bank One Corp .................................. 2,252,602 2,400 BankAtlantic Bancorp, Inc (Class A) ............ 21,552 7,558 Banknorth Group, Inc ........................... 179,503 900 * Bankunited Financial Corp (Class A) ............ 14,355 444 Banner Corp .................................... 8,969 3,527 * Bay View Capital Corp .......................... 19,998 24,629 BB&T Corp ...................................... 863,000 4,808 Bear Stearns Cos, Inc .......................... 271,171 542 * Beazer Homes U.S.A., Inc ....................... 33,089 800 Bedford Property Investors, Inc ................ 19,808 1,990 Berkley (W.R.) Corp ............................ 67,660 338 Berkshire Hills Bancorp, Inc ................... 7,943 400 * BKF Capital Group, Inc ......................... 8,432 700 * Blackrock, Inc ................................. 28,994 654 * BOK Financial Corp ............................. 21,255 1,092 Boston Private Financial Holdings, Inc ......... 23,260 3,457 Boston Properties, Inc ......................... 128,600 250 Bostonfed Bancorp, Inc ......................... 7,498 1,159 Boykin Lodging Co .............................. 11,150 1,329 Brandywine Realty Trust ........................ 29,969 2,359 BRE Properties, Inc (Class A) .................. 72,539 3,066 Brookline Bancorp, Inc ......................... 36,029 2,442 Brown & Brown, Inc ............................. 73,260 242 Bryn Mawr Bank Corp ............................ 9,554 400 BSB Bancorp, Inc ............................... 7,964 408 Camden National Corp ........................... 10,608 1,899 Camden Property Trust .......................... 62,952 1,118 Capital Automotive REIT ........................ 27,928 300 Capital City Bank Group, Inc ................... 9,918 10,566 Capital One Financial Corp ..................... 368,965 394 Capitol Bancorp Ltd ............................ 6,863 1,234 Capitol Federal Financial ...................... 27,345 600 Capstead Mortgage Corp ......................... 12,402 2,601 CarrAmerica Realty Corp ........................ 65,467 676 Cascade Bancorp ................................ 9,221 1,791 Cash America International, Inc ................ 14,668 4,241 * Catellus Development Corp ...................... 78,246 800 Cathay Bancorp, Inc ............................ 31,200 227 CB Bancshares, Inc ............................. 7,972 1,074 CBL & Associates Properties, Inc ............... 41,618 467 CCBT Financial Cos, Inc ........................ 12,221 506 * CCC Information Services Group, Inc ............ 6,613 1,308 Centennial Bancorp ............................. 11,353 802 Center Trust, Inc .............................. 4,652 1,161 Centerpoint Properties Corp .................... 64,436 250 * Central Coast Bancorp .......................... 4,623 221 Century Bancorp, Inc (Class A) ................. 5,865 1,425 * Ceres Group, Inc ............................... 2,750 1,000 CFS Bancorp, Inc ............................... 14,100 56,043 Charles Schwab Corp ............................ 487,574 151 Charter Financial Corp ......................... 4,237 2,072 Charter Municipal Mortgage Acceptance Co ....... 36,509 11,364 Charter One Financial, Inc ..................... 337,738 SHARES VALUE -------- ----- 1,175 Chateau Communities, Inc ....................... $ 31,032 1,415 Chelsea Property Group, Inc .................... 47,756 1,172 Chemical Financial Corp ........................ 33,824 1,537 Chittenden Corp ................................ 45,495 4,366 * ChoicePoint, Inc ............................... 155,604 8,256 Chubb Corp ..................................... 452,676 7,100 Cincinnati Financial Corp ...................... 252,619 264,114 Citigroup, Inc ................................. 7,830,979 2,345 Citizens Banking Corp .......................... 56,679 546 Citizens First Bancorp, Inc .................... 9,812 966 * Citizens, Inc .................................. 8,675 400 City Bank ...................................... 11,576 860 City Holding Co ................................ 22,136 2,100 City National Corp ............................. 98,217 800 * Clark/Bardes, Inc .............................. 14,232 1,358 * CNA Financial Corp ............................. 33,950 758 CNA Surety Corp ................................ 10,006 200 Coastal Bancorp, Inc ........................... 5,528 417 Coastal Financial Corp ......................... 5,646 300 CoBiz, Inc ..................................... 4,830 6,148 Colonial Bancgroup, Inc ........................ 76,235 740 Colonial Properties Trust ...................... 26,773 321 Columbia Bancorp ............................... 6,057 1,020 * Columbia Banking System, Inc ................... 11,291 9,136 Comerica, Inc .................................. 440,538 3,000 Commerce Bancorp, Inc .......................... 124,530 2,973 Commerce Bancshares, Inc ....................... 116,155 1,300 Commerce Group, Inc ............................ 42,068 2,133 Commercial Federal Corp ........................ 46,435 1,828 Commercial Net Lease Realty, Inc ............... 29,467 342 Commonwealth Bancorp, Inc ...................... 15,732 600 Community Bank System, Inc ..................... 17,778 410 Community Banks, Inc ........................... 11,004 2,068 Community First Bankshares, Inc ................ 57,656 638 Community Trust Bancorp, Inc ................... 17,162 6,580 Compass Bancshares, Inc ........................ 194,044 1,400 * CompuCredit Corp ............................... 7,420 588 Connecticut Bancshares, Inc .................... 21,774 11,578 * Conseco, Inc ................................... 880 2,334 Cornerstone Realty Income Trust, Inc ........... 20,773 768 Corporate Office Properties Trust .............. 10,406 374 Correctional Properties Trust .................. 8,602 1,472 * Corrections Corp Of America .................... 20,682 400 Corus Bankshares, Inc .......................... 17,524 5,311 Countrywide Credit Industries, Inc ............. 250,414 1,811 Cousins Properties, Inc ........................ 41,653 400 CPB, Inc ....................................... 18,468 1,130 Crawford & Co (Class B) ........................ 7,130 600 * Credit Acceptance Corp ......................... 4,920 4,211 Crescent Real Estate Equities Co ............... 66,113 1,300 Crown American Realty Trust .................... 11,947 1,502 * CSK Auto Corp .................................. 18,745 2,664 Cullen/Frost Bankers, Inc ...................... 90,976 30 Curtiss-Wright Corp (Class B) .................. 1,763 1,445 CVB Financial Corp ............................. 31,703 654 Delphi Financial Group, Inc (Class A) .......... 23,819 2,804 Developers Diversified Realty Corp ............. 61,716 1,254 Dime Community Bancshares ...................... 26,861 2,943 Doral Financial Corp ........................... 71,044 1,056 Downey Financial Corp .......................... 36,168 6,856 Duke Realty Corp ............................... 168,795 14,551 * E*trade Group, Inc ............................. 64,752 1,279 East West Bancorp, Inc ......................... 43,179 735 Eastgroup Properties, Inc ...................... 18,191 3,000 Eaton Vance Corp ............................... 82,920 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 37 Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- FINANCIAL SERVICES--(Continued) 851 * Electro Rent Corp .............................. $ 8,238 952 Entertainment Properties Trust ................. 21,039 21,342 Equity Office Properties Trust ................. 551,050 600 Equity One, Inc ................................ 7,920 14,049 Equity Residential ............................. 336,333 1,200 Erie Indemnity Co (Class A) .................... 49,992 790 Essex Property Trust, Inc ...................... 39,058 645 * Euronet Worldwide, Inc ......................... 3,244 600 F & M Bancorp .................................. 18,960 51,112 Fannie Mae ..................................... 3,043,208 266 Farmers Capital Bank Corp ...................... 8,876 579 FBL Financial Group, Inc (Class A) ............. 10,683 893 FBR Asset Investment Corp ...................... 27,915 363 * Federal Agricultural Mortgage Corp (Class C) ... 10,712 2,000 Federal Realty Investment Trust ................ 54,000 4,238 Federated Investors, Inc (Class B) ............. 114,384 2,399 FelCor Lodging Trust, Inc ...................... 30,779 823 Fidelity Bankshares, Inc ....................... 14,732 4,895 Fidelity National Financial, Inc ............... 140,682 26,206 Fifth Third Bancorp ............................ 1,604,593 636 * Financial Federal Corp ......................... 20,257 399 Financial Industries Corp ...................... 6,089 300 Financial Institutions, Inc .................... 8,145 3,699 First American Corp ............................ 75,571 300 First Bancorp (North Carolina) ................. 7,413 1,165 First Bancorp (Puerto Rico) .................... 44,410 100 * First Banks America, Inc ....................... 4,015 400 First Busey Corp (Class A) ..................... 9,068 1,756 First Charter Corp ............................. 29,097 247 First Citizens Bancshares, Inc (Class A) ....... 25,461 3,108 First Commonwealth Financial Corp .............. 38,508 386 First Community Bancorp ........................ 11,171 479 First Community Bancshares, Inc ................ 14,111 303 First Defiance Financial Corp .................. 5,203 300 First Essex Bancorp, Inc ....................... 9,915 800 First Federal Capital Corp ..................... 15,544 1,838 First Financial Bancorp ........................ 32,735 625 First Financial Bankshares, Inc ................ 22,775 400 First Financial Corp (Indiana) ................. 19,380 647 First Financial Holdings, Inc .................. 17,514 675 First Indiana Corp ............................. 12,373 735 First Merchants Corp ........................... 18,155 2,525 First Midwest Bancorp, Inc ..................... 67,822 465 First National Corp ............................ 12,834 500 First Niagara Financial Group, Inc ............. 15,795 264 First Oak Brook Bancshares, Inc ................ 7,849 726 First Place Financial Corp ..................... 10,149 483 * First Republic Bank ............................ 10,505 1,242 First Sentinel Bancorp, Inc .................... 16,804 207 First South Bancorp, Inc ....................... 7,380 257 First State Bancorp ............................ 6,335 6,465 First Tennessee National Corp .................. 224,142 3,726 First Virginia Banks, Inc ...................... 138,980 212 Firstfed America Bancorp, Inc .................. 5,107 900 * FirstFed Financial Corp ........................ 23,175 4,250 FirstMerit Corp ................................ 91,035 514 Flagstar Bancorp, Inc .......................... 10,640 53,743 FleetBoston Financial Corp ..................... 1,092,595 450 Flushing Financial Corp ........................ 7,506 2,224 FNB Corp ....................................... 62,316 322 FNB Corp (Virginia) ............................ 9,892 536 * FPIC Insurance Group, Inc ...................... 4,717 203 Franklin Financial Corp ........................ 5,002 8,738 Franklin Resources, Inc ........................ 271,752 SHARES VALUE -------- ----- 35,589 Freddie Mac .................................... $ 1,989,425 3,108 Fremont General Corp ........................... 15,229 887 * Friedman, Billings, Ramsey Group, Inc .......... 8,985 752 Frontier Financial Corp ........................ 19,161 5,318 Fulton Financial Corp .......................... 99,978 300 * Gabelli Asset Management, Inc (Class A) ........ 8,895 1,249 Gables Residential Trust ....................... 33,361 4,464 Gallagher (Arthur J.) & Co ..................... 110,038 4,012 * Gartner, Inc (Class A) ......................... 32,497 104 * Gartner, Inc (Class B) ......................... 832 400 GBC Bancorp .................................... 7,768 3,184 General Growth Properties, Inc ................. 163,976 505 German American Bancorp ........................ 8,585 806 Glacier Bancorp, Inc ........................... 18,361 438 Gladstone Capital Corp ......................... 7,393 901 Glenborough Realty Trust, Inc .................. 18,290 1,483 Glimcher Realty Trust .......................... 27,791 1,532 Gold Banc Corp, Inc ............................ 14,860 3,769 Golden State Bancorp, Inc ...................... 121,814 6,423 Golden West Financial Corp ..................... 399,382 12,425 Goldman Sachs Group, Inc ....................... 820,423 297 Granite State Bankshares, Inc .................. 10,036 200 Great American Financial Resources, Inc ........ 3,110 703 Great Lakes REIT, Inc .......................... 12,281 300 Great Southern Bancorp, Inc .................... 11,238 2,237 Greater Bay Bancorp ............................ 40,691 4,356 Greenpoint Financial Corp ...................... 181,819 650 Hancock Holding Co ............................. 30,536 433 * Hanmi Financial Corp ........................... 6,495 1,100 Harbor Florida Bancshares, Inc ................. 22,495 1,622 Harleysville Group, Inc ........................ 42,578 936 Harleysville National Corp ..................... 22,595 12,671 Hartford Financial Services Group, Inc ......... 519,511 324 * Hawthorne Financial Corp ....................... 8,554 3,078 HCC Insurance Holdings, Inc .................... 73,903 2,888 Health Care Property Investors, Inc ............ 123,029 2,001 Health Care REIT, Inc .......................... 54,727 2,100 Healthcare Realty Trust, Inc ................... 65,310 888 Heritage Property Investment Trust ............. 22,164 8,253 Hibernia Corp (Class A) ........................ 164,977 2,723 Highwoods Properties, Inc ...................... 63,718 1,494 Hilb, Rogal & Hamilton Co ...................... 61,628 1,292 Home Properties Of New York, Inc ............... 41,990 2,300 * Homestore, Inc ................................. 690 2,800 Hooper Holmes, Inc ............................. 17,360 1,923 Horace Mann Educators Corp ..................... 28,268 3,091 Hospitality Properties Trust ................... 102,374 12,113 * Host Marriott Corp ............................. 112,409 23,390 Household International, Inc ................... 662,171 6,368 HRPT Properties Trust .......................... 52,536 3,946 Hudson City Bancorp, Inc ....................... 64,044 757 Hudson River Bancorp, Inc ...................... 18,282 2,326 Hudson United Bancorp .......................... 61,872 530 Humboldt Bancorp ............................... 6,349 12,725 Huntington Bancshares, Inc ..................... 231,468 300 IBERIABANK Corp ................................ 11,289 2,207 IMPAC Mortgage Holdings, Inc ................... 24,608 2,636 Independence Community Bank Corp ............... 66,137 225 Independence Holding Co ........................ 4,500 700 Independent Bank Corp (Massachusetts) .......... 13,916 594 Independent Bank Corp (Michigan) ............... 19,661 2,981 * IndyMac Bancorp, Inc ........................... 57,444 1,203 Innkeepers U.S.A. Trust ........................ 9,612 1,264 * Insignia Financial Group, Inc .................. 9,922 1,952 Instinet Group, Inc ............................ 6,051 SEE NOTES TO FINANCIAL STATEMENTS 38 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- FINANCIAL SERVICES--(Continued) 909 * Insurance Auto Auctions, Inc .................... $ 13,736 783 Integra Bank Corp ............................... 14,110 477 Interchange Financial Services Corp. ............ 7,894 1,168 International Bancshares Corp ................... 45,424 2,564 * Investment Technology Group, Inc ................ 75,023 3,167 Investors Financial Services Corp ............... 85,731 1,500 Investors Real Estate Trust ..................... 15,885 1,916 IRT Property Co ................................. 22,513 739 Irwin Financial Corp ............................ 12,563 2,336 iStar Financial, Inc ............................ 65,221 276 * Itla Capital Corp ............................... 8,332 2,174 * ITT Educational Services, Inc ................... 40,806 102,186 J.P. Morgan Chase & Co .......................... 1,940,512 1,831 JDN Realty Corp ................................. 22,118 1,040 Jefferies Group, Inc ............................ 39,686 7,717 Jefferson-Pilot Corp ............................ 309,452 15,093 John Hancock Financial Services, Inc ............ 419,585 1,056 John Nuveen Co (Class A) ........................ 24,024 1,500 * Jones Lang LaSalle, Inc ......................... 30,840 150 Kansas City Life Insurance Co ................... 5,676 21,896 KeyCorp ......................................... 546,743 734 Keystone Property Trust ......................... 12,214 1,300 Kilroy Realty Corp .............................. 30,823 4,753 Kimco Realty Corp ............................... 147,818 4,750 * Knight Trading Group, Inc ....................... 17,813 1,030 Koger Equity, Inc ............................... 17,397 1,029 Kramont Realty Trust ............................ 15,229 7,045 * La Quinta Corp .................................. 33,816 2,400 * LaBranche & Co, Inc ............................. 48,600 505 Lakeland Bancorp, Inc ........................... 8,610 295 Lakeland Financial Corp ......................... 6,989 900 Landamerica Financial Group, Inc ................ 29,601 100 Leeds Federal Bankshares, Inc ................... 3,171 3,305 Legg Mason, Inc ................................. 140,661 12,534 Lehman Brothers Holdings, Inc ................... 614,793 451 * LendingTree, Inc ................................ 6,648 1,900 Leucadia National Corp .......................... 64,600 1,200 Lexington Corporate Properties Trust ............ 19,320 834 Liberty Corp .................................... 29,857 9,553 Lincoln National Corp ........................... 291,844 1,189 LNR Property Corp ............................... 39,653 733 * Local Financial Corp ............................ 10,123 423 LSB Bancshares, Inc ............................. 6,954 638 LTC Properties, Inc ............................. 5,181 4,060 M & T Bank Corp ................................. 319,969 355 Macatawa Bank Corp .............................. 6,543 1,647 Macerich Co ..................................... 51,024 2,208 Mack-Cali Realty Corp ........................... 70,943 951 MAF Bancorp, Inc ................................ 29,386 600 Main Street Banks, Inc .......................... 11,118 313 MainSource Financial Group, Inc ................. 7,446 700 Manufactured Home Communities, Inc .............. 22,316 415 * Markel Corp ..................................... 82,660 28,146 Marsh & McLennan Cos, Inc ....................... 1,171,999 10,917 Marshall & Ilsley Corp .......................... 304,475 245 MASSBANK Corp ................................... 7,335 494 MB Financial, Inc ............................... 16,549 7,573 MBIA, Inc ....................................... 302,541 54,517 MBNA Corp ....................................... 1,002,022 1,072 MCG Capital Corp ................................ 14,129 300 Medford Bancorp, Inc ............................ 10,485 22,582 Mellon Financial Corp ........................... 585,551 3,610 Mercantile Bankshares Corp ...................... 137,794 252 Merchants Bancshares, Inc ....................... 6,224 SHARES VALUE -------- ----- 1,300 Mercury General Corp ............................ $ 55,640 2,000 Meristar Hospitality Corp ....................... 17,180 400 * Meritage Corp ................................... 14,180 44,034 Merrill Lynch & Co, Inc ......................... 1,450,920 15,258 MetLife, Inc .................................... 347,272 1,264 Metris Cos, Inc ................................. 2,920 2,328 MFA Mortgage Investments, Inc ................... 18,857 4,700 MGIC Investment Corp ............................ 191,901 1,000 Mid Atlantic Realty Trust ....................... 16,030 700 Mid-America Apartment Communities, Inc .......... 17,437 400 Midland Co ...................................... 6,732 1,280 Mid-State Bancshares ............................ 20,992 450 Midwest Banc Holdings, Inc ...................... 8,591 1,153 Mills Corp ...................................... 34,198 900 Mission West Properties, Inc .................... 9,972 325 Mississippi Valley Bancshares, Inc .............. 16,192 2,322 MONY Group, Inc ................................. 57,284 56,485 Morgan Stanley .................................. 1,913,712 252 Nara Bancorp, Inc ............................... 4,352 216 NASB Financial, Inc ............................. 4,491 31,227 National City Corp .............................. 890,906 10,559 National Commerce Financial Corp ................ 264,503 1,086 National Health Investors, Inc .................. 16,562 426 National Health Realty, Inc ..................... 6,714 872 National Penn Bancshares, Inc ................... 24,381 130 * National Western Life Insurance Co (Class A) .... 13,260 1,090 Nationwide Financial Services, Inc (Class A) .... 29,103 2,564 Nationwide Health Properties, Inc ............... 43,716 154 * Navigators Group, Inc ........................... 3,122 399 NBC Capital Corp ................................ 10,015 1,444 NBT Bancorp, Inc ................................ 24,938 2,485 * NetBank, Inc .................................... 25,869 2,750 Neuberger Berman, Inc ........................... 74,113 801 New Century Financial Corp ...................... 18,743 4,724 New Plan Excel Realty Trust ..................... 87,111 5,516 New York Community Bancorp, Inc ................. 155,386 8,367 North Fork Bancorp, Inc ......................... 316,607 10,096 Northern Trust Corp ............................. 380,821 500 Northwest Bancorp, Inc .......................... 6,365 498 Novastar Financial, Inc ......................... 10,881 100 * NYMAGIC, Inc .................................... 1,444 569 OceanFirst Financial Corp ....................... 11,721 2,200 * Ocwen Financial Corp ............................ 6,380 840 Odyssey Re Holdings Corp ........................ 13,952 2,645 * Ohio Casualty Corp .............................. 43,061 3,025 Old National Bancorp ............................ 75,202 6,099 Old Republic International Corp ................. 173,090 366 Old Second Bancorp, Inc ......................... 13,974 400 Omega Financial Corp ............................ 13,500 664 Oriental Financial Group, Inc ................... 14,608 1,849 Pacific Capital Bancorp ......................... 50,215 100 * Pacific Gulf Properties, Inc Liquidation Trust .. 177 790 Pacific Northwest Bancorp ....................... 21,512 605 * Pacific Union Bank .............................. 6,782 1,673 Pan Pacific Retail Properties, Inc .............. 57,685 563 Park National Corp .............................. 52,753 283 Parkvale Financial Corp ......................... 6,665 400 Parkway Properties, Inc ......................... 13,536 452 Partners Trust Financial Group, Inc ............. 6,314 214 Peapack Gladstone Financial Corp ................ 13,910 500 Pennfed Financial Services, Inc ................. 13,745 375 Pennrock Financial Services Corp ................ 10,875 739 Pennsylvania Real Estate Investment Trust ....... 19,037 401 Peoples Bancorp, Inc ............................ 10,306 1,200 People's Bank ................................... 26,916 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 39 Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- FINANCIAL SERVICES--(Continued) 300 Peoples Holding Co .............................. $ 12,225 632 PFF Bancorp, Inc ................................ 17,519 698 * Philadelphia Consolidated Holding Corp .......... 20,591 5,233 Phoenix Cos, Inc ................................ 71,273 300 * Pico Holdings, Inc .............................. 3,300 1,400 PMA Capital Corp (Class A) ...................... 21,000 4,616 PMI Group, Inc .................................. 125,601 14,558 PNC Financial Services Group, Inc ............... 613,911 7,012 Popular, Inc .................................... 221,579 200 Port Financial Corp ............................. 8,002 1,679 Post Properties, Inc ............................ 43,620 1,614 Prentiss Properties Trust ....................... 46,709 1,230 Presidential Life Corp .......................... 17,712 1,005 * Price Legacy Corp ............................... 2,945 15,761 * Principal Financial Group ....................... 412,623 239 PrivateBancorp, Inc ............................. 7,306 1,213 * ProAssurance Corp ............................... 20,500 9,868 Progressive Corp ................................ 499,617 8,202 Prologis ........................................ 204,312 600 Prosperity Bancshares, Inc ...................... 10,218 3,467 Protective Life Corp ............................ 106,680 300 Provident Bancorp, Inc .......................... 8,535 1,212 Provident Bankshares Corp ....................... 26,155 2,211 Provident Financial Group, Inc .................. 55,474 13,489 * Providian Financial Corp ........................ 66,096 30,084 * Prudential Financial, Inc ....................... 859,199 500 PS Business Parks, Inc .......................... 17,000 5,056 Public Storage, Inc ............................. 161,286 250 * Quaker City Bancorp, Inc ........................ 8,293 839 R & G Financial Corp (Class B) .................. 18,307 4,636 Radian Group, Inc ............................... 151,412 898 RAIT Investment Trust ........................... 18,499 610 Ramco-Gershenson Properties ..................... 11,993 2,044 Raymond James Financial, Inc .................... 55,331 1,695 Realty Income Corp .............................. 57,884 2,685 Reckson Associates Realty Corp .................. 61,137 500 Redwood Trust, Inc .............................. 13,665 1,212 Regency Centers Corp ............................ 37,572 11,737 Regions Financial Corp .......................... 383,448 868 Reinsurance Group Of America, Inc ............... 22,429 2,474 Republic Bancorp, Inc ........................... 32,162 600 Republic Bancorp, Inc (Class A) (Kentucky) ...... 6,750 200 * Republic Bancshares, Inc ........................ 3,888 600 Resource America, Inc (Class A) ................. 4,800 1,500 RFS Hotel Investors, Inc ........................ 16,485 668 Riggs National Corp ............................. 9,546 352 RLI Corp ........................................ 18,885 3,814 Roslyn Bancorp, Inc ............................. 66,402 3,857 Rouse Co ........................................ 123,231 206 Royal Bancshares Of Pennsylvania (Class A) ...... 3,770 1,215 S & T Bancorp, Inc .............................. 30,594 200 S.Y. Bancorp, Inc ............................... 6,946 6,388 Safeco Corp ..................................... 203,011 750 Sandy Spring Bancorp, Inc ....................... 23,100 420 Santander Bancorp ............................... 5,796 600 Saul Centers, Inc ............................... 13,932 1,674 * Saxon Capital, Inc .............................. 18,531 600 Seacoast Banking Corp Of Florida ................ 11,508 1,200 Seacoast Financial Services Corp ................ 24,084 500 Second Bancorp, Inc ............................. 13,365 3,845 SEI Investments Co .............................. 91,819 1,300 Selective Insurance Group, Inc .................. 28,249 2,394 Senior Housing Properties Trust ................. 26,861 2,356 * Silicon Valley Bancshares ....................... 39,887 SHARES VALUE -------- ----- 357 Simmons First National Corp (Class A) ........... $ 13,273 6,687 Simon Property Group, Inc ....................... 238,927 540 Sizeler Property Investors ...................... 5,432 3,566 Sky Financial Group, Inc ........................ 70,999 1,400 SL Green Realty Corp ............................ 43,036 7,516 SLM Corp ........................................ 700,040 2,900 * SoundView Technology Group, Inc ................. 3,770 2,041 South Financial Group, Inc ...................... 43,045 17,811 SouthTrust Corp ................................. 431,917 1,500 * Southwest Bancorp Of Texas, Inc ................. 54,615 296 Southwest Bancorp, Inc .......................... 7,444 13,360 Sovereign Bancorp, Inc .......................... 172,344 679 Sovran Self Storage, Inc ........................ 20,655 400 St. Francis Capital Corp ........................ 9,204 1,500 St. Joe Co ...................................... 41,400 11,501 St. Paul Cos, Inc ............................... 330,309 1,451 Stancorp Financial Group, Inc ................... 76,758 10,227 Starwood Hotels & Resorts Worldwide, Inc ........ 228,062 700 State Auto Financial Corp ....................... 10,598 380 State Bancorp, Inc .............................. 6,745 16,640 State Street Corp ............................... 642,970 2,882 Staten Island Bancorp, Inc ...................... 50,147 468 Sterling Bancorp ................................ 12,416 1,988 Sterling Bancshares, Inc ........................ 25,983 885 Sterling Financial Corp (Pennsylvania) .......... 20,647 544 * Sterling Financial Corp (Spokane) ............... 9,863 967 * Stewart Information Services Corp ............... 20,645 11,404 Stilwell Financial, Inc ......................... 137,646 231 Student Loan Corp ............................... 20,901 492 Suffolk Bancorp ................................. 15,842 401 Summit Bancshares, Inc .......................... 8,441 1,180 Summit Properties, Inc .......................... 22,892 288 Sun Bancorp, Inc (Pennsylvania) ................. 6,474 444 * Sun Bancorp, Inc (New Jersey) ................... 5,887 735 Sun Communities, Inc ............................ 26,975 12,824 SunTrust Banks, Inc ............................. 788,420 266 Superior Financial Corp ......................... 5,001 2,032 Susquehanna Bancshares, Inc ..................... 43,993 760 SWS Group, Inc .................................. 9,310 15,194 Synovus Financial Corp .......................... 313,300 596 * Syntroleum Corp ................................. 989 5,401 T Rowe Price Group, Inc ......................... 134,809 1,600 Taubman Centers, Inc ............................ 22,768 3,947 TCF Financial Corp .............................. 167,077 1,184 Texas Regional Bancshares, Inc (Class A) ........ 39,652 2,271 Thornburg Mortgage, Inc ......................... 42,672 426 Three Rivers Bancorp, Inc ....................... 6,816 384 Tompkins Trustco, Inc ........................... 16,474 6,271 Torchmark Corp .................................. 214,844 755 Town & Country Trust ............................ 15,878 1,325 * Trammell Crow Co ................................ 13,065 1,096 Transatlantic Holdings, Inc ..................... 72,829 100 * Transcontinental Realty Investors, Inc .......... 1,649 22,006 * Travelers Property Casualty Corp (Class A) ...... 290,479 26,984 * Travelers Property Casualty Corp (Class B) ...... 365,094 454 * Triad Guaranty, Inc ............................. 15,808 292 Trico Bancshares ................................ 7,388 4,438 Trizec Properties, Inc .......................... 50,371 563 Troy Financial Corp ............................. 14,683 1,058 Trust Co Of New Jersey .......................... 26,926 3,611 Trustco Bank Corp NY ............................ 38,197 2,214 Trustmark Corp .................................. 50,479 98,115 U.S. Bancorp .................................... 1,822,977 1,054 U.S. Restaurant Properties, Inc ................. 15,020 520 U.S.B. Holding Co, Inc .......................... 9,584 SEE NOTES TO FINANCIAL STATEMENTS 40 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- FINANCIAL SERVICES--(Continued) 938 UCBH Holdings, Inc ............................. $ 36,854 2,000 * UICI ........................................... 32,520 799 UMB Financial Corp ............................. 31,193 900 Umpqua Holdings Corp ........................... 14,787 400 * Union Acceptance Corp (Class A) ................ 1,612 388 Union Bankshares Corp .......................... 9,673 10,352 Union Planters Corp ............................ 284,266 2,615 UnionBanCal Corp ............................... 109,856 1,800 United Bankshares, Inc ......................... 52,218 834 United Community Banks, Inc .................... 20,266 1,726 United Community Financial Corp ................ 15,275 5,566 United Dominion Realty Trust, Inc .............. 88,555 400 United Fire & Casualty Co ...................... 13,592 843 United National Bancorp ........................ 17,349 2,712 * United Rentals, Inc ............................ 22,889 2,370 Unitrin, Inc ................................... 72,759 957 * Universal American Financial Corp .............. 4,690 600 Universal Health Realty Income Trust ........... 15,570 1,165 Unizan Financial Corp .......................... 22,342 12,490 UnumProvident Corp ............................. 254,172 1,073 Urstadt Biddle Properties, Inc (Class A) ....... 12,715 4,852 Valley National Bancorp ........................ 129,063 100 Value Line, Inc ................................ 3,900 1,292 Vesta Insurance Group, Inc ..................... 3,230 540 * VIB Corp ....................................... 8,084 578 Virginia Financial Group, Inc .................. 17,357 3,650 Vornado Realty Trust ........................... 143,993 2,150 W Holding Co, Inc .............................. 35,045 70,181 Wachovia Corp .................................. 2,294,217 3,610 Waddell & Reed Financial, Inc (Class A) ........ 63,753 240 Warwick Community Bancorp ...................... 6,480 3,257 Washington Federal, Inc ........................ 72,680 49,961 Washington Mutual, Inc ......................... 1,572,273 1,908 Washington Real Estate Investment Trust ........ 48,425 694 Washington Trust Bancorp, Inc .................. 13,700 1,975 Waypoint Financial Corp ........................ 33,299 2,473 Webster Financial Corp ......................... 83,043 2,346 Weingarten Realty Investors .................... 85,864 87,726 Wells Fargo & Co ............................... 4,224,884 403 * Wellsford Real Properties, Inc ................. 6,932 1,043 Wesbanco, Inc .................................. 24,834 71 Wesco Financial Corp ........................... 21,833 860 West Coast Bancorp ............................. 13,020 1,700 Westamerica Bancorp ............................ 68,476 539 Westcorp ....................................... 10,780 390 Westfield Financial, Inc ....................... 5,885 330 * WFS Financial, Inc ............................. 6,844 2,021 Whitney Holding Corp ........................... 64,834 200 Willow Grove Bancorp, Inc ...................... 2,360 3,252 Wilmington Trust Corp .......................... 94,048 1,000 Winston Hotels, Inc ............................ 7,240 721 Wintrust Financial Corp ........................ 20,657 500 * World Acceptance Corp .......................... 3,960 400 WSFS Financial Corp ............................ 11,200 5,800 * Wyndham International, Inc (Class A) ........... 1,972 325 Yardville National Bancorp ..................... 5,522 400 Zenith National Insurance Corp ................. 10,568 4,745 Zions Bancorp .................................. 206,550 ----------- TOTAL FINANCIAL SERVICES 93,807,442 ----------- HEALTH CARE--16.28% 700 * aaiPharma, Inc ................................. 8,394 80,087 Abbott Laboratories ............................ 3,235,515 3,868 * Abgenix, Inc ................................... 25,103 400 * Abiomed, Inc ................................... 1,320 SHARES VALUE -------- ----- 1,527 * Accredo Health, Inc ............................ $ 72,807 1,420 * Adolor Corp .................................... 19,908 1,153 * Advanced Medical Optics, Inc ................... 10,965 441 * Advanced Neuromodulation Systems, Inc .......... 14,676 3,100 * Advanced Tissue Sciences, Inc .................. 2,387 3,817 * AdvancePCS ..................................... 85,997 277 * Advisory Board Co/The .......................... 8,205 7,536 Aetna, Inc ..................................... 269,864 2,626 * Affymetrix, Inc ................................ 54,621 1,000 * Aksys Ltd ...................................... 5,610 641 * Alaris Medical, Inc ............................ 3,058 1,000 * Albany Molecular Research, Inc ................. 17,030 6,825 * Alderwoods Group, Inc .......................... 44,363 1,100 * Alexion Pharmaceuticals, Inc ................... 12,749 1,374 * Align Technology, Inc .......................... 3,791 2,886 * Alkermes, Inc .................................. 22,771 6,989 Allergan, Inc .................................. 380,202 545 * Alliance Imaging, Inc .......................... 6,518 978 * Allos Therapeutics, Inc ........................ 8,293 900 * Allscripts Healthcare Solutions, Inc ........... 2,574 1,429 Alpharma, Inc (Class A) ........................ 13,718 476 * American Healthways, Inc ....................... 7,697 435 * American Medical Security Group, Inc ........... 6,151 1,047 * American Medical Systems Holdings, Inc ......... 21,725 644 * American Pharmaceutical Partners, Inc .......... 10,517 467 * AMERIGROUP Corp ................................ 15,668 1,477 * Ameripath, Inc ................................. 22,007 5,351 AmerisourceBergen Corp ......................... 382,168 60,665 * Amgen, Inc ..................................... 2,529,731 734 * AMN Healthcare Services, Inc ................... 13,579 1,081 * Amsurg Corp .................................... 32,614 3,183 * Amylin Pharmaceuticals, Inc .................... 52,901 3,292 * Andrx Corp ..................................... 72,918 7,251 * Anthem, Inc .................................... 471,315 1,300 * Antigenics, Inc ................................ 10,504 700 * Aphton Corp .................................... 1,568 5,195 * Apogent Technologies, Inc ...................... 96,939 10,913 Applera Corp (Applied Biosystems Group) ........ 199,708 3,687 * Applera Corp (Celera Genomics Group) ........... 29,312 700 * Applied Molecular Evolution .................... 2,744 2,086 * Apria Healthcare Group, Inc .................... 49,146 717 * Arena Pharmaceuticals, Inc ..................... 4,015 3,200 * Ariad Pharmaceuticals, Inc ..................... 10,112 1,350 * Arqule, Inc .................................... 6,953 700 * Array Biopharma, Inc ........................... 5,453 441 Arrow International, Inc ....................... 14,187 1,000 * Arthrocare Corp ................................ 12,120 1,552 * Atherogenics, Inc .............................. 9,716 1,118 * Atrix Laboratories, Inc ........................ 16,546 2,600 * AVANIR Pharmaceuticals (Class A) ............... 2,990 900 * Avigen, Inc .................................... 7,137 2,696 Bard (C.R.), Inc ............................... 147,282 1,458 * Barr Laboratories, Inc ......................... 90,819 2,513 Bausch & Lomb, Inc ............................. 83,356 30,849 Baxter International, Inc ...................... 942,437 3,030 Beckman Coulter, Inc ........................... 117,261 13,242 Becton Dickinson & Co .......................... 376,073 663 * Benthley Pharmaceuticals, Inc .................. 5,636 5,837 * Beverly Enterprises, Inc ....................... 14,126 7,581 * Biogen, Inc .................................... 221,896 2,500 * BioMarin Pharmaceutical, Inc ................... 14,475 13,750 Biomet, Inc .................................... 366,163 800 * Biopure Corp ................................... 2,800 846 * Bio-Rad Laboratories, Inc (Class A) ............ 31,860 600 * Bio-Reference Labs, Inc ........................ 3,900 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 41 Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- HEALTH CARE--(Continued) 231 * Bioreliance Corp ............................... $ 4,809 600 * Biosite, Inc ................................... 17,394 3,690 * Bio-Technology General Corp .................... 10,922 400 * Bone Care International, Inc ................... 2,312 16,254 * Boston Scientific Corp ......................... 512,976 416 * Bradley Pharmaceuticals, Inc ................... 3,644 99,388 Bristol-Myers Squibb Co ........................ 2,365,434 400 * Britesmile, Inc ................................ 300 429 * Bruker Daltonics, Inc .......................... 2,192 826 * Caliper Technologies Corp ...................... 3,461 454 * Cantel Medical Corp ............................ 4,585 2,496 * Cardiac Science, Inc ........................... 4,942 23,175 Cardinal Health, Inc ........................... 1,441,485 2,800 * Cardiodynamics International Corp .............. 8,008 11,418 * Caremark Rx, Inc ............................... 194,106 3,886 * Celgene Corp ................................... 65,440 1,913 * Cell Genesys, Inc .............................. 23,052 1,900 * Cell Therapeutics, Inc ......................... 8,360 291 * Centene Corp ................................... 7,767 2,366 * Cephalon, Inc .................................. 96,580 1,172 * Cepheid, Inc ................................... 4,512 1,469 * Cerner Corp .................................... 51,723 581 * Cerus Corp ..................................... 9,685 2,300 * Charles River Laboratories International, Inc .. 90,275 197 * Chattem, Inc ................................... 8,044 4,760 * Chiron Corp .................................... 166,314 548 * Cholestech Corp ................................ 5,683 6,620 Cigna Corp ..................................... 468,365 614 * Cima Labs, Inc ................................. 15,442 1,100 * Ciphergen Biosystems, Inc ...................... 3,300 200 * Closure Medical Corp ........................... 2,232 360 * Cobalt Corp .................................... 6,012 1,400 * Coherent, Inc .................................. 25,550 1,082 * Columbia Laboratories, Inc ..................... 4,869 2,586 * Community Health Systems, Inc .................. 68,865 100 * Computer Programs & Systems, Inc ............... 2,138 1,000 * Conceptus, Inc ................................. 15,300 1,382 * Conmed Corp .................................... 27,847 1,600 * Connetics Corp ................................. 14,800 683 Cooper Cos, Inc ................................ 35,858 2,413 * Corixa Corp .................................... 15,274 300 * Corvel Corp .................................... 8,991 3,180 * Covance, Inc ................................... 62,233 1,983 * Coventry Health Care, Inc ...................... 64,448 1,733 * Cross County, Inc .............................. 24,262 1,200 * CryoLife, Inc .................................. 3,132 1,100 * Cubist Pharmaceuticals, Inc .................... 5,621 2,400 * CuraGen Corp ................................... 10,128 593 * Curative Health Services, Inc .................. 6,434 1,300 * CV Therapeutics, Inc ........................... 27,183 1,031 * Cyberonics, Inc ................................ 17,744 6,100 * Cytyc Corp ..................................... 65,392 590 D&K Healthcare Resources, Inc .................. 5,281 643 Datascope Corp ................................. 17,400 2,965 * DaVita, Inc .................................... 69,974 1,240 * Decode Genetics, Inc ........................... 2,728 300 * Deltagen, Inc .................................. 450 1,700 * Dendrite International, Inc .................... 10,727 3,569 Dentsply International, Inc .................... 143,367 1,100 Diagnostic Products Corp ....................... 50,600 438 * Dianon Systems, Inc ............................ 20,722 400 * Digene Corp .................................... 3,160 747 * Discovery Partners International, Inc .......... 2,383 1,097 * Diversa Corp ................................... 9,357 SHARES VALUE -------- ----- 300 * DJ Orthopedics, Inc ............................ $ 1,146 1,000 * Durect Corp .................................... 3,100 500 * DVI, Inc ....................................... 2,400 200 * Dynacq International, Inc ...................... 2,328 2,093 * Eclipsys Corp .................................. 10,632 3,108 * Edwards Lifesciences Corp ...................... 79,534 475 * Embrex, Inc .................................... 5,273 1,243 * Endo Pharmaceuticals Holdings, Inc ............. 10,603 626 * Endocardial Solutions, Inc ..................... 2,022 800 * Endocare, Inc .................................. 11,448 1,030 * Enzo Biochem, Inc .............................. 14,729 2,200 * Enzon, Inc ..................................... 42,328 575 * Eon Labs, Inc .................................. 12,409 477 * EPIX Medical, Inc .............................. 2,161 459 * eResearch Technology, Inc ...................... 8,469 1,900 * Esperion Therapeutics, Inc ..................... 10,868 480 * Exact Sciences Corp ............................ 6,418 2,666 * Exelixis, Inc .................................. 13,197 3,202 * Express Scripts, Inc (Class A) ................. 174,573 5,171 * First Health Group Corp ........................ 140,238 915 * First Horizon Pharmaceutical ................... 4,941 2,843 * Fisher Scientific International, Inc ........... 86,285 8,198 * Forest Laboratories, Inc ....................... 672,318 1,600 * Gene Logic, Inc ................................ 12,432 300 * Genencor International, Inc .................... 2,853 11,343 * Genentech, Inc ................................. 370,122 1,369 * Genesis Health Ventures, Inc ................... 22,506 2,009 * Genta, Inc ..................................... 12,898 1,457 * Genzyme Corp (Biosurgery Division) ............. 2,725 10,088 * Genzyme Corp (General Division) ................ 207,914 1,700 * Geron Corp ..................................... 6,630 8,788 * Gilead Sciences, Inc ........................... 294,662 15,670 * Guidant Corp ................................... 506,298 1,866 * Guilford Pharmaceuticals, Inc .................. 9,031 952 * Haemonetics Corp ............................... 22,591 1,038 * Hanger Orthopedic Group, Inc ................... 16,504 600 * Harvard Bioscience, Inc ........................ 1,818 25,306 HCA, Inc ....................................... 1,204,819 12,408 * Health Management Associates, Inc (Class A) .... 250,890 5,513 * Health Net, Inc ................................ 118,254 454 * Healthcare Services Group ...................... 6,193 600 * HealthExtras, Inc .............................. 2,538 20,250 * Healthsouth Corp ............................... 84,038 403 * HealthTronics Surgical Services, Inc ........... 3,373 2,028 * Henry Schein, Inc .............................. 106,977 2,674 Hillenbrand Industries, Inc .................... 145,198 836 * Hologic, Inc ................................... 8,193 6,208 * Human Genome Sciences, Inc ..................... 74,868 8,467 * Humana, Inc .................................... 104,991 4,283 ICN Pharmaceuticals, Inc ....................... 38,804 2,683 * ICOS Corp ...................................... 56,263 517 * ICU Medical, Inc ............................... 18,881 5,725 * IDEC Pharmaceuticals Corp ...................... 237,702 1,618 * Idexx Laboratories, Inc ........................ 50,074 931 * IDX Systems Corp ............................... 11,554 800 * Igen International, Inc ........................ 23,904 2,100 * Ilex Oncology, Inc ............................. 9,975 1,900 * Illumina, Inc .................................. 6,536 1,461 * I-many, Inc .................................... 2,922 2,579 * ImClone Systems, Inc ........................... 20,116 658 * Immucor, Inc ................................... 10,693 2,600 * Immunogen, Inc ................................. 8,424 1,900 Immunomedics, Inc .............................. 11,400 945 * Impath, Inc .................................... 12,200 1,000 * Impax Laboratories, Inc ........................ 4,860 SEE NOTES TO FINANCIAL STATEMENTS 42 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- HEALTH CARE--(Continued) 14,808 IMS Health, Inc ................................ $ 221,676 687 * Inamed Corp .................................... 15,801 3,200 * Incyte Genomics, Inc ........................... 14,848 1,081 * Indevus Pharmaceuticals, Inc ................... 1,676 3,277 * Inhale Therapeutic Systems, Inc ................ 16,477 946 * Integra LifeSciences Holding ................... 15,032 2,700 * Integrated Silicon Solution, Inc ............... 8,046 1,253 * InterMune, Inc ................................. 41,123 759 * Interpore International ........................ 6,148 1,540 * Intuitive Surgical, Inc ........................ 12,305 1,384 Invacare Corp .................................. 47,402 454 * Inverness Medical Innovations, Inc ............. 4,308 2,710 * Invitrogen Corp ................................ 92,330 2,410 * Isis Pharmaceuticals, Inc ...................... 23,763 7,784 * IVAX Corp ...................................... 95,511 153,932 Johnson & Johnson .............................. 8,324,642 400 * Kendle International, Inc ...................... 2,680 376 * Kensey Nash Corp ............................... 5,656 532 * Kindred Healthcare, Inc ........................ 19,700 12,677 * King Pharmaceuticals, Inc ...................... 230,341 157 * Kos Pharmaceuticals, Inc ....................... 1,758 700 * Kosan Biosciences, Inc ......................... 4,578 1,085 * KV Pharmaceutical Co (Class A) ................. 20,507 430 * Kyphon, Inc .................................... 5,676 2,450 * La Jolla Pharmaceutical Co ..................... 10,437 302 * LabOne, Inc .................................... 4,880 7,352 * Laboratory Corp Of America Holdings ............ 248,351 562 Landauer, Inc .................................. 18,630 200 * Lannett Co, Inc ................................ 2,010 2,100 * Lexicon Genetics, Inc .......................... 8,421 481 * Lifecore Biomedical, Inc ....................... 2,982 2,000 * LifePoint Hospitals, Inc ....................... 62,376 2,826 * Ligand Pharmaceuticals, Inc (Class B) .......... 19,217 49,461 Lilly (Eli) & Co ............................... 2,737,172 5,566 * Lincare Holdings, Inc .......................... 172,769 1,300 * Luminex Corp ................................... 9,152 682 * Magellan Health Services, Inc .................. 177 4,958 * Manor Care, Inc ................................ 111,456 1,018 * Martek Biosciences Corp ........................ 16,675 436 * Matria Healthcare, Inc ......................... 3,741 810 * MAXIMUS, Inc ................................... 18,144 1,728 * Maxygen, Inc ................................... 10,731 13,918 McKesson Corp .................................. 394,297 3,363 * Medarex, Inc ................................... 11,266 443 * Medcath Corp ................................... 5,006 400 * Med-Design Corp ................................ 1,412 298 * Medical Staffing Network Holdings, Inc ......... 4,521 1,354 * Medicines Co ................................... 14,864 1,600 * Medicis Pharmaceutical Corp (Class A) .......... 65,392 12,839 * Medimmune, Inc ................................. 268,592 499 * MedQuist, Inc .................................. 11,711 618 * MedSource Technologies, Inc .................... 4,647 62,333 Medtronic, Inc ................................. 2,625,466 974 Mentor Corp .................................... 31,051 116,233 Merck & Co, Inc ................................ 5,313,010 229 * Meridian Medical Technologies, Inc ............. 8,233 539 * Merit Medical Systems, Inc ..................... 10,408 1,300 * MGI Pharma, Inc ................................ 9,100 2,440 * Mid Atlantic Medical Services, Inc ............. 88,328 14,461 * Millennium Pharmaceuticals, Inc ................ 134,777 2,448 * Millipore Corp ................................. 77,822 1,376 * MIM Corp ....................................... 13,003 900 * Molecular Devices Corp ......................... 11,259 797 * Mright Medical Group, Inc ...................... 15,167 SHARES VALUE -------- ----- 2,254 * Mykrolis Corp .................................. $ 13,862 6,414 Mylan Laboratories, Inc ........................ 209,994 1,400 * Myriad Genetics, Inc ........................... 22,176 2,000 * Nabi Biopharmaceuticals ........................ 10,845 700 * Napro Biotherapeutics, Inc ..................... 784 402 * Nastech Pharmaceutical Co ...................... 3,329 500 * National Healthcare Corp ....................... 8,975 385 * Neoforma, Inc .................................. 3,631 488 * Neopharm, Inc .................................. 6,881 400 * Neose Technologies, Inc ........................ 3,104 1,400 * Neurocrine Biosciences, Inc .................... 57,400 642 * Neurogen Corp .................................. 5,155 1,221 * Noven Pharmaceuticals, Inc ..................... 14,945 1,311 * NPS Pharmaceuticals, Inc ....................... 26,965 933 * Ocular Sciences, Inc ........................... 21,795 553 * Odyssey HealthCare, Inc ........................ 16,562 714 * Omega Healthcare Investors, Inc ................ 4,084 3,750 Omnicare, Inc .................................. 79,200 555 * Omnicell, Inc .................................. 3,241 1,408 * On Assignment, Inc ............................. 11,644 500 * Onyx Pharmaceuticals, Inc ...................... 2,140 850 * Option Care, Inc ............................... 7,523 1,601 * OraSure Technologies, Inc ...................... 7,107 2,487 * Orthodontic Centers Of America, Inc ............ 26,611 1,420 * Orthologic Corp ................................ 5,495 2,000 * OSI Pharmaceuticals, Inc ....................... 33,940 1,900 Owens & Minor, Inc ............................. 27,151 4,564 * Oxford Health Plans, Inc ....................... 177,722 1,827 * Pacificare Health Systems, Inc ................. 42,185 600 * Pain Therapeutics, Inc ......................... 2,382 5,599 Pall Corp ...................................... 88,408 1,500 * Parexel International Corp ..................... 12,750 2,585 * Patterson Dental Co ............................ 132,300 327 * PDI, Inc ....................................... 1,331 1,257 * Pediatrix Medical Group, Inc ................... 38,954 3,900 * Peregrine Pharmaceuticals, Inc ................. 1,638 1,366 * Per-Se Technologies, Inc ....................... 13,496 320,433 Pfizer, Inc .................................... 9,298,966 2,453 * Pharmaceutical Product Development, Inc ........ 47,441 936 * Pharmaceutical Resources, Inc .................. 26,189 66,357 Pharmacia Corp ................................. 2,579,960 1,400 * Pharmacopeia, Inc .............................. 12,404 356 * PolyMedica Corp ................................ 9,406 1,100 * Possis Medical, Inc ............................ 11,231 800 * Pozen, Inc ..................................... 4,056 699 * PracticeWorks, Inc ............................. 12,093 3,000 * Praecis Pharmaceuticals, Inc ................... 8,970 581 * Prime Medical Services, Inc .................... 5,368 1,319 * Priority Healthcare Corp (Class B) ............. 33,239 200 * Progenics Pharmaceuticals ...................... 1,004 4,568 * Protein Design Labs, Inc ....................... 37,914 2,421 * Province Healthcare Co ......................... 41,520 375 * Proxymed, Inc .................................. 5,674 3,754 * PSS World Medical, Inc ......................... 24,964 594 * QMed, Inc ...................................... 4,152 1,137 * Quadramed Corp ................................. 2,058 3,856 * Quest Diagnostics, Inc ......................... 237,260 1,081 * Quidel Corp .................................... 4,832 6,140 * Quintiles Transnational Corp ................... 58,391 899 * Quovadx, Inc ................................... 1,259 829 * Radiologix, Inc ................................ 5,306 1,706 * Regeneron Pharmaceuticals, Inc ................. 23,031 865 * RehabCare Group, Inc ........................... 20,007 2,560 * Renal Care Group, Inc .......................... 84,198 690 * Res-Care, Inc .................................. 3,422 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 43 Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- HEALTH CARE--(Continued) 1,563 * Resmed, Inc .................................... $ 44,702 1,572 * Respironics, Inc ............................... 50,320 1,992 * Ribapharm, Inc ................................. 8,964 800 * Rigel Pharmaceuticals, Inc ..................... 1,280 681 * Rita Medical Systems, Inc ...................... 2,989 781 * Salix Pharmaceuticals Ltd ...................... 6,592 600 * Sangamo Biosciences, Inc ....................... 1,182 1,255 * Sangstat Medical Corp .......................... 26,179 75,201 Schering-Plough Corp ........................... 1,603,285 2,311 * Scios, Inc ..................................... 58,815 700 * Seattle Genetics, Inc .......................... 2,254 1,002 * Select Medical Corp ............................ 14,329 3,901 * Sepracor, Inc .................................. 20,441 1,400 * Sequenom, Inc .................................. 2,156 1,240 * Serologicals Corp .............................. 16,604 15,075 * Service Corp International ..................... 52,763 3,922 * SICOR, Inc ..................................... 59,654 1,300 * Sierra Health Services, Inc .................... 23,322 1,176 * Sola International, Inc ........................ 11,819 415 * Sonic Innovations, Inc ......................... 2,179 800 * SonoSite, Inc .................................. 9,184 200 * Specialty Laboratories, Inc .................... 1,838 9,004 * St. Jude Medical, Inc .......................... 321,443 1,696 * Stericycle, Inc ................................ 57,528 3,442 * Steris Corp .................................... 85,740 5,000 * Stewart Enterprises, Inc (Class A) ............. 25,500 6,908 Stryker Corp ................................... 397,901 966 * Sunrise Assisted Living, Inc ................... 20,721 1,141 * SuperGen, Inc .................................. 1,974 700 * SurModics, Inc ................................. 22,239 2,124 * Sybron Dental Specialties, Inc ................. 29,715 890 * Syncor International Corp ...................... 28,578 1,285 * Tanox, Inc ..................................... 13,493 2,100 * Techne Corp .................................... 68,859 1,686 * Telik, Inc ..................................... 20,873 25,041 * Tenet Healthcare Corp .......................... 1,239,530 2,300 * Texas Biotechnology Corp ....................... 7,038 2,800 * Theragenics Corp ............................... 12,320 1,147 * Therasense, Inc ................................ 16,012 2,391 * Thoratec Corp .................................. 18,745 1,473 * Transkaryotic Therapies, Inc ................... 47,740 3,785 * Triad Hospitals, Inc ........................... 143,641 1,300 * Triangle Pharmaceuticals, Inc .................. 3,511 581 * Trimeris, Inc .................................. 25,942 600 * TriPath Imaging, Inc ........................... 1,350 2,202 * Tularik, Inc ................................... 15,084 3,222 * U.S. Oncology, Inc ............................. 26,130 472 * U.S. Physical Therapy, Inc ..................... 4,980 1,412 * Umilab Corp .................................... 29,610 778 * United Surgical Partners International, Inc .... 17,194 700 * United Therapeutics Corp ....................... 11,515 13,931 UnitedHealth Group, Inc ........................ 1,215,062 2,565 * Universal Health Services, Inc (Class B) ....... 131,200 500 * Urologix, Inc .................................. 2,280 3,500 * Varian Medical Systems, Inc .................... 150,465 1,528 * Varian, Inc .................................... 42,188 1,082 * VCA Antech, Inc ................................ 13,352 695 * Ventana Medical Systems, Inc ................... 13,017 3,100 Ventas, Inc .................................... 41,385 1,300 * Versicor, Inc .................................. 11,076 3,701 * Vertex Pharmaceuticals, Inc .................... 68,431 1,381 * Viasys Healthcare, Inc ......................... 21,267 1,458 * Vical, Inc ..................................... 3,368 2,403 * Visx, Inc ...................................... 22,180 SHARES VALUE -------- ----- 300 Vital Signs, Inc ............................... $ 8,913 1,464 * VitalWorks, Inc ................................ 10,643 1,356 * Vivus, Inc ..................................... 5,858 6,787 * Waters Corp .................................... 164,585 5,171 * Watson Pharmaceuticals, Inc .................... 126,741 1,009 * Watson Wyatt & Co Holdings ..................... 20,180 14,281 * WebMD Corp ..................................... 72,119 7,497 * Wellpoint Health Networks, Inc ................. 549,530 694 * Women First Healthcare, Inc .................... 3,248 68,025 Wyeth .......................................... 2,163,195 1,100 X-Rite, Inc .................................... 8,503 265 * Young Innovations, Inc ......................... 7,107 9,927 * Zimmer Holdings, Inc ........................... 380,601 400 * Zoll Medical Corp .............................. 12,160 481 * Zymogenetics, Inc .............................. 3,848 ----------- TOTAL HEALTH CARE 68,326,198 ----------- OTHER--2.22% 400 * 4Kids Entertainment, Inc ....................... 9,492 2,116 ABM Industries, Inc ............................ 29,836 520 * Acacia Research Corp ........................... 2,065 200 * Actrade Financial Technologies Ltd ............. 504 2,245 Acuity Brands, Inc ............................. 27,524 700 * Administaff, Inc ............................... 2,695 949 * Advo, Inc ...................................... 30,131 2,100 Alexander & Baldwin, Inc ....................... 46,725 200 * Ambassadors Group, Inc ......................... 2,944 1,300 Banta Corp ..................................... 46,150 665 * Bell Microproducts, Inc ........................ 2,780 975 Brady Corp (Class A) ........................... 31,395 544 * Bright Horizons Family Solutions, Inc .......... 15,194 2,321 * Career Education Corp .......................... 111,427 600 * CDI Corp ....................................... 15,690 55,783 * Cendant Corp ................................... 600,225 844 Central Parking Corp ........................... 16,998 4,854 * Century Business Services, Inc ................. 12,863 381 * Charles River Associates, Inc .................. 6,325 6,035 Cintas Corp .................................... 252,987 1,856 * Corinthian Colleges, Inc ....................... 70,045 600 * Cornell Cos, Inc ............................... 4,770 1,900 * Corporate Executive Board Co ................... 54,245 499 * CoStar Group, Inc .............................. 8,982 240 Courier Corp ................................... 9,120 2,643 Crane Co ....................................... 52,226 500 Curtiss-Wright Corp ............................ 29,895 962 * Daisytek International Corp .................... 12,506 2,915 * DeVry, Inc ..................................... 54,277 10,355 Dover Corp ..................................... 262,810 3,852 * Dun & Bradstreet Corp .......................... 129,466 1,268 * Education Management Corp ...................... 56,134 722 Ennis Business Forms, Inc ...................... 9,422 557 * ESCO Technologies, Inc ......................... 17,991 1,923 * Exult, Inc ..................................... 5,673 657 * Fidelity National Information Solutions, Inc ... 10,046 694 * First Consulting Group, Inc .................... 3,761 2,000 First Industrial Realty Trust, Inc ............. 61,980 800 * Forrester Research, Inc ........................ 11,976 7,724 Fortune Brands, Inc ............................ 365,268 227 * General Binding Corp ........................... 3,598 762 Gentiva Health Services, Inc ................... 6,302 1,436 * Getty Images, Inc .............................. 28,806 2,898 * GTECH Holdings Corp ............................ 71,928 9,418 H & R Block, Inc ............................... 395,650 1,500 Harland (John H.) Co ........................... 40,725 952 * Heidrick & Struggles International, Inc ........ 14,461 3,053 HON Industries, Inc ............................ 77,699 SEE NOTES TO FINANCIAL STATEMENTS 44 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- OTHER--(Continued) 41,934 Honeywell International, Inc ................... $ 908,290 500 * Hotels.Com (Class A) ........................... 25,290 100 * ICT Group, Inc ................................. 2,025 1,081 * infoUSA, Inc ................................... 4,681 542 * Invision Technologies, Inc ..................... 17,349 1,110 * Itron, Inc ..................................... 20,413 4,665 ITT Industries, Inc ............................ 290,769 947 Kelly Services, Inc (Class A) .................. 20,521 1,500 * Korn/Ferry International ....................... 11,760 2,250 * Labor Ready, Inc ............................... 14,220 3,839 Liberty Property Trust ......................... 119,009 252 * Lifeline Systems, Inc .......................... 5,544 6,903 Loews Corp ..................................... 296,070 3,910 Manpower, Inc .................................. 114,719 1,348 Matthews International Corp (Class A) .......... 31,503 500 McGrath RentCorp ............................... 10,185 644 * Memberworks, Inc ............................... 11,218 6,728 Moody's Corp ................................... 326,308 4,924 * MPS Group, Inc ................................. 28,559 1,612 * MSC.Software Corp .............................. 13,734 2,300 * Navigant Consulting, Inc ....................... 12,696 943 * NCO Group, Inc ................................. 10,741 544 New England Business Services, Inc ............. 11,506 951 * Offshore Logistics, Inc ........................ 17,080 2,481 Pentair, Inc ................................... 92,219 2,807 Pittston Brink's Group ......................... 62,877 569 * Pre-Paid Legal Services, Inc ................... 11,312 753 * ProQuest Co .................................... 22,854 900 * Protection One, Inc ............................ 2,430 1,400 * R.H. Donnelley Corp ............................ 36,400 209 * Remedytemp, Inc (Class A) ...................... 2,619 1,100 * Rent-Way, Inc .................................. 3,300 620 * Right Management Consultants ................... 15,277 846 * RMH Teleservices, Inc .......................... 6,903 7,850 * Robert Half International, Inc ................. 124,580 539 Rollins, Inc ................................... 10,457 713 * School Specialty, Inc .......................... 17,832 15,451 Servicemaster Co ............................... 167,643 3,296 * Spherion Corp .................................. 23,237 2,024 * SPX Corp ....................................... 204,222 892 Standard Register Co ........................... 21,408 541 Standex International Corp ..................... 10,971 500 * Startek, Inc ................................... 11,005 381 Strayer Education, Inc ......................... 22,666 6,864 Supervalu, Inc ................................. 110,854 1,300 * Symyx Technologies, Inc ........................ 13,611 34,047 Sysco Corp ..................................... 966,594 768 Talx Corp ...................................... 10,115 300 * Tejon Ranch Co ................................. 7,317 1,766 Teleflex, Inc .................................. 80,494 2,300 * TeleTech Holdings, Inc ......................... 14,375 6,022 Textron, Inc ................................... 205,350 4,294 * TMP Worldwide, Inc ............................. 38,646 2,721 * U.S. Industries, Inc ........................... 6,394 400 Unifirst Corp .................................. 9,536 1,548 * United Stationers, Inc ......................... 40,712 24,237 United Technologies Corp ....................... 1,369,148 4,594 Viad Corp ...................................... 93,855 300 * Wackenhut Corrections Corp ..................... 3,402 1,500 Walter Industries, Inc ......................... 18,420 ----------- TOTAL OTHER 9,316,937 ----------- PRODUCER DURABLES--5.33% 19,982 3M Co .......................................... 2,197,421 1,346 * Active Power, Inc .............................. 1,804 SHARES VALUE -------- ----- 450 * Actuant Corp ................................... $ 16,605 3,816 * AGCO Corp ...................................... 88,531 436 Alamo Group, Inc ............................... 5,389 6,129 * Allied Waste Industries, Inc ................... 45,048 778 American States Water Co ....................... 20,399 2,652 American Water Works Co, Inc ................... 118,438 1,659 Ametek, Inc .................................... 48,310 934 Applied Industrial Technologies, Inc ........... 15,831 652 * Astec Industries, Inc .......................... 7,029 300 * August Technology Corp ......................... 1,350 1,663 Baldor Electric Co ............................. 31,763 1,100 Briggs & Stratton Corp ......................... 41,294 1,740 * Brooks-PRI Automation, Inc ..................... 19,923 742 California Water Service Group ................. 18,943 3,000 * Capstone Turbine Corp .......................... 1,770 1,200 * Casella Waste Systems, Inc (Class A) ........... 7,716 17,653 Caterpillar, Inc ............................... 657,045 600 CIRCOR International, Inc ...................... 8,040 1,133 * Coinstar, Inc .................................. 29,209 568 * Columbus Mckinnon Corp ......................... 2,988 425 * Consolidated Graphics, Inc ..................... 7,459 100 * CTB International Corp ......................... 1,279 1,821 Cummins, Inc ................................... 43,012 696 * Cuno, Inc ...................................... 21,472 5,772 Danaher Corp ................................... 328,138 12,195 Deere & Co ..................................... 554,263 2,650 * Dycom Industries, Inc .......................... 24,274 3,584 Eaton Corp ..................................... 228,444 21,560 Emerson Electric Co ............................ 947,346 2,300 Federal Signal Corp ............................ 42,366 500 * Flow International Corp ........................ 1,615 2,800 * Flowserve Corp ................................. 28,000 3,023 * FMC Technologies, Inc .......................... 50,665 346 Franklin Electric Co, Inc ...................... 14,792 1,900 * FuelCell Energy, Inc ........................... 11,970 900 * Gardner Denver, Inc ............................ 14,139 2,223 GATX Corp ...................................... 44,015 507,496 General Electric Co ............................ 12,509,769 643 * Genlyte Group, Inc ............................. 22,794 967 * Global Power Equipment Group, Inc .............. 4,545 400 Gorman-Rupp Co ................................. 9,320 1,165 * Graphic Packaging International Corp ........... 9,297 2,033 Harsco Corp .................................... 55,260 1,280 * Headwaters, Inc ................................ 17,690 2,483 Hubbell, Inc (Class B) ......................... 72,181 1,459 IDEX Corp ...................................... 41,654 11,366 Illinois Tool Works, Inc ....................... 662,979 912 * Imagistics International, Inc .................. 15,823 858 * Ionics, Inc .................................... 20,429 2,200 JLG Industries, Inc ............................ 17,710 2,150 * Joy Global, Inc ................................ 17,845 787 * Kadant, Inc .................................... 10,625 1,450 Kaydon Corp .................................... 29,058 1,800 Kennametal, Inc ................................ 57,816 200 Lawson Products, Inc ........................... 5,830 1,700 Lincoln Electric Holdings, Inc ................. 37,623 444 Lindsay Manufacturing Co ....................... 10,758 970 * Littelfuse, Inc ................................ 16,315 5,391 * Magna Entertainment Corp (Class A) ............. 29,316 786 * Magnetek, Inc .................................. 2,515 1,193 Manitowoc Co, Inc .............................. 32,629 657 Milacron, Inc .................................. 2,963 300 Mine Safety Appliances Co ...................... 11,757 254 Nacco Industries, Inc (Class A) ................ 10,109 1,486 * National Instruments Corp ...................... 32,529 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 45 Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- PRODUCER DURABLES--(Continued) 2,781 Navistar International Corp .................... $ 60,292 3,947 * Newpark Resources, Inc ......................... 15,630 300 NN, Inc ........................................ 2,775 1,237 Nordson Corp ................................... 29,366 5,567 Paccar, Inc .................................... 188,109 6,007 Parker Hannifin Corp ........................... 229,527 2,972 Philadelphia Suburban Corp ..................... 60,332 900 * Photon Dynamics, Inc ........................... 16,767 12,303 Pitney Bowes, Inc .............................. 375,118 600 * Plug Power, Inc ................................ 2,872 3,362 * Power-One, Inc ................................. 10,019 1,250 * Quanta Services, Inc ........................... 2,600 1,725 * Rayovac Corp ................................... 21,045 1,100 Regal-Beloit Corp .............................. 18,821 7,893 * Republic Services, Inc ......................... 148,388 300 Richardson Electronics Ltd ..................... 1,974 500 Robbins & Myers, Inc ........................... 9,325 8,352 Rockwell Automation, Inc ....................... 135,887 1,466 Roper Industries, Inc .......................... 50,577 300 Sauer-Danfoss, Inc ............................. 2,700 79 SJW Corp ....................................... 6,162 610 * SPS Technologies, Inc .......................... 15,207 349 Starrett (L.S.) Co (Class A) ................... 5,333 1,600 Stewart & Stevenson Services, Inc .............. 15,669 235 * Strattec Security Corp ......................... 11,990 764 Tecumseh Products Co (Class A) ................. 32,057 400 Tennant Co ..................................... 12,940 2,000 * Terex Corp ..................................... 33,800 2,500 * Tetra Tech, Inc ................................ 19,975 693 * Tetra Technologies, Inc ........................ 13,964 2,057 * Thomas & Betts Corp ............................ 28,983 2,581 Timken Co ...................................... 43,232 601 Toro Co ........................................ 33,806 450 * TRC Cos, Inc ................................... 7,718 300 * Trikon Technologies, Inc ....................... 1,704 1,768 Trinity Industries, Inc ........................ 29,101 1,790 * UNOVA, Inc ..................................... 8,807 1,031 Valhi, Inc ..................................... 10,124 662 Valmont Industries, Inc ........................ 15,458 3,966 W.W. Grainger, Inc ............................. 168,753 1,827 Wabtec Corp .................................... 25,724 1,400 * Waste Connections, Inc ......................... 48,706 29,623 Waste Management, Inc .......................... 690,808 899 Watts Industries, Inc (Class A) ................ 14,744 36,937 * Xerox Corp ..................................... 182,838 ----------- TOTAL PRODUCER DURABLES 22,374,961 ----------- TECHNOLOGY--13.61% 18,337 * 3Com Corp ...................................... 72,248 200 * 3D Systems Corp ................................ 1,316 1,224 * Actel Corp ..................................... 12,730 1,022 * Acterna Corp ................................... 409 2,870 * Activision, Inc ................................ 68,679 2,800 * Actuate Corp ................................... 2,660 4,022 * Acxiom Corp .................................... 57,032 5,566 * Adaptec, Inc ................................... 24,546 41,360 * ADC Telecommunications, Inc .................... 47,564 300 * ADE Corp ....................................... 1,263 12,187 Adobe Systems, Inc ............................. 232,772 1,071 * Adtran, Inc .................................... 16,708 2,844 * Advanced Digital Information Corp .............. 13,651 945 * Advanced Energy Industries, Inc ................ 8,411 4,240 * Advanced Fibre Communications, Inc ............. 56,265 17,572 * Advanced Micro Devices, Inc .................... 93,834 409 * Advanced Power Technology, Inc ................. 1,591 SHARES VALUE -------- ----- 1,629 * Advent Software, Inc ........................... $ 18,652 2,864 * Aeroflex, Inc .................................. 14,435 2,600 * Aether Systems, Inc ............................ 6,968 4,927 * Affiliated Computer Services, Inc (Class A) .... 209,644 20,991 * Agere Systems, Inc (Class A) ................... 23,090 60,268 * Agere Systems, Inc (Class B) ................... 59,665 2,080 * Agile Software Corp ............................ 13,333 23,854 * Agilent Technologies, Inc ...................... 311,533 3,859 * Akamai Technologies, Inc ....................... 3,203 3,088 * Alliance Data Systems Corp ..................... 46,783 1,000 * Alliance Semiconductor Corp .................... 3,800 1,792 * Alloy, Inc ..................................... 14,892 19,695 * Altera Corp .................................... 170,756 500 * Altiris, Inc ................................... 4,975 2,130 * American Management Systems, Inc ............... 27,115 8,481 * American Power Conversion Corp ................. 81,078 855 * American Superconductor Corp ................... 2,309 4,888 * Amkor Technology, Inc .......................... 11,633 1,012 * Amphenol Corp (Class A) ........................ 31,372 1,096 * Anadigics, Inc ................................. 2,334 18,750 * Analog Devices, Inc ............................ 369,375 400 Analogic Corp .................................. 16,756 1,400 * Anaren Microwave, Inc .......................... 11,508 5,294 * Andrew Corp .................................... 34,676 1,658 * Anixter International, Inc ..................... 34,155 1,800 * Answerthink, Inc ............................... 2,610 712 * Ansys, Inc ..................................... 12,268 773 * Anteon International Corp ...................... 21,010 1,000 * APAC Customer Services, Inc .................... 2,910 18,254 * Apple Computer, Inc ............................ 264,683 84,126 * Applied Materials, Inc ......................... 971,655 15,950 * Applied Micro Circuits Corp .................... 45,617 1,311 * Arbitron, Inc .................................. 44,705 13,703 * Ariba, Inc ..................................... 18,499 4,100 * Arris Group, Inc ............................... 15,170 5,144 * Arrow Electronics, Inc ......................... 64,969 1,300 * Artesyn Technologies, Inc ...................... 1,963 600 * Artisan Components, Inc ........................ 5,465 13,265 * Ascential Software Corp ........................ 24,646 1,207 * Asiainfo Holdings, Inc ......................... 4,025 1,870 * Aspect Communications Corp ..................... 2,749 2,000 * Aspen Technology, Inc .......................... 6,000 891 * AstroPower, Inc ................................ 6,326 2,100 * Asyst Technologies, Inc ........................ 12,684 1,901 * At Road, Inc ................................... 10,265 21,567 * Atmel Corp ..................................... 22,861 1,273 * ATMI, Inc ...................................... 17,949 700 * Audiovox Corp (Class A) ........................ 4,899 5,894 Autodesk, Inc .................................. 74,677 31,781 Automatic Data Processing, Inc ................. 1,105,025 2,300 * Avanex Corp .................................... 3,151 19,026 * Avaya, Inc ..................................... 27,207 1,426 * Avenue A, Inc .................................. 3,565 1,300 * Avid Technology, Inc ........................... 13,390 5,785 * Avnet, Inc ..................................... 62,420 2,084 * Avocent Corp ................................... 27,884 2,822 AVX Corp ....................................... 24,439 4,211 * Axcelis Technologies, Inc ...................... 20,550 1,459 * AXT, Inc ....................................... 3,035 764 * Barra, Inc ..................................... 20,872 18,582 * BEA Systems, Inc ............................... 96,255 484 BEI Technologies, Inc .......................... 5,324 467 Bel Fuse, Inc (Class B) ........................ 10,017 1,100 Belden, Inc .................................... 14,762 1,115 * Benchmark Electronics, Inc ..................... 23,471 SEE NOTES TO FINANCIAL STATEMENTS 46 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- TECHNOLOGY--(Continued) 5,709 * Bisys Group, Inc ............................... $ 95,397 1,068 * Black Box Corp ................................. 35,458 12,485 * BMC Software, Inc .............................. 163,179 3,200 * Borland Software Corp .......................... 24,928 900 * Boston Communications Group .................... 9,288 9,897 * Broadcom Corp (Class A) ........................ 105,700 12,025 * Brocade Communications Systems, Inc ............ 90,548 1,492 C&D Technologies, Inc .......................... 21,873 2,150 * Cable Design Technologies Corp ................. 13,158 1,486 * CACI International, Inc (Class A) .............. 52,679 13,576 * Cadence Design Systems, Inc .................... 138,068 400 * Caminus Corp ................................... 712 1,200 * Carreker Corp .................................. 7,356 200 * Catapult Communications Corp ................... 1,950 1,289 * C-COR.net Corp ................................. 4,782 1,065 * Centillium Communications, Inc ................. 1,278 7,345 * Ceridian Corp .................................. 104,666 3,094 * Certegy, Inc ................................... 62,189 3,200 * Checkfree Corp ................................. 36,416 1,800 * Checkpoint Systems, Inc ........................ 22,230 1,955 * ChipPAC, Inc ................................... 4,182 1,500 * Chordiant Software, Inc ........................ 1,395 3,262 * Ciber, Inc ..................................... 18,952 22,107 * CIENA Corp ..................................... 65,658 3,335 * Cirrus Logic, Inc .............................. 8,504 375,380 * Cisco Systems, Inc ............................. 3,933,982 9,361 * Citrix Systems, Inc ............................ 56,447 378 * ClearOne Communications, Inc ................... 1,289 4,791 * CNET Networks, Inc ............................. 5,270 1,657 * Cognex Corp .................................... 23,049 400 * Cognizant Technology Solutions Corp ............ 22,988 1,071 Cohu, Inc ...................................... 12,102 2,373 * CommScope, Inc ................................. 16,089 971 * Compucom Systems, Inc .......................... 5,593 23,313 Computer Associates International, Inc ......... 223,805 1,300 * Computer Horizons Corp ......................... 4,836 1,784 * Computer Network Technology Corp ............... 8,956 8,349 * Computer Sciences Corp ......................... 232,019 17,134 * Compuware Corp ................................. 52,259 200 Compx International, Inc ....................... 1,856 9,574 * Comverse Technology, Inc ....................... 66,922 1,000 * Concord Camera Corp ............................ 4,660 708 * Concord Communications, Inc .................... 3,575 26,226 * Concord EFS, Inc ............................... 416,469 2,486 * Concurrent Computer Corp ....................... 5,668 14,888 * Conexant Systems, Inc .......................... 16,526 8,856 * Convergys Corp ................................. 133,106 500 * CoorsTek, Inc .................................. 7,500 48,906 * Corning, Inc ................................... 78,250 800 * Covansys Corp .................................. 1,360 2,065 * Cray, Inc ...................................... 8,157 2,854 * Credence Systems Corp .......................... 24,716 3,700 * Cree, Inc ...................................... 46,250 2,771 * CSG Systems International, Inc ................. 30,204 1,857 CTS Corp ....................................... 8,542 800 Cubic Corp ..................................... 13,600 1,800 * Cymer, Inc ..................................... 33,552 6,592 * Cypress Semiconductor Corp ..................... 43,244 607 * Daktronics, Inc. ............................... 5,821 457 * Datastream Systems, Inc ........................ 2,285 1,314 * DDI Corp ....................................... 209 1,300 * dELiA*s Corp (Class A) ......................... 1,365 115,969 * Dell Computer Corp ............................. 2,726,431 3,259 Deluxe Corp .................................... 146,851 SHARES VALUE -------- ----- 845 * DiamondCluster International, Inc (Class A) .... $ 2,755 3,654 Diebold, Inc ................................... 120,290 300 * Digimarc Corp .................................. 3,501 1,500 * Digital Insight Corp ........................... 23,580 1,124 * Digital River, Inc ............................. 8,621 200 * Digitas, Inc ................................... 440 601 * DocuCorp International, Inc .................... 6,503 2,106 * Documentum, Inc ................................ 24,324 6,111 * DoubleClick, Inc ............................... 31,411 522 * Drexler Technology Corp ........................ 7,590 1,291 * DSP Group, Inc ................................. 20,732 6,178 * DST Systems, Inc ............................... 182,066 706 * Dupont Photomasks, Inc ......................... 16,083 3,650 * E.piphany, Inc ................................. 13,140 6,587 * Earthlink, Inc ................................. 35,175 1,167 * Echelon Corp ................................... 10,153 657 EDO Corp ....................................... 14,723 2,245 * eFunds Corp .................................... 21,060 1,394 * Electro Scientific Industries, Inc ............. 20,673 871 * Electroglas, Inc ............................... 1,742 6,233 * Electronic Arts, Inc ........................... 411,129 24,541 Electronic Data Systems Corp ................... 343,083 2,876 * Electronics For Imaging, Inc ................... 42,910 300 * Embarcadero Technologies, Inc .................. 1,257 114,105 * EMC Corp ....................................... 521,460 800 * Emcore Corp .................................... 1,216 801 * EMS Technologies, Inc .......................... 8,218 4,200 * Emulex Corp .................................... 47,292 2,109 * Entegris, Inc .................................. 16,387 10,615 * Enterasys Networks, Inc ........................ 13,800 3,057 * Entrust, Inc ................................... 9,599 550 * EPIQ Systems, Inc .............................. 9,713 7,437 Equifax, Inc ................................... 161,680 1,000 * eSpeed, Inc (Class A) .......................... 10,160 1,800 * ESS Technology, Inc ............................ 11,070 1,161 * Esterline Technologies Corp .................... 19,319 2,026 * Exar Corp ...................................... 23,400 500 * Excel Technology, Inc .......................... 9,405 5,392 * Extreme Networks, Inc .......................... 22,700 1,300 * F5 Networks, Inc ............................... 9,815 2,524 Fair, Isaac & Co, Inc .......................... 82,535 5,861 * Fairchild Semiconductor International, Inc (Class A) .................................... 55,504 1,809 * FalconStor Software, Inc ....................... 8,810 1,323 * FEI Co ......................................... 19,117 1,606 * Filenet Corp ................................... 16,622 6,819 * Finisar Corp ................................... 4,705 38,501 First Data Corp ................................ 1,076,103 9,815 * Fiserv, Inc .................................... 275,605 672 * Flir Systems, Inc .............................. 23,513 4,536 * Foundry Networks, Inc .......................... 24,857 2,417 * Freemarkets, Inc ............................... 11,988 989 * FSI International, Inc ......................... 3,026 9,839 * Gateway, Inc ................................... 29,222 1,300 General Cable Corp ............................. 5,005 1,867 * Genesis Microchip, Inc ......................... 14,320 407 * Global Imaging Systems, Inc .................... 7,684 1,960 Global Payments, Inc ........................... 50,176 5,812 * GlobespanVirata, Inc ........................... 13,716 2,662 * GrafTech International Ltd ..................... 19,300 1,528 * Griffon Corp ................................... 16,273 1,700 * Handspring, Inc ................................ 1,598 3,778 * Harmonic, Inc .................................. 6,612 3,158 Harris Corp .................................... 105,761 1,498 Helix Technology Corp .......................... 14,456 3,502 Henry (Jack) & Associates, Inc ................. 43,530 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 47 Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- TECHNOLOGY--(Continued) 138,745 Hewlett-Packard Co ............................. $ 1,619,154 446 * HPL Technologies, Inc .......................... 22 1,289 * Hutchinson Technology, Inc ..................... 20,817 1,391 * Hypercom Corp .................................. 3,978 1,700 * Hyperion Solutions Corp ........................ 31,195 13,619 * i2 Technologies, Inc ........................... 7,082 4,300 * Identix, Inc ................................... 25,585 869 * iGate Corp ..................................... 2,364 600 * Ii-Vi, Inc ..................................... 8,010 7,434 IKON Office Solutions, Inc ..................... 58,580 1,800 * Imation Corp ................................... 50,994 500 * Inet Technologies, Inc ......................... 2,535 1,979 * InFocus Corp ................................... 15,080 340 * Infogrames, Inc ................................ 755 2,700 * Infonet Services Corp (Class B) ................ 6,048 3,442 * Informatica Corp ............................... 10,670 1,113 * Information Resources, Inc ..................... 4,129 200 * Inforte Corp ................................... 1,024 4,218 * Ingram Micro, Inc (Class A) .................... 56,099 5,655 * Inktomi Corp ................................... 1,414 200 * Inrange Technologies Corp (Class B) ............ 558 400 * Integral Systems, Inc .......................... 7,644 2,436 * Integrated Circuit Systems, Inc ................ 38,245 5,404 * Integrated Device Technology, Inc .............. 56,418 343,059 Intel Corp ..................................... 4,765,090 900 * Intercept, Inc ................................. 8,901 2,780 * Interdigital Communications Corp ............... 24,186 2,300 * Intergraph Corp ................................ 39,307 6,282 * Interland, Inc ................................. 12,878 906 * Intermagnetics General Corp .................... 15,465 87,873 International Business Machines Corp ........... 5,130,904 3,379 * International Rectifier Corp ................... 52,780 1,855 * Internet Security Systems, Inc ................. 22,854 6,165 * Intersil Corp (Class A) ........................ 79,898 874 Inter-Tel, Inc ................................. 17,786 3,800 * Intertrust Technologies Corp ................... 12,122 5,800 * Interwoven, Inc ................................ 11,646 900 * Intrado, Inc ................................... 8,694 9,780 * Intuit, Inc .................................... 445,283 2,633 * Iomega Corp .................................... 28,147 3,195 * Iron Mountain, Inc ............................. 79,843 700 * ITXC Corp ...................................... 1,736 823 * Ixia ........................................... 3,374 300 * IXYS Corp ...................................... 1,509 5,142 * J.D. Edwards & Co .............................. 47,564 391 * j2 Global Communications, Inc .................. 7,777 7,969 * Jabil Circuit, Inc ............................. 117,782 1,569 * JDA Software Group, Inc ........................ 10,967 62,061 * JDS Uniphase Corp .............................. 120,895 16,645 * Juniper Networks, Inc .......................... 79,896 3,202 * Keane, Inc ..................................... 21,614 200 Keithley Instruments, Inc ...................... 2,430 4,483 * Kemet Corp ..................................... 38,330 1,000 * Keynote Systems, Inc ........................... 6,550 635 * Kforce, Inc .................................... 1,975 9,717 * KLA-Tencor Corp ................................ 271,493 3,651 * Kopin Corp ..................................... 12,705 7,349 * KPMG Consulting, Inc ........................... 47,475 1,013 * Kronos, Inc .................................... 24,950 2,000 * Kulicke & Soffa Industries, Inc ................ 6,000 6,323 * Lam Research Corp .............................. 56,275 4,599 * Lattice Semiconductor Corp ..................... 28,606 1,037 * Lawson Software, Inc ........................... 3,671 500 * Learning Tree International, Inc ............... 7,345 SHARES VALUE -------- ----- 400 * LeCroy Corp .................................... $ 3,584 5,130 * Legato Systems, Inc ............................ 14,149 1,300 * Lexar Media, Inc ............................... 3,445 6,645 * Lexmark International, Inc ..................... 312,315 5,422 * Liberate Technologies .......................... 8,458 1,859 * Lightbridge, Inc ............................... 12,550 16,315 Linear Technology Corp ......................... 338,047 2,714 * Looksmart Ltd .................................. 2,633 19,048 * LSI Logic Corp ................................. 120,955 1,942 * LTX Corp ....................................... 8,856 175,751 * Lucent Technologies, Inc ....................... 133,571 2,773 * Macromedia, Inc ................................ 21,435 2,296 * Macrovision Corp ............................... 28,080 1,007 * Magma Design Automation, Inc ................... 8,982 1,200 * Mail-Well, Inc ................................. 1,248 947 * Manhattan Associates, Inc ...................... 12,803 375 * Mantech International Corp (Class A) ........... 8,798 400 * Manufacturers Services Ltd ..................... 1,080 3,346 * Manugistics Group, Inc ......................... 9,335 1,048 * MAPICS, Inc .................................... 5,869 600 * Mapinfo Corp ................................... 2,370 900 * Mastec, Inc .................................... 2,907 2,480 * Matrixone, Inc ................................. 10,763 16,550 * Maxim Integrated Products, Inc ................. 409,778 10,403 * Maxtor Corp .................................... 27,152 3,818 * McData Corp (Class A) .......................... 20,732 900 * MCSi, Inc ...................................... 4,455 3,177 * MEMC Electronic Materials, Inc ................. 10,548 3,530 * Mentor Graphics Corp ........................... 17,226 1,146 * Mercury Computer Systems, Inc .................. 27,046 3,818 * Mercury Interactive Corp ....................... 65,517 601 * Merix Corp ..................................... 4,898 1,100 * MetaSolv, Inc .................................. 1,683 1,700 Methode Electronics, Inc (Class A) ............. 15,606 1,845 * Mettler-Toledo International, Inc .............. 47,970 3,293 * Micrel, Inc .................................... 20,285 10,230 * Microchip Technology, Inc ...................... 209,204 4,750 * Micromuse, Inc ................................. 11,970 28,069 * Micron Technology, Inc ......................... 347,214 1,900 * Microsemi Corp ................................. 10,659 229,786 * Microsoft Corp ................................. 10,050,840 2,579 * Microtune, Inc ................................. 6,215 1,342 * MIPS Technologies, Inc (Class A) ............... 1,784 91 * MIPS Technologies, Inc (Class B) ............... 111 1,080 * MKS Instruments, Inc ........................... 11,794 6,733 Molex, Inc ..................................... 158,360 785 * Monolithic System Technology, Inc .............. 7,850 116,548 Motorola, Inc .................................. 1,186,459 1,173 * MRO Software, Inc .............................. 10,205 9,200 * MRV Communications, Inc ........................ 7,820 1,262 MTS Systems Corp ............................... 11,950 300 * Nanometrics, Inc ............................... 798 391 * Nassda Corp .................................... 2,041 500 * National Processing, Inc ....................... 8,495 9,173 * National Semiconductor Corp .................... 109,526 500 * Navigant International, Inc .................... 5,250 4,264 * NCR Corp ....................................... 84,427 1,600 NDCHealth Corp ................................. 24,880 500 * Net2Phone, Inc ................................. 1,180 1,112 * Netegrity, Inc ................................. 2,291 2,044 * NETIQ Corp ..................................... 29,638 1,587 * Netro Corp ..................................... 3,253 800 * Netscout Systems, Inc .......................... 2,928 383 * NetScreen Technologies, Inc .................... 4,156 15,257 * Network Appliance, Inc ......................... 111,834 SEE NOTES TO FINANCIAL STATEMENTS 48 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- TECHNOLOGY--(Continued) 8,026 * Network Associates, Inc ........................ $ 85,316 2,612 * New Focus, Inc ................................. 7,052 2,100 * Newport Corp ................................... 23,688 600 * Next Level Communications, Inc ................. 462 900 * NIC, Inc ....................................... 1,539 400 * Novadigm, Inc .................................. 800 18,649 * Novell, Inc .................................... 39,163 7,472 * Novellus Systems, Inc .......................... 155,492 400 * Nu Horizons Electronics Corp ................... 2,400 1,166 * Nuance Communications, Inc ..................... 1,982 995 * Numerical Technologies, Inc .................... 2,886 6,623 * Nvidia Corp .................................... 56,693 1,000 * NYFIX, Inc ..................................... 3,890 3,400 * Oak Technology, Inc ............................ 10,812 857 * Omnivision Technologies, Inc ................... 5,648 900 * ON Semiconductor Corp .......................... 1,125 4,648 * Onyx Software Corp ............................. 8,878 9,031 * Openwave Systems, Inc .......................... 5,599 3,410 * Oplink Communications, Inc ..................... 1,978 400 * Opnet Technologies, Inc ........................ 2,532 100 * Optical Communication Products, Inc ............ 77 211,255 * Oracle Corp .................................... 1,660,464 356 * OSI Systems, Inc ............................... 6,161 390 * Overland Storage, Inc .......................... 4,235 2,650 * Overture Services, Inc ......................... 62,461 1,700 * Packeteer, Inc ................................. 5,100 29,834 * Palm, Inc ...................................... 22,077 1,149 * Paradyne Networks, Inc ......................... 1,528 13,877 * Parametric Technology Corp ..................... 24,979 953 Park Electrochemical Corp ...................... 15,915 1,715 * Paxar Corp ..................................... 24,936 1,100 * Paxson Communications Corp ..................... 2,420 16,824 Paychex, Inc ................................... 408,318 800 * PC-Tel, Inc .................................... 4,168 857 * PDF Solutions, Inc ............................. 4,534 361 * PEC Solutions, Inc ............................. 8,036 1,367 * Pegasus Solutions, Inc ......................... 14,422 300 * Pegasystems, Inc ............................... 1,638 14,161 * Peoplesoft, Inc ................................ 175,172 7,555 b* Peregrine Systems, Inc ......................... 423 1,300 * Pericom Semiconductor Corp ..................... 11,206 3,684 * Perot Systems Corp (Class A) ................... 34,261 1,700 * Phoenix Technologies Ltd ....................... 12,325 1,400 * Photronics, Inc ................................ 14,084 1,748 Pioneer-Standard Electronics, Inc .............. 12,656 1,956 * Pixelworks, Inc ................................ 10,073 781 * Planar Systems, Inc ............................ 12,449 1,935 * Plantronics, Inc ............................... 31,541 2,226 * Plexus Corp .................................... 20,591 446 * PLX Technology, Inc ............................ 491 8,888 * PMC-Sierra, Inc ................................ 34,485 5,205 * Polycom, Inc ................................... 35,342 400 * Pomeroy Computer Resources, Inc ................ 3,944 4,654 * Portal Software, Inc ........................... 1,117 300 * Powell Industries, Inc ......................... 5,640 1,200 * Power Integrations, Inc ........................ 14,628 3,769 * Powerwave Technologies, Inc .................... 12,777 1,963 * PRG-Schultz International, Inc ................. 24,302 837 * Probusiness Services, Inc ...................... 5,298 1,711 * Progress Software Corp ......................... 20,703 960 * Proton Energy Systems .......................... 2,035 5,374 * Proxim Corp (Class A) .......................... 9,405 2,905 * PTEK Holdings, Inc ............................. 13,537 4,476 * QLogic Corp .................................... 116,555 SHARES VALUE -------- ----- 1,000 * QRS Corp ....................................... $ 6,630 39,454 * Qualcomm, Inc .................................. 1,089,719 7,060 * Quantum Corp ................................... 15,603 1,857 * Quest Software, Inc ............................ 17,456 600 Quixote Corp ................................... 11,070 1,100 * Radiant Systems, Inc ........................... 8,800 1,300 * Radisys Corp ................................... 5,148 1,000 * Rainbow Technologies, Inc ...................... 2,840 1,754 * Raindance Communications, Inc .................. 5,420 4,249 * Rambus, Inc .................................... 18,441 8,975 * Rational Software Corp ......................... 38,772 5,537 * Read-Rite Corp ................................. 2,879 5,031 * RealNetworks, Inc .............................. 18,162 6,203 * Red Hat, Inc ................................... 29,464 6,740 * Redback Networks, Inc .......................... 2,089 1,972 * Register.com, Inc .............................. 5,975 512 * Renaissance Learning, Inc ...................... 7,276 700 * Research Frontiers, Inc ........................ 6,272 3,191 * Retek, Inc ..................................... 11,488 3,394 Reynolds & Reynolds Co (Class A) ............... 76,161 7,394 * RF Micro Devices, Inc .......................... 44,364 4,528 * Riverstone Networks, Inc ....................... 2,309 800 * Rogers Corp .................................... 18,680 809 * Roxio, Inc ..................................... 2,451 2,900 * RSA Security, Inc .............................. 9,744 700 * Rudolph Technologies, Inc ...................... 7,203 4,100 * S1 Corp ........................................ 21,976 7,290 * Safeguard Scientifics, Inc ..................... 8,092 345 * Sanchez Computer Associates, Inc ............... 842 3,138 * Sandisk Corp ................................... 41,139 27,000 * Sanmina-SCI Corp ............................... 74,790 3,400 * Sapient Corp ................................... 3,502 600 * SBS Technologies, Inc .......................... 4,296 2,090 * Scansoft, Inc .................................. 6,897 206 * Scansource, Inc ................................ 11,958 8,081 Scientific-Atlanta, Inc ........................ 101,093 1,845 * SCM Microsystems, Inc .......................... 7,286 1,500 * Seachange International, Inc ................... 10,305 1,300 * Secure Computing Corp .......................... 4,160 1,984 * Seebeyond Technology Corp ...................... 2,778 600 * Semitool, Inc .................................. 3,090 3,205 * Semtech Corp ................................... 31,089 1,000 * Serena Software, Inc ........................... 12,000 20,006 * Siebel Systems, Inc ............................ 115,035 11,865 * Silicon Graphics, Inc .......................... 9,729 2,400 * Silicon Image, Inc ............................. 9,816 1,366 * Silicon Laboratories, Inc ...................... 25,039 4,200 * Silicon Storage Technology, Inc ................ 16,422 200 * Siliconix, Inc ................................. 3,554 1,165 * Sipex Corp ..................................... 1,981 1,600 * Sitel Corp ..................................... 2,800 946 * SmartForce Plc (Spon ADR) ...................... 3,122 42,365 * Solectron Corp ................................. 89,390 1,100 * Somera Communications, Inc ..................... 2,255 2,673 * SONICblue, Inc ................................. 642 2,700 * SonicWALL, Inc ................................. 7,425 7,068 * Sonus Networks, Inc ............................ 1,484 883 * Sourcecorp ..................................... 18,022 1,200 * Spectralink Corp ............................... 6,828 500 * Spectrian Corp ................................. 1,475 1,089 * SpeechWorks International, Inc ................. 2,505 1,328 * SpeedFam-IPEC, Inc ............................. 4,927 500 * SPSS, Inc ...................................... 5,785 292 * SRA International, Inc (Class A) ............... 8,360 400 * SS&C Technologies, Inc ......................... 3,180 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 49 Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- TECHNOLOGY--(Continued) 600 * Standard Microsystems Corp ..................... $ 9,169 5,434 * Storage Technology Corp ........................ 57,111 2,559 * StorageNetworks, Inc ........................... 3,199 3,644 * Stratex Networks, Inc .......................... 4,661 2,902 * Stratos Lightwave, Inc ......................... 1,045 166,556 * Sun Microsystems, Inc .......................... 431,380 14,487 * Sungard Data Systems, Inc ...................... 281,772 400 * Supertex, Inc .................................. 4,160 2,511 * Surebeam Corp (Class A) ........................ 4,520 4,721 * Sybase, Inc .................................... 54,858 8,789 * Sycamore Networks, Inc ......................... 20,654 1,000 * Sykes Enterprises, Inc ......................... 4,210 7,441 * Symantec Corp .................................. 250,241 11,837 Symbol Technologies, Inc ....................... 90,790 3,897 * Synopsys, Inc .................................. 148,671 300 * Synplicity, Inc ................................ 1,293 500 * Syntel, Inc .................................... 5,885 290 Sypris Solutions, Inc .......................... 3,147 2,000 * Systems & Computer Technology Corp ............. 14,000 1,944 * Take-Two Interactive Software, Inc ............. 56,376 2,595 * Tech Data Corp ................................. 68,508 2,046 Technitrol, Inc ................................ 30,588 2,600 * Tekelec ........................................ 22,438 4,317 * Tektronix, Inc ................................. 70,928 21,114 * Tellabs, Inc ................................... 85,934 5,624 * Tellium, Inc ................................... 2,137 9,462 * Teradyne, Inc .................................. 90,835 2,910 * Terayon Communication Systems, Inc ............. 6,751 88,985 Texas Instruments, Inc ......................... 1,314,308 900 * Therma-Wave, Inc ............................... 711 8,819 * Thermo Electron Corp ........................... 142,250 900 * Three-Five Systems, Inc ........................ 4,176 3,881 * TIBCO Software, Inc ............................ 14,554 852 * Tier Technologies, Inc (Class B) ............... 16,120 500 * Tivo, Inc ...................................... 1,800 800 * Tollgrade Communications, Inc .................. 6,248 1,935 Total System Services, Inc ..................... 25,445 3,695 * Touch America Holdings, Inc .................... 2,291 1,644 * Transaction Systems Architects, Inc (Class A) .. 10,193 7,926 * Transmeta Corp ................................. 7,688 1,369 * Trimble Navigation Ltd ......................... 13,553 579 * Tripos, Inc .................................... 4,545 6,830 * Triquint Semiconductor, Inc .................... 24,110 2,000 * Trizetto Group, Inc ............................ 9,960 600 * TTM Technologies, Inc .......................... 942 1,300 * Turnstone Systems, Inc ......................... 2,886 200 * Ulticom, Inc ................................... 1,106 500 * Ultimate Electronics, Inc ...................... 6,375 1,700 * Ultratech Stepper, Inc ......................... 13,753 16,532 * Unisys Corp .................................... 115,724 400 United Industrial Corp ......................... 8,060 1,094 * United Online, Inc ............................. 10,491 600 * Universal Display Corp ......................... 3,606 3,193 * Utstarcom, Inc ................................. 48,757 4,527 * Valueclick, Inc ................................ 9,869 1,500 * Varian Semiconductor Equipment Associates, Inc . 24,660 1,367 * Veeco Instruments, Inc ......................... 14,764 400 * Verint Systems, Inc ............................ 3,452 11,372 * VeriSign, Inc .................................. 57,429 20,951 * Veritas Software Corp .......................... 307,351 1,133 * Verity, Inc .................................... 11,273 1,266 * Vicor Corp ..................................... 9,052 1,400 * Viewpoint Corp ................................. 3,052 12,114 * Vignette Corp .................................. 9,703 SHARES VALUE -------- ----- 400 * Virage Logic Corp .............................. $ 3,772 423 Virco Manufacturing Corp ....................... 4,103 8,225 * Vishay Intertechnology, Inc .................... 72,380 9,464 * Vitesse Semiconductor Corp ..................... 6,436 2,000 * Vitria Technology, Inc ......................... 1,560 400 * Volt Information Sciences, Inc ................. 6,060 1,929 Wallace Computer Services, Inc ................. 34,047 2,500 * WatchGuard Technologies, Inc ................... 11,000 1,233 * WebEx Communications, Inc ...................... 13,797 2,571 * webMethods, Inc ................................ 12,418 1,105 * Websense, Inc .................................. 12,829 600 * WESCO International, Inc ....................... 2,580 9,863 * Western Digital Corp ........................... 46,356 769 * White Electronic Designs Corp .................. 5,760 1,069 * Wilson Greatbatch Technologies, Inc ............ 29,718 3,192 * Wind River Systems, Inc ........................ 10,278 1,600 * Wireless Facilities, Inc ....................... 7,088 500 * Witness Systems, Inc ........................... 2,910 700 Woodhead Industries, Inc ....................... 7,714 800 * Xicor, Inc ..................................... 2,888 17,232 * Xilinx, Inc .................................... 272,920 1,207 * Zebra Technologies Corp (Class A) .............. 63,597 1,432 * Zoran Corp ..................................... 15,752 400 * Zygo Corp ...................................... 1,696 ----------- TOTAL TECHNOLOGY 57,140,723 ----------- TRANSPORTATION--1.39% 2,474 Airborne, Inc .................................. 28,055 3,810 * Airtran Holdings, Inc .......................... 11,849 1,220 * Alaska Air Group, Inc .......................... 21,594 7,953 * AMR Corp ....................................... 33,244 1,100 * Arkansas Best Corp ............................. 31,560 100 * ATA Holdings Corp .............................. 340 2,182 * Atlantic Coast Airlines Holdings, Inc .......... 20,184 3,230 * Atlas Air Worldwide Holdings, Inc .............. 7,784 1,637 * BE Aerospace, Inc .............................. 7,792 19,649 Burlington Northern Santa Fe Corp .............. 470,004 3,430 C.H. Robinson Worldwide, Inc ................... 92,679 2,315 CNF, Inc ....................................... 72,668 3,322 * Continental Airlines, Inc (Class B) ............ 17,906 200 * Covenant Transport, Inc (Class A) .............. 3,500 10,922 CSX Corp ....................................... 288,122 6,305 Delta Air Lines, Inc ........................... 58,573 1,899 * EGL, Inc ....................................... 20,908 4,823 Expeditors International Of Washington, Inc .... 134,755 1,647 * ExpressJet Holdings, Inc ....................... 15,152 15,336 FedEx Corp ..................................... 767,874 1,158 Florida East Coast Industries, Inc (Class A) ... 27,329 559 * Forward Air Corp ............................... 10,118 1,794 * Frontier Airlines, Inc ......................... 8,755 543 * Genesee & Wyoming, Inc (Class A) ............... 12,082 1,602 * Heartland Express, Inc ......................... 30,021 1,106 * Hunt (J.B.) Transport Services, Inc ............ 26,046 324 * JetBlue Airways Corp ........................... 13,067 3,098 * Kansas City Southern Industries, Inc ........... 38,415 1,300 * Knight Transportation, Inc ..................... 20,150 800 * Landstar System, Inc ........................... 39,220 1,908 * Mesa Air Group, Inc ............................ 6,964 400 * Mesaba Holdings, Inc ........................... 2,176 650 * Midwest Express Holdings, Inc .................. 2,600 19,912 Norfolk Southern Corp .......................... 402,023 2,804 * Northwest Airlines Corp ........................ 18,731 1,400 Overseas Shipholding Group, Inc ................ 21,392 217 * P.A.M. Transportation Services ................. 4,140 1,200 * RailAmerica, Inc ............................... 8,700 650 Roadway Corp ................................... 23,842 SEE NOTES TO FINANCIAL STATEMENTS 50 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- TRANSPORTATION--(Continued) 2,950 Ryder System, Inc .............................. $ 73,544 7,446 * Sabre Holdings Corp ............................ 144,080 1,731 Shurgard Storage Centers, Inc (Class A) ........ 54,734 2,701 Skywest, Inc ................................... 35,383 39,547 Southwest Airlines Co .......................... 516,484 3,202 * Swift Transportation Co, Inc ................... 49,951 3,143 b* U.S. Airways Group, Inc ........................ 1,807 212 * U.S. Xpress Enterprises, Inc (Class A) ......... 2,073 2,200 * UAL Corp ....................................... 4,708 12,933 Union Pacific Corp ............................. 748,433 20,009 United Parcel Service, Inc (Class B) ........... 1,251,163 1,400 USFreightways Corp ............................. 40,152 1,971 Werner Enterprises, Inc ........................ 36,227 1,500 * Yellow Corp .................................... 44,262 ----------- TOTAL TRANSPORTATION 5,823,315 ----------- UTILITIES--6.72% 195,641 A T & T Corp ................................... 2,349,648 114,781 * A T & T Wireless Services, Inc ................. 472,898 20,734 * AES Corp ....................................... 52,042 2,900 AGL Resources, Inc ............................. 64,061 700 * AirGate PCS, Inc ............................... 308 3,219 * Alamosa Holdings, Inc .......................... 740 200 * Alaska Communications Systems Group, Inc ....... 336 6,458 Allegheny Energy, Inc .......................... 84,600 6,884 * Allegiance Telecom, Inc ........................ 5,714 1,900 * Allen Telecom, Inc ............................. 10,146 3,911 Allete, Inc .................................... 84,478 4,635 Alliant Energy Corp ............................ 89,224 15,910 Alltel Corp .................................... 638,468 7,455 Ameren Corp .................................... 310,501 16,590 American Electric Power Co, Inc ................ 472,981 6,696 * American Tower Corp (Class A) .................. 10,647 8,993 Aquila, Inc .................................... 36,871 2,111 Atmos Energy Corp .............................. 45,387 2,600 Avista Corp .................................... 29,120 96,127 BellSouth Corp ................................. 1,764,892 1,376 Black Hills Corp ............................... 36,037 10,326 * Broadwing, Inc ................................. 20,445 18,138 * Calpine Corp ................................... 44,801 500 Cascade Natural Gas Corp ....................... 9,850 200 * Centennial Communications Corp ................. 580 13,775 * Centerpoint Energy, Inc. ....................... 137,888 500 Central Vermont Public Service Corp ............ 8,815 7,206 CenturyTel, Inc ................................ 161,631 860 CH Energy Group, Inc ........................... 40,360 8,562 Cinergy Corp ................................... 269,104 14,534 * Citizens Communications Co ..................... 98,541 2,152 Cleco Corp ..................................... 28,987 6,499 CMS Energy Corp ................................ 52,382 600 * Commonwealth Telephone Enterprises, Inc ........ 20,862 400 Connecticut Water Service, Inc ................. 10,248 10,883 Consolidated Edison, Inc ....................... 437,714 8,429 Constellation Energy Group, Inc ................ 208,955 9,540 * Crown Castle International Corp ................ 20,702 900 CT Communications, Inc ......................... 13,050 700 * Dobson Communications Corp (Class A) ........... 217 14,178 Dominion Resources, Inc ........................ 719,250 6,295 DPL, Inc ....................................... 103,553 3,665 DQE, Inc ....................................... 54,975 8,252 DTE Energy Co .................................. 335,856 42,591 Duke Energy Corp ............................... 832,654 13,204 * Dynegy, Inc (Class A) .......................... 15,317 16,756 * Edison International ........................... 167,560 29,975 El Paso Corp ................................... 247,893 SHARES VALUE -------- ----- 2,546 * El Paso Electric Co ............................ $ 30,246 1,161 Empire District Electric Co .................... 19,621 1,815 Energen Corp ................................... 45,938 7,362 Energy East Corp ............................... 145,841 260 EnergySouth, Inc ............................... 6,630 11,426 Entergy Corp ................................... 475,322 3,200 Equitable Resources, Inc ....................... 110,560 16,561 Exelon Corp .................................... 786,648 14,198 FirstEnergy Corp ............................... 424,378 20 * Focal Communications Corp ...................... 10 15 * Focal Communications Corp Wts 12/14/07 ......... 0 9,030 FPL Group, Inc ................................. 485,814 1,581 * General Communication, Inc (Class A) ........... 5,945 500 * Golden Telecom, Inc ............................ 6,025 3,222 Great Plains Energy, Inc ....................... 61,701 1,800 Hawaiian Electric Industries, Inc .............. 77,580 700 Hickory Tech Corp .............................. 9,275 1,900 Idacorp, Inc ................................... 46,227 2,525 * IDT Corp ....................................... 41,158 72 * IDT Corp (Class B) ............................. 1,104 7,182 KeySpan Corp ................................... 240,597 4,656 Kinder Morgan, Inc ............................. 165,055 1,048 Laclede Group, Inc ............................. 24,418 16,560 * Level 3 Communications, Inc .................... 64,418 621 * McLeodUSA, Inc (Class A) ....................... 186 10,603 * McLeodUSA, Inc (Class A) Escrow ................ 0 3,500 MDU Resources Group, Inc ....................... 79,905 856 MGE Energy, Inc ................................ 21,965 350 Middlesex Water Co ............................. 7,875 20,641 * Mirant Corp .................................... 45,617 400 * NATCO Group, Inc (Class A) ..................... 3,012 3,649 National Fuel Gas Co ........................... 72,506 1,394 New Jersey Resources Corp ...................... 45,863 34,438 * Nextel Communications, Inc (Class A) ........... 260,007 3,500 * Nextel Partners, Inc (Class A) ................. 18,830 2,268 Nicor, Inc ..................................... 63,958 10,619 NiSource, Inc .................................. 182,965 180 * NiSource, Inc (Sails) .......................... 326 900 North Pittsburgh Systems, Inc .................. 11,997 6,620 Northeast Utilities ............................ 111,878 1,300 Northwest Natural Gas Co ....................... 38,168 1,500 Northwestern Corp .............................. 14,640 2,714 NSTAR .......................................... 107,339 803 NUI Corp ....................................... 17,345 3,978 OGE Energy Corp ................................ 67,109 662 * Oil States International, Inc .................. 6,620 2,767 Oneok, Inc ..................................... 52,296 1,284 Otter Tail Corp ................................ 33,821 20,009 * P G & E Corp ................................... 225,301 1,800 Peoples Energy Corp ............................ 60,642 7,908 Pepco Holdings, Inc ............................ 157,765 1,100 * Petroquest Energy, Inc ......................... 4,862 1,600 Piedmont Natural Gas Co, Inc ................... 56,752 3,989 Pinnacle West Capital Corp ..................... 110,735 1,787 PNM Resources, Inc ............................. 35,383 7,525 PPL Corp ....................................... 244,864 2,483 * Price Communications Corp ...................... 28,058 11,194 Progress Energy, Inc ........................... 457,499 328 * Progress Energy, Inc (Cvo) ..................... 148 10,548 Public Service Enterprise Group, Inc ........... 321,714 4,503 Puget Energy, Inc .............................. 91,906 3,795 Questar Corp ................................... 86,678 467 * Quicksilver Resources, Inc ..................... 8,406 69,713 * Qwest Communications International, Inc ........ 158,946 2,248 * RCN Corp ....................................... 1,146 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 51 Statement of Investments - INSTITUTIONAL EQUITY INDEX FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- UTILITIES--(Continued) 2,092 * Reliant Resources, Inc ........................ $ 3,661 171,416 SBC Communications, Inc ....................... 3,445,462 5,326 SCANA Corp .................................... 138,583 1,163 SEMCO Energy, Inc ............................. 9,048 9,332 Sempra Energy ................................. 183,374 224 Shenandoah Telecom Co ......................... 11,366 5,380 * Sierra Pacific Resources ...................... 32,818 7,246 * Skyworks Solutions, Inc ....................... 32,824 600 South Jersey Industries, Inc .................. 19,596 36,115 Southern Co ................................... 1,039,390 2,118 * Southern Union Co ............................. 23,933 1,710 Southwest Gas Corp ............................ 38,048 553 Southwest Water Co ............................ 7,886 1,000 * Southwestern Energy Co ........................ 12,000 45,679 Sprint Corp (FON Group) ....................... 416,592 37,483 * Sprint Corp (PCS Group) ....................... 73,467 707 SureWest Communications ....................... 20,694 4,633 * Talk America Holdings, Inc .................... 10,749 7,912 TECO Energy, Inc .............................. 125,643 2,695 Telephone & Data Systems, Inc ................. 135,963 1,668 * Time Warner Telecom, Inc (Class A) ............ 1,351 744 * Triton PCS Holdings, Inc (Class A) ............ 1,555 13,685 TXU Corp ...................................... 570,801 959 * U.S. Cellular Corp ............................ 28,367 4,136 * U.S. Unwired, Inc (Class A) ................... 2,895 1,541 * Ubiquitel, Inc ................................ 385 1,400 UGI Corp ...................................... 50,890 651 UIL Holdings Corp ............................. 23,078 1,488 Unisource Energy Corp ......................... 22,692 281 Unitil Corp ................................... 7,629 SHARES VALUE -------- ----- 3,533 Vectren Corp .................................. $ 77,726 139,671 Verizon Communications, Inc ................... 3,833,038 900 * West Corp ..................................... 12,600 2,640 Westar Energy, Inc ............................ 26,558 954 Western Gas Resources, Inc .................... 29,813 2,075 * Western Wireless Corp (Class A) ............... 5,603 2,566 WGL Holdings, Inc ............................. 61,353 24,638 Williams Cos, Inc ............................. 55,682 5,961 Wisconsin Energy Corp ......................... 144,852 4,505 b* WorldCom, Inc (MCI Group) ..................... 721 115,127 b* WorldCom, Inc (WorldCom Group) ................ 11,513 1,600 WPS Resources Corp ............................ 56,704 20,363 Xcel Energy, Inc .............................. 189,580 ------------ TOTAL UTILITIES 28,207,316 ------------ TOTAL COMMON STOCK (COST $571,589,516) 428,704,999 ------------ TOTAL PORTFOLIO--102.13% (COST $571,589,516) 428,704,999 OTHER ASSETS & LIABILITIES, NET--(2.13%) (8,934,242) ------------ NET ASSETS--100.00% $419,770,757 ============ ---------- * Non-income producing b In bankruptcy At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $574,108,085. Net unrealized depreciation of portfolio investments aggregated $145,403,086 of which $3,950,689 related to appreciated portfolio investments and $149,353,775 related to depreciated portfolio investments. For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 52 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SOCIAL CHOICE EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- COMMON STOCK--99.17% AEROSPACE AND DEFENSE--0.13% 900 * EchoStar Communications Corp (Class A) ......... $ 15,570 2,600 Heico Corp ..................................... 29,432 100 PerkinElmer, Inc ............................... 545 ----------- TOTAL AEROSPACE AND DEFENSE 45,547 ----------- BASIC INDUSTRIES--4.44% 2,700 Air Products & Chemicals, Inc .................. 113,427 1,600 Amcol International Corp ....................... 8,960 400 * American Standard Cos, Inc ..................... 25,448 1,800 Avery Dennison Corp ............................ 102,564 400 Black & Decker Corp ............................ 16,772 800 Cabot Corp ..................................... 16,800 500 * Cabot Microelectronics Corp .................... 18,620 600 Castle (A.M.) & Co ............................. 4,050 300 Centex Corp .................................... 13,305 500 Century Aluminum Co ............................ 3,480 100 * Champion Enterprises, Inc ...................... 294 500 Clayton Homes, Inc ............................. 5,490 100 * Cleveland-Cliffs, Inc .......................... 2,405 4,000 * Crown Cork & Seal Co, Inc ...................... 21,000 200 D.R. Horton, Inc ............................... 3,724 1,000 Donnelly Corp .................................. 25,910 1,400 Ecolab, Inc .................................... 58,422 2,400 Engelhard Corp ................................. 57,192 1,500 * Fleetwood Enterprises, Inc ..................... 10,110 400 H.B. Fuller Co ................................. 10,640 700 * Imco Recycling, Inc ............................ 4,235 200 KB Home ........................................ 9,768 4,800 Kimberly-Clark Corp ............................ 271,872 300 Lennar Corp .................................... 16,734 1,100 * Liquidmetal Technologies ....................... 8,789 200 * Lone Star Technologies, Inc .................... 2,370 4,500 Masco Corp ..................................... 87,975 700 * Material Sciences Corp ......................... 8,519 1,400 MeadWestvaco Corp .............................. 26,894 400 * Mueller Industries, Inc ........................ 10,360 1,100 * NS Group, Inc .................................. 6,523 900 Nucor Corp ..................................... 34,110 300 * Pactiv Corp .................................... 4,935 800 * Penwest Pharmaceuticals Co ..................... 6,664 2,800 Plum Creek Timber Co, Inc ...................... 63,308 1,400 Praxair, Inc ................................... 71,554 1,000 Pulte Homes, Inc ............................... 42,630 200 Quanex Corp .................................... 6,940 300 Reliance Steel & Aluminum Co ................... 6,555 1,200 Roanoke Electric Steel Corp .................... 13,020 1,800 Rohm & Haas Co ................................. 55,800 1,000 Royal Gold, Inc ................................ 19,070 2,000 Ryerson Tull, Inc .............................. 12,860 1,000 Schnitzer Steel Industries, Inc (Class A) ...... 18,099 100 * Sealed Air Corp ................................ 1,689 1,000 Sigma-Aldrich Corp ............................. 49,270 300 Snap-On, Inc ................................... 6,894 1,800 Sonoco Products Co ............................. 38,358 1,000 Stanley Works .................................. 32,670 100 * Steel Dynamics, Inc ............................ 1,309 100 * Stillwater Mining Co ........................... 600 100 * Technical Olympic U.S.A., Inc .................. 1,528 200 Temple-Inland, Inc ............................. 7,726 1,300 Vulcan Materials Co ............................ 47,008 4,900 Worthington Industries, Inc .................... 91,630 ----------- TOTAL BASIC INDUSTRIES 1,606,879 ----------- CONSUMER CYCLICAL--9.04% 21,600 * AOL Time Warner, Inc ........................... 252,720 SHARES VALUE -------- ----- 700 * Apollo Group, Inc (Class A) .................... $ 30,401 1,700 Autoliv, Inc ................................... 35,836 100 Bandag, Inc .................................... 3,050 800 Barnes Group, Inc .............................. 16,072 1,600 * Bed Bath & Beyond, Inc ......................... 52,112 400 * Big Lots, Inc .................................. 6,332 500 * Boca Resorts, Inc (Class A) .................... 5,100 600 Brunswick Corp ................................. 12,624 300 Bush Industries, Inc (Class A) ................. 2,418 500 * Cablevision Systems Corp (Class A) ............. 4,530 400 Callaway Golf Co ............................... 4,160 2,100 * Charter Communications, Inc (Class A) .......... 3,906 400 * Choice Hotels International, Inc ............... 9,244 5,900 * Comcast Corp (Class A) Special ................. 123,074 600 Cooper Tire & Rubber Co ........................ 9,684 200 CPI Corp ....................................... 2,750 1,500 Dana Corp ...................................... 19,620 1,150 Darden Restaurants, Inc ........................ 27,876 8,000 Delphi Corp .................................... 68,400 1,400 Dollar General Corp ............................ 18,788 400 * Dollar Tree Stores, Inc ........................ 8,816 600 Dow Jones & Co, Inc ............................ 23,046 400 * Extended Stay America, Inc ..................... 5,080 700 Family Dollar Stores, Inc ...................... 18,816 500 * Foot Locker, Inc ............................... 4,995 4,500 Gap, Inc ....................................... 48,825 100 * Gaylord Entertainment Co ....................... 1,892 300 * Gentex Corp .................................... 8,157 2,400 Genuine Parts Co ............................... 73,536 900 Graco, Inc ..................................... 22,320 2,700 Harley-Davidson, Inc ........................... 125,415 300 Harman International Industries, Inc ........... 15,525 100 Harte-Hanks, Inc ............................... 1,861 400 * IMPCO Technologies, Inc ........................ 1,440 2,800 Interpublic Group Of Cos, Inc .................. 44,380 1,700 J.C. Penney Co, Inc ............................ 27,064 1,000 Johnson Controls, Inc .......................... 76,820 800 * K2, Inc ........................................ 6,320 2,000 * Kohl's Corp .................................... 121,620 500 * Lamar Advertising Co ........................... 15,175 300 * Lear Corp ...................................... 12,495 1,000 Leggett & Platt, Inc ........................... 19,790 16,400 * Liberty Media Corp (Class A) ................... 117,752 600 Liz Claiborne, Inc ............................. 14,970 500 * Luby's, Inc .................................... 2,460 2,900 May Department Stores Co ....................... 66,033 14,400 McDonald's Corp ................................ 254,304 2,000 McGraw-Hill Cos, Inc ........................... 122,440 2,900 * Metro-Goldwyn-Mayer, Inc ....................... 34,655 200 * Michaels Stores, Inc ........................... 9,140 1,200 Modine Manufacturing Co ........................ 22,824 1,000 New York Times Co (Class A) .................... 45,450 700 Nordstrom, Inc ................................. 12,558 100 * Oakley, Inc .................................... 1,005 2,000 Omnicom Group, Inc ............................. 111,360 1,300 * Penton Media, Inc .............................. 312 100 Phillips-Van Heusen Corp ....................... 1,260 200 * Pixar, Inc ..................................... 9,620 900 * Prime Hospitality Corp ......................... 7,380 800 R.R. Donnelley & Sons Co ....................... 18,808 100 * Reebok International Ltd ....................... 2,505 100 * Regal Entertainment Group (Class A) ............ 1,780 300 Ross Stores, Inc ............................... 10,692 200 Russell Corp ................................... 2,998 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 53 Statement of Investments - INSTITUTIONAL SOCIAL CHOICE EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- CONSUMER CYCLICAL--(CONTINUED) 500 * Saks, Inc ...................................... $ 5,265 200 Scripps (E.W.) Co (Class A) .................... 13,860 2,400 Sears Roebuck & Co ............................. 93,600 200 * Sports Resorts International, Inc .............. 834 2,400 * Starbucks Corp ................................. 49,536 200 Superior Industries International, Inc ......... 9,416 5,900 Target Corp .................................... 174,168 500 Tiffany & Co ................................... 10,715 3,800 TJX Cos, Inc ................................... 64,600 100 * Tower Automotive, Inc .......................... 670 2,000 Tribune Co ..................................... 83,620 1,300 * U.S.A. Interactive, Inc ........................ 25,194 800 * Univision Communications, Inc (Class A) ........ 18,240 200 * Valassis Communications, Inc ................... 7,014 1,700 VF Corp ........................................ 61,166 3,300 Visteon Corp ................................... 31,251 1,000 * Wabash National Corp ........................... 5,410 14,800 Walt Disney Co ................................. 224,072 100 Washington Post Co (Class B) ................... 64,900 800 Wendy's International, Inc ..................... 26,488 200 Whirlpool Corp ................................. 9,172 300 * Williams-Sonoma, Inc ........................... 7,089 2,300 * Yahoo!, Inc .................................... 22,011 ----------- TOTAL CONSUMER CYCLICAL 3,270,682 ----------- CONSUMER NON-CYCLICAL--12.31% 3,400 Albertson's, Inc ............................... 82,144 900 * Amazon.Com, Inc ................................ 14,337 400 * Autozone, Inc .................................. 31,544 1,300 Avon Products, Inc ............................. 59,930 1,200 * Best Buy Co, Inc ............................... 26,772 200 * BJ's Wholesale Club, Inc ....................... 3,802 2,700 Campbell Soup Co ............................... 59,616 200 * CDW Computer Centers, Inc ...................... 8,472 900 Circuit City Stores, Inc (Circuit City Group) .. 13,635 1,200 Clorox Co ...................................... 48,216 100 * Coach, Inc ..................................... 2,560 13,400 Coca-Cola Co ................................... 642,664 1,300 Coca-Cola Enterprises, Inc ..................... 27,612 3,800 Colgate-Palmolive Co ........................... 205,010 3,000 * Costco Wholesale Corp .......................... 97,110 2,700 CVS Corp ....................................... 68,445 800 * eBay, Inc ...................................... 42,248 400 * Energizer Holdings, Inc ........................ 12,160 200 Fastenal Co .................................... 6,316 2,500 General Mills, Inc ............................. 111,050 8,000 Gillette Co .................................... 236,800 3,100 H.J. Heinz Co .................................. 103,447 700 Hershey Foods Corp ............................. 43,435 12,400 Home Depot, Inc ................................ 323,640 200 International Flavors & Fragrances, Inc ........ 6,370 100 J.M. Smucker Co ................................ 3,670 2,300 Kellogg Co ..................................... 76,475 5,100 * Kroger Co ...................................... 71,910 4,300 Lowe's Cos ..................................... 178,020 4,200 Mattel, Inc .................................... 75,642 500 * NBTY, Inc ...................................... 6,490 1,500 Newell Rubbermaid, Inc ......................... 46,305 1,300 * Office Depot, Inc .............................. 16,042 1,000 * Overstock.com, Inc ............................. 5,950 600 Pepsi Bottling Group, Inc ...................... 14,040 11,900 PepsiCo, Inc ................................... 439,705 1,800 * Perrigo Co ..................................... 19,134 200 * Petsmart, Inc .................................. 3,562 8,800 Procter & Gamble Co ............................ 786,544 SHARES VALUE -------- ----- 800 * RadioShack Corp ................................ $ 16,048 100 Russ Berrie & Co, Inc .......................... 3,001 3,900 * Safeway, Inc ................................... 86,970 2,400 * Staples, Inc ................................... 30,696 800 * Toys ORO Us, Inc ............................... 8,144 6,900 Walgreen Co .................................... 212,244 100 Winn-Dixie Stores, Inc ......................... 1,312 1,500 Wrigley (Wm.) Jr Co ............................ 74,235 ----------- TOTAL CONSUMER NON-CYCLICAL .................... 4,453,474 ----------- ENERGY--4.47% 400 * 3TEC Energy Corp ............................... 5,720 3,200 Anadarko Petroleum Corp ........................ 142,528 3,650 Apache Corp .................................... 216,993 5,700 Baker Hughes, Inc .............................. 165,471 100 Berry Petroleum Co (Class A) ................... 1,699 100 Cabot Oil & Gas Corp (Class A) ................. 2,150 1,400 Chesapeake Energy Corp ......................... 9,240 500 * Comstock Resources, Inc ........................ 3,450 200 * Cooper Cameron Corp ............................ 8,352 1,300 * Denbury Resources, Inc ......................... 13,221 3,055 Devon Energy Corp .............................. 147,404 1,200 * Energy Partners Ltd ............................ 9,768 1,000 ENSCO International, Inc ....................... 25,040 2,800 EOG Resources, Inc ............................. 100,688 800 * Forest Oil Corp ................................ 20,400 800 Frontier Oil Corp .............................. 9,920 200 * Global Industries Ltd .......................... 826 2,600 * Grant Prideco, Inc ............................. 22,204 900 Helmerich & Payne, Inc ......................... 30,807 2,200 * Meridian Resource Corp ......................... 4,642 1,600 Murphy Oil Corp ................................ 131,312 1,300 * Newfield Exploration Co ........................ 43,667 2,000 Noble Energy, Inc .............................. 67,940 700 * Nuevo Energy Co ................................ 7,630 3,200 Ocean Energy, Inc .............................. 63,840 100 * Patterson-UTI Energy, Inc ...................... 2,551 200 * Petroleum Helicopters (Vote) ................... 5,260 1,600 * Pioneer Natural Resources Co ................... 38,800 800 * Plains Resources, Inc .......................... 20,624 1,500 Pogo Producing Co .............................. 51,090 400 * Pride International, Inc ....................... 5,200 1,100 * Range Resources Corp ........................... 5,148 600 Rowan Cos, Inc ................................. 11,184 500 * Smith International, Inc ....................... 14,655 300 * Stone Energy Corp .............................. 9,750 2,100 Sunoco, Inc .................................... 63,336 500 * Swift Energy Co ................................ 5,200 200 Tidewater, Inc ................................. 5,398 200 * Tom Brown, Inc ................................. 4,580 4,900 * Transmontaigne, Inc ............................ 24,402 1,700 Valero Energy Corp ............................. 44,999 100 * Varco International, Inc ....................... 1,692 500 Vintage Petroleum, Inc ......................... 5,400 600 * Westport Resources Corp ........................ 10,980 900 World Fuel Services Corp ....................... 17,370 800 XTO Energy, Inc ................................ 16,488 ----------- TOTAL ENERGY 1,619,019 ----------- FINANCIAL SERVICES--24.41% 400 A.G. Edwards, Inc .............................. 12,792 3,400 Aflac, Inc ..................................... 104,346 1,800 Allied Capital Corp ............................ 39,402 100 Ambac Financial Group, Inc ..................... 5,389 700 American Capital Strategies Ltd ................ 13,188 8,500 American Express Co ............................ 265,030 SEE NOTES TO FINANCIAL STATEMENTS 54 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SOCIAL CHOICE EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- FINANCIAL SERVICES--(CONTINUED) 13,500 American International Group, Inc .............. $ 738,450 1,800 AmSouth Bancorp ................................ 37,332 2,400 AON Corp ....................................... 49,176 2,000 Archstone-Smith Trust .......................... 47,760 200 AvalonBay Communities, Inc ..................... 8,360 10,000 Bank Of America Corp ........................... 638,000 8,700 Bank One Corp .................................. 325,380 4,100 BB&T Corp ...................................... 143,664 1,300 Capital One Financial Corp ..................... 45,396 200 CarrAmerica Realty Corp ........................ 5,034 8,100 Charles Schwab Corp ............................ 70,470 1,100 Charter Municipal Mortgage Acceptance Co ....... 19,382 900 Charter One Financial, Inc ..................... 26,748 1,100 Chubb Corp ..................................... 60,313 900 Cincinnati Financial Corp ...................... 32,022 1,100 Comerica, Inc .................................. 53,042 600 Countrywide Credit Industries, Inc ............. 28,290 1,000 Crescent Real Estate Equities Co ............... 15,700 800 Crown American Realty Trust .................... 7,352 709 Duke Realty Corp ............................... 17,456 200 Eaton Vance Corp ............................... 5,528 6,300 Equity Office Properties Trust ................. 162,666 3,700 Equity Residential ............................. 88,578 500 Erie Indemnity Co (Class A) .................... 20,830 7,200 Fannie Mae ..................................... 428,688 500 Federated Investors, Inc (Class B) ............. 13,495 4,200 Fifth Third Bancorp ............................ 257,166 9,000 FleetBoston Financial Corp ..................... 182,970 2,000 Franklin Resources, Inc ........................ 62,200 4,800 Freddie Mac .................................... 268,320 400 Gallagher (Arthur J.) & Co ..................... 9,860 130 * Gartner, Inc (Class B) ......................... 1,040 600 Golden State Bancorp, Inc ...................... 19,392 1,300 Golden West Financial Corp ..................... 80,834 2,200 Goldman Sachs Group, Inc ....................... 145,266 600 Greenpoint Financial Corp ...................... 25,044 1,700 Hartford Financial Services Group, Inc ......... 69,700 200 Health Care Property Investors, Inc ............ 8,520 200 Highwoods Properties, Inc ...................... 4,680 2,800 * Homestore, Inc ................................. 840 500 Hospitality Properties Trust ................... 16,560 3,200 Household International, Inc ................... 90,592 2,000 HRPT Properties Trust .......................... 16,500 300 * IndyMac Bancorp, Inc ........................... 5,781 1,300 Instinet Group, Inc ............................ 4,030 600 iStar Financial, Inc ........................... 16,752 13,600 J.P. Morgan Chase & Co ......................... 258,264 700 Jefferson-Pilot Corp ........................... 28,070 3,800 KeyCorp ........................................ 94,886 200 Kimco Realty Corp .............................. 6,220 300 Legg Mason, Inc ................................ 12,768 1,500 Lincoln National Corp .......................... 45,825 5,000 Marsh & McLennan Cos, Inc ...................... 208,200 500 MBIA, Inc ...................................... 19,975 8,650 MBNA Corp ...................................... 158,987 3,400 Mellon Financial Corp .......................... 88,162 5,700 Merrill Lynch & Co, Inc ........................ 187,815 1,400 MFA Mortgage Investments, Inc .................. 11,340 100 MGIC Investment Corp ........................... 4,083 100 MONY Group, Inc ................................ 2,467 5,400 National City Corp ............................. 154,062 300 Neuberger Berman, Inc .......................... 8,085 600 New Plan Excel Realty Trust .................... 11,064 300 New York Community Bancorp, Inc ................ 8,451 SHARES VALUE -------- ----- 300 North Fork Bancorp, Inc ........................ $ 11,352 1,100 Northern Trust Corp ............................ 41,492 500 People's Bank .................................. 11,215 3,200 PNC Financial Services Group, Inc .............. 134,944 300 Popular, Inc ................................... 9,480 2,400 * Principal Financial Group ...................... 62,832 1,000 Progressive Corp ............................... 50,630 1,400 Prologis ....................................... 34,874 2,300 * Providian Financial Corp ....................... 11,270 4,900 * Prudential Financial, Inc ...................... 139,944 1,200 Public Storage, Inc ............................ 38,280 1,600 Regions Financial Corp ......................... 52,272 200 Rouse Co ....................................... 6,390 300 Safeco Corp .................................... 9,534 600 Seacoast Banking Corp Of Florida ............... 11,508 600 SEI Investments Co ............................. 14,328 1,900 Simon Property Group, Inc ...................... 67,887 1,300 SLM Corp ....................................... 121,082 400 * SoundView Technology Group, Inc ................ 520 1,000 Sovereign Bancorp, Inc ......................... 12,900 1,300 St. Paul Cos, Inc .............................. 37,336 2,000 State Street Corp .............................. 77,280 1,000 Stilwell Financial, Inc ........................ 12,070 2,300 SunTrust Banks, Inc ............................ 141,404 1,300 Synovus Financial Corp ......................... 26,806 2,700 * Syntroleum Corp ................................ 4,482 1,000 T Rowe Price Group, Inc ........................ 24,960 13,100 U.S. Bancorp ................................... 243,398 1,000 Union Planters Corp ............................ 27,460 200 UnionBanCal Corp ............................... 8,402 1,500 UnumProvident Corp ............................. 30,525 800 Vornado Realty Trust ........................... 31,560 10,500 Wachovia Corp .................................. 343,245 9,000 Washington Mutual, Inc ......................... 283,230 300 Weingarten Realty Investors .................... 10,980 11,700 Wells Fargo & Co ............................... 563,472 ----------- TOTAL FINANCIAL SERVICES 8,833,374 ----------- HEALTH CARE--15.92% 100 * aaiPharma, Inc ................................. 1,199 100 * Abgenix, Inc ................................... 649 600 * Abiomed, Inc ................................... 1,980 300 * Adolor Corp .................................... 4,206 455 * Advanced Medical Optics, Inc ................... 4,327 3,200 * Advanced Tissue Sciences, Inc .................. 2,464 100 * AdvancePCS ..................................... 2,253 600 Aetna, Inc ..................................... 21,486 400 * Aksys Ltd ...................................... 2,244 100 * Alexion Pharmaceuticals, Inc ................... 1,159 500 * Align Technology, Inc .......................... 1,380 200 * Alkermes, Inc .................................. 1,578 1,600 Allergan, Inc .................................. 87,040 500 * Allscripts Healthcare Solutions, Inc ........... 1,430 700 Alpharma, Inc (Class A) ........................ 6,720 6,800 * Amgen, Inc ..................................... 283,560 200 * Amylin Pharmaceuticals, Inc .................... 3,324 700 * Andrx Corp ..................................... 15,505 1,118 * Anthem, Inc .................................... 72,670 600 * Antigenics, Inc ................................ 4,848 1,200 * Aphton Corp .................................... 2,688 500 * Apogent Technologies, Inc ...................... 9,330 2,400 Applera Corp (Applied Biosystems Group) ........ 43,920 200 * Applera Corp (Celera Genomics Group) ........... 1,590 800 * Applied Molecular Evolution .................... 3,136 100 * Apria Healthcare Group, Inc .................... 2,356 400 * Ariad Pharmaceuticals, Inc ..................... 1,264 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 55 Statement of Investments - INSTITUTIONAL SOCIAL CHOICE EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- HEALTH CARE--(CONTINUED) 500 * Arqule, Inc .................................... $ 2,575 500 * Atrix Laboratories, Inc ........................ 7,400 1,500 * AVANIR Pharmaceuticals (Class A) ............... 1,725 200 * Avigen, Inc .................................... 1,586 300 Bard (C.R.), Inc ............................... 16,389 500 * Barr Laboratories, Inc ......................... 31,145 300 Bausch & Lomb, Inc ............................. 9,951 5,600 Baxter International, Inc ...................... 171,080 400 Beckman Coulter, Inc ........................... 15,480 3,000 Becton Dickinson & Co .......................... 85,200 700 * Benthley Pharmaceuticals, Inc .................. 5,950 1,000 * Biogen, Inc .................................... 29,270 800 * BioMarin Pharmaceutical, Inc ................... 4,632 2,100 Biomet, Inc .................................... 55,923 800 * Biopure Corp ................................... 2,800 100 * Bio-Reference Labs, Inc ........................ 650 100 * Biosite, Inc ................................... 2,899 400 * Bio-Technology General Corp .................... 1,184 700 * Bone Care International, Inc ................... 4,046 2,400 * Boston Scientific Corp ......................... 75,744 500 * Bradley Pharmaceuticals, Inc ................... 4,380 100 * Britesmile, Inc ................................ 75 1,100 * Caliper Technologies Corp ...................... 4,609 100 * Cardiac Science, Inc ........................... 198 3,900 Cardinal Health, Inc ........................... 242,580 1,600 * Caremark Rx, Inc ............................... 27,200 400 * Cell Therapeutics, Inc ......................... 1,760 200 * Cephalon, Inc .................................. 8,164 1,200 Cigna Corp ..................................... 84,900 300 * Cima Labs, Inc ................................. 7,545 1,100 * Ciphergen Biosystems, Inc ...................... 3,300 1,300 * Columbia Laboratories, Inc ..................... 5,850 100 * Connetics Corp ................................. 925 100 * Covance, Inc ................................... 1,957 100 * Coventry Health Care, Inc ...................... 3,250 400 * CuraGen Corp ................................... 1,688 100 * CV Therapeutics, Inc ........................... 2,091 200 * Cytyc Corp ..................................... 2,144 300 * DaVita, Inc .................................... 7,080 1,500 * Decode Genetics, Inc ........................... 3,300 3,100 * Deltagen, Inc .................................. 4,650 500 Dentsply International, Inc .................... 20,085 600 Diagnostic Products Corp ....................... 27,600 500 * Digene Corp .................................... 3,950 400 * Discovery Partners International, Inc .......... 1,276 1,500 * Durect Corp .................................... 4,650 100 * Edwards Lifesciences Corp ...................... 2,559 100 * Embrex, Inc .................................... 1,110 500 * Eon Labs, Inc .................................. 10,790 300 * EPIX Medical, Inc .............................. 1,359 4,700 * Esperion Therapeutics, Inc ..................... 26,884 400 * Express Scripts, Inc (Class A) ................. 21,808 900 * First Health Group Corp ........................ 24,408 100 * First Horizon Pharmaceutical ................... 540 1,700 * Forest Laboratories, Inc ....................... 139,417 2,300 * Genzyme Corp (Biosurgery Division) ............. 4,301 1,600 * Genzyme Corp (General Division) ................ 32,976 500 * Geron Corp ..................................... 1,950 1,000 * Gilead Sciences, Inc ........................... 33,530 2,100 * Guidant Corp ................................... 67,851 1,400 * Guilford Pharmaceuticals, Inc .................. 6,776 1,800 * Health Management Associates, Inc (Class A) .... 36,396 1,000 * Health Net, Inc ................................ 21,450 200 * Henry Schein, Inc .............................. 10,550 SHARES VALUE -------- ----- 900 Hillenbrand Industries, Inc .................... $ 48,870 900 * Human Genome Sciences, Inc ..................... 10,854 2,500 * Humana, Inc .................................... 31,000 300 * ICOS Corp ...................................... 6,291 700 * IDEC Pharmaceuticals Corp ...................... 29,064 400 * Idexx Laboratories, Inc ........................ 12,379 400 * Ilex Oncology, Inc ............................. 1,900 400 * Illumina, Inc .................................. 1,376 800 * Immunogen, Inc ................................. 2,592 1,100 * Impax Laboratories, Inc ........................ 5,346 1,900 IMS Health, Inc ................................ 28,443 700 * Incyte Genomics, Inc ........................... 3,248 900 * Indevus Pharmaceuticals, Inc ................... 1,395 800 * Inhale Therapeutic Systems, Inc ................ 4,022 400 * Inverness Medical Innovations, Inc ............. 3,796 200 * Invitrogen Corp ................................ 6,814 100 * Isis Pharmaceuticals, Inc ...................... 986 2,600 * IVAX Corp ...................................... 31,902 18,000 Johnson & Johnson .............................. 973,440 2,000 * King Pharmaceuticals, Inc ...................... 36,340 300 * Kosan Biosciences, Inc ......................... 1,962 300 * KV Pharmaceutical Co (Class A) ................. 5,670 600 * La Jolla Pharmaceutical Co ..................... 2,556 600 * LifePoint Hospitals, Inc ....................... 18,713 800 * Lincare Holdings, Inc .......................... 24,832 500 * Luminex Corp ................................... 3,520 600 * Manor Care, Inc ................................ 13,488 500 * Martek Biosciences Corp ........................ 8,190 3,000 McKesson Corp .................................. 84,990 100 * Medarex, Inc ................................... 335 400 * Medicis Pharmaceutical Corp (Class A) .......... 16,348 1,500 * Medimmune, Inc ................................. 31,380 8,500 Medtronic, Inc ................................. 358,020 15,800 Merck & Co, Inc ................................ 722,218 100 * MGI Pharma, Inc ................................ 700 100 * Mid Atlantic Medical Services, Inc ............. 3,620 1,600 * Millennium Pharmaceuticals, Inc ................ 14,912 100 * Millipore Corp ................................. 3,179 1,500 Mylan Laboratories, Inc ........................ 49,110 1,200 * Nabi Biopharmaceuticals ........................ 6,507 200 * Napro Biotherapeutics, Inc ..................... 224 1,100 * Nastech Pharmaceutical Co ...................... 9,108 500 * Neose Technologies, Inc ........................ 3,880 100 * Neurocrine Biosciences, Inc .................... 4,100 700 * Neurogen Corp .................................. 5,621 200 * Noven Pharmaceuticals, Inc ..................... 2,448 100 * NPS Pharmaceuticals, Inc ....................... 2,057 500 Omnicare, Inc .................................. 10,560 800 * Onyx Pharmaceuticals, Inc ...................... 3,424 200 * Option Care, Inc ............................... 1,770 100 * OraSure Technologies, Inc ...................... 444 300 * Orthologic Corp ................................ 1,161 100 * OSI Pharmaceuticals, Inc ....................... 1,697 600 * Oxford Health Plans, Inc ....................... 23,364 1,600 * Pain Therapeutics, Inc ......................... 6,352 400 * Patterson Dental Co ............................ 20,472 200 * PDI, Inc ....................................... 814 3,500 * Peregrine Pharmaceuticals, Inc ................. 1,470 100 * Pharmaceutical Product Development, Inc ........ 1,934 200 * Pharmaceutical Resources, Inc .................. 5,596 1,500 * Pozen, Inc ..................................... 7,605 1,800 * Praecis Pharmaceuticals, Inc ................... 5,382 400 * Priority Healthcare Corp (Class B) ............. 10,080 700 * Progenics Pharmaceuticals ...................... 3,514 400 * Protein Design Labs, Inc ....................... 3,320 SEE NOTES TO FINANCIAL STATEMENTS 56 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SOCIAL CHOICE EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- HEALTH CARE--(CONTINUED) 1,300 * Quintiles Transnational Corp ................... $ 12,363 200 * Regeneron Pharmaceuticals, Inc ................. 2,700 1,800 * Rigel Pharmaceuticals, Inc ..................... 2,880 400 * Salix Pharmaceuticals Ltd ...................... 3,376 700 * Sangamo Biosciences, Inc ....................... 1,379 12,200 Schering-Plough Corp ........................... 260,104 100 * Scios, Inc ..................................... 2,545 1,600 * Seattle Genetics, Inc .......................... 5,152 400 * Sepracor, Inc .................................. 2,096 1,900 * Sequenom, Inc .................................. 2,926 600 * SICOR, Inc ..................................... 9,126 900 * Specialty Laboratories, Inc .................... 8,271 1,400 * St. Jude Medical, Inc .......................... 49,980 200 * Stericycle, Inc ................................ 6,784 1,400 Stryker Corp ................................... 80,640 700 * SuperGen, Inc .................................. 1,211 100 * Syncor International Corp ...................... 3,211 300 * Tanox, Inc ..................................... 3,150 100 * Techne Corp .................................... 3,279 1,100 * Texas Biotechnology Corp ....................... 3,366 100 * Transkaryotic Therapies, Inc ................... 3,241 1,000 * Triad Hospitals, Inc ........................... 37,950 1,500 * Triangle Pharmaceuticals, Inc .................. 4,052 500 * TriPath Imaging, Inc ........................... 1,125 800 * Tularik, Inc ................................... 5,480 2,500 UnitedHealth Group, Inc ........................ 218,050 300 * Universal Health Services, Inc (Class B) ....... 15,345 400 * Varian Medical Systems, Inc .................... 17,196 400 * Vertex Pharmaceuticals, Inc .................... 7,396 1,100 * Vical, Inc ..................................... 2,541 600 * Waters Corp .................................... 14,550 1,400 * Watson Pharmaceuticals, Inc .................... 34,314 1,200 * Wellpoint Health Networks, Inc ................. 87,960 1,200 * Women First Healthcare, Inc .................... 5,616 1,500 * Zimmer Holdings, Inc ........................... 57,510 800 * Zymogenetics, Inc .............................. 6,400 ----------- TOTAL HEALTH CARE 5,759,767 ----------- OTHER--1.08% 600 * Acacia Research Corp ........................... 2,383 1,100 Cintas Corp .................................... 46,112 200 * Dun & Bradstreet Corp .......................... 6,722 1,200 H & R Block, Inc ............................... 50,412 500 * Invision Technologies, Inc ..................... 16,005 200 Liberty Property Trust ......................... 6,200 400 Manpower, Inc .................................. 11,736 1,000 Moody's Corp ................................... 48,500 200 Pentair, Inc ................................... 7,434 100 * RMH Teleservices, Inc .......................... 816 900 * Robert Half International, Inc ................. 14,283 200 * SPX Corp ....................................... 20,180 4,700 Sysco Corp ..................................... 133,433 500 Teleflex, Inc .................................. 22,790 300 * TMP Worldwide, Inc ............................. 2,700 ----------- TOTAL OTHER 389,706 ----------- PRODUCER DURABLES--3.49% 3,400 3M Co .......................................... 373,898 1,400 * Active Power, Inc .............................. 1,876 1,400 American Water Works Co, Inc ................... 62,524 1,400 Ametek, Inc .................................... 40,768 500 Baldor Electric Co ............................. 9,550 3,500 * Capstone Turbine Corp .......................... 2,065 400 * Casella Waste Systems, Inc (Class A) ........... 2,572 800 Cummins, Inc ................................... 18,896 2,100 Deere & Co ..................................... 95,445 SHARES VALUE -------- ----- 4,900 Emerson Electric Co ............................ $ 215,306 300 Federal Signal Corp ............................ 5,526 500 GATX Corp ...................................... 9,900 400 Harsco Corp .................................... 10,876 500 * Headwaters, Inc ................................ 6,910 800 Hubbell, Inc (Class B) ......................... 23,256 3,200 Illinois Tool Works, Inc ....................... 186,656 120 * Imagistics International, Inc .................. 2,082 200 * Magnetek, Inc .................................. 640 100 Milacron, Inc .................................. 451 600 Nordson Corp ................................... 14,244 2,600 Pitney Bowes, Inc .............................. 79,274 700 * Thomas & Betts Corp ............................ 9,863 300 * UNOVA, Inc ..................................... 1,476 1,400 W.W. Grainger, Inc ............................. 59,570 300 * Waste Connections, Inc ......................... 10,437 3,600 * Xerox Corp ..................................... 17,820 ----------- TOTAL PRODUCER DURABLES 1,261,881 ----------- TECHNOLOGY--13.99% 2,000 * 3Com Corp ...................................... 7,880 5,400 * Acterna Corp ................................... 2,160 5,300 * ADC Telecommunications, Inc .................... 6,095 300 * ADE Corp ....................................... 1,263 900 Adobe Systems, Inc ............................. 17,190 3,600 * Advanced Micro Devices, Inc .................... 19,224 174 * Agere Systems, Inc (Class A) ................... 191 7,085 * Agere Systems, Inc (Class B) ................... 7,014 2,300 * Altera Corp .................................... 19,941 1,400 * American Power Conversion Corp ................. 13,384 1,300 * American Superconductor Corp ................... 3,510 1,600 * Analog Devices, Inc ............................ 31,520 100 * Answerthink, Inc ............................... 145 2,100 * Apple Computer, Inc ............................ 30,450 7,600 * Applied Materials, Inc ......................... 87,780 300 * Ariba, Inc ..................................... 405 600 * Artesyn Technologies, Inc ...................... 906 200 * Aspect Communications Corp ..................... 294 4,900 Automatic Data Processing, Inc ................. 170,373 2,500 * Avanex Corp .................................... 3,425 1,233 * Avaya, Inc ..................................... 1,763 300 AVX Corp ....................................... 2,598 1,400 * BEA Systems, Inc ............................... 7,252 600 * BearingPoint, Inc .............................. 3,876 500 * Bisys Group, Inc ............................... 8,355 800 * BMC Software, Inc .............................. 10,456 2,100 * Broadcom Corp (Class A) ........................ 22,428 1,100 * Brocade Communications Systems, Inc ............ 8,283 800 * Cadence Design Systems, Inc .................... 8,136 900 * Ceridian Corp .................................. 12,825 400 * Certegy, Inc ................................... 8,040 100 * Checkfree Corp ................................. 1,138 2,400 * CIENA Corp ..................................... 7,128 36,200 * Cisco Systems, Inc ............................. 379,376 1,000 * CNET Networks, Inc ............................. 1,100 2,100 Computer Associates International, Inc ......... 20,160 600 * Computer Horizons Corp ......................... 2,232 800 * Comverse Technology, Inc ....................... 5,592 3,200 * Concord EFS, Inc ............................... 50,816 1,200 * Convergys Corp ................................. 18,036 5,100 * Corning, Inc ................................... 8,160 2,400 * DDI Corp ....................................... 382 11,700 * Dell Computer Corp ............................. 275,067 300 Deluxe Corp .................................... 13,518 200 * DiamondCluster International, Inc (Class A) .... 652 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 57 Statement of Investments - INSTITUTIONAL SOCIAL CHOICE EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- TECHNOLOGY--(CONTINUED) 400 Diebold, Inc ................................... $ 13,168 1,000 * DST Systems, Inc ............................... 29,470 100 * Earthlink, Inc ................................. 534 200 * eFunds Corp .................................... 1,876 500 * Electronic Arts, Inc ........................... 32,980 3,800 Electronic Data Systems Corp ................... 53,124 11,800 * EMC Corp ....................................... 53,926 700 * Emcore Corp .................................... 1,064 400 * Emulex Corp .................................... 4,504 1,600 * Fiserv, Inc .................................... 44,928 1,800 * Gateway, Inc ................................... 5,346 200 Henry (Jack) & Associates, Inc ................. 2,486 15,865 Hewlett-Packard Co ............................. 185,156 1,900 IKON Office Solutions, Inc ..................... 14,972 1,300 * Infonet Services Corp (Class B) ................ 2,912 600 * Ingram Micro, Inc (Class A) .................... 7,980 2,400 * Inktomi Corp ................................... 600 31,800 Intel Corp ..................................... 441,702 300 * Interland, Inc ................................. 615 9,100 International Business Machines Corp ........... 531,349 400 * Intersil Corp (Class A) ........................ 5,184 900 * Intuit, Inc .................................... 40,977 300 * Iron Mountain, Inc ............................. 7,497 700 * Jabil Circuit, Inc ............................. 10,346 6,200 * JDS Uniphase Corp .............................. 12,078 1,400 * Juniper Networks, Inc .......................... 6,720 800 * KLA-Tencor Corp ................................ 22,352 400 * Lam Research Corp .............................. 3,560 600 * Lexmark International, Inc ..................... 28,200 200 * Liberate Technologies .......................... 312 1,400 Linear Technology Corp ......................... 29,008 3,200 * LSI Logic Corp ................................. 20,320 25,100 * Lucent Technologies, Inc ....................... 19,076 1,500 * Maxim Integrated Products, Inc ................. 37,140 700 * Mercury Interactive Corp ....................... 12,012 800 * Microchip Technology, Inc ...................... 16,360 2,900 * Micron Technology, Inc ......................... 35,873 22,300 * Microsoft Corp ................................. 975,402 1,100 Molex, Inc ..................................... 25,872 12,100 Motorola, Inc .................................. 123,178 4,100 * MRV Communications, Inc ........................ 3,485 1,000 * National Semiconductor Corp .................... 11,940 300 * NCR Corp ....................................... 5,940 200 * Netegrity, Inc ................................. 412 417 * Netro Corp ..................................... 855 2,300 * Network Appliance, Inc ......................... 16,859 300 * New Focus, Inc ................................. 810 6,800 * NIC, Inc ....................................... 11,628 2,000 * Novell, Inc .................................... 4,200 600 * Novellus Systems, Inc .......................... 12,486 1,300 * Nuance Communications, Inc ..................... 2,210 500 * Nvidia Corp .................................... 4,280 22,100 * Oracle Corp .................................... 173,706 400 * Overland Storage, Inc .......................... 4,344 100 * Overture Services, Inc ......................... 2,357 700 * Palm, Inc ...................................... 518 2,900 Paychex, Inc ................................... 70,383 1,100 * Peoplesoft, Inc ................................ 13,607 2,300 * Portal Software, Inc ........................... 552 300 * Proton Energy Systems .......................... 636 300 * QLogic Corp .................................... 7,812 100 * QRS Corp ....................................... 663 3,900 * Qualcomm, Inc .................................. 107,718 100 * Safeguard Scientifics, Inc ..................... 111 SHARES VALUE -------- ----- 700 Scientific-Atlanta, Inc ........................ $ 8,757 2,100 * Siebel Systems, Inc ............................ 12,075 4,800 * Solectron Corp ................................. 10,128 500 * SONICblue, Inc ................................. 120 200 * SpeechWorks International, Inc ................. 460 500 * SpeedFam-IPEC, Inc ............................. 1,855 4,900 * StorageNetworks, Inc ........................... 6,125 400 * Stratex Networks, Inc .......................... 512 1,400 * Stratos Lightwave, Inc ......................... 504 17,500 * Sun Microsystems, Inc .......................... 45,325 2,000 * Sungard Data Systems, Inc ...................... 38,900 1,300 * Sycamore Networks, Inc ......................... 3,055 500 * Symantec Corp .................................. 16,815 1,100 Symbol Technologies, Inc ....................... 8,437 200 * Synopsys, Inc .................................. 7,630 200 * Tech Data Corp ................................. 5,280 100 * Tektronix, Inc ................................. 1,643 3,300 * Tellabs, Inc ................................... 13,431 7,300 * Tellium, Inc ................................... 2,774 9,100 Texas Instruments, Inc ......................... 134,407 400 * Therma-Wave, Inc ............................... 316 1,400 * Thermo Electron Corp ........................... 22,582 1,300 Total System Services, Inc ..................... 17,095 2,100 * Touch America Holdings, Inc .................... 1,302 400 * Turnstone Systems, Inc ......................... 888 1,300 * Unisys Corp .................................... 9,100 1,000 * VeriSign, Inc .................................. 5,050 1,900 * Veritas Software Corp .......................... 27,873 1,475 * Vishay Intertechnology, Inc .................... 12,980 900 * Vitria Technology, Inc ......................... 702 1,700 * Xilinx, Inc .................................... 26,925 ----------- TOTAL TECHNOLOGY 5,061,236 ----------- TRANSPORTATION--1.55% 2,000 * AMR Corp ....................................... 8,360 800 * ATA Holdings Corp .............................. 2,720 3,000 * BE Aerospace, Inc .............................. 14,280 500 * Continental Airlines, Inc (Class B) ............ 2,695 1,700 Delta Air Lines, Inc ........................... 15,793 1,800 FedEx Corp ..................................... 90,126 200 * JetBlue Airways Corp ........................... 8,066 4,800 Norfolk Southern Corp .......................... 96,912 200 Ryder System, Inc .............................. 4,986 505 * Sabre Holdings Corp ............................ 9,772 7,600 Southwest Airlines Co .......................... 99,256 800 * UAL Corp ....................................... 1,712 3,300 United Parcel Service, Inc (Class B) ........... 206,349 ----------- TOTAL TRANSPORTATION 561,027 ----------- UTILITIES--8.34% 19,700 A T & T Corp ................................... 236,597 8,400 * A T & T Wireless Services, Inc ................. 34,608 5,700 * AES Corp ....................................... 14,307 1,600 AGL Resources, Inc ............................. 35,344 3,000 Allegheny Energy, Inc .......................... 39,300 500 * Allen Telecom, Inc ............................. 2,670 2,000 Allete, Inc .................................... 43,200 1,300 Alltel Corp .................................... 52,169 10,210 Aquila, Inc .................................... 41,861 1,800 Avista Corp .................................... 20,160 10,300 BellSouth Corp ................................. 189,108 900 Black Hills Corp ............................... 23,571 3,700 * Calpine Corp ................................... 9,139 100 * Citizens Communications Co ..................... 678 2,400 Cleco Corp ..................................... 32,328 5,200 DPL, Inc ....................................... 85,540 SEE NOTES TO FINANCIAL STATEMENTS 58 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SOCIAL CHOICE EQUITY FUND - September 30, 2002 -------------------------------------------------------------------------------- SHARES VALUE -------- ----- UTILITIES--(CONTINUED) 3,000 Empire District Electric Co .................... $ 50,700 2,400 Equitable Resources, Inc ....................... 82,920 2,700 Hawaiian Electric Industries, Inc .............. 116,370 2,700 Idacorp, Inc ................................... 65,691 4,000 KeySpan Corp ................................... 134,000 1,400 Kinder Morgan, Inc ............................. 49,630 1,200 MGE Energy, Inc ................................ 30,792 4,800 * Mirant Corp .................................... 10,608 3,100 National Fuel Gas Co ........................... 61,597 1,000 * Nextel Communications, Inc (Class A) ........... 7,550 1,600 Nicor, Inc ..................................... 45,120 5,207 NiSource, Inc .................................. 89,717 916 * NiSource, Inc (Sails) .......................... 1,658 1,700 Northwestern Corp .............................. 16,592 6,300 OGE Energy Corp ................................ 106,281 400 Otter Tail Corp ................................ 10,536 1,600 Peoples Energy Corp ............................ 53,904 4,500 Pepco Holdings, Inc ............................ 89,775 200 * Petroquest Energy, Inc ......................... 884 7,300 Puget Energy, Inc .............................. 148,993 1,600 Questar Corp ................................... 36,544 18,200 SBC Communications, Inc ........................ 365,820 400 SEMCO Energy, Inc .............................. 3,112 1,400 * Sierra Pacific Resources ....................... 8,540 900 * Skyworks Solutions, Inc ........................ 4,077 SHARES VALUE -------- ----- 110 * Southern Union Co .............................. $ 1,243 4,300 Sprint Corp (FON Group) ........................ 39,216 2,000 * Sprint Corp (PCS Group) ........................ 3,920 400 * Time Warner Telecom, Inc (Class A) ............. 324 1,900 Unisource Energy Corp .......................... 28,975 800 Unitil Corp .................................... 21,720 15,200 Verizon Communications, Inc .................... 417,088 700 Western Gas Resources, Inc ..................... 21,875 600 WGL Holdings, Inc .............................. 14,342 7,500 Williams Cos, Inc .............................. 16,950 ----------- TOTAL UTILITIES 3,017,644 ----------- TOTAL COMMON STOCK (COST $49,683,819) 35,880,236 ----------- TOTAL PORTFOLIO--99.17% (COST $49,683,819) 35,880,236 OTHER ASSETS & LIABILITIES, NET--0.83% 300,108 ----------- NET ASSETS--100.00% $36,180,344 =========== ---------- * Non-income producing At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $49,743,645. Net unrealized depreciation of portfolio investments aggregated $13,863,409 of which $1,026,377 related to appreciated portfolio investments and $14,889,786 related to depreciated portfolio investments. For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 2002 59 Statement of Investments - INSTITUTIONAL BOND FUND - September 30, 2002 -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE --------- -------- ----- BONDS--98.16% CORPORATE BONDS--30.51% AEROSPACE AND DEFENSE--0.66% Lockheed Martin Corp Deb $2,000,000 8.500%, 12/01/29 .................. BAA2 $ 2,644,759 Lockheed Martin Corp Note 1,000,000 8.200%, 12/01/09 .................. BAA2 1,226,256 Raytheon Co Note 500,000 6.500%, 07/15/05 .................. BAA3 533,784 United Technologies Corp Note 1,000,000 4.875%, 11/01/06 .................. A2 1,058,571 2,000,000 6.350%, 03/01/11 .................. A2 2,256,266 ----------- TOTAL AEROSPACE AND DEFENSE 7,719,636 ----------- ASSET BACKED--4.79% Capital One Master Trust Series 2000-2 (Class A) 1,000,000 7.200%, 08/15/08 .................. AAA 1,116,020 Chase Funding Mortgage Loan Asset-Backed Certificates Series 2001-4 (Class 1A3) 4,000,000 5.053%, 02/25/23 .................. AAA 4,162,880 CIT Equipment Collateral Series 2000-2 (Class A3) 1,302,564 6.840%, 06/20/04 .................. AAA 1,326,165 CIT Group Home Equity Loan Trust Series 2002-1 (Class AF6) 4,000,000 6.200%, 02/25/30 .................. AAA 4,265,544 Detroit Edison Securitization Funding LLC Series 2001-1 (Class A3) 2,000,000 5.875%, 03/01/10 .................. AAA 2,205,356 Household Automotive Trust Series 2001-3 (Class A3) 3,500,000 3.680%, 04/17/06 .................. AAA 3,564,008 Nissan Auto Receivables Owner Trust Series 2001-C (Class A4) 3,000,000 4.800%, 02/15/07 .................. AAA 3,144,699 Peco Energy Transition Trust Series 1999-A (Class A7) 1,000,000 6.130%, 03/01/09 .................. AAA 1,120,686 Public Service New Hampshire Funding LLC Series 2001-1 (Class A2) 2,250,000 5.730%, 11/01/10 .................. AAA 2,453,342 Residential Asset Securities Corp Series 1999-KS2 (Class AI9) 3,071,547 7.150%, 07/25/30 .................. AAA 3,332,875 Residential Asset Securities Corp Series 2001-KS2 (Class AI3) 1,000,000 5.751%, 03/25/27 .................. AAA 1,027,641 Residential Asset Securities Corp Series 2001-KS2 (Class AI4) 2,000,000 6.417%, 02/25/29 .................. AAA 2,127,366 Residential Asset Securities Corp Series 2001-KS2 (Class AI6) 2,000,000 6.489%, 10/25/30 .................. AAA 2,176,042 Residential Asset Securities Corp Series 2002-KS1 (Class AI6) 7,000,000 6.084%, 06/25/32 .................. AAA 7,518,168 TRAINS 9,160,000 5.996%, 01/25/07 .................. A3 9,503,500 TRAINS 4,560,000 6.858%, 01/15/12 .................. A3 4,949,515 Washington Mutual Series 2002-AR5 (Class 2A4) 2,000,000 5.355%, 06/25/32 .................. AAA 2,075,540 ----------- TOTAL ASSET BACKED 56,069,347 ----------- PRINCIPAL RATINGS+ VALUE --------- -------- ----- BASIC INDUSTRIES--0.98% Alcoa, Inc Note $2,000,000 5.375%, 01/15/13 .................. A2 $ 2,125,283 Cooper Industries Ltd Note 1,000,000 5.250%, 07/01/07 .................. A3 1,058,772 Dow Chemical Co Note 500,000 6.000%, 10/01/12 .................. A3 522,746 Du Pont (E.I.) de Nemours & Co Note 1,000,000 6.750%, 10/15/04 .................. AA3 1,090,327 Masco Corp Note 1,500,000 4.625%, 08/15/07 .................. BAA1 1,539,188 Rohm & Haas Co Deb 2,000,000 7.850%, 07/15/29 .................. A3 2,501,310 Weyerhaeuser Co Note 1,000,000 6.125%, 03/15/07 .................. BAA2 1,064,570 1,500,000 6.750%, 03/15/12 .................. BAA2 1,624,815 ----------- TOTAL BASIC INDUSTRIES 11,527,011 ----------- CONSUMER CYCLICAL--2.72% AOL Time Warner, Inc (Guarantee Note) 1,750,000 6.750%, 04/15/11 .................. BAA1 1,575,000 CBS Corp Note 1,400,000 6.875%, 09/01/03 .................. A3 1,452,124 Clear Channel Communications, Inc (Sr Note) 3,000,000 7.250%, 09/15/03 .................. BAA3 3,022,283 Costco Wholesale Corp (Sr Note) 1,000,000 5.500%, 03/15/07 .................. A2 1,091,387 COX Communications, Inc Note 500,000 6.500%, 11/15/02 .................. BAA2 499,915 1,000,000 7.750%, 11/01/10 .................. BAA2 1,036,056 DaimlerChrysler NA Holding Corp (Guarantee Note) 2,000,000 7.300%, 01/15/12 .................. A3 2,212,361 500,000 8.500%, 01/18/31 .................. A3 590,814 Ford Motor Co Deb 2,000,000 6.625%, 10/01/28 .................. BAA1 1,523,559 General Motors Acceptance Corp Note 3,000,000 6.750%, 01/15/06 .................. A2 3,118,950 News America Holdings Deb 2,000,000 7.700%, 10/30/25 .................. BAA3 1,924,165 Sears Roebuck Acceptance Note 2,000,000 6.000%, 03/20/03 .................. BAA1 2,035,548 Target Corp Note 3,000,000 5.375%, 06/15/09 .................. A2 3,252,574 Time Warner, Inc Note 500,000 7.750%, 06/15/05 .................. BAA1 495,000 Time Warner, Inc (Guarantee Note) 1,000,000 6.625%, 05/15/29 .................. BAA1 770,000 Turner Broadcasting System, Inc (Sr Note) 500,000 7.400%, 02/01/04 .................. BAA1 495,000 Viacom, Inc Note 500,000 5.625%, 05/01/07 .................. A3 536,331 Viacom, Inc (Guarantee Note) 1,000,000 7.700%, 07/30/10 .................. A3 1,172,842 Wal-Mart Stores, Inc (Sr Note) 2,500,000 6.875%, 08/10/09 .................. AA2 2,936,512 Walt Disney Co Note 1,000,000 5.500%, 12/29/06 .................. A3 1,049,434 Walt Disney Co (Sr Note) 1,050,000 5.125%, 12/15/03 .................. A3 1,072,254 ----------- TOTAL CONSUMER CYCLICAL 31,862,109 ----------- + As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 60 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL BOND FUND - September 30, 2002 -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE --------- -------- ----- CONSUMER NON-CYCLICAL--2.58% Colgate-Palmolive Co Note $ 500,000 6.450%, 06/16/28 .................. AA3 $ 545,428 Conagra Foods, Inc Note 1,000,000 6.750%, 09/15/11 .................. BAA1 1,144,222 Coors Brewing Co (Guarantee Note) 2,000,000 6.375%, 05/15/12 .................. BAA2 2,259,527 Diageo Capital Plc (Guarantee Note) 500,000 6.625%, 06/24/04 .................. A1 537,833 1,000,000 7.250%, 11/01/09 .................. A1 1,171,562 General Mills, Inc Note 2,000,000 6.000%, 02/15/12 .................. BAA1 2,147,546 Kellogg Co Note 1,000,000 6.600%, 04/01/11 .................. BAA2 1,144,442 Kimberly-Clark Corp Note 3,000,000 7.100%, 08/01/07 .................. AA2 3,501,145 2,000,000 5.625%, 02/15/12 .................. AA2 2,193,908 Kraft Foods, Inc Note 2,000,000 6.250%, 06/01/12 .................. A2 2,262,791 Kroger Co (Guarantee Note) 2,000,000 8.050%, 02/01/10 .................. BAA3 2,314,160 Newell Rubbermaid, Inc Note 2,000,000 6.000%, 03/15/07 .................. BAA1 2,167,807 Pepsi Bottling Group, Inc Note 1,000,000 7.000%, 03/01/29 .................. A3 1,175,783 Procter & Gamble Co (Sr Unsub Note) 1,000,000 6.875%, 09/15/09 .................. AA3 1,186,829 RJ Reynolds Tobacco Holdings, Inc (Guarantee Note) 1,000,000 6.500%, 06/01/07 .................. BAA2 1,051,952 Safeway, Inc Deb 1,000,000 7.250%, 02/01/31 .................. BAA2 1,125,589 Safeway, Inc Note 1,000,000 7.250%, 09/15/04 .................. BAA2 1,080,258 Science Applications International Corp Note 750,000 6.250%, 07/01/12 .................. A3 785,250 Unilever Capital Corp (Guarantee Note) 2,000,000 7.125%, 11/01/10 .................. A1 2,389,292 ------------ TOTAL CONSUMER NON-CYCLICAL 30,185,324 ------------ ENERGY--2.33% Amerada Hess Corp Deb 250,000 7.875%, 10/01/29 .................. BAA2 301,031 Amerada Hess Corp Note 250,000 7.300%, 08/15/31 .................. BAA2 283,271 Anadarko Petroleum Corp Note 2,000,000 5.375%, 03/01/07 .................. BAA1 2,131,231 Burlington Resources Finance Co (Guarantee Note) 2,500,000 6.400%, 08/15/11 .................. BAA1 2,772,092 ChevronTexaco Corp Note 2,000,000 6.625%, 10/01/04 .................. AA2 2,178,611 Conoco, Inc (Sr Note) 1,000,000 6.950%, 04/15/29 .................. A3 1,137,905 Consolidated Natural Gas Co (Sr Note) 2,000,000 6.850%, 04/15/11 .................. A3 2,195,764 Devon Energy Corp Deb 1,000,000 7.950%, 04/15/32 .................. BAA2 1,199,342 Husky Energy, Inc Note 2,000,000 6.250%, 06/15/12 .................. BAA2 2,181,630 KeySpan Corp Note 1,250,000 6.150%, 06/01/06 .................. A3 1,369,940 PRINCIPAL RATINGS+ VALUE --------- -------- ----- Kinder Morgan Energy Partners LP Note $1,500,000 7.125%, 03/15/12 .................. BAA1 $ 1,654,141 Occidental Petroleum Corp (Sr Note) 500,000 7.650%, 02/15/06 .................. BAA2 565,194 Ocean Energy, Inc Note 2,000,000 4.375%, 10/01/07 .................. BAA3 2,020,230 Pemex Project Funding Master Trust (Guarantee Note) 1,000,000 8.500%, 02/15/08 .................. BAA1 1,040,000 1,500,000 9.125%, 10/13/10 .................. BAA1 1,590,000 Southern Natural Gas Co Note 500,000 7.350%, 02/15/31 .................. BAA1 380,000 Tennessee Gas Pipeline Co Deb 250,000 8.375%, 06/15/32 .................. BAA1 215,000 Texas Eastern Transmission LP (Sr Note) 2,000,000 5.250%, 07/15/07 .................. A2 2,100,841 Valero Energy Corp Note 2,000,000 6.125%, 04/15/07 .................. BAA2 1,964,846 ------------ TOTAL ENERGY 27,281,069 ------------ FINANCIAL SERVICES--9.66% Associates Corp Of NA Deb 500,000 6.950%, 11/01/18 .................. AA1 547,801 Associates Corp Of NA (Sr Note) 500,000 5.750%, 11/01/03 .................. AA1 518,621 Bank of America Corp Note 1,000,000 6.625%, 06/15/04 .................. AA2 1,068,428 Bank of America Corp (Sr Note) 2,000,000 6.250%, 04/15/12 .................. AA2 2,230,637 Bank of America Corp (Sub Note) 1,505,000 7.400%, 01/15/11 .................. AA3 1,775,115 Bank One Corp Note 2,000,000 6.000%, 08/01/08 .................. AA3 2,224,962 Bank One Corp (Sub Note) 750,000 5.900%, 11/15/11 .................. A1 821,147 Bank One NA Illinois Note 2,000,000 5.500%, 03/26/07 .................. AA2 2,181,371 BB&T Corp (Sub Note) 1,500,000 4.750%, 10/01/12 .................. A2 1,519,842 Boeing Capital Corp (Sr Note) 3,000,000 6.350%, 11/15/07 .................. A3 3,240,356 Citigroup, Inc (Sub Note) 1,250,000 7.250%, 10/01/10 .................. AA3 1,424,451 500,000 5.625%, 08/27/12 .................. AA2 518,874 2,000,000 6.625%, 06/15/32 .................. AA2 2,074,561 Countrywide Home Loan (Guarantee Note) 750,000 5.625%, 07/15/09 .................. A3 784,849 Credit Suisse First Boston USA, Inc Note 2,500,000 6.500%, 01/15/12 .................. AA3 2,632,596 EOP Operating LP (Guarantee Note) 1,500,000 6.750%, 02/15/12 .................. BAA1 1,646,896 Ford Motor Credit Co Note 1,000,000 7.500%, 03/15/05 .................. A3 1,010,862 1,000,000 7.750%, 03/15/05 .................. A3 1,016,411 5,000,000 6.875%, 02/01/06 .................. A3 4,920,984 2,000,000 6.500%, 01/25/07 .................. A3 1,928,659 3,000,000 7.375%, 10/28/09 .................. A3 2,845,274 FPL Group Capital, Inc (Guarantee Note) 1,000,000 7.625%, 09/15/06 .................. A2 1,120,573 + As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 61 Statement of Investments - INSTITUTIONAL BOND FUND - September 30, 2002 -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE --------- -------- ----- FINANCIAL SERVICES--(CONTINUED) GE Global Insurance Holdings Corp Note $3,000,000 7.500%, 06/15/10 .................. AA1 $ 3,432,474 General Electric Capital Corp Note 1,000,000 7.250%, 05/03/04 .................. AAA 1,080,694 500,000 6.000%, 06/15/12 .................. AAA 539,490 1,000,000 6.750%, 03/15/32 .................. AAA 1,072,056 General Motors Acceptance Corp Note 2,000,000 5.250%, 05/16/05 .................. A2 2,014,093 1,000,000 6.125%, 08/28/07 .................. A2 1,006,098 3,000,000 6.875%, 09/15/11 .................. A2 2,935,662 2,500,000 6.875%, 08/28/12 .................. A2 2,428,611 Golden West Financial Corp Note 750,000 4.750%, 10/01/12 .................. A1 756,330 Hartford Financial Services Group, Inc (Sr Note) 1,000,000 6.375%, 11/01/08 .................. A2 1,096,914 Household Finance Corp Note 1,000,000 6.500%, 01/24/06 .................. A2 1,002,411 1,000,000 5.750%, 01/30/07 .................. A2 961,854 1,000,000 7.000%, 05/15/12 .................. A2 975,827 Inter-American Development Bank Note 500,000 6.125%, 03/08/06 .................. AAA 555,392 International Lease Finance Corp Note 2,000,000 6.375%, 03/15/09 .................. A1 2,081,472 JP Morgan Chase & Co (Sub Note) 1,000,000 7.875%, 06/15/10 .................. A1 1,151,940 Lehman Brothers Holdings, Inc Note 2,000,000 6.250%, 05/15/06 .................. A2 2,180,940 Lincoln National Corp Note 750,000 5.250%, 06/15/07 .................. A3 788,863 Marsh & McLennan Cos, Inc (Sr Note) 2,000,000 5.375%, 03/15/07 .................. A2 2,125,574 Marshall & Isley Bank (Sr Note) 1,500,000 4.125%, 09/04/07 .................. AA3 1,546,926 Mellon Funding Corp (Guarantee Note) 2,000,000 4.875%, 06/15/07 .................. A1 2,117,507 1,000,000 6.400%, 05/14/11 .................. A2 1,118,278 Morgan Stanley (Sr Unsub Note) 2,000,000 6.100%, 04/15/06 .................. AA3 2,163,743 2,000,000 6.750%, 04/15/11 .................. AA3 2,187,950 Morgan Stanley Tracers Note 15,000,000 6.766%, 06/15/12 .................. BAA1 16,252,650 National Rural Utilities Coop Financial Note 2,000,000 5.750%, 08/28/09 .................. A2 2,051,160 1,000,000 7.250%, 03/01/12 .................. A2 1,119,157 Newcourt Credit Group, Inc (Guarantee Note) 2,000,000 6.875%, 02/16/05 .................. A2 2,091,572 PNC Funding Corp (Guarantee Note) 1,000,000 5.750%, 08/01/06 .................. A2 1,068,378 Progressive Corp (Sr Note) 2,000,000 6.375%, 01/15/12 .................. A2 2,163,030 Regions Financial Corp (Sub Note) 2,000,000 6.375%, 05/15/12 .................. A2 2,243,069 Rouse Co Note 1,000,000 7.200%, 09/15/12 .................. BAA3 1,030,458 Suntrust Bank (Sub Note) 1,000,000 7.250%, 09/15/06 .................. AA3 1,146,771 US Bancorp (Sr Note) 1,500,000 5.100%, 07/15/07 .................. AA3 1,609,703 PRINCIPAL RATINGS+ VALUE --------- -------- ----- Wachovia Bank NA Note $1,000,000 4.850%, 07/30/07 .................. AA3 $ 1,067,269 Washington Mutual, Inc Note 2,000,000 7.500%, 08/15/06 .................. A3 2,259,084 Wells Fargo & Co (Sub Note) 1,500,000 5.125%, 09/01/12 .................. AA3 1,555,645 Wells Fargo Financial, Inc Note 750,000 5.875%, 08/15/08 .................. AA2 828,737 National Westminster Bank (Sub Note) 1,000,000 7.375%, 10/01/09 .................. AA2 1,180,650 ------------ TOTAL FINANCIAL SERVICES 113,041,702 ------------ HEALTH CARE--0.81% Johnson & Johnson Deb 1,000,000 6.950%, 09/01/29 .................. AAA 1,200,201 Merck & Co, Inc Deb 2,000,000 5.950%, 12/01/28 .................. AAA 2,119,992 Merck & Co, Inc Note 1,500,000 5.250%, 07/01/06 .................. AAA 1,622,760 Tenet Healthcare Corp (Sr Note) 750,000 5.000%, 07/01/07 .................. BAA3 779,525 1,500,000 6.375%, 12/01/11 .................. BAA3 1,621,028 UnitedHealth Group, Inc Note 2,000,000 5.200%, 01/17/07 .................. A3 2,127,944 ------------ TOTAL HEALTH CARE 9,471,450 ------------ OTHER MORTGAGE BACKED SECURITIES--1.66% Banc of America Commercial Mortgage, Inc Series 2002-2 (Class A3) 6,000,000 5.118%, 07/11/43 .................. NR 6,225,630 GE Capital Commercial Mortgage Corp Series 2002-2A (Class A3) 1,750,000 5.349%, 08/11/36 .................. AAA 1,840,477 J.P. Morgan Chase Commercial Mortgage Securities Corp Series 2001-Cibc (Class A2) 4,000,000 6.044%, 11/15/35 .................. NR 4,409,696 J.P. Morgan Chase Commercial Mortgage Securities Corp Series 2001-Cibc (Class A3) 2,250,000 6.260%, 03/15/33 .................. NR 2,506,543 Wachovia Bank Commercial Mortgage Trust Series 2002-C1 (Class A4) 4,000,000 6.287%, 04/15/34 .................. AAA 4,460,960 ------------ TOTAL OTHER MORTGAGE BACKED SECURITIES 19,443,306 ------------ PRODUCER DURABLES--0.26% Caterpillar Financial Services Corp Note 1,000,000 6.875%, 08/01/04 .................. A2 1,069,626 Centex Corp Note 1,000,000 5.800%, 09/15/09 .................. BAA2 1,015,864 Ingersoll-Rand Co Note 1,000,000 5.750%, 02/14/03 .................. A3 1,012,440 ------------ TOTAL PRODUCER DURABLES 3,097,930 ------------ TECHNOLOGY--0.13% International Business Machines Corp Note 1,500,000 4.250%, 09/15/09 .................. A1 1,506,955 ------------ TOTAL TECHNOLOGY 1,506,955 ------------ TRANSPORTATION--0.10% Norfolk Southern Corp (Sr Note) 1,000,000 7.250%, 02/15/31 .................. BAA1 1,152,117 ------------ TOTAL TRANSPORTATION 1,152,117 ------------ + As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 62 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL BOND FUND - September 30, 2002 -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE --------- -------- ----- UTILITIES--3.83% A T & T Corp Note $ 500,000 6.500%, 03/15/29 .................. BAA2 $ 415,000 A T & T Corp (Sr Note) 1,000,000 7.300%, 11/15/11 .................. NR 955,000 2,000,000 6.500%, 11/15/06 .................. A3 1,970,000 A T & T Wireless Services, Inc (Sr Note) 500,000 8.750%, 03/01/31 .................. BAA2 350,000 2,000,000 7.500%, 05/01/07 .................. BAA2 1,680,000 Alltel Corp (Sr Note) 1,000,000 7.500%, 03/01/06 .................. A2 1,081,534 American Electric Power Co, Inc Note 2,000,000 6.125%, 05/15/06 .................. BAA3 1,983,665 Bellsouth Capital Funding Deb 1,500,000 7.875%, 02/15/30 .................. AA3 1,759,108 British Telecommunications PLC Deb 2,000,000 8.875%, 12/15/30 .................. BAA1 2,356,732 Cingular Wireless (Sr Note) 1,500,000 7.125%, 12/15/31 .................. A3 1,290,702 Consumers Energy Co (Sr Note) 2,000,000 6.000%, 03/15/05 .................. BAA3 1,880,000 DTE Energy Co (Sr Note) 2,000,000 6.650%, 04/15/09 .................. BAA2 2,215,733 FirstEnergy Corp Note 2,000,000 6.450%, 11/15/11 .................. BAA2 1,862,404 GTE Corp Deb 500,000 6.940%, 04/15/28 .................. BAA1 446,939 Idaho Power Co (First Mortgage Note) 500,000 8.000%, 03/15/04 .................. A2 534,817 Oncor Electric Delivery Co 2,000,000 6.375%, 05/01/12 .................. A3 2,159,304 Pepco Holdings, Inc Note 1,500,000 6.450%, 08/15/12 .................. BAA1 1,564,096 SBC Communications, Inc Note 1,000,000 5.750%, 05/02/06 .................. AA3 1,067,240 3,000,000 6.250%, 03/15/11 .................. AA3 3,223,115 Southern Power Co (Sr Note) 1,500,000 6.250%, 07/15/12 .................. BAA1 1,643,102 Sprint Capital Corp (Guarantee Note) 4,000,000 6.000%, 01/15/07 .................. BAA3 2,720,000 500,000 7.625%, 01/30/11 .................. BAA3 350,000 TXU US Holdings Co (First Mortgage Note) 1,000,000 6.750%, 03/01/03 .................. A3 1,017,233 Union Pacific Corp Note 3,000,000 6.125%, 01/15/12 .................. BAA3 3,298,767 Verizon New Jersey, Inc Deb 3,000,000 5.875%, 01/17/12 .................. AA2 2,993,672 Verizon Wireless Capital LLC Note 1,500,000 5.375%, 12/15/06 .................. A2 1,405,178 Verizon/New England (Sr Note) 2,500,000 6.500%, 09/15/11 .................. AA2 2,602,513 ------------- TOTAL UTILITIES 44,825,854 ------------- TOTAL CORPORATE BONDS (COST $308,295,503) 357,183,810 ------------- GOVERNMENT BONDS--67.65% AGENCY SECURITIES--6.19% Federal Home Loan Mortgage Corp (FHLMC) 3,300,000 5.750%, 04/15/08 .................. AAA 3,689,631 7,500,000 5.875%, 03/21/11 .................. AA2 8,181,975 7,000,000 6.375%, 08/01/11 .................. AA2 7,537,670 20,300,000 6.875%, 01/15/05 .................. AAA 22,425,409 PRINCIPAL RATINGS+ VALUE --------- -------- ----- Federal National Mortgage Association (FNMA) $ 4,400,000 5.250%, 06/15/06 .................. AAA $ 4,776,992 11,300,000 5.250%, 01/15/09 .................. AAA 12,301,632 11,000,000 5.500%, 05/02/06 .................. AA2 11,905,300 1,500,000 6.250%, 02/01/11 .................. AA2 1,669,800 ------------- TOTAL AGENCY SECURITIES 72,488,409 ------------- FOREIGN GOVERNMENT BONDS--1.19% Canada Government Note 500,000 6.750%, 08/28/06 .................. AA1 573,251 Province of Ontario Canada 1,000,000 5.500%, 10/01/08 .................. AA2 1,113,786 1,000,000 5.125%, 07/17/12 .................. AA3 1,073,311 Province of Quebec Canada 2,500,000 5.000%, 07/17/09 .................. A1 2,676,741 2,500,000 7.500%, 09/15/29 .................. A1 3,235,109 Republic Of Chile Deb 1,000,000 5.625%, 07/23/07 .................. BAA1 1,046,669 Republic Of Poland 1,000,000 6.250%, 07/03/12 .................. BAA1 1,080,240 United Mexican States 1,000,000 10.375%, 02/17/09 ................. BAA2 1,160,000 1,000,000 8.125%, 12/30/19 .................. BAA2 970,000 1,000,000 7.500%, 01/14/12 .................. BAA2 1,010,000 ------------- TOTAL FOREIGN GOVERNMENT BONDS 13,939,107 ------------- MORTGAGE BACKED SECURITIES--30.46% Federal Home Loan Mortgage (FHLMC) 283,273 6.500%, 10/01/28 .............................. 294,239 3,289,390 6.500%, 01/01/29 .............................. 3,416,726 400,856 6.500%, 03/01/29 .............................. 416,374 1,176,556 6.500%, 07/01/29 .............................. 1,221,465 5,040,611 6.500%, 09/01/31 .............................. 5,232,129 7,968,198 h 6.500%, 08/01/32 .............................. 8,271,037 2,543,009 7.000%, 10/01/20 .............................. 2,669,747 7,144,213 7.000%, 02/01/28 .............................. 7,469,875 455,873 7.000%, 12/01/30 .............................. 475,985 447,172 7.000%, 04/01/31 .............................. 466,901 1,416,952 7.000%, 05/01/31 .............................. 1,479,224 1,208,786 7.000%, 07/01/31 .............................. 1,261,910 2,103,072 7.000%, 09/01/31 .............................. 2,195,497 11,934,931 7.000%, 10/01/31 .............................. 12,459,448 10,883,347 7.000%, 12/01/31 .............................. 11,363,077 18,236,426 7.000%, 07/01/32 .............................. 19,037,406 1,061,492 7.500%, 01/01/16 .............................. 1,127,067 102,886 7.500%, 05/01/16 .............................. 109,242 79,763 7.500%, 06/01/16 .............................. 84,669 11,000,000 h 7.500%, 11/25/31 .............................. 11,598,180 11,000,000 h 8.000%, 11/25/31 .............................. 11,739,090 623,598 8.000%, 01/01/31 .............................. 665,618 4,482,901 8.000%, 09/01/31 .............................. 4,784,066 Federal National Mortgage Association (FNMA) 4,928,148 6.000%, 03/01/13 .............................. 5,160,840 875,523 6.000%, 09/01/13 .............................. 914,183 396,938 6.000%, 06/01/14 .............................. 413,917 5,342,108 6.000%, 01/01/19 .............................. 5,538,815 7,160,986 6.000%, 01/01/32 .............................. 7,366,148 7,000,000 h 6.000%, 11/25/32 .............................. 7,168,420 685,038 6.500%, 12/01/13 .............................. 719,014 170,655 6.500%, 07/01/14 .............................. 178,861 1,378,921 6.500%, 10/01/16 .............................. 1,444,893 10,805,769 6.500%, 11/01/16 .............................. 11,322,749 7,313,516 6.500%, 04/01/17 .............................. 7,663,124 5,000,000 h 6.500%, 11/25/17 .............................. 5,231,250 + As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 63 Statement of Investments - INSTITUTIONAL BOND FUND - September 30, 2002 -------------------------------------------------------------------------------- PRINCIPAL VALUE --------- ----- MORTGAGE BACKED SECURITIES--(CONTINUED) $ 7,447,284 6.500%, 01/01/28 ............................ $ 7,732,143 283,492 6.500%, 04/01/29 ............................ 294,051 344,043 6.500%, 07/01/29 ............................ 356,859 5,239,177 6.500%, 06/01/31 ............................ 5,433,320 37,222,859 d 6.500%, 09/01/31 ............................ 38,602,189 3,529,619 6.500%, 10/01/31 ............................ 3,660,413 31,000,000 h 6.500%, 11/25/31 ............................ 32,065,780 3,000,000 h 6.500%, 10/01/32 ............................ 3,111,207 251,919 7.000%, 07/01/14 ............................ 266,595 599,721 7.000%, 12/01/14 ............................ 634,660 47,154 7.000%, 01/01/15 ............................ 49,901 483,830 7.000%, 01/01/16 ............................ 511,923 204,200 7.000%, 03/01/16 ............................ 216,051 609,498 7.000%, 06/01/16 ............................ 644,738 419,928 7.000%, 08/01/16 ............................ 444,207 175,496 7.000%, 09/01/16 ............................ 185,643 17,193,846 7.000%, 09/01/31 ............................ 17,956,411 63,310 7.500%, 01/01/29 ............................ 67,137 321,593 7.500%, 07/01/29 ............................ 339,517 99,550 7.500%, 04/01/30 ............................ 105,098 227,750 7.500%, 02/01/31 ............................ 240,444 491,315 7.500%, 03/01/31 ............................ 518,698 404,099 7.500%, 05/01/31 ............................ 426,622 71,560 8.000%, 07/01/24 ............................ 77,134 Government National Mortgage Association (GNMA) 5,000,000 h 6.000%, 10/20/32 ............................ 5,175,000 1,508,287 6.500%, 05/15/28 ............................ 1,575,552 1,771,044 6.500%, 09/15/28 ............................ 1,850,026 4,637,679 6.500%, 10/15/28 ............................ 4,844,505 859,625 6.500%, 11/15/28 ............................ 897,962 914,669 6.500%, 07/15/31 ............................ 954,829 5,000,000 h 6.500%, 10/15/31 ............................ 5,210,950 13,296 7.000%, 03/15/27 ............................ 13,985 12,625 7.000%, 01/15/28 ............................ 13,274 30,543 7.000%, 02/15/28 ............................ 32,112 52,646 7.000%, 06/15/28 ............................ 55,352 24,824 7.000%, 07/15/28 ............................ 26,100 22,640 7.000%, 09/15/28 ............................ 23,803 171,531 7.000%, 07/15/29 ............................ 180,192 324,097 7.000%, 06/20/31 ............................ 339,320 20,471,525 7.000%, 07/15/31 ............................ 21,503,576 17,000,000 h 7.000%, 10/15/31 ............................ 17,844,730 5,000,000 h 7.000%, 10/20/32 ............................ 5,248,440 5,000,000 h 7.500%, 10/15/32 ............................ 5,304,700 151,854 7.500%, 11/15/28 ............................ 161,288 144,199 7.500%, 07/15/29 ............................ 153,108 3,855,408 7.500%, 02/15/32 ............................ 4,093,117 2,000,000 h 8.000%, 10/15/32 ............................ 2,145,000 117,050 8.500%, 07/15/30 ............................ 126,734 10,378 8.500%, 09/15/30 ............................ 11,236 426,381 8.500%, 10/15/30 ............................ 461,658 2,346,737 8.500%, 10/20/30 ............................ 2,534,623 289,061 8.500%, 11/15/30 ............................ 312,977 194,908 8.500%, 12/15/30 ............................ 211,033 292,143 8.500%, 03/15/31 ............................ 315,830 ------------- TOTAL MORTGAGE BACKED SECURITIES 356,522,939 ------------- U.S. TREASURY SECURITIES--29.81% U.S. Treasury Bond 37,500,000 10.000%, 05/15/10 ........................... 45,000,003 1,125,000 5.375%, 02/15/31 ............................ 1,250,156 15,500,000 6.250%, 05/15/30 ............................ 18,912,480 46,280,000 7.250%, 05/15/16 ............................ 60,042,750 PRINCIPAL VALUE --------- ----- U.S. Treasury Note $ 3,850,000 3.250%, 08/15/07 ............................ $ 3,967,618 150,004,500 h 3.375%, 01/15/07 ............................ 163,387,751 49,048,300 3.625%, 01/15/08 ............................ 54,106,406 1,300,000 4.375%, 05/15/07 ............................ 1,403,077 775,000 4.625%, 05/15/06 ............................ 838,783 ------------- TOTAL U.S. TREASURY SECURITIES 348,909,024 ------------- TOTAL GOVERNMENT BONDS (COST $795,463,132) 791,859,479 ------------- TOTAL BONDS (COST $1,103,758,635) 1,149,043,289 ------------- SHORT TERM INVESTMENTS--11.54% COMMERCIAL PAPER--4.61% Bellsouth Corp 4,600,000 c,d 1.760%, 10/02/02 ............................ 4,599,543 BMW U.S. Capital Corp 3,400,000 d 1.740%, 10/25/02 ............................ 3,395,821 Caterpillar Financial Services Corp 5,000,000 d 1.750%, 11/12/02 ............................ 4,989,549 Ciesco LP 700,000 1.750%, 11/04/02 ............................ 698,809 Corporate Asset Funding Corp, Inc 5,000,000 c,d 1.750%, 10/11/02 ............................ 4,997,311 Edison Asset Securitization LLC 637,000 c,d 1.770%, 11/22/02 ............................ 635,368 Enterprise Funding Corp 3,510,000 c 1.710%, 10/16/02 ............................ 3,507,239 Greyhawk Funding Llc 5,000,000 c,d 1.790%, 10/08/02 ............................ 4,998,044 Home Depot Funding Corp 4,469,000 c,d 1.950%, 11/06/02 ............................ 4,460,962 Kitty Hawk Funding Corp 4,050,000 c,d 1.780%, 10/10/02 ............................ 4,048,020 Park Avenue Receivables Corp 3,815,000 c 1.770%, 11/06/02 ............................ 3,808,138 Preferred Receivables Funding Corp 4,310,000 c,d 1.770%, 10/11/02 ............................ 4,307,682 Receivables Capital Corp 5,000,000 c 1.770%, 10/03/02 ............................ 4,999,254 SBC International, Inc 2,000,000 c 1.760%, 10/01/02 ............................ 1,999,901 UBS Finance (Delaware), Inc 2,555,000 d 1.750%, 12/19/02 ............................ 2,545,234 ------------- TOTAL COMMERCIAL PAPER 53,990,875 ------------- U.S. GOVERNMENT AND AGENCIES--6.93% Federal Home Loan Banks (FHLB) 9,110,000 1.720%, 10/09/02 ............................ 9,106,151 20,020,000 d 1.690%, 10/18/02 ............................ 20,003,183 Federal Home Loan Mortgage Corp (FHLMC) 14,230,000 1.650%, 10/01/02 ............................ 14,229,328 800,000 1.640%, 10/08/02 ............................ 799,700 7,460,000 d 1.705%, 10/29/02 ............................ 7,449,904 26,460,000 d 2.055%, 11/07/02 ............................ 26,413,078 3,100,000 d 1.880%, 10/30/02 ............................ 3,095,660 ------------- TOTAL U.S. GOVERNMENT AND AGENCIES 81,097,004 ------------- TOTAL SHORT TERM INVESTMENTS (COST $135,087,879) 135,087,879 ------------- SEE NOTES TO FINANCIAL STATEMENTS 64 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL BOND FUND - September 30, 2002 -------------------------------------------------------------------------------- VALUE ----- TOTAL PORTFOLIO--109.70% (COST $1,238,846,514) $1,284,131,168 OTHER ASSETS & LIABILITIES, NET--(9.70%) (113,571,438) -------------- NET ASSETS--100.00% $1,170,559,730 ============== ---------- c Commercial Paper issued under Private Placement exemption under Section 4(2) of the Securities Act of 1933. d All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis. h These securities were purchased on a delayed delivery basis. At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $1,239,271,960. Net unrealized appreciation of portfolio investments aggregated $44,859,208 of which $47,858,959 related to appreciated portfolio investments and $2,999,751 related to depreciated portfolio investments. For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 65 Statement of Investments - INSTITUTIONAL MONEY MARKET FUND - September 30, 2002 -------------------------------------------------------------------------------- PRINCIPAL VALUE --------- ----- SHORT TERM INVESTMENTS--100.16% CERTIFICATES OF DEPOSIT--2.65% State Street Bank & Trust Co $5,000,000 1.970%, 11/26/02 ............................. $ 5,000,154 ------------ TOTAL CERTIFICATES OF DEPOSIT 5,000,154 ------------ COMMERCIAL PAPER--67.30% Abbey National North America LLC 3,905,000 1.750%, 10/18/02 ............................. 3,901,773 American Honda Finance Corp 5,310,000 1.760%, 10/04/02 ............................. 5,309,239 2,000,000 1.760%, 10/11/02 ............................. 1,999,022 Bank Of Nova Scotia 2,430,000 1.770%, 10/07/02 ............................. 2,429,283 Beta Finance, Inc 2,325,000 c 1.710%, 11/06/02 ............................. 2,321,024 490,000 c 1.700%, 11/14/02 ............................. 488,944 4,835,000 c 1.750%, 02/18/03 ............................. 4,802,095 Cargill, Inc 1,800,000 c 1.740%, 01/16/03 ............................. 1,790,691 Caterpillar Financial Services Corp 5,000,000 1.760%, 10/08/02 ............................. 4,998,289 2,000,000 1.700%, 10/16/02 ............................. 1,998,583 CC (USA), Inc 3,120,000 c 1.700%, 10/25/02 ............................. 3,116,464 1,550,000 c 1.750%, 10/29/02 ............................. 1,547,939 747,000 c 1.700%, 11/05/02 ............................. 745,693 Corporate Asset Funding Corp, Inc 2,700,000 c 1.750%, 10/02/02 ............................. 2,699,869 Delaware Funding Corp 2,318,000 c 1.760%, 10/01/02 ............................. 2,318,000 3,000,000 c 1.760%, 11/21/02 ............................. 2,992,520 Edison Asset Securitization LLC 450,000 c 1.740%, 01/16/03 ............................. 447,673 Enterprise Funding Corp 2,005,000 c 1.730%, 10/15/02 ............................. 2,003,659 562,000 c 1.800%, 10/21/02 ............................. 561,458 3,000,000 c 1.760%, 11/15/02 ............................. 2,993,400 Fcar Owner Trust I 1,645,000 1.930%, 10/02/02 ............................. 1,644,912 2,500,000 1.710%, 10/25/02 ............................. 2,497,150 General Electric Capital Corp 3,000,000 1.980%, 11/05/02 ............................. 2,994,225 1,180,000 1.810%, 01/10/03 ............................. 1,174,064 Govco, Inc 4,500,000 c 1.760%, 10/07/02 ............................. 4,498,680 Greyhawk Funding LLC 2,000,000 c 1.750%, 10/23/02 ............................. 1,997,861 Harley-Davidson Funding Corp 5,405,000 c 1.750%, 10/15/02 ............................. 5,401,322 Home Depot Funding Corp 5,565,000 c 2.000%, 11/18/02 ............................. 5,550,176 Johnson & Johnson 1,200,000 1.760%, 10/28/02 ............................. 1,198,416 Kitty Hawk Funding 500,000 c 1.710%, 11/07/02 ............................. 499,096 Moriarty LLC 2,930,000 c 2.120%, 10/09/02 ............................. 2,928,620 3,000,000 c 1.700%, 11/26/02 ............................. 2,992,067 Paccar Financial Corp 1,870,000 1.750%, 10/11/02 ............................. 1,869,091 Park Avenue Receivables Corp 2,320,000 c 1.770%, 10/24/02 ............................. 2,317,376 Pfizer, Inc 2,875,000 c 1.720%, 10/15/02 ............................. 2,873,077 PRINCIPAL VALUE --------- ----- Preferred Receivables Funding Corp $ 2,000,000 c 1.780%, 10/25/02 ............................. $ 1,997,701 3,910,000 c 1.760%, 11/01/02 ............................. 3,904,049 Province Of Ontario Canada 4,000,000 1.720%, 12/19/02 ............................. 3,984,902 Receivables Capital Corp 4,306,000 c 1.780%, 10/17/02 ............................. 4,302,593 SBC International, Inc 2,930,000 c 1.760%, 10/01/02 ............................. 2,930,000 3,665,000 1.750%, 10/24/02 ............................. 3,660,902 Sigma Finance, Inc 5,000,000 c 1.800%, 11/07/02 ............................. 4,990,750 250,000 c 1.800%, 12/16/02 ............................. 249,050 330,000 c 1.610%, 02/10/03 ............................. 328,052 Societe Generale North America, Inc 5,000,000 1.670%, 12/23/02 ............................. 4,980,749 300,000 1.710%, 10/01/02 ............................. 300,000 750,000 1.750%, 10/18/02 ............................. 749,380 1,605,000 1.750%, 12/19/02 ............................. 1,598,836 Westdeutsche Landesbank 2,910,000 1.780%, 11/01/02 ............................. 2,905,540 ------------ TOTAL COMMERCIAL PAPER 126,784,255 ------------ U.S. GOVERNMENT AND AGENCIES--30.21% Federal Home Loan Banks (FHLB) 23,830,000 1.730%, 10/16/02 ............................. 23,812,823 1,111,000 2.040%, 12/09/02 ............................. 1,106,656 Federal Home Loan Mortgage Corp (FHLMC) 5,785,000 1.650%, 10/01/02 ............................. 5,785,000 1,000,000 1.950%, 10/18/02 ............................. 999,086 467,000 2.240%, 10/23/02 ............................. 466,438 1,032,000 2.055%, 11/07/02 ............................. 1,029,864 1,350,000 1.940%, 12/05/02 ............................. 1,345,296 3,000,000 1.910%, 12/27/02 ............................. 2,986,153 1,115,000 1.770%, 08/14/03 ............................. 1,097,622 Federal National Mortgage Association (FNMA) 1,000,000 2.040%, 10/02/02 ............................. 999,949 370,000 1.900%, 10/04/02 ............................. 369,942 130,000 1.850%, 10/09/02 ............................. 129,947 4,000,000 1.940%, 10/16/02 ............................. 3,997,117 400,000 1.900%, 10/23/02 ............................. 399,539 4,000,000 1.880%, 10/30/02 ............................. 3,993,982 1,285,000 2.180%, 12/13/02 ............................. 1,279,215 1,350,000 1.750%, 12/31/02 ............................. 1,344,028 3,835,000 2.630%, 02/14/03 ............................. 3,796,894 2,000,000 2.750%, 03/07/03 ............................. 1,976,014 ------------ TOTAL U.S. GOVERNMENT AND AGENCIES 56,915,565 ------------ TOTAL SHORT TERM INVESTMENTS (COST $188,699,974) 188,699,974 ------------ TOTAL PORTFOLIO--100.16% (COST $188,699,974) 188,699,974 OTHER ASSETS & LIABILITIES, NET--(0.16%) (306,290) ------------ NET ASSETS--100.00% $188,393,684 ============ ---------- c Commercial paper issued under the private placement exemption under Section 4(2) of the Securities Act of 1933. The cost of portfolio investments for federal income tax purpose is substantially the same as the amount disclosed above. For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 66 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT [LOGO] TIAA CREF -------------------------------------------------------------------------------- REPORT OF MANAGEMENT RESPONSIBILITY To the Shareholders of TIAA-CREF Institutional Mutual Funds: The accompanying financial statements of the Institutional International Equity, Institutional Growth Equity, Institutional Growth & Income, Institutional Equity Index, Institutional Social Choice Equity, Institutional Bond, and Institutional Money Market Funds of TIAA-CREF Institutional Mutual Funds (the "Funds") are the responsibility of management. They have been prepared in accordance with accounting principles generally accepted in the United States and have been presented fairly and objectively in accordance with such principles. The Funds have established and maintain a strong system of internal controls and disclosure controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management's authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, the Funds' internal audit personnel provide a continuing review of the internal controls and operations of the Funds, and the internal Auditor regularly reports to the Audit Committee of the Funds' Board of Trustees. The accompanying financial statements have been audited by the independent auditing firm of Ernst & Young LLP. To maintain auditor independence and avoid even the appearance of conflict of interest, it continues to be the Funds' policy that any management advisory or consulting services be obtained from a firm other than the external financial audit firm. The independent auditor's report, which follows the notes to financial statements, expresses an independent opinion on the fairness of presentation of these financial statements. The Audit Committee of the Funds' Board of Trustees, consisting of trustees who are not officers of TIAA-CREF Institutional Mutual Funds, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls and auditing. In addition to the annual audit of the financial statements of the Funds by the independent auditing firm, the Securities and Exchange Commission performs periodic examinations of the Funds' operations. /s/ Martin E. Galt, III ---------------------------- President /s/ Richard L. Gibbs ---------------------------- Executive Vice President and Principal Accounting Officer 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 67 -------------------------------------------------------------------------------- REPORT OF THE AUDIT COMMITTEE To the Shareholders of TIAA-CREF Institutional Mutual Funds: The Audit Committee oversees the financial reporting process of TIAA-CREF Institutional Mutual Funds (the "Funds") on behalf of the Funds' Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee's responsibilities. All members of the Audit Committee ("Committee") are independent, as defined under the listing standards of the New York Stock Exchange. Management has the primary responsibility for preparation of the Funds' financial statements, development and maintenance of a strong system of internal controls and disclosure controls, and compliance with applicable laws and regulations. In fulfilling its oversight responsibilities, the Committee reviewed and approved the audit plans of the internal auditing group and the independent auditing firm in advance of their respective audits of the Funds. The Committee also meets regularly with the internal and independent auditors, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting. As required by its charter the Committee will evaluate rotation of the external financial audit firm whenever circumstances warrant, but in no event will the evaluation be later than between their fifth and tenth years of service. The Committee reviewed and discussed the accompanying audited financial statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the reasonableness of significant judgments, and the clarity and completeness of disclosures in the financial statements. The Committee has also discussed the audited financial statements with Ernst & Young LLP, the independent auditing firm responsible for expressing an opinion on the conformity of these audited financial statements with generally accepted accounting principles. The discussion with Ernst & Young LLP focused on their judgments concerning the quality and appropriateness of the accounting principles and financial reporting practices followed by the Funds, the clarity of the financial statements and related disclosures, and other significant matters, such as any significant changes in accounting policies, internal controls, management judgments and estimates, and the nature of any uncertainties or unusual transactions. In addition, the Committee discussed with Ernst & Young LLP the auditors' independence from management and the Funds, and has received a written disclosure regarding such independence, as required by the Independence Standards Board. Based on the review and discussions referred to above, the Committee has approved the release of the accompanying audited financial statements for publication and filing with appropriate regulatory authorities. Maceo K. Sloan, Audit Committee Chair Martin J. Gruber, Audit Committee Member Nestor V. Santiago, Audit Committee Member David K. Storrs, Audit Committee Member November 12, 2002 68 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF ASSETS AND LIABILITIES -------------------------------------------------------------------------------- September 30, 2002
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE EQUITY FUND FUND INCOME FUND FUND EQUITY FUND --------------------------------------------------------------------------------------------------------------------- ASSETS Portfolio investments, at cost $256,108,931 $ 627,331,182 $469,012,081 $ 571,589,516 $ 49,683,819 Net unrealized appreciation (depreciation) of portfolio investments (53,795,539) (140,749,742) (91,990,338) (142,884,517) (13,803,583) --------------------------------------------------------------------------------------------------------------------- Portfolio investments, at value 202,313,392 486,581,440 377,021,743 428,704,999 35,880,236 Cash 2,527,813 739,234 143,384 81 255,863 Receivable from securities transactions 732,111 13,971,226 2,680,120 21,375,497 -- Receivable for Fund shares sold 12,000 -- 66,000 35,000 -- Dividends and interest receivable 899,398 490,011 507,459 596,326 45,475 Due from investment advisor -- -- -- -- 150,762 --------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS 206,484,714 501,781,911 380,418,706 450,711,903 36,332,336 --------------------------------------------------------------------------------------------------------------------- LIABILITIES Accrued expenses 172,826 275,327 261,453 242,980 148,421 Due to custodian -- -- -- 19,758,010 -- Payable for securities transactions 412,881 13,850,931 2,027,017 10,922,289 -- Income distribution payable -- -- 1,538,048 -- 3,571 Due to investment advisor -- 35,641 62,748 17,867 -- --------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 585,707 14,161,899 3,889,266 30,941,146 151,992 --------------------------------------------------------------------------------------------------------------------- NET ASSETS $205,899,007 $ 487,620,012 $376,529,440 $ 419,770,757 $ 36,180,344 ===================================================================================================================== NET ASSETS CONSIST OF: Paid in capital $287,034,387 $ 715,685,472 $533,086,885 $ 558,439,066 $ 51,988,206 Accumulated undistributed net investment income 3,727,728 1,696,722 149,925 3,777,485 378,569 Accumulated undistributed net realized gain (loss) on total investments (31,101,428) (89,012,440) (64,717,737) 438,723 (2,382,848) Accumulated net unrealized appreciation (depreciation) on total investments (53,761,680) (140,749,742) (91,989,633) (142,884,517) (13,803,583) --------------------------------------------------------------------------------------------------------------------- NET ASSETS $205,899,007 $ 487,620,012 $376,529,440 $ 419,770,757 $ 36,180,344 ===================================================================================================================== Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 30,000,168 101,202,146 61,282,061 64,734,510 5,646,569 NET ASSET VALUE, PER SHARE $6.86 $4.82 $6.14 $6.48 $6.41 =====================================================================================================================
INSTITUTIONAL INSTITUTIONAL BOND MONEY MARKET FUND FUND ------------------------------------------------------------------- ASSETS Portfolio investments, at cost $1,238,846,514 $188,699,974 Net unrealized appreciation (depreciation) of portfolio investments 45,284,654 -- -------------------------------------------------------------------- Portfolio investments, at value 1,284,131,168 188,699,974 Cash 13,384,011 142,655 Receivable from securities transactions 90,592,372 1,200,000 Receivable for Fund shares sold 138,000 -- Dividends and interest receivable 12,717,338 82,853 Due from investment advisor -- -- -------------------------------------------------------------------- TOTAL ASSETS 1,400,962,889 190,125,482 -------------------------------------------------------------------- LIABILITIES Accrued expenses 490,535 194,174 Due to custodian -- -- Payable for securities transactions 225,071,918 1,248,869 Income distribution payable 4,586,712 267,677 Due to investment advisor 253,994 21,078 -------------------------------------------------------------------- TOTAL LIABILITIES 230,403,159 1,731,798 -------------------------------------------------------------------- NET ASSETS $1,170,559,730 $188,393,684 ==================================================================== NET ASSETS CONSIST OF: Paid in capital $1,119,006,636 $188,395,523 Accumulated undistributed net investment income 164,242 295 Accumulated undistributed net realized gain (loss) on total investments 6,104,198 (2,134) Accumulated net unrealized appreciation (depreciation) on total investments 45,284,654 -- -------------------------------------------------------------------- NET ASSETS $1,170,559,730 $188,393,684 ==================================================================== Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 109,179,484 188,395,523 NET ASSET VALUE, PER SHARE $10.72 $1.00 ==================================================================== See notes to financial statements 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 69 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF OPERATIONS -------------------------------------------------------------------------------- For the Year Ended September 30, 2002
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE EQUITY FUND FUND INCOME FUND FUND EQUITY FUND ----------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME Interest $ 117,276 $ 48,592 $ 119,006 $ 94,823 $ 5,859 Dividends 4,534,809 2,520,806 4,718,684 4,600,431 531,957 Foreign taxes withheld (679,397) (1,931) (49,598) (368) (1,677) ----------------------------------------------------------------------------------------------------------------------------- Total income 3,972,688 2,567,467 4,788,092 4,694,886 536,139 ----------------------------------------------------------------------------------------------------------------------------- EXPENSES Investment management fees 512,578 671,063 787,576 534,490 67,013 Custody and administration 226,540 147,868 119,143 142,693 133,090 Audit and legal 6,429 8,699 43,491 5,583 8,122 Shareholder servicing 25,941 28,406 16,890 24,975 24,306 Printing 33,509 36,264 9,331 39,474 35,123 Registration 23,542 30,627 5,464 40,073 475 Trustee fees and expenses 426 206 70 442 275 Interest (Note 5) -- 7,293 -- -- -- Other 16,734 13,811 22,036 13,920 17,177 ----------------------------------------------------------------------------------------------------------------------------- Total expenses before fee waiver and expense reimbursement 845,699 944,237 1,004,001 801,650 285,581 Less investment management fees waived by the investment advisor (see Note 2) 170,869 204,236 239,697 207,857 24,689 Less expenses reimbursed by the investment advisor (see Note 2) 124,178 98,105 10,929 88,508 197,245 ----------------------------------------------------------------------------------------------------------------------------- Net expenses 550,652 641,896 753,375 505,285 63,647 ----------------------------------------------------------------------------------------------------------------------------- Net investment income 3,422,036 1,925,571 4,034,717 4,189,601 472,492 ----------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS Realized gain (loss) on: Portfolio investments (11,859,155) (56,373,017) (46,497,414) 1,824,448 (2,294,099) Foreign currency transactions 301,396 32,896 41,778 -- -- ----------------------------------------------------------------------------------------------------------------------------- Net realized gain (loss) on total investments (11,557,759) (56,340,121) (46,455,636) 1,824,448 (2,294,099) ----------------------------------------------------------------------------------------------------------------------------- Change in unrealized appreciation (depreciation) on: Portfolio investments (28,954,407) (86,360,875) (68,137,456) (121,422,325) (7,238,720) Translations of assets (other than portfolio investments) and liabilities denominated in foreign currencies 26,502 (2,253) 1,010 -- -- ----------------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) on total investments (28,927,905) (86,363,128) (68,136,446) (121,422,325) (7,238,720) ----------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) on total investments (40,485,664) (142,703,249) (114,592,082) (119,597,877) (9,532,819) ----------------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (37,063,628) $(140,777,678) $(110,557,365) $(115,408,276) $ (9,060,327) =============================================================================================================================
INSTITUTIONAL INSTITUTIONAL BOND MONEY MARKET FUND FUND ------------------------------------------------------------------------ INVESTMENT INCOME Interest $36,440,786 $3,295,092 Dividends -- -- Foreign taxes withheld -- -- ------------------------------------------------------------------------ Total income 36,440,786 3,295,092 ------------------------------------------------------------------------ EXPENSES Investment management fees 1,223,317 263,420 Custody and administration 164,601 147,004 Audit and legal 36,748 14,420 Shareholder servicing 29,711 26,385 Printing 42,551 32,473 Registration 87,649 1,643 Trustee fees and expenses 404 98 Interest (Note 5) -- -- Other 48,884 12,069 ------------------------------------------------------------------------ Total expenses before fee waiver and expense reimbursement 1,633,865 497,512 Less investment management fees waived by the investment advisor (see Note 2) 339,814 87,807 Less expenses reimbursed by the investment advisor (see Note 2) 1,761 128,530 ------------------------------------------------------------------------ Net expenses 1,292,290 281,175 ------------------------------------------------------------------------ Net investment income 35,148,496 3,013,917 ------------------------------------------------------------------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS Realized gain (loss) on: Portfolio investments 8,014,308 (2,134) Foreign currency transactions -- -- ------------------------------------------------------------------------ Net realized gain (loss) on total investments 8,014,308 (2,134) ------------------------------------------------------------------------ Change in unrealized appreciation (depreciation) on: Portfolio investments 35,855,065 -- Translations of assets (other than portfolio investments) and liabilities denominated in foreign currencies -- -- ------------------------------------------------------------------------ Net change in unrealized appreciation (depreciation) on total investments 35,855,065 -- ------------------------------------------------------------------------ Net realized and unrealized gain (loss) on total investments 43,869,373 (2,134) ------------------------------------------------------------------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $79,017,869 $3,011,783 ======================================================================== See notes to financial statements 70 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF CASH FLOWS -------------------------------------------------------------------------------- For the Year Ended September 30, 2002
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE EQUITY FUND FUND INCOME FUND FUND EQUITY FUND --------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net increase (decrease) in net assets resulting from operations $ (37,063,628) $(140,777,678) $(110,557,365) $(115,408,276) $ (9,060,327) Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: Purchases of long-term securities (265,931,177) (242,833,247) (775,161,310) (480,291,136) (26,858,816) Proceeds from sales of long- term securities 142,593,788 153,167,832 434,595,894 19,306,065 7,578,318 Purchases of short-term investments--net (199,542) 800,750 18,047,952 2,067,341 344,881 Increase in receivables (541,231) (372,177) (346,849) (358,345) (148,193) Decrease in payables 106,123 193,834 193,260 126,849 32,939 Net realized (gain) loss on total investments 11,557,759 56,340,121 46,455,636 (1,824,448) 2,294,099 Unrealized (appreciation) depreciation on total investments 28,927,905 86,363,128 68,136,446 121,422,325 7,238,720 --------------------------------------------------------------------------------------------------------------------------- Net cash used in operating activities (120,550,003) (87,117,437) (318,636,336) (454,959,625) (18,578,379) --------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Fund shares sold 128,546,528 159,384,365 320,102,315 451,441,637 19,444,359 Payments for Fund shares redeemed (9,114,263) (15,548,769) (17,452,153) (20,942,971) (587,730) Cash distributions paid (277,563) (206,958) (1,047,385) (432,056) (24,209) Exchanges among the Funds--net 3,682,310 (55,777,884) 16,996,206 24,892,384 -- Proceeds from the financing of dollar roll transactions--net -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Net cash provided by financing activities 122,837,012 87,850,754 318,598,983 454,958,994 18,832,420 --------------------------------------------------------------------------------------------------------------------------- Increase (decrease) in cash 2,287,009 733,317 (37,353) (631) 254,041 CASH Beginning of year 240,804 5,917 180,737 712 1,822 --------------------------------------------------------------------------------------------------------------------------- End of year $ 2,527,813 $ 739,234 $ 143,384 $ 81 $ 255,863 =========================================================================================================================== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Non-cash financing activities not included above: Reinvestment of distributions $ 1,220,220 $ 514,804 $ 1,695,096 $ 735,292 $ 305,166 In-kind subscriptions -- 390,085,637 -- -- -- ===========================================================================================================================
INSTITUTIONAL INSTITUTIONAL BOND MONEY MARKET FUND FUND ------------------------------------------------------------------------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net increase (decrease) in net assets resulting from operations $ 79,017,869 $ 3,011,783 Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: Purchases of long-term securities (1,576,040,924) -- Proceeds from sales of long- term securities 1,193,991,463 -- Purchases of short-term investments--net 37,442,730 (62,549,461) Increase in receivables (9,735,419) (33,055) Decrease in payables 613,374 85,970 Net realized (gain) loss on total investments (8,014,308) 2,134 Unrealized (appreciation) depreciation on total investments (35,855,065) -- ------------------------------------------------------------------------------- Net cash used in operating activities (318,580,280) (59,482,629) ------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Fund shares sold 381,730,592 249,439,232 Payments for Fund shares redeemed (63,806,758) 198,193,526) Cash distributions paid (8,243,498) (1,218,985) Exchanges among the Funds--net 609,012 9,597,972 Proceeds from the financing of dollar roll transactions--net 21,624,182 -- ------------------------------------------------------------------------------- Net cash provided by financing activities 331,913,530 59,624,693 ------------------------------------------------------------------------------- Increase (decrease) in cash 13,333,250 142,064 CASH Beginning of year 50,761 591 ------------------------------------------------------------------------------- End of year $ 13,384,011 $ 142,655 =============================================================================== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Non-cash financing activities not included above: Reinvestment of distributions $ 30,166,377 $ 1,529,441 In-kind subscriptions 480,398,933 91,025,434 =============================================================================== See notes to financial statements 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 71 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS --------------------------------------------------------------------------------
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL EQUITY FUND GROWTH EQUITY FUND GROWTH & INCOME FUND ------------------------------- ------------------------ ---------------------------- FOR THE YEARS ENDED FOR THE YEARS ENDED FOR THE YEARS ENDED SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, ------------------------------------------------------------------------------------------------------------------------------------ 2002 2001 2002 2001 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ CHANGE IN NET ASSETS OPERATIONS: Net investment income $ 3,422,036 $ 1,522,115 $ 1,925,571 $ 549,429 $ 4,034,717 $ 1,356,826 Net realized gain (loss) on total investments (11,557,759) (18,541,877) (56,340,121) (31,114,524) (46,455,636) (17,643,881) Net change in unrealized appreciation (depreciation) on total investments (28,927,905) (23,518,340) (86,363,128) (59,043,861) (68,136,446) (25,844,603) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from operations (37,063,628) (40,538,102) (140,777,678) (89,608,956) (110,557,365) (42,131,658) ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS: From net investment income (1,497,783) (277,626) (721,601) (289,068) (4,013,504) (1,281,419) From realized gains -- (3,658,368) (161) (3,294,941) -- (1,530,774) ------------------------------------------------------------------------------------------------------------------------------------ Total distributions (1,497,783) (3,935,994) (721,762) (3,584,009) (4,013,504) (2,812,193) ------------------------------------------------------------------------------------------------------------------------------------ SHAREHOLDER TRANSACTIONS: Seed money redemptions by TIAA -- -- -- -- -- -- Subscriptions 128,236,460 79,649,233 549,470,002 116,503,256 319,981,259 150,628,713 Reinvestment of distributions 1,220,220 1,611,568 514,804 2,502,728 1,695,096 1,509,268 Exchanges among the Funds, net 3,682,310 5,992,251 (55,777,884) 3,532,700 16,996,206 3,512,951 Redemptions (9,114,263) (6,183,862) (15,068,129) (9,894,281) (17,452,003) (6,160,884) ------------------------------------------------------------------------------------------------------------------------------------ Net increase from shareholder transactions 124,024,727 81,069,190 479,138,793 112,644,403 321,220,558 149,490,048 ------------------------------------------------------------------------------------------------------------------------------------ Total increase (decrease) in net assets 85,463,316 36,595,094 337,639,353 19,451,438 206,649,689 104,546,197 NET ASSETS Beginning of year 120,435,691 83,840,597 149,980,659 130,529,221 169,879,751 65,333,554 ------------------------------------------------------------------------------------------------------------------------------------ End of year $ 205,899,007 $120,435,691 $ 487,620,012 $149,980,659 $376,529,440 $169,879,751 ==================================================================================================================================== CHANGE IN FUND SHARES: Shares outstanding, beginning of year 14,909,797 6,682,802 23,429,664 10,403,989 21,474,164 5,812,170 ------------------------------------------------------------------------------------------------------------------------------------ Seed shares redeemed by TIAA -- -- -- -- -- -- Shares sold 15,503,332 8,015,350 88,683,184 13,464,829 39,814,454 15,754,942 Shares issued in reinvestment of distributions 143,724 144,535 69,009 256,427 210,046 157,818 Shares exchanged among the Funds, net 483,349 671,917 (8,010,067) 433,439 2,059,959 379,849 Shares redeemed (1,040,034) (604,807) (2,969,644) (1,129,020) (2,276,562) (630,615) ------------------------------------------------------------------------------------------------------------------------------------ Net increase in shares outstanding 15,090,371 8,226,995 77,772,482 13,025,675 39,807,897 15,661,994 ------------------------------------------------------------------------------------------------------------------------------------ Shares outstanding, end of year 30,000,168 14,909,797 101,202,146 23,429,664 61,282,061 21,474,164 ====================================================================================================================================
See notes to financial statements 72 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT STATEMENTS OF CHANGES IN NET ASSETS --------------------------------------------------------------------------------
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL EQUITY INDEX FUND SOCIAL CHOICE EQUITY FUND BOND FUND MONEY MARKET FUND -------------------------------- ----------------------------- --------------------------- ---------------------------- FOR THE YEARS ENDED FOR THE YEARS ENDED FOR THE YEARS ENDED FOR THE YEARS ENDED SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, -------------------------------------------------------------------------------------------------------------------------- 2002 2001 2002 2001 2002 2001 2002 2001 -------------------------------------------------------------------------------------------------------------------------- $ 4,189,601 $ 913,718 $ 472,492 $ 319,155 $ 35,148,496 $ 13,698,924 $ 3,013,917 $ 1,529,976 1,824,448 (1,198,395) (2,294,099) (68,855) 8,014,308 7,112,987 (2,134) 274 (121,422,325) (25,155,447) (7,238,720) (8,733,931) 35,855,065 7,653,032 -- -- -------------------------------------------------------------------------------------------------------------------------- (115,408,276) (25,440,124) (9,060,327) (8,483,631) 79,017,869 28,464,943 3,011,783 1,530,250 -------------------------------------------------------------------------------------------------------------------------- (1,164,700) (480,250) (329,372) (293,110) (34,979,870) (13,709,958) (3,013,643) (1,529,976) (2,648) (499,969) -- (506,429) (7,409,015) (2,214,391) (274) -- -------------------------------------------------------------------------------------------------------------------------- (1,167,348) (980,219) (329,372) (799,539) (42,388,885) (15,924,349) (3,013,917) (1,529,976) -------------------------------------------------------------------------------------------------------------------------- -- (18,000,833) -- (928,000) -- (6,640,212) -- (4,768,635) 450,172,419 95,686,753 19,393,007 7,004,254 862,178,378 162,915,516 340,414,932 28,636,704 735,292 732,422 305,166 674,014 30,166,377 10,996,775 1,529,441 1,285,659 24,892,384 2,120,000 -- -- 609,012 (14,425,900) 9,597,972 (732,002) (40,700,981) (4,540,185) (587,730) (314,906) (63,564,225) (12,542,846) (198,183,432) (14,677,607) -------------------------------------------------------------------------------------------------------------------------- 435,099,114 75,998,157 19,110,443 6,435,362 829,389,542 140,303,333 153,358,913 9,744,119 -------------------------------------------------------------------------------------------------------------------------- 318,523,490 49,577,814 9,720,744 (2,847,808) 866,018,526 152,843,927 153,356,779 9,744,393 101,247,267 51,669,453 26,459,600 29,307,408 304,541,204 151,697,277 35,036,905 25,292,512 -------------------------------------------------------------------------------------------------------------------------- $ 419,770,757 $101,247,267 $36,180,344 $26,459,600 $1,170,559,730 $304,541,204 $ 188,393,684 $ 35,036,905 ========================================================================================================================== 12,564,696 4,544,880 3,293,412 2,627,223 28,786,942 15,112,620 35,036,610 25,292,491 -------------------------------------------------------------------------------------------------------------------------- -- (1,651,331) -- (89,976) -- (661,706) -- (4,768,635) 55,250,875 9,842,995 2,397,290 726,321 83,950,279 15,878,976 340,414,932 28,636,704 81,790 71,806 34,599 66,340 2,520,626 1,071,294 1,529,441 1,285,659 2,902,540 219,560 -- -- 193,710 (1,281,262) 9,597,972 (732,002) (6,065,391) (463,214) (78,732) (36,496) (6,272,073) (1,332,980) (198,183,432) (14,677,607) -------------------------------------------------------------------------------------------------------------------------- 52,169,814 8,019,816 2,353,157 666,189 80,392,542 13,674,322 153,358,913 9,744,119 -------------------------------------------------------------------------------------------------------------------------- 64,734,510 12,564,696 5,646,569 3,293,412 109,179,484 28,786,942 188,395,523 35,036,610 ==========================================================================================================================
See notes to financial statements 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 73 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS --------------------------------------------------------------------------------
INSTITUTIONAL INTERNATIONAL EQUITY FUND INSTITUTIONAL GROWTH EQUITY FUND ------------------------------------------------------------------------------------ -------------------------------------------- FOR THE PERIOD FOR THE PERIOD JUNE 14, 1999 JUNE 14, 1999 FOR THE FOR THE FOR THE (COMMENCE- FOR THE FOR THE FOR THE (COMMENCE- YEAR YEAR YEAR MENT OF YEAR YEAR YEAR MENT OF ENDED ENDED ENDED OPERATIONS) TO ENDED ENDED ENDED OPERATIONS) TO SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER 30, 2002 30, 2001 30, 2000 30, 1999(a) 30, 2002 30, 2001 30, 2000 30, 1999(a) ---------------------------------------------------------------------------------------------------------------------------------- SELECTED PER SHARE DATA Net asset value, beginning of period $8.08 $12.55 $10.66 $10.00 $6.40 $12.55 $10.14 $10.00 ---------------------------------------------------------------------------------------------------------------------------------- Gain (loss) from investment operations: Net investment income 0.15(b) 0.10 0.07 0.04 0.04(b) 0.02 0.03 0.02 Net realized and unrealized gain (loss) on investments (1.29) (4.06) 1.94 0.62 (1.60) (5.90) 2.40 0.12 ---------------------------------------------------------------------------------------------------------------------------------- Total gain (loss) from investment operations (1.14) (3.96) 2.01 0.66 (1.56) (5.88) 2.43 0.14 ---------------------------------------------------------------------------------------------------------------------------------- Less distributions from: Net investment income (0.08) (0.04) (0.05) -- (0.02) (0.02) (0.02) -- Net realized gains -- (0.47) (0.07) -- -- (0.25) -- -- ---------------------------------------------------------------------------------------------------------------------------------- Total distributions (0.08) (0.51) (0.12) -- (0.02) (0.27) (0.02) -- ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $6.86 $8.08 $12.55 $10.66 $4.82 $6.40 $12.55 $10.14 ================================================================================================================================== TOTAL RETURN (14.28)% (32.63)% 18.58% 6.60% (24.44)% (47.57)% 24.01% 1.40% RATIOS AND SUPPLEMENTAL DATA Net assets at end of period (in thousands) $205,899 $120,436 $83,841 $27,472 $487,620 $149,981 $130,529 $30,535 Ratio of expenses to average net assets before expense waiver and reimbursement 0.44% 0.52% 0.70% 0.39% 0.32% 0.41% 0.56% 0.35% Ratio of expenses to average net assets after expense waiver and reimbursement 0.29% 0.29% 0.29% 0.09% 0.22% 0.22% 0.22% 0.07% Ratio of net investment income to average net assets 1.80% 1.51% 0.94% 0.45% 0.66% 0.38% 0.30% 0.20% Portfolio turnover rate 77.63% 77.83% 105.37% 21.35% 61.08% 34.44% 56.67% 21.08% (a) The percentages shown for this period are not annualized. (b) Based on average shares outstanding. ==================================================================================================================================
See notes to financial statements 74 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT FINANCIAL HIGHLIGHTS --------------------------------------------------------------------------------
INSTITUTIONAL GROWTH & INCOME FUND INSTITUTIONAL EQUITY INDEX FUND ---------------------------------------------------------------------------------- ---------------------------------------------- FOR THE PERIOD FOR THE PERIOD JUNE 14, 1999 JUNE 14, 1999 FOR THE FOR THE FOR THE (COMMENCE- FOR THE FOR THE FOR THE (COMMENCE- YEAR YEAR YEAR MENT OF YEAR YEAR YEAR MENT OF ENDED ENDED ENDED OPERATIONS) TO ENDED ENDED ENDED OPERATIONS) TO SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER 30, 2002 30, 2001 30, 2000 30, 1999(a) 30, 2002 30, 2001 30, 2000 30, 1999(a) ---------------------------------------------------------------------------------------------------------------------------------- SELECTED PER SHARE DATA Net asset value, beginning of period $7.91 $11.24 $9.76 $10.00 $8.06 $11.37 $9.76 $10.00 ---------------------------------------------------------------------------------------------------------------------------------- Gain (loss) from investment operations: 0.09(b) 0.09 0.10 0.04 0.11(b) 0.09 0.10 0.04 Net investment income Net realized and unrealized gain (loss) on investments (1.78) (3.15) 1.49 (0.25) (1.63) (3.20) 1.61 (0.28) ---------------------------------------------------------------------------------------------------------------------------------- Total gain (loss) from investment operations (1.69) (3.06) 1.59 (0.21) (1.52) (3.11) 1.71 (0.24) ---------------------------------------------------------------------------------------------------------------------------------- Less distributions from: Net investment income (0.08) (0.09) (0.10) (0.03) (0.06) (0.10) (0.07) -- Net realized gains -- (0.18) (0.01) -- -- (0.10) (0.03) -- ---------------------------------------------------------------------------------------------------------------------------------- Total distributions (0.08) (0.27) (0.11) (0.03) (0.06) (0.20) (0.10) -- ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $6.14 $7.91 $11.24 $9.76 $6.48 $8.06 $11.37 $9.76 ================================================================================================================================== TOTAL RETURN (21.51)% (27.66)% 16.18% (2.05)% (19.04)% (27.71)% 17.49% (2.40)% RATIOS AND SUPPLEMENTAL DATA Net assets at end of period (in thousands) $376,529 $169,880 $65,334 $25,174 $419,771 $101,247 $51,669 $25,064 Ratio of expenses to average net assets before expense waiver and reimbursement 0.29% 0.44% 0.78% 0.38% 0.27% 0.51% 0.71% 0.36% Ratio of expenses to average net assets after expense waiver and reimbursement 0.22% 0.22% 0.22% 0.07% 0.17% 0.17% 0.17% 0.05% Ratio of net investment income to average net assets 1.18% 1.10% 1.02% 0.36% 1.41% 1.19% 1.04% 0.39% Portfolio turnover rate 127.75% 49.56% 37.95% 10.95% 13.77% 7.19% 11.58% 9.51%
INSTITUTIONAL SOCIAL CHOICE EQUITY FUND ------------------------------------------------ FOR THE PERIOD JUNE 14, 1999 FOR THE FOR THE FOR THE (COMMENCE- YEAR YEAR YEAR MENT OF ENDED ENDED ENDED OPERATIONS) TO SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER 30, 2002 30, 2001 30, 2000 30, 1999(a) ------------------------------------------------ SELECTED PER SHARE DATA Net asset value, beginning of period $8.03 $11.16 $9.86 $10.00 -------------------------------------------------------------------------------- Gain (loss) from investment operations: Net investment income 0.11(b) 0.10 0.11 0.04 Net realized and unrealized gain (loss) on investments (1.64) (2.94) 1.25 (0.18) --------------------------------------------------------------------------------- Total gain (loss) from investment operations (1.53) (2.84) 1.36 (0.14) --------------------------------------------------------------------------------- Less distributions from: Net investment income (0.09) (0.11) (0.06) -- Net realized gains -- (0.18) -- -- --------------------------------------------------------------------------------- Total distributions (0.09) (0.29) (0.06) -- --------------------------------------------------------------------------------- Net asset value, end of period $6.41 $8.03 $11.16 $9.86 ================================================================================= TOTAL RETURN (19.34)% (25.99)% 13.84% (1.40)% RATIOS AND SUPPLEMENTAL DATA Net assets at end of period (in thousands) $36,180 $26,460 $29,307 $24,731 Ratio of expenses to average net assets before expense waiver and reimbursement 0.81% 0.97% 0.90% 0.37% Ratio of expenses to average net assets after expense waiver and reimbursement 0.18% 0.18% 0.18% 0.05% Ratio of net investment income to average net assets 1.34% 1.12% 1.00% 0.37% Portfolio turnover rate 21.71% 4.96% 16.22% 0.06% ================================================================================
See notes to financial statements 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 75 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS FINANCIAL HIGHLIGHTS --------------------------------------------------------------------------------
INSTITUTIONAL BOND FUND INSTITUTIONAL MONEY MARKET FUND -------------------------------------------------- ---------------------------------------------- FOR THE PERIOD FOR THE PERIOD JUNE 14, 1999 JUNE 14, 1999 FOR THE FOR THE FOR THE (COMMENCE- FOR THE FOR THE FOR THE (COMMENCE- YEAR YEAR YEAR MENT OF YEAR YEAR YEAR MENT OF ENDED ENDED ENDED OPERATIONS) TO ENDED ENDED ENDED OPERATIONS) TO SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER 30, 2002 30, 2001 30, 2000 30, 1999(a) 30, 2002 30, 2001 30, 2000 30, 1999(a) ------------------------------------------------------------------------------------------------------------------------------------ SELECTED PER SHARE DATA Net asset value, beginning of period $10.58 $10.04 $9.97 $10.00 $1.00 $1.00 $1.00 $1.00 ------------------------------------------------------------------------------------------------------------------------------------ Gain (loss) from investment operations: Net investment income 0.52(b) 0.61 0.61 0.17 0.02 0.05 0.06 0.02 Net realized and unrealized gain (loss) on total investments 0.33 0.67 0.07 (0.03) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total gain (loss) from investment operations 0.85 1.28 0.68 0.14 0.02 0.05 0.06 0.02 ------------------------------------------------------------------------------------------------------------------------------------ Less distributions from: Net investment income (0.52) (0.61) (0.61) (0.17) (0.02) (0.05) (0 .06) (0.02) Net realized gains (0.19) (0.13) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total distributions (0.71) (0.74) (0.61) (0.17) (0.02) (0.05) (0.06) (0.02) ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $10.72 $10.58 $10.04 $9.97 $1.00 $1.00 $1.00 $1.00 ==================================================================================================================================== TOTAL RETURN 8.52% 13.21% 7.07% 1.42% 1.89% 5.16% 6.19% 1.51% RATIOS AND SUPPLEMENTAL DATA Net assets at end of period (in thousands) $1,170,560 $304,541 $151,697 $30,354 $188,394 $35,037 $25,293 $25,378 Ratio of expenses to average net assets before expense waiver and reimbursement 0.24% 0.30% 0.48% 0.35% 0.28% 0.94% 0.91% 0.36% Ratio of expenses to average net assets after expense waiver and reimbursement 0.19% 0.19% 0.19% 0.06% 0.16% 0.16% 0.16% 0.05% Ratio of net investment income to average net assets 5.16% 5.99% 6.59% 1.77% 1.71% 4.91% 6.00% 1.52% Portfolio turnover rate 181.00% 266.50% 301.93% 173.31% n/a n/a n/a n/a
(a) The percentages shown for this period are not annualized. (b) Based on average shares outstanding. ================================================================================ See notes to financial statements 76 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS NOTE 1. SIGNIFICANT ACCOUNTING POLICIES TIAA-CREF Institutional Mutual Funds ("the Funds") is a Delaware business trust that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission ("Commission") under the Investment Company Act of 1940 as an open-end management investment company. The Institutional International Equity, Institutional Growth Equity, Institutional Growth & Income, Institutional Equity Index, Institutional Social Choice Equity, Institutional Bond and Institutional Money Market Funds (each referred to as a "Fund") commenced operations on June 14, 1999 with a seed money investment by Teachers Insurance and Annuity Association of America ("TIAA") of $25,000,000 in each Fund. There are sixteen additional funds in the TIAA-CREF Institutional Mutual Funds, which commenced operations on September 4, 2002, that are not included in these financial statements. At September 30, 2002, TIAA had remaining seed money investment in the Institutional Social Choice Equity Fund of $13,565,287. On July 1, 1999 the Funds began to offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. ("TPIS"), which is a wholly-owned subsidiary of TIAA. The Funds are offered to certain intermediaries affiliated with TIAA, such as TIAA-CREF Trust Company, FSB, or other persons, such as state-sponsored tuition savings plans, who have entered into a contract with an affiliate of TIAA. TPIS is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers, Inc. Teachers Advisors Inc. ("Advisors"), a wholly-owned subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds. VALUATION OF INVESTMENTS: Securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported, except for bonds which are valued at the most recent bid price or the equivalent quoted yield of such bonds. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For Funds other than the Institutional Money Market Fund, money market instruments are valued at fair market value. For the Institutional Money Market Fund, securities are valued using the amortized cost method, which approximates market value. The amortized cost method initially values securities at original cost and assumes a constant rate of amortization to maturity of any discount or premium. Portfolio securities for which market quotations are not readily available (including restricted securities) are valued at fair value, as determined in good faith under the direction of the Board of Trustees. ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of trade date. Interest income is recorded as earned and includes amortization of discounts and premiums. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as the Funds are informed of the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method for both financial statement and federal income tax purposes. DOLLAR ROLL TRANSACTIONS: Certain of the Funds may enter into dollar rolls in which a Fund sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities (same issuer and interest rate and substantially similar maturity) on a specified future date. During the roll period a Fund forgoes principal and interest paid on the securities. Dollar rolls are recorded as financing transactions. Dollar rolls can enhance a Fund's return by earning a spread between the yield on the underlying securities and short-term interest rates. The use of dollar roll transactions by the Institutional Bond Fund results in borrowing by this Fund requiring the presentation of a statement of cash flows. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION: Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 77 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS--(CONTINUED) FORWARD FOREIGN CURRENCY CONTRACTS: The Funds may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are "marked-to-market" at the end of each day's trading. The Funds are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency exchange contracts which is typically limited to the unrealized gain on each open contract. 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. RESTRICTED SECURITIES: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded. DIVIDENDS TO SHAREHOLDERS: Dividends from net investment income, if any, for the Institutional International Equity, Institutional Growth Equity, Institutional Equity Index and the Institutional Social Choice Equity Funds are declared and paid annually; for the Institutional Growth & Income Fund are declared and paid quarterly; for the Institutional Bond Fund are declared and paid monthly; and for the Institutional Money Market Fund are declared daily and paid monthly. Distributions from realized gains, if any, are declared and paid annually for each of the Funds. Undistributed net investment income and accumulated undistributed net realized gain (loss) on total investments may include temporary book and tax differences which will reverse in a subsequent period. Any permanent book and tax basis differences relating to shareholder distributions will result in reclassifications among the respective components of net assets. INCOME TAXES: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code ("Code") and will not be subject to income taxes to the extent that they distribute substantially all taxable income each year and comply with various other Code requirements. At September 30, 2002, the following funds had capital loss carryovers which will begin to expire in 2009 and capital losses realized after October 31, 2001, which were deferred for tax purposes to the first day of the following year.
CAPITAL LOSS CARRYOVER POST-OCTOBER LOSSES ---------------------- ------------------- Institutional International Equity Fund $14,492,237 $10,715,953 Institutional Growth Equity Fund 21,853,458 50,266,925 Institutional Growth &Income Fund 4,710,132 40,594,313 Institutional Social Choice Equity Fund 63,024 2,257,650 Institutional Money Market Fund -- 2,134
NOTE 2. MANAGEMENT AGREEMENT Under the terms of an Investment Management Agreement, each Fund pays Advisors a monthly fee for the management of the Fund's net assets, based on the average daily net assets of each Fund. Advisors has currently waived its right to receive a portion of its fee from each Fund. As a result, during such waiver period, Advisors will receive the following annual percentages of each Fund's average daily net assets:
INVESTMENT INVESTMENT MANAGEMENT FEE MANAGEMENT FEE WAIVER AFTER WAIVER -------------- ------ -------------- Institutional International Equity Fund 0.27% 0.09% 0.18% Institutional Growth Equity Fund 0.23% 0.07% 0.16% Institutional Growth & Income Fund 0.23% 0.07% 0.16% Institutional Equity Index Fund 0.18% 0.07% 0.11% Institutional Social Choice Equity Fund 0.19% 0.07% 0.12% Institutional Bond Fund 0.18% 0.05% 0.13% Institutional Money Market Fund 0.15% 0.05% 0.10%
Advisors has also entered into a reimbursement agreement with the Funds. Under the terms of the agreement, Advisors has agreed to reimburse the Funds so that the non-investment management fee expenses of the Funds do not exceed, on an annual basis, 0.06% of the average daily net assets of each of the Funds, with the exception of the Institutional International Equity Fund, where Advisors has agreed to reimburse the Fund so that its non-investment management fee expenses do not exceed, on an annual basis, 0.11% of the Fund's average daily net assets. Effective October 1, 2002, this management agreement has been modified (see Note 7-Subsequent Event). 78 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS--(CONTINUED) NOTE 3. INVESTMENTS At September 30, 2002, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:
NET UNREALIZED GROSS UNREALIZED GROSS UNREALIZED APPRECIATION APPRECIATION DEPRECIATION (DEPRECIATION) ---------------- ---------------- ----------------- Institutional International Equity Fund $ 2,566,354 $ 56,361,893 $ (53,795,539) Institutional Growth Equity Fund 2,336,059 143,085,801 (140,749,742) Institutional Growth & Income Fund 4,182,522 96,172,860 (91,990,338) Institutional Equity Index Fund 3,950,689 146,835,206 (142,884,517) Institutional Social Choice Equity Fund 1,026,377 14,829,960 (13,803,583) Institutional Bond Fund 47,858,959 2,574,305 45,284,654
Purchases and sales of securities, other than short-term money market instruments, for the Funds, other than the Institutional Money Market Fund, for the year ended September 30, 2002, were as follows:
NON-GOVERNMENT GOVERNMENT NON-GOVERNMENT GOVERNMENT PURCHASES PURCHASES SALES SALES -------------- ------------- -------------- -------------- Institutional International Equity Fund $263,031,118 $ -- $142,752,071 $ -- Institutional Growth Equity Fund 634,056,833 10,972,449 165,922,203 712,703 Institutional Growth & Income Fund 743,344,533 6,107,346 426,538,877 1,179,456 Institutional Equity Index Fund 486,036,641 3,883,124 40,591,453 90,063 Institutional Social Choice Equity Fund 26,509,890 348,926 7,578,318 -- Institutional Bond Fund 468,660,724 1,572,292,691 176,912,236 1,014,725,631
NOTE 4. DISTRIBUTIONS TO SHAREHOLDERS The tax character of distributions paid to shareholders during the years ended September 30, 2002 and 2001 were as follows:
2002 2001 -------------------------------------- --------------------------------------- ORDINARY LONG-TERM ORDINARY LONG-TERM INCOME CAPITAL GAIN TOTAL INCOME CAPITAL GAIN TOTAL ----------- ------------ ----------- ----------- ------------ ----------- Institutional International Equity Fund $ 1,497,783 $ -- $ 1,497,783 $ 2,346,276 $1,589,718 $ 3,935,994 Institutional Growth Equity Fund 721,601 161 721,762 289,068 3,294,941 3,584,009 Institutional Growth & Income Fund 4,013,504 -- 4,013,504 1,745,939 1,066,254 2,812,193 Institutional Equity Index Fund 1,164,700 2,648 1,167,348 621,474 358,745 980,219 Institutional Social Choice Equity Fund 329,372 -- 329,372 799,539 -- 799,539 Institutional Bond Fund 41,877,329 511,556 42,388,885 15,924,349 -- 15,924,349 Institutional Money Market Fund 3,013,917 -- 3,013,917 1,529,976 -- 1,529,976
As of September 30, 2002, the components of accumulated earnings on a tax basis were as follows:
UNDISTRIBUTED UNDISTRIBUTED UNREALIZED ORDINARY LONG-TERM APPRECIATION INCOME CAPITAL GAIN (DEPRECIATION) ------------- ------------- --------------- Institutional International Equity Fund $ 3,750,701 $ -- $ (59,703,804) Institutional Growth Equity Fund 1,696,722 -- (157,641,799) Institutional Growth & Income Fund 1,687,800 -- (111,403,458) Institutional Equity Index Fund 4,306,035 2,428,743 (145,403,086) Institutional Social Choice Equity Fund 379,792 -- (13,863,409) Institutional Bond Fund 8,686,674 2,593,924 44,859,208 Institutional Money Market Fund 267,972 -- --
The difference between book basis and tax basis unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales and the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies. 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 79 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS--(CONTINUED) NOTE 5. LINE OF CREDIT The Institutional International Equity, Institutional Growth Equity, Institutional Growth & Income, Institutional Equity Index, and Institutional Social Choice Equity Funds participate in a $2.25 billion unsecured revolving credit facility, for temporary or emergency purposes, including, without limitation, funding of shareholder redemptions that otherwise might require the untimely disposition of securities. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. During the year ended September 30, 2002, the Institutional Growth Equity Fund borrowed under this facility. The average daily loan balance during the two day period for which the loan was outstanding amounted to $59 million and the weighted average interest rate was 2.225%. The related interest expense was $7,293. For the year ended September 30, 2002, there were no other borrowings under this credit facility by the Funds. The Institutional Bond Fund participates in a letter of credit agreement in the amount of $1,500,000 for the purpose of facilitating the settlement of transactions in the mortgage backed securities market. For the year ended September 30, 2002, there were no borrowings under this agreement. NOTE 6. IN-KIND SUBSCRIPTIONS During the year ended September 30, 2002, the following funds had in-kind subscriptions, which are included in subscriptions in the Statements of Changes in Net Assets, consisting of marketable securities, cash and other assets, net of other liabilities. INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL GROWTH EQUITY FUND BOND FUND MONEY MARKET FUND ------------------ ------------- ----------------- Marketable securities $391,136,984 $474,816,854 $91,116,641 Cash 60,458 29,117 43,691 Other assets, net of (other liabilities) (1,051,347) 5,582,079 (91,207) ------------ ------------ ----------- Total $390,146,095 $480,428,050 $91,069,125 ============ ============ =========== NOTE 7. SUBSEQUENT EVENT Effective October 1, 2002, the Funds changed to a multi-class structure. Shares of the existing Funds became the Institutional Class and the International Equity, Growth & Income and Social Choice Equity Funds added a Retirement Class. In addition, sixteen new funds were added with each new fund offering up to three fund classes, although any one fund may not necessarily offer all three classes. The Retirement Class shares will be offered exclusively through accounts established by employers, or trustees of plans sponsored by employers, with TIAA-CREF Individual and Institutional Services, Inc., a broker-dealer affiliate of TIAA, in connection with certain employee benefit plans. The Institutional Class shares will be offered to certain intermediaries affiliated with TIAA-CREF, such as TIAA-CREF Trust Company, FSB, or other persons, such as state sponsored tuition saving plans, who have entered into a contract with an affiliate of TIAA-CREF. The Retail Class shares will be offered directly to the investing public. Also effective October 1, 2002, the Funds entered into revised management agreements with Advisors and TPIS. Under the terms of the new Investment Management Agreement, each Fund pays Advisors a monthly fee for the management of the Fund's net assets, based on the average daily net assets of each Fund. Under the terms of a Distribution Plan, the Retirement Class of the Funds indicated below, are permitted to reimburse TPIS up to the indicated annual fee based on the average daily net assets of the Fund's Retirement Class for certain promotional expenses of selling the Retirement Class shares. Under the terms of a Service Agreement, each Fund class pays Advisors a monthly fee based on average daily net assets of each Fund class for providing transfer agency, accounting and administrative services. Advisors will receive the following annual percentages of each Fund's/Classes' average daily net assets for investment management fees, reimbursement of distribution plan expenses and service agreement fees: 80 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS--(CONCLUDED) NOTE 7. SUBSEQUENT EVENT (continued)
INVESTMENT MANAGEMENT DISTRIBUTION FEE FEE SERVICE AGREEMENT FEE ----------- ---------- -------------------------- RETIREMENT RETIREMENT INSTITUTIONAL ALL CLASSES CLASS CLASS CLASS ----------- ---------- ---------- ------------- Institutional International Equity Fund 0.09% 0.04% 0.29% 0.03% Institutional Growth Equity Fund 0.08% -- -- 0.04% Institutional Growth & Income Fund 0.08% 0.04% 0.29% 0.04% Institutional Equity Index Fund 0.04% -- -- 0.02% Institutional Social Choice Equity Fund 0.04% 0.04% 0.27% 0.02% Institutional Bond Fund 0.08% -- -- 0.04% Institutional Money Market Fund 0.04% -- -- 0.03%
2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 81 [LOGO] TIAA CREF -------------------------------------------------------------------------------- REPORT OF INDEPENDENT AUDITORS To the Shareholders and Board of Trustees of TIAA-CREF Institutional Mutual Funds: We have audited the accompanying statements of assets and liabilities, including the statements of investments, of the Institutional International Equity Fund, Institutional Growth Equity Fund, Institutional Growth & Income Fund, Institutional Equity Index Fund, Institutional Social Choice Equity Fund, Institutional Bond Fund and Institutional Money Market Fund (the "Funds", seven of the Funds comprising the TIAA-CREF Institutional Mutual Funds), as of September 30, 2002, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2002 by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds constituting TIAA-CREF Institutional Mutual Funds referred to above at September 30, 2002, the results of their operations and cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the indicated periods, in conformity with accounting principles generally accepted in the United States. /s/ Ernst & Young LLP November 1, 2002 82 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT TRUSTEES AND OFFICERS--DISINTERESTED TRUSTEES
------------------------------------------------------------------------------------------------------------------------------------ Name, Address and Age Position(s) Term of Office Principal Occupation(s) Number of Other Directorships Held with and Length of During Past 5 Years Portfolios Held by Trustee Fund Time Served in Fund Complex Overseen by Trustee ------------------------------------------------------------------------------------------------------------------------------------ MARTIN J. GRUBER Trustee Indefinite term. Nomura Professor of Finance, 51 Director, Deutsche New York University Trustee since 2000. New York University, Stern Asset Management Stern School of Business School of Business. Formerly, B.T. Funds, Japan Henry Kaufman Management Chairman, Department of Equity Fund, Inc., Education Center Finance, New York University, Singapore Equity 44 West 4th Street, Suite 988 Stern School of Business, and Fund, Inc., the Thai New York, NY 10012 Trustee of TIAA, 1996 - 2000. Equity Fund, Inc. Age: 65 and the DB Hedge Securities Fund, L.L.C. NANCY L. JACOB Trustee Indefinite term. President and Managing 51 None Windermere Investment Associates Principal, Windermere Trustee 121 S.W. Morrison Street, Suite 925 since 1999.Investment Portland, OR 97204 Associates. Formerly, Chairman Age: 59 and Chief Executive Officer, CTC Consulting, Inc., and Executive Vice President, U.S. Trust of the Pacific Northwest. STEPHEN A. ROSS Trustee Indefinite term. Franco Modigliani Professor of 51 Director, Freddie Sloan School of Management Finance and Trustee since Mac; Co-Chairman, Massachusetts Institute 1999.Economics, Sloan School Roll & Ross Asset of Technology of Management, Massachusetts Management Corp.; 77 Massachusetts Avenue Institute of Technology, and Principal, IV Cambridge, MA 02139 Co-Chairman, Roll & Ross Asset Capital, Ltd Age: 58 Management Corp. Formerly, Sterling Professor of Economics and Finance, Yale School of Management, Yale University. NESTOR V. SANTIAGO Trustee Indefinite term. Vice President and Chief 51 Director, Bank-Fund Howard Hughes Medical Institute Trustee since 2000. Investment Officer, Howard Credit Union and 4000 Jones Bridge Road Hughes Medical Institute. Emerging Markets Chevy Chase, MD 20815 Formerly, Investment Growth Fund, Inc. Age: 53 Advisor/Head of Investment Office, International Monetary Fund. MACEO K. SLOAN Trustee Indefinite term. Chairman and Chief Executive 51 Director, SCANA NCM Capital Management Group, Inc. Trustee since 1999. Officer, Sloan Financial Corporation and M&F 103 West Main Street, Suite 400 Group, Inc., and NCM Capital Bancorp, Inc. Durham, NC 27701-3638 Management Group, Inc., since Age: 53 1991. ROBERT W. VISHNY Trustee Indefinite term. Eric J. Gleacher Distinguished 51 None University of Chicago Trustee since 1999. Service Professor of Finance, Graduate School of Business University of Chicago, 1101 East 58th Street Graduate School of Business. Chicago, IL 60627 Founding Partner, LSV Asset Age: 43 Management. INTERESTED TRUSTEES AND OFFICERS HERBERT M. ALLISON, JR.(1) Chairman, Indefinite term. Chairman, President and Chief 51 Board Member, TIAA-CREF President Executive Officer of CREF, Forbes.com, Inc. 730 Third Avenue and Chief TIAA-CREF Mutual Funds, New York, NY 10017-3206 Executive TIAA-CREF Institutional Mutual Age: 59 Officer Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (these funds are collectively referred to as the "TIAA-CREF Funds") and TIAA. Formerly, President and Chief Executive Officer of University Alliance for Life-Long Learning, Inc., 2000 - October 2002. National Finance Chairman, Presidential Campaign of Senator John McCain, 1999 - 2000. President, Chief Operating Officer and Member of the Board of Directors of Merrill Lynch & Co., Inc., 1997 - 1999. MARTIN L. LEIBOWITZ(1) Vice Indefinite term. Vice Chairman and Chief 51 None TIAA-CREF Chairman Trustee and Chief Investment Officer of the 730 Third Avenue and Chief Investment TIAA-CREF Funds. Vice Chairman New York, NY 10017-3206 Investment Officer since and Chief Investment Officer Age: 66 Officer 1999. of TIAA. Member of Board of Indefinite term Managers and President of as officer. TIAA-CREF Investment Management, LLC (OInvestment ManagementO). Director and President of Teachers Advisors, Inc. ("Advisors"). Director of TIAA-CREF Life Insurance Company ("TIAA-CREF Life").
2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 83 INTERESTED TRUSTEES AND OFFICERS (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ Name, Address and Age Position(s) Term of Office Principal Occupation(s) Number of Other Directorships Held with and Length of During Past 5 Years Portfolios Held by Trustee Fund Time Served in Fund Complex Overseen by Trustee ------------------------------------------------------------------------------------------------------------------------------------ BEVIS LONGSTRETH(2) Trustee Indefinite term. Retired Partner, Debevoise & 51 Member of the Board Debevoise & Plimpton Trustee since 1999. Plimpton. Formerly, Partner of Directors of 919 Third Avenue and Of Counsel of Debevoise & AMVESCAP, PLC and New York, NY 10022-6225 Plimpton, Adjunct Professor at Chairman of the Age: 68 Columbia University School of Finance Committee of Law and Commissioner of the the Rockefeller U.S. Securities and Exchange Family Fund Commission. RICHARD J. ADAMSKI(1) Vice Indefinite term. Vice President and Treasurer N/A N/A TIAA-CREF President Vice President of the TIAA-CREF Funds and 730 Third Avenue and and Treasurer TIAA. Vice President and New York, NY 10017-3206 Treasurer since 1999. Treasurer of Investment Age: 61 Management, TIAA-CREF Individual & Institutional Services, Inc. ("Services"), Teachers Personal Investors Services, Inc. ("TPIS"), Advisors, TIAA-CREF Life, and TIAA-CREF Tuition Financing, Inc. ("Tuition Financing"). C. VICTORIA APTER(1) Executive Indefinite term. Executive Vice President of N/A N/A TIAA-CREF Vice Executive Vice the TIAA-CREF Funds and TIAA. 730 Third Avenue President President since Formerly, Vice President, New York, NY 10017-3206 2000. Retirement Services, CREF and Age: 60 TIAA. SCOTT C. EVANS(1) Executive Indefinite term. Executive Vice President of N/A N/A TIAA-CREF Vice Executive Vice the TIAA-CREF Funds. Executive 730 Third Avenue President President since Vice President of Investment New York, NY 10017-3206 1999. Management and Advisors and Age: 43 Director of TIAA-CREF Life. MARTIN E. GALT, III(1) President Indefinite term. Executive Vice President and N/A N/A TIAA-CREF Executive Vice President, TIAA-CREF 730 Third Avenue President since Investment Products, CREF and New York, NY 10017-3206 2000. TIAA. President of TIAA-CREF Age: 60 Mutual Funds, TIAA-CREF Institutional Mutual Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1. Formerly, Executive Vice President and President, Institutional Investments, Bank of America, and Principal Investment Officer, NationsBank. Director and President of Tuition Financing and TPIS and Director of TIAA-CREF Life and TIAA-CREF Trust Company. RICHARD L. GIBBS(1) Executive Indefinite term. Executive Vice President of N/A N/A TIAA-CREF Vice Executive Vice the TIAA-CREF Funds and TIAA. 730 Third Avenue President President since Executive Vice President, New York, NY 10017-3206 1999. Investment Management, Age: 55 Advisors and Tuition Financing and Director of TIAA-CREF Life and Tuition Financing. DON W. HARRELL(1) Executive Indefinite term. Executive Vice President of N/A N/A TIAA-CREF Vice Executive Vice the TIAA-CREF Funds and TIAA. 730 Third Avenue President President since Director of TIAA-CREF Life. New York, NY 10017-3206 1999. Age: 64 IRA J. HOCH(1) Executive Indefinite term. Executive Vice President of N/A N/A TIAA-CREF Vice Executive Vice the TIAA-CREF Funds and TIAA. 730 Third Avenue President President since Formerly, Vice President, New York, NY 10017-3206 2000. Retirement Services, CREF and Age: 52 TIAA. MATINA S. HORNER(1) Executive Indefinite term. Executive Vice President of N/A N/A TIAA-CREF Vice Executive Vice the TIAA-CREF Funds and TIAA. 730 Third Avenue President President since Director of TIAA-CREF Life. New York, NY 10017-3206 1999. Age: 63 E. LAVERNE JONES(1) Vice Indefinite term. Vice President and N/A N/A TIAA-CREF President Vice President and Corporate Secretary of the 730 Third Avenue and Corporate TIAA-CREF Funds and TIAA. New York, NY 10017-3206 Corporate Secretary since Age: 53 Secretary 1999.
84 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT INTERESTED TRUSTEES AND OFFICERS (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ Name, Address and Age Position(s) Term of Office Principal Occupation(s) Number of Other Directorships Held with and Length of During Past 5 Years Portfolios Held by Trustee Fund Time Served in Fund Complex Overseen by Trustee ------------------------------------------------------------------------------------------------------------------------------------ HARRY I. KLARISTENFELD(1) Executive Indefinite Term. Executive Vice President and N/A N/A TIAA-CREF Vice Executive Vice Chief Actuary of the TIAA-CREF 730 Third Avenue President President and Chief Funds and TIAA. Formerly, Vice New York, NY 10017-3206 and Chief Actuary since 2000. President and Chief Actuary, Age: 52 Actuary Retirement Services, CREF and TIAA. Executive Vice President and Chief Actuary of Services. FRANCES NOLAN(1) Executive Indefinite term. Executive Vice President of N/A N/A TIAA-CREF Vice Executive Vice the TIAA-CREF Funds and TIAA. 730 Third Avenue President President since Formerly, Vice President, New York, NY 10017-3206 2000 Retirement Services, CREF and Age: 45 TIAA. BERTRAM L. SCOTT(1) Executive Indefinite term. Executive Vice President of N/A N/A TIAA-CREF Vice Executive Vice the TIAA-CREF Funds and TIAA 730 Third Avenue President President since and Chairman, President and New York, NY 10017-3206 2000. Chief Executive Officer of Age: 51 TIAA-CREF Life. Formerly, President and Chief Executive Officer, Horizon Mercy. DEANNE J. SHALLCROSS(1) Executive Indefinite term. Executive Vice President of N/A N/A TIAA-CREF Vice Executive Vice the TIAA-CREF Funds and TIAA. 730 Third Avenue President President since Formerly, Vice President, New York, NY 10017-3206 1999. Marketing, CREF and TIAA. Age: 53 Executive Vice President of Services. DAVID A. SHUNK(1) Executive Indefinite term. Executive Vice President of TIAA-CREF Vice Executive Vice the TIAA-CREF Funds and TIAA. 730 Third Avenue President President since Formerly, Vice President, New York, NY 10017-3206 1999. Institutional & Individual Age: 55 Consulting Services, CREF and TIAA. President and Chief Executive Officer of Services and Director of TIAA-CREF Trust Company. JOHN A. SOMERS(1) Executive Indefinite term. Executive Vice President of N/A N/A TIAA-CREF Vice Executive Vice the TIAA-CREF Funds and TIAA. 730 Third Avenue President President since Executive Vice President of New York, NY 10017-3206 1999. Investment Management and Age: 58 Advisors and Director of TIAA-CREF Life. CHARLES H. STAMM(1) Executive Indefinite term. Executive Vice President and N/A N/A TIAA-CREF Vice Executive Vice General Counsel of the 730 Third Avenue President President since TIAA-CREF Funds and TIAA. New York, NY 10017-3206 1999. Trustee of Services. Director Age: 64 of TPIS, Advisors, TIAA-CREF Trust Company, Tuition Financing and TIAA-CREF Life. Member of Board of Managers of Investment Management. MARY ANN WERNER(1) Executive Indefinite term. Executive Vice President of N/A N/A TIAA-CREF Vice Executive Vice TIAA-CREF Funds and TIAA and 730 Third Avenue President President since President, TIAA Shared New York, NY 10017-3206 2000. Services. Formerly, Vice Age: 57 President, CREF and TIAA. Executive Vice President of Services and Director of TIAA-CREF Life. JAMES A. WOLF(1) Executive Indefinite term. Executive Vice President of N/A N/A TIAA-CREF Vice Executive Vice the TIAA-CREF Funds and TIAA 730 Third Avenue President President since and President, TIAA Retirement New York, NY 10017-3206 2000. Services. Formerly, Vice Age: 57 President, Retirement Services, CREF and TIAA. Trustee of Services and Director of TIAA-CREF Life.
(1) The following individuals are "interested persons" under the 1940 Act because they are officers of the TIAA-CREF Institutional Mutual Funds: Mses. Apter, Horner, Jones, Nolan, Shallcross and Werner; and Messrs. Adamski, Allison, Evans, Galt, Gibbs, Harrell, Hoch, Klaristenfeld, Leibowitz, Scott, Shunk, Somers, Stamm and Wolf. (2) Mr. Longstreth may be considered an Ointerested personO under the 1940 Act because he is associated with a law firm that has acted as counsel to the TIAA-CREF Institutional Mutual Funds or their affiliates. 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 85 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- IMPORTANT TAX INFORMATION (UNAUDITED) The following TIAA-CREF Institutional Mutual Funds paid distributions which were designated as being from net long-term capital gains realized by the Funds during the year ended September 30, 2002: AMOUNT AMOUNT PER SHARE ------------ -------------- Institutional Growth Equity Fund $ 161 $0.00001 Institutional Equity Index Fund 2,648 0.00015 Institutional Bond Fund 511,556 0.01343 The following TIAA-CREF Institutional Mutual Funds paid distributions during the year ended September 30, 2002 from ordinary income that in whole or in part qualify for the corporate dividends received deduction. The percentages that qualify are noted below: Institutional Growth Equity Fund 100% Institutional Growth & Income Fund 99.10% Institutional Equity Index Fund 96.69% Institutional Social Choice Equity Fund 100% The Institutional International Equity Fund received income from foreign sources during the year ended September 30, 2002 of $3,955,451 ($0.13185 per share) and paid taxes to foreign countries during the year ended September 30, 2002 of $679,397 ($0.02265 per share). By early 2003 shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor. 86 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT PRODUCTS FROM THE TIAA-CREF GROUP OF COMPANIES o TIAA-CREF Mutual Funds o TIAA-CREF Life After-Tax Annuities o Individual Life and Long-Term Care Insurance o TIAA-CREF Retirement Annuities o TIAA-CREF Supplemental Retirement Annuities (SRAs) o TIAA-CREF IRAs (Roth and Traditional) o Keoghs from TIAA-CREF o 457(b) Deferred Compensation Plans o Tuition Financing Programs o Investment Management and Related Trust Services TIAA-CREF Services Internet Access Visit our World Wide Web site: TIAA-CREF.org Account performance, personal account information and transactions, product information, form and booklet requests. Automated Telephone Service 800 842-2252 24 hours a day, 7 days a week Account performance, personal account information and transactions, and product information. Personal Assistance 800 223-1200 8 a.m. to 11 p.m. ET, Monday - Friday 9 a.m. to 6 p.m. ET, Saturday, for After-Tax Annuities and Mutual Funds only For questions about TIAA-CREF Mutual Funds, After-Tax Annuities, and long-term care and life insurance. 800 842-2776 8 a.m. to 10 p.m. ET, Monday - Friday 9 a.m. to 6 p.m. ET, Saturday For questions about retirement saving and planning, quarterly statements and annual benefits reports, annuity payments and options, and tax reports. TIAA-CREF Trust Company, FSB 888 842-9001 8 a.m. to 5 p.m. CT, Monday - Friday Asset management, trust administration, estate planning, planned giving, and endowment management. TIAA-CREF Tuition Financing, Inc. 888 381-8283 8 a.m. to 11 p.m. ET, Monday - Friday Tuition financing programs. TIAA-CREF Advisor Services 888 842-0318 8 a.m. to 5 p.m. ET, Monday - Friday Product and account information for financial advisors and their clients. TIAA-CREF Individual & Institutional Services, Inc., and Teachers Personal Investors Services, Inc., distribute securities products. For more complete information on securities products, please call 800 842-2733, ext. 5509, for prospectuses. Read them carefully before you invest. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Company, New York, NY, issue insurance and annuities. TIAA-CREF Trust Company, FSB, provides trust services. INVESTMENT PRODUCTS ARE NOT FDIC INSURED, MAY LOSE VALUE, AND ARE NOT BANK GUARANTEED. [LOGO] 730 Third Avenue TIAA New York NY 10017-3206 CREF TCIMFAR-11/2002 (C) 2002 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), New York, NY 10017 [LOGO] Printed on recycled paper