-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Er1rQlsHxlp24xK0wQ4xD/ZyQ/10rprveC+gCMi5G4hMPfvsaNz3o7T8PvNzDU9Q YfFA7J/5SQDkWDJKGIT2Rw== 0000930413-02-003330.txt : 20021129 0000930413-02-003330.hdr.sgml : 20021128 20021129111005 ACCESSION NUMBER: 0000930413-02-003330 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020930 FILED AS OF DATE: 20021129 EFFECTIVENESS DATE: 20021129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIAA CREF INSTITUTIONAL MUTUAL FUNDS CENTRAL INDEX KEY: 0001084380 IRS NUMBER: 134055167 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-09301 FILM NUMBER: 02844621 BUSINESS ADDRESS: STREET 1: 730 THIRD AVE. CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129166746 MAIL ADDRESS: STREET 1: 730 THIRD AVE. CITY: NEW YORK STATE: NY ZIP: 10017 N-30D 1 c25862_n30d-.txt September 30, 2002 Financial statements (audited) including statements of investments TIAA-CREF Institutional Mutual Funds 2002 ------------------------------------------------- ANNUAL REPORT ------------------------------------------------- Large-Cap Value Fund Mid-Cap Growth Fund Mid-Cap Value Fund Small-Cap Equity Fund Large-Cap Growth Index Fund Large-Cap Value Index Fund S&P 500 Index Fund Mid-Cap Growth Index Fund Mid-Cap Value Index Fund Mid-Cap Blend Index Fund - ---------------------------------------- Small-Cap Growth Index Fund MAKE THIS YOUR LAST PAPER ANNUAL REPORT! Small-Cap Value Index Fund Sign up for electronic delivery. Log on Small-Cap Blend Index Fund to TIAA-CREF.org/profile International Equity Index Fund - ---------------------------------------- Real Estate Securities Fund Inflation-Linked Bond Fund --FOR INTERNAL USE ONLY-- [TIAA-CREF LOGO] TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 16 FUNDS INDEX SEPTEMBER 30, 2002 - -------------------------------------------------------------------------------- PAGE Statement of Investments ................................................... 1 Statement of Assets and Liabilities ........................................ 104 Statement of Operations .................................................... 106 Statements of Changes in Net Assets ........................................ 108 Notes to Financial Statements .............................................. 114 Statement of Investments - Institutional Large-Cap Value Fund - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.79% AEROSPACE AND DEFENSE--1.74% 1,300 Boeing Co ................................... $ 44,369 600 General Dynamics Corp ....................... 48,798 400 Goodrich Corp ............................... 7,552 1,400 Lockheed Martin Corp ........................ 90,538 467 Northrop Grumman Corp ....................... 57,927 200 Precision Castparts Corp .................... 4,336 1,700 Raytheon Co ................................. 49,810 700 Rockwell Collins, Inc ....................... 15,358 ------------ TOTAL AEROSPACE AND DEFENSE ................. 318,688 ------------ BASIC INDUSTRIES--7.75% 700 Air Products & Chemicals, Inc ............... 29,407 16,600 b* Bethlehem Steel Corp ........................ 1,826 200 Centex Corp ................................. 8,870 400 Clayton Homes, Inc .......................... 4,392 400 D.R. Horton, Inc ............................ 7,448 1,700 Du Pont (E.I.) de Nemours & Co .............. 61,319 300 Fluor Corp .................................. 7,332 200 KB Home ..................................... 9,768 100 Lafarge North America, Inc .................. 2,897 200 Lennar Corp ................................. 11,156 200 Martin Marietta Materials, Inc .............. 6,514 1,200 Masco Corp .................................. 23,460 19,500 Monsanto Co ................................. 298,155 3,500 Newmont Mining Corp ......................... 96,285 200 Pulte Homes, Inc ............................ 8,526 6,600 Rohm & Haas Co .............................. 204,600 100 Ryland Group, Inc ........................... 3,717 100 Stanley Works ............................... 3,267 200 * Toll Brothers, Inc .......................... 4,348 400 Vulcan Materials Co ......................... 14,464 13,900 Weyerhaeuser Co ............................. 608,403 100 York International Corp ..................... 2,820 ------------ TOTAL BASIC INDUSTRIES 1,418,974 ------------ CONSUMER CYCLICAL--11.07% 7,000 * AOL Time Warner, Inc ........................ 81,900 15,100 Autoliv, Inc ................................ 318,308 38,800 * Charter Communications, Inc (Class A) ....... 72,168 7,600 * Clear Channel Communications, Inc ........... 264,100 1,400 Eastman Kodak Co ............................ 38,136 900 * Federated Department Stores, Inc ............ 26,496 400 * Foot Locker, Inc ............................ 3,996 1,200 Gannett Co, Inc ............................. 86,616 3,600 General Motors Corp ......................... 140,040 500 * Jones Apparel Group, Inc .................... 15,350 400 Knight Ridder, Inc .......................... 22,564 33,100 * Liberty Media Corp (Class A) ................ 237,658 1,200 Limited Brands, Inc ......................... 17,208 500 Liz Claiborne, Inc .......................... 12,475 26,400 McDonald's Corp ............................. 466,224 200 McGraw-Hill Cos, Inc ........................ 12,244 100 * Neiman Marcus Group, Inc (Class A) .......... 2,625 400 Nordstrom, Inc .............................. 7,176 100 * Polo Ralph Lauren Corp ...................... 2,078 300 Reader's Digest Association, Inc (Class A) .. 4,695 200 * Reebok International Ltd .................... 5,010 900 Sears Roebuck & Co .......................... 35,100 400 VF Corp ..................................... 14,392 3,400 * Viacom, Inc (Class B) ....................... 137,870 100 * Zale Corp ................................... 3,016 ------------ TOTAL CONSUMER CYCLICAL 2,027,445 ------------ CONSUMER NON-CYCLICAL--9.20% 100 Alberto-Culver Co (Class B) ................. 4,903 1,800 Albertson's, Inc ............................ 43,488 1,400 Anheuser-Busch Cos, Inc ..................... 70,840 1,100 Avon Products, Inc .......................... 50,710 100 * Barnes & Noble, Inc ......................... 2,116 300 * Borders Group, Inc .......................... 4,740 3,900 Bunge Ltd ................................... 94,380 1,000 Campbell Soup Co ............................ 22,080 400 Clorox Co ................................... 16,072 1,500 Coca-Cola Co ................................ 71,940 300 Colgate-Palmolive Co ........................ 16,185 600 * Costco Wholesale Corp ....................... 19,422 1,800 CVS Corp .................................... 45,630 100 Dial Corp ................................... 2,146 100 Estee Lauder Cos (Class A) .................. 2,874 7,700 General Mills, Inc .......................... 342,034 2,000 Gillette Co ................................. 59,200 800 H.J. Heinz Co ............................... 26,696 200 Hershey Foods Corp .......................... 12,410 100 International Flavors & Fragrances, Inc ..... 3,185 500 * Kellogg Co .................................. 16,625 800 Kroger Co ................................... 11,280 100 Lancaster Colony Corp ....................... 4,212 100 Mattel, Inc ................................. 1,801 1,200 Newell Rubbermaid, Inc ...................... 37,044 1,400 * Office Depot, Inc ........................... 17,276 10,100 Philip Morris Cos, Inc ...................... 391,880 2,600 Procter & Gamble Co ......................... 232,388 1,300 * Safeway, Inc ................................ 28,990 1,800 Sara Lee Corp ............................... 32,922 ------------ TOTAL CONSUMER NON-CYCLICAL 1,685,469 ------------ ENERGY--9.41% 8,000 Baker Hughes, Inc ........................... 232,240 5,600 Burlington Resources, Inc ................... 214,816 3,100 ChevronTexaco Corp .......................... 214,675 1,200 ConocoPhillips .............................. 55,488 28,300 Exxon Mobil Corp ............................ 902,770 2,900 Noble Energy, Inc ........................... 98,513 200 Occidental Petroleum Corp ................... 5,676 ------------ TOTAL ENERGY 1,724,178 ------------ FINANCIAL SERVICES--30.77% 300 A.G. Edwards, Inc ........................... 9,594 3,000 AMB Property Corp ........................... 86,700 300 Ambac Financial Group, Inc .................. 16,167 2,100 American Express Co ......................... 65,478 400 Astoria Financial Corp ...................... 9,760 9,500 Bank Of America Corp ........................ 606,100 700 Bank Of New York Co, Inc .................... 20,118 8,000 Bank One Corp ............................... 299,200 1,000 BB&T Corp ................................... 35,040 400 Bear Stearns Cos, Inc ....................... 22,560 4,100 Charter One Financial, Inc .................. 121,852 700 Chubb Corp .................................. 38,381 13,900 Citigroup, Inc .............................. 412,135 3,600 Comerica, Inc ............................... 173,592 500 Countrywide Credit Industries, Inc .......... 23,575 100 Downey Financial Corp ....................... 3,425 4,300 Duke Realty Corp ............................ 105,866 5,500 Equity Office Properties Trust .............. 142,010 400 Fidelity National Financial, Inc ............ 11,496 14,100 FleetBoston Financial Corp .................. 286,653 200 FNB Corp .................................... 5,604 800 Franklin Resources, Inc ..................... 24,880 5,900 Freddie Mac ................................. 329,810 300 Golden State Bancorp, Inc ................... 9,696 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 1 Statement of Investments - Institutional Large-Cap Value Fund - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(Continued) 600 Golden West Financial Corp .................. $ 37,308 400 Greenpoint Financial Corp ................... 16,696 1,100 Hartford Financial Services Group, Inc ...... 45,100 200 HCC Insurance Holdings, Inc ................. 4,802 5,500 Hibernia Corp (Class A) ..................... 109,945 1,800 Household International, Inc ................ 50,958 200 Instinet Group, Inc ......................... 620 700 Jefferson-Pilot Corp ........................ 28,070 1,400 John Hancock Financial Services, Inc ........ 38,920 300 KeyCorp ..................................... 7,491 200 * LaBranche & Co, Inc ......................... 4,050 100 Legg Mason, Inc ............................. 4,256 200 Marsh & McLennan Cos, Inc ................... 8,328 17,500 Max Re Capital Ltd .......................... 178,150 700 MBIA, Inc ................................... 27,965 2,800 Mercantile Bankshares Corp .................. 106,876 400 MGIC Investment Corp ........................ 16,332 2,600 Morgan Stanley .............................. 88,088 1,400 National City Corp .......................... 39,942 300 New York Community Bancorp, Inc ............. 8,451 2,900 Northern Trust Corp ......................... 109,388 500 Old Republic International Corp ............. 14,190 400 PMI Group, Inc .............................. 10,884 800 PNC Financial Services Group, Inc ........... 33,736 1,400 * Principal Financial Group ................... 36,652 300 Progressive Corp ............................ 15,189 300 Protective Life Corp ........................ 9,231 400 Radian Group, Inc ........................... 13,064 100 Raymond James Financial, Inc ................ 2,707 300 Roslyn Bancorp, Inc ......................... 5,223 5,100 Safeco Corp ................................. 162,078 1,200 Sovereign Bancorp, Inc ...................... 15,480 1,000 St. Paul Cos, Inc ........................... 28,720 100 Stancorp Financial Group, Inc ............... 5,290 900 Stilwell Financial, Inc ..................... 10,863 300 T Rowe Price Group, Inc ..................... 7,488 100 Transatlantic Holdings, Inc ................. 6,645 4,500 * Travelers Property Casualty Corp (Class B) .. 60,885 19,100 U.S. Bancorp ................................ 354,878 4,400 Union Planters Corp ......................... 120,824 8,100 UnumProvident Corp .......................... 164,835 9,300 Wachovia Corp ............................... 304,017 300 Washington Federal, Inc ..................... 6,695 200 Webster Financial Corp ...................... 6,716 9,300 Wells Fargo & Co ............................ 447,888 ------------ TOTAL FINANCIAL SERVICES 5,635,606 ------------ HEALTH CARE--6.19% 14,600 Aetna, Inc .................................. 522,826 100 * Anthem, Inc ................................. 6,500 1,000 Becton Dickinson & Co ....................... 28,400 5,800 Bristol-Myers Squibb Co ..................... 138,040 600 Cigna Corp .................................. 42,450 400 * Health Net, Inc ............................. 8,580 1,700 * Healthsouth Corp ............................ 7,055 200 Hillenbrand Industries, Inc ................. 10,860 800 * Humana, Inc ................................. 9,920 400 Lilly (Eli) & Co ............................ 22,136 200 * Manor Care, Inc ............................. 4,496 4,500 Merck & Co, Inc ............................. 205,695 100 Omnicare, Inc ............................... 2,112 500 Pall Corp ................................... 7,895 5,300 Schering-Plough Corp ........................ 112,996 100 * Triad Hospitals, Inc ........................ 3,795 ------------ TOTAL HEALTH CARE 1,133,756 ------------ OTHER--2.16% 17,800 * Cendant Corp ................................ 191,528 200 Crane Co .................................... 3,952 900 Dover Corp .................................. 22,842 3,500 Honeywell International, Inc ................ 75,810 200 Pentair, Inc ................................ 7,434 100 Pittston Brink's Group ...................... 2,240 100 * SPX Corp .................................... 10,090 100 Textron, Inc ................................ 3,410 1,400 United Technologies Corp .................... 79,086 ------------ TOTAL OTHER 396,392 ------------ PRODUCER DURABLES--2.81% 500 3M Co ....................................... 54,985 1,600 Caterpillar, Inc ............................ 59,552 4,200 Deere & Co .................................. 190,890 2,000 Emerson Electric Co ......................... 87,880 500 Illinois Tool Works, Inc .................... 29,165 500 Parker Hannifin Corp ........................ 19,105 200 Pitney Bowes, Inc ........................... 6,098 300 W.W. Grainger, Inc .......................... 12,765 2,300 Waste Management, Inc ....................... 53,636 ------------ TOTAL PRODUCER DURABLES 514,076 ------------ TECHNOLOGY--4.11% 14,800 * Advanced Micro Devices, Inc ................. 79,032 300 Autodesk, Inc ............................... 3,801 100 * Citrix Systems, Inc ......................... 603 700 * Computer Sciences Corp ...................... 19,453 300 Electronic Data Systems Corp ................ 4,194 3,100 * Exar Corp ................................... 35,805 12,900 Hewlett-Packard Co .......................... 150,543 4,400 International Business Machines Corp ........ 256,916 11,500 Motorola, Inc ............................... 117,070 23,600 * ON Semiconductor Corp ....................... 29,500 26,300 * Solectron Corp .............................. 55,493 ------------ TOTAL TECHNOLOGY 752,410 ------------ TRANSPORTATION--0.92% 1,800 Burlington Northern Santa Fe Corp ........... 43,056 2,400 Canadian National Railway Co ................ 89,616 100 * Swift Transportation Co, Inc ................ 1,560 600 Union Pacific Corp .......................... 34,722 ------------ TOTAL TRANSPORTATION 168,954 ------------ UTILITIES--13.66% 52,300 A T & T Corp ................................ 628,123 23,100 A T & T Wireless Services, Inc .............. 95,172 600 Allegheny Energy, Inc ....................... 7,860 1,000 Alltel Corp ................................. 40,130 600 Ameren Corp ................................. 24,990 1,500 * American Electric Power Co, Inc ............. 42,765 5,400 BellSouth Corp .............................. 99,144 1,200 Centerpoint Energy, Inc ..................... 12,012 800 * Cinergy Corp ................................ 25,144 3,300 Consolidated Edison, Inc .................... 132,726 700 Constellation Energy Group, Inc ............. 17,353 1,200 Dominion Resources, Inc ..................... 60,876 600 DPL, Inc .................................... 9,870 700 DTE Energy Co ............................... 28,490 3,900 Duke Energy Corp ............................ 76,245 1,200 * Dynegy, Inc (Class A) ....................... 1,392 1,500 * Edison International ........................ 15,000 600 Energy East Corp ............................ 11,886 1,000 Entergy Corp ................................ 41,600 2,500 Equitable Resources, Inc .................... 86,375 1,500 Exelon Corp ................................. 71,250 SEE NOTES TO FINANCIAL STATEMENTS 2 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - Institutional Large-Cap Value Fund - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- UTILITIES--(Continued) 1,300 FirstEnergy Corp ............................ $ 38,857 800 FPL Group, Inc .............................. 43,040 100 Hawaiian Electric Industries, Inc ........... 4,310 100 Idacorp, Inc ................................ 2,433 100 KeySpan Corp ................................ 3,350 18,900 * Level 3 Communications, Inc ................. 73,521 200 Nicor, Inc .................................. 5,640 200 NSTAR ....................................... 7,910 1,800 P G & E Corp ................................ 20,268 100 Peoples Energy Corp ......................... 3,369 700 * Pepco Holdings, Inc ......................... 13,965 300 Pinnacle West Capital Corp .................. 8,328 700 PPL Corp .................................... 22,778 1,000 Progress Energy, Inc ........................ 40,870 900 Public Service Enterprise Group, Inc ........ 27,450 300 Puget Energy, Inc ........................... 6,123 200 * Reliant Resources, Inc ...................... 350 9,300 SBC Communications, Inc ..................... 186,930 800 Sempra Energy ............................... 15,720 3,300 Southern Co ................................. 94,974 1,000 Sprint Corp (FON Group) ..................... 9,120 700 TECO Energy, Inc ............................ 11,115 1,200 TXU Corp .................................... 50,052 9,900 Verizon Communications, Inc ................. 271,656 500 Wisconsin Energy Corp ....................... 12,150 ------------ TOTAL UTILITIES 2,502,682 ------------ TOTAL COMMON STOCK (COST $19,635,656) 18,278,630 ------------ TOTAL PORTFOLIO--99.79% (COST $19,635,656) 18,278,630 OTHER ASSETS & LIABILITIES, NET--0.21% 39,227 ------------ NET ASSETS--100.00% $ 18,317,857 ============ - ---------- * Non-income producing b In bankruptcy At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $19,749,988. Net unrealized depreciation of portfolio investments aggregated $1,471,358 of which $81,287 related to appreciated portfolio investments and $1,552,645 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 3 Statement of Investments - Institutional Mid-Cap Value Fund - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.50% AEROSPACE AND DEFENSE--0.79% 2,600 * Integrated Defense Technology, Inc .......... $ 51,220 400 * L-3 Communications Holdings, Inc ............ 21,080 100 PerkinElmer, Inc ............................ 545 ------------ TOTAL AEROSPACE AND DEFENSE 72,845 ------------ BASIC INDUSTRIES--3.37% 400 * American Standard Cos, Inc .................. 25,448 600 Avery Dennison Corp ......................... 34,188 200 Black & Decker Corp ......................... 8,386 400 Cabot Corp .................................. 8,400 1,000 Consol Energy, Inc .......................... 12,660 1,100 Ecolab, Inc ................................. 45,903 2,200 * Freeport-McMoRan Copper & Gold, Inc (Class A) ................................. 29,612 3,600 Newmont Mining Corp ......................... 99,036 200 OM Group, Inc ............................... 8,560 1,200 * Sealed Air Corp ............................. 20,268 200 Stanley Works ............................... 6,534 300 Valspar Corp ................................ 11,190 ------------ TOTAL BASIC INDUSTRIES 310,185 ------------ CONSUMER CYCLICAL--17.71% 200 * 99 Cents Only Stores ........................ 4,140 4,000 * Abercrombie & Fitch Co (Class A) ............ 78,680 100 * Advance Auto Parts .......................... 5,274 3,300 * Apollo Group, Inc (Class A) ................. 143,319 1,000 Applebee's International, Inc ............... 21,920 1,100 Autoliv, Inc ................................ 23,188 5,000 * Bed Bath & Beyond, Inc ...................... 162,850 300 * Big Lots, Inc ............................... 4,749 100 Blockbuster, Inc (Class A) .................. 2,480 4,000 * Brinker International, Inc .................. 103,600 400 Callaway Golf Co ............................ 4,160 300 CBRL Group, Inc ............................. 6,846 500 * CEC Entertainment, Inc ...................... 17,055 100 * Columbia Sportswear Co ...................... 3,472 100 * Copart, Inc ................................. 1,085 2,400 * Cox Radio, Inc (Class A) .................... 62,784 200 Darden Restaurants, Inc ..................... 4,848 4,800 * Dollar Tree Stores, Inc ..................... 105,792 900 * Foot Locker, Inc ............................ 8,991 900 * Gentex Corp ................................. 24,471 100 * Harrah's Entertainment, Inc ................. 4,821 2,600 * International Game Technology ............... 179,764 500 International Speedway Corp (Class A) ....... 19,865 200 Leggett & Platt, Inc ........................ 3,958 2,100 * Lin TV Corp (Class A) ....................... 51,975 900 Marriott International, Inc (Class A) ....... 26,091 100 Maytag Corp ................................. 2,318 300 * Michaels Stores, Inc ........................ 13,710 100 * MSC Industrial Direct Co (Class A) .......... 1,062 100 New York Times Co (Class A) ................. 4,545 500 * O'Reilly Automotive, Inc .................... 14,310 600 * Outback Steakhouse, Inc ..................... 16,488 100 Polaris Industries, Inc ..................... 6,200 500 R.R. Donnelley & Sons Co .................... 11,755 100 Reader's Digest Association, Inc (Class A) .. 1,565 600 Ross Stores, Inc ............................ 21,384 1,100 Ruby Tuesday, Inc ........................... 20,658 100 Scripps (E.W.) Co (Class A) ................. 6,930 7,400 * Starbucks Corp .............................. 152,736 400 * The Cheesecake Factory, Inc ................. 11,932 900 Tiffany & Co ................................ 19,287 200 * Timberland Co (Class A) ..................... 6,336 4,400 * U.S.A. Interactive, Inc ..................... 85,272 3,700 * Univision Communications, Inc (Class A) ..... 84,360 700 Wendy's International, Inc .................. 23,177 100 Wiley (John) & Sons, Inc (Class A) .......... 2,201 400 * Williams-Sonoma, Inc ........................ 9,452 1,200 * Yum! Brands, Inc ............................ 33,252 200 * Zale Corp ................................... 6,032 ------------ TOTAL CONSUMER CYCLICAL 1,631,140 ------------ CONSUMER NON-CYCLICAL--8.77% 800 * Amazon.Com, Inc ............................. 12,744 600 * Aramark Corp (Class B) ...................... 12,600 1,700 * Autozone, Inc ............................... 134,062 200 * Barnes & Noble, Inc ......................... 4,232 2,614 * Best Buy Co, Inc ............................ 58,318 1,000 * BJ's Wholesale Club, Inc .................... 19,010 400 * Borders Group, Inc .......................... 6,320 500 * CDW Computer Centers, Inc ................... 21,180 100 Church & Dwight Co, Inc ..................... 3,315 200 Clorox Co ................................... 8,036 300 Coca-Cola Enterprises, Inc .................. 6,372 100 Dial Corp ................................... 2,146 1,900 * Energizer Holdings, Inc ..................... 57,760 400 Estee Lauder Cos (Class A) .................. 11,496 700 Fastenal Co ................................. 22,106 1,000 Herman Miller, Inc .......................... 17,760 200 Hershey Foods Corp .......................... 12,410 400 International Flavors & Fragrances, Inc ..... 12,740 2,700 Loews Corp (Carolina Group) ................. 50,787 4,900 Mattel, Inc ................................. 88,249 1,100 McCormick & Co, Inc (Non-Vote) .............. 25,080 4,300 Pepsi Bottling Group, Inc ................... 100,620 100 * Petco Animal Supplies, Inc .................. 2,169 600 * Petsmart, Inc ............................... 10,686 4,000 * Rite Aid Corp ............................... 8,400 5,000 * Staples, Inc ................................ 63,950 600 Tootsie Roll Industries, Inc ................ 17,832 300 * Weight Watchers International, Inc .......... 13,008 100 * Whole Foods Market, Inc ..................... 4,284 ------------ TOTAL CONSUMER NON-CYCLICAL 807,672 ------------ ENERGY--4.69% 200 Amerada Hess Corp ........................... 13,576 1,300 Baker Hughes, Inc ........................... 37,739 4,000 * BJ Services Co .............................. 104,000 300 Burlington Resources, Inc ................... 11,508 800 Devon Energy Corp ........................... 38,600 900 Murphy Oil Corp ............................. 73,863 200 * Newfield Exploration Co ..................... 6,718 1,700 Noble Energy, Inc ........................... 57,749 700 Ocean Energy, Inc ........................... 13,965 2,000 * Weatherford International Ltd ............... 74,280 ------------ TOTAL ENERGY 431,998 ------------ FINANCIAL SERVICES--6.77% 1,400 Ambac Financial Group, Inc .................. 75,446 400 * AmeriCredit Corp ............................ 3,228 2,300 * Blackrock, Inc .............................. 95,266 600 * Catellus Development Corp ................... 11,070 300 * ChoicePoint, Inc ............................ 10,692 4,700 Federated Investors, Inc (Class B) .......... 126,853 4,300 Hibernia Corp (Class A) ..................... 85,957 100 * Investment Technology Group, Inc ............ 2,926 3,600 Investors Financial Services Corp ........... 97,452 100 Provident Financial Group, Inc .............. 2,509 600 * Providian Financial Corp .................... 2,940 800 Rouse Co .................................... 25,560 200 SEI Investments Co .......................... 4,776 SEE NOTES TO FINANCIAL STATEMENTS 4 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL MID-CAP VALUE FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(CONTINUED) 100 St. Joe Co .................................. $ 2,760 100 T Rowe Price Group, Inc ..................... 2,496 2,300 Union Planters Corp ......................... 63,158 200 * United Rentals, Inc ......................... 1,688 500 Waddell & Reed Financial, Inc (Class A) ..... 8,830 ------------ TOTAL FINANCIAL SERVICES 623,607 ------------ HEALTH CARE--27.25% 300 * AdvancePCS .................................. 6,759 4,700 Aetna, Inc .................................. 168,307 2,300 * Alcon, Inc .................................. 89,125 200 Allergan, Inc ............................... 10,880 2,900 AmerisourceBergen Corp ...................... 207,118 2,900 * Anthem, Inc ................................. 188,500 200 * Apogent Technologies, Inc ................... 3,732 5,200 Applera Corp (Applied Biosystems Group) ..... 95,160 100 Beckman Coulter, Inc ........................ 3,870 3,300 Becton Dickinson & Co ....................... 93,720 200 * Biogen, Inc ................................. 5,854 7,400 Biomet, Inc ................................. 197,062 1,500 * Caremark Rx, Inc ............................ 25,500 200 * Cephalon, Inc ............................... 8,164 200 * Charles River Laboratories International, Inc ........................ 7,850 800 * Chiron Corp ................................. 27,952 100 * Community Health Systems, Inc ............... 2,663 300 * Express Scripts, Inc (Class A) .............. 16,356 600 * First Health Group Corp ..................... 16,272 400 * Fisher Scientific International, Inc ........ 12,140 4,300 * Genzyme Corp (General Division) ............. 88,623 4,100 * Gilead Sciences, Inc ........................ 137,473 1,900 * Guidant Corp ................................ 61,389 300 * Health Management Associates, Inc (Class A) . 6,066 3,300 * IDEC Pharmaceuticals Corp ................... 137,016 300 IMS Health, Inc ............................. 4,491 5,000 * King Pharmaceuticals, Inc ................... 90,850 1,000 * Laboratory Corp Of America Holdings ......... 33,780 600 * Lincare Holdings, Inc ....................... 18,624 300 McKesson Corp ............................... 8,499 4,400 * Medimmune, Inc .............................. 92,048 200 * Millennium Pharmaceuticals, Inc ............. 1,864 500 * Millipore Corp .............................. 15,895 100 Mylan Laboratories, Inc ..................... 3,274 300 * Oxford Health Plans, Inc .................... 11,682 100 Pall Corp ................................... 1,579 500 * Quest Diagnostics, Inc ...................... 30,765 500 * Quintiles Transnational Corp ................ 4,755 200 * Renal Care Group, Inc ....................... 6,578 4,700 Serono S.A. ADR ............................. 56,729 400 * SICOR, Inc .................................. 6,084 5,000 * St. Jude Medical, Inc ....................... 178,500 700 Stryker Corp ................................ 40,320 3,100 * Universal Health Services, Inc (Class B) .... 158,565 700 * Waters Corp ................................. 16,975 1,400 * Wellpoint Health Networks, Inc .............. 102,620 200 * Zimmer Holdings, Inc ........................ 7,668 ------------ TOTAL HEALTH CARE 2,509,696 ------------ OTHER--4.89% 2,600 Cintas Corp ................................. 108,992 800 * DeVry, Inc .................................. 14,896 400 * Dun & Bradstreet Corp ....................... 13,444 300 * GTECH Holdings Corp ......................... 7,446 3,300 H & R Block, Inc ............................ 138,633 400 Manpower, Inc ............................... 11,736 2,700 Moody's Corp ................................ 130,950 1,500 * Robert Half International, Inc .............. 23,805 ------------ TOTAL OTHER 449,902 ------------ PRODUCER DURABLES--1.68% 100 * AGCO Corp ................................... 2,320 1,300 * Allied Waste Industries, Inc ................ 9,555 2,400 Danaher Corp ................................ 136,440 200 Pitney Bowes, Inc ........................... 6,098 ------------ TOTAL PRODUCER DURABLES 154,413 ------------ TECHNOLOGY--21.78% 5,500 Adobe Systems, Inc .......................... 105,050 2,660 * Affiliated Computer Services, Inc (Class A) . 113,183 2,300 * Agere Systems, Inc (Class B) ................ 2,277 8,100 * Altera Corp ................................. 70,227 100 * American Power Conversion Corp .............. 956 100 * Amphenol Corp (Class A) ..................... 3,100 400 * Arrow Electronics, Inc ...................... 5,052 15,800 * BEA Systems, Inc ............................ 81,844 200 * BearingPoint, Inc ........................... 1,292 300 * Bisys Group, Inc ............................ 5,013 200 * BMC Software, Inc ........................... 2,614 9,500 * Brocade Communications Systems, Inc ......... 71,535 2,600 * Business Objects S.A. (Spon ADR) ............ 27,612 1,500 * Cadence Design Systems, Inc ................. 15,255 700 * Ceridian Corp ............................... 9,975 800 * Citrix Systems, Inc ......................... 4,824 100 * Comverse Technology, Inc .................... 699 1,300 * Convergys Corp .............................. 19,539 1,600 * Corning, Inc ................................ 2,560 600 * CSG Systems International, Inc .............. 6,540 2,900 * DST Systems, Inc ............................ 85,463 900 * Electronic Arts, Inc ........................ 59,364 2,800 * Emulex Corp ................................. 31,528 4,900 Equifax, Inc ................................ 106,526 200 Fair, Isaac & Co, Inc ....................... 6,540 5,400 * Fairchild Semiconductor International, Inc (Class A) ................ 51,138 200 * Fiserv, Inc ................................. 5,616 100 Henry (Jack) & Associates, Inc .............. 1,243 3,300 * Integrated Circuit Systems, Inc ............. 51,810 200 * International Rectifier Corp ................ 3,124 4,800 * Internet Security Systems, Inc .............. 59,136 500 * Intersil Corp (Class A) ..................... 6,480 200 * Intuit, Inc ................................. 9,106 300 * Iron Mountain, Inc .......................... 7,497 800 * Jabil Circuit, Inc .......................... 11,824 1,000 * JDS Uniphase Corp ........................... 1,948 1,000 * Juniper Networks, Inc ....................... 4,800 1,800 * KLA-Tencor Corp ............................. 50,292 6,100 * Lam Research Corp ........................... 54,290 2,600 * Lexmark International, Inc .................. 122,200 800 * LSI Logic Corp .............................. 5,080 300 * Mettler-Toledo International, Inc ........... 7,800 7,300 * Micrel, Inc ................................. 44,968 1,600 * Microchip Technology, Inc ................... 32,720 900 Molex, Inc .................................. 21,168 1,300 * National Semiconductor Corp ................. 15,522 900 * Network Appliance, Inc ...................... 6,597 7,800 * Network Associates, Inc ..................... 82,914 1,000 * Novellus Systems, Inc ....................... 20,810 500 * Nvidia Corp ................................. 4,280 8,800 * Peoplesoft, Inc ............................. 108,856 300 * Perot Systems Corp (Class A) ................ 2,790 600 * PMC-Sierra, Inc ............................. 2,328 400 * QLogic Corp ................................. 10,416 200 Reynolds & Reynolds Co (Class A) ............ 4,488 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 5 Statement of Investments - INSTITUTIONAL MID-CAP VALUE FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(CONTINUED) 400 * RF Micro Devices, Inc ....................... $ 2,400 1,900 * Sanmina-SCI Corp ............................ 5,263 300 * Semtech Corp ................................ 2,910 12,277 * Siebel Systems, Inc ......................... 70,593 3,200 * Solectron Corp .............................. 6,752 5,700 * Sungard Data Systems, Inc ................... 110,865 3,490 * Symantec Corp ............................... 117,369 400 * Synopsys, Inc ............................... 15,260 600 * Tellabs, Inc ................................ 2,442 900 * Teradyne, Inc ............................... 8,640 500 Total System Services, Inc .................. 6,575 100 * Utstarcom, Inc .............................. 1,527 400 * Veritas Software Corp ....................... 5,868 ------------ TOTAL TECHNOLOGY 2,006,273 ------------ TRANSPORTATION--0.52% 500 C.H. Robinson Worldwide, Inc ................ 13,510 300 Expeditors International Of Washington, Inc . 8,382 100 * JetBlue Airways Corp ........................ 4,033 900 * Sabre Holdings Corp ......................... 17,415 200 Skywest, Inc ................................ 2,620 100 * Swift Transportation Co, Inc ................ 1,560 ------------ TOTAL TRANSPORTATION 47,520 ------------ UTILITIES--1.28% 3,300 b* Adelphia Business Solutions, Inc ............ 116 1,700 * AES Corp .................................... 4,267 500 * Calpine Corp ................................ 1,235 100 Kinder Morgan, Inc .......................... 3,545 17,300 * Level 3 Communications, Inc ................. 67,297 1,700 * Mirant Corp ................................. 3,757 800 * Nextel Communications, Inc (Class A) ........ 6,040 4,400 * Qwest Communications International, Inc ..... 10,032 7,500 * Sprint Corp (PCS Group) ..................... 14,700 200 * West Corp ................................... 2,800 1,800 Williams Cos, Inc ........................... 4,067 ------------ TOTAL UTILITIES 117,856 ------------ TOTAL COMMON STOCK (COST $9,952,400) 9,163,107 ------------ TOTAL PORTFOLIO--99.50% (COST $9,952,400) 9,163,107 OTHER ASSETS & LIABILITIES, NET--0.50% 46,385 ------------ NET ASSETS--100.00% $ 9,209,492 ============ - ---------- * Non-income producing b In bankruptcy At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $9,955,611. Net unrealized depreciation of portfolio investments aggregated $792,504 of which $79,917 related to appreciated portfolio investments and $872,421 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 6 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL MID-CAP VALUE FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.65% AEROSPACE AND DEFENSE--0.05% 200 Rockwell Collins, Inc ....................... $ 4,388 ------------ TOTAL AEROSPACE AND DEFENSE 4,388 ------------ BASIC INDUSTRIES--9.77% 2,200 * Abitibi-Consolidated, Inc ................... 14,894 21,000 Abitibi-Consolidated, Inc (Canada) .......... 141,130 1,800 Black & Decker Corp ......................... 75,474 200 D.R. Horton, Inc ............................ 3,724 3,200 Fluor Corp .................................. 78,208 5,500 * Freeport-McMoRan Copper & Gold, Inc (Class A) ................................. 74,030 6,500 Lyondell Chemical Co ........................ 77,610 6,000 Monsanto Co ................................. 91,740 1,900 Newmont Mining Corp ......................... 52,269 3,900 * Pactiv Corp ................................. 64,155 500 PPG Industries, Inc ......................... 22,350 400 Praxair, Inc ................................ 20,444 3,200 Rohm & Haas Co .............................. 99,200 1,800 Valspar Corp ................................ 67,140 ------------ TOTAL BASIC INDUSTRIES 882,368 ------------ CONSUMER CYCLICAL--12.73% 2,500 * AFC Enterprises, Inc ........................ 50,475 8,700 Autoliv, Inc ................................ 183,396 400 * Cablevision Systems Corp (Class A) .......... 3,624 7,500 Delphi Corp ................................. 64,125 1,200 Dow Jones & Co, Inc ......................... 46,092 700 Eastman Kodak Co ............................ 19,068 300 * Federated Department Stores, Inc ............ 8,832 4,700 * Foot Locker, Inc ............................ 46,953 500 Hilton Hotels Corp .......................... 5,690 400 J.C. Penney Co, Inc ......................... 6,368 100 Johnson Controls, Inc ....................... 7,682 2,400 * Lamar Advertising Co ........................ 72,840 3,600 * Lear Corp ................................... 149,940 100 Limited Brands, Inc ......................... 1,434 400 Liz Claiborne, Inc .......................... 9,980 4,100 May Department Stores Co .................... 93,357 7,000 Nordstrom, Inc .............................. 125,580 1,800 * Performance Food Group Co ................... 61,128 4,600 * Radio One, Inc (Class D) .................... 75,854 4,300 Reader's Digest Association, Inc (Class A) .. 67,295 100 TRW, Inc .................................... 5,855 2,300 * U.S.A. Interactive, Inc ..................... 44,574 ------------ TOTAL CONSUMER CYCLICAL 1,150,142 ------------ CONSUMER NON-CYCLICAL--6.65% 800 Archer Daniels Midland Co ................... 10,008 3,700 * Borders Group, Inc .......................... 58,460 3,200 Bunge Ltd ................................... 77,440 600 Circuit City Stores, Inc (Circuit City Group) 9,090 2,400 * Dean Foods Co ............................... 95,472 7,600 Loews Corp (Carolina Group) ................. 142,956 1,200 Newell Rubbermaid, Inc ...................... 37,044 8,000 * Office Depot, Inc ........................... 98,720 100 * Smithfield Foods, Inc ....................... 1,570 5,300 Winn-Dixie Stores, Inc ...................... 69,536 ------------ TOTAL CONSUMER NON-CYCLICAL 600,296 ------------ ENERGY--6.83% 2,400 Apache Corp ................................. 142,680 600 Burlington Resources, Inc ................... 23,016 2,800 Devon Energy Corp ........................... 135,100 2,500 Diamond Offshore Drilling, Inc .............. 49,875 2,100 ENSCO International, Inc .................... 52,584 1,400 Marathon Oil Corp ........................... 31,752 2,600 Noble Energy, Inc ........................... 88,322 400 Unocal Corp ................................. 12,556 4,800 * Varco International, Inc .................... 81,216 ------------ TOTAL ENERGY 617,101 ------------ FINANCIAL SERVICES--30.84% 200 21st Century Insurance Group ................ 2,062 2,200 A.G. Edwards, Inc ........................... 70,356 3,900 AMB Property Corp ........................... 112,710 200 Ambac Financial Group, Inc .................. 10,778 1,600 AmSouth Bancorp ............................. 33,184 3,800 Astoria Financial Corp ...................... 92,720 100 Bear Stearns Cos, Inc ....................... 5,640 400 Charter One Financial, Inc .................. 11,887 300 Countrywide Credit Industries, Inc .......... 14,145 4,200 Developers Diversified Realty Corp .......... 92,442 4,400 Duke Realty Corp ............................ 108,328 200 * E*trade Group, Inc .......................... 890 1,800 Equity Office Properties Trust .............. 46,476 300 Equity Residential .......................... 7,182 4,700 FelCor Lodging Trust, Inc ................... 60,301 300 First Tennessee National Corp ............... 10,401 100 First Virginia Banks, Inc ................... 3,730 300 Fulton Financial Corp ....................... 5,640 2,200 General Growth Properties, Inc .............. 113,300 1,800 Greenpoint Financial Corp ................... 75,132 8,600 Hibernia Corp (Class A) ..................... 171,914 300 Hudson City Bancorp, Inc .................... 4,869 3,900 * IndyMac Bancorp, Inc ........................ 75,153 100 Jefferson-Pilot Corp ........................ 4,010 9,400 * La Quinta Corp .............................. 45,120 3,800 Legg Mason, Inc ............................. 161,728 100 Lincoln National Corp ....................... 3,055 1,500 Marshall & Ilsley Corp ...................... 41,835 11,600 Max Re Capital Ltd .......................... 118,088 400 MBIA, Inc ................................... 15,980 2,500 Mercantile Bankshares Corp .................. 95,425 300 MGIC Investment Corp ........................ 12,249 4,100 National Commerce Financial Corp ............ 102,705 300 New York Community Bancorp, Inc ............. 8,451 4,000 North Fork Bancorp, Inc ..................... 151,360 100 Old National Bancorp ........................ 2,486 400 Phoenix Cos, Inc ............................ 5,448 600 PMI Group, Inc .............................. 16,326 500 Popular, Inc ................................ 15,800 800 * Providian Financial Corp .................... 3,920 400 Regions Financial Corp ...................... 13,068 5,700 Safeco Corp ................................. 181,146 100 Simon Property Group, Inc ................... 3,573 900 SouthTrust Corp ............................. 21,825 200 Sovereign Bancorp, Inc ...................... 2,580 100 St. Paul Cos, Inc ........................... 2,872 3,600 Starwood Hotels & Resorts Worldwide, Inc .... 80,280 600 Stilwell Financial, Inc ..................... 7,242 100 Transatlantic Holdings, Inc ................. 6,645 700 Trizec Properties, Inc ...................... 7,945 300 Trustmark Corp .............................. 6,840 7,634 Union Planters Corp ......................... 209,630 1,800 UnionBanCal Corp ............................ 75,618 800 United Dominion Realty Trust, Inc ........... 12,728 300 * United Rentals, Inc ......................... 2,532 300 Unitrin, Inc ................................ 9,210 9,700 UnumProvident Corp .......................... 197,395 100 Valley National Bancorp ..................... 2,660 300 Wilmington Trust Corp ....................... 8,676 ------------ TOTAL FINANCIAL SERVICES 2,785,691 ------------ SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 7 Statement of Investments - INSTITUTIONAL MID-CAP VALUE FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--4.74% 4,600 Aetna, Inc .................................. $ 164,726 1,100 * Anthem, Inc ................................. 71,500 3,500 Becton Dickinson & Co ....................... 99,400 2,500 * Genzyme Corp (General Division) ............. 51,525 1,100 * Healthsouth Corp ............................ 4,565 200 * Millennium Pharmaceuticals, Inc ............. 1,864 1,600 * NPS Pharmaceuticals, Inc .................... 32,909 100 * Vertex Pharmaceuticals, Inc ................. 1,849 ------------ TOTAL HEALTH CARE 428,338 ------------ OTHER--3.85% 2,900 Crane Co .................................... 57,304 200 Dover Corp .................................. 5,076 2,700 Fortune Brands, Inc ......................... 127,683 2,696 Manpower, Inc ............................... 79,101 300 Supervalu, Inc .............................. 4,845 3,600 Viad Corp ................................... 73,548 ------------ TOTAL OTHER 347,557 ------------ PRODUCER DURABLES--3.91% 1,200 Deere & Co .................................. 54,540 100 Eaton Corp .................................. 6,374 2,400 Kennametal, Inc ............................. 77,088 3,200 Paccar, Inc ................................. 108,128 3,100 Pitney Bowes, Inc ........................... 94,519 2,500 * Xerox Corp .................................. 12,375 ------------ TOTAL PRODUCER DURABLES 353,024 ------------ TECHNOLOGY--6.08% 8,800 * Advanced Micro Devices, Inc ................. 46,992 300 * Apple Computer, Inc ......................... 4,350 30,800 * Atmel Corp .................................. 32,648 3,300 * Broadcom Corp (Class A) ..................... 35,244 1,300 Computer Associates International, Inc ...... 12,480 400 * Computer Sciences Corp ...................... 11,116 300 * Gateway, Inc ................................ 891 26,300 * JDS Uniphase Corp ........................... 51,232 7,442 * Micrel, Inc ................................. 45,843 2,100 Molex, Inc .................................. 49,392 2,000 * Novellus Systems, Inc ....................... 41,620 21,500 * ON Semiconductor Corp ....................... 26,875 3,700 * Peoplesoft, Inc ............................. 45,769 24,000 * Solectron Corp .............................. 50,640 19,900 * Sycamore Networks, Inc ...................... 46,765 1,800 * Tech Data Corp .............................. 47,520 ------------ TOTAL TECHNOLOGY 549,377 ------------ TRANSPORTATION--1.79% 5,400 CSX Corp .................................... 142,452 900 Norfolk Southern Corp ....................... 18,171 100 * Northwest Airlines Corp ..................... 668 ------------ TOTAL TRANSPORTATION 161,291 ------------ UTILITIES--12.41% 2,000 * AES Corp .................................... 5,020 800 Allegheny Energy, Inc ....................... 10,480 500 Allete, Inc ................................. 10,800 600 Alliant Energy Corp ......................... 11,550 1,000 Ameren Corp ................................. 41,650 1,100 Aquila, Inc ................................. 4,510 11,400 * Broadwing, Inc .............................. 22,572 2,000 * Calpine Corp ................................ 4,940 2,100 Centerpoint Energy, Inc ..................... 21,021 500 CenturyTel, Inc ............................. 11,215 1,100 Cinergy Corp ................................ 34,573 800 CMS Energy Corp ............................. 6,448 2,900 Consolidated Edison, Inc .................... 116,638 1,200 Constellation Energy Group, Inc ............. 29,748 700 DPL, Inc .................................... 11,515 900 DTE Energy Co ............................... 36,630 2,100 * Dynegy, Inc (Class A) ....................... 2,436 7,300 * Edison International ........................ 73,000 700 Energy East Corp ............................ 13,867 1,500 Entergy Corp ................................ 62,400 1,900 Equitable Resources, Inc .................... 65,645 2,100 FirstEnergy Corp ............................ 62,769 200 Idacorp, Inc ................................ 4,866 800 KeySpan Corp ................................ 26,800 200 Kinder Morgan, Inc .......................... 7,090 12,300 * Level 3 Communications, Inc ................. 47,847 400 MDU Resources Group, Inc .................... 9,132 2,700 * Mirant Corp ................................. 5,967 2,900 National Fuel Gas Co ........................ 57,623 300 Nicor, Inc .................................. 8,460 1,500 NiSource, Inc ............................... 25,845 600 Northeast Utilities ......................... 10,140 3,000 * P G & E Corp ................................ 33,780 700 Pepco Holdings, Inc ......................... 13,965 300 Pinnacle West Capital Corp .................. 8,328 1,100 PPL Corp .................................... 35,794 1,000 Public Service Enterprise Group, Inc ........ 30,500 500 Puget Energy, Inc ........................... 10,205 500 Questar Corp ................................ 11,420 5,400 * Qwest Communications International, Inc ..... 12,312 300 * Reliant Resources, Inc ...................... 525 1,100 Sempra Energy ............................... 21,615 2,600 * Sprint Corp (PCS Group) ..................... 5,096 1,000 TECO Energy, Inc ............................ 15,880 400 Vectren Corp ................................ 8,800 3,600 Williams Cos, Inc ........................... 8,136 500 Wisconsin Energy Corp ....................... 12,150 3,200 Xcel Energy, Inc ............................ 29,792 ------------ TOTAL UTILITIES 1,121,495 ------------ TOTAL COMMON STOCK (COST $9,924,069) 9,001,068 ------------ TOTAL PORTFOLIO--99.65% (COST $9,924,069) 9,001,068 OTHER ASSETS & LIABILITIES, NET--0.35% 31,736 ------------ NET ASSETS--100.00% $ 9,032,804 ============ - ---------- * Non-income producing At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $9,935,004. Net unrealized depreciation of portfolio investments aggregated $933,936 of which $45,851 related to appreciated portfolio investments and $979,787 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 8 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.75% AEROSPACE AND DEFENSE--0.67% 1,400 AAR Corp .................................... $ 6,650 600 * Aviall, Inc ................................. 6,114 100 * DRS Technologies, Inc ....................... 3,722 300 * Ducommun, Inc ............................... 5,283 200 * Dynamics Research Corp ...................... 2,916 300 Engineered Support Systems, Inc ............. 17,112 400 Heico Corp .................................. 4,528 100 * Herley Industries, Inc ...................... 1,857 1,300 * Hexcel Corp ................................. 3,224 200 * Integrated Defense Technology, Inc .......... 3,940 900 Kaman Corp (Class A) ........................ 11,025 600 * Moog, Inc (Class A) ......................... 16,956 1,400 * Remec, Inc .................................. 4,774 100 * Sequa Corp (Class A) ........................ 5,210 900 * Teledyne Technologies, Inc .................. 16,344 400 * Triumph Group, Inc .......................... 11,200 100 * United Defense Industries, Inc .............. 2,360 ------------ TOTAL AEROSPACE AND DEFENSE 123,215 ------------ BASIC INDUSTRIES--8.52% 500 * Aaon, Inc ................................... 8,460 200 * AEP Industries, Inc ......................... 5,406 1,800 * Airgas, Inc ................................. 23,634 800 Albany International Corp (Class A) ......... 15,184 100 Alico, Inc .................................. 2,845 600 Amcol International Corp .................... 3,360 200 American Woodmark Corp ...................... 10,148 200 Ameron International Corp ................... 9,838 1,400 Arch Chemicals, Inc ......................... 24,808 1,900 Arch Coal, Inc .............................. 31,445 200 * Avatar Holdings, Inc ........................ 4,812 100 * Baker (Michael) Corp ........................ 1,030 500 * Brush Engineered Materials, Inc ............. 3,900 1,100 * Building Materials Holding Corp ............. 12,870 500 Butler Manufacturing Co ..................... 10,800 300 * BWAY Corp ................................... 4,170 1,700 * Cabot Microelectronics Corp ................. 63,308 1,000 Calgon Carbon Corp .......................... 5,780 800 Cambrex Corp ................................ 29,440 800 * Caraustar Industries, Inc ................... 7,480 1,000 Carlisle Cos, Inc ........................... 36,680 700 Carpenter Technology Corp ................... 9,100 400 Castle (A.M.) & Co .......................... 2,700 500 Centex Construction Products, Inc ........... 17,850 3,200 * Champion Enterprises, Inc ................... 9,408 400 Chemed Corp ................................. 12,308 300 ChemFirst, Inc .............................. 8,628 900 Clarcor, Inc ................................ 27,630 200 * Cleveland-Cliffs, Inc ....................... 4,810 200 * Collins & Aikman Corp ....................... 718 1,700 * Comfort Systems U.S.A., Inc ................. 5,168 1,900 Commercial Metals Co ........................ 34,048 3,600 Crompton Corp ............................... 36,180 2,400 * Crown Cork & Seal Co, Inc ................... 12,600 1,300 * Cytec Industries, Inc ....................... 28,535 300 Deltic Timber Corp .......................... 6,594 1,200 * Dionex Corp ................................. 30,672 100 Donnelly Corp ............................... 2,591 100 * Drew Industries, Inc ........................ 1,555 700 * Earthshell Corp ............................. 490 700 ElkCorp ..................................... 11,949 500 * EMCOR Group, Inc ............................ 24,850 100 * Encore Wire Corp ............................ 880 400 * Energy Conversion Devices, Inc .............. 4,340 1,100 Ferro Corp .................................. 25,410 1,100 * Fleetwood Enterprises, Inc .................. 7,414 600 Florida Rock Industries, Inc ................ 18,336 1,100 * Foamex International, Inc ................... 6,050 1,000 Georgia Gulf Corp ........................... 22,870 300 Glatfelter .................................. 3,465 1,100 Granite Construction, Inc ................... 18,128 1,100 Great Lakes Chemical Corp ................... 26,422 400 Greif Brothers Corp (Class A) ............... 9,800 900 H.B. Fuller Co .............................. 23,940 2,600 * Hecla Mining Co ............................. 9,282 600 * Hovnanian Enterprises, Inc (Class A) ........ 20,280 500 * Imco Recycling, Inc ......................... 3,025 800 * Insituform Technologies, Inc (Class A) ...... 11,479 2,000 * Integrated Electrical Services, Inc ......... 7,480 300 * International Specialty Products, Inc ....... 2,907 400 Interpool, Inc .............................. 4,808 300 * Jarden Corp ................................. 8,145 1,300 Lennox International, Inc ................... 17,199 700 * Liquidmetal Technologies .................... 5,593 200 * Lone Star Technologies, Inc ................. 2,370 1,900 * Longview Fibre Co ........................... 13,186 3,200 * Louisiana-Pacific Corp ...................... 20,704 200 LSI Industries, Inc ......................... 2,028 500 * Lydall, Inc ................................. 5,900 500 M/I Schottenstein Homes, Inc ................ 15,750 900 MacDermid, Inc .............................. 17,955 1,900 Massey Energy Co ............................ 12,255 300 * Material Sciences Corp ...................... 3,651 200 * Mattson Technology, Inc ..................... 330 100 * Maui Land & Pineapple Co .................... 1,813 700 MDC Holdings, Inc ........................... 24,710 100 * Mestek, Inc ................................. 1,825 2,000 Millennium Chemicals, Inc ................... 19,760 600 Minerals Technologies, Inc .................. 22,242 100 * Mobile Mini, Inc ............................ 1,295 300 * Modtech Holdings, Inc ....................... 3,000 500 * Mueller Industries, Inc ..................... 12,950 600 * NCI Building Systems, Inc ................... 11,280 200 NL Industries, Inc .......................... 2,902 400 * Nortek, Inc ................................. 17,308 100 * Northwest Pipe Co ........................... 1,789 500 * NS Group, Inc ............................... 2,965 300 Octel Corp .................................. 5,667 1,228 Olin Corp ................................... 20,115 1,200 * Omnova Solutions, Inc ....................... 5,508 2,000 * Oregon Steel Mills, Inc ..................... 12,240 300 * Osmonics, Inc ............................... 3,570 300 * Palm Harbor Homes, Inc ...................... 3,483 200 Penford Corp ................................ 2,700 300 Penn Engineering & Manufacturing Corp ....... 3,360 200 Penn Virginia Corp .......................... 6,480 800 * Penwest Pharmaceuticals Co .................. 6,664 500 Pope & Talbot, Inc .......................... 6,425 900 Potlatch Corp ............................... 25,812 300 Quaker Chemical Corp ........................ 5,772 800 Reliance Steel & Aluminum Co ................ 17,480 300 Roanoke Electric Steel Corp ................. 3,255 800 Royal Gold, Inc ............................. 15,256 600 * RTI International Metals, Inc ............... 6,300 200 Ryerson Tull, Inc ........................... 1,286 100 Schnitzer Steel Industries, Inc (Class A) ... 1,810 800 Schulman (A.), Inc .......................... 13,864 600 * Silgan Holdings, Inc ........................ 17,064 400 * Simpson Manufacturing Co, Inc ............... 12,556 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 9 Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- BASIC INDUSTRIES--(Continued) 300 Skyline Corp ................................ 8,157 3,200 Solutia, Inc ................................ 16,704 400 Southern Peru Copper Corp ................... 5,484 200 Spartech Corp ............................... 4,232 1,100 Standard-Pacific Corp ....................... 25,718 1,000 * Steel Dynamics, Inc ......................... 13,090 1,000 * Stillwater Mining Co ........................ 6,000 1,700 * Terra Industries, Inc ....................... 3,145 700 Texas Industries, Inc ....................... 16,996 900 Tredegar Corp ............................... 15,075 200 * Trex Co, Inc ................................ 5,468 600 * U.S. Concrete, Inc .......................... 3,150 900 Universal Forest Products, Inc .............. 16,938 200 * URS Corp .................................... 3,314 2,500 USEC, Inc ................................... 15,650 2,800 b* USG Corp .................................... 11,200 300 * Water Pik Technologies, Inc ................. 3,045 1,300 Watsco, Inc ................................. 18,590 1,100 Wausau-Mosinee Paper Corp ................... 10,131 300 * WCI Communities, Inc ........................ 3,810 500 WD-40 Co .................................... 14,450 1,000 Wellman, Inc ................................ 13,650 400 West Pharmaceutical Services, Inc ........... 8,568 2,100 Worthington Industries, Inc ................. 39,270 14,100 b* WR Grace & Co ............................... 22,560 ------------ TOTAL BASIC INDUSTRIES 1,580,065 ------------ CONSUMER CYCLICAL--12.37% 300 * Acme Communication, Inc ..................... 2,340 600 Action Performance Cos, Inc ................. 15,420 400 Advanced Marketing Services, Inc ............ 5,516 400 * Aeropostale, Inc ............................ 6,160 500 * AFC Enterprises, Inc ........................ 10,095 100 * Aftermarket Technology Corp ................. 1,293 1,300 * Alliance Gaming Corp ........................ 20,098 300 * AMC Entertainment, Inc ...................... 2,220 600 * Amerco ...................................... 6,036 400 Angelica Corp ............................... 8,596 1,300 * AnnTaylor Stores Corp ....................... 29,939 900 Apogee Enterprises, Inc ..................... 9,846 1,000 Arctic Cat, Inc ............................. 13,960 800 * Argosy Gaming Co ............................ 18,368 1,000 * Aztar Corp .................................. 13,210 700 * Bally Total Fitness Holding Corp ............ 6,937 700 Bandag, Inc ................................. 21,350 400 Barnes Group, Inc ........................... 8,036 300 Bassett Furniture Industries, Inc ........... 4,131 200 * Beasley Broadcast Group, Inc (Class A) ...... 2,512 100 * Bebe Stores, Inc ............................ 1,181 100 * Benihana, Inc (Class A) ..................... 1,240 600 Blair Corp .................................. 12,270 1,200 Bob Evans Farms, Inc ........................ 28,440 900 * Boca Resorts, Inc (Class A) ................. 9,180 1,800 Bowne & Co, Inc ............................. 18,000 900 * Boyd Gaming Corp ............................ 16,803 500 * Boyds Collection Ltd ........................ 3,220 200 * Brookstone, Inc ............................. 2,460 2,400 Brown Shoe Co, Inc .......................... 42,960 200 * Buca, Inc ................................... 1,600 300 * Buckle, Inc ................................. 6,030 600 Burlington Coat Factory Warehouse Corp ...... 10,800 500 Bush Industries, Inc (Class A) .............. 4,030 100 * Cache, Inc .................................. 1,330 500 * California Pizza Kitchen, Inc ............... 11,505 200 * Carmike Cinemas, Inc ........................ 3,600 300 * Cascade Corp ................................ 4,215 500 Cato Corp (Class A) ......................... 9,490 500 * Central Garden & Pet Co ..................... 8,555 300 * Championship Auto Racing Teams, Inc ......... 1,131 200 * Charlotte Russe Holding, Inc ................ 1,900 3,800 * Charming Shoppes, Inc ....................... 25,650 1,100 * Checkers Drive-In Restaurant ................ 8,800 100 * Cherokee, Inc ............................... 1,613 300 * Children's Place Retail Stores, Inc ......... 3,030 700 * Choice Hotels International, Inc ............ 16,177 800 * Christopher & Banks Corp .................... 20,096 300 Churchill Downs, Inc ........................ 10,950 1,500 * CKE Restaurants, Inc ........................ 6,000 1,400 Claire's Stores, Inc ........................ 30,520 400 Coachmen Industries, Inc .................... 6,004 100 * Coldwater Creek, Inc ........................ 1,318 300 * Cole National Corp .......................... 3,765 200 CPI Corp .................................... 2,750 300 * Cross Media Marketing Corp .................. 225 100 * CSS Industries, Inc ......................... 3,606 200 * Culp, Inc ................................... 1,700 1,300 * Dave & Buster's, Inc ........................ 14,573 2,600 * Department 56, Inc .......................... 27,170 200 * DHB Industries, Inc ......................... 424 300 * Dollar Thrifty Automotive Group, Inc ........ 4,815 300 Dover Downs Gaming & Entertainment, Inc ..... 2,442 500 * Dress Barn, Inc ............................. 7,780 400 * Dura Automotive Systems, Inc ................ 4,900 200 * Elizabeth Arden, Inc ........................ 2,398 800 Equity Inns, Inc ............................ 4,960 100 * Escalade, Inc ............................... 1,985 1,200 * EUniverse, Inc .............................. 3,516 900 Factset Research Systems, Inc ............... 23,895 600 * Finish Line, Inc (Class A) .................. 5,412 200 * Fisher Communications, Inc .................. 9,400 600 * Footstar, Inc ............................... 4,680 700 * Fossil, Inc ................................. 14,035 400 Fred's, Inc ................................. 11,943 600 G & K Services, Inc (Class A) ............... 20,310 700 * Gaylord Entertainment Co .................... 13,244 300 GenCorp, Inc ................................ 3,018 600 * Genesco, Inc ................................ 8,280 1,400 * Goody's Family Clothing, Inc ................ 6,608 300 Gray Television, Inc (Class A) .............. 4,035 200 * Group 1 Automotive, Inc ..................... 4,470 300 * GSI Commerce, Inc ........................... 1,515 200 * Guess?, Inc ................................. 858 500 * Guitar Center, Inc .......................... 9,390 900 * Gymboree Corp ............................... 14,679 600 Hancock Fabrics, Inc ........................ 9,690 1,500 * Handleman Co ................................ 13,725 500 Haverty Furniture Cos, Inc .................. 6,250 200 * Hibbett Sporting Goods, Inc ................. 4,150 1,600 Hollinger International, Inc ................ 14,544 300 * Hollywood Casino Corp (Class A) ............. 3,624 1,600 * Hollywood Entertainment Corp ................ 23,232 1,100 * Hot Topic, Inc .............................. 19,833 700 * iDine Rewards Network, Inc .................. 6,475 600 * IHOP Corp ................................... 14,460 300 * Information Holdings, Inc ................... 6,495 1,200 * Insight Communications Co, Inc .............. 11,076 1,300 Intermet Corp ............................... 6,253 700 * Intertan, Inc ............................... 4,886 500 * Isle Of Capri Casinos, Inc .................. 8,340 1,100 * Jack In The Box, Inc ........................ 25,080 SEE NOTES TO FINANCIAL STATEMENTS 10 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER CYCLICAL--(Continued) 200 * Jakks Pacific, Inc .......................... $ 2,224 800 * Jo-Ann Stores, Inc (Class A) ................ 22,432 100 * Johnson Outdoors, Inc (Class A) ............. 1,051 800 * Journal Register Co ......................... 15,080 15,100 b* Kmart Corp .................................. 7,399 500 * K2, Inc ..................................... 3,950 800 Kellwood Co ................................. 18,288 300 * Kenneth Cole Productions, Inc (Class A) ..... 6,090 200 * Keystone Automotive Industries, Inc ......... 3,300 900 Kimball International, Inc (Class B) ........ 12,438 600 * Kirby Corp .................................. 13,572 700 * Kroll, Inc .................................. 13,881 500 K-Swiss, Inc (Class A) ...................... 10,685 600 Libbey, Inc ................................. 19,116 100 * Liberty Livewire Corp (Class A) ............. 157 500 * Linens `n Things, Inc ....................... 9,185 200 * Lodgenet Entertainment Corp ................. 1,532 600 Lone Star Steakhouse & Saloon, Inc .......... 12,594 700 * Luby's, Inc ................................. 3,444 600 Marcus Corp ................................. 7,860 200 Marine Products Corp ........................ 2,122 400 * Maxwell Shoe Co, Inc (Class A) .............. 4,540 3,000 * Mediacom Communications Corp ................ 16,110 300 * Medis Technologies Ltd ...................... 1,284 900 * Men's Wearhouse, Inc ........................ 13,230 600 * Metro One Telecommunications, Inc ........... 5,100 500 * Micros Systems, Inc ......................... 11,595 200 * Midas, Inc .................................. 1,000 400 * Midway Games, Inc ........................... 2,192 1,000 Modine Manufacturing Co ..................... 19,020 100 * Monarch Casino & Resort, Inc ................ 1,332 200 * Monro Muffler Brake, Inc .................... 3,572 700 * Mossimo, Inc ................................ 4,116 100 * Mothers Work, Inc ........................... 3,803 1,500 * Movie Gallery, Inc .......................... 22,515 600 * MTR Gaming Group, Inc ....................... 5,526 200 * Multimedia Games, Inc ....................... 3,938 800 Myers Industries, Inc ....................... 10,024 100 National Presto Industries, Inc ............. 2,888 800 * Nautica Enterprises, Inc .................... 8,320 1,000 * Nautilus Group, Inc ......................... 19,500 200 * Netratings, Inc ............................. 1,168 800 * Oakley, Inc ................................. 8,040 500 * O'Charley's, Inc ............................ 9,371 300 Oshkosh B'gosh, Inc (Class A) ............... 10,308 700 Oshkosh Truck Corp .......................... 39,480 300 Oxford Industries, Inc ...................... 6,570 500 * P.F. Chang's China Bistro, Inc .............. 14,515 1,000 * Pacific Sunwear Of California, Inc .......... 20,360 200 * Panera Bread Co (Class A) ................... 5,400 1,300 * Papa John's International, Inc .............. 37,869 500 * Parkervision, Inc ........................... 5,650 800 * Payless Shoesource, Inc ..................... 43,208 900 * Penn National Gaming, Inc ................... 16,992 500 * Penton Media, Inc ........................... 120 800 Phillips-Van Heusen Corp .................... 10,080 700 * Pinnacle Entertainment, Inc ................. 5,110 1,400 * Pinnacle Systems, Inc ....................... 15,120 100 * PLATO Learning, Inc ......................... 665 400 * Playboy Enterprises, Inc (Class B) .......... 3,824 900 * Presstek, Inc ............................... 2,295 100 * Pricesmart, Inc ............................. 2,000 300 * Prime Hospitality Corp ...................... 2,460 2,100 * Primedia, Inc ............................... 2,919 400 * Private Media Group, Inc .................... 944 400 Pulitzer, Inc ............................... 16,660 400 * Quaker Fabric Corp .......................... 2,516 600 * Quiksilver, Inc ............................. 13,554 200 * Racing Champions Ertl Corp .................. 3,268 600 * Rare Hospitality International, Inc ......... 14,052 1,600 * Raytech Corp ................................ 9,744 800 * Regent Communications, Inc .................. 4,064 1,400 Regis Corp .................................. 39,606 600 * Resources Connection, Inc ................... 8,646 200 * Rex Stores Corp ............................. 2,060 200 Riviana Foods, Inc .......................... 4,580 700 Russell Corp ................................ 10,493 1,400 * Ryan's Family Steak Houses, Inc ............. 17,038 500 * Saga Communications, Inc (Class A) .......... 9,250 300 * Salem Communications Corp (Class A) ......... 6,726 200 * Salton, Inc ................................. 1,702 200 Schawk, Inc ................................. 1,964 1,300 * Scientific Games Corp (Class A) ............. 8,711 600 * SCP Pool Corp ............................... 16,446 300 * Shoe Carnival, Inc .......................... 4,275 2,200 * ShopKo Stores, Inc .......................... 28,732 200 * Shuffle Master, Inc ......................... 3,722 900 * Sinclair Broadcast Group, Inc (Class A) ..... 12,330 700 * Sirius Satellite Radio, Inc ................. 700 400 Smith (A.O.) Corp ........................... 11,368 1,200 * Sonic Corp .................................. 27,720 1,400 * Sotheby's Holdings, Inc (Class A) ........... 9,800 1,100 * Spanish Broadcasting System, Inc (Class A) .. 7,205 500 Spartan Motors, Inc ......................... 5,650 400 Speedway Motorsports, Inc ................... 9,420 700 * Sports Resorts International, Inc ........... 2,919 700 * Stage Stores, Inc ........................... 15,183 300 Standard Motor Products, Inc ................ 3,243 100 * Stanley Furniture Co, Inc ................... 2,124 1,400 * Station Casinos, Inc ........................ 23,814 700 * Stein Mart, Inc ............................. 4,088 100 * Steven Madden Ltd ........................... 1,440 700 * Stoneridge, Inc ............................. 11,900 1,200 Stride Rite Corp ............................ 9,492 600 Sturm Ruger & Co, Inc ....................... 7,320 800 Superior Industries International, Inc ...... 37,664 1,000 * Sylvan Learning Systems, Inc ................ 13,680 400 Tanger Factory Outlet Centers, Inc .......... 11,192 500 * TBC Corp .................................... 5,185 3,300 * Tenneco Automotive, Inc ..................... 13,893 1,000 * The Sports Authority, Inc ................... 5,970 700 * The Steak n Shake Co ........................ 7,700 400 * Thomas Nelson, Inc .......................... 3,520 600 Thor Industries, Inc ........................ 20,856 500 * THQ, Inc .................................... 10,400 1,100 * Too, Inc .................................... 25,608 1,100 * Topps Co, Inc ............................... 9,482 500 * Tower Automotive, Inc ....................... 3,350 1,000 * Tyler Technologies, Inc ..................... 4,400 2,200 * Unifi, Inc .................................. 13,794 200 * Universal Electronics, Inc .................. 1,790 200 * Urban Outfitters, Inc ....................... 4,858 300 * Vail Resorts, Inc ........................... 4,248 200 * Vans, Inc ................................... 1,138 200 * Vastera, Inc ................................ 430 2,500 * Wabash National Corp ........................ 13,525 100 * West Marine, Inc ............................ 1,271 6,400 * Westpoint Stevens, Inc ...................... 6,272 300 * Wet Seal, Inc (Class A) ..................... 3,000 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 11 Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER CYCLICAL--(Continued) 500 Winnebago Industries, Inc ................... $ 19,765 3,000 * WMS Industries, Inc ......................... 42,300 1,300 Wolverine World Wide, Inc ................... 19,500 400 Woodward Governor Co ........................ 18,959 300 * World Wrestling Federation Entertainment, Inc 2,511 200 * XM Satellite Radio Holdings, Inc ............ 780 200 * Young Broadcasting, Inc (Class A) ........... 1,734 900 * Zomax, Inc .................................. 3,510 ------------ TOTAL CONSUMER CYCLICAL 2,293,338 ------------ CONSUMER NON-CYCLICAL--5.46% 400 * 1-800-Flowers.com, Inc (Class A) ............ 2,800 700 * 7-Eleven, Inc ............................... 5,999 400 * AC Moore Arts & Crafts, Inc ................. 8,452 500 * American Italian Pasta Co (Class A) ......... 17,845 500 * Applica, Inc ................................ 2,650 200 * Asbury Automotive Group, Inc ................ 1,750 3,100 * Aurora Foods, Inc ........................... 2,015 1,100 Blyth, Inc .................................. 30,690 300 * Boston Beer Co, Inc (Class A) ............... 4,170 400 * Cadiz, Inc .................................. 1,200 1,200 Casey's General Stores, Inc ................. 13,860 700 * Chiquita Brands International, Inc .......... 10,815 100 Coca-Cola Bottling Co Consolidated .......... 4,690 1,100 Corn Products International, Inc ............ 31,625 600 * Cost Plus, Inc .............................. 16,110 100 Deb Shops, Inc .............................. 2,493 200 * DEL Laboratories, Inc ....................... 3,616 2,900 * Del Monte Foods Co .......................... 23,693 1,900 Delta & Pine Land Co ........................ 35,606 1,200 DIMON, Inc .................................. 7,488 1,400 * Drugstore.Com, Inc .......................... 2,338 700 * Duane Reade, Inc ............................ 11,200 300 * Electronics Boutique Holdings Corp .......... 8,235 400 * Factory 2-U Stores, Inc ..................... 776 500 * FAO, Inc .................................... 1,425 300 * Finlay Enterprises, Inc ..................... 4,526 1,000 Fleming Cos, Inc ............................ 5,000 1,600 * Flowers Foods, Inc .......................... 36,368 700 * FTI Consulting, Inc ......................... 27,832 300 * Galyans Trading Co, Inc ..................... 3,003 200 * Gart Sports Co .............................. 3,774 500 * Great Atlantic & Pacific Tea Co, Inc ........ 4,190 500 * Hain Celestial Group, Inc ................... 7,325 300 * Horizon Organic Holding Corp ................ 4,680 800 Hughes Supply, Inc .......................... 23,312 400 Ingles Markets, Inc (Class A) ............... 4,280 300 * Insight Enterprises, Inc .................... 3,045 100 Inter Parfums, Inc .......................... 668 2,400 Interface, Inc (Class A) .................... 9,504 1,600 * International Multifoods Corp ............... 31,360 2,000 Interstate Bakeries Corp .................... 53,140 300 * J & J Snack Foods Corp ...................... 11,055 500 J.M. Smucker Co ............................. 18,350 500 * Jill (J.) Group, Inc ........................ 8,710 700 Lance, Inc .................................. 8,925 1,000 Longs Drug Stores Corp ...................... 23,090 200 * MarineMax, Inc .............................. 1,802 900 * Marvel Enterprises, Inc ..................... 6,300 400 * Monterey Pasta Co ........................... 1,860 400 Movado Group, Inc ........................... 6,500 500 Nash Finch Co ............................... 6,800 100 * National Beverage Corp ...................... 1,366 300 Nature's Sunshine Products, Inc ............. 3,249 1,200 * NBTY, Inc ................................... 15,576 200 * NetFlix, Inc ................................ 1,940 1,000 Nu Skin Enterprises, Inc (Class A) .......... 12,200 3,500 * OfficeMax, Inc .............................. 14,280 400 Oneida Ltd .................................. 5,572 100 * Overstock.com, Inc .......................... 595 300 * Party City Corp ............................. 4,125 900 * Pathmark Stores, Inc ........................ 8,235 200 * PC Connection, Inc .......................... 812 300 * Penn Traffic Co ............................. 1,959 1,500 Pep Boys-Manny Moe & Jack ................... 18,375 1,900 * Perrigo Co .................................. 20,197 600 Pilgrim's Pride Corp (Class B) .............. 5,580 800 * Playtex Products, Inc ....................... 6,808 3,800 * Priceline.com, Inc .......................... 5,548 1,000 * Ralcorp Holdings, Inc ....................... 21,270 100 * Revlon, Inc (Class A) ....................... 299 400 * Robert Mondavi Corp (Class A) ............... 12,184 900 Ruddick Corp ................................ 13,671 400 Russ Berrie & Co, Inc ....................... 12,004 200 Sanderson Farms, Inc ........................ 3,200 600 Schweitzer-Mauduit International, Inc ....... 12,810 600 * Seminis, Inc (Class A) ...................... 1,758 1,300 Sensient Technologies Corp .................. 27,469 400 * Sharper Image Corp .......................... 7,648 200 * Skechers U.S.A., Inc (Class A) .............. 1,908 600 * Smart & Final, Inc .......................... 2,550 1,400 * Stamps.com, Inc ............................. 5,922 400 Standard Commercial Corp .................... 6,696 100 * Steinway Musical Instruments, Inc ........... 1,535 300 Stepan Co ................................... 8,055 200 Tasty Baking Co ............................. 2,550 1,000 * The Bombay Co, Inc .......................... 2,700 500 Thomas Industries, Inc ...................... 12,400 400 * Tractor Supply Co ........................... 12,712 700 * Trans World Entertainment Corp .............. 2,205 400 * Triarc Cos, Inc ............................. 9,076 1,400 * Tuesday Morning Corp ........................ 25,494 1,600 Tupperware Corp ............................. 26,592 400 * Tweeter Home Entertainment Group, Inc ....... 2,760 100 * United Auto Group, Inc ...................... 1,401 300 * United Natural Foods, Inc ................... 6,909 800 Universal Corp .............................. 28,056 600 * Valuevision International, Inc (Class A) .... 7,056 400 Vector Group Ltd ............................ 5,036 300 * Virbac Corp ................................. 1,524 300 Weis Markets, Inc ........................... 10,044 300 * Whitehall Jewellers, Inc .................... 3,156 600 * Wild Oats Markets, Inc ...................... 5,448 900 * Yankee Candle Co, Inc ....................... 15,453 ------------ TOTAL CONSUMER NON-CYCLICAL 1,012,908 ------------ ENERGY--3.43% 500 * 3TEC Energy Corp ............................ 7,150 200 * Atwood Oceanics, Inc ........................ 5,850 600 Berry Petroleum Co (Class A) ................ 10,194 800 Cabot Oil & Gas Corp (Class A) .............. 17,200 400 * Cal Dive International, Inc ................. 8,067 200 CARBO Ceramics, Inc ......................... 7,168 4,500 Chesapeake Energy Corp ...................... 29,700 700 * Comstock Resources, Inc ..................... 4,830 700 * Denbury Resources, Inc ...................... 7,119 800 * Dril-Quip, Inc .............................. 13,480 300 * Encore Acquisition Co ....................... 4,935 600 * Energy Partners Ltd ......................... 4,884 700 * Evergreen Resources, Inc .................... 28,686 500 * Exploration Co Of Delaware, Inc ............. 2,595 SEE NOTES TO FINANCIAL STATEMENTS 12 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- ENERGY--(Continued) 1,100 Frontier Oil Corp ........................... $ 13,640 700 Getty Realty Corp ........................... 13,356 1,000 * Global Industries Ltd ....................... 4,130 7,700 * Grey Wolf, Inc .............................. 27,720 200 * Gulf Island Fabrication, Inc ................ 2,352 1,100 * Hanover Compressor Co ....................... 9,130 1,600 * Harvest Natural Resources, Inc .............. 8,688 300 Holly Corp .................................. 5,094 200 * Horizon Offshore, Inc ....................... 842 300 * Houston Exploration Co ...................... 9,345 100 * Hydril Co ................................... 2,488 4,400 * Input/Output, Inc ........................... 21,076 2,900 * Key Energy Services, Inc .................... 22,852 500 * Key Production Co, Inc ...................... 8,100 200 Lufkin Industries, Inc ...................... 4,920 400 * Magnum Hunter Resources, Inc ................ 2,100 300 * Maverick Tube Corp .......................... 2,661 1,000 * Meridian Resource Corp ...................... 2,110 500 * Nuevo Energy Co ............................. 5,450 800 * Oceaneering International, Inc .............. 20,360 2,300 * Parker Drilling Co .......................... 5,060 900 Patina Oil & Gas Corp ....................... 25,650 100 * Petroleum Helicopters (Vote) ................ 2,630 1,300 * Plains Resources, Inc ....................... 33,514 400 * Prima Energy Corp ........................... 8,388 400 * Pure Resources, Inc ......................... 8,960 2,300 * Range Resources Corp ........................ 10,764 300 * Remington Oil & Gas Corp .................... 4,230 300 RPC, Inc .................................... 2,970 500 * Seacor Smit, Inc ............................ 20,495 300 * Spinnaker Exploration Co .................... 8,610 1,100 St. Mary Land & Exploration Co .............. 26,290 400 * Stone Energy Corp ........................... 13,000 1,500 * Superior Energy Services, Inc ............... 9,750 500 * Swift Energy Co ............................. 5,200 1,300 * Tesoro Petroleum Corp ....................... 3,640 1,100 * Tom Brown, Inc .............................. 25,190 800 * Transmontaigne, Inc ......................... 3,984 700 * Trico Marine Services, Inc .................. 1,778 1,500 * Unit Corp ................................... 28,725 300 * Universal Compression Holdings, Inc ......... 4,860 700 * Veritas DGC, Inc ............................ 7,567 1,500 Vintage Petroleum, Inc ...................... 16,200 800 * W-H Energy Services, Inc .................... 13,840 300 World Fuel Services Corp .................... 5,790 ------------ TOTAL ENERGY 635,357 ------------ FINANCIAL SERVICES--23.87% 200 1st Source Corp ............................. 2,818 400 ABC Bancorp ................................. 5,128 400 Acadia Realty Trust ......................... 2,960 700 Advanta Corp (Class A) ...................... 7,035 400 Alabama National Bancorp .................... 18,112 200 Alexandria Real Estate Equities, Inc ........ 8,496 1,100 Alfa Corp ................................... 13,475 700 Amcore Financial, Inc ....................... 15,372 1,300 American Capital Strategies Ltd ............. 24,492 700 American Financial Holdings, Inc ............ 21,287 200 American National Bankshares, Inc ........... 5,492 800 * American Physicians Capital, Inc ............ 13,488 2,400 * Ameritrade Holding Corp ..................... 8,952 500 AMLI Residential Properties Trust ........... 11,040 400 Anchor Bancorp Wisconsin, Inc ............... 8,080 400 Anthracite Capital, Inc ..................... 4,520 3,000 Anworth Mortgage Asset Corp ................. 36,570 1,200 Apex Mortgage Capital, Inc .................. 13,428 800 Argonaut Group, Inc ......................... 13,800 300 Arrow Financial Corp ........................ 8,595 500 Associated Estates Realty Corp .............. 4,050 200 Baldwin & Lyons, Inc (Class B) .............. 4,372 300 * Banc Corp ................................... 2,322 100 Bancfirst Corp .............................. 4,922 400 Bank Mutual Corp ............................ 8,096 500 Bank Of Granite Corp ........................ 9,000 400 BankAtlantic Bancorp, Inc (Class A) ......... 3,592 600 * Bankunited Financial Corp (Class A) ......... 9,570 300 Banner Corp ................................. 6,060 1,400 * Bay View Capital Corp ....................... 7,938 500 Bedford Property Investors, Inc ............. 12,380 400 Berkshire Hills Bancorp, Inc ................ 9,400 300 * BKF Capital Group, Inc ...................... 6,324 100 Bostonfed Bancorp, Inc ...................... 2,999 900 Brandywine Realty Trust ..................... 20,295 2,600 Brookline Bancorp, Inc ...................... 30,553 200 BSB Bancorp, Inc ............................ 3,982 100 California First National Bancorp ........... 1,351 300 Camden National Corp ........................ 7,800 1,000 Capital Automotive REIT ..................... 24,980 100 Capital City Bank Group, Inc ................ 3,306 200 Capitol Bancorp Ltd ......................... 3,484 500 Capstead Mortgage Corp ...................... 10,335 800 Cascade Bancorp ............................. 10,912 900 Cash America International, Inc ............. 7,371 600 Cathay Bancorp, Inc ......................... 23,400 100 CB Bancshares, Inc .......................... 3,512 300 CBL & Associates Properties, Inc ............ 11,625 200 CCBT Financial Cos, Inc ..................... 5,234 600 Centennial Bancorp .......................... 5,208 100 Center Trust, Inc ........................... 580 200 * Central Coast Bancorp ....................... 3,698 200 Century Bancorp, Inc (Class A) .............. 5,308 500 * Ceres Group, Inc ............................ 965 800 CFS Bancorp, Inc ............................ 11,280 500 Charter Municipal Mortgage Acceptance Co .... 8,810 400 Chateau Communities, Inc .................... 10,564 700 Chelsea Property Group, Inc ................. 23,625 700 Chemical Financial Corp ..................... 20,202 1,000 Chittenden Corp ............................. 29,600 400 Citizens First Bancorp, Inc ................. 7,188 700 * Citizens, Inc ............................... 6,286 200 City Bank ................................... 5,788 800 City Holding Co ............................. 20,592 500 CNA Surety Corp ............................. 6,600 200 Coastal Bancorp, Inc ........................ 5,528 200 Coastal Financial Corp ...................... 2,708 100 CoBiz, Inc .................................. 1,610 400 Colonial Properties Trust ................... 14,472 200 Columbia Bancorp ............................ 3,774 400 * Columbia Banking System, Inc ................ 4,428 800 Commerce Group, Inc ......................... 25,888 2,100 Commercial Federal Corp ..................... 45,717 2,200 Commercial Net Lease Realty, Inc ............ 35,464 400 Commonwealth Bancorp, Inc ................... 18,400 300 Community Banks, Inc ........................ 8,052 1,300 Community First Bankshares, Inc ............. 36,244 300 Community Trust Bancorp, Inc ................ 8,070 200 * CompuCredit Corp ............................ 1,060 300 Connecticut Bancshares, Inc ................. 11,109 1,500 Cornerstone Realty Income Trust, Inc ........ 13,350 700 Corporate Office Properties Trust ........... 9,485 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 13 Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(Continued) 900 Correctional Properties Trust ............... $ 20,700 600 * Corrections Corp Of America ................. 8,430 600 Corus Bankshares, Inc ....................... 26,286 300 CPB, Inc .................................... 13,851 500 Crawford & Co (Class B) ..................... 3,155 400 * Credit Acceptance Corp ...................... 3,280 800 Crown American Realty Trust ................. 7,352 200 * CSK Auto Corp ............................... 2,496 500 CVB Financial Corp .......................... 10,970 500 Delphi Financial Group, Inc (Class A) ....... 18,210 700 Dime Community Bancshares ................... 14,994 700 East West Bancorp, Inc ...................... 23,632 500 Eastgroup Properties, Inc ................... 12,375 500 * Electro Rent Corp ........................... 4,840 100 EMC Insurance Group, Inc .................... 1,426 800 Entertainment Properties Trust .............. 17,680 200 Equity One, Inc ............................. 2,640 400 Essex Property Trust, Inc ................... 19,776 2,100 * Euronet Worldwide, Inc ...................... 10,563 300 F & M Bancorp ............................... 9,480 200 Farmers Capital Bank Corp ................... 6,674 400 FBL Financial Group, Inc (Class A) .......... 7,380 1,600 FBR Asset Investment Corp ................... 50,016 200 * Federal Agricultural Mortgage Corp (Class C) ................................. 5,902 600 Federal Realty Investment Trust ............. 16,200 500 Fidelity Bankshares, Inc .................... 8,950 300 * Financial Federal Corp ...................... 9,555 200 Financial Industries Corp ................... 3,052 300 Financial Institutions, Inc ................. 8,145 200 First Bancorp (North Carolina) .............. 4,942 800 First Bancorp (Puerto Rico) ................. 30,496 400 First Busey Corp (Class A) .................. 9,068 900 First Charter Corp .......................... 14,913 400 First Citizens Bancshares, Inc (Class A) .... 41,233 1,900 First Commonwealth Financial Corp ........... 23,541 200 First Community Bancorp ..................... 5,788 400 First Community Bancshares, Inc ............. 11,784 100 First Defiance Financial Corp ............... 1,717 300 First Essex Bancorp, Inc .................... 9,915 600 First Federal Capital Corp .................. 11,658 700 First Financial Bancorp ..................... 12,467 500 First Financial Bankshares, Inc ............. 18,220 200 First Financial Corp (Indiana) .............. 9,690 400 First Financial Holdings, Inc ............... 10,828 400 First Indiana Corp .......................... 7,332 100 First Merchants Corp ........................ 2,470 200 First National Corp ......................... 5,520 200 First Niagara Financial Group, Inc .......... 6,318 200 First Oak Brook Bancshares, Inc ............. 5,946 100 First Of Long Island Corp ................... 3,325 400 First Place Financial Corp .................. 5,592 1,000 * First Republic Bank ......................... 21,750 700 First Sentinel Bancorp, Inc ................. 9,471 100 First South Bancorp, Inc .................... 3,565 700 * FirstFed Financial Corp ..................... 18,025 2,000 Flagstar Bancorp, Inc ....................... 41,400 400 Flushing Financial Corp ..................... 6,672 200 FNB Corp (Virginia) ......................... 6,144 300 * FPIC Insurance Group, Inc ................... 2,640 6,400 Fremont General Corp ........................ 31,360 2,000 * Friedman, Billings, Ramsey Group, Inc ....... 20,260 500 Frontier Financial Corp ..................... 12,740 200 * Gabelli Asset Management, Inc (Class A) ..... 5,930 800 Gables Residential Trust .................... 21,368 2,500 * Gartner, Inc (Class A) ...................... 20,250 300 GBC Bancorp ................................. 5,826 300 German American Bancorp ..................... 5,100 500 Glacier Bancorp, Inc ........................ 11,390 400 Gladstone Capital Corp ...................... 6,752 500 Glenborough Realty Trust, Inc ............... 10,150 200 Glimcher Realty Trust ....................... 3,748 1,400 Gold Banc Corp, Inc ......................... 13,580 100 Granite State Bankshares, Inc ............... 3,379 300 Great American Financial Resources, Inc ..... 4,665 500 Great Lakes REIT, Inc ....................... 8,735 200 Great Southern Bancorp, Inc ................. 7,492 500 Hancock Holding Co .......................... 23,490 200 * Hanmi Financial Corp ........................ 3,000 700 Harbor Florida Bancshares, Inc .............. 14,315 600 Harleysville Group, Inc ..................... 15,750 600 Harleysville National Corp .................. 14,484 100 * Hawthorne Financial Corp .................... 2,640 1,400 Health Care REIT, Inc ....................... 38,290 1,600 Healthcare Realty Trust, Inc ................ 49,760 100 Heritage Property Investment Trust .......... 2,496 100 Hilb, Rogal & Hamilton Co ................... 4,125 800 Home Properties Of New York, Inc ............ 26,000 800 * Homestore, Inc .............................. 240 1,600 Hooper Holmes, Inc .......................... 9,920 900 Horace Mann Educators Corp .................. 13,230 4,700 HRPT Properties Trust ....................... 38,775 600 Hudson River Bancorp, Inc ................... 14,490 500 Humboldt Bancorp ............................ 5,990 100 IBERIABANK Corp ............................. 3,763 1,400 IMPAC Mortgage Holdings, Inc ................ 15,610 100 Independence Holding Co ..................... 2,000 400 Independent Bank Corp (Massachusetts) ....... 7,952 500 Independent Bank Corp (Michigan) ............ 16,550 400 * Insurance Auto Auctions, Inc ................ 6,044 500 Integra Bank Corp ........................... 9,010 300 Interchange Financial Services Corp ......... 4,965 700 International Bancshares Corp ............... 27,223 800 Investors Real Estate Trust ................. 8,472 1,000 IRT Property Co ............................. 11,750 100 Irwin Financial Corp ........................ 1,700 200 * Itla Capital Corp ........................... 6,038 1,300 * ITT Educational Services, Inc ............... 24,401 1,100 JDN Realty Corp ............................. 13,288 200 Jefferies Group, Inc ........................ 7,632 700 * Jones Lang LaSalle, Inc ..................... 14,392 100 Kansas City Life Insurance Co ............... 3,784 1,000 Keystone Property Trust ..................... 16,640 500 Kilroy Realty Corp .......................... 11,855 3,900 * Knight Trading Group, Inc ................... 14,625 700 Koger Equity, Inc ........................... 11,823 700 Kramont Realty Trust ........................ 10,360 2,600 * La Quinta Corp .............................. 12,480 200 Lakeland Bancorp, Inc ....................... 3,410 300 Lakeland Financial Corp ..................... 7,107 1,900 Landamerica Financial Group, Inc ............ 62,491 600 * LendingTree, Inc ............................ 8,844 800 Lexington Corporate Properties Trust ........ 12,880 500 Liberty Corp ................................ 17,900 600 LNR Property Corp ........................... 20,010 600 * Local Financial Corp ........................ 8,286 300 LSB Bancshares, Inc ......................... 4,932 200 LTC Properties, Inc ......................... 1,624 1,100 Macerich Co ................................. 34,078 700 MAF Bancorp, Inc ............................ 21,630 SEE NOTES TO FINANCIAL STATEMENTS 14 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(Continued) 300 Main Street Banks, Inc ...................... $ 5,559 200 MainSource Financial Group, Inc ............. 4,758 500 Manufactured Home Communities, Inc .......... 15,940 200 MASSBANK Corp ............................... 5,988 700 MCG Capital Corp ............................ 9,226 400 Medford Bancorp, Inc ........................ 13,980 100 * MEEMIC Holdings, Inc ........................ 2,866 100 Merchants Bancshares, Inc ................... 2,470 600 Meristar Hospitality Corp ................... 5,154 900 Metris Cos, Inc ............................. 2,079 1,300 MFA Mortgage Investments, Inc ............... 10,530 500 Mid Atlantic Realty Trust ................... 8,015 400 Mid-America Apartment Communities, Inc ...... 9,964 200 Midland Co .................................. 3,366 600 Mid-State Bancshares ........................ 9,840 300 Midwest Banc Holdings, Inc .................. 5,727 600 Mills Corp .................................. 17,796 200 Mission West Properties, Inc ................ 2,216 200 Mississippi Valley Bancshares, Inc .......... 9,964 100 Nara Bancorp, Inc ........................... 1,727 100 NASB Financial, Inc ......................... 2,079 800 National Health Investors, Inc .............. 12,200 200 National Health Realty, Inc ................. 3,152 200 National Penn Bancshares, Inc ............... 5,592 100 * National Western Life Insurance Co (Class A) ................................. 10,200 1,800 Nationwide Health Properties, Inc ........... 30,690 100 * Navigators Group, Inc ....................... 2,027 200 NBC Capital Corp ............................ 5,020 600 NBT Bancorp, Inc ............................ 10,362 400 * NetBank, Inc ................................ 4,164 2,400 New Century Financial Corp .................. 56,160 300 Northwest Bancorp, Inc ...................... 3,819 1,300 Novastar Financial, Inc ..................... 28,405 800 OceanFirst Financial Corp ................... 16,480 800 * Ocwen Financial Corp ........................ 2,320 500 Odyssey Re Holdings Corp .................... 8,305 1,600 * Ohio Casualty Corp .......................... 26,048 200 Old Second Bancorp, Inc ..................... 7,636 200 Omega Financial Corp ........................ 6,750 500 Oriental Financial Group, Inc ............... 11,000 1,200 Pacific Capital Bancorp ..................... 32,590 600 Pacific Northwest Bancorp ................... 16,338 300 * Pacific Union Bank .......................... 3,363 1,400 Pan Pacific Retail Properties, Inc .......... 48,272 200 Parkvale Financial Corp ..................... 4,710 200 Parkway Properties, Inc ..................... 6,768 200 Partners Trust Financial Group, Inc ......... 2,794 100 Peapack Gladstone Financial Corp ............ 6,500 200 Pennfed Financial Services, Inc ............. 5,498 300 Pennrock Financial Services Corp ............ 8,700 400 Pennsylvania Real Estate Investment Trust ... 10,304 200 Peoples Bancorp, Inc ........................ 5,140 200 Peoples Holding Co .......................... 8,150 300 PFF Bancorp, Inc ............................ 8,316 200 * Philadelphia Consolidated Holding Corp ...... 5,900 200 * Pico Holdings, Inc .......................... 2,200 400 PMA Capital Corp (Class A) .................. 6,000 800 Port Financial Corp ......................... 32,008 1,100 Post Properties, Inc ........................ 28,578 1,000 Prentiss Properties Trust ................... 28,940 400 Presidential Life Corp ...................... 5,760 100 PrivateBancorp, Inc ......................... 3,057 400 * ProAssurance Corp ........................... 6,760 300 Prosperity Bancshares, Inc .................. 5,109 100 Provident Bancorp, Inc ...................... 2,845 800 Provident Bankshares Corp ................... 17,264 300 PS Business Parks, Inc ...................... 10,200 100 * Quaker City Bancorp, Inc .................... 3,317 1,500 RAIT Investment Trust ....................... 30,900 300 Ramco-Gershenson Properties ................. 5,898 500 Realty Income Corp .......................... 17,075 800 Redwood Trust, Inc .......................... 21,864 1,500 Republic Bancorp, Inc ....................... 19,500 200 Republic Bancorp, Inc (Class A) (Kentucky) .. 2,250 200 * Republic Bancshares, Inc .................... 3,888 500 Resource America, Inc (Class A) ............. 4,000 900 RFS Hotel Investors, Inc .................... 9,891 200 Riggs National Corp ......................... 2,858 300 RLI Corp .................................... 16,095 100 Royal Bancshares Of Pennsylvania (Class A) .. 1,830 900 S & T Bancorp, Inc .......................... 22,662 100 S.Y. Bancorp, Inc ........................... 3,473 300 Sandy Spring Bancorp, Inc ................... 9,240 400 Santander Bancorp ........................... 5,520 300 Saul Centers, Inc ........................... 6,966 800 * Saxon Capital, Inc .......................... 8,856 300 Seacoast Banking Corp Of Florida ............ 5,754 700 Seacoast Financial Services Corp ............ 14,049 300 Second Bancorp, Inc ......................... 8,019 900 Selective Insurance Group, Inc .............. 19,557 1,800 Senior Housing Properties Trust ............. 20,196 200 Simmons First National Corp (Class A) ....... 7,436 300 Sizeler Property Investors .................. 3,018 800 SL Green Realty Corp ........................ 24,592 1,100 * SoundView Technology Group, Inc ............. 1,430 1,200 South Financial Group, Inc .................. 25,308 1,000 * Southwest Bancorp Of Texas, Inc ............. 36,410 200 Southwest Bancorp, Inc ...................... 5,030 500 Sovran Self Storage, Inc .................... 15,210 300 St. Francis Capital Corp .................... 6,903 500 State Auto Financial Corp ................... 7,570 200 State Bancorp, Inc .......................... 3,550 1,700 Staten Island Bancorp, Inc .................. 29,580 100 Sterling Bancorp ............................ 2,653 300 Sterling Bancshares, Inc .................... 3,921 600 Sterling Financial Corp (Pennsylvania) ...... 13,998 400 * Sterling Financial Corp (Spokane) ........... 7,252 1,000 * Stewart Information Services Corp ........... 21,350 500 Suffolk Bancorp ............................. 16,100 200 Summit Bancshares, Inc ...................... 4,210 500 Summit Properties, Inc ...................... 9,700 100 Sun Bancorp, Inc (Pennsylvania) ............. 2,248 100 * Sun Bancorp, Inc (New Jersey) ............... 1,326 400 Sun Communities, Inc ........................ 14,680 300 Superior Financial Corp ..................... 5,640 1,300 Susquehanna Bancshares, Inc ................. 28,145 200 * Syntroleum Corp ............................. 332 1,900 Taubman Centers, Inc ........................ 27,037 800 Texas Regional Bancshares, Inc (Class A) .... 26,792 2,800 Thornburg Mortgage, Inc ..................... 52,612 300 Three Rivers Bancorp, Inc ................... 4,800 200 Tompkins Trustco, Inc ....................... 8,580 500 Town & Country Trust ........................ 10,515 500 * Trammell Crow Co ............................ 4,930 500 * Triad Guaranty, Inc ......................... 17,410 100 Trico Bancshares ............................ 2,530 600 Troy Financial Corp ......................... 15,648 700 Trust Co Of New Jersey ...................... 17,815 2,300 Trustco Bank Corp NY ........................ 24,329 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 15 Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(Continued) 700 U.S. Restaurant Properties, Inc ............. $ 9,975 400 U.S.B. Holding Co, Inc ...................... 7,372 2,700 * UICI ........................................ 43,902 600 UMB Financial Corp .......................... 23,424 200 Umpqua Holdings Corp ........................ 3,286 300 * Union Acceptance Corp (Class A) ............. 1,209 200 Union Bankshares Corp ....................... 4,986 1,200 United Bankshares, Inc ...................... 34,812 600 United Community Banks, Inc ................. 14,580 900 United Community Financial Corp ............. 7,965 300 United Fire & Casualty Co ................... 10,194 500 United National Bancorp ..................... 10,290 700 * Universal American Financial Corp ........... 3,431 300 Universal Health Realty Income Trust ........ 7,785 700 Unizan Financial Corp ....................... 13,425 100 Value Line, Inc ............................. 3,900 1,100 Vesta Insurance Group, Inc .................. 2,750 200 Virginia Financial Group, Inc ............... 6,006 1,500 W Holding Co, Inc ........................... 24,450 200 Warwick Community Bancorp ................... 5,400 1,200 Washington Real Estate Investment Trust ..... 30,456 400 Washington Trust Bancorp, Inc ............... 7,896 1,100 Waypoint Financial Corp ..................... 18,546 200 Wesbanco, Inc ............................... 4,762 600 West Coast Bancorp .......................... 9,084 500 Westcorp .................................... 10,000 100 Westfield Financial, Inc .................... 1,509 300 * WFS Financial, Inc .......................... 6,222 500 Willow Grove Bancorp, Inc ................... 5,900 500 Winston Hotels, Inc ......................... 3,620 300 Wintrust Financial Corp ..................... 8,595 500 * World Acceptance Corp ....................... 3,960 400 WSFS Financial Corp ......................... 11,200 4,500 * Wyndham International, Inc (Class A) ........ 1,530 200 Yardville National Bancorp .................. 3,398 100 Zenith National Insurance Corp .............. 2,642 ------------ TOTAL FINANCIAL SERVICES 4,424,015 ------------ HEALTH CARE--13.80% 300 * aaiPharma, Inc .............................. 3,597 2,900 * Abgenix, Inc ................................ 18,821 3,400 * Adolor Corp ................................. 47,668 200 * Advanced Neuromodulation Systems, Inc ....... 6,656 1,400 * Advanced Tissue Sciences, Inc ............... 1,078 100 * Advisory Board Co/The ....................... 2,962 1,300 * Alaris Medical, Inc ......................... 6,201 600 * Albany Molecular Research, Inc .............. 10,218 1,700 * Alderwoods Group, Inc ....................... 11,050 2,200 * Alexion Pharmaceuticals, Inc ................ 25,498 1,600 * Alkermes, Inc ............................... 12,624 300 * Alliance Imaging, Inc ....................... 3,588 300 * Allos Therapeutics, Inc ..................... 2,544 500 Alpharma, Inc (Class A) ..................... 4,800 400 * American Healthways, Inc .................... 6,468 500 * American Medical Security Group, Inc ........ 7,070 600 * American Medical Systems Holdings, Inc ...... 12,450 200 * American Pharmaceutical Partners, Inc ....... 3,266 400 * AMERIGROUP Corp ............................. 13,420 600 * Ameripath, Inc .............................. 8,940 600 * Amylin Pharmaceuticals, Inc ................. 9,972 700 * Antigenics, Inc ............................. 5,656 200 * Aphton Corp ................................. 448 2,100 * Applera Corp (Celera Genomics Group) ........ 16,695 500 * Applied Molecular Evolution ................. 1,960 1,200 * Apria Healthcare Group, Inc ................. 28,272 600 * Arena Pharmaceuticals, Inc .................. 3,360 600 * Arqule, Inc ................................. 3,090 600 * Array Biopharma, Inc ........................ 4,674 400 Arrow International, Inc .................... 12,868 700 * Arthrocare Corp ............................. 8,484 800 * Atherogenics, Inc ........................... 5,008 600 * Atrix Laboratories, Inc ..................... 8,880 1,800 * AVANIR Pharmaceuticals (Class A) ............ 2,070 300 * Avigen, Inc ................................. 2,379 400 * Benthley Pharmaceuticals, Inc ............... 3,400 3,000 * Beverly Enterprises, Inc .................... 7,260 300 * BioMarin Pharmaceutical, Inc ................ 1,737 600 * Biopure Corp ................................ 2,100 500 * Bio-Rad Laboratories, Inc (Class A) ......... 18,830 200 * Bio-Reference Labs, Inc ..................... 1,300 100 * Bioreliance Corp ............................ 2,082 300 * Biosite, Inc ................................ 8,697 1,800 * Bio-Technology General Corp ................. 5,328 300 * Bradley Pharmaceuticals, Inc ................ 2,628 400 * Britesmile, Inc ............................. 300 300 * Bruker AXS, Inc ............................. 630 700 * Caliper Technologies Corp ................... 2,933 600 * Cantel Medical Corp ......................... 6,060 600 * Cardiodynamics International Corp ........... 1,716 1,000 * Cell Genesys, Inc ........................... 12,050 1,000 * Cell Therapeutics, Inc ...................... 4,400 200 * Centene Corp ................................ 5,338 400 * Cepheid, Inc ................................ 1,540 700 * Cerus Corp .................................. 11,669 200 * Chattem, Inc ................................ 8,166 100 * Cholestech Corp ............................. 1,037 500 * Cima Labs, Inc .............................. 12,575 600 * Ciphergen Biosystems, Inc ................... 1,800 100 * Closure Medical Corp ........................ 1,116 300 * Cobalt Corp ................................. 5,010 1,000 * Coherent, Inc ............................... 18,250 1,800 * Columbia Laboratories, Inc .................. 8,100 200 * Computer Programs & Systems, Inc ............ 4,276 300 * Conceptus, Inc .............................. 4,590 900 * Conmed Corp ................................. 18,135 900 * Connetics Corp .............................. 8,325 600 Cooper Cos, Inc ............................. 31,500 1,400 * Corixa Corp ................................. 8,862 500 * Corvel Corp ................................. 14,985 2,000 * Covance, Inc ................................ 39,140 1,000 * Cross County, Inc ........................... 14,000 800 * Cubist Pharmaceuticals, Inc ................. 4,088 3,100 * CuraGen Corp ................................ 13,082 1,200 * CV Therapeutics, Inc ........................ 25,092 200 * Cyberonics, Inc ............................. 3,442 500 Datascope Corp .............................. 13,530 200 * Deltagen, Inc ............................... 300 500 * Dendrite International, Inc ................. 3,155 100 * Dianon Systems, Inc ......................... 4,731 500 * Discovery Partners International, Inc ....... 1,595 700 * Diversa Corp ................................ 5,971 200 * DJ Orthopedics, Inc ......................... 764 1,500 * Durect Corp ................................. 4,650 400 * DVI, Inc .................................... 1,920 100 * Dynacq International, Inc ................... 1,164 1,000 * Eclipsys Corp ............................... 5,080 700 * Embrex, Inc ................................. 7,770 600 * Endo Pharmaceuticals Holdings, Inc .......... 5,118 700 * Enzo Biochem, Inc ........................... 10,010 1,300 * Enzon, Inc .................................. 25,012 SEE NOTES TO FINANCIAL STATEMENTS 16 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(Continued) 300 * Eon Labs, Inc ............................... $ 6,474 400 * EPIX Medical, Inc ........................... 1,812 500 * Exact Sciences Corp ......................... 6,685 800 * Gene Logic, Inc ............................. 6,216 300 * Genencor International, Inc ................. 2,853 1,300 * Genesis Health Ventures, Inc ................ 21,372 1,300 * Genta, Inc .................................. 8,346 1,100 * Genzyme Corp (Biosurgery Division) .......... 2,057 1,600 * Geron Corp .................................. 6,240 700 * Guilford Pharmaceuticals, Inc ............... 3,388 600 * Haemonetics Corp ............................ 14,238 700 * Hanger Orthopedic Group, Inc ................ 11,130 500 * Harvard Bioscience, Inc ..................... 1,515 300 * Healthcare Services Group ................... 4,092 500 * HealthExtras, Inc ........................... 2,115 1,400 * HealthTronics Surgical Services, Inc ........ 11,718 300 * ICU Medical, Inc ............................ 10,956 1,000 * Idexx Laboratories, Inc ..................... 30,948 100 * IDX Systems Corp ............................ 1,241 200 * Igen International, Inc ..................... 5,976 1,000 * Ilex Oncology, Inc .......................... 4,750 1,200 * Illumina, Inc ............................... 4,128 400 * I-many, Inc ................................. 800 4,500 * ImClone Systems, Inc ........................ 35,100 400 * Immucor, Inc ................................ 6,500 1,200 * Immunogen, Inc .............................. 3,888 1,200 Immunomedics, Inc ........................... 7,200 500 * Impath, Inc ................................. 6,455 1,000 * Impax Laboratories, Inc ..................... 4,860 500 * Inamed Corp ................................. 11,500 2,000 * Incyte Genomics, Inc ........................ 9,280 5,200 * Inhale Therapeutic Systems, Inc ............. 26,146 700 * Integra LifeSciences Holding ................ 11,123 800 * Integrated Silicon Solution, Inc ............ 2,384 900 * InterMune, Inc .............................. 29,538 900 * Intuitive Surgical, Inc ..................... 7,191 800 Invacare Corp ............................... 27,400 200 * Inverness Medical Innovations, Inc .......... 1,898 300 * Kendle International, Inc ................... 2,010 300 * Kensey Nash Corp ............................ 4,513 1,200 * Kindred Healthcare, Inc ..................... 44,436 500 * Kosan Biosciences, Inc ...................... 3,270 800 * KV Pharmaceutical Co (Class A) .............. 15,120 200 * Kyphon, Inc ................................. 2,640 100 * LabOne, Inc ................................. 1,616 200 Landauer, Inc ............................... 6,630 1,000 * Lexicon Genetics, Inc ....................... 4,010 300 * Lifecore Biomedical, Inc .................... 1,860 200 * Luminex Corp ................................ 1,408 700 * Magellan Health Services, Inc ............... 182 200 * Martek Biosciences Corp ..................... 3,276 100 * Matria Healthcare, Inc ...................... 858 700 * MAXIMUS, Inc ................................ 15,680 900 * Maxygen, Inc ................................ 5,589 2,100 * Medarex, Inc ................................ 7,035 200 * Medcath Corp ................................ 2,260 300 * Medical Staffing Network Holdings, Inc ...... 4,551 300 * MedQuist, Inc ............................... 7,040 400 * MedSource Technologies, Inc ................. 3,008 1,300 Mentor Corp ................................. 41,444 200 * Meridian Medical Technologies, Inc .......... 7,190 500 * MIM Corp .................................... 4,725 500 * Molecular Devices Corp ...................... 6,255 1,200 * Mykrolis Corp ............................... 7,380 700 * Myriad Genetics, Inc ........................ 11,088 1,200 * Nabi Biopharmaceuticals ..................... 6,507 300 * Napro Biotherapeutics, Inc .................. 336 600 * Nastech Pharmaceutical Co ................... 4,968 200 * National Healthcare Corp .................... 3,590 700 * Neoforma, Inc ............................... 6,601 300 * Neose Technologies, Inc ..................... 2,328 300 * Neurocrine Biosciences, Inc ................. 12,300 400 * Neurogen Corp ............................... 3,212 600 * Noven Pharmaceuticals, Inc .................. 7,344 3,400 * NPS Pharmaceuticals, Inc .................... 69,931 500 * Ocular Sciences, Inc ........................ 11,680 100 * Odyssey HealthCare, Inc ..................... 2,995 300 * On Assignment, Inc .......................... 2,481 400 * Onyx Pharmaceuticals, Inc ................... 1,712 1,000 * Orthologic Corp ............................. 3,870 2,600 * OSI Pharmaceuticals, Inc .................... 44,122 700 Owens & Minor, Inc .......................... 10,003 1,200 * Pacificare Health Systems, Inc .............. 27,708 500 * Pain Therapeutics, Inc ...................... 1,985 700 * Parexel International Corp .................. 5,950 200 * PDI, Inc .................................... 814 700 * Pediatrix Medical Group, Inc ................ 21,693 2,900 * Peregrine Pharmaceuticals, Inc .............. 1,218 900 * Per-Se Technologies, Inc .................... 8,892 600 * Pharmaceutical Resources, Inc ............... 16,788 300 * Pharmacopeia, Inc ........................... 2,658 600 * PolyMedica Corp ............................. 15,852 400 * Possis Medical, Inc ......................... 4,084 200 * PracticeWorks, Inc .......................... 3,460 2,200 * Praecis Pharmaceuticals, Inc ................ 6,578 400 * Prime Medical Services, Inc ................. 3,696 800 * Priority Healthcare Corp (Class B) .......... 20,160 200 * Progenics Pharmaceuticals ................... 1,004 2,700 * Protein Design Labs, Inc .................... 22,410 1,600 * Province Healthcare Co ...................... 27,440 100 * Proxymed, Inc ............................... 1,513 2,200 * PSS World Medical, Inc ...................... 14,630 200 * QMed, Inc ................................... 1,398 4,600 * Quadramed Corp .............................. 8,326 800 * Quidel Corp ................................. 3,576 600 * Radiologix, Inc ............................. 3,840 2,200 * Regeneron Pharmaceuticals, Inc .............. 29,700 600 * RehabCare Group, Inc ........................ 13,878 900 * Res-Care, Inc ............................... 4,464 1,000 * Resmed, Inc ................................. 28,600 1,000 * Respironics, Inc ............................ 32,010 800 * Rigel Pharmaceuticals, Inc .................. 1,280 1,600 * Sangamo Biosciences, Inc .................... 3,152 900 * Sangstat Medical Corp ....................... 18,774 1,400 * Scios, Inc .................................. 35,630 1,000 * Seattle Genetics, Inc ....................... 3,220 500 * Select Medical Corp ......................... 7,150 2,100 * Sepracor, Inc ............................... 11,004 700 * Serologicals Corp ........................... 9,373 9,400 * Service Corp International .................. 32,900 1,200 * Sierra Health Services, Inc ................. 21,528 300 * Sola International, Inc ..................... 3,015 300 * Sonic Innovations, Inc ...................... 1,575 1,000 * Stericycle, Inc ............................. 33,920 2,900 * Stewart Enterprises, Inc (Class A) .......... 14,790 600 * Sunrise Assisted Living, Inc ................ 12,870 900 * SuperGen, Inc ............................... 1,557 400 * SurModics, Inc .............................. 12,708 1,100 * Sybron Dental Specialties, Inc .............. 15,389 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 17 Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(Continued) 500 * Syncor International Corp ................... $ 16,055 2,700 * Tanox, Inc .................................. 28,350 1,400 * Techne Corp ................................. 45,906 800 * Telik, Inc .................................. 9,904 500 * Texas Biotechnology Corp .................... 1,530 900 * Theragenics Corp ............................ 3,960 700 * Therasense, Inc ............................. 9,772 900 * Thoratec Corp ............................... 7,056 900 * Transkaryotic Therapies, Inc ................ 29,169 1,100 * Trimeris, Inc ............................... 49,115 1,200 * Tularik, Inc ................................ 8,220 4,700 * U.S. Oncology, Inc .......................... 38,117 1,000 * U.S. Physical Therapy, Inc .................. 10,550 600 * Umilab Corp ................................. 12,582 600 * United Surgical Partners International, Inc . 13,260 600 * United Therapeutics Corp .................... 9,870 400 * Urologix, Inc ............................... 1,824 1,200 * Varian, Inc ................................. 33,132 500 * VCA Antech, Inc ............................. 6,170 400 * Ventana Medical Systems, Inc ................ 7,492 1,900 Ventas, Inc ................................. 25,365 1,500 * Versicor, Inc ............................... 12,780 900 * Viasys Healthcare, Inc ...................... 13,860 600 * Vical, Inc .................................. 1,386 1,500 * Visx, Inc ................................... 13,845 300 Vital Signs, Inc ............................ 8,913 2,100 * VitalWorks, Inc ............................. 15,267 1,000 * Vivus, Inc .................................. 4,320 500 X-Rite, Inc ................................... 3,865 100 * Young Innovations, Inc ...................... 2,682 300 * Zoll Medical Corp ........................... 9,120 300 * Zymogenetics, Inc ........................... 2,400 ------------ TOTAL HEALTH CARE 2,557,638 ------------ OTHER--4.14% 1,100 ABM Industries, Inc ......................... 15,510 1,300 Acuity Brands, Inc .......................... 15,938 200 * Administaff, Inc ............................ 770 700 * Advo, Inc ................................... 22,225 1,200 Alexander & Baldwin, Inc .................... 26,700 100 * Ambassadors Group, Inc ...................... 1,472 900 Banta Corp .................................. 31,950 400 * Bell Microproducts, Inc ..................... 1,672 700 Brady Corp (Class A) ........................ 22,540 300 * Bright Horizons Family Solutions, Inc ....... 8,379 300 * CDI Corp .................................... 7,845 600 Central Parking Corp ........................ 12,084 2,400 * Century Business Services, Inc .............. 6,360 300 * Charles River Associates, Inc ............... 4,980 1,300 * Corinthian Colleges, Inc .................... 49,062 1,200 * Corporate Executive Board Co ................ 34,260 300 * CoStar Group, Inc ........................... 5,400 100 Courier Corp ................................ 3,800 800 Curtiss-Wright Corp ......................... 47,832 200 * Daisytek International Corp ................. 2,600 500 Ennis Business Forms, Inc ................... 6,525 300 * ESCO Technologies, Inc ...................... 9,690 900 * Exult, Inc .................................. 2,655 800 * Fidelity National Information Solutions, Inc ............................ 12,232 500 * First Consulting Group, Inc ................. 2,710 200 * General Binding Corp ........................ 3,170 200 Gentiva Health Services, Inc ................ 1,654 300 * Hall Kinion & Associates, Inc ............... 1,800 1,000 Harland (John H.) Co ........................ 27,150 500 * Heidrick & Struggles International, Inc ..... 7,595 800 * infoUSA, Inc ................................ 3,464 300 * Invision Technologies, Inc .................. 9,603 600 Kelly Services, Inc (Class A) ............... 13,002 1,100 * Korn/Ferry International .................... 8,624 1,700 * Labor Ready, Inc ............................ 10,744 200 * Lifeline Systems, Inc ....................... 4,400 300 Matthews International Corp (Class A) ....... 7,011 100 McGrath RentCorp ............................ 2,037 300 * Memberworks, Inc ............................ 5,226 2,800 * MPS Group, Inc .............................. 16,240 300 * MSC.Software Corp ........................... 2,556 1,200 * Navigant Consulting, Inc .................... 6,624 600 * NCO Group, Inc .............................. 6,834 800 New England Business Services, Inc .......... 16,920 600 * Offshore Logistics, Inc ..................... 10,776 1,600 * Pre-Paid Legal Services, Inc ................ 31,808 100 * ProQuest Co ................................. 3,035 400 * Protection One, Inc ......................... 1,080 1,200 * R.H. Donnelley Corp ......................... 31,200 200 * Remedytemp, Inc (Class A) ................... 2,506 1,400 * Rent-Way, Inc ............................... 4,200 300 * Right Management Consultants ................ 7,392 500 Rollins, Inc ................................ 9,700 500 * School Specialty, Inc ....................... 12,505 1,800 * Spherion Corp ............................... 12,690 600 Standard Register Co ........................ 14,400 400 Standex International Corp .................. 8,112 400 * Startek, Inc ................................ 8,804 300 Strayer Education, Inc ...................... 17,847 1,800 * Symyx Technologies, Inc ..................... 18,846 400 Talx Corp ................................... 5,268 100 * Tejon Ranch Co .............................. 2,439 1,200 * TeleTech Holdings, Inc ...................... 7,500 2,000 * U.S. Industries, Inc ........................ 4,700 200 Unifirst Corp ............................... 4,768 1,000 * United Stationers, Inc ...................... 26,300 200 * Wackenhut Corrections Corp .................. 2,268 800 Walter Industries, Inc ...................... 9,824 ------------ TOTAL OTHER 767,813 ------------ PRODUCER DURABLES--4.98% 1,000 * Active Power, Inc ........................... 1,340 1,800 * Actuant Corp ................................ 66,420 200 Alamo Group, Inc ............................ 2,472 400 American States Water Co .................... 10,488 1,100 Ametek, Inc ................................. 32,032 700 Applied Industrial Technologies, Inc ........ 11,865 500 * Astec Industries, Inc ....................... 5,390 900 Baldor Electric Co .......................... 17,190 800 Briggs & Stratton Corp ...................... 30,032 400 California Water Service Group .............. 10,212 3,600 * Capstone Turbine Corp ....................... 2,124 500 * Casella Waste Systems, Inc (Class A) ........ 3,215 400 CIRCOR International, Inc ................... 5,360 800 * Coinstar, Inc ............................... 20,624 1,000 * Columbus Mckinnon Corp ...................... 5,260 300 * Consolidated Graphics, Inc .................. 5,265 100 * CTB International Corp ...................... 1,279 800 * Cuno, Inc ................................... 24,680 1,500 * Dycom Industries, Inc ....................... 13,740 1,400 Federal Signal Corp ......................... 25,788 900 * Flow International Corp ..................... 2,907 300 Franklin Electric Co, Inc ................... 12,825 500 * FuelCell Energy, Inc ........................ 3,150 200 * Gardner Denver, Inc ......................... 3,142 500 * Genlyte Group, Inc .......................... 17,725 SEE NOTES TO FINANCIAL STATEMENTS 18 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- PRODUCER DURABLES--(Continued) 700 * Global Power Equipment Group, Inc ........... $ 3,290 200 Gorman-Rupp Co .............................. 4,660 1,100 * Graphic Packaging International Corp ........ 8,778 1,000 * Headwaters, Inc ............................. 13,820 200 IDEX Corp ................................... 5,710 500 * Imagistics International, Inc ............... 8,675 400 * Ionics, Inc ................................. 9,524 1,300 JLG Industries, Inc ......................... 10,465 1,300 * Joy Global, Inc ............................. 10,790 800 Kaydon Corp ................................. 16,032 500 Kennametal, Inc ............................. 16,060 200 Lawson Products, Inc ........................ 5,830 1,100 Lincoln Electric Holdings, Inc .............. 24,344 400 * Littelfuse, Inc ............................. 6,728 400 * Magna Entertainment Corp (Class A) .......... 2,175 200 * Magnetek, Inc ............................... 640 800 Manitowoc Co, Inc ........................... 21,880 1,400 Milacron, Inc ............................... 6,314 300 Mine Safety Appliances Co ................... 11,757 400 Nacco Industries, Inc (Class A) ............. 15,920 2,200 * Newpark Resources, Inc ...................... 8,712 300 NN, Inc ..................................... 2,775 700 Nordson Corp ................................ 16,618 200 * Photon Dynamics, Inc ........................ 3,726 500 * Plug Power, Inc ............................. 2,394 13,900 * Power-One, Inc .............................. 41,422 3,400 * Quanta Services, Inc ........................ 7,072 1,000 * Rayovac Corp ................................ 12,200 300 Regal-Beloit Corp ........................... 5,133 200 Richardson Electronics Ltd .................. 1,316 100 Robbins & Myers, Inc ........................ 1,865 900 Roper Industries, Inc ....................... 31,050 300 Sauer-Danfoss, Inc .......................... 2,700 100 SJW Corp .................................... 7,800 300 Starrett (L.S.) Co (Class A) ................ 4,584 600 Stewart & Stevenson Services, Inc ........... 5,876 200 * Strattec Security Corp ...................... 10,204 600 Tecumseh Products Co (Class A) .............. 25,176 400 Tennant Co .................................. 12,940 100 * Terex Corp .................................. 1,690 1,500 * Tetra Tech, Inc ............................. 11,985 400 * Tetra Technologies, Inc ..................... 8,060 1,300 * Thomas & Betts Corp ......................... 18,317 500 Toro Co ..................................... 28,125 100 * TRC Cos, Inc ................................ 1,715 200 Trinity Industries, Inc ..................... 3,292 4,100 * UNOVA, Inc .................................. 20,172 600 Valhi, Inc .................................. 5,892 500 Valmont Industries, Inc ..................... 11,675 1,700 Wabtec Corp ................................. 23,936 1,100 * Waste Connections, Inc ...................... 38,269 500 Watts Industries, Inc (Class A) ............. 8,200 ------------ TOTAL PRODUCER DURABLES 922,808 ------------ TECHNOLOGY--15.08% 200 * 3D Systems Corp ............................. 1,316 600 * Actel Corp .................................. 6,240 800 * Acterna Corp ................................ 320 1,300 * Actuate Corp ................................ 1,235 300 * ADE Corp .................................... 1,263 1,500 * Adtran, Inc ................................. 23,400 1,000 * Advanced Digital Information Corp ........... 4,800 500 * Advanced Energy Industries, Inc ............. 4,450 200 * Advanced Power Technology, Inc .............. 778 2,300 * Aeroflex, Inc ............................... 11,592 300 * Aether Systems, Inc ......................... 804 1,100 * Agile Software Corp ......................... 7,051 1,000 * Akamai Technologies, Inc .................... 830 700 * Alliance Semiconductor Corp ................. 2,660 300 * Alloy, Inc .................................. 2,493 100 * Altiris, Inc ................................ 995 3,100 * American Management Systems, Inc ............ 39,463 600 * American Superconductor Corp ................ 1,620 400 * Anadigics, Inc .............................. 852 300 Analogic Corp ............................... 12,567 700 * Anaren Microwave, Inc ....................... 5,754 1,500 * Anixter International, Inc .................. 30,900 1,400 * Answerthink, Inc ............................ 2,030 400 * Ansys, Inc .................................. 6,892 600 * Anteon International Corp ................... 16,308 1,400 * APAC Customer Services, Inc ................. 4,074 1,800 * Arbitron, Inc ............................... 61,380 8,000 * Ariba, Inc .................................. 10,800 2,000 * Arris Group, Inc ............................ 7,400 2,000 * Artesyn Technologies, Inc ................... 3,020 200 * Artisan Components, Inc ..................... 1,822 2,600 * Ascential Software Corp ..................... 4,831 900 * Asiainfo Holdings, Inc ...................... 3,002 3,000 * Aspect Communications Corp .................. 4,410 1,100 * Aspen Technology, Inc ....................... 3,300 300 * AstroPower, Inc ............................. 2,130 1,200 * Asyst Technologies, Inc ..................... 7,248 400 * At Road, Inc ................................ 2,160 800 * ATMI, Inc ................................... 11,280 900 * Audiovox Corp (Class A) ..................... 6,299 1,800 * Avanex Corp ................................. 2,466 1,600 * Avenue A, Inc ............................... 4,000 800 * Avid Technology, Inc ........................ 8,240 1,300 * Avocent Corp ................................ 17,394 3,000 * Axcelis Technologies, Inc ................... 14,640 600 * AXT, Inc .................................... 1,248 600 * Barra, Inc .................................. 16,392 100 BEI Technologies, Inc ....................... 1,100 400 Bel Fuse, Inc (Class B) ..................... 8,580 700 Belden, Inc ................................. 9,394 800 * Benchmark Electronics, Inc .................. 16,840 600 * Black Box Corp .............................. 19,920 1,500 * Borland Software Corp ....................... 11,685 100 * Boston Communications Group ................. 1,032 1,800 C&D Technologies, Inc ....................... 26,388 900 * Cable Design Technologies Corp .............. 5,508 1,000 * CACI International, Inc (Class A) ........... 35,450 1,900 * Caminus Corp ................................ 3,382 600 * Carreker Corp ............................... 3,678 100 * Catapult Communications Corp ................ 975 1,000 * C-COR.net Corp .............................. 3,710 11,900 * Centillium Communications, Inc .............. 14,280 1,400 * Checkpoint Systems, Inc ..................... 17,290 1,700 * Ciber, Inc .................................. 9,877 1,500 * Cirrus Logic, Inc ........................... 3,825 3,800 * CNET Networks, Inc .......................... 4,180 1,000 * Cognex Corp ................................. 13,910 200 * Cognizant Technology Solutions Corp ......... 11,494 600 Cohu, Inc ................................... 6,780 1,100 * CommScope, Inc .............................. 7,458 1,000 * Compucom Systems, Inc ....................... 5,760 1,300 * Computer Horizons Corp ...................... 4,836 800 * Computer Network Technology Corp ............ 4,016 100 Compx International, Inc .................... 928 700 * Concord Camera Corp ......................... 3,262 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 19 Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(Continued) 500 * Concord Communications, Inc ................. $ 2,525 1,900 * Concurrent Computer Corp .................... 4,332 200 * CoorsTek, Inc ............................... 3,000 1,900 * Covansys Corp ............................... 3,230 700 * Cray, Inc ................................... 2,765 1,800 * Credence Systems Corp ....................... 15,588 2,300 * Cree, Inc ................................... 28,750 1,700 CTS Corp .................................... 7,820 300 Cubic Corp .................................. 5,100 400 * Daktronics, Inc. ............................ 3,836 500 * Datastream Systems, Inc ..................... 2,500 1,500 * DDI Corp .................................... 239 1,000 * dELiA*s Corp (Class A) ...................... 1,050 300 * Digimarc Corp ............................... 3,501 600 * Digital Insight Corp ........................ 9,432 1,200 * Digital River, Inc .......................... 9,204 300 * Digitas, Inc ................................ 660 400 * DocuCorp International, Inc ................. 4,328 1,200 * Documentum, Inc ............................. 13,860 3,800 * DoubleClick, Inc ............................ 19,532 800 * DSP Group, Inc .............................. 12,847 500 * Dupont Photomasks, Inc ...................... 11,390 600 * E.piphany, Inc .............................. 2,160 4,900 * Earthlink, Inc .............................. 26,166 800 * Echelon Corp ................................ 6,960 100 EDO Corp .................................... 2,241 1,800 * eFunds Corp ................................. 16,886 800 * Electro Scientific Industries, Inc .......... 11,864 2,700 * Electronics For Imaging, Inc ................ 40,284 200 * Embarcadero Technologies, Inc ............... 838 300 * EMS Technologies, Inc ....................... 3,078 1,400 * Entegris, Inc ............................... 10,878 3,400 * Enterasys Networks, Inc ..................... 4,420 700 * Entrust, Inc ................................ 2,198 300 * EPIQ Systems, Inc ........................... 5,298 300 * eSpeed, Inc (Class A) ....................... 3,048 4,400 * ESS Technology, Inc ......................... 27,060 600 * Esterline Technologies Corp ................. 9,984 1,200 * Exar Corp ................................... 13,860 300 * Excel Technology, Inc ....................... 5,643 3,300 * Extreme Networks, Inc ....................... 13,893 1,400 * F5 Networks, Inc ............................ 10,570 700 * FalconStor Software, Inc .................... 3,409 700 * FEI Co ...................................... 10,115 1,000 * Filenet Corp ................................ 10,350 4,000 * Finisar Corp ................................ 2,760 600 * Flir Systems, Inc ........................... 20,994 2,600 * Foundry Networks, Inc ....................... 14,248 900 * Freemarkets, Inc ............................ 4,464 300 * FSI International, Inc ...................... 918 300 General Cable Corp .......................... 1,155 500 * Genesis Microchip, Inc ...................... 3,835 300 * Global Imaging Systems, Inc ................. 5,664 1,300 * GrafTech International Ltd .................. 9,425 1,200 * Griffon Corp ................................ 12,780 1,800 * Harmonic, Inc ............................... 3,150 900 * Hutchinson Technology, Inc .................. 14,535 1,000 * Hypercom Corp ............................... 2,860 1,000 * Hyperion Solutions Corp ..................... 18,350 600 * iGate Corp .................................. 1,632 300 * Ii-Vi, Inc .................................. 4,005 1,100 * Imation Corp ................................ 31,163 700 * Inet Technologies, Inc ...................... 3,549 1,100 * InFocus Corp ................................ 8,382 200 * Infogrames, Inc ............................. 444 1,900 * Infonet Services Corp (Class B) ............. 4,256 1,700 * Informatica Corp ............................ 5,270 2,000 * Information Resources, Inc .................. 7,420 200 * Inforte Corp ................................ 1,024 1,400 * Inktomi Corp ................................ 350 1,300 * Inrange Technologies Corp (Class B) ......... 3,627 200 * Integral Systems, Inc ....................... 3,822 200 * Intercept, Inc .............................. 1,978 2,000 * Interdigital Communications Corp ............ 17,400 3,100 * Intergraph Corp ............................. 52,979 400 * Intermagnetics General Corp ................. 6,828 1,200 * Internet Security Systems, Inc .............. 14,784 900 Inter-Tel, Inc .............................. 18,315 3,600 * Intertrust Technologies Corp ................ 11,484 3,200 * Interwoven, Inc ............................. 6,426 1,700 * Iomega Corp ................................. 18,173 600 * ITXC Corp ................................... 1,488 700 * Ixia ........................................ 2,870 400 * j2 Global Communications, Inc ............... 7,956 800 * JDA Software Group, Inc ..................... 5,592 1,800 * Keane, Inc .................................. 12,150 200 Keithley Instruments, Inc ................... 2,430 700 * Keynote Systems, Inc ........................ 4,585 1,000 * Kforce, Inc ................................. 3,110 2,100 * Kopin Corp .................................. 7,308 600 * Kronos, Inc ................................. 14,778 1,500 * Kulicke & Soffa Industries, Inc ............. 4,500 2,000 * Lattice Semiconductor Corp .................. 12,440 400 * Lawson Software, Inc ........................ 1,416 400 * Learning Tree International, Inc ............ 5,876 1,800 * Lexar Media, Inc ............................ 4,770 3,200 * Liberate Technologies ....................... 4,992 900 * Lightbridge, Inc ............................ 6,076 3,600 * Looksmart Ltd ............................... 3,492 1,400 * LTX Corp .................................... 6,384 1,300 * Macrovision Corp ............................ 15,899 600 * Magma Design Automation, Inc ................ 5,352 3,500 * Mail-Well, Inc .............................. 3,640 600 * Manhattan Associates, Inc ................... 8,112 200 * Mantech International Corp (Class A) ........ 4,692 1,400 * Manufacturers Services Ltd .................. 3,780 1,800 * Manugistics Group, Inc ...................... 5,022 400 * MAPICS, Inc ................................. 2,240 500 * Mapinfo Corp ................................ 1,975 1,500 * Mastec, Inc ................................. 4,845 1,400 * Matrixone, Inc .............................. 6,076 7,800 * Maxtor Corp ................................. 20,358 1,900 * McData Corp (Class A) ....................... 10,317 500 * MEMC Electronic Materials, Inc .............. 1,660 2,000 * Mentor Graphics Corp ........................ 9,760 1,000 * Mercury Computer Systems, Inc ............... 23,600 400 * Merix Corp .................................. 3,260 900 * MetaSolv, Inc ............................... 1,377 1,000 Methode Electronics, Inc (Class A) .......... 9,180 2,300 * Micromuse, Inc .............................. 5,796 600 * Microsemi Corp .............................. 3,366 700 * Microtune, Inc .............................. 1,687 1,100 * MIPS Technologies, Inc (Class A) ............ 1,462 500 * Monolithic System Technology, Inc ........... 5,000 500 * MRO Software, Inc ........................... 4,350 900 * MRV Communications, Inc ..................... 765 600 MTS Systems Corp ............................ 5,681 200 * Nanometrics, Inc ............................ 532 200 * Nassda Corp ................................. 1,044 SEE NOTES TO FINANCIAL STATEMENTS 20 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(Continued) 400 * Navigant International, Inc ................. $ 4,200 1,000 NDCHealth Corp .............................. 15,550 600 * Netegrity, Inc .............................. 1,236 1,200 * NETIQ Corp .................................. 17,400 200 * Netscout Systems, Inc ....................... 732 800 * New Focus, Inc .............................. 2,160 1,100 * Newport Corp ................................ 12,408 500 * Next Level Communications, Inc .............. 385 700 * NIC, Inc .................................... 1,197 400 * Novadigm, Inc ............................... 800 11,600 * Novell, Inc ................................. 24,360 600 * Nu Horizons Electronics Corp ................ 3,600 1,600 * Numerical Technologies, Inc ................. 4,640 800 * NYFIX, Inc .................................. 3,112 4,600 * Oak Technology, Inc ......................... 14,628 1,300 * Omnivision Technologies, Inc ................ 8,567 800 * ON Semiconductor Corp ....................... 1,000 5,300 * Openwave Systems, Inc ....................... 3,286 3,100 * Oplink Communications, Inc .................. 1,798 300 * Opnet Technologies, Inc ..................... 1,899 500 * Optical Communication Products, Inc ......... 385 200 * OSI Systems, Inc ............................ 3,461 200 * Overland Storage, Inc ....................... 2,172 1,600 * Overture Services, Inc ...................... 37,712 700 * Packeteer, Inc .............................. 2,100 15,700 * Palm, Inc ................................... 11,618 800 * Paradyne Networks, Inc ...................... 1,064 23,400 * Parametric Technology Corp .................. 42,120 600 Park Electrochemical Corp ................... 10,020 1,100 * Paxar Corp .................................. 15,994 300 * PC-Tel, Inc ................................. 1,563 300 * PEC Solutions, Inc .......................... 6,678 700 * Pegasus Solutions, Inc ...................... 7,385 700 * Pegasystems, Inc ............................ 3,822 600 * Pericom Semiconductor Corp .................. 5,172 800 * Phoenix Technologies Ltd .................... 5,800 800 * Photronics, Inc ............................. 8,048 1,300 Pioneer-Standard Electronics, Inc ........... 9,412 1,000 * Pixelworks, Inc ............................. 5,150 500 * Planar Systems, Inc ......................... 7,970 1,100 * Plantronics, Inc ............................ 17,930 3,400 * Plexus Corp ................................. 31,450 1,600 * PLX Technology, Inc ......................... 1,760 500 * Pomeroy Computer Resources, Inc ............. 4,930 1,200 * Portal Software, Inc ........................ 288 800 * Power Integrations, Inc ..................... 9,752 5,000 * Powerwave Technologies, Inc ................. 16,950 300 * PRG-Schultz International, Inc .............. 3,714 300 * Probusiness Services, Inc ................... 1,899 900 * Progress Software Corp ...................... 10,890 700 * Proton Energy Systems ....................... 1,484 2,000 * Proxim Corp (Class A) ....................... 3,500 1,400 * PTEK Holdings, Inc .......................... 6,524 700 * QRS Corp .................................... 4,641 6,000 * Quantum Corp ................................ 13,260 1,100 * Quest Software, Inc ......................... 10,340 200 Quixote Corp ................................ 3,690 200 * Radiant Systems, Inc ........................ 1,600 1,400 * Radisys Corp ................................ 5,544 700 * Rainbow Technologies, Inc ................... 1,988 600 * Raindance Communications, Inc ............... 1,854 3,200 * Rambus, Inc ................................. 13,888 1,200 * Read-Rite Corp .............................. 624 3,600 * Red Hat, Inc ................................ 17,100 1,500 * Redback Networks, Inc ....................... 465 900 * Register.com, Inc ........................... 2,727 300 * Renaissance Learning, Inc ................... 4,263 1,600 * Retek, Inc .................................. 5,760 3,700 * Riverstone Networks, Inc .................... 1,887 600 * Rogers Corp ................................. 14,010 200 * Roxio, Inc .................................. 606 1,400 * RSA Security, Inc ........................... 4,704 300 * Rudolph Technologies, Inc ................... 3,087 600 * S1 Corp ..................................... 3,216 5,100 * Safeguard Scientifics, Inc .................. 5,661 400 * Sanchez Computer Associates, Inc ............ 976 1,900 * Sandisk Corp ................................ 24,909 400 * SBS Technologies, Inc ....................... 2,864 3,700 * Scansoft, Inc ............................... 12,210 200 * Scansource, Inc ............................. 11,610 700 * SCM Microsystems, Inc ....................... 2,764 500 * Semitool, Inc ............................... 2,575 900 * Serena Software, Inc ........................ 10,800 10,500 * Silicon Graphics, Inc ....................... 8,610 1,800 * Silicon Image, Inc .......................... 7,362 900 * Silicon Laboratories, Inc ................... 16,497 2,300 * Silicon Storage Technology, Inc ............. 8,993 200 * Siliconix, Inc .............................. 3,554 900 * Simpletech, Inc ............................. 1,917 4,100 * Sitel Corp .................................. 7,175 900 * Somera Communications, Inc .................. 1,845 2,600 * SONICblue, Inc .............................. 624 1,500 * SonicWALL, Inc .............................. 4,125 5,500 * Sonus Networks, Inc ......................... 1,155 500 * Sourcecorp .................................. 10,205 500 * Spectralink Corp ............................ 2,845 300 * Spectrian Corp .............................. 885 400 * SpeedFam-IPEC, Inc .......................... 1,484 100 * SPSS, Inc ................................... 1,157 200 * SRA International, Inc (Class A) ............ 5,726 1,600 * SS&C Technologies, Inc ...................... 12,720 400 * Standard Microsystems Corp .................. 6,112 1,000 * StorageNetworks, Inc ........................ 1,250 1,900 * Stratex Networks, Inc ....................... 2,430 700 * Stratos Lightwave, Inc ...................... 252 100 * Suntron Corp ................................ 325 300 * Supertex, Inc ............................... 3,120 1,900 * Surebeam Corp (Class A) ..................... 3,420 4,800 * Sycamore Networks, Inc ...................... 11,280 3,100 * Sykes Enterprises, Inc ...................... 13,051 200 * Synaptics, Inc .............................. 962 300 * Synplicity, Inc ............................. 1,293 200 * Syntel, Inc ................................. 2,354 900 * Systems & Computer Technology Corp .......... 6,300 1,100 * Take-Two Interactive Software, Inc .......... 31,900 1,100 Technitrol, Inc ............................. 16,445 1,800 * Tekelec ..................................... 15,534 2,400 * Tellium, Inc ................................ 912 400 * Therma-Wave, Inc ............................ 316 700 * Three-Five Systems, Inc ..................... 3,248 2,400 * TIBCO Software, Inc ......................... 9,000 400 * Tollgrade Communications, Inc ............... 3,124 3,100 * Touch America Holdings, Inc ................. 1,922 1,400 * Transaction Systems Architects, Inc (Class A) ................................. 8,680 3,300 * Transmeta Corp .............................. 3,201 800 * Trimble Navigation Ltd ...................... 7,920 100 * Tripos, Inc ................................. 785 2,600 * Triquint Semiconductor, Inc ................. 9,178 500 * Trizetto Group, Inc ......................... 2,490 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 21 Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(Continued) 500 * TTM Technologies, Inc ....................... $ 785 1,400 * Turnstone Systems, Inc ...................... 3,108 300 * Ulticom, Inc ................................ 1,659 700 * Ultratech Stepper, Inc ...................... 5,663 300 United Industrial Corp ...................... 6,045 2,200 * United Online, Inc .......................... 21,098 900 * Universal Display Corp ...................... 5,409 900 * Varian Semiconductor Equipment Associates, Inc ........................... 14,796 600 * Veeco Instruments, Inc ...................... 6,480 100 * Verint Systems, Inc ......................... 863 700 * Verity, Inc ................................. 6,965 600 * Vicor Corp .................................. 4,290 1,100 * Viewpoint Corp .............................. 2,398 7,100 * Vignette Corp ............................... 5,687 300 * Virage Logic Corp ........................... 2,829 200 Virco Manufacturing Corp .................... 1,940 3,200 * Vitesse Semiconductor Corp .................. 2,176 700 * Vitria Technology, Inc ...................... 546 1,100 * Volt Information Sciences, Inc .............. 16,665 1,100 Wallace Computer Services, Inc .............. 19,415 700 * WebEx Communications, Inc ................... 7,833 1,400 * webMethods, Inc ............................. 6,762 600 * Websense, Inc ............................... 6,966 400 * WESCO International, Inc .................... 1,720 10,900 * Western Digital Corp ........................ 51,230 600 * White Electronic Designs Corp ............... 4,494 700 * Wilson Greatbatch Technologies, Inc ......... 19,460 2,100 * Wind River Systems, Inc ..................... 6,762 700 * Wireless Facilities, Inc .................... 3,101 300 Woodhead Industries, Inc .................... 3,306 200 * Xicor, Inc .................................. 722 800 * Zoran Corp .................................. 8,800 500 * Zygo Corp ................................... 2,120 ------------ TOTAL TECHNOLOGY 2,794,943 ------------ TRANSPORTATION--2.14% 1,500 Airborne, Inc ............................... 17,010 1,900 * Airtran Holdings, Inc ....................... 5,909 700 * Alaska Air Group, Inc ....................... 12,390 200 * Arkansas Best Corp .......................... 5,738 500 * ATA Holdings Corp ........................... 1,700 1,200 * Atlantic Coast Airlines Holdings, Inc ....... 11,100 1,600 * Atlas Air Worldwide Holdings, Inc ........... 3,856 1,400 * BE Aerospace, Inc ........................... 6,664 700 * Covenant Transport, Inc (Class A) ........... 12,250 1,000 * EGL, Inc .................................... 11,010 900 * ExpressJet Holdings, Inc .................... 8,280 700 Florida East Coast Industries, Inc (Class A) ................................. 16,520 1,000 * Forward Air Corp ............................ 18,100 200 * Frontier Airlines, Inc ...................... 976 1,000 * Heartland Express, Inc ...................... 18,740 700 * Hunt (J.B.) Transport Services, Inc ......... 16,485 2,900 * Kansas City Southern Industries, Inc ........ 35,960 700 * Knight Transportation, Inc .................. 10,850 600 * Landstar System, Inc ........................ 29,415 900 * Mesa Air Group, Inc ......................... 3,285 300 * Mesaba Holdings, Inc ........................ 1,632 400 * Midwest Express Holdings, Inc ............... 1,600 800 Overseas Shipholding Group, Inc ............. 12,224 200 * P.A.M. Transportation Services .............. 3,816 200 * RailAmerica, Inc ............................ 1,450 500 Roadway Corp ................................ 18,340 1,100 Shurgard Storage Centers, Inc (Class A) ..... 34,782 200 * U.S. Xpress Enterprises, Inc (Class A) ...... 1,956 1,700 * UAL Corp .................................... 3,638 900 USFreightways Corp .......................... 25,812 1,300 Werner Enterprises, Inc ..................... 23,894 700 * Yellow Corp ................................. 20,656 ------------ TOTAL TRANSPORTATION 396,038 ------------ UTILITIES--5.29% 1,800 AGL Resources, Inc .......................... 39,762 700 * AirGate PCS, Inc ............................ 308 2,200 * Alamosa Holdings, Inc ....................... 506 200 * Alaska Communications Systems Group, Inc .... 336 1,700 * Allegiance Telecom, Inc ..................... 1,411 1,200 * Allen Telecom, Inc .......................... 6,408 3,300 * American Tower Corp (Class A) ............... 5,247 1,300 Atmos Energy Corp ........................... 27,950 1,500 Avista Corp ................................. 16,800 300 Black Hills Corp ............................ 7,857 11,800 * Broadwing, Inc .............................. 23,364 400 Cascade Natural Gas Corp .................... 7,880 300 * Centennial Communications Corp .............. 870 300 Central Vermont Public Service Corp ......... 5,289 1,100 CH Energy Group, Inc ........................ 51,623 1,200 Cleco Corp .................................. 16,164 300 * Commonwealth Telephone Enterprises, Inc ..... 10,431 200 Connecticut Water Service, Inc .............. 5,124 6,200 * Crown Castle International Corp ............. 13,454 500 CT Communications, Inc ...................... 7,250 600 * Dobson Communications Corp (Class A) ........ 186 800 DQE, Inc .................................... 12,000 1,400 * El Paso Electric Co ......................... 16,632 1,000 Energen Corp ................................ 25,310 200 EnergySouth, Inc ............................ 5,100 2,100 * General Communication, Inc (Class A) ........ 7,896 400 * Golden Telecom, Inc ......................... 4,820 400 Hickory Tech Corp ........................... 5,300 600 Laclede Group, Inc .......................... 13,980 600 MGE Energy, Inc ............................. 15,396 200 Middlesex Water Co .......................... 4,500 300 * NATCO Group, Inc (Class A) .................. 2,259 900 New Jersey Resources Corp ................... 29,610 2,000 * Nextel Partners, Inc (Class A) .............. 10,760 500 North Pittsburgh Systems, Inc ............... 6,665 1,200 Northwest Natural Gas Co .................... 35,232 600 Northwestern Corp ........................... 5,856 1,000 * Oil States International, Inc ............... 10,000 2,900 Oneok, Inc .................................. 54,810 900 Otter Tail Corp ............................. 23,706 300 * Petroquest Energy, Inc ...................... 1,326 1,000 Piedmont Natural Gas Co, Inc ................ 35,470 1,100 PNM Resources, Inc .......................... 21,780 1,500 * Price Communications Corp ................... 16,950 300 * Quicksilver Resources, Inc .................. 5,400 1,900 * RCN Corp .................................... 969 800 SEMCO Energy, Inc ........................... 6,224 100 Shenandoah Telecom Co ....................... 5,074 2,900 * Sierra Pacific Resources .................... 17,690 4,100 * Skyworks Solutions, Inc ..................... 18,573 500 South Jersey Industries, Inc ................ 16,330 2,600 * Southern Union Co ........................... 29,380 1,100 Southwest Gas Corp .......................... 24,475 200 Southwest Water Co .......................... 2,852 600 * Southwestern Energy Co ...................... 7,200 400 SureWest Communications ..................... 11,708 1,600 * Talk America Holdings, Inc .................. 3,712 1,300 * Time Warner Telecom, Inc (Class A) .......... 1,053 600 * Triton PCS Holdings, Inc (Class A) .......... 1,254 2,700 * U.S. Unwired, Inc (Class A) ................. 1,890 SEE NOTES TO FINANCIAL STATEMENTS 22 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP EQUITY FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- UTILITIES--(Continued) 1,800 * Ubiquitel, Inc .............................. $ 450 1,000 UGI Corp .................................... 36,350 900 UIL Holdings Corp ........................... 31,905 1,300 Unisource Energy Corp ....................... 19,825 200 Unitil Corp ................................. 5,430 1,800 Westar Energy, Inc .......................... 18,108 700 Western Gas Resources, Inc .................. 21,875 3,600 * Western Wireless Corp (Class A) ............. 9,720 1,600 WGL Holdings, Inc ........................... 38,253 900 WPS Resources Corp .......................... 31,896 ------------ TOTAL UTILITIES 981,174 ------------ TOTAL COMMON STOCK (COST $19,774,158) 18,489,312 ------------ TOTAL PORTFOLIO--99.75% (COST $19,774,158) 18,489,312 OTHER ASSETS & LIABILITIES, NET--0.25% 47,218 ------------ NET ASSETS--100.00% $ 18,536,530 ============ - ---------- * Non-income producing b In bankruptcy At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $19,920,766. Net unrealized depreciation of portfolio investments aggregated $1,431,454 of which $236,089 related to appreciated portfolio investments and $1,667,543 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 23 Statement of Investments - INSTITUTIONAL LARGE-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.35% AEROSPACE AND DEFENSE--1.05% 500 * Alliant Techsystems, Inc .................... $ 34,625 7,700 Boeing Co ................................... 262,801 3,600 * EchoStar Communications Corp (Class A) ...... 62,280 700 General Dynamics Corp ....................... 56,931 6,900 * General Motors Corp ......................... 63,135 1,000 * L-3 Communications Holdings, Inc ............ 52,700 1,200 Lockheed Martin Corp ........................ 77,604 200 * PanAmSat Corp ............................... 3,470 700 PerkinElmer, Inc ............................ 3,815 300 Rockwell Collins, Inc ....................... 6,582 1,000 * Titan Corp .................................. 9,600 ------------ TOTAL AEROSPACE AND DEFENSE 633,543 ------------ BASIC INDUSTRIES--1.41% 1,900 Alcoa, Inc .................................. 36,670 800 * American Standard Cos, Inc .................. 50,896 1,100 Avery Dennison Corp ......................... 62,678 200 Ball Corp ................................... 10,078 1,200 Black & Decker Corp ......................... 50,316 100 Cabot Corp .................................. 2,100 300 Consol Energy, Inc .......................... 3,798 300 D.R. Horton, Inc ............................ 5,586 1,900 Ecolab, Inc ................................. 79,287 200 Fluor Corp .................................. 4,888 1,100 * Freeport-McMoRan Copper & Gold, Inc (Class A) ................................. 14,806 500 * Jacobs Engineering Group, Inc ............... 15,440 3,900 Kimberly-Clark Corp ......................... 220,896 3,400 Masco Corp .................................. 66,470 4,600 Newmont Mining Corp ......................... 126,546 100 * NVR, Inc .................................... 29,983 1,100 * Sealed Air Corp ............................. 18,579 400 * Shaw Group, Inc ............................. 5,680 200 Sigma-Aldrich Corp .......................... 9,854 700 Stanley Works ............................... 22,869 200 Valspar Corp ................................ 7,460 100 Vulcan Materials Co ......................... 3,616 ------------ TOTAL BASIC INDUSTRIES 848,496 ------------ CONSUMER CYCLICAL--11.10% 600 * 99 Cents Only Stores ........................ 12,420 1,300 * Abercrombie & Fitch Co (Class A) ............ 25,571 200 * Advance Auto Parts .......................... 10,548 700 * American Eagle Outfitters, Inc .............. 8,442 30,500 * AOL Time Warner, Inc ........................ 356,850 1,800 * Apollo Group, Inc (Class A) ................. 78,174 200 * Apollo Group, Inc (University Of Phoenix Online) ........................... 6,430 800 Applebee's International, Inc ............... 17,536 100 ArvinMeritor, Inc ........................... 1,870 4,400 * Bed Bath & Beyond, Inc ...................... 143,308 1,000 * Big Lots, Inc ............................... 15,830 200 Blockbuster, Inc (Class A) .................. 4,960 1,400 * Brinker International, Inc .................. 36,260 200 Callaway Golf Co ............................ 2,080 600 * Catalina Marketing Corp ..................... 16,848 100 CBRL Group, Inc ............................. 2,282 400 * CEC Entertainment, Inc ...................... 13,644 1,100 * Chico's FAS, Inc ............................ 17,523 3,900 * Clear Channel Communications, Inc ........... 135,525 200 * Columbia Sportswear Co ...................... 6,944 900 * Comcast Corp (Class A) Special .............. 18,774 1,000 * Copart, Inc ................................. 10,850 200 * Cox Communications, Inc (Class A) ........... 4,918 300 * Cox Radio, Inc (Class A) .................... 7,848 200 * Cumulus Media, Inc (Class A) ................ 3,530 2,600 Darden Restaurants, Inc ..................... 63,024 4,300 Dollar General Corp ......................... 57,706 1,700 * Dollar Tree Stores, Inc ..................... 37,468 400 Donaldson Co, Inc ........................... 13,732 500 Dow Jones & Co, Inc ......................... 19,205 100 * Emmis Communications Corp (Class A) ......... 1,900 500 * Entercom Communications Corp ................ 23,685 200 * Extended Stay America, Inc .................. 2,540 2,400 Family Dollar Stores, Inc ................... 64,512 800 * Foot Locker, Inc ............................ 7,992 900 * Fox Entertainment Group, Inc (Class A) ...... 19,827 9,300 Gap, Inc .................................... 100,905 1,700 * Gemstar-TV Guide International, Inc ......... 4,284 1,100 * Gentex Corp ................................. 29,909 700 Graco, Inc .................................. 17,360 4,600 Harley-Davidson, Inc ........................ 213,670 400 Harman International Industries, Inc ........ 20,700 1,600 * Harrah's Entertainment, Inc ................. 77,136 700 Harte-Hanks, Inc ............................ 13,027 1,000 Hilton Hotels Corp .......................... 11,380 600 * Hispanic Broadcasting Corp .................. 11,190 1,400 * International Game Technology ............... 96,796 200 International Speedway Corp (Class A) ....... 7,946 5,700 Interpublic Group Of Cos, Inc ............... 90,345 200 * Jones Apparel Group, Inc .................... 6,140 4,400 * Kohl's Corp ................................. 267,564 600 * Krispy Kreme Doughnuts, Inc ................. 18,756 800 * Lamar Advertising Co ........................ 24,280 100 La-Z-Boy, Inc ............................... 2,320 900 Leggett & Platt, Inc ........................ 17,811 2,500 Limited Brands, Inc ......................... 35,850 200 * Lin TV Corp (Class A) ....................... 4,950 100 * Mandalay Resort Group ....................... 3,355 1,600 Marriott International, Inc (Class A) ....... 46,384 1,200 Maytag Corp ................................. 27,816 2,500 McGraw-Hill Cos, Inc ........................ 153,050 100 Meredith Corp ............................... 4,305 300 * Metro-Goldwyn-Mayer, Inc .................... 3,585 100 * MGM Mirage .................................. 3,730 1,000 * Michaels Stores, Inc ........................ 45,700 800 * Mohawk Industries, Inc ...................... 39,720 300 * MSC Industrial Direct Co (Class A) .......... 3,186 1,400 New York Times Co (Class A) ................. 63,630 800 Nike, Inc (Class B) ......................... 34,544 2,800 Omnicom Group, Inc .......................... 155,904 500 * O'Reilly Automotive, Inc .................... 14,310 500 * Outback Steakhouse, Inc ..................... 13,740 500 * Performance Food Group Co ................... 16,980 500 Pier 1 Imports, Inc ......................... 9,535 300 * Pixar, Inc .................................. 14,430 400 Polaris Industries, Inc ..................... 24,800 200 R.R. Donnelley & Sons Co .................... 4,702 600 * Radio One, Inc (Class D) .................... 9,894 400 Reader's Digest Association, Inc (Class A) .. 6,260 100 * Regal Entertainment Group (Class A) ......... 1,780 500 * Rent-A-Center, Inc .......................... 25,975 1,200 Ross Stores, Inc ............................ 42,768 1,000 Ruby Tuesday, Inc ........................... 18,780 200 * Scholastic Corp ............................. 8,936 100 * Scotts Co (Class A) ......................... 4,169 400 Scripps (E.W.) Co (Class A) ................. 27,720 300 * Sonic Automotive, Inc ....................... 5,310 5,800 * Starbucks Corp .............................. 119,712 300 Talbots, Inc ................................ 8,400 13,700 Target Corp ................................. 404,424 SEE NOTES TO FINANCIAL STATEMENTS 24 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL LARGE-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER CYCLICAL--(Continued) 800 * The Cheesecake Factory, Inc ................. $ 23,864 1,700 Tiffany & Co ................................ 36,431 300 * Timberland Co (Class A) ..................... 9,504 8,100 TJX Cos, Inc ................................ 137,700 2,400 * U.S.A. Interactive, Inc ..................... 46,512 100 * UnitedGlobalcom, Inc (Class A) .............. 164 2,300 * Univision Communications, Inc (Class A) ..... 52,440 9,400 * Viacom, Inc (Class B) ....................... 381,170 41,100 Wal-Mart Stores, Inc ........................ 2,023,764 1,000 Wendy's International, Inc .................. 33,110 1,200 * Westwood One, Inc ........................... 42,900 700 Wiley (John) & Sons, Inc (Class A) .......... 15,407 1,300 * Williams-Sonoma, Inc ........................ 30,719 5,900 * Yahoo!, Inc ................................. 56,463 3,600 * Yum! Brands, Inc ............................ 99,756 100 * Zale Corp ................................... 3,016 ------------ TOTAL CONSUMER CYCLICAL 6,703,329 ------------ CONSUMER NON-CYCLICAL--15.33% 2,900 * Amazon.Com, Inc ............................. 46,197 8,800 Anheuser-Busch Cos, Inc ..................... 445,280 500 * Aramark Corp (Class B) ...................... 10,500 1,100 * Autozone, Inc ............................... 86,746 200 * Barnes & Noble, Inc ......................... 4,232 3,900 * Best Buy Co, Inc ............................ 87,009 1,100 * BJ's Wholesale Club, Inc .................... 20,911 100 * Borders Group, Inc .......................... 1,580 500 Brown-Forman Corp (Class B) ................. 33,475 900 * CDW Computer Centers, Inc ................... 38,124 300 Church & Dwight Co, Inc ..................... 9,945 400 * Circuit City Stores, Inc (Carmax Group) ..... 6,420 400 Circuit City Stores, Inc (Circuit City Group) ............................... 6,060 1,300 Clorox Co ................................... 52,234 1,300 * Coach, Inc .................................. 33,280 26,100 Coca-Cola Co ................................ 1,251,756 3,300 Coca-Cola Enterprises, Inc .................. 70,092 7,300 Colgate-Palmolive Co ........................ 393,835 500 * Constellation Brands, Inc (Class A) ......... 11,550 3,500 * Costco Wholesale Corp ....................... 113,295 700 Dial Corp ................................... 15,022 300 Dreyer's Grand Ice Cream, Inc ............... 20,958 2,200 * eBay, Inc ................................... 116,182 200 * Energizer Holdings, Inc ..................... 6,080 1,200 Estee Lauder Cos (Class A) .................. 34,488 300 Ethan Allen Interiors, Inc .................. 9,708 100 * Expedia, Inc (Class A) ...................... 5,065 900 Fastenal Co ................................. 28,422 500 * Furniture Brands International, Inc ......... 11,475 200 * Gamestop Corp ............................... 4,090 3,900 General Mills, Inc .......................... 173,238 9,400 Gillette Co ................................. 278,240 2,600 H.J. Heinz Co ............................... 86,762 1,200 Herman Miller, Inc .......................... 21,312 700 Hershey Foods Corp .......................... 43,435 35,500 Home Depot, Inc ............................. 926,550 500 International Flavors & Fragrances, Inc ..... 15,925 1,900 Kellogg Co .................................. 63,175 1,100 Kraft Foods, Inc (Class A) .................. 40,106 9,200 * Kroger Co ................................... 129,720 11,700 Lowe's Cos .................................. 484,380 6,000 Mattel, Inc ................................. 108,060 1,100 McCormick & Co, Inc (Non-Vote) .............. 25,080 200 Newell Rubbermaid, Inc ...................... 6,174 100 * PayPal, Inc ................................. 2,091 2,700 Pepsi Bottling Group, Inc ................... 63,180 26,700 PepsiCo, Inc ................................ 986,565 200 * Petco Animal Supplies, Inc .................. 4,338 2,000 * Petsmart, Inc ............................... 35,620 19,800 Philip Morris Cos, Inc ...................... 768,240 11,600 Procter & Gamble Co ......................... 1,036,808 2,600 * RadioShack Corp ............................. 52,156 2,400 * Rite Aid Corp ............................... 5,040 2,900 * Safeway, Inc ................................ 64,670 5,900 Sara Lee Corp ............................... 107,911 7,100 * Staples, Inc ................................ 90,809 300 * Ticketmaster (Class B) ...................... 4,575 400 Tootsie Roll Industries, Inc ................ 11,888 1,300 UST, Inc .................................... 36,673 15,500 Walgreen Co ................................. 476,780 400 * Weight Watchers International, Inc .......... 17,344 800 * Whole Foods Market, Inc ..................... 34,272 1,700 Wrigley (Wm.) Jr Co ......................... 84,133 ------------ TOTAL CONSUMER NON-CYCLICAL 9,259,261 ------------ ENERGY--1.19% 500 Amerada Hess Corp ........................... 33,940 1,700 Anadarko Petroleum Corp ..................... 75,718 4,800 Baker Hughes, Inc ........................... 139,344 2,400 * BJ Services Co .............................. 62,400 600 Burlington Resources, Inc ................... 23,016 600 * Cooper Cameron Corp ......................... 25,056 500 Diamond Offshore Drilling, Inc .............. 9,975 1,800 ENSCO International, Inc .................... 45,072 200 * Forest Oil Corp ............................. 5,100 1,300 * Grant Prideco, Inc .......................... 11,102 3,300 Halliburton Co .............................. 42,603 400 Murphy Oil Corp ............................. 32,828 800 * National-Oilwell, Inc ....................... 15,504 400 * Newfield Exploration Co ..................... 13,436 500 Noble Energy, Inc ........................... 16,985 1,900 Ocean Energy, Inc ........................... 37,905 1,000 * Patterson-UTI Energy, Inc ................... 25,510 300 * Pioneer Natural Resources Co ................ 7,275 100 Pogo Producing Co ........................... 3,406 800 * Pride International, Inc .................... 10,400 800 Rowan Cos, Inc .............................. 14,912 1,500 * Smith International, Inc .................... 43,965 400 Tidewater, Inc .............................. 10,796 700 * Varco International, Inc .................... 11,844 100 XTO Energy, Inc ............................. 2,061 ------------ TOTAL ENERGY 720,153 ------------ FINANCIAL SERVICES--9.97% 300 * Affiliated Managers Group, Inc .............. 13,383 3,800 Aflac, Inc .................................. 116,622 1,200 Allied Capital Corp ......................... 26,268 100 Ambac Financial Group, Inc .................. 5,389 11,100 American Express Co ......................... 346,098 15,200 American International Group, Inc ........... 831,440 1,000 * AmeriCredit Corp ............................ 8,070 3,800 Bank Of New York Co, Inc .................... 109,212 300 * Blackrock, Inc .............................. 12,426 700 Brown & Brown, Inc .......................... 21,000 3,100 Capital One Financial Corp .................. 108,252 1,000 * Catellus Development Corp ................... 18,450 16,500 Charles Schwab Corp ......................... 143,550 1,300 * ChoicePoint, Inc ............................ 46,332 14,500 Citigroup, Inc .............................. 429,925 900 Commerce Bancorp, Inc ....................... 37,359 600 Doral Financial Corp ........................ 14,484 2,000 * E*trade Group, Inc .......................... 8,900 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 25 Statement of Investments - INSTITUTIONAL LARGE-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(Continued) 900 Eaton Vance Corp ............................ $ 24,876 15,000 Fannie Mae .................................. 893,100 1,200 Federated Investors, Inc (Class B) .......... 32,388 7,700 Fifth Third Bancorp ......................... 471,471 9,700 Freddie Mac ................................. 542,230 1,300 Gallagher (Arthur J.) & Co .................. 32,045 100 Greater Bay Bancorp ......................... 1,819 100 HCC Insurance Holdings, Inc ................. 2,401 1,200 Household International, Inc ................ 33,972 200 Hudson United Bancorp ....................... 5,320 700 * Investment Technology Group, Inc ............ 20,482 1,000 Investors Financial Services Corp ........... 27,070 300 John Nuveen Co (Class A) .................... 6,825 100 * LaBranche & Co, Inc ......................... 2,025 600 Legg Mason, Inc ............................. 25,536 7,800 Marsh & McLennan Cos, Inc ................... 324,792 16,000 MBNA Corp ................................... 294,080 3,200 Mellon Financial Corp ....................... 82,976 800 Neuberger Berman, Inc ....................... 21,560 500 New York Community Bancorp, Inc ............. 14,085 600 North Fork Bancorp, Inc ..................... 22,704 1,500 Northern Trust Corp ......................... 56,580 1,700 Progressive Corp ............................ 86,071 300 Provident Financial Group, Inc .............. 7,527 1,600 * Providian Financial Corp .................... 7,840 200 Rouse Co .................................... 6,390 1,100 SEI Investments Co .......................... 26,268 100 * Silicon Valley Bancshares ................... 1,693 2,200 SLM Corp .................................... 204,908 500 St. Joe Co .................................. 13,800 1,300 Starwood Hotels & Resorts Worldwide, Inc .... 28,990 3,300 State Street Corp ........................... 127,512 400 Stilwell Financial, Inc ..................... 4,828 4,500 Synovus Financial Corp ...................... 92,790 500 T Rowe Price Group, Inc ..................... 12,480 700 TCF Financial Corp .......................... 29,631 200 * United Rentals, Inc ......................... 1,688 1,100 Waddell & Reed Financial, Inc (Class A) ..... 19,426 2,300 Wells Fargo & Co ............................ 110,768 100 Westamerica Bancorp ......................... 4,028 ------------ TOTAL FINANCIAL SERVICES 6,022,135 ------------ HEALTH CARE--27.45% 23,600 Abbott Laboratories ......................... 953,440 400 * Accredo Health, Inc ......................... 19,072 1,100 * AdvancePCS .................................. 24,783 800 * Affymetrix, Inc ............................. 16,640 2,100 Allergan, Inc ............................... 114,240 1,200 AmerisourceBergen Corp ...................... 85,704 17,800 * Amgen, Inc .................................. 742,260 200 * AMN Healthcare Services, Inc ................ 3,700 1,000 * Andrx Corp .................................. 22,150 1,700 * Anthem, Inc ................................. 110,500 800 * Apogent Technologies, Inc ................... 14,928 3,000 Applera Corp (Applied Biosystems Group) ..... 54,900 400 * Barr Laboratories, Inc ...................... 24,916 9,100 Baxter International, Inc ................... 278,005 900 Beckman Coulter, Inc ........................ 34,830 600 Becton Dickinson & Co ....................... 17,040 2,200 * Biogen, Inc ................................. 64,394 4,000 Biomet, Inc ................................. 106,520 4,800 * Boston Scientific Corp ...................... 151,488 10,900 Bristol-Myers Squibb Co ..................... 259,420 6,800 Cardinal Health, Inc ........................ 422,960 3,400 * Caremark Rx, Inc ............................ 57,800 1,100 * Celgene Corp ................................ 18,524 700 * Cephalon, Inc ............................... 28,574 400 * Cerner Corp ................................. 14,084 700 * Charles River Laboratories International, Inc ........................ 27,475 1,400 * Chiron Corp ................................. 48,916 500 * Community Health Systems, Inc ............... 13,315 300 * Coventry Health Care, Inc ................... 9,750 1,900 * Cytyc Corp .................................. 20,368 900 * DaVita, Inc ................................. 21,240 1,100 Dentsply International, Inc ................. 44,187 300 Diagnostic Products Corp .................... 13,800 600 * Edwards Lifesciences Corp ................... 15,354 1,000 * Express Scripts, Inc (Class A) .............. 54,520 1,500 * First Health Group Corp ..................... 40,680 800 * Fisher Scientific International, Inc ........ 24,280 2,400 * Forest Laboratories, Inc .................... 196,824 3,000 * Genentech, Inc .............................. 97,890 2,500 * Genzyme Corp (General Division) ............. 51,525 2,600 * Gilead Sciences, Inc ........................ 87,178 4,600 * Guidant Corp ................................ 148,626 7,400 HCA, Inc .................................... 352,314 3,600 * Health Management Associates, Inc (Class A) . 72,792 300 * Health Net, Inc ............................. 6,435 400 * Healthsouth Corp ............................ 1,660 400 * Henry Schein, Inc ........................... 21,100 900 * Human Genome Sciences, Inc .................. 10,854 300 ICN Pharmaceuticals, Inc .................... 2,718 1,700 * IDEC Pharmaceuticals Corp ................... 70,584 4,400 IMS Health, Inc ............................. 65,868 400 * Invitrogen Corp ............................. 13,628 2,300 * IVAX Corp ................................... 28,221 45,500 Johnson & Johnson ........................... 2,460,640 3,700 * King Pharmaceuticals, Inc ................... 67,229 2,200 * Laboratory Corp Of America Holdings ......... 74,316 600 * LifePoint Hospitals, Inc .................... 18,713 13,100 Lilly (Eli) & Co ............................ 724,954 1,600 * Lincare Holdings, Inc ....................... 49,664 600 * Manor Care, Inc ............................. 13,488 3,500 McKesson Corp ............................... 99,155 400 * Medicis Pharmaceutical Corp (Class A) ....... 16,348 3,800 * Medimmune, Inc .............................. 79,496 18,300 Medtronic, Inc .............................. 770,796 19,800 Merck & Co, Inc ............................. 905,058 700 * Mid Atlantic Medical Services, Inc .......... 25,340 2,400 * Millennium Pharmaceuticals, Inc ............. 22,368 700 * Millipore Corp .............................. 22,253 1,800 Mylan Laboratories, Inc ..................... 58,932 700 Omnicare, Inc ............................... 14,784 600 * Orthodontic Centers Of America, Inc ......... 6,420 1,300 * Oxford Health Plans, Inc .................... 50,622 100 Pall Corp ................................... 1,579 700 * Patterson Dental Co ......................... 35,826 94,300 Pfizer, Inc ................................. 2,736,586 700 * Pharmaceutical Product Development, Inc ..... 13,538 19,500 Pharmacia Corp .............................. 758,160 1,100 * Quest Diagnostics, Inc ...................... 67,683 900 * Quintiles Transnational Corp ................ 8,559 600 * Renal Care Group, Inc ....................... 19,734 300 * Ribapharm, Inc .............................. 1,350 8,900 Schering-Plough Corp ........................ 189,748 1,000 * SICOR, Inc .................................. 15,210 2,700 * St. Jude Medical, Inc ....................... 96,390 1,000 * Steris Corp ................................. 24,910 2,000 Stryker Corp ................................ 115,200 7,400 * Tenet Healthcare Corp ....................... 366,300 SEE NOTES TO FINANCIAL STATEMENTS 26 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL LARGE-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(Continued) 600 * Triad Hospitals, Inc ........................ $ 22,770 4,100 UnitedHealth Group, Inc ..................... 357,602 700 * Universal Health Services, Inc (Class B) .... 35,805 1,000 * Varian Medical Systems, Inc ................. 42,990 2,000 * Waters Corp ................................. 48,500 600 * Watson Pharmaceuticals, Inc ................. 14,706 2,200 * WebMD Corp .................................. 11,110 2,200 * Wellpoint Health Networks, Inc .............. 161,260 20,000 Wyeth ....................................... 636,000 2,900 * Zimmer Holdings, Inc ........................ 111,186 ------------ TOTAL HEALTH CARE 16,576,252 ------------ OTHER--1.65% 700 * Career Education Corp ....................... 33,606 1,800 Cintas Corp ................................. 75,456 900 * DeVry, Inc .................................. 16,758 900 * Dun & Bradstreet Corp ....................... 30,249 400 * Education Management Corp ................... 17,708 400 * Getty Images, Inc ........................... 8,024 600 * GTECH Holdings Corp ......................... 14,892 2,800 H & R Block, Inc ............................ 117,628 100 HON Industries, Inc ......................... 2,545 1,100 Honeywell International, Inc ................ 23,826 100 * Hotels.Com (Class A) ........................ 5,058 100 ITT Industries, Inc ......................... 6,233 800 Manpower, Inc ............................... 23,472 2,000 Moody's Corp ................................ 97,000 2,300 * Robert Half International, Inc .............. 36,501 200 * SPX Corp .................................... 20,180 10,000 Sysco Corp .................................. 283,900 100 Teleflex, Inc ............................... 4,558 800 * TMP Worldwide, Inc .......................... 7,200 2,600 United Technologies Corp .................... 146,874 1,100 Viad Corp ................................... 22,473 ------------ TOTAL OTHER 994,141 ------------ PRODUCER DURABLES--7.47% 4,300 3M Co ....................................... 472,871 600 * AGCO Corp ................................... 13,920 1,700 * Allied Waste Industries, Inc ................ 12,495 1,700 Danaher Corp ................................ 96,645 700 * Flowserve Corp .............................. 7,000 100 * FMC Technologies, Inc ....................... 1,676 150,100 General Electric Co ......................... 3,699,965 1,600 Illinois Tool Works, Inc .................... 93,328 400 * National Instruments Corp ................... 8,756 2,200 Pitney Bowes, Inc ........................... 67,078 1,700 Waste Management, Inc ....................... 39,644 ------------ TOTAL PRODUCER DURABLES 4,513,378 ------------ TECHNOLOGY--21.34% 800 * Activision, Inc ............................. 19,144 800 * Acxiom Corp ................................. 11,344 800 * Adaptec, Inc ................................ 3,528 4,900 * ADC Telecommunications, Inc ................. 5,635 3,600 Adobe Systems, Inc .......................... 68,760 700 * Advanced Fibre Communications, Inc .......... 9,289 1,600 * Advanced Micro Devices, Inc ................. 8,544 500 * Advent Software, Inc ........................ 5,725 1,500 * Affiliated Computer Services, Inc (Class A) . 63,825 13,600 * Agere Systems, Inc (Class B) ................ 13,464 3,300 * Agilent Technologies, Inc ................... 43,098 700 * Alliance Data Systems Corp .................. 10,605 5,800 * Altera Corp ................................. 50,286 300 * American Power Conversion Corp .............. 2,868 800 * Amkor Technology, Inc ....................... 1,904 300 * Amphenol Corp (Class A) ..................... 9,300 5,500 * Analog Devices, Inc ......................... 108,350 24,800 * Applied Materials, Inc ...................... 286,440 2,300 * Applied Micro Circuits Corp ................. 6,578 400 * Arrow Electronics, Inc ...................... 5,052 4,300 * Atmel Corp .................................. 4,558 500 Autodesk, Inc ............................... 6,335 9,400 Automatic Data Processing, Inc .............. 326,838 700 * Avaya, Inc .................................. 1,001 5,400 * BEA Systems, Inc ............................ 27,972 2,200 * BearingPoint, Inc ........................... 14,212 1,700 * Bisys Group, Inc ............................ 28,407 2,000 * BMC Software, Inc ........................... 26,140 1,500 * Broadcom Corp (Class A) ..................... 16,020 3,500 * Brocade Communications Systems, Inc ......... 26,355 4,000 * Cadence Design Systems, Inc ................. 40,680 1,800 * Ceridian Corp ............................... 25,650 900 * Certegy, Inc ................................ 18,090 500 * Checkfree Corp .............................. 5,690 3,300 * CIENA Corp .................................. 9,801 110,500 * Cisco Systems, Inc .......................... 1,158,040 2,400 * Citrix Systems, Inc ......................... 14,472 800 Computer Associates International, Inc ...... 7,680 200 * Computer Sciences Corp ...................... 5,558 2,200 * Compuware Corp .............................. 6,710 1,400 * Comverse Technology, Inc .................... 9,786 7,700 * Concord EFS, Inc ............................ 122,276 1,900 * Conexant Systems, Inc ....................... 2,109 2,600 * Convergys Corp .............................. 39,078 6,200 * Corning, Inc ................................ 9,920 800 * CSG Systems International, Inc .............. 8,720 500 * Cymer, Inc .................................. 9,320 1,400 * Cypress Semiconductor Corp .................. 9,184 34,100 * Dell Computer Corp .......................... 801,691 1,000 Deluxe Corp ................................. 45,060 1,800 * DST Systems, Inc ............................ 53,046 1,800 * Electronic Arts, Inc ........................ 118,728 6,100 Electronic Data Systems Corp ................ 85,278 18,800 * EMC Corp .................................... 85,916 1,000 * Emulex Corp ................................. 11,260 2,000 Equifax, Inc ................................ 43,480 800 Fair, Isaac & Co, Inc ....................... 26,160 1,600 * Fairchild Semiconductor International, Inc (Class A) ................................. 15,152 11,500 First Data Corp ............................. 321,425 2,900 * Fiserv, Inc ................................. 81,432 500 Global Payments, Inc ........................ 12,800 500 Harris Corp ................................. 16,745 1,000 Henry (Jack) & Associates, Inc .............. 12,430 2,300 * i2 Technologies, Inc ........................ 1,196 300 * Ingram Micro, Inc (Class A) ................. 3,990 700 * Integrated Circuit Systems, Inc ............. 10,990 800 * Integrated Device Technology, Inc ........... 8,352 101,000 Intel Corp .................................. 1,402,890 12,000 International Business Machines Corp ........ 700,680 800 * International Rectifier Corp ................ 12,496 1,200 * Intersil Corp (Class A) ..................... 15,552 2,900 * Intuit, Inc ................................. 132,037 600 * Iron Mountain, Inc .......................... 14,994 1,500 * J.D. Edwards & Co ........................... 13,875 2,100 * Jabil Circuit, Inc .......................... 31,038 9,100 * JDS Uniphase Corp ........................... 17,727 4,300 * Juniper Networks, Inc ....................... 20,640 2,900 * KLA-Tencor Corp ............................. 81,026 1,900 * Lam Research Corp ........................... 16,910 2,000 * Lexmark International, Inc .................. 94,000 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 27 Statement of Investments - INSTITUTIONAL LARGE-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(Continued) 4,800 Linear Technology Corp ...................... $ 99,456 2,800 * LSI Logic Corp .............................. 17,780 700 * Macromedia, Inc ............................. 5,411 4,900 * Maxim Integrated Products, Inc .............. 121,324 1,200 * Mercury Interactive Corp .................... 20,592 500 * Mettler-Toledo International, Inc ........... 13,000 900 * Micrel, Inc ................................. 5,544 3,000 * Microchip Technology, Inc ................... 61,350 4,200 * Micron Technology, Inc ...................... 51,954 67,600 * Microsoft Corp .............................. 2,956,824 300 * MKS Instruments, Inc ........................ 3,276 1,700 Molex, Inc .................................. 39,984 22,600 Motorola, Inc ............................... 230,068 100 * National Processing, Inc .................... 1,699 2,300 * National Semiconductor Corp ................. 27,462 4,500 * Network Appliance, Inc ...................... 32,985 2,200 * Network Associates, Inc ..................... 23,386 2,000 * Novellus Systems, Inc ....................... 41,620 1,900 * Nvidia Corp ................................. 16,264 62,200 * Oracle Corp ................................. 488,892 4,900 Paychex, Inc ................................ 118,923 4,200 * Peoplesoft, Inc ............................. 51,954 1,000 * Perot Systems Corp (Class A) ................ 9,300 2,500 * PMC-Sierra, Inc ............................. 9,700 1,100 * Polycom, Inc ................................ 7,469 1,300 * QLogic Corp ................................. 33,852 11,600 * Qualcomm, Inc ............................... 320,392 2,300 * Rational Software Corp ...................... 9,936 1,100 * RealNetworks, Inc ........................... 3,971 1,000 Reynolds & Reynolds Co (Class A) ............ 22,440 2,200 * RF Micro Devices, Inc ....................... 13,200 4,200 * Sanmina-SCI Corp ............................ 11,634 900 * Semtech Corp ................................ 8,730 5,900 * Siebel Systems, Inc ......................... 33,925 6,200 * Solectron Corp .............................. 13,082 300 * Storage Technology Corp ..................... 3,153 23,800 * Sun Microsystems, Inc ....................... 61,642 4,300 * Sungard Data Systems, Inc ................... 83,635 600 * Sybase, Inc ................................. 6,972 2,200 * Symantec Corp ............................... 73,986 1,700 Symbol Technologies, Inc .................... 13,039 1,100 * Synopsys, Inc ............................... 41,965 200 * Tech Data Corp .............................. 5,280 200 * Tektronix, Inc .............................. 3,286 2,800 * Tellabs, Inc ................................ 11,396 2,200 * Teradyne, Inc ............................... 21,120 26,200 Texas Instruments, Inc ...................... 386,974 800 * Thermo Electron Corp ........................ 12,904 600 Total System Services, Inc .................. 7,890 800 * Unisys Corp ................................. 5,600 900 * Utstarcom, Inc .............................. 13,743 1,700 * VeriSign, Inc ............................... 8,585 5,300 * Veritas Software Corp ....................... 77,751 500 * Vishay Intertechnology, Inc ................. 4,400 5,100 * Xilinx, Inc ................................. 80,774 300 * Zebra Technologies Corp (Class A) ........... 15,807 ------------ TOTAL TECHNOLOGY 12,890,618 ------------ TRANSPORTATION--0.94% 1,000 C.H. Robinson Worldwide, Inc ................ 27,020 1,400 Expeditors International Of Washington, Inc . 39,116 2,200 * Sabre Holdings Corp ......................... 42,570 500 Skywest, Inc ................................ 6,550 5,800 Southwest Airlines Co ....................... 75,748 500 * Swift Transportation Co, Inc ................ 7,800 5,900 United Parcel Service, Inc (Class B) ........ 368,927 ------------ TOTAL TRANSPORTATION 567,731 ------------ UTILITIES--0.45% 16,900 * A T & T Wireless Services, Inc .............. 69,628 2,500 * AES Corp .................................... 6,275 1,600 * Calpine Corp ................................ 3,952 2,000 * Citizens Communications Co .................. 13,560 800 Kinder Morgan, Inc .......................... 28,360 4,900 * Level 3 Communications, Inc ................. 19,061 1,000 * Mirant Corp ................................. 2,210 10,100 * Nextel Communications, Inc (Class A) ........ 76,255 10,300 * Qwest Communications International, Inc ..... 23,484 10,700 * Sprint Corp (PCS Group) ..................... 20,971 300 * West Corp ................................... 4,200 600 Williams Cos, Inc ........................... 1,356 ------------ TOTAL UTILITIES 269,312 ------------ TOTAL COMMON STOCK (COST $64,685,534) 59,998,349 ------------ TOTAL PORTFOLIO--99.35% (COST $64,685,534) 59,998,349 OTHER ASSETS & LIABILITIES, NET--0.65% 392,366 ------------ NET ASSETS--100.00% $ 60,390,715 ============ - ---------- * Non-income producing At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $64,685,534. Net unrealized depreciation of portfolio investments aggregated $4,687,185 of which $512,708 related to appreciated portfolio investments and $5,199,893 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 LARGE-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.49% AEROSPACE AND DEFENSE--1.94% 4,200 Boeing Co ................................... $ 143,346 2,000 General Dynamics Corp ....................... 162,660 6,100 * General Motors Corp ......................... 55,815 1,400 Goodrich Corp ............................... 26,432 4,200 Lockheed Martin Corp ........................ 271,614 1,400 Northrop Grumman Corp ....................... 173,656 200 * PanAmSat Corp ............................... 3,470 1,000 PerkinElmer, Inc ............................ 5,450 800 Precision Castparts Corp .................... 17,344 5,800 Raytheon Co ................................. 169,940 2,300 Rockwell Collins, Inc ....................... 50,462 100 * Titan Corp .................................. 960 ------------ TOTAL AEROSPACE AND DEFENSE 1,081,149 ------------ BASIC INDUSTRIES--6.42% 3,300 Air Products & Chemicals, Inc ............... 138,633 1,300 * AK Steel Holding Corp ....................... 9,503 400 Albemarle Corp .............................. 10,116 10,500 Alcoa, Inc .................................. 202,650 1,200 Allegheny Technologies, Inc ................. 8,304 100 * American Standard Cos, Inc .................. 6,362 500 Aptargroup, Inc ............................. 13,435 400 Avery Dennison Corp ......................... 22,792 600 Ball Corp ................................... 30,234 700 Bemis Co .................................... 34,580 100 Black & Decker Corp ......................... 4,193 700 Boise Cascade Corp .......................... 15,960 800 Bowater, Inc ................................ 28,240 800 Cabot Corp .................................. 16,800 900 Centex Corp ................................. 39,915 1,300 Clayton Homes, Inc .......................... 14,274 1,300 D.R. Horton, Inc ............................ 24,206 13,200 Dow Chemical Co ............................. 360,492 14,400 Du Pont (E.I.) de Nemours & Co .............. 519,408 1,100 Eastman Chemical Co ......................... 41,987 1,900 Engelhard Corp .............................. 45,277 1,000 Fluor Corp .................................. 24,440 3,300 Georgia-Pacific Corp ........................ 43,197 1,100 * Hercules, Inc ............................... 10,131 1,600 IMC Global, Inc ............................. 19,280 7,000 International Paper Co ...................... 233,730 200 * Jacobs Engineering Group, Inc ............... 6,176 600 KB Home ..................................... 29,304 3,700 Kimberly-Clark Corp ......................... 209,568 500 Lafarge North America, Inc .................. 14,485 700 Lennar Corp ................................. 39,046 700 Lubrizol Corp ............................... 19,789 1,800 Lyondell Chemical Co ........................ 21,492 700 Martin Marietta Materials, Inc .............. 22,799 3,800 Masco Corp .................................. 74,290 2,900 MeadWestvaco Corp ........................... 55,709 3,800 Monsanto Co ................................. 58,102 500 Newmont Mining Corp ......................... 13,755 1,100 Nucor Corp .................................. 41,690 400 OM Group, Inc ............................... 17,120 1,600 * Owens-Illinois, Inc ......................... 18,112 900 * Packaging Corp Of America ................... 15,759 2,300 * Pactiv Corp ................................. 37,835 300 Peabody Energy Corp ......................... 7,650 1,200 * Phelps Dodge Corp ........................... 30,756 2,700 Plum Creek Timber Co, Inc ................... 61,047 2,500 PPG Industries, Inc ......................... 111,750 2,400 Praxair, Inc ................................ 122,664 700 Pulte Homes, Inc ............................ 29,841 400 Rayonier, Inc ............................... 16,764 2,300 Rohm & Haas Co .............................. 71,300 1,600 RPM, Inc .................................... 22,496 400 Ryland Group, Inc ........................... 14,868 100 * Sealed Air Corp ............................. 1,689 200 * Shaw Group, Inc ............................. 2,840 1,800 Sherwin-Williams Co ......................... 42,624 900 Sigma-Aldrich Corp .......................... 44,343 2,500 * Smurfit-Stone Container Corp ................ 31,425 800 Snap-On, Inc ................................ 18,384 1,400 Sonoco Products Co .......................... 29,834 400 Stanley Works ............................... 13,068 700 Temple-Inland, Inc .......................... 27,041 700 * Toll Brothers, Inc .......................... 15,218 1,400 United States Steel Corp .................... 16,254 500 Valspar Corp ................................ 18,650 1,300 Vulcan Materials Co ......................... 47,008 3,200 Weyerhaeuser Co ............................. 140,064 600 York International Corp ..................... 16,920 ------------ TOTAL BASIC INDUSTRIES 3,567,668 ------------ CONSUMER CYCLICAL--10.40% 400 * American Axle & Manufacturing Holdings, Inc . 9,992 100 * American Eagle Outfitters, Inc .............. 1,206 1,000 * American Greetings Corp (Class A) ........... 16,100 32,800 * AOL Time Warner, Inc ........................ 383,760 900 ArvinMeritor, Inc ........................... 16,830 1,400 Autoliv, Inc ................................ 29,512 1,300 Belo Corp (Class A) ......................... 28,444 800 * Big Lots, Inc ............................... 12,664 300 Blockbuster, Inc (Class A) .................. 7,440 400 BorgWarner, Inc ............................. 19,856 100 * Brinker International, Inc .................. 2,590 1,300 Brunswick Corp .............................. 27,352 1,900 * Cablevision Systems Corp (Class A) .......... 17,214 700 Callaway Golf Co ............................ 7,280 600 CBRL Group, Inc ............................. 13,692 1,800 * Charter Communications, Inc (Class A) ....... 3,348 3,700 * Clear Channel Communications, Inc ........... 128,575 12,900 * Comcast Corp (Class A) Special .............. 269,094 900 Cooper Tire & Rubber Co ..................... 14,526 2,900 * Cox Communications, Inc (Class A) ........... 71,311 200 * Cox Radio, Inc (Class A) .................... 5,232 200 * Cumulus Media, Inc (Class A) ................ 3,530 2,200 Dana Corp ................................... 28,776 8,100 Delphi Corp ................................. 69,255 1,000 Dillard's, Inc (Class A) .................... 20,180 200 Donaldson Co, Inc ........................... 6,866 200 Dow Jones & Co, Inc ......................... 7,682 4,200 Eastman Kodak Co ............................ 114,408 500 * Emmis Communications Corp (Class A) ......... 9,500 600 * Entravision Communications Corp (Class A) ... 7,950 800 * Extended Stay America, Inc .................. 10,160 2,900 * Federated Department Stores, Inc ............ 85,376 1,200 * Foot Locker, Inc ............................ 11,988 26,300 Ford Motor Co ............................... 257,740 300 Forest City Enterprises, Inc (Class A) ...... 9,750 1,000 * Fox Entertainment Group, Inc (Class A) ...... 22,030 3,900 Gannett Co, Inc ............................. 281,502 1,600 * Gemstar-TV Guide International, Inc ......... 4,032 8,100 General Motors Corp ......................... 315,090 2,500 Genuine Parts Co ............................ 76,600 2,100 Goodyear Tire & Rubber Co ................... 18,669 100 * Harrah's Entertainment, Inc ................. 4,821 200 Harte-Hanks, Inc ............................ 3,722 200 * Hearst-Argyle Television, Inc ............... 4,968 3,800 Hilton Hotels Corp .......................... 43,244 300 * Hispanic Broadcasting Corp .................. 5,595 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 29 Statement of Investments - INSTITUTIONAL LARGE-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER CYCLICAL--(Continued) 500 * Interactive Data Corp ....................... $ 6,125 200 International Speedway Corp (Class A) ....... 7,946 3,900 J.C. Penney Co, Inc ......................... 62,088 1,300 Johnson Controls, Inc ....................... 99,866 1,600 * Jones Apparel Group, Inc .................... 49,120 1,200 Knight Ridder, Inc .......................... 67,692 300 * Lamar Advertising Co ........................ 9,105 700 La-Z-Boy, Inc ............................... 16,240 900 * Lear Corp ................................... 37,485 600 Lee Enterprises, Inc ........................ 19,716 2,000 Leggett & Platt, Inc ........................ 39,580 37,700 * Liberty Media Corp (Class A) ................ 270,686 3,800 Limited Brands, Inc ......................... 54,492 100 * Lin TV Corp (Class A) ....................... 2,475 1,500 Liz Claiborne, Inc .......................... 37,425 500 * Mandalay Resort Group ....................... 16,775 1,300 Marriott International, Inc (Class A) ....... 37,687 4,200 May Department Stores Co .................... 95,634 300 McClatchy Co (Class A) ...................... 18,285 18,500 McDonald's Corp ............................. 326,710 400 McGraw-Hill Cos, Inc ........................ 24,488 200 Media General, Inc (Class A) ................ 10,170 500 Meredith Corp ............................... 21,525 300 * Metro-Goldwyn-Mayer, Inc .................... 3,585 900 * MGM Mirage .................................. 33,570 100 * MSC Industrial Direct Co (Class A) .......... 1,062 500 * Neiman Marcus Group, Inc (Class A) .......... 13,125 600 New York Times Co (Class A) ................. 27,270 300 Nike, Inc (Class B) ......................... 12,954 1,400 Nordstrom, Inc .............................. 25,116 100 * O'Reilly Automotive, Inc .................... 2,862 400 * Outback Steakhouse, Inc ..................... 10,992 3,900 * Park Place Entertainment Corp ............... 31,005 200 * Performance Food Group Co ................... 6,792 900 Pier 1 Imports, Inc ......................... 17,163 400 * Polo Ralph Lauren Corp ...................... 8,312 1,300 R.R. Donnelley & Sons Co .................... 30,563 500 * Radio One, Inc (Class D) .................... 8,245 1,000 Reader's Digest Association, Inc (Class A) .. 15,650 700 * Reebok International Ltd .................... 17,535 100 * Regal Entertainment Group (Class A) ......... 1,780 1,800 * Saks, Inc ................................... 18,954 200 * Scholastic Corp ............................. 8,936 200 * Scotts Co (Class A) ......................... 8,338 4,100 Sears Roebuck & Co .......................... 159,900 1,300 * Six Flags, Inc .............................. 4,576 100 * Sonic Automotive, Inc ....................... 1,770 400 Steelcase, Inc (Class A) .................... 4,188 2,800 Tribune Co .................................. 117,068 1,500 TRW, Inc .................................... 87,825 500 * U.S.A. Interactive, Inc ..................... 9,690 700 * UnitedGlobalcom, Inc (Class A) .............. 1,148 700 * Valassis Communications, Inc ................ 24,549 1,200 VF Corp ..................................... 43,176 13,600 * Viacom, Inc (Class B) ....................... 551,480 1,900 Visteon Corp ................................ 17,993 29,600 Walt Disney Co .............................. 448,144 100 Washington Post Co (Class B) ................ 64,900 700 Wendy's International, Inc .................. 23,177 900 Whirlpool Corp .............................. 41,274 900 * Yum! Brands, Inc ............................ 24,939 300 * Zale Corp ................................... 9,048 ------------ TOTAL CONSUMER CYCLICAL 5,779,421 ------------ CONSUMER NON-CYCLICAL--7.62% 500 Alberto-Culver Co (Class B) ................. 24,515 5,500 Albertson's, Inc ............................ 132,880 4,200 Anheuser-Busch Cos, Inc ..................... 212,520 8,300 Archer Daniels Midland Co ................... 103,833 2,900 * Autonation, Inc ............................. 33,408 3,400 Avon Products, Inc .......................... 156,740 500 * Barnes & Noble, Inc ......................... 10,580 1,000 * Borders Group, Inc .......................... 15,800 3,300 Campbell Soup Co ............................ 72,864 200 Church & Dwight Co, Inc ..................... 6,630 200 * Circuit City Stores, Inc (Carmax Group) ..... 3,210 2,700 Circuit City Stores, Inc (Circuit City Group) ............................... 40,905 1,200 Clorox Co ................................... 48,216 4,400 Coca-Cola Co ................................ 211,024 200 Coca-Cola Enterprises, Inc .................. 4,248 900 Colgate-Palmolive Co ........................ 48,555 7,800 Conagra Foods, Inc .......................... 193,830 600 * Constellation Brands, Inc (Class A) ......... 13,860 400 Coors (Adolph) Co (Class B) ................. 22,520 3,200 * Costco Wholesale Corp ....................... 103,584 5,700 CVS Corp .................................... 144,495 1,300 * Dean Foods Co ............................... 51,714 600 Dial Corp ................................... 12,876 600 Dole Food Co ................................ 17,418 1,200 * Energizer Holdings, Inc ..................... 36,480 400 Estee Lauder Cos (Class A) .................. 11,496 200 Ethan Allen Interiors, Inc .................. 6,472 300 * Furniture Brands International, Inc ......... 6,885 100 * Gamestop Corp ............................... 2,045 1,500 General Mills, Inc .......................... 66,630 6,300 Gillette Co ................................. 186,480 2,600 H.J. Heinz Co ............................... 86,762 2,000 Hasbro, Inc ................................. 22,260 700 Hershey Foods Corp .......................... 43,435 1,100 Hormel Foods Corp ........................... 24,068 600 International Flavors & Fragrances, Inc ..... 19,110 1,700 Kellogg Co .................................. 56,525 3,000 Kraft Foods, Inc (Class A) .................. 109,380 2,700 * Kroger Co ................................... 38,070 400 Lancaster Colony Corp ....................... 16,848 400 Loews Corp (Carolina Group) ................. 7,524 500 Mattel, Inc ................................. 9,005 1,000 McCormick & Co, Inc (Non-Vote) .............. 22,800 3,700 Newell Rubbermaid, Inc ...................... 114,219 4,400 * Office Depot, Inc ........................... 54,296 1,200 PepsiAmericas Inc ........................... 17,040 12,100 Philip Morris Cos, Inc ...................... 469,480 7,700 Procter & Gamble Co ......................... 688,226 1,300 R.J. Reynolds Tobacco Holdings, Inc ......... 52,416 3,500 * Rite Aid Corp ............................... 7,350 4,200 * Safeway, Inc ................................ 93,660 5,700 Sara Lee Corp ............................... 104,253 1,600 * Smithfield Foods, Inc ....................... 25,120 100 * Ticketmaster (Class B) ...................... 1,525 2,800 * Toys "R" Us, Inc ............................ 28,504 3,300 Tyson Foods, Inc (Class A) .................. 38,379 1,200 UST, Inc .................................... 33,852 900 Winn-Dixie Stores, Inc ...................... 11,808 800 Wrigley (Wm.) Jr Co ......................... 39,592 ------------ TOTAL CONSUMER NON-CYCLICAL 4,238,220 ------------ ENERGY--10.80% 500 Amerada Hess Corp ........................... 33,940 2,000 Anadarko Petroleum Corp ..................... 89,080 2,000 Apache Corp ................................. 118,900 1,000 Ashland, Inc ................................ 26,790 SEE NOTES TO FINANCIAL STATEMENTS 30 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL LARGE-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- ENERGY--(Continued) 300 Baker Hughes, Inc ........................... $ 8,709 2,300 Burlington Resources, Inc ................... 88,228 15,500 ChevronTexaco Corp .......................... 1,073,375 9,800 ConocoPhillips .............................. 453,152 2,100 Devon Energy Corp ........................... 101,325 300 Diamond Offshore Drilling, Inc .............. 5,985 400 ENSCO International, Inc .................... 10,016 1,700 EOG Resources, Inc .......................... 61,132 98,500 Exxon Mobil Corp ............................ 3,142,150 200 * Forest Oil Corp ............................. 5,100 3,200 Halliburton Co .............................. 41,312 700 Helmerich & Payne, Inc ...................... 23,961 1,500 Kerr-McGee Corp ............................. 65,160 4,500 Marathon Oil Corp ........................... 102,060 100 Murphy Oil Corp ............................. 8,207 400 * National-Oilwell, Inc ....................... 7,752 300 * Newfield Exploration Co ..................... 10,077 400 Noble Energy, Inc ........................... 13,588 5,400 Occidental Petroleum Corp ................... 153,252 700 Ocean Energy, Inc ........................... 13,965 100 * Patterson-UTI Energy, Inc ................... 2,551 1,200 * Pennzoil-Quaker State Co .................... 26,364 1,400 * Pioneer Natural Resources Co ................ 33,950 700 Pogo Producing Co ........................... 23,842 300 * Premcor, Inc ................................ 4,707 800 * Pride International, Inc .................... 10,400 600 Rowan Cos, Inc .............................. 11,184 1,000 Sunoco, Inc ................................. 30,160 400 Tidewater, Inc .............................. 10,796 3,600 Unocal Corp ................................. 113,004 1,500 Valero Energy Corp .......................... 39,705 400 * Varco International, Inc .................... 6,768 1,500 XTO Energy, Inc ............................. 30,915 ------------ TOTAL ENERGY 6,001,562 ------------ FINANCIAL SERVICES--33.66% 100 21st Century Insurance Group ................ 1,031 1,200 A.G. Edwards, Inc ........................... 38,376 100 * Affiliated Managers Group, Inc .............. 4,461 3,900 Aflac, Inc .................................. 119,691 300 Allied Capital Corp ......................... 6,567 800 Allmerica Financial Corp .................... 9,600 10,300 Allstate Corp ............................... 366,165 1,200 AMB Property Corp ........................... 34,680 1,100 Ambac Financial Group, Inc .................. 59,279 6,400 American Express Co ......................... 199,552 400 American Financial Group, Inc ............... 9,208 18,800 American International Group, Inc ........... 1,028,360 100 American National Insurance Co .............. 6,901 300 * AmeriCredit Corp ............................ 2,421 600 AmerUs Group Co ............................. 17,016 5,300 AmSouth Bancorp ............................. 109,922 1,200 Annaly Mortgage Management, Inc ............. 22,140 3,500 AON Corp .................................... 71,715 1,200 Apartment Investment & Management Co (Class A) ................................. 46,620 2,600 Archstone-Smith Trust ....................... 62,088 800 Arden Realty, Inc ........................... 18,920 1,100 Associated Banc-Corp ........................ 34,903 1,200 Astoria Financial Corp ...................... 29,280 900 AvalonBay Communities, Inc .................. 37,620 1,200 Bancorpsouth, Inc ........................... 23,640 22,400 Bank Of America Corp ........................ 1,429,120 1,000 Bank Of Hawaii Corp ......................... 27,900 6,900 Bank Of New York Co, Inc .................... 198,306 17,100 Bank One Corp ............................... 639,540 2,100 Banknorth Group, Inc ........................ 49,875 7,000 BB&T Corp ................................... 245,280 1,400 Bear Stearns Cos, Inc ....................... 78,960 500 Berkley (W.R.) Corp ......................... 17,000 200 * BOK Financial Corp .......................... 6,500 1,000 Boston Properties, Inc ...................... 37,200 700 BRE Properties, Inc (Class A) ............... 21,525 500 Camden Property Trust ....................... 16,575 300 Capitol Federal Financial ................... 6,648 800 CarrAmerica Realty Corp ..................... 20,136 300 * Catellus Development Corp ................... 5,535 300 Centerpoint Properties Corp ................. 16,650 3,200 Charter One Financial, Inc .................. 95,104 2,400 Chubb Corp .................................. 131,592 2,000 Cincinnati Financial Corp ................... 71,160 60,800 Citigroup, Inc .............................. 1,802,720 700 Citizens Banking Corp ....................... 16,919 600 City National Corp .......................... 28,062 400 * CNA Financial Corp .......................... 10,000 1,700 Colonial Bancgroup, Inc ..................... 21,080 2,600 Comerica, Inc ............................... 125,372 900 Commerce Bancshares, Inc .................... 35,163 1,900 Compass Bancshares, Inc ..................... 56,031 1,500 Countrywide Credit Industries, Inc .......... 70,725 500 Cousins Properties, Inc ..................... 11,500 1,200 Crescent Real Estate Equities Co ............ 18,840 700 Cullen/Frost Bankers, Inc ................... 23,905 800 Developers Diversified Realty Corp .......... 17,608 150 Doral Financial Corp ........................ 3,621 300 Downey Financial Corp ....................... 10,275 2,000 Duke Realty Corp ............................ 49,240 2,100 * E*trade Group, Inc .......................... 9,345 6,100 Equity Office Properties Trust .............. 157,502 4,000 Equity Residential .......................... 95,760 300 Erie Indemnity Co (Class A) ................. 12,498 1,400 Fidelity National Financial, Inc ............ 40,236 1,000 First American Corp ......................... 20,430 700 First Midwest Bancorp, Inc .................. 18,802 1,800 First Tennessee National Corp ............... 62,406 1,000 First Virginia Banks, Inc ................... 37,300 1,200 FirstMerit Corp ............................. 25,704 15,200 FleetBoston Financial Corp .................. 309,016 600 FNB Corp .................................... 16,812 2,500 Franklin Resources, Inc ..................... 77,750 700 Freddie Mac ................................. 39,130 1,500 Fulton Financial Corp ....................... 28,200 900 General Growth Properties, Inc .............. 46,350 1,000 Golden State Bancorp, Inc ................... 32,320 1,800 Golden West Financial Corp .................. 111,924 3,500 Goldman Sachs Group, Inc .................... 231,105 500 Greater Bay Bancorp ......................... 9,095 1,200 Greenpoint Financial Corp ................... 50,088 3,600 Hartford Financial Services Group, Inc ...... 147,600 800 HCC Insurance Holdings, Inc ................. 19,208 800 Health Care Property Investors, Inc ......... 34,080 2,300 Hibernia Corp (Class A) ..................... 45,977 700 Highwoods Properties, Inc ................... 16,380 900 Hospitality Properties Trust ................ 29,808 3,400 * Host Marriott Corp .......................... 31,552 5,500 Household International, Inc ................ 155,705 1,100 Hudson City Bancorp, Inc .................... 17,853 500 Hudson United Bancorp ....................... 13,300 3,600 Huntington Bancshares, Inc .................. 65,484 800 Independence Community Bank Corp ............ 20,072 800 * IndyMac Bancorp, Inc ........................ 15,416 600 Instinet Group, Inc ......................... 1,860 600 iStar Financial, Inc ........................ 16,752 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 31 Statement of Investments - INSTITUTIONAL LARGE-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(Continued) 28,900 J.P. Morgan Chase & Co ...................... $ 548,811 2,200 Jefferson-Pilot Corp ........................ 88,220 4,300 John Hancock Financial Services, Inc ........ 119,540 6,200 KeyCorp ..................................... 154,814 1,300 Kimco Realty Corp ........................... 40,430 600 * LaBranche & Co, Inc ......................... 12,150 400 Legg Mason, Inc ............................. 17,024 3,500 Lehman Brothers Holdings, Inc ............... 171,675 500 Leucadia National Corp ...................... 17,000 2,700 Lincoln National Corp ....................... 82,485 1,100 M & T Bank Corp ............................. 86,691 600 Mack-Cali Realty Corp ....................... 19,278 100 * Markel Corp ................................. 19,918 400 Marsh & McLennan Cos, Inc ................... 16,656 3,100 Marshall & Ilsley Corp ...................... 86,459 2,100 MBIA, Inc ................................... 83,895 3,300 Mellon Financial Corp ....................... 85,569 1,000 Mercantile Bankshares Corp .................. 38,170 400 Mercury General Corp ........................ 17,120 12,500 Merrill Lynch & Co, Inc ..................... 411,875 4,300 MetLife, Inc ................................ 97,868 1,300 MGIC Investment Corp ........................ 53,079 700 MONY Group, Inc ............................. 17,269 16,000 Morgan Stanley .............................. 542,080 8,800 National City Corp .......................... 251,064 3,000 National Commerce Financial Corp ............ 75,150 300 Nationwide Financial Services, Inc (Class A) ................................. 8,010 100 Neuberger Berman, Inc ....................... 2,695 1,400 New Plan Excel Realty Trust ................. 25,816 1,000 New York Community Bancorp, Inc ............. 28,170 1,800 North Fork Bancorp, Inc ..................... 68,112 1,400 Northern Trust Corp ......................... 52,808 600 Old National Bancorp ........................ 14,916 1,700 Old Republic International Corp ............. 48,246 100 Park National Corp .......................... 9,370 400 People's Bank ............................... 8,972 1,500 Phoenix Cos, Inc ............................ 20,430 1,300 PMI Group, Inc .............................. 35,373 4,100 PNC Financial Services Group, Inc ........... 172,897 2,000 Popular, Inc ................................ 63,200 4,500 * Principal Financial Group ................... 117,810 1,100 Progressive Corp ............................ 55,693 2,300 Prologis .................................... 57,293 1,000 Protective Life Corp ........................ 30,770 300 Provident Financial Group, Inc .............. 7,527 2,300 * Providian Financial Corp .................... 11,270 8,500 * Prudential Financial, Inc ................... 242,760 1,400 Public Storage, Inc ......................... 44,660 1,300 Radian Group, Inc ........................... 42,458 600 Raymond James Financial, Inc ................ 16,242 800 Reckson Associates Realty Corp .............. 18,216 300 Regency Centers Corp ........................ 9,300 3,300 Regions Financial Corp ...................... 107,811 200 Reinsurance Group Of America, Inc ........... 5,168 1,100 Roslyn Bancorp, Inc ......................... 19,151 900 Rouse Co .................................... 28,755 1,900 Safeco Corp ................................. 60,382 600 * Silicon Valley Bancshares ................... 10,158 1,900 Simon Property Group, Inc ................... 67,887 1,000 Sky Financial Group, Inc .................... 19,910 5,000 SouthTrust Corp ............................. 121,250 3,800 Sovereign Bancorp, Inc ...................... 49,020 3,300 St. Paul Cos, Inc ........................... 94,776 400 Stancorp Financial Group, Inc ............... 21,160 1,600 Starwood Hotels & Resorts Worldwide, Inc .... 35,680 1,500 State Street Corp ........................... 57,960 2,900 Stilwell Financial, Inc ..................... 35,003 100 Student Loan Corp ........................... 9,048 3,600 SunTrust Banks, Inc ......................... 221,328 1,000 T Rowe Price Group, Inc ..................... 24,960 400 TCF Financial Corp .......................... 16,932 1,800 Torchmark Corp .............................. 61,668 300 Transatlantic Holdings, Inc ................. 19,935 13,800 * Travelers Property Casualty Corp (Class B) .. 186,714 1,300 Trizec Properties, Inc ...................... 14,755 600 Trustmark Corp .............................. 13,680 27,800 U.S. Bancorp ................................ 516,524 2,900 Union Planters Corp ......................... 79,634 700 UnionBanCal Corp ............................ 29,407 1,600 United Dominion Realty Trust, Inc ........... 25,456 600 * United Rentals, Inc ......................... 5,064 700 Unitrin, Inc ................................ 21,490 3,500 UnumProvident Corp .......................... 71,225 1,400 Valley National Bancorp ..................... 37,240 1,000 Vornado Realty Trust ........................ 39,450 19,900 Wachovia Corp ............................... 650,531 900 Washington Federal, Inc ..................... 20,084 14,100 Washington Mutual, Inc ...................... 443,727 700 Webster Financial Corp ...................... 23,506 700 Weingarten Realty Investors ................. 25,620 22,600 Wells Fargo & Co ............................ 1,088,416 400 Westamerica Bancorp ......................... 16,112 600 Whitney Holding Corp ........................ 19,248 1,000 Wilmington Trust Corp ....................... 28,920 1,300 Zions Bancorp ............................... 56,589 ------------ TOTAL FINANCIAL SERVICES 18,707,281 ------------ HEALTH CARE--4.03% 2,100 Aetna, Inc .................................. 75,201 300 AmerisourceBergen Corp ...................... 21,426 400 * Anthem, Inc ................................. 26,000 700 * Apogent Technologies, Inc ................... 13,062 200 Applera Corp (Applied Biosystems Group) ..... 3,660 800 Bard (C.R.), Inc ............................ 43,704 700 Bausch & Lomb, Inc .......................... 23,219 3,200 Becton Dickinson & Co ....................... 90,880 17,700 Bristol-Myers Squibb Co ..................... 421,260 1,900 Cigna Corp .................................. 134,425 200 * Community Health Systems, Inc ............... 5,326 300 * Coventry Health Care, Inc ................... 9,750 300 * Edwards Lifesciences Corp ................... 7,677 300 * Genentech, Inc .............................. 9,789 400 * Genzyme Corp (General Division) ............. 8,244 1,300 * Health Net, Inc ............................. 27,885 5,300 * Healthsouth Corp ............................ 21,995 200 * Henry Schein, Inc ........................... 10,550 700 Hillenbrand Industries, Inc ................. 38,010 900 * Human Genome Sciences, Inc .................. 10,854 2,500 * Humana, Inc ................................. 31,000 900 ICN Pharmaceuticals, Inc .................... 8,154 800 * ICOS Corp ................................... 16,776 400 * Invitrogen Corp ............................. 13,628 1,400 Lilly (Eli) & Co ............................ 77,476 900 * Manor Care, Inc ............................. 20,232 600 McKesson Corp ............................... 16,998 100 * Medicis Pharmaceutical Corp (Class A) ....... 4,087 13,800 Merck & Co, Inc ............................. 630,798 1,800 * Millennium Pharmaceuticals, Inc ............. 16,776 100 Mylan Laboratories, Inc ..................... 3,274 500 Omnicare, Inc ............................... 10,560 1,600 Pall Corp ................................... 25,264 900 * Quintiles Transnational Corp ................ 8,559 SEE NOTES TO FINANCIAL STATEMENTS 32 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL LARGE-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(Continued) 200 * Renal Care Group, Inc ....................... $ 6,578 100 * Ribapharm, Inc .............................. 450 12,800 Schering-Plough Corp ........................ 272,896 100 * SICOR, Inc .................................. 1,521 100 * Steris Corp ................................. 2,491 500 * Triad Hospitals, Inc ........................ 18,975 1,000 * Vertex Pharmaceuticals, Inc ................. 18,490 900 * Watson Pharmaceuticals, Inc ................. 22,059 2,100 * WebMD Corp .................................. 10,605 ------------ TOTAL HEALTH CARE 2,240,564 ------------ OTHER--2.40% 15,800 * Cendant Corp ................................ 170,008 700 Crane Co .................................... 13,832 2,900 Dover Corp .................................. 73,602 200 * Dun & Bradstreet Corp ....................... 6,722 600 First Industrial Realty Trust, Inc .......... 18,594 2,200 Fortune Brands, Inc ......................... 104,038 100 * Getty Images, Inc ........................... 2,006 300 * GTECH Holdings Corp ......................... 7,446 800 HON Industries, Inc ......................... 20,360 10,800 Honeywell International, Inc ................ 233,928 1,200 ITT Industries, Inc ......................... 74,796 1,100 Liberty Property Trust ...................... 34,100 1,900 Loews Corp .................................. 81,491 400 Manpower, Inc ............................... 11,736 700 Pentair, Inc ................................ 26,019 800 Pittston Brink's Group ...................... 17,920 4,400 Servicemaster Co ............................ 47,740 300 * SPX Corp .................................... 30,270 1,900 Supervalu, Inc .............................. 30,685 400 Teleflex, Inc ............................... 18,232 1,700 Textron, Inc ................................ 57,970 400 * TMP Worldwide, Inc .......................... 3,600 4,300 United Technologies Corp .................... 242,907 200 Viad Corp ................................... 4,086 ------------ TOTAL OTHER 1,332,088 ------------ PRODUCER DURABLES--2.91% 1,600 3M Co ....................................... 175,952 500 * AGCO Corp ................................... 11,600 300 * Allied Waste Industries, Inc ................ 2,205 700 American Water Works Co, Inc ................ 31,262 5,000 Caterpillar, Inc ............................ 186,100 500 Cummins, Inc ................................ 11,810 3,500 Deere & Co .................................. 159,075 1,000 Eaton Corp .................................. 63,740 6,100 Emerson Electric Co ......................... 268,034 100 * Flowserve Corp .............................. 1,000 700 * FMC Technologies, Inc ....................... 11,732 600 GATX Corp ................................... 11,880 600 Harsco Corp ................................. 16,314 700 Hubbell, Inc (Class B) ...................... 20,349 1,700 Illinois Tool Works, Inc .................... 99,161 800 Navistar International Corp ................. 17,344 1,600 Paccar, Inc ................................. 54,064 1,700 Parker Hannifin Corp ........................ 64,957 800 Philadelphia Suburban Corp .................. 16,240 1,400 Pitney Bowes, Inc ........................... 42,686 2,200 * Republic Services, Inc ...................... 41,360 2,400 Rockwell Automation, Inc .................... 39,048 700 Timken Co ................................... 11,725 1,100 W.W. Grainger, Inc .......................... 46,805 6,800 Waste Management, Inc ....................... 158,576 10,500 * Xerox Corp .................................. 51,975 ------------ TOTAL PRODUCER DURABLES 1,614,994 ------------ TECHNOLOGY--4.54% 5,200 * 3Com Corp ................................... 20,488 300 * Acxiom Corp ................................. 4,254 800 * Adaptec, Inc ................................ 3,528 6,800 * ADC Telecommunications, Inc ................. 7,820 600 * Advanced Fibre Communications, Inc .......... 7,962 3,400 * Advanced Micro Devices, Inc ................. 18,156 10,500 * Agere Systems, Inc (Class B) ................ 10,395 3,500 * Agilent Technologies, Inc ................... 45,710 200 * Alliance Data Systems Corp .................. 3,030 2,100 * American Power Conversion Corp .............. 20,076 500 * Amkor Technology, Inc ....................... 1,190 1,400 * Andrew Corp ................................. 9,170 5,200 * Apple Computer, Inc ......................... 75,400 2,200 * Applied Micro Circuits Corp ................. 6,292 1,100 * Arrow Electronics, Inc ...................... 13,893 1,700 * Atmel Corp .................................. 1,802 1,200 Autodesk, Inc ............................... 15,204 4,600 * Avaya, Inc .................................. 6,578 1,600 * Avnet, Inc .................................. 17,264 800 AVX Corp .................................... 6,928 1,600 * BMC Software, Inc ........................... 20,912 1,300 * Broadcom Corp (Class A) ..................... 13,884 500 * Ceridian Corp ............................... 7,125 500 * Checkfree Corp .............................. 5,690 3,100 * CIENA Corp .................................. 9,207 300 * Citrix Systems, Inc ......................... 1,809 5,800 Computer Associates International, Inc 55,680 2,100 * Computer Sciences Corp ...................... 58,359 2,700 * Compuware Corp .............................. 8,235 1,400 * Comverse Technology, Inc .................... 9,786 1,900 * Conexant Systems, Inc ....................... 2,109 7,800 * Corning, Inc ................................ 12,480 400 * Cypress Semiconductor Corp .................. 2,624 1,000 Diebold, Inc ................................ 32,920 1,100 Electronic Data Systems Corp ................ 15,378 14,200 * EMC Corp .................................... 64,894 200 * Emulex Corp ................................. 2,252 200 Equifax, Inc ................................ 4,348 100 * Fairchild Semiconductor International, Inc (Class A) ................................. 947 2,600 * Gateway, Inc ................................ 7,722 400 Harris Corp ................................. 13,396 39,300 Hewlett-Packard Co .......................... 458,631 2,000 * i2 Technologies, Inc ........................ 1,040 2,100 IKON Office Solutions, Inc .................. 16,548 900 * Ingram Micro, Inc (Class A) ................. 11,970 700 * Integrated Device Technology, Inc ........... 7,308 13,300 International Business Machines Corp ........ 776,587 100 * International Rectifier Corp ................ 1,562 600 * Intersil Corp (Class A) ..................... 7,776 300 * Iron Mountain, Inc .......................... 7,497 200 * Jabil Circuit, Inc .......................... 2,956 8,800 * JDS Uniphase Corp ........................... 17,142 600 * Juniper Networks, Inc ....................... 2,880 1,200 * Kemet Corp .................................. 10,260 2,700 * LSI Logic Corp .............................. 17,145 49,800 * Lucent Technologies, Inc .................... 37,848 200 * Macromedia, Inc ............................. 1,546 3,900 * Micron Technology, Inc ...................... 48,243 300 Molex, Inc .................................. 7,056 11,300 Motorola, Inc ............................... 115,034 400 * National Semiconductor Corp ................. 4,776 1,200 * NCR Corp .................................... 23,760 200 * Novellus Systems, Inc ....................... 4,162 100 * Perot Systems Corp (Class A) ................ 930 400 * Polycom, Inc ................................ 2,716 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 33 Statement of Investments - INSTITUTIONAL LARGE-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(Continued) 300 * Rational Software Corp ...................... $ 1,296 200 * RealNetworks, Inc ........................... 722 3,500 * Sanmina-SCI Corp ............................ 9,695 2,300 Scientific-Atlanta, Inc ..................... 28,773 6,000 * Solectron Corp .............................. 12,660 1,300 * Storage Technology Corp ..................... 13,663 24,300 * Sun Microsystems, Inc ....................... 62,937 700 * Sybase, Inc ................................. 8,134 1,600 Symbol Technologies, Inc .................... 12,272 500 * Tech Data Corp .............................. 13,200 1,000 * Tektronix, Inc .............................. 16,430 3,300 * Tellabs, Inc ................................ 13,431 600 * Teradyne, Inc ............................... 5,760 1,800 * Thermo Electron Corp ........................ 29,034 3,900 * Unisys Corp ................................. 27,300 1,600 * VeriSign, Inc ............................... 8,080 800 * Veritas Software Corp ....................... 11,736 1,800 * Vishay Intertechnology, Inc ................. 15,840 ------------ TOTAL TECHNOLOGY 2,521,233 ------------ TRANSPORTATION--1.66% 2,300 * AMR Corp .................................... 9,614 5,600 Burlington Northern Santa Fe Corp ........... 133,952 700 CNF, Inc .................................... 21,973 900 * Continental Airlines, Inc (Class B) ......... 4,851 3,100 CSX Corp .................................... 81,778 1,800 Delta Air Lines, Inc ........................ 16,722 4,300 FedEx Corp .................................. 215,301 100 * JetBlue Airways Corp ........................ 4,033 5,600 Norfolk Southern Corp ....................... 113,064 800 * Northwest Airlines Corp ..................... 5,344 800 Ryder System, Inc ........................... 19,944 300 Skywest, Inc ................................ 3,930 5,600 Southwest Airlines Co ....................... 73,136 400 * Swift Transportation Co, Inc ................ 6,240 3,700 Union Pacific Corp .......................... 214,119 ------------ TOTAL TRANSPORTATION 924,001 ------------ UTILITIES--13.11% 55,400 A T & T Corp ................................ 665,354 16,200 * A T & T Wireless Services, Inc .............. 66,744 3,600 * AES Corp .................................... 9,036 1,800 Allegheny Energy, Inc ....................... 23,580 1,100 Allete, Inc ................................. 23,760 1,300 Alliant Energy Corp ......................... 25,025 4,500 Alltel Corp ................................. 180,585 2,100 Ameren Corp ................................. 87,465 4,700 American Electric Power Co, Inc ............. 133,997 2,600 Aquila, Inc ................................. 10,660 27,200 BellSouth Corp .............................. 499,392 3,600 * Calpine Corp ................................ 8,892 3,900 Centerpoint Energy, Inc ..................... 39,039 2,100 CenturyTel, Inc ............................. 47,103 2,400 Cinergy Corp ................................ 75,432 2,200 * Citizens Communications Co .................. 14,916 1,800 CMS Energy Corp ............................. 14,508 3,100 Consolidated Edison, Inc .................... 124,682 2,400 Constellation Energy Group, Inc ............. 59,496 4,000 Dominion Resources, Inc ..................... 202,920 1,800 DPL, Inc .................................... 29,610 2,300 DTE Energy Co ............................... 93,610 12,000 Duke Energy Corp ............................ 234,600 3,900 * Dynegy, Inc (Class A) ....................... 4,524 4,700 * Edison International ........................ 47,000 8,500 El Paso Corp ................................ 70,295 2,100 Energy East Corp ............................ 41,601 3,200 Entergy Corp ................................ 133,120 900 Equitable Resources, Inc .................... 31,095 4,700 Exelon Corp ................................. 223,250 4,000 FirstEnergy Corp ............................ 119,560 2,600 FPL Group, Inc .............................. 139,880 900 Great Plains Energy, Inc .................... 17,235 500 Hawaiian Electric Industries, Inc ........... 21,550 500 Idacorp, Inc ................................ 12,165 700 * IDT Corp .................................... 11,410 2,000 KeySpan Corp ................................ 67,000 500 Kinder Morgan, Inc .......................... 17,725 1,000 MDU Resources Group, Inc .................... 22,830 4,900 * Mirant Corp ................................. 10,829 1,000 National Fuel Gas Co ........................ 19,870 600 Nicor, Inc .................................. 16,920 3,000 NiSource, Inc ............................... 51,690 1,900 Northeast Utilities ......................... 32,110 800 NSTAR ....................................... 31,640 1,100 OGE Energy Corp ............................. 18,557 5,600 * P G & E Corp ................................ 63,056 500 Peoples Energy Corp ......................... 16,845 2,200 Pepco Holdings, Inc ......................... 43,890 1,100 Pinnacle West Capital Corp .................. 30,536 2,100 PPL Corp .................................... 68,334 3,200 Progress Energy, Inc ........................ 130,784 3,000 Public Service Enterprise Group, Inc ........ 91,500 1,300 Puget Energy, Inc ........................... 26,533 1,100 Questar Corp ................................ 25,124 9,900 * Qwest Communications International, Inc ..... 22,572 700 * Reliant Resources, Inc ...................... 1,225 48,500 SBC Communications, Inc ..................... 974,850 1,500 SCANA Corp .................................. 39,030 2,600 Sempra Energy ............................... 51,090 10,200 Southern Co ................................. 293,556 12,900 Sprint Corp (FON Group) ..................... 117,648 2,200 TECO Energy, Inc ............................ 34,936 800 Telephone & Data Systems, Inc ............... 40,360 3,900 TXU Corp .................................... 162,669 200 * U.S. Cellular Corp .......................... 5,916 1,000 Vectren Corp ................................ 22,000 39,500 Verizon Communications, Inc ................. 1,083,880 6,400 Williams Cos, Inc ........................... 14,464 1,700 Wisconsin Energy Corp ....................... 41,310 5,800 Xcel Energy, Inc ............................ 53,998 ------------ TOTAL UTILITIES 7,288,368 ------------ TOTAL COMMON STOCK (COST $59,801,830) 55,296,549 ------------ TOTAL PORTFOLIO--99.49% (COST $59,801,830) 55,296,549 OTHER ASSETS & LIABILITIES, NET--0.51% 284,338 ------------ NET ASSETS--100.00% $ 55,580,887 ============ - ---------- * Non-income producing At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $59,801,830. Net unrealized depreciation of portfolio investments aggregated $4,505,281 of which $262,603 related to appreciated portfolio investments and $4,767,884 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 34 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL S&P 500 INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.66% AEROSPACE AND DEFENSE--1.40% 4,700 Boeing Co ................................... $ 160,411 1,100 General Dynamics Corp ....................... 89,463 600 Goodrich Corp ............................... 11,328 2,500 Lockheed Martin Corp ........................ 161,675 600 Northrop Grumman Corp ....................... 74,424 700 PerkinElmer, Inc ............................ 3,815 2,200 Raytheon Co ................................. 64,460 1,000 Rockwell Collins, Inc ....................... 21,940 ------------ TOTAL AEROSPACE AND DEFENSE 587,516 ------------ BASIC INDUSTRIES--3.64% 1,300 Air Products & Chemicals, Inc ............... 54,613 4,700 Alcoa, Inc .................................. 90,710 400 Allegheny Technologies, Inc ................. 2,768 400 * American Standard Cos, Inc .................. 25,448 600 Avery Dennison Corp ......................... 34,188 300 Ball Corp ................................... 15,117 300 Bemis Co .................................... 14,820 400 Black & Decker Corp ......................... 16,772 300 Boise Cascade Corp .......................... 6,840 300 Centex Corp ................................. 13,305 5,100 Dow Chemical Co ............................. 139,281 5,500 Du Pont (E.I.) de Nemours & Co .............. 198,385 400 Eastman Chemical Co ......................... 15,268 700 Ecolab, Inc ................................. 29,211 700 Engelhard Corp .............................. 16,681 400 Fluor Corp .................................. 9,776 800 * Freeport-McMoRan Copper & Gold, Inc (Class A) ................................. 10,768 1,300 Georgia-Pacific Corp ........................ 17,017 300 Great Lakes Chemical Corp ................... 7,206 600 * Hercules, Inc ............................... 5,526 2,700 International Paper Co ...................... 90,153 300 KB Home ..................................... 14,652 2,900 Kimberly-Clark Corp ......................... 164,256 600 * Louisiana-Pacific Corp ...................... 3,882 2,700 Masco Corp .................................. 52,785 1,100 MeadWestvaco Corp ........................... 21,131 1,400 Monsanto Co ................................. 21,406 2,200 Newmont Mining Corp ......................... 60,522 400 Nucor Corp .................................. 15,160 900 * Pactiv Corp ................................. 14,805 500 * Phelps Dodge Corp ........................... 12,815 1,000 Plum Creek Timber Co, Inc ................... 22,610 900 PPG Industries, Inc ......................... 40,230 900 Praxair, Inc ................................ 45,999 300 Pulte Homes, Inc ............................ 12,789 1,200 Rohm & Haas Co .............................. 37,200 500 * Sealed Air Corp ............................. 8,445 800 Sherwin-Williams Co ......................... 18,944 400 Sigma-Aldrich Corp .......................... 19,708 300 Snap-On, Inc ................................ 6,894 500 Stanley Works ............................... 16,335 300 Temple-Inland, Inc .......................... 11,589 600 United States Steel Corp .................... 6,966 600 Vulcan Materials Co ......................... 21,696 1,200 Weyerhaeuser Co ............................. 52,524 500 Worthington Industries, Inc ................. 9,350 ------------ TOTAL BASIC INDUSTRIES 1,526,546 ------------ CONSUMER CYCLICAL--11.31% 400 * American Greetings Corp (Class A) ........... 6,440 24,800 * AOL Time Warner, Inc ........................ 290,160 1,000 * Apollo Group, Inc (Class A) ................. 43,430 1,600 * Bed Bath & Beyond, Inc ...................... 52,112 600 * Big Lots, Inc ............................... 9,498 500 Brunswick Corp .............................. 10,520 3,300 Carnival Corp ............................... 82,830 3,400 * Clear Channel Communications, Inc ........... 118,150 5,200 * Comcast Corp (Class A) Special .............. 108,472 400 Cooper Tire & Rubber Co ..................... 6,456 800 Dana Corp ................................... 10,464 1,000 Darden Restaurants, Inc ..................... 24,240 3,100 Delphi Corp ................................. 26,505 500 Dillard's, Inc (Class A) .................... 10,090 1,800 Dollar General Corp ......................... 24,156 500 Dow Jones & Co, Inc ......................... 19,205 1,600 Eastman Kodak Co ............................ 43,584 1,000 Family Dollar Stores, Inc ................... 26,880 1,100 * Federated Department Stores, Inc ............ 32,384 10,000 Ford Motor Co ............................... 98,000 1,500 Gannett Co, Inc ............................. 108,270 4,800 Gap, Inc .................................... 52,080 3,100 General Motors Corp ......................... 120,590 1,000 Genuine Parts Co ............................ 30,640 900 Goodyear Tire & Rubber Co ................... 8,001 1,700 Harley-Davidson, Inc ........................ 78,965 600 * Harrah's Entertainment, Inc ................. 28,926 2,000 Hilton Hotels Corp .......................... 22,760 500 * International Game Technology ............... 34,570 2,100 Interpublic Group Of Cos, Inc ............... 33,285 1,500 J.C. Penney Co, Inc ......................... 23,880 500 Johnson Controls, Inc ....................... 38,410 700 * Jones Apparel Group, Inc .................... 21,490 500 Knight Ridder, Inc .......................... 28,205 1,900 * Kohl's Corp ................................. 115,539 1,100 Leggett & Platt, Inc ........................ 21,769 2,900 Limited Brands, Inc ......................... 41,586 600 Liz Claiborne, Inc .......................... 14,970 1,300 Marriott International, Inc (Class A) ....... 37,687 1,600 May Department Stores Co .................... 36,432 400 Maytag Corp ................................. 9,272 7,100 McDonald's Corp ............................. 125,386 1,100 McGraw-Hill Cos, Inc ........................ 67,342 300 Meredith Corp ............................... 12,915 800 New York Times Co (Class A) ................. 36,360 1,500 Nike, Inc (Class B) ......................... 64,770 700 Nordstrom, Inc .............................. 12,558 1,000 Omnicom Group, Inc .......................... 55,680 600 R.R. Donnelley & Sons Co .................... 14,106 300 * Reebok International Ltd .................... 7,515 1,800 Sears Roebuck & Co .......................... 70,200 2,100 * Starbucks Corp .............................. 43,344 5,000 Target Corp ................................. 147,600 800 Tiffany & Co ................................ 17,144 3,000 TJX Cos, Inc ................................ 51,000 1,700 Tribune Co .................................. 71,077 700 TRW, Inc .................................... 40,985 1,300 * Univision Communications, Inc (Class A) ..... 29,640 600 VF Corp ..................................... 21,588 9,800 * Viacom, Inc (Class B) ....................... 397,390 700 Visteon Corp ................................ 6,629 24,700 Wal-Mart Stores, Inc ........................ 1,216,228 11,300 Walt Disney Co .............................. 171,082 600 Wendy's International, Inc .................. 19,866 400 Whirlpool Corp .............................. 18,344 3,300 * Yahoo!, Inc ................................. 31,581 1,600 * Yum! Brands, Inc ............................ 44,336 ------------ TOTAL CONSUMER CYCLICAL 4,745,569 ------------ SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 35 Statement of Investments - INSTITUTIONAL S&P 500 INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER NON-CYCLICAL--11.97% 300 Alberto-Culver Co (Class B) ................. $ 14,709 2,300 Albertson's, Inc ............................ 55,568 4,800 Anheuser-Busch Cos, Inc ..................... 242,880 3,600 Archer Daniels Midland Co ................... 45,036 600 * Autozone, Inc ............................... 47,316 1,300 Avon Products, Inc .......................... 59,930 1,800 * Best Buy Co, Inc ............................ 40,158 400 Brown-Forman Corp (Class B) ................. 26,780 2,300 Campbell Soup Co ............................ 50,784 1,200 Circuit City Stores, Inc (Circuit City Group) ............................... 18,180 1,300 Clorox Co ................................... 52,234 13,800 Coca-Cola Co ................................ 661,848 2,500 Coca-Cola Enterprises, Inc .................. 53,100 3,000 Colgate-Palmolive Co ........................ 161,850 3,000 Conagra Foods, Inc .......................... 74,550 200 Coors (Adolph) Co (Class B) ................. 11,260 2,500 * Costco Wholesale Corp ....................... 80,925 2,200 CVS Corp .................................... 55,770 1,600 * eBay, Inc ................................... 84,496 2,000 General Mills, Inc .......................... 88,840 5,900 Gillette Co ................................. 174,640 2,000 H.J. Heinz Co ............................... 66,740 1,000 Hasbro, Inc ................................. 11,130 800 Hershey Foods Corp .......................... 49,640 13,100 Home Depot, Inc ............................. 341,910 500 International Flavors & Fragrances, Inc ..... 15,925 2,300 Kellogg Co .................................. 76,475 4,400 * Kroger Co ................................... 62,040 4,300 Lowe's Cos .................................. 178,020 2,400 Mattel, Inc ................................. 43,224 1,500 Newell Rubbermaid, Inc ...................... 46,305 1,700 * Office Depot, Inc ........................... 20,978 1,600 Pepsi Bottling Group, Inc ................... 37,440 9,900 PepsiCo, Inc ................................ 365,805 11,800 Philip Morris Cos, Inc ...................... 457,840 7,200 Procter & Gamble Co ......................... 643,536 500 R.J. Reynolds Tobacco Holdings, Inc ......... 20,160 1,000 * RadioShack Corp ............................. 20,060 2,700 * Safeway, Inc ................................ 60,210 4,300 Sara Lee Corp ............................... 78,647 2,600 * Staples, Inc ................................ 33,254 1,200 * Toys "R" Us, Inc ............................ 12,216 300 Tupperware Corp ............................. 4,986 900 UST, Inc .................................... 25,389 5,700 Walgreen Co ................................. 175,332 800 Winn-Dixie Stores, Inc ...................... 10,496 1,300 Wrigley (Wm.) Jr Co ......................... 64,337 ------------ TOTAL CONSUMER NON-CYCLICAL 5,022,949 ------------ ENERGY--6.09% 500 Amerada Hess Corp ........................... 33,940 1,400 Anadarko Petroleum Corp ..................... 62,356 800 Apache Corp ................................. 47,560 400 Ashland, Inc ................................ 10,716 1,900 Baker Hughes, Inc ........................... 55,157 900 * BJ Services Co .............................. 23,400 1,100 Burlington Resources, Inc ................... 42,196 5,900 ChevronTexaco Corp .......................... 408,575 3,800 ConocoPhillips .............................. 175,712 900 Devon Energy Corp ........................... 43,425 600 EOG Resources, Inc .......................... 21,576 37,600 Exxon Mobil Corp ............................ 1,199,440 2,400 Halliburton Co .............................. 30,984 600 Kerr-McGee Corp ............................. 26,064 1,700 Marathon Oil Corp ........................... 38,556 300 * McDermott International, Inc ................ 1,839 800 * Nabors Industries Ltd ....................... 26,200 700 * Noble Corp .................................. 21,700 2,100 Occidental Petroleum Corp ................... 59,598 500 Rowan Cos, Inc .............................. 9,320 3,200 Schlumberger Ltd ............................ 123,072 400 Sunoco, Inc ................................. 12,064 1,800 * Transocean, Inc ............................. 37,440 1,400 Unocal Corp ................................. 43,946 ------------ TOTAL ENERGY 2,554,836 ------------ FINANCIAL SERVICES--20.49% 1,500 ACE Ltd ..................................... 44,415 2,900 Aflac, Inc .................................. 89,001 3,900 Allstate Corp ............................... 138,645 600 Ambac Financial Group, Inc .................. 32,334 7,400 American Express Co ......................... 230,732 14,500 American International Group, Inc ........... 793,150 2,000 AmSouth Bancorp ............................. 41,480 1,500 AON Corp .................................... 30,735 8,500 Bank Of America Corp ........................ 542,300 4,000 Bank Of New York Co, Inc .................... 114,960 6,500 Bank One Corp ............................... 243,100 2,700 BB&T Corp ................................... 94,608 600 Bear Stearns Cos, Inc ....................... 33,840 1,200 Capital One Financial Corp .................. 41,904 7,600 Charles Schwab Corp ......................... 66,120 1,200 Charter One Financial, Inc .................. 37,447 1,000 Chubb Corp .................................. 54,830 900 Cincinnati Financial Corp ................... 32,022 28,400 Citigroup, Inc .............................. 842,060 1,000 Comerica, Inc ............................... 48,220 700 Countrywide Credit Industries, Inc .......... 33,005 2,300 Equity Office Properties Trust .............. 59,386 1,500 Equity Residential .......................... 35,910 5,500 Fannie Mae .................................. 327,470 3,300 Fifth Third Bancorp ......................... 202,059 700 First Tennessee National Corp ............... 24,269 5,800 FleetBoston Financial Corp .................. 117,914 1,400 Franklin Resources, Inc ..................... 43,540 3,900 Freddie Mac ................................. 218,010 900 Golden West Financial Corp .................. 55,962 2,700 Goldman Sachs Group, Inc .................... 178,281 1,400 Hartford Financial Services Group, Inc ...... 57,400 2,500 Household International, Inc ................ 70,775 1,400 Huntington Bancshares, Inc .................. 25,466 11,100 J.P. Morgan Chase & Co ...................... 210,789 800 Jefferson-Pilot Corp ........................ 32,080 1,600 John Hancock Financial Services, Inc ........ 44,480 2,400 KeyCorp ..................................... 59,928 1,400 Lehman Brothers Holdings, Inc ............... 68,670 1,000 Lincoln National Corp ....................... 30,550 3,000 Marsh & McLennan Cos, Inc ................... 124,920 1,200 Marshall & Ilsley Corp ...................... 33,468 800 MBIA, Inc ................................... 31,960 7,100 MBNA Corp ................................... 130,498 2,400 Mellon Financial Corp ....................... 62,232 4,800 Merrill Lynch & Co, Inc ..................... 158,160 3,900 MetLife, Inc ................................ 88,764 600 MGIC Investment Corp ........................ 24,498 6,100 Morgan Stanley .............................. 206,668 3,400 National City Corp .......................... 97,002 900 North Fork Bancorp, Inc ..................... 34,056 1,200 Northern Trust Corp ......................... 45,264 1,600 PNC Financial Services Group, Inc ........... 67,472 2,000 * Principal Financial Group ................... 52,360 SEE NOTES TO FINANCIAL STATEMENTS 36 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL S&P 500 INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(Continued) 1,200 Progressive Corp ............................ $ 60,756 1,600 * Providian Financial Corp .................... 7,840 3,200 * Prudential Financial, Inc ................... 91,392 1,300 Regions Financial Corp ...................... 42,471 700 Safeco Corp ................................. 22,246 1,000 Simon Property Group, Inc ................... 35,730 900 SLM Corp .................................... 83,826 1,900 SouthTrust Corp ............................. 46,075 1,300 St. Paul Cos, Inc ........................... 37,336 1,100 Starwood Hotels & Resorts Worldwide, Inc .... 24,530 1,800 State Street Corp ........................... 69,552 1,200 Stilwell Financial, Inc ..................... 14,484 1,600 SunTrust Banks, Inc ......................... 98,368 1,600 Synovus Financial Corp ...................... 32,992 700 T Rowe Price Group, Inc ..................... 17,472 700 Torchmark Corp .............................. 23,982 5,500 * Travelers Property Casualty Corp (Class B) .. 74,415 10,600 U.S. Bancorp ................................ 196,948 1,100 Union Planters Corp ......................... 30,206 1,300 UnumProvident Corp .......................... 26,455 7,600 Wachovia Corp ............................... 248,444 5,400 Washington Mutual, Inc ...................... 169,938 9,500 Wells Fargo & Co ............................ 457,520 800 XL Capital Ltd (Class A) .................... 58,800 500 Zions Bancorp ............................... 21,765 ------------ TOTAL FINANCIAL SERVICES 8,598,712 ------------ HEALTH CARE--15.38% 8,700 Abbott Laboratories ......................... 351,480 800 Aetna, Inc .................................. 28,648 700 Allergan, Inc ............................... 38,080 600 AmerisourceBergen Corp ...................... 42,852 7,100 * Amgen, Inc .................................. 296,070 800 * Anthem, Inc ................................. 52,000 1,200 Applera Corp (Applied Biosystems Group) ..... 21,960 300 Bard (C.R.), Inc ............................ 16,389 300 Bausch & Lomb, Inc .......................... 9,951 3,400 Baxter International, Inc ................... 103,870 1,400 Becton Dickinson & Co ....................... 39,760 800 * Biogen, Inc ................................. 23,416 1,500 Biomet, Inc ................................. 39,945 2,300 * Boston Scientific Corp ...................... 72,588 10,800 Bristol-Myers Squibb Co ..................... 257,040 2,500 Cardinal Health, Inc ........................ 155,500 1,100 * Chiron Corp ................................. 38,434 800 Cigna Corp .................................. 56,600 1,000 * Forest Laboratories, Inc .................... 82,010 1,200 * Genzyme Corp (General Division) ............. 24,732 1,700 * Guidant Corp ................................ 54,927 2,900 HCA, Inc .................................... 138,069 1,300 * Health Management Associates, Inc (Class A) . 26,286 2,200 * Healthsouth Corp ............................ 9,130 900 * Humana, Inc ................................. 11,160 1,600 IMS Health, Inc ............................. 23,952 16,600 Johnson & Johnson ........................... 897,728 1,400 * King Pharmaceuticals, Inc ................... 25,438 6,200 Lilly (Eli) & Co ............................ 343,108 600 * Manor Care, Inc ............................. 13,488 1,600 McKesson Corp ............................... 45,328 1,400 * Medimmune, Inc .............................. 29,288 6,700 Medtronic, Inc .............................. 282,204 12,500 Merck & Co, Inc ............................. 571,375 300 * Millipore Corp .............................. 9,537 700 Pall Corp ................................... 11,053 34,500 Pfizer, Inc ................................. 1,001,190 7,200 Pharmacia Corp .............................. 279,936 700 * Quintiles Transnational Corp ................ 6,657 8,100 Schering-Plough Corp ........................ 172,692 1,000 * St. Jude Medical, Inc ....................... 35,700 1,100 Stryker Corp ................................ 63,360 2,700 * Tenet Healthcare Corp ....................... 133,650 1,700 UnitedHealth Group, Inc ..................... 148,274 700 * Waters Corp ................................. 16,975 600 * Watson Pharmaceuticals, Inc ................. 14,706 800 * Wellpoint Health Networks, Inc .............. 58,640 7,400 Wyeth ....................................... 235,320 1,100 * Zimmer Holdings, Inc ........................ 42,174 ------------ TOTAL HEALTH CARE 6,452,670 ------------ OTHER--2.14% 5,800 * Cendant Corp ................................ 62,408 900 Cintas Corp ................................. 37,728 300 Crane Co .................................... 5,928 1,100 Dover Corp .................................. 27,918 800 Fortune Brands, Inc ......................... 37,832 1,000 H & R Block, Inc ............................ 42,010 4,500 Honeywell International, Inc ................ 97,470 500 ITT Industries, Inc ......................... 31,165 1,000 Loews Corp .................................. 42,890 900 Moody's Corp ................................ 43,650 1,000 * Robert Half International, Inc .............. 15,870 700 Supervalu, Inc .............................. 11,305 3,700 Sysco Corp .................................. 105,043 800 Textron, Inc ................................ 27,280 600 * TMP Worldwide, Inc .......................... 5,400 11,000 Tyco International Ltd ...................... 155,100 2,600 United Technologies Corp .................... 146,874 ------------ TOTAL OTHER 895,871 ------------ PRODUCER DURABLES--5.48% 2,200 3M Co ....................................... 241,934 1,100 * Allied Waste Industries, Inc ................ 8,085 1,900 Caterpillar, Inc ............................ 70,718 500 Cooper Industries Ltd (Class A) ............. 15,175 200 Cummins, Inc ................................ 4,724 800 Danaher Corp ................................ 45,480 1,300 Deere & Co .................................. 59,085 400 Eaton Corp .................................. 25,496 2,300 Emerson Electric Co ......................... 101,062 55,300 General Electric Co ......................... 1,363,145 1,700 Illinois Tool Works, Inc .................... 99,161 900 Ingersoll-Rand Co (Class A) ................. 30,996 300 Navistar International Corp ................. 6,504 600 Paccar, Inc ................................. 20,274 700 Parker Hannifin Corp ........................ 26,747 1,300 Pitney Bowes, Inc ........................... 39,637 400 * Power-One, Inc .............................. 1,192 1,000 Rockwell Automation, Inc .................... 16,270 300 * Thomas & Betts Corp ......................... 4,227 500 W.W. Grainger, Inc .......................... 21,275 3,400 Waste Management, Inc ....................... 79,288 4,000 * Xerox Corp .................................. 19,800 ------------ TOTAL PRODUCER DURABLES 2,300,275 ------------ TECHNOLOGY--13.46% 4,400 * ADC Telecommunications, Inc ................. 5,060 1,300 Adobe Systems, Inc .......................... 24,830 1,900 * Advanced Micro Devices, Inc ................. 10,146 2,600 * Agilent Technologies, Inc ................... 33,956 2,100 * Altera Corp ................................. 18,207 1,100 * American Power Conversion Corp .............. 10,516 2,000 * Analog Devices, Inc ......................... 39,400 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 37 Statement of Investments - INSTITUTIONAL S&P 500 INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(Continued) 500 * Andrew Corp ................................. $ 3,275 2,000 * Apple Computer, Inc ......................... 29,000 9,100 * Applied Materials, Inc ...................... 105,105 1,700 * Applied Micro Circuits Corp ................. 4,862 600 Autodesk, Inc ............................... 7,602 3,400 Automatic Data Processing, Inc .............. 118,218 2,000 * Avaya, Inc .................................. 2,860 1,300 * BMC Software, Inc ........................... 16,991 1,500 * Broadcom Corp (Class A) ..................... 16,020 2,400 * CIENA Corp .................................. 7,128 40,700 * Cisco Systems, Inc .......................... 426,536 1,000 * Citrix Systems, Inc ......................... 6,030 3,200 Computer Associates International, Inc ...... 30,720 900 * Computer Sciences Corp ...................... 25,011 2,100 * Compuware Corp .............................. 6,405 1,000 * Comverse Technology, Inc .................... 6,990 2,800 * Concord EFS, Inc ............................ 44,464 1,000 * Convergys Corp .............................. 15,030 5,300 * Corning, Inc ................................ 8,480 14,400 * Dell Computer Corp .......................... 338,544 400 Deluxe Corp ................................. 18,024 800 * Electronic Arts, Inc ........................ 52,768 2,600 Electronic Data Systems Corp ................ 36,348 12,300 * EMC Corp .................................... 56,211 800 Equifax, Inc ................................ 17,392 4,200 First Data Corp ............................. 117,390 1,100 * Fiserv, Inc ................................. 30,888 1,800 * Gateway, Inc ................................ 5,346 17,000 Hewlett-Packard Co .......................... 198,390 37,100 Intel Corp .................................. 515,319 9,500 International Business Machines Corp ........ 554,705 1,200 * Intuit, Inc ................................. 54,636 1,100 * Jabil Circuit, Inc .......................... 16,258 7,500 * JDS Uniphase Corp ........................... 14,610 1,000 * KLA-Tencor Corp ............................. 27,940 700 * Lexmark International, Inc .................. 32,900 1,800 Linear Technology Corp ...................... 37,296 2,000 * LSI Logic Corp .............................. 12,700 18,900 * Lucent Technologies, Inc .................... 14,364 1,800 * Maxim Integrated Products, Inc .............. 44,568 500 * Mercury Interactive Corp .................... 8,580 3,300 * Micron Technology, Inc ...................... 40,821 30,100 * Microsoft Corp .............................. 1,316,574 1,100 Molex, Inc .................................. 25,872 12,800 Motorola, Inc ............................... 130,304 1,000 * National Semiconductor Corp ................. 11,940 500 * NCR Corp .................................... 9,900 1,800 * Network Appliance, Inc ...................... 13,194 2,000 * Novell, Inc ................................. 4,200 800 * Novellus Systems, Inc ....................... 16,648 800 * Nvidia Corp ................................. 6,848 30,300 * Oracle Corp ................................. 238,158 1,400 * Parametric Technology Corp .................. 2,520 2,100 Paychex, Inc ................................ 50,967 1,700 * Peoplesoft, Inc ............................. 21,029 900 * PMC-Sierra, Inc ............................. 3,492 500 * QLogic Corp ................................. 13,020 4,300 * Qualcomm, Inc ............................... 118,766 1,100 * Rational Software Corp ...................... 4,752 2,900 * Sanmina-SCI Corp ............................ 8,033 900 Scientific-Atlanta, Inc ..................... 11,259 2,600 * Siebel Systems, Inc ......................... 14,950 4,500 * Solectron Corp .............................. 9,495 17,900 * Sun Microsystems, Inc ....................... 46,361 1,600 * Sungard Data Systems, Inc ................... 31,120 1,300 Symbol Technologies, Inc .................... 9,971 500 * Tektronix, Inc .............................. 8,215 2,300 * Tellabs, Inc ................................ 9,361 1,000 * Teradyne, Inc ............................... 9,600 9,600 Texas Instruments, Inc ...................... 141,792 1,000 * Thermo Electron Corp ........................ 16,130 1,800 * Unisys Corp ................................. 12,600 2,300 * Veritas Software Corp ....................... 33,741 1,900 * Xilinx, Inc ................................. 30,092 ------------ TOTAL TECHNOLOGY 5,649,744 ------------ TRANSPORTATION--1.83% 900 * AMR Corp .................................... 3,762 2,100 Burlington Northern Santa Fe Corp ........... 50,232 1,200 CSX Corp .................................... 31,656 700 Delta Air Lines, Inc ........................ 6,503 1,700 FedEx Corp .................................. 85,119 2,100 Norfolk Southern Corp ....................... 42,399 300 Ryder System, Inc ........................... 7,479 800 * Sabre Holdings Corp ......................... 15,480 4,300 Southwest Airlines Co ....................... 56,158 1,400 Union Pacific Corp .......................... 81,018 6,200 United Parcel Service, Inc (Class B) ........ 387,686 ------------ TOTAL TRANSPORTATION 767,492 ------------ UTILITIES--6.47% 21,400 A T & T Corp ................................ 257,014 15,000 * A T & T Wireless Services, Inc .............. 61,800 3,000 * AES Corp .................................... 7,530 700 Allegheny Energy, Inc ....................... 9,170 1,700 Alltel Corp ................................. 68,221 800 Ameren Corp ................................. 33,320 1,900 American Electric Power Co, Inc ............. 54,169 10,400 BellSouth Corp .............................. 190,944 2,100 * Calpine Corp ................................ 5,187 1,700 Centerpoint Energy, Inc ..................... 17,017 800 CenturyTel, Inc ............................. 17,944 900 Cinergy Corp ................................ 28,287 1,600 * Citizens Communications Co .................. 10,848 700 CMS Energy Corp ............................. 5,642 1,200 Consolidated Edison, Inc .................... 48,264 900 Constellation Energy Group, Inc ............. 22,311 1,500 Dominion Resources, Inc ..................... 76,095 900 DTE Energy Co ............................... 36,630 4,900 Duke Energy Corp ............................ 95,795 2,000 * Dynegy, Inc (Class A) ....................... 2,320 1,800 * Edison International ........................ 18,000 3,200 El Paso Corp ................................ 26,464 1,200 Entergy Corp ................................ 49,920 1,800 Exelon Corp ................................. 85,500 1,700 FirstEnergy Corp ............................ 50,813 1,000 FPL Group, Inc .............................. 53,800 800 KeySpan Corp ................................ 26,800 700 Kinder Morgan, Inc .......................... 24,815 2,200 * Mirant Corp ................................. 4,862 5,000 * Nextel Communications, Inc (Class A) ........ 37,750 200 Nicor, Inc .................................. 5,640 1,100 NiSource, Inc ............................... 18,953 2,200 * P G & E Corp ................................ 24,772 200 Peoples Energy Corp ......................... 6,738 500 Pinnacle West Capital Corp .................. 13,880 900 PPL Corp .................................... 29,286 1,200 Progress Energy, Inc ........................ 49,044 1,200 Public Service Enterprise Group, Inc ........ 36,600 9,300 * Qwest Communications International, Inc ..... 21,204 SEE NOTES TO FINANCIAL STATEMENTS 38 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL S&P 500 INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- UTILITIES--(Continued) 18,500 SBC Communications, Inc ..................... $ 371,850 1,100 Sempra Energy ............................... 21,615 3,900 Southern Co ................................. 112,242 4,900 Sprint Corp (FON Group) ..................... 44,688 5,500 * Sprint Corp (PCS Group) ..................... 10,780 900 TECO Energy, Inc ............................ 14,292 1,500 TXU Corp .................................... 62,565 15,200 Verizon Communications, Inc ................. 415,305 2,900 Williams Cos, Inc ........................... 6,554 2,200 Xcel Energy, Inc ............................ 20,482 ------------ TOTAL UTILITIES 2,713,722 ------------ TOTAL COMMON STOCK (COST $44,914,084) 41,815,902 ------------ TOTAL PORTFOLIO--99.66% (COST $44,914,084) 41,815,902 OTHER ASSETS & LIABILITIES, NET--0.34% 144,334 ------------ NET ASSETS--100.00% $ 41,960,236 ============ - ---------- * Non-income producing At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $44,914,084. Net unrealized depreciation of portfolio investments aggregated $3,098,182 of which $287,539 related to appreciated portfolio investments and $3,385,721 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 39 Statement of Investments - INSTITUTIONAL MID-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.69% AEROSPACE AND DEFENSE--0.94% 900 * Alliant Techsystems, Inc .................... $ 62,325 2,000 * L-3 Communications Holdings, Inc ............ 105,400 400 * PanAmSat Corp ............................... 6,940 1,300 PerkinElmer, Inc ............................ 7,085 500 Rockwell Collins, Inc ....................... 10,970 1,900 * Titan Corp .................................. 18,240 ------------ TOTAL AEROSPACE AND DEFENSE 210,960 ------------ BASIC INDUSTRIES--4.47% 1,500 * American Standard Cos, Inc .................. 95,430 2,000 Avery Dennison Corp ......................... 113,960 300 Ball Corp ................................... 15,117 2,200 Black & Decker Corp ......................... 92,246 200 Cabot Corp .................................. 4,200 600 Consol Energy, Inc .......................... 7,596 600 D.R. Horton, Inc ............................ 11,172 3,700 Ecolab, Inc ................................. 154,401 400 Fluor Corp .................................. 9,776 2,100 * Freeport-McMoRan Copper & Gold, Inc (Class A) ................................. 28,266 1,000 * Jacobs Engineering Group, Inc ............... 30,880 100 Lennar Corp ................................. 5,578 8,800 Newmont Mining Corp ......................... 242,088 200 * NVR, Inc .................................... 59,966 100 OM Group, Inc ............................... 4,280 2,200 * Sealed Air Corp ............................. 37,158 700 * Shaw Group, Inc ............................. 9,940 400 Sigma-Aldrich Corp .......................... 19,708 1,300 Stanley Works ............................... 42,471 400 Valspar Corp ................................ 14,920 100 Vulcan Materials Co ......................... 3,616 ------------ TOTAL BASIC INDUSTRIES 1,002,769 ------------ CONSUMER CYCLICAL--17.85% 1,200 * 99 Cents Only Stores ........................ 24,840 2,400 * Abercrombie & Fitch Co (Class A) ............ 47,208 400 * Advance Auto Parts .......................... 21,096 1,400 * American Eagle Outfitters, Inc .............. 16,884 3,400 * Apollo Group, Inc (Class A) ................. 147,662 400 * Apollo Group, Inc (University Of Phoenix Online) ........................... 12,860 1,600 Applebee's International, Inc ............... 35,072 100 ArvinMeritor, Inc ........................... 1,870 8,400 * Bed Bath & Beyond, Inc ...................... 273,588 1,800 * Big Lots, Inc ............................... 28,494 400 Blockbuster, Inc (Class A) .................. 9,920 2,600 * Brinker International, Inc .................. 67,340 500 Callaway Golf Co ............................ 5,200 1,100 * Catalina Marketing Corp ..................... 30,888 200 CBRL Group, Inc ............................. 4,564 700 * CEC Entertainment, Inc ...................... 23,877 2,100 * Chico's FAS, Inc ............................ 33,453 400 * Columbia Sportswear Co ...................... 13,888 1,900 * Copart, Inc ................................. 20,615 600 * Cox Radio, Inc (Class A) .................... 15,696 400 * Cumulus Media, Inc (Class A) ................ 7,060 5,000 Darden Restaurants, Inc ..................... 121,200 8,100 Dollar General Corp ......................... 108,702 3,300 * Dollar Tree Stores, Inc ..................... 72,732 700 Donaldson Co, Inc ........................... 24,031 900 Dow Jones & Co, Inc ......................... 34,569 100 * Emmis Communications Corp (Class A) ......... 1,900 900 * Entercom Communications Corp ................ 42,633 500 * Extended Stay America, Inc .................. 6,350 4,600 Family Dollar Stores, Inc ................... 123,648 1,500 * Foot Locker, Inc ............................ 14,985 3,200 * Gemstar-TV Guide International, Inc ......... 8,064 2,200 * Gentex Corp ................................. 59,818 1,400 Graco, Inc .................................. 34,720 700 Harman International Industries, Inc ........ 36,225 3,100 * Harrah's Entertainment, Inc ................. 149,451 1,300 Harte-Hanks, Inc ............................ 24,193 1,900 Hilton Hotels Corp .......................... 21,622 1,100 * Hispanic Broadcasting Corp .................. 20,515 2,600 * International Game Technology ............... 179,764 400 International Speedway Corp (Class A) ....... 15,892 300 * Jones Apparel Group, Inc .................... 9,210 1,200 * Krispy Kreme Doughnuts, Inc ................. 37,512 1,400 * Lamar Advertising Co ........................ 42,490 100 La-Z-Boy, Inc ............................... 2,320 1,800 Leggett & Platt, Inc ........................ 35,622 300 * Lin TV Corp (Class A) ....................... 7,425 100 * Mandalay Resort Group ....................... 3,355 2,900 Marriott International, Inc (Class A) ....... 84,071 2,200 Maytag Corp ................................. 50,996 200 Meredith Corp ............................... 8,610 600 * Metro-Goldwyn-Mayer, Inc .................... 7,170 100 * MGM Mirage .................................. 3,730 1,900 * Michaels Stores, Inc ........................ 86,830 1,500 * Mohawk Industries, Inc ...................... 74,475 500 * MSC Industrial Direct Co (Class A) .......... 5,310 2,700 New York Times Co (Class A) ................. 122,715 1,000 * O'Reilly Automotive, Inc .................... 28,620 900 * Outback Steakhouse, Inc ..................... 24,732 900 * Performance Food Group Co ................... 30,564 900 Pier 1 Imports, Inc ......................... 17,163 500 * Pixar, Inc .................................. 24,050 700 Polaris Industries, Inc ..................... 43,400 500 R.R. Donnelley & Sons Co .................... 11,755 1,100 * Radio One, Inc (Class D) .................... 18,139 800 Reader's Digest Association, Inc (Class A) .. 12,520 200 * Regal Entertainment Group (Class A) ......... 3,560 900 * Rent-A-Center, Inc .......................... 46,755 2,300 Ross Stores, Inc ............................ 81,972 1,900 Ruby Tuesday, Inc ........................... 35,682 400 * Scholastic Corp ............................. 17,872 200 * Scotts Co (Class A) ......................... 8,338 800 Scripps (E.W.) Co (Class A) ................. 55,440 500 * Sonic Automotive, Inc ....................... 8,850 11,100 * Starbucks Corp .............................. 229,104 700 Talbots, Inc ................................ 19,600 1,400 * The Cheesecake Factory, Inc ................. 41,762 3,200 Tiffany & Co ................................ 68,576 500 * Timberland Co (Class A) ..................... 15,840 200 * UnitedGlobalcom, Inc (Class A) .............. 328 4,400 * Univision Communications, Inc (Class A) ..... 100,320 2,000 Wendy's International, Inc .................. 66,220 2,200 * Westwood One, Inc ........................... 78,650 1,300 Wiley (John) & Sons, Inc (Class A) .......... 28,613 2,600 * Williams-Sonoma, Inc ........................ 61,438 11,200 * Yahoo!, Inc ................................. 107,184 6,800 * Yum! Brands, Inc ............................ 188,428 200 * Zale Corp ................................... 6,032 ------------ TOTAL CONSUMER CYCLICAL 4,006,437 ------------ CONSUMER NON-CYCLICAL--9.62% 100 Alberto-Culver Co (Class B) ................. 4,903 5,500 * Amazon.Com, Inc ............................. 87,615 900 * Aramark Corp (Class B) ...................... 18,900 2,100 * Autozone, Inc ............................... 165,606 400 * Barnes & Noble, Inc ......................... 8,464 2,000 * BJ's Wholesale Club, Inc .................... 38,020 SEE NOTES TO FINANCIAL STATEMENTS 40 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL MID-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER NON-CYCLICAL--(Continued) 200 * Borders Group, Inc .......................... $ 3,160 1,000 Brown-Forman Corp (Class B) ................. 66,950 1,700 * CDW Computer Centers, Inc ................... 72,012 600 Church & Dwight Co, Inc ..................... 19,890 700 * Circuit City Stores, Inc (Carmax Group) ..... 11,235 700 Circuit City Stores, Inc (Circuit City Group) 10,605 2,400 Clorox Co ................................... 96,432 2,500 * Coach, Inc .................................. 64,000 6,300 Coca-Cola Enterprises, Inc .................. 133,812 900 * Constellation Brands, Inc (Class A) ......... 20,790 1,400 Dial Corp ................................... 30,044 500 Dreyer's Grand Ice Cream, Inc ............... 34,930 300 * Energizer Holdings, Inc ..................... 9,120 2,200 Estee Lauder Cos (Class A) .................. 63,228 500 Ethan Allen Interiors, Inc .................. 16,180 300 * Expedia, Inc (Class A) ...................... 15,195 1,700 Fastenal Co ................................. 53,686 900 * Furniture Brands International, Inc ......... 20,655 300 * Gamestop Corp ............................... 6,135 2,200 Herman Miller, Inc .......................... 39,072 1,300 Hershey Foods Corp .......................... 80,665 900 International Flavors & Fragrances, Inc ..... 28,665 11,500 Mattel, Inc ................................. 207,115 2,100 McCormick & Co, Inc (Non-Vote) .............. 47,880 400 Newell Rubbermaid, Inc ...................... 12,348 200 * PayPal, Inc ................................. 4,182 5,000 Pepsi Bottling Group, Inc ................... 117,000 400 * Petco Animal Supplies, Inc .................. 8,676 3,800 * Petsmart, Inc ............................... 67,678 5,000 * RadioShack Corp ............................. 100,300 4,500 * Rite Aid Corp ............................... 9,450 13,400 * Staples, Inc ................................ 171,386 700 * Ticketmaster (Class B) ...................... 10,675 700 Tootsie Roll Industries, Inc ................ 20,804 2,400 UST, Inc .................................... 67,704 700 * Weight Watchers International, Inc .......... 30,352 1,500 * Whole Foods Market, Inc ..................... 64,260 ------------ TOTAL CONSUMER NON-CYCLICAL 2,159,779 ------------ ENERGY--4.34% 1,000 Amerada Hess Corp ........................... 67,880 4,500 * BJ Services Co .............................. 117,000 1,200 Burlington Resources, Inc ................... 46,032 1,200 * Cooper Cameron Corp ......................... 50,112 1,000 Diamond Offshore Drilling, Inc .............. 19,950 3,500 ENSCO International, Inc .................... 87,640 400 * Forest Oil Corp ............................. 10,200 2,500 * Grant Prideco, Inc .......................... 21,350 6,200 Halliburton Co .............................. 80,042 800 Murphy Oil Corp ............................. 65,656 1,500 * National-Oilwell, Inc ....................... 29,070 700 * Newfield Exploration Co ..................... 23,513 900 Noble Energy, Inc ........................... 30,573 3,600 Ocean Energy, Inc ........................... 71,820 1,900 * Patterson-UTI Energy, Inc ................... 48,469 500 * Pioneer Natural Resources Co ................ 12,125 200 Pogo Producing Co ........................... 6,812 1,600 * Pride International, Inc .................... 20,800 1,600 Rowan Cos, Inc .............................. 29,824 2,900 * Smith International, Inc .................... 84,999 800 Tidewater, Inc .............................. 21,592 1,400 * Varco International, Inc .................... 23,688 200 XTO Energy, Inc ............................. 4,122 ------------ TOTAL ENERGY 973,269 ------------ FINANCIAL SERVICES--5.97% 500 * Affiliated Managers Group, Inc .............. $ 22,305 2,300 Allied Capital Corp ......................... 50,347 200 Ambac Financial Group, Inc .................. 10,778 1,900 * AmeriCredit Corp ............................ 15,333 500 * Blackrock, Inc .............................. 20,710 1,400 Brown & Brown, Inc .......................... 42,000 1,800 * Catellus Development Corp ................... 33,210 2,400 * ChoicePoint, Inc ............................ 85,536 1,700 Commerce Bancorp, Inc ....................... 70,567 1,200 Doral Financial Corp ........................ 28,968 3,700 * E*trade Group, Inc .......................... 16,465 1,700 Eaton Vance Corp ............................ 46,988 2,300 Federated Investors, Inc (Class B) .......... 62,077 2,500 Gallagher (Arthur J.) & Co .................. 61,625 200 Greater Bay Bancorp ......................... 3,638 300 HCC Insurance Holdings, Inc ................. 7,203 400 Hudson United Bancorp ....................... 10,640 1,400 * Investment Technology Group, Inc ............ 40,964 1,800 Investors Financial Services Corp ........... 48,726 600 John Nuveen Co (Class A) .................... 13,650 100 * LaBranche & Co, Inc ......................... 2,025 1,100 Legg Mason, Inc ............................. 46,816 1,500 Neuberger Berman, Inc ....................... 40,425 1,000 New York Community Bancorp, Inc ............. 28,170 1,200 North Fork Bancorp, Inc ..................... 45,408 600 Provident Financial Group, Inc .............. 15,054 2,900 * Providian Financial Corp .................... 14,210 300 Rouse Co .................................... 9,585 2,200 SEI Investments Co .......................... 52,536 100 * Silicon Valley Bancshares ................... 1,693 900 St. Joe Co .................................. 24,840 2,500 Starwood Hotels & Resorts Worldwide, Inc .... 55,750 700 Stilwell Financial, Inc ..................... 8,449 8,500 Synovus Financial Corp ...................... 175,270 1,000 T Rowe Price Group, Inc ..................... 24,960 1,300 TCF Financial Corp .......................... 55,029 300 * United Rentals, Inc ......................... 2,532 2,100 Waddell & Reed Financial, Inc (Class A) ..... 37,086 200 Westamerica Bancorp ......................... 8,056 ------------ TOTAL FINANCIAL SERVICES 1,339,624 ------------ HEALTH CARE--26.07% 800 * Accredo Health, Inc ......................... 38,144 2,100 * AdvancePCS .................................. 47,313 1,400 * Affymetrix, Inc ............................. 29,120 4,000 Allergan, Inc ............................... 217,600 2,300 AmerisourceBergen Corp ...................... 164,266 400 * AMN Healthcare Services, Inc ................ 7,400 1,800 * Andrx Corp .................................. 39,870 3,300 * Anthem, Inc ................................. 214,500 1,600 * Apogent Technologies, Inc ................... 29,856 5,700 Applera Corp (Applied Biosystems Group) ..... 104,310 800 * Barr Laboratories, Inc ...................... 49,832 1,700 Beckman Coulter, Inc ........................ 65,790 1,100 Becton Dickinson & Co ....................... 31,240 4,300 * Biogen, Inc ................................. 125,861 7,700 Biomet, Inc ................................. 205,051 6,400 * Caremark Rx, Inc ............................ 108,800 2,200 * Celgene Corp ................................ 37,048 1,300 * Cephalon, Inc ............................... 53,066 800 * Cerner Corp ................................. 28,168 1,300 * Charles River Laboratories International, Inc ........................ 51,025 2,700 * Chiron Corp ................................. 94,338 1,000 * Community Health Systems, Inc ............... 26,630 500 * Coventry Health Care, Inc ................... 16,250 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 41 Statement of Investments - INSTITUTIONAL MID-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(Continued) 3,500 * Cytyc Corp .................................. $ 37,520 1,700 * DaVita, Inc ................................. 40,120 2,000 Dentsply International, Inc ................. 80,340 600 Diagnostic Products Corp .................... 27,600 1,200 * Edwards Lifesciences Corp ................... 30,708 1,800 * Express Scripts, Inc (Class A) .............. 98,136 2,900 * First Health Group Corp ..................... 78,648 1,600 * Fisher Scientific International, Inc ........ 48,560 4,800 * Genzyme Corp (General Division) ............. 98,928 4,900 * Gilead Sciences, Inc ........................ 164,297 6,900 * Health Management Associates, Inc (Class A) . 139,518 600 * Health Net, Inc ............................. 12,870 800 * Healthsouth Corp ............................ 3,320 800 * Henry Schein, Inc ........................... 42,200 1,700 * Human Genome Sciences, Inc .................. 20,502 600 ICN Pharmaceuticals, Inc .................... 5,436 3,200 * IDEC Pharmaceuticals Corp ................... 132,864 8,300 IMS Health, Inc ............................. 124,251 700 * Invitrogen Corp ............................. 23,849 4,300 * IVAX Corp ................................... 52,761 7,100 * King Pharmaceuticals, Inc ................... 129,007 4,100 * Laboratory Corp Of America Holdings ......... 138,498 1,100 * LifePoint Hospitals, Inc .................... 34,307 3,100 * Lincare Holdings, Inc ....................... 96,224 1,200 * Manor Care, Inc ............................. 26,976 6,600 McKesson Corp ............................... 186,978 700 * Medicis Pharmaceutical Corp (Class A) ....... 28,609 7,200 * Medimmune, Inc .............................. 150,624 1,400 * Mid Atlantic Medical Services, Inc .......... 50,680 4,600 * Millennium Pharmaceuticals, Inc ............. 42,872 1,400 * Millipore Corp .............................. 44,506 3,400 Mylan Laboratories, Inc ..................... 111,316 1,300 Omnicare, Inc ............................... 27,456 1,200 * Orthodontic Centers Of America, Inc ......... 12,840 2,500 * Oxford Health Plans, Inc .................... 97,350 200 Pall Corp ................................... 3,158 1,400 * Patterson Dental Co ......................... 71,652 1,300 * Pharmaceutical Product Development, Inc ..... 25,142 2,100 * Quest Diagnostics, Inc ...................... 129,213 1,700 * Quintiles Transnational Corp ................ 16,167 1,100 * Renal Care Group, Inc ....................... 36,179 600 * Ribapharm, Inc .............................. 2,700 2,000 * SICOR, Inc .................................. 30,420 5,100 * St. Jude Medical, Inc ....................... 182,070 1,900 * Steris Corp ................................. 47,329 3,900 Stryker Corp ................................ 224,640 1,100 * Triad Hospitals, Inc ........................ 41,745 1,400 * Universal Health Services, Inc (Class B) .... 71,610 1,900 * Varian Medical Systems, Inc ................. 81,681 3,800 * Waters Corp ................................. 92,150 1,100 * Watson Pharmaceuticals, Inc ................. 26,961 4,000 * WebMD Corp .................................. 20,200 4,200 * Wellpoint Health Networks, Inc .............. 307,860 5,600 * Zimmer Holdings, Inc ........................ 214,704 ------------ TOTAL HEALTH CARE 5,851,730 ------------ OTHER--4.54% 1,300 * Career Education Corp ....................... 62,410 3,400 Cintas Corp ................................. 142,528 1,600 * DeVry, Inc .................................. 29,792 1,700 * Dun & Bradstreet Corp ....................... 57,137 700 * Education Management Corp ................... 30,989 700 * Getty Images, Inc ........................... 14,042 1,100 * GTECH Holdings Corp ......................... 27,302 5,300 H & R Block, Inc ............................ 222,653 200 HON Industries, Inc ......................... 5,090 300 * Hotels.Com (Class A) ........................ 15,174 200 ITT Industries, Inc ......................... 12,466 1,400 Manpower, Inc ............................... 41,076 3,700 Moody's Corp ................................ 179,450 4,400 * Robert Half International, Inc .............. 69,828 400 * SPX Corp .................................... 40,360 300 Teleflex, Inc ............................... 13,674 1,500 * TMP Worldwide, Inc .......................... 13,500 2,100 Viad Corp ................................... 42,903 ------------ TOTAL OTHER 1,020,374 ------------ PRODUCER DURABLES--1.75% 1,100 * AGCO Corp ................................... 25,520 3,200 * Allied Waste Industries, Inc ................ 23,520 3,200 Danaher Corp ................................ 181,920 1,400 * Flowserve Corp .............................. 14,000 200 * FMC Technologies, Inc ....................... 3,352 800 * National Instruments Corp ................... 17,512 4,200 Pitney Bowes, Inc ........................... 128,058 ------------ TOTAL PRODUCER DURABLES 393,882 ------------ TECHNOLOGY--21.40% 1,600 * Activision, Inc ............................. 38,288 1,600 * Acxiom Corp ................................. 22,688 1,500 * Adaptec, Inc ................................ 6,615 9,100 * ADC Telecommunications, Inc ................. 10,465 6,800 Adobe Systems, Inc .......................... 129,880 1,200 * Advanced Fibre Communications, Inc .......... 15,924 3,100 * Advanced Micro Devices, Inc ................. 16,554 900 * Advent Software, Inc ........................ 10,305 2,800 * Affiliated Computer Services, Inc (Class A) . 119,140 25,400 * Agere Systems, Inc (Class B) ................ 25,146 1,300 * Alliance Data Systems Corp .................. 19,695 11,000 * Altera Corp ................................. 95,370 700 * American Power Conversion Corp .............. 6,692 1,600 * Amkor Technology, Inc ....................... 3,808 600 * Amphenol Corp (Class A) ..................... 18,600 4,200 * Applied Micro Circuits Corp ................. 12,012 700 * Arrow Electronics, Inc ...................... 8,841 8,100 * Atmel Corp .................................. 8,586 900 Autodesk, Inc ............................... 11,403 1,300 * Avaya, Inc .................................. 1,859 10,300 * BEA Systems, Inc ............................ 53,354 4,100 * BearingPoint, Inc ........................... 26,486 3,200 * Bisys Group, Inc ............................ 53,472 3,800 * BMC Software, Inc ........................... 49,666 2,900 * Broadcom Corp (Class A) ..................... 30,972 6,700 * Brocade Communications Systems, Inc ......... 50,451 7,600 * Cadence Design Systems, Inc ................. 77,292 3,300 * Ceridian Corp ............................... 47,025 1,800 * Certegy, Inc ................................ 36,180 900 * Checkfree Corp .............................. 10,242 6,100 * CIENA Corp .................................. 18,117 4,500 * Citrix Systems, Inc ......................... 27,135 1,600 Computer Associates International, Inc ...... 15,360 400 * Computer Sciences Corp ...................... 11,116 4,200 * Compuware Corp .............................. 12,810 2,700 * Comverse Technology, Inc .................... 18,873 3,600 * Conexant Systems, Inc ....................... 3,996 5,000 * Convergys Corp .............................. 75,150 11,600 * Corning, Inc ................................ 18,560 1,500 * CSG Systems International, Inc .............. 16,350 1,000 * Cymer, Inc .................................. 18,640 2,700 * Cypress Semiconductor Corp .................. 17,712 1,800 Deluxe Corp ................................. 81,108 SEE NOTES TO FINANCIAL STATEMENTS 42 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL MID-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(Continued) 3,400 * DST Systems, Inc ............................ $ 100,198 3,500 * Electronic Arts, Inc ........................ 230,860 1,900 * Emulex Corp ................................. 21,394 3,800 Equifax, Inc ................................ 82,612 1,400 Fair, Isaac & Co, Inc ....................... 45,780 3,100 * Fairchild Semiconductor International, Inc (Class A) ................................. 29,357 5,500 * Fiserv, Inc ................................. 154,440 1,000 Global Payments, Inc ........................ 25,600 900 Harris Corp ................................. 30,141 1,900 Henry (Jack) & Associates, Inc .............. 23,617 4,300 * i2 Technologies, Inc ........................ 2,236 600 * Ingram Micro, Inc (Class A) ................. 7,980 1,400 * Integrated Circuit Systems, Inc ............. 21,980 1,500 * Integrated Device Technology, Inc ........... 15,660 1,600 * International Rectifier Corp ................ 24,992 2,200 * Intersil Corp (Class A) ..................... 28,512 5,500 * Intuit, Inc ................................. 250,415 1,200 * Iron Mountain, Inc .......................... 29,988 2,900 * J.D. Edwards & Co ........................... 26,825 4,100 * Jabil Circuit, Inc .......................... 60,598 17,300 * JDS Uniphase Corp ........................... 33,700 8,000 * Juniper Networks, Inc ....................... 38,400 5,400 * KLA-Tencor Corp ............................. 150,876 3,700 * Lam Research Corp ........................... 32,930 3,700 * Lexmark International, Inc .................. 173,900 5,300 * LSI Logic Corp .............................. 33,655 1,300 * Macromedia, Inc ............................. 10,049 2,200 * Mercury Interactive Corp .................... 37,752 1,000 * Mettler-Toledo International, Inc ........... 26,000 1,800 * Micrel, Inc ................................. 11,088 5,700 * Microchip Technology, Inc ................... 116,565 600 * MKS Instruments, Inc ........................ 6,552 3,200 Molex, Inc .................................. 75,264 200 * National Processing, Inc .................... 3,398 4,300 * National Semiconductor Corp ................. 51,342 8,500 * Network Appliance, Inc ...................... 62,305 4,200 * Network Associates, Inc ..................... 44,646 3,800 * Novellus Systems, Inc ....................... 79,078 3,700 * Nvidia Corp ................................. 31,672 7,900 * Peoplesoft, Inc ............................. 97,723 1,900 * Perot Systems Corp (Class A) ................ 17,670 4,700 * PMC-Sierra, Inc ............................. 18,236 2,200 * Polycom, Inc ................................ 14,938 2,500 * QLogic Corp ................................. 65,100 4,200 * Rational Software Corp ...................... 18,144 2,100 * RealNetworks, Inc ........................... 7,581 1,900 Reynolds & Reynolds Co (Class A) ............ 42,636 4,000 * RF Micro Devices, Inc ....................... 24,000 7,900 * Sanmina-SCI Corp ............................ 21,883 1,800 * Semtech Corp ................................ 17,460 11,200 * Siebel Systems, Inc ......................... 64,400 11,600 * Solectron Corp .............................. 24,476 600 * Storage Technology Corp ..................... 6,306 8,100 * Sungard Data Systems, Inc ................... 157,545 1,200 * Sybase, Inc ................................. 13,944 4,100 * Symantec Corp ............................... 137,883 3,300 Symbol Technologies, Inc .................... 25,311 2,200 * Synopsys, Inc ............................... 83,930 500 * Tech Data Corp .............................. 13,200 400 * Tektronix, Inc .............................. 6,572 5,200 * Tellabs, Inc ................................ 21,164 4,100 * Teradyne, Inc ............................... 39,360 1,400 * Thermo Electron Corp ........................ 22,582 1,100 Total System Services, Inc .................. 14,465 1,600 * Unisys Corp ................................. 11,200 1,800 * Utstarcom, Inc .............................. 27,486 3,200 * VeriSign, Inc ............................... 16,160 10,100 * Veritas Software Corp ....................... 148,167 1,000 * Vishay Intertechnology, Inc ................. 8,800 600 * Zebra Technologies Corp (Class A) ........... 31,614 ------------ TOTAL TECHNOLOGY 4,804,231 ------------ TRANSPORTATION--1.05% 1,900 C.H. Robinson Worldwide, Inc ................ 51,338 2,700 Expeditors International Of Washington, Inc . 75,438 4,100 * Sabre Holdings Corp ......................... 79,335 1,000 Skywest, Inc ................................ 13,100 1,000 * Swift Transportation Co, Inc ................ 15,600 ------------ TOTAL TRANSPORTATION 234,811 ------------ UTILITIES--1.69% 4,700 * AES Corp .................................... 11,797 3,000 * Calpine Corp ................................ 7,410 3,700 * Citizens Communications Co .................. 25,086 1,600 Kinder Morgan, Inc .......................... 56,720 9,100 * Level 3 Communications, Inc ................. 35,399 1,800 * Mirant Corp ................................. 3,978 19,200 * Nextel Communications, Inc (Class A) ........ 144,960 19,500 * Qwest Communications International, Inc ..... 44,460 20,400 * Sprint Corp (PCS Group) ..................... 39,985 500 * West Corp ................................... 7,000 1,100 Williams Cos, Inc ........................... 2,486 ------------ TOTAL UTILITIES 379,281 ------------ TOTAL COMMON STOCK (COST $23,948,634) 22,377,147 ------------ TOTAL PORTFOLIO--99.69% (COST $23,948,634) 22,377,147 OTHER ASSETS & LIABILITIES, NET--0.31% 68,767 ------------ NET ASSETS--100.00% $ 22,445,914 ============ - ---------- * Non-income producing At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $23,948,634. Net unrealized depreciation of portfolio investments aggregated $1,571,487 of which $216,999 related to appreciated portfolio investments and $1,788,486 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 43 Statement of Investments - INSTITUTIONAL MID-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.53% AEROSPACE AND DEFENSE--0.64% 1,900 Goodrich Corp ............................... $ 35,872 300 * PanAmSat Corp ............................... 5,205 1,300 PerkinElmer, Inc ............................ 7,085 1,000 Precision Castparts Corp .................... 21,680 3,300 Rockwell Collins, Inc ....................... 72,402 100 * Titan Corp .................................. 960 ------------ TOTAL AEROSPACE AND DEFENSE 143,204 ------------ BASIC INDUSTRIES--10.35% 1,900 * AK Steel Holding Corp ....................... 13,889 500 Albemarle Corp .............................. 12,645 1,600 Allegheny Technologies, Inc ................. 11,072 200 * American Standard Cos, Inc .................. 12,724 700 Aptargroup, Inc ............................. 18,809 500 Avery Dennison Corp ......................... 28,490 900 Ball Corp ................................... 45,351 1,000 Bemis Co .................................... 49,400 100 Black & Decker Corp ......................... 4,193 1,000 Boise Cascade Corp .......................... 22,800 1,000 Bowater, Inc ................................ 35,300 1,100 Cabot Corp .................................. 23,100 1,200 Centex Corp ................................. 53,220 1,800 Clayton Homes, Inc .......................... 19,764 1,900 D.R. Horton, Inc ............................ 35,378 1,500 Eastman Chemical Co ......................... 57,255 2,600 Engelhard Corp .............................. 61,958 1,300 Fluor Corp .................................. 31,772 4,600 Georgia-Pacific Corp ........................ 60,214 1,600 * Hercules, Inc ............................... 14,736 2,100 IMC Global, Inc ............................. 25,305 300 * Jacobs Engineering Group, Inc ............... 9,264 900 KB Home ..................................... 43,956 600 Lafarge North America, Inc .................. 17,382 1,000 Lennar Corp ................................. 55,780 1,000 Lubrizol Corp ............................... 28,270 2,500 Lyondell Chemical Co ........................ 29,850 1,000 Martin Marietta Materials, Inc .............. 32,570 4,000 MeadWestvaco Corp ........................... 76,840 5,200 Monsanto Co ................................. 79,508 700 Newmont Mining Corp ......................... 19,257 1,500 Nucor Corp .................................. 56,850 500 OM Group, Inc ............................... 21,400 2,200 * Owens-Illinois, Inc ......................... 24,904 1,200 * Packaging Corp Of America ................... 21,012 3,100 * Pactiv Corp ................................. 50,995 400 Peabody Energy Corp ......................... 10,200 1,600 * Phelps Dodge Corp ........................... 41,008 3,700 Plum Creek Timber Co, Inc ................... 83,657 3,400 PPG Industries, Inc ......................... 151,980 3,200 Praxair, Inc ................................ 163,552 1,000 Pulte Homes, Inc ............................ 42,630 500 Rayonier, Inc ............................... 20,955 3,100 Rohm & Haas Co .............................. 96,100 2,300 RPM, Inc .................................... 32,338 500 Ryland Group, Inc ........................... 18,585 200 * Sealed Air Corp ............................. 3,378 300 * Shaw Group, Inc ............................. 4,260 2,600 Sherwin-Williams Co ......................... 61,568 1,200 Sigma-Aldrich Corp .......................... 59,124 3,400 * Smurfit-Stone Container Corp ................ 42,738 1,100 Snap-On, Inc ................................ 25,278 1,900 Sonoco Products Co .......................... 40,489 500 Stanley Works ............................... 16,335 900 Temple-Inland, Inc .......................... 34,767 900 * Toll Brothers, Inc .......................... 19,566 2,000 United States Steel Corp .................... 23,220 700 Valspar Corp ................................ 26,110 1,800 Vulcan Materials Co ......................... 65,088 800 York International Corp ..................... 22,560 ------------ TOTAL BASIC INDUSTRIES 2,310,699 ------------ CONSUMER CYCLICAL--12.75% 500 * American Axle & Manufacturing Holdings, Inc . 12,490 100 * American Eagle Outfitters, Inc .............. 1,206 1,300 * American Greetings Corp (Class A) ........... 20,930 1,200 ArvinMeritor, Inc ........................... 22,440 1,900 Autoliv, Inc ................................ 40,052 1,700 Belo Corp (Class A) ......................... 37,196 1,000 * Big Lots, Inc ............................... 15,830 300 Blockbuster, Inc (Class A) .................. 7,440 500 BorgWarner, Inc ............................. 24,820 200 * Brinker International, Inc .................. 5,180 1,800 Brunswick Corp .............................. 37,872 2,700 * Cablevision Systems Corp (Class A) .......... 24,462 1,000 Callaway Golf Co ............................ 10,400 900 CBRL Group, Inc ............................. 20,538 2,500 * Charter Communications, Inc (Class A) ....... 4,650 1,300 Cooper Tire & Rubber Co ..................... 20,982 200 * Cox Radio, Inc (Class A) .................... 5,232 300 * Cumulus Media, Inc (Class A) ................ 5,295 3,000 Dana Corp ................................... 39,240 11,200 Delphi Corp ................................. 95,760 1,400 Dillard's, Inc (Class A) .................... 28,252 200 Donaldson Co, Inc ........................... 6,866 300 Dow Jones & Co, Inc ......................... 11,523 5,800 Eastman Kodak Co ............................ 157,992 700 * Emmis Communications Corp (Class A) ......... 13,300 100 * Entercom Communications Corp ................ 4,737 800 * Entravision Communications Corp (Class A) ... 10,600 1,100 * Extended Stay America, Inc .................. 13,970 4,000 * Federated Department Stores, Inc ............ 117,760 1,700 * Foot Locker, Inc ............................ 16,983 400 Forest City Enterprises, Inc (Class A) ...... 13,000 2,200 * Gemstar-TV Guide International, Inc ......... 5,544 3,500 Genuine Parts Co ............................ 107,240 2,800 Goodyear Tire & Rubber Co ................... 24,892 100 * Harrah's Entertainment, Inc ................. 4,821 300 Harte-Hanks, Inc ............................ 5,583 300 * Hearst-Argyle Television, Inc ............... 7,452 5,300 Hilton Hotels Corp .......................... 60,314 400 * Hispanic Broadcasting Corp .................. 7,460 700 * Interactive Data Corp ....................... 8,575 300 International Speedway Corp (Class A) ....... 11,919 5,300 J.C. Penney Co, Inc ......................... 84,376 1,800 Johnson Controls, Inc ....................... 138,276 2,200 * Jones Apparel Group, Inc .................... 67,540 1,600 Knight Ridder, Inc .......................... 90,256 500 * Lamar Advertising Co ........................ 15,175 900 La-Z-Boy, Inc ............................... 20,880 1,300 * Lear Corp ................................... 54,145 900 Lee Enterprises, Inc ........................ 29,574 2,700 Leggett & Platt, Inc ........................ 53,433 100 * Lin TV Corp (Class A) ....................... 2,475 2,100 Liz Claiborne, Inc .......................... 52,395 700 * Mandalay Resort Group ....................... 23,485 1,800 Marriott International, Inc (Class A) ....... 52,182 5,700 May Department Stores Co .................... 129,789 400 McClatchy Co (Class A) ...................... 24,380 200 Media General, Inc (Class A) ................ 10,170 700 Meredith Corp ............................... 30,135 SEE NOTES TO FINANCIAL STATEMENTS 44 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL MID-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER CYCLICAL--(Continued) 500 * Metro-Goldwyn-Mayer, Inc .................... $ 5,975 1,300 * MGM Mirage .................................. 48,490 200 * MSC Industrial Direct Co (Class A) .......... 2,124 700 * Neiman Marcus Group, Inc (Class A) .......... 18,375 800 New York Times Co (Class A) ................. 36,360 1,900 Nordstrom, Inc .............................. 34,086 100 * O'Reilly Automotive, Inc .................... 2,862 600 * Outback Steakhouse, Inc ..................... 16,488 5,400 * Park Place Entertainment Corp ............... 42,930 200 * Performance Food Group Co ................... 6,792 1,200 Pier 1 Imports, Inc ......................... 22,884 600 * Polo Ralph Lauren Corp ...................... 12,468 1,800 R.R. Donnelley & Sons Co .................... 42,318 700 * Radio One, Inc (Class D) .................... 11,543 1,400 Reader's Digest Association, Inc (Class A) .. 21,910 1,000 * Reebok International Ltd .................... 25,050 200 * Regal Entertainment Group (Class A) ......... 3,560 2,400 * Saks, Inc ................................... 25,272 300 * Scholastic Corp ............................. 13,404 300 * Scotts Co (Class A) ......................... 12,507 100 Scripps (E.W.) Co (Class A) ................. 6,930 1,700 * Six Flags, Inc .............................. 5,984 200 * Sonic Automotive, Inc ....................... 3,540 600 Steelcase, Inc (Class A) .................... 6,282 2,100 TRW, Inc .................................... 122,955 1,300 * UnitedGlobalcom, Inc (Class A) .............. 2,132 1,000 * Valassis Communications, Inc ................ 35,070 1,700 VF Corp ..................................... 61,166 2,600 Visteon Corp ................................ 24,622 100 Washington Post Co (Class B) ................ 64,900 900 Wendy's International, Inc .................. 29,799 1,300 Whirlpool Corp .............................. 59,618 1,200 * Yum! Brands, Inc ............................ 33,252 500 * Zale Corp ................................... 15,080 ------------ TOTAL CONSUMER CYCLICAL 2,846,192 ------------ CONSUMER NON-CYCLICAL--6.24% 600 Alberto-Culver Co (Class B) ................. 29,418 11,400 Archer Daniels Midland Co ................... 142,614 3,900 * Autonation, Inc ............................. 44,928 600 * Barnes & Noble, Inc ......................... 12,696 1,400 * Borders Group, Inc .......................... 22,120 300 Church & Dwight Co, Inc ..................... 9,945 200 * Circuit City Stores, Inc (Carmax Group) ..... 3,210 3,600 Circuit City Stores, Inc (Circuit City Group) ............................... 54,540 1,700 Clorox Co ................................... 68,306 300 Coca-Cola Enterprises, Inc .................. 6,372 800 * Constellation Brands, Inc (Class A) ......... 18,480 500 Coors (Adolph) Co (Class B) ................. 28,150 1,800 * Dean Foods Co ............................... 71,604 900 Dial Corp ................................... 19,314 800 Dole Food Co ................................ 23,224 1,600 * Energizer Holdings, Inc ..................... 48,640 600 Estee Lauder Cos (Class A) .................. 17,244 300 Ethan Allen Interiors, Inc .................. 9,708 300 * Furniture Brands International, Inc ......... 6,885 100 * Gamestop Corp ............................... 2,045 2,800 Hasbro, Inc ................................. 31,164 900 Hershey Foods Corp .......................... 55,845 1,500 Hormel Foods Corp ........................... 32,820 800 International Flavors & Fragrances, Inc ..... 25,480 600 Lancaster Colony Corp ....................... 25,272 500 Loews Corp (Carolina Group) ................. 9,405 700 Mattel, Inc ................................. 12,607 1,300 McCormick & Co, Inc (Non-Vote) .............. 29,640 5,000 Newell Rubbermaid, Inc ...................... 154,350 6,100 * Office Depot, Inc ........................... 75,274 1,700 PepsiAmericas Inc ........................... 24,140 1,800 R.J. Reynolds Tobacco Holdings, Inc ......... 72,576 4,800 * Rite Aid Corp ............................... 10,080 2,200 * Smithfield Foods, Inc ....................... 34,540 200 * Ticketmaster (Class B) ...................... 3,050 3,900 * Toys "R" Us, Inc ............................ 39,702 4,500 Tyson Foods, Inc (Class A) .................. 52,335 1,700 UST, Inc .................................... 47,957 1,300 Winn-Dixie Stores, Inc ...................... 17,056 ------------ TOTAL CONSUMER NON-CYCLICAL 1,392,736 ------------ ENERGY--6.63% 700 Amerada Hess Corp ........................... 47,516 2,700 Apache Corp ................................. 160,515 1,400 Ashland, Inc ................................ 37,506 3,100 Burlington Resources, Inc ................... 118,916 100 * Cooper Cameron Corp ......................... 4,176 2,900 Devon Energy Corp ........................... 139,925 400 Diamond Offshore Drilling, Inc .............. 7,980 500 ENSCO International, Inc .................... 12,520 2,300 EOG Resources, Inc .......................... 82,708 300 * Forest Oil Corp ............................. 7,650 4,300 Halliburton Co .............................. 55,513 1,000 Helmerich & Payne, Inc ...................... 34,230 2,000 Kerr-McGee Corp ............................. 86,880 6,200 Marathon Oil Corp ........................... 140,616 200 Murphy Oil Corp ............................. 16,414 600 * National-Oilwell, Inc ....................... 11,628 400 * Newfield Exploration Co ..................... 13,436 500 Noble Energy, Inc ........................... 16,985 1,000 Ocean Energy, Inc ........................... 19,950 100 * Patterson-UTI Energy, Inc ................... 2,551 1,600 * Pennzoil-Quaker State Co .................... 35,152 1,900 * Pioneer Natural Resources Co ................ 46,075 1,000 Pogo Producing Co ........................... 34,060 400 * Premcor, Inc ................................ 6,276 1,100 * Pride International, Inc .................... 14,300 800 Rowan Cos, Inc .............................. 14,912 1,300 Sunoco, Inc ................................. 39,208 500 Tidewater, Inc .............................. 13,495 4,900 Unocal Corp ................................. 153,811 2,000 Valero Energy Corp .......................... 52,940 600 * Varco International, Inc .................... 10,152 2,100 XTO Energy, Inc ............................. 43,281 ------------ TOTAL ENERGY 1,481,277 ------------ FINANCIAL SERVICES--30.77% 600 21st Century Insurance Group ................ 6,186 1,600 A.G. Edwards, Inc ........................... 51,168 100 * Affiliated Managers Group, Inc .............. 4,461 100 * Alleghany Corp .............................. 18,950 400 Allied Capital Corp ......................... 8,756 1,100 Allmerica Financial Corp .................... 13,200 1,700 AMB Property Corp ........................... 49,130 1,600 Ambac Financial Group, Inc .................. 86,224 600 American Financial Group, Inc ............... 13,812 200 American National Insurance Co .............. 13,802 400 * AmeriCredit Corp ............................ 3,228 800 AmerUs Group Co ............................. 22,688 7,200 AmSouth Bancorp ............................. 149,328 1,600 Annaly Mortgage Management, Inc ............. 29,520 4,700 AON Corp .................................... 96,303 1,600 Apartment Investment & Management Co (Class A) ................................. 62,160 3,500 Archstone-Smith Trust ....................... 83,580 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 45 Statement of Investments - INSTITUTIONAL MID-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(Continued) 1,200 Arden Realty, Inc ........................... $ 28,380 1,500 Associated Banc-Corp ........................ 47,595 1,700 Astoria Financial Corp ...................... 41,480 1,200 AvalonBay Communities, Inc .................. 50,160 1,600 Bancorpsouth, Inc ........................... 31,520 1,300 Bank Of Hawaii Corp ......................... 36,270 2,900 Banknorth Group, Inc ........................ 68,875 1,900 Bear Stearns Cos, Inc ....................... 107,160 700 Berkley (W.R.) Corp ......................... 23,800 300 * BOK Financial Corp .......................... 9,750 1,300 Boston Properties, Inc ...................... 48,360 900 BRE Properties, Inc (Class A) ............... 27,675 700 Camden Property Trust ....................... 23,205 400 Capitol Federal Financial ................... 8,864 1,100 CarrAmerica Realty Corp ..................... 27,687 400 * Catellus Development Corp ................... 7,380 400 Centerpoint Properties Corp ................. 22,200 4,600 Charter One Financial, Inc .................. 136,712 2,700 Cincinnati Financial Corp ................... 96,066 900 Citizens Banking Corp ....................... 21,753 800 City National Corp .......................... 37,416 500 * CNA Financial Corp .......................... 12,500 2,400 Colonial Bancgroup, Inc ..................... 29,760 1,200 Commerce Bancshares, Inc .................... 46,884 2,500 Compass Bancshares, Inc ..................... 73,725 2,100 Countrywide Credit Industries, Inc .......... 99,015 700 Cousins Properties, Inc ..................... 16,100 1,600 Crescent Real Estate Equities Co ............ 25,120 1,000 Cullen/Frost Bankers, Inc ................... 34,150 1,100 Developers Diversified Realty Corp .......... 24,211 300 Doral Financial Corp ........................ 7,242 400 Downey Financial Corp ....................... 13,700 2,700 Duke Realty Corp ............................ 66,474 3,000 * E*trade Group, Inc .......................... 13,350 5,500 Equity Residential .......................... 131,670 400 Erie Indemnity Co (Class A) ................. 16,664 1,900 Fidelity National Financial, Inc ............ 54,606 1,400 First American Corp ......................... 28,602 1,000 First Midwest Bancorp, Inc .................. 26,860 2,500 First Tennessee National Corp ............... 86,675 1,400 First Virginia Banks, Inc ................... 52,220 1,700 FirstMerit Corp ............................. 36,414 900 FNB Corp .................................... 25,218 2,100 Fulton Financial Corp ....................... 39,480 1,200 General Growth Properties, Inc .............. 61,800 1,400 Golden State Bancorp, Inc ................... 45,248 700 Greater Bay Bancorp ......................... 12,733 1,700 Greenpoint Financial Corp ................... 70,958 1,000 HCC Insurance Holdings, Inc ................. 24,010 1,100 Health Care Property Investors, Inc ......... 46,860 3,200 Hibernia Corp (Class A) ..................... 63,968 1,100 Highwoods Properties, Inc ................... 25,740 1,200 Hospitality Properties Trust ................ 39,744 4,600 * Host Marriott Corp .......................... 42,688 1,500 Hudson City Bancorp, Inc .................... 24,345 600 Hudson United Bancorp ....................... 15,960 4,900 Huntington Bancshares, Inc .................. 89,131 1,000 Independence Community Bank Corp ............ 25,090 1,100 * IndyMac Bancorp, Inc ........................ 21,197 800 Instinet Group, Inc ......................... 2,480 900 iStar Financial, Inc ........................ 25,128 3,000 Jefferson-Pilot Corp ........................ 120,300 1,800 Kimco Realty Corp ........................... 55,980 800 * LaBranche & Co, Inc ......................... 16,200 500 Legg Mason, Inc ............................. 21,280 700 Leucadia National Corp ...................... 23,800 3,700 Lincoln National Corp ....................... 113,035 1,600 M & T Bank Corp ............................. 126,096 900 Mack-Cali Realty Corp ....................... 28,917 100 * Markel Corp ................................. 19,918 4,200 Marshall & Ilsley Corp ...................... 117,138 2,900 MBIA, Inc ................................... 115,855 1,400 Mercantile Bankshares Corp .................. 53,438 500 Mercury General Corp ........................ 21,400 1,800 MGIC Investment Corp ........................ 73,494 900 MONY Group, Inc ............................. 22,203 4,100 National Commerce Financial Corp ............ 102,705 400 Nationwide Financial Services, Inc (Class A) ................................. 10,680 100 Neuberger Berman, Inc ....................... 2,695 1,900 New Plan Excel Realty Trust ................. 35,036 1,400 New York Community Bancorp, Inc ............. 39,438 2,400 North Fork Bancorp, Inc ..................... 90,816 1,200 Old National Bancorp ........................ 29,832 2,400 Old Republic International Corp ............. 68,112 200 Park National Corp .......................... 18,740 500 People's Bank ............................... 11,215 2,000 Phoenix Cos, Inc ............................ 27,240 1,800 PMI Group, Inc .............................. 48,978 2,700 Popular, Inc ................................ 85,320 3,200 Prologis .................................... 79,712 1,400 Protective Life Corp ........................ 43,078 400 Provident Financial Group, Inc .............. 10,036 3,200 * Providian Financial Corp .................... 15,680 2,000 Public Storage, Inc ......................... 63,800 1,800 Radian Group, Inc ........................... 58,788 800 Raymond James Financial, Inc ................ 21,656 1,100 Reckson Associates Realty Corp .............. 25,047 500 Regency Centers Corp ........................ 15,500 4,600 Regions Financial Corp ...................... 150,282 300 Reinsurance Group Of America, Inc ........... 7,752 1,400 Roslyn Bancorp, Inc ......................... 24,374 1,200 Rouse Co .................................... 38,340 2,500 Safeco Corp ................................. 79,450 800 * Silicon Valley Bancshares ................... 13,544 2,600 Simon Property Group, Inc ................... 92,898 1,400 Sky Financial Group, Inc .................... 27,874 6,900 SouthTrust Corp ............................. 167,325 5,200 Sovereign Bancorp, Inc ...................... 67,080 4,500 St. Paul Cos, Inc ........................... 129,240 600 Stancorp Financial Group, Inc ............... 31,740 2,200 Starwood Hotels & Resorts Worldwide, Inc .... 49,060 3,900 Stilwell Financial, Inc ..................... 47,073 100 Student Loan Corp ........................... 9,048 1,400 T Rowe Price Group, Inc ..................... 34,944 600 TCF Financial Corp .......................... 25,398 2,400 Torchmark Corp .............................. 82,224 400 Transatlantic Holdings, Inc ................. 26,580 1,800 Trizec Properties, Inc ...................... 20,430 900 Trustmark Corp .............................. 20,520 4,000 Union Planters Corp ......................... 109,840 1,000 UnionBanCal Corp ............................ 42,010 2,100 United Dominion Realty Trust, Inc ........... 33,411 800 * United Rentals, Inc ......................... 6,752 900 Unitrin, Inc ................................ 27,630 4,800 UnumProvident Corp .......................... 97,680 1,900 Valley National Bancorp ..................... 50,540 1,400 Vornado Realty Trust ........................ 55,230 1,300 Washington Federal, Inc ..................... 29,010 1,000 Webster Financial Corp ...................... 33,580 SEE NOTES TO FINANCIAL STATEMENTS 46 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL MID-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(Continued) 900 Weingarten Realty Investors ................. $ 32,940 500 Westamerica Bancorp ......................... 20,140 800 Whitney Holding Corp ........................ 25,664 1,300 Wilmington Trust Corp ....................... 37,596 1,800 Zions Bancorp ............................... 78,354 ------------ TOTAL FINANCIAL SERVICES 6,871,235 ------------ HEALTH CARE--4.23% 2,900 Aetna, Inc .................................. 103,849 500 AmerisourceBergen Corp ...................... 35,710 500 * Anthem, Inc ................................. 32,500 900 * Apogent Technologies, Inc ................... 16,794 200 Applera Corp (Applied Biosystems Group) ..... 3,660 1,000 Bard (C.R.), Inc ............................ 54,630 1,000 Bausch & Lomb, Inc .......................... 33,170 4,400 Becton Dickinson & Co ....................... 124,960 300 * Community Health Systems, Inc ............... 7,989 400 * Coventry Health Care, Inc ................... 13,000 400 * Edwards Lifesciences Corp ................... 10,236 500 * Genzyme Corp (General Division) ............. 10,305 1,700 * Health Net, Inc ............................. 36,465 7,300 * Healthsouth Corp ............................ 30,295 300 * Henry Schein, Inc ........................... 15,825 1,000 Hillenbrand Industries, Inc ................. 54,300 1,200 * Human Genome Sciences, Inc .................. 14,472 3,300 * Humana, Inc ................................. 40,920 1,200 ICN Pharmaceuticals, Inc .................... 10,872 1,000 * ICOS Corp ................................... 20,970 600 * Invitrogen Corp ............................. 20,442 1,200 * Manor Care, Inc ............................. 26,976 800 McKesson Corp ............................... 22,664 100 * Medicis Pharmaceutical Corp (Class A) ....... 4,087 2,400 * Millennium Pharmaceuticals, Inc ............. 22,368 200 Mylan Laboratories, Inc ..................... 6,548 700 Omnicare, Inc ............................... 14,784 100 * Orthodontic Centers Of America, Inc ......... 1,070 2,100 Pall Corp ................................... 33,159 1,200 * Quintiles Transnational Corp ................ 11,412 200 * Renal Care Group, Inc ....................... 6,578 100 * Ribapharm, Inc .............................. 450 200 * SICOR, Inc .................................. 3,042 100 * Steris Corp ................................. 2,491 700 * Triad Hospitals, Inc ........................ 26,565 1,400 * Vertex Pharmaceuticals, Inc ................. 25,886 1,300 * Watson Pharmaceuticals, Inc ................. 31,863 2,800 * WEBMD CORP .................................. 14,140 ------------ TOTAL HEALTH CARE 945,447 ------------ OTHER--4.24% 1,000 Crane Co .................................... 19,760 4,000 Dover Corp .................................. 101,520 300 * Dun & Bradstreet Corp ....................... 10,083 800 First Industrial Realty Trust, Inc .......... 24,792 3,000 Fortune Brands, Inc ......................... 141,870 100 * Getty Images, Inc ........................... 2,006 400 * GTECH Holdings Corp ......................... 9,928 1,000 HON Industries, Inc ......................... 25,450 1,600 ITT Industries, Inc ......................... 99,728 1,500 Liberty Property Trust ...................... 46,500 2,700 Loews Corp .................................. 115,803 500 Manpower, Inc ............................... 14,670 1,000 Pentair, Inc ................................ 37,170 1,100 Pittston Brink's Group ...................... 24,640 6,000 Servicemaster Co ............................ 65,100 500 * SPX Corp .................................... 50,450 2,600 Supervalu, Inc .............................. 41,990 500 Teleflex, Inc ............................... 22,790 2,400 Textron, Inc ................................ 81,840 600 * TMP Worldwide, Inc .......................... 5,400 300 Viad Corp ................................... 6,129 ------------ TOTAL OTHER 947,619 ------------ PRODUCER DURABLES--3.49% 700 * AGCO Corp ................................... 16,240 400 * Allied Waste Industries, Inc ................ 2,940 1,000 American Water Works Co, Inc ................ 44,660 700 Cummins, Inc ................................ 16,534 1,400 Eaton Corp .................................. 89,236 100 * Flowserve Corp .............................. 1,000 1,000 * FMC Technologies, Inc ....................... 16,760 800 GATX Corp ................................... 15,840 800 Harsco Corp ................................. 21,752 1,000 Hubbell, Inc (Class B) ...................... 29,070 1,100 Navistar International Corp ................. 23,848 2,200 Paccar, Inc ................................. 74,338 2,300 Parker Hannifin Corp ........................ 87,883 1,100 Philadelphia Suburban Corp .................. 22,330 1,900 Pitney Bowes, Inc ........................... 57,931 3,000 * Republic Services, Inc ...................... 56,400 3,200 Rockwell Automation, Inc .................... 52,064 1,000 Timken Co ................................... 16,750 1,500 W.W. Grainger, Inc .......................... 63,825 14,300 * Xerox Corp .................................. 70,785 ------------ TOTAL PRODUCER DURABLES 780,186 ------------ TECHNOLOGY--5.47% 7,100 * 3Com Corp ................................... 27,974 400 * Acxiom Corp ................................. 5,672 1,000 * Adaptec, Inc ................................ 4,410 9,400 * ADC Telecommunications, Inc ................. 10,810 800 * Advanced Fibre Communications, Inc .......... 10,616 4,700 * Advanced Micro Devices, Inc ................. 25,098 14,600 * Agere Systems, Inc (Class B) ................ 14,454 300 * Alliance Data Systems Corp .................. 4,545 2,800 * American Power Conversion Corp .............. 26,768 600 * Amkor Technology, Inc ....................... 1,428 1,900 * Andrew Corp ................................. 12,445 7,100 * Apple Computer, Inc ......................... 102,950 2,900 * Applied Micro Circuits Corp ................. 8,294 1,500 * Arrow Electronics, Inc ...................... 18,945 2,400 * Atmel Corp .................................. 2,544 1,600 Autodesk, Inc ............................... 20,272 6,200 * Avaya, Inc .................................. 8,866 2,200 * Avnet, Inc .................................. 23,738 1,000 AVX Corp .................................... 8,660 2,200 * BMC Software, Inc ........................... 28,754 1,800 * Broadcom Corp (Class A) ..................... 19,224 600 * Ceridian Corp ............................... 8,550 600 * Checkfree Corp .............................. 6,828 4,200 * CIENA Corp .................................. 12,474 400 * Citrix Systems, Inc ......................... 2,412 8,000 Computer Associates International, Inc ...... 76,800 2,900 * Computer Sciences Corp ...................... 80,591 3,700 * Compuware Corp .............................. 11,285 1,800 * Comverse Technology, Inc .................... 12,582 2,600 * Conexant Systems, Inc ....................... 2,886 10,700 * Corning, Inc ................................ 17,120 600 * Cypress Semiconductor Corp .................. 3,936 1,400 Diebold, Inc ................................ 46,088 300 * Emulex Corp ................................. 3,378 200 Equifax, Inc ................................ 4,348 100 * Fairchild Semiconductor International, Inc (Class A) ................................. 947 3,500 * Gateway, Inc ................................ 10,395 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 47 Statement of Investments - INSTITUTIONAL MID-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(Continued) 600 Harris Corp ................................. $ 20,094 2,700 * i2 Technologies, Inc ........................ 1,404 2,900 IKON Office Solutions, Inc .................. 22,852 1,200 * Ingram Micro, Inc (Class A) ................. 15,960 1,000 * Integrated Device Technology, Inc ........... 10,440 200 * International Rectifier Corp ................ 3,124 800 * Intersil Corp (Class A) ..................... 10,368 400 * Iron Mountain, Inc .......................... 9,996 300 * Jabil Circuit, Inc .......................... 4,434 12,000 * JDS Uniphase Corp ........................... 23,376 800 * Juniper Networks, Inc ....................... 3,840 1,700 * Kemet Corp .................................. 14,535 3,700 * LSI Logic Corp .............................. 23,495 200 * Macromedia, Inc ............................. 1,546 400 Molex, Inc .................................. 9,408 600 * National Semiconductor Corp ................. 7,164 1,600 * NCR Corp .................................... 31,680 200 * Novellus Systems, Inc ....................... 4,162 100 * Perot Systems Corp (Class A) ................ 930 500 * Polycom, Inc ................................ 3,395 500 * Rational Software Corp ...................... 2,160 300 * RealNetworks, Inc ........................... 1,083 4,800 * Sanmina-SCI Corp ............................ 13,296 3,100 Scientific-Atlanta, Inc ..................... 38,781 8,200 * Solectron Corp .............................. 17,302 1,700 * Storage Technology Corp ..................... 17,867 1,000 * Sybase, Inc ................................. 11,620 2,300 Symbol Technologies, Inc .................... 17,641 700 * Tech Data Corp .............................. 18,480 1,400 * Tektronix, Inc .............................. 23,002 4,500 * Tellabs, Inc ................................ 18,315 800 * Teradyne, Inc ............................... 7,680 2,400 * Thermo Electron Corp ........................ 38,712 5,300 * Unisys Corp ................................. 37,100 2,200 * VeriSign, Inc ............................... 11,110 1,200 * Veritas Software Corp ....................... 17,604 2,400 * Vishay Intertechnology, Inc ................. 21,120 ------------ TOTAL TECHNOLOGY 1,222,163 ------------ TRANSPORTATION--1.74% 3,100 * AMR Corp .................................... 12,958 900 CNF, Inc .................................... 28,251 1,300 * Continental Airlines, Inc (Class B) ......... 7,007 4,200 CSX Corp .................................... 110,796 2,400 Delta Air Lines, Inc ........................ 22,296 100 * JetBlue Airways Corp ........................ 4,033 7,700 Norfolk Southern Corp ....................... 155,463 1,000 * Northwest Airlines Corp ..................... 6,680 1,100 Ryder System, Inc ........................... 27,423 400 Skywest, Inc ................................ 5,240 500 * Swift Transportation Co, Inc ................ 7,800 ------------ TOTAL TRANSPORTATION 387,947 ------------ UTILITIES--12.98% 4,900 * AES Corp .................................... 12,299 2,500 Allegheny Energy, Inc ....................... 32,750 1,500 Allete, Inc ................................. 32,400 1,800 Alliant Energy Corp ......................... 34,650 2,900 Ameren Corp ................................. 120,785 3,600 Aquila, Inc ................................. 14,760 4,900 * Calpine Corp ................................ 12,103 5,400 Centerpoint Energy, Inc ..................... 54,054 2,800 CenturyTel, Inc ............................. 62,804 3,300 Cinergy Corp ................................ 103,719 3,000 * Citizens Communications Co .................. 20,340 2,500 CMS Energy Corp ............................. 20,150 4,200 Consolidated Edison, Inc .................... 168,924 3,300 Constellation Energy Group, Inc ............. 81,807 2,500 DPL, Inc .................................... 41,125 3,200 DTE Energy Co ............................... 130,240 5,400 * Dynegy, Inc (Class A) ....................... 6,264 6,500 * Edison International ........................ 65,000 2,900 Energy East Corp ............................ 57,449 4,400 Entergy Corp ................................ 183,040 1,200 Equitable Resources, Inc .................... 41,460 5,500 FirstEnergy Corp ............................ 164,395 1,200 Great Plains Energy, Inc .................... 22,980 700 Hawaiian Electric Industries, Inc ........... 30,170 700 Idacorp, Inc ................................ 17,031 1,000 * IDT Corp .................................... 16,300 2,800 KeySpan Corp ................................ 93,800 700 Kinder Morgan, Inc .......................... 24,815 1,400 MDU Resources Group, Inc .................... 31,962 6,700 * Mirant Corp ................................. 14,807 1,400 National Fuel Gas Co ........................ 27,818 900 Nicor, Inc .................................. 25,380 4,100 NiSource, Inc ............................... 70,643 2,600 Northeast Utilities ......................... 43,940 1,100 NSTAR ....................................... 43,505 1,600 OGE Energy Corp ............................. 26,992 7,800 * P G & E Corp ................................ 87,828 700 Peoples Energy Corp ......................... 23,583 3,100 Pepco Holdings, Inc ......................... 61,845 1,500 Pinnacle West Capital Corp .................. 41,640 2,900 PPL Corp .................................... 94,366 4,100 Public Service Enterprise Group, Inc ........ 125,050 1,700 Puget Energy, Inc ........................... 34,697 1,500 Questar Corp ................................ 34,260 13,500 * Qwest Communications International, Inc ..... 30,780 1,000 * Reliant Resources, Inc ...................... 1,750 2,100 SCANA Corp .................................. 54,642 3,600 Sempra Energy ............................... 70,740 3,100 TECO Energy, Inc ............................ 49,228 1,000 Telephone & Data Systems, Inc ............... 50,450 300 * U.S. Cellular Corp .......................... 8,874 1,300 Vectren Corp ................................ 28,600 8,800 Williams Cos, Inc ........................... 19,888 2,300 Wisconsin Energy Corp ....................... 55,890 7,900 Xcel Energy, Inc ............................ 73,549 ------------ TOTAL UTILITIES 2,898,321 ------------ TOTAL COMMON STOCK (COST $23,928,040) 22,227,026 ------------ TOTAL PORTFOLIO--99.53% (COST $23,928,040) 22,227,026 OTHER ASSETS & LIABILITIES, NET--0.47% 104,973 ------------ NET ASSETS--100.00% $ 22,331,999 ============ - ---------- * Non-income producing At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $23,928,040. Net unrealized depreciation of portfolio investments aggregated $1,701,014 of which $76,367 related to appreciated portfolio investments and $1,777,381 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 48 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL MID-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.75% AEROSPACE AND DEFENSE--0.76% 400 * Alliant Techsystems, Inc .................... $ 27,700 1,300 Goodrich Corp ............................... 24,544 900 * L-3 Communications Holdings, Inc ............ 47,430 400 * PanAmSat Corp ............................... 6,940 1,500 PerkinElmer, Inc ............................ 8,175 700 Precision Castparts Corp .................... 15,176 2,400 Rockwell Collins, Inc ....................... 52,656 1,000 * Titan Corp .................................. 9,600 ------------ TOTAL AEROSPACE AND DEFENSE 192,221 ------------ BASIC INDUSTRIES--7.98% 1,300 * AK Steel Holding Corp ....................... 9,503 400 Albemarle Corp .............................. 10,116 1,100 Allegheny Technologies, Inc ................. 7,612 800 * American Standard Cos, Inc .................. 50,896 500 Aptargroup, Inc ............................. 13,435 1,300 Avery Dennison Corp ......................... 74,074 800 Ball Corp ................................... 40,312 700 Bemis Co .................................... 34,580 1,100 Black & Decker Corp ......................... 46,123 700 Boise Cascade Corp .......................... 15,960 700 Bowater, Inc ................................ 24,710 800 Cabot Corp .................................. 16,800 800 Centex Corp ................................. 35,480 1,200 Clayton Homes, Inc .......................... 13,176 300 Consol Energy, Inc .......................... 3,798 1,500 D.R. Horton, Inc ............................ 27,930 1,000 Eastman Chemical Co ......................... 38,170 1,700 Ecolab, Inc ................................. 70,941 1,700 Engelhard Corp .............................. 40,511 1,100 Fluor Corp .................................. 26,884 1,000 * Freeport-McMoRan Copper & Gold, Inc (Class A) ................................. 13,460 3,100 Georgia-Pacific Corp ........................ 40,579 1,100 * Hercules, Inc ............................... 10,131 1,400 IMC Global, Inc ............................. 16,870 600 * Jacobs Engineering Group, Inc ............... 18,528 600 KB Home ..................................... 29,304 400 Lafarge North America, Inc .................. 11,588 700 Lennar Corp ................................. 39,046 700 Lubrizol Corp ............................... 19,789 1,700 Lyondell Chemical Co ........................ 20,298 600 Martin Marietta Materials, Inc .............. 19,542 2,700 MeadWestvaco Corp ........................... 51,867 3,500 Monsanto Co ................................. 53,515 4,500 Newmont Mining Corp ......................... 123,795 1,000 Nucor Corp .................................. 37,900 100 * NVR, Inc .................................... 29,983 400 OM Group, Inc ............................... 17,120 1,500 * Owens-Illinois, Inc ......................... 16,980 800 * Packaging Corp Of America ................... 14,008 2,100 * Pactiv Corp ................................. 34,545 300 Peabody Energy Corp ......................... 7,650 1,100 * Phelps Dodge Corp ........................... 28,193 2,400 Plum Creek Timber Co, Inc ................... 54,264 2,200 PPG Industries, Inc ......................... 98,340 2,200 Praxair, Inc ................................ 112,442 600 Pulte Homes, Inc ............................ 25,578 400 Rayonier, Inc ............................... 16,764 2,100 Rohm & Haas Co .............................. 65,100 1,500 RPM, Inc .................................... 21,090 400 Ryland Group, Inc ........................... 14,868 1,100 * Sealed Air Corp ............................. 18,579 600 * Shaw Group, Inc ............................. 8,520 1,700 Sherwin-Williams Co ......................... 40,256 1,000 Sigma-Aldrich Corp .......................... 49,270 2,300 * Smurfit-Stone Container Corp ................ 28,911 800 Snap-On, Inc ................................ 18,384 1,300 Sonoco Products Co .......................... 27,703 900 Stanley Works ............................... 29,403 600 Temple-Inland, Inc .......................... 23,178 600 * Toll Brothers, Inc .......................... 13,044 1,300 United States Steel Corp .................... 15,093 700 Valspar Corp ................................ 26,110 1,300 Vulcan Materials Co ......................... 47,008 500 York International Corp ..................... 14,100 ------------ TOTAL BASIC INDUSTRIES 2,023,707 ------------ CONSUMER CYCLICAL--14.80% 500 * 99 Cents Only Stores ........................ 10,350 1,100 * Abercrombie & Fitch Co (Class A) ............ 21,637 200 * Advance Auto Parts .......................... 10,548 300 * American Axle & Manufacturing Holdings, Inc . 7,494 700 * American Eagle Outfitters, Inc .............. 8,442 900 * American Greetings Corp (Class A) ........... 14,490 1,600 * Apollo Group, Inc (Class A) ................. 69,488 200 * Apollo Group, Inc (University Of Phoenix Online) ........................... 6,430 700 Applebee's International, Inc ............... 15,344 900 ArvinMeritor, Inc ........................... 16,830 1,300 Autoliv, Inc ................................ 27,404 3,900 * Bed Bath & Beyond, Inc ...................... 127,023 1,200 Belo Corp (Class A) ......................... 26,256 1,500 * Big Lots, Inc ............................... 23,745 400 Blockbuster, Inc (Class A) .................. 9,920 400 BorgWarner, Inc ............................. 19,856 1,300 * Brinker International, Inc .................. 33,670 1,200 Brunswick Corp .............................. 25,248 1,800 * Cablevision Systems Corp (Class A) .......... 16,308 900 Callaway Golf Co ............................ 9,360 500 * Catalina Marketing Corp ..................... 14,040 700 CBRL Group, Inc ............................. 15,974 300 * CEC Entertainment, Inc ...................... 10,233 1,700 * Charter Communications, Inc (Class A) ....... 3,162 1,000 * Chico's FAS, Inc ............................ 15,930 200 * Columbia Sportswear Co ...................... 6,944 900 Cooper Tire & Rubber Co ....................... 14,526 900 * Copart, Inc ................................. 9,765 400 * Cox Radio, Inc (Class A) .................... 10,464 400 * Cumulus Media, Inc (Class A) ................ 7,060 2,000 Dana Corp ................................... 26,160 2,300 Darden Restaurants, Inc ..................... 55,752 7,400 Delphi Corp ................................. 63,270 900 Dillard's, Inc (Class A) .................... 18,162 3,700 Dollar General Corp ......................... 49,654 1,500 * Dollar Tree Stores, Inc ..................... 33,060 500 Donaldson Co, Inc ........................... 17,165 600 Dow Jones & Co, Inc ......................... 23,046 3,900 Eastman Kodak Co ............................ 106,236 500 * Emmis Communications Corp (Class A) ......... 9,500 500 * Entercom Communications Corp ................ 23,685 600 * Entravision Communications Corp (Class A) ... 7,950 1,000 * Extended Stay America, Inc .................. 12,700 2,100 Family Dollar Stores, Inc ................... 56,448 2,700 * Federated Department Stores, Inc ............ 79,488 1,900 * Foot Locker, Inc ............................ 18,981 300 Forest City Enterprises, Inc (Class A) ...... 9,750 3,000 * Gemstar-TV Guide International, Inc ......... 7,560 1,000 * Gentex Corp ................................. 27,190 2,300 Genuine Parts Co ............................ 70,472 1,900 Goodyear Tire & Rubber Co ................... 16,891 600 Graco, Inc .................................. 14,880 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 49 Statement of Investments - INSTITUTIONAL MID-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER CYCLICAL--(Continued) 300 Harman International Industries, Inc ........ $ 15,525 1,500 * Harrah's Entertainment, Inc ................. 72,315 800 Harte-Hanks, Inc ............................ 14,888 200 * Hearst-Argyle Television, Inc ............... 4,968 4,400 Hilton Hotels Corp .......................... 50,072 800 * Hispanic Broadcasting Corp .................. 14,920 500 * Interactive Data Corp ....................... 6,125 1,200 * International Game Technology ............... 82,968 400 International Speedway Corp (Class A) ....... 15,892 3,600 J.C. Penney Co, Inc ......................... 57,312 1,200 Johnson Controls, Inc ....................... 92,184 1,600 * Jones Apparel Group, Inc .................... 49,120 1,100 Knight Ridder, Inc .......................... 62,051 600 * Krispy Kreme Doughnuts, Inc ................. 18,756 1,000 * Lamar Advertising Co ........................ 30,350 700 La-Z-Boy, Inc ............................... 16,240 900 * Lear Corp ................................... 37,485 600 Lee Enterprises, Inc ........................ 19,716 2,600 Leggett & Platt, Inc ........................ 51,454 200 * Lin TV Corp (Class A) ....................... 4,950 1,400 Liz Claiborne, Inc .......................... 34,930 500 * Mandalay Resort Group ....................... 16,775 2,600 Marriott International, Inc (Class A) ....... 75,374 3,800 May Department Stores Co .................... 86,526 1,000 Maytag Corp ................................. 23,180 200 McClatchy Co (Class A) ...................... 12,190 200 Media General, Inc (Class A) ................ 10,170 500 Meredith Corp ............................... 21,525 600 * Metro-Goldwyn-Mayer, Inc .................... 7,170 900 * MGM Mirage .................................. 33,570 900 * Michaels Stores, Inc ........................ 41,130 700 * Mohawk Industries, Inc ...................... 34,755 400 * MSC Industrial Direct Co (Class A) .......... 4,248 500 * Neiman Marcus Group, Inc (Class A) .......... 13,125 1,800 New York Times Co (Class A) ................. 81,810 1,300 Nordstrom, Inc .............................. 23,322 500 * O'Reilly Automotive, Inc .................... 14,310 800 * Outback Steakhouse, Inc ..................... 21,984 3,600 * Park Place Entertainment Corp ............... 28,620 600 * Performance Food Group Co ................... 20,376 1,300 Pier 1 Imports, Inc ......................... 24,791 200 * Pixar, Inc .................................. 9,620 300 Polaris Industries, Inc ..................... 18,600 400 * Polo Ralph Lauren Corp ...................... 8,312 1,400 R.R. Donnelley & Sons Co .................... 32,914 1,000 * Radio One, Inc (Class D) .................... 16,490 1,300 Reader's Digest Association, Inc (Class A) .. 20,345 700 * Reebok International Ltd .................... 17,535 200 * Regal Entertainment Group (Class A) ......... 3,560 500 * Rent-A-Center, Inc .......................... 25,975 1,000 Ross Stores, Inc ............................ 35,640 900 Ruby Tuesday, Inc ........................... 16,902 1,600 * Saks, Inc ................................... 16,848 400 * Scholastic Corp ............................. 17,872 300 * Scotts Co (Class A) ......................... 12,507 400 Scripps (E.W.) Co (Class A) ................. 27,720 1,100 * Six Flags, Inc .............................. 3,872 300 * Sonic Automotive, Inc ....................... 5,310 5,100 * Starbucks Corp .............................. 105,264 400 Steelcase, Inc (Class A) .................... 4,188 300 Talbots, Inc ................................ 8,400 700 * The Cheesecake Factory, Inc ................. 20,881 1,500 Tiffany & Co ................................ 32,145 200 * Timberland Co (Class A) ..................... 6,336 1,400 TRW, Inc .................................... 81,970 1,000 * UnitedGlobalcom, Inc (Class A) .............. 1,640 2,000 * Univision Communications, Inc (Class A) ..... 45,600 700 * Valassis Communications, Inc ................ 24,549 1,100 VF Corp ..................................... 39,578 1,700 Visteon Corp ................................ 16,099 50 Washington Post Co (Class B) ................ 32,450 1,500 Wendy's International, Inc .................. 49,665 1,000 * Westwood One, Inc ........................... 35,750 900 Whirlpool Corp .............................. 41,274 600 Wiley (John) & Sons, Inc (Class A) .......... 13,206 1,200 * Williams-Sonoma, Inc ........................ 28,356 5,200 * Yahoo!, Inc ................................. 49,764 3,900 * Yum! Brands, Inc ............................ 108,069 400 * Zale Corp ................................... 12,064 ------------ TOTAL CONSUMER CYCLICAL 3,750,383 ------------ CONSUMER NON-CYCLICAL--7.68% 500 Alberto-Culver Co (Class B) ................. 24,515 2,500 * Amazon.Com, Inc ............................. 39,825 400 * Aramark Corp (Class B) ...................... 8,400 7,600 Archer Daniels Midland Co ................... 95,076 2,600 * Autonation, Inc ............................. 29,952 1,000 * Autozone, Inc ............................... 78,860 600 * Barnes & Noble, Inc ......................... 12,696 900 * BJ's Wholesale Club, Inc .................... 17,109 1,100 * Borders Group, Inc .......................... 17,380 500 Brown-Forman Corp (Class B) ................. 33,475 800 * CDW Computer Centers, Inc ................... 33,888 500 Church & Dwight Co, Inc ..................... 16,575 500 * Circuit City Stores, Inc (Carmax Group) ..... 8,025 2,800 Circuit City Stores, Inc (Circuit City Group) ............................... 42,420 2,200 Clorox Co ................................... 88,396 1,200 * Coach, Inc .................................. 30,720 3,100 Coca-Cola Enterprises, Inc .................. 65,844 1,000 * Constellation Brands, Inc (Class A) ......... 23,100 400 Coors (Adolph) Co (Class B) ................. 22,520 1,200 * Dean Foods Co ............................... 47,736 1,300 Dial Corp ................................... 27,898 600 Dole Food Co ................................ 17,418 200 Dreyer's Grand Ice Cream, Inc ............... 13,972 1,200 * Energizer Holdings, Inc ..................... 36,480 1,400 Estee Lauder Cos (Class A) .................. 40,236 400 Ethan Allen Interiors, Inc .................. 12,944 100 * Expedia, Inc (Class A) ...................... 5,065 800 Fastenal Co ................................. 25,264 700 * Furniture Brands International, Inc ......... 16,065 200 * Gamestop Corp ............................... 4,090 1,900 Hasbro, Inc ................................. 21,147 1,000 Herman Miller, Inc .......................... 17,760 1,300 Hershey Foods Corp .......................... 80,665 1,000 Hormel Foods Corp ........................... 21,880 1,000 International Flavors & Fragrances, Inc ..... 31,850 400 Lancaster Colony Corp ....................... 16,848 300 Loews Corp (Carolina Group) ................. 5,643 5,800 Mattel, Inc ................................. 104,458 1,800 McCormick & Co, Inc (Non-Vote) .............. 41,040 3,500 Newell Rubbermaid, Inc ...................... 108,045 4,100 * Office Depot, Inc ........................... 50,594 100 * PayPal, Inc ................................. 2,091 2,300 Pepsi Bottling Group, Inc ................... 53,820 1,100 PepsiAmericas Inc ........................... 15,620 200 * Petco Animal Supplies, Inc .................. 4,338 1,800 * Petsmart, Inc ............................... 32,058 1,200 R.J. Reynolds Tobacco Holdings, Inc ......... 48,384 2,300 * RadioShack Corp ............................. 46,138 SEE NOTES TO FINANCIAL STATEMENTS 50 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL MID-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER NON-CYCLICAL--(Continued) 5,400 * Rite Aid Corp ............................... $ 11,340 1,500 * Smithfield Foods, Inc ....................... 23,550 6,200 * Staples, Inc ................................ 79,298 400 * Ticketmaster (Class B) ...................... 6,100 300 Tootsie Roll Industries, Inc ................ 8,916 2,600 * Toys "R" Us, Inc ............................ 26,468 3,000 Tyson Foods, Inc (Class A) .................. 34,890 2,200 UST, Inc .................................... 62,062 300 * Weight Watchers International, Inc .......... 13,008 700 * Whole Foods Market, Inc ..................... 29,988 900 Winn-Dixie Stores, Inc ...................... 11,808 ------------ TOTAL CONSUMER NON-CYCLICAL 1,945,751 ------------ ENERGY--5.67% 900 Amerada Hess Corp ........................... 61,092 1,800 Apache Corp ................................. 107,010 900 Ashland, Inc ................................ 24,111 2,100 * BJ Services Co .............................. 54,600 2,700 Burlington Resources, Inc ................... 103,572 600 * Cooper Cameron Corp ......................... 25,056 1,900 Devon Energy Corp ........................... 91,675 700 Diamond Offshore Drilling, Inc .............. 13,965 2,000 ENSCO International, Inc .................... 50,080 1,500 EOG Resources, Inc .......................... 53,940 400 * Forest Oil Corp ............................. 10,200 1,200 * Grant Prideco, Inc .......................... 10,248 5,800 Halliburton Co .............................. 74,878 700 Helmerich & Payne, Inc ...................... 23,961 1,300 Kerr-McGee Corp ............................. 56,472 4,100 Marathon Oil Corp ........................... 92,988 500 Murphy Oil Corp ............................. 41,035 1,100 * National-Oilwell, Inc ....................... 21,318 600 * Newfield Exploration Co ..................... 20,154 800 Noble Energy, Inc ........................... 27,176 2,300 Ocean Energy, Inc ........................... 45,885 900 * Patterson-UTI Energy, Inc ................... 22,959 1,100 * Pennzoil-Quaker State Co .................... 24,167 1,500 * Pioneer Natural Resources Co ................ 36,375 800 Pogo Producing Co ........................... 27,248 300 * Premcor, Inc ................................ 4,707 1,500 * Pride International, Inc .................... 19,500 1,200 Rowan Cos, Inc .............................. 22,368 1,300 * Smith International, Inc .................... 38,103 900 Sunoco, Inc ................................. 27,144 700 Tidewater, Inc .............................. 18,893 3,300 Unocal Corp ................................. 103,587 1,300 Valero Energy Corp .......................... 34,411 1,000 * Varco International, Inc .................... 16,920 1,500 XTO Energy, Inc ............................. 30,915 ------------ TOTAL ENERGY 1,436,713 ------------ FINANCIAL SERVICES--20.70% 200 21st Century Insurance Group ................ 2,062 1,100 A.G. Edwards, Inc ........................... 35,178 300 * Affiliated Managers Group, Inc .............. 13,383 50 * Alleghany Corp .............................. 9,475 1,300 Allied Capital Corp ......................... 28,457 700 Allmerica Financial Corp .................... 8,400 1,100 AMB Property Corp ........................... 31,790 1,100 Ambac Financial Group, Inc .................. 59,279 400 American Financial Group, Inc ............... 9,208 100 American National Insurance Co .............. 6,901 1,100 * AmeriCredit Corp ............................ 8,877 500 AmerUs Group Co ............................. 14,180 4,800 AmSouth Bancorp ............................. 99,552 1,100 Annaly Mortgage Management, Inc ............. 20,295 3,200 AON Corp .................................... 65,568 1,100 Apartment Investment & Management Co (Class A) ................................. 42,735 2,300 Archstone-Smith Trust ....................... 54,924 800 Arden Realty, Inc ........................... 18,920 1,000 Associated Banc-Corp ........................ 31,730 1,100 Astoria Financial Corp ...................... 26,840 800 AvalonBay Communities, Inc .................. 33,440 1,100 Bancorpsouth, Inc ........................... 21,670 900 Bank Of Hawaii Corp ......................... 25,110 2,000 Banknorth Group, Inc ........................ 47,500 1,300 Bear Stearns Cos, Inc ....................... 73,320 500 Berkley (W.R.) Corp ......................... 17,000 200 * Blackrock, Inc .............................. 8,284 200 * BOK Financial Corp .......................... 6,500 900 Boston Properties, Inc ...................... 33,480 600 BRE Properties, Inc (Class A) ............... 18,450 600 Brown & Brown, Inc .......................... 18,000 500 Camden Property Trust ....................... 16,575 300 Capitol Federal Financial ................... 6,648 700 CarrAmerica Realty Corp ..................... 17,619 1,100 * Catellus Development Corp ................... 20,295 300 Centerpoint Properties Corp ................. 16,650 3,100 Charter One Financial, Inc .................. 92,132 1,100 * ChoicePoint, Inc ............................ 39,204 1,800 Cincinnati Financial Corp ................... 64,044 600 Citizens Banking Corp ....................... 14,502 500 City National Corp .......................... 23,385 400 * CNA Financial Corp .......................... 10,000 1,600 Colonial Bancgroup, Inc ..................... 19,840 800 Commerce Bancorp, Inc ....................... 33,208 800 Commerce Bancshares, Inc .................... 31,256 1,700 Compass Bancshares, Inc ..................... 50,133 1,400 Countrywide Credit Industries, Inc .......... 66,010 500 Cousins Properties, Inc ..................... 11,500 1,100 Crescent Real Estate Equities Co ............ 17,270 700 Cullen/Frost Bankers, Inc ................... 23,905 700 Developers Diversified Realty Corp .......... 15,407 750 Doral Financial Corp ........................ 18,105 300 Downey Financial Corp ....................... 10,275 1,800 Duke Realty Corp ............................ 44,316 3,700 * E*trade Group, Inc .......................... 16,465 800 Eaton Vance Corp ............................ 22,112 3,600 Equity Residential .......................... 86,184 300 Erie Indemnity Co (Class A) ................. 12,498 1,100 Federated Investors, Inc (Class B) .......... 29,689 1,300 Fidelity National Financial, Inc ............ 37,362 1,000 First American Corp ......................... 20,430 700 First Midwest Bancorp, Inc .................. 18,802 1,700 First Tennessee National Corp ............... 58,939 1,000 First Virginia Banks, Inc ................... 37,300 1,100 FirstMerit Corp ............................. 23,562 600 FNB Corp .................................... 16,812 1,200 Fulton Financial Corp ....................... 22,560 1,100 Gallagher (Arthur J.) & Co .................. 27,115 800 General Growth Properties, Inc .............. 41,200 1,000 Golden State Bancorp, Inc ................... 32,320 600 Greater Bay Bancorp ......................... 10,914 1,100 Greenpoint Financial Corp ................... 45,914 800 HCC Insurance Holdings, Inc ................. 19,208 800 Health Care Property Investors, Inc ......... 34,080 2,100 Hibernia Corp (Class A) ..................... 41,979 700 Highwoods Properties, Inc ................... 16,380 800 Hospitality Properties Trust ................ 26,496 3,100 * Host Marriott Corp .......................... 28,768 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 51 Statement of Investments - INSTITUTIONAL MID-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(Continued) 1,000 Hudson City Bancorp, Inc .................... $ 16,230 600 Hudson United Bancorp ....................... 15,960 3,300 Huntington Bancshares, Inc .................. 60,027 700 Independence Community Bank Corp ............ 17,563 800 * IndyMac Bancorp, Inc ........................ 15,416 600 Instinet Group, Inc ......................... 1,860 700 * Investment Technology Group, Inc ............ 20,482 900 Investors Financial Services Corp ........... 24,363 600 iStar Financial, Inc ........................ 16,752 2,000 Jefferson-Pilot Corp ........................ 80,200 300 John Nuveen Co (Class A) .................... 6,825 1,200 Kimco Realty Corp ........................... 37,320 600 * LaBranche & Co, Inc ......................... 12,150 900 Legg Mason, Inc ............................. 38,304 500 Leucadia National Corp ...................... 17,000 2,500 Lincoln National Corp ....................... 76,375 1,100 M & T Bank Corp ............................. 86,691 600 Mack-Cali Realty Corp ....................... 19,278 100 * Markel Corp ................................. 19,918 2,800 Marshall & Ilsley Corp ...................... 78,092 2,000 MBIA, Inc ................................... 79,900 900 Mercantile Bankshares Corp .................. 34,353 400 Mercury General Corp ........................ 17,120 1,200 MGIC Investment Corp ........................ 48,996 600 MONY Group, Inc ............................. 14,802 2,700 National Commerce Financial Corp ............ 67,635 300 Nationwide Financial Services, Inc (Class A) ................................. 8,010 700 Neuberger Berman, Inc ....................... 18,865 1,300 New Plan Excel Realty Trust ................. 23,972 1,400 New York Community Bancorp, Inc ............. 39,438 2,200 North Fork Bancorp, Inc ..................... 83,248 800 Old National Bancorp ........................ 19,888 1,600 Old Republic International Corp ............. 45,408 200 Park National Corp .......................... 18,740 300 People's Bank ............................... 6,729 1,300 Phoenix Cos, Inc ............................ 17,706 1,200 PMI Group, Inc .............................. 32,652 1,600 Popular, Inc ................................ 50,560 2,100 Prologis .................................... 52,311 900 Protective Life Corp ........................ 27,693 600 Provident Financial Group, Inc .............. 15,054 3,500 * Providian Financial Corp .................... 17,150 1,300 Public Storage, Inc ......................... 41,470 1,200 Radian Group, Inc ........................... 39,192 500 Raymond James Financial, Inc ................ 13,535 700 Reckson Associates Realty Corp .............. 15,939 300 Regency Centers Corp ........................ 9,300 3,100 Regions Financial Corp ...................... 101,277 200 Reinsurance Group Of America, Inc ........... 5,168 1,000 Roslyn Bancorp, Inc ......................... 17,410 1,000 Rouse Co .................................... 31,950 1,700 Safeco Corp ................................. 54,026 1,000 SEI Investments Co .......................... 23,880 600 * Silicon Valley Bancshares ................... 10,158 1,700 Simon Property Group, Inc ................... 60,741 900 Sky Financial Group, Inc .................... 17,919 4,600 SouthTrust Corp ............................. 111,550 3,400 Sovereign Bancorp, Inc ...................... 43,860 400 St. Joe Co .................................. 11,040 3,000 St. Paul Cos, Inc ........................... 86,160 400 Stancorp Financial Group, Inc ............... 21,160 2,700 Starwood Hotels & Resorts Worldwide, Inc .... 60,210 2,900 Stilwell Financial, Inc ..................... 35,003 100 Student Loan Corp ........................... 9,048 3,900 Synovus Financial Corp ...................... 80,418 1,400 T Rowe Price Group, Inc ..................... 34,944 1,000 TCF Financial Corp .......................... 42,330 1,600 Torchmark Corp .............................. 54,816 300 Transatlantic Holdings, Inc ................. 19,935 1,200 Trizec Properties, Inc ...................... 13,620 600 Trustmark Corp .............................. 13,680 2,700 Union Planters Corp ......................... 74,142 700 UnionBanCal Corp ............................ 29,407 1,400 United Dominion Realty Trust, Inc ........... 22,274 700 * United Rentals, Inc ......................... 5,908 600 Unitrin, Inc ................................ 18,420 3,200 UnumProvident Corp .......................... 65,120 1,300 Valley National Bancorp ..................... 34,580 1,000 Vornado Realty Trust ........................ 39,450 1,000 Waddell & Reed Financial, Inc (Class A) ..... 17,660 800 Washington Federal, Inc ..................... 17,852 700 Webster Financial Corp ...................... 23,506 600 Weingarten Realty Investors ................. 21,960 500 Westamerica Bancorp ......................... 20,140 500 Whitney Holding Corp ........................ 16,040 900 Wilmington Trust Corp ....................... 26,028 1,200 Zions Bancorp ............................... 52,236 ------------ TOTAL FINANCIAL SERVICES 5,245,374 ------------ HEALTH CARE--13.19% 400 * Accredo Health, Inc ......................... 19,072 1,000 * AdvancePCS .................................. 22,530 1,900 Aetna, Inc .................................. 68,039 700 * Affymetrix, Inc ............................. 14,560 1,900 Allergan, Inc ............................... 103,360 1,400 AmerisourceBergen Corp ...................... 99,988 200 * AMN Healthcare Services, Inc ................ 3,700 800 * Andrx Corp .................................. 17,720 1,900 * Anthem, Inc ................................. 123,500 1,300 * Apogent Technologies, Inc ................... 24,258 2,800 Applera Corp (Applied Biosystems Group) ..... 51,240 700 Bard (C.R.), Inc ............................ 38,241 400 * Barr Laboratories, Inc ...................... 24,916 700 Bausch & Lomb, Inc .......................... 23,219 800 Beckman Coulter, Inc ........................ 30,960 3,400 Becton Dickinson & Co ....................... 96,560 2,000 * Biogen, Inc ................................. 58,540 3,600 Biomet, Inc ................................. 95,868 2,900 * Caremark Rx, Inc ............................ 49,300 1,000 * Celgene Corp ................................ 16,840 600 * Cephalon, Inc ............................... 24,492 400 * Cerner Corp ................................. 14,084 600 * Charles River Laboratories International, Inc ........................ 23,550 1,200 * Chiron Corp ................................. 41,928 700 * Community Health Systems, Inc ............... 18,641 500 * Coventry Health Care, Inc ................... 16,250 1,600 * Cytyc Corp .................................. 17,152 800 * DaVita, Inc ................................. 18,880 900 Dentsply International, Inc ................. 36,153 300 Diagnostic Products Corp .................... 13,800 800 * Edwards Lifesciences Corp ................... 20,472 800 * Express Scripts, Inc (Class A) .............. 43,616 1,300 * First Health Group Corp ..................... 35,256 700 * Fisher Scientific International, Inc ........ 21,245 2,600 * Genzyme Corp (General Division) ............. 53,586 2,300 * Gilead Sciences, Inc ........................ 77,119 3,200 * Health Management Associates, Inc (Class A) . 64,704 1,400 * Health Net, Inc ............................. 30,030 5,200 * Healthsouth Corp ............................ 21,580 500 * Henry Schein, Inc ........................... 26,375 SEE NOTES TO FINANCIAL STATEMENTS 52 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL MID-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(Continued) 700 Hillenbrand Industries, Inc ................. $ 38,010 1,600 * Human Genome Sciences, Inc .................. 19,296 2,200 * Humana, Inc ................................. 27,280 1,100 ICN Pharmaceuticals, Inc .................... 9,966 700 * ICOS Corp ................................... 14,679 1,500 * IDEC Pharmaceuticals Corp ................... 62,280 3,800 IMS Health, Inc ............................. 56,886 700 * Invitrogen Corp ............................. 23,849 2,000 * IVAX Corp ................................... 24,540 3,300 * King Pharmaceuticals, Inc ................... 59,961 1,900 * Laboratory Corp Of America Holdings ......... 64,182 500 * LifePoint Hospitals, Inc .................... 15,594 1,400 * Lincare Holdings, Inc ....................... 43,456 1,300 * Manor Care, Inc ............................. 29,224 3,600 McKesson Corp ............................... 101,988 400 * Medicis Pharmaceutical Corp (Class A) ....... 16,348 3,300 * Medimmune, Inc .............................. 69,036 600 * Mid Atlantic Medical Services, Inc .......... 21,720 3,700 * Millennium Pharmaceuticals, Inc ............. 34,484 600 * Millipore Corp .............................. 19,074 1,700 Mylan Laboratories, Inc ..................... 55,658 1,100 Omnicare, Inc ............................... 23,232 600 * Orthodontic Centers Of America, Inc ......... 6,420 1,200 * Oxford Health Plans, Inc .................... 46,728 1,500 Pall Corp ................................... 23,685 700 * Patterson Dental Co ......................... 35,826 600 * Pharmaceutical Product Development, Inc ..... 11,604 1,000 * Quest Diagnostics, Inc ...................... 61,530 1,600 * Quintiles Transnational Corp ................ 15,216 700 * Renal Care Group, Inc ....................... 23,023 400 * Ribapharm, Inc .............................. 1,800 1,000 * SICOR, Inc .................................. 15,210 2,300 * St. Jude Medical, Inc ....................... 82,110 900 * Steris Corp ................................. 22,419 1,800 Stryker Corp ................................ 103,680 1,000 * Triad Hospitals, Inc ........................ 37,950 700 * Universal Health Services, Inc (Class B) .... 35,805 900 * Varian Medical Systems, Inc ................. 38,691 1,000 * Vertex Pharmaceuticals, Inc ................. 18,490 1,700 * Waters Corp ................................. 41,225 1,300 * Watson Pharmaceuticals, Inc ................. 31,863 3,800 * WebMD Corp .................................. 19,190 1,900 * Wellpoint Health Networks, Inc .............. 139,270 2,600 * Zimmer Holdings, Inc ........................ 99,684 ------------ TOTAL HEALTH CARE 3,343,486 ------------ OTHER--4.37% 600 * Career Education Corp ....................... 28,805 1,600 Cintas Corp ................................. 67,072 700 Crane Co .................................... 13,832 800 * DeVry, Inc .................................. 14,896 2,700 Dover Corp .................................. 68,526 1,000 * Dun & Bradstreet Corp ....................... 33,610 300 * Education Management Corp ................... 13,281 500 First Industrial Realty Trust, Inc .......... 15,495 2,000 Fortune Brands, Inc ......................... 94,580 400 * Getty Images, Inc ........................... 8,024 800 * GTECH Holdings Corp ......................... 19,856 2,400 H & R Block, Inc ............................ 100,824 800 HON Industries, Inc ......................... 20,360 100 * Hotels.Com (Class A) ........................ 5,058 1,200 ITT Industries, Inc ......................... 74,796 1,000 Liberty Property Trust ...................... 31,000 1,800 Loews Corp .................................. 77,202 1,000 Manpower, Inc ............................... 29,340 1,700 Moody's Corp ................................ 82,450 700 Pentair, Inc ................................ 26,019 700 Pittston Brink's Group ...................... 15,680 2,000 * Robert Half International, Inc .............. 31,740 4,000 Servicemaster Co ............................ 43,400 500 * SPX Corp .................................... 50,450 1,800 Supervalu, Inc .............................. 29,070 500 Teleflex, Inc ............................... 22,790 1,600 Textron, Inc ................................ 54,560 1,100 * TMP Worldwide, Inc .......................... 9,900 1,200 Viad Corp ................................... 24,516 ------------ TOTAL OTHER 1,107,132 ------------ PRODUCER DURABLES--2.80% 1,000 * AGCO Corp ................................... 23,200 1,800 * Allied Waste Industries, Inc ................ 13,230 700 American Water Works Co, Inc ................ 31,262 500 Cummins, Inc ................................ 11,810 1,500 Danaher Corp ................................ 85,275 900 Eaton Corp .................................. 57,366 700 * Flowserve Corp .............................. 7,000 800 * FMC Technologies, Inc ....................... 13,408 600 GATX Corp ................................... 11,880 500 Harsco Corp ................................. 13,595 700 Hubbell, Inc (Class B) ...................... 20,349 400 * National Instruments Corp ................... 8,756 700 Navistar International Corp ................. 15,176 1,400 Paccar, Inc ................................. 47,306 1,600 Parker Hannifin Corp ........................ 61,136 800 Philadelphia Suburban Corp .................. 16,240 3,200 Pitney Bowes, Inc ........................... 97,568 2,000 * Republic Services, Inc ...................... 37,600 2,200 Rockwell Automation, Inc .................... 35,794 700 Timken Co ................................... 11,725 1,000 W.W. Grainger, Inc .......................... 42,550 9,500 * Xerox Corp .................................. 47,025 ------------ TOTAL PRODUCER DURABLES 709,251 ------------ TECHNOLOGY--11.99% 4,700 * 3Com Corp ................................... 18,518 700 * Activision, Inc ............................. 16,751 1,000 * Acxiom Corp ................................. 14,180 1,400 * Adaptec, Inc ................................ 6,174 10,500 * ADC Telecommunications, Inc ................. 12,075 3,200 Adobe Systems, Inc .......................... 61,120 1,100 * Advanced Fibre Communications, Inc .......... 14,597 4,500 * Advanced Micro Devices, Inc ................. 24,030 400 * Advent Software, Inc ........................ 4,580 1,300 * Affiliated Computer Services, Inc (Class A) . 55,315 21,700 * Agere Systems, Inc (Class B) ................ 21,483 800 * Alliance Data Systems Corp .................. 12,120 5,100 * Altera Corp ................................. 44,217 2,200 * American Power Conversion Corp .............. 21,032 1,200 * Amkor Technology, Inc ....................... 2,856 300 * Amphenol Corp (Class A) ..................... 9,300 1,300 * Andrew Corp ................................. 8,515 4,700 * Apple Computer, Inc ......................... 68,150 4,000 * Applied Micro Circuits Corp ................. 11,440 1,300 * Arrow Electronics, Inc ...................... 16,419 5,400 * Atmel Corp .................................. 5,724 1,500 Autodesk, Inc ............................... 19,005 4,800 * Avaya, Inc .................................. 6,864 1,500 * Avnet, Inc .................................. 16,185 700 AVX Corp .................................... 6,062 4,800 * BEA Systems, Inc ............................ 24,864 1,900 * BearingPoint, Inc ........................... 12,274 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 53 Statement of Investments - INSTITUTIONAL MID-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(Continued) 1,500 * Bisys Group, Inc ............................ $ 25,065 3,200 * BMC Software, Inc ........................... 41,824 2,600 * Broadcom Corp (Class A) ..................... 27,768 3,100 * Brocade Communications Systems, Inc ......... 23,343 3,500 * Cadence Design Systems, Inc ................. 35,595 2,000 * Ceridian Corp ............................... 28,500 800 * Certegy, Inc ................................ 16,080 800 * Checkfree Corp .............................. 9,104 5,700 * CIENA Corp .................................. 16,929 2,400 * Citrix Systems, Inc ......................... 14,472 6,000 Computer Associates International, Inc ...... 57,600 2,200 * Computer Sciences Corp ...................... 61,138 4,400 * Compuware Corp .............................. 13,420 2,500 * Comverse Technology, Inc .................... 17,475 3,400 * Conexant Systems, Inc ....................... 3,774 2,300 * Convergys Corp .............................. 34,569 12,600 * Corning, Inc ................................ 20,160 700 * CSG Systems International, Inc .............. 7,630 400 * Cymer, Inc .................................. 7,456 1,600 * Cypress Semiconductor Corp .................. 10,496 800 Deluxe Corp ................................. 36,048 1,000 Diebold, Inc ................................ 32,920 1,600 * DST Systems, Inc ............................ 47,152 1,600 * Electronic Arts, Inc ........................ 105,536 1,100 * Emulex Corp ................................. 12,386 1,900 Equifax, Inc ................................ 41,306 700 Fair, Isaac & Co, Inc ....................... 22,890 1,500 * Fairchild Semiconductor International, Inc (Class A) ................................. 14,205 2,500 * Fiserv, Inc ................................. 70,200 2,300 * Gateway, Inc ................................ 6,831 500 Global Payments, Inc ........................ 12,800 800 Harris Corp ................................. 26,792 900 Henry (Jack) & Associates, Inc .............. 11,187 3,800 * i2 Technologies, Inc ........................ 1,976 1,900 IKON Office Solutions, Inc .................. 14,972 1,100 * Ingram Micro, Inc (Class A) ................. 14,630 600 * Integrated Circuit Systems, Inc ............. 9,420 1,400 * Integrated Device Technology, Inc ........... 14,616 800 * International Rectifier Corp ................ 12,496 1,600 * Intersil Corp (Class A) ..................... 20,736 2,500 * Intuit, Inc ................................. 113,825 800 * Iron Mountain, Inc .......................... 19,992 1,300 * J.D. Edwards & Co ........................... 12,025 2,100 * Jabil Circuit, Inc .......................... 31,038 16,000 * JDS Uniphase Corp ........................... 31,168 4,300 * Juniper Networks, Inc ....................... 20,640 1,100 * Kemet Corp .................................. 9,405 2,500 * KLA-Tencor Corp ............................. 69,850 1,700 * Lam Research Corp ........................... 15,130 1,700 * Lexmark International, Inc .................. 79,900 4,900 * LSI Logic Corp .............................. 31,115 800 * Macromedia, Inc ............................. 6,184 1,000 * Mercury Interactive Corp .................... 17,160 500 * Mettler-Toledo International, Inc ........... 13,000 800 * Micrel, Inc ................................. 4,928 2,600 * Microchip Technology, Inc ................... 53,170 300 * MKS Instruments, Inc ........................ 3,276 1,700 Molex, Inc .................................. 39,984 100 * National Processing, Inc .................... 1,699 2,400 * National Semiconductor Corp ................. 28,656 1,100 * NCR Corp .................................... 21,780 3,900 * Network Appliance, Inc ...................... 28,587 2,000 * Network Associates, Inc ..................... 21,260 1,900 * Novellus Systems, Inc ....................... 39,539 1,700 * Nvidia Corp ................................. 14,552 3,600 * Peoplesoft, Inc ............................. 44,532 900 * Perot Systems Corp (Class A) ................ 8,370 2,200 * PMC-Sierra, Inc ............................. 8,536 1,300 * Polycom, Inc ................................ 8,827 1,200 * QLogic Corp ................................. 31,248 2,300 * Rational Software Corp ...................... 9,936 1,200 * RealNetworks, Inc ........................... 4,332 900 Reynolds & Reynolds Co (Class A) ............ 20,196 1,900 * RF Micro Devices, Inc ....................... 11,400 6,900 * Sanmina-SCI Corp ............................ 19,113 2,100 Scientific-Atlanta, Inc ..................... 26,271 800 * Semtech Corp ................................ 7,760 5,200 * Siebel Systems, Inc ......................... 29,900 10,900 * Solectron Corp .............................. 22,999 1,400 * Storage Technology Corp ..................... 14,714 3,700 * Sungard Data Systems, Inc ................... 71,965 1,200 * Sybase, Inc ................................. 13,944 1,900 * Symantec Corp ............................... 63,897 3,000 Symbol Technologies, Inc .................... 23,010 1,000 * Synopsys, Inc ............................... 38,150 700 * Tech Data Corp .............................. 18,480 1,100 * Tektronix, Inc .............................. 18,073 5,400 * Tellabs, Inc ................................ 21,978 2,400 * Teradyne, Inc ............................... 23,040 2,300 * Thermo Electron Corp ........................ 37,099 500 Total System Services, Inc .................. 6,575 4,300 * Unisys Corp ................................. 30,100 800 * Utstarcom, Inc .............................. 12,216 2,900 * VeriSign, Inc ............................... 14,645 5,400 * Veritas Software Corp ....................... 79,218 2,100 * Vishay Intertechnology, Inc ................. 18,480 300 * Zebra Technologies Corp (Class A) ........... 15,807 ------------ TOTAL TECHNOLOGY 3,038,021 ------------ TRANSPORTATION--1.46% 2,100 * AMR Corp .................................... 8,778 900 C.H. Robinson Worldwide, Inc ................ 24,318 600 CNF, Inc .................................... 18,834 800 * Continental Airlines, Inc (Class B) ......... 4,312 2,800 CSX Corp .................................... 73,864 1,600 Delta Air Lines, Inc ........................ 14,864 1,200 Expeditors International Of Washington, Inc . 33,528 100 * JetBlue Airways Corp ........................ 4,033 5,200 Norfolk Southern Corp ....................... 104,988 700 * Northwest Airlines Corp ..................... 4,676 800 Ryder System, Inc ........................... 19,944 1,900 * Sabre Holdings Corp ......................... 36,765 700 Skywest, Inc ................................ 9,170 800 * Swift Transportation Co, Inc ................ 12,480 ------------ TOTAL TRANSPORTATION 370,554 ------------ UTILITIES--8.35% 5,500 * AES Corp .................................... 13,805 1,700 Allegheny Energy, Inc ....................... 22,270 1,000 Allete, Inc ................................. 21,600 1,200 Alliant Energy Corp ......................... 23,100 1,900 Ameren Corp ................................. 79,135 2,400 Aquila, Inc ................................. 9,840 4,700 * Calpine Corp ................................ 11,609 3,600 Centerpoint Energy, Inc ..................... 36,036 1,900 CenturyTel, Inc ............................. 42,617 2,200 Cinergy Corp ................................ 69,146 3,700 * Citizens Communications Co .................. 25,086 1,700 CMS Energy Corp ............................. 13,702 2,800 Consolidated Edison, Inc .................... 112,616 SEE NOTES TO FINANCIAL STATEMENTS 54 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL MID-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- UTILITIES--(Continued) 2,200 Constellation Energy Group, Inc ............. $ 54,538 1,700 DPL, Inc .................................... 27,965 2,100 DTE Energy Co ............................... 85,470 3,600 * Dynegy, Inc (Class A) ....................... 4,176 4,300 * Edison International ........................ 43,000 1,900 Energy East Corp ............................ 37,639 3,000 Entergy Corp ................................ 124,800 800 Equitable Resources, Inc .................... 27,640 3,700 FirstEnergy Corp ............................ 110,593 800 Great Plains Energy, Inc .................... 15,320 500 Hawaiian Electric Industries, Inc ........... 21,550 500 Idacorp, Inc ................................ 12,165 700 * IDT Corp .................................... 11,410 1,900 KeySpan Corp ................................ 63,650 1,200 Kinder Morgan, Inc .......................... 42,540 4,300 * Level 3 Communications, Inc ................. 16,727 900 MDU Resources Group, Inc .................... 20,547 5,300 * Mirant Corp ................................. 11,713 1,000 National Fuel Gas Co ........................ 19,870 8,900 * Nextel Communications, Inc (Class A) ........ 67,195 600 Nicor, Inc .................................. 16,920 2,800 NiSource, Inc ............................... 48,244 1,700 Northeast Utilities ......................... 28,730 700 NSTAR ....................................... 27,685 1,000 OGE Energy Corp ............................. 16,870 5,200 * P G & E Corp ................................ 58,552 500 Peoples Energy Corp ......................... 16,845 2,000 Pepco Holdings, Inc ......................... 39,900 1,000 Pinnacle West Capital Corp .................. 27,760 2,000 PPL Corp .................................... 65,080 2,700 Public Service Enterprise Group, Inc ........ 82,350 1,200 Puget Energy, Inc ........................... 24,492 1,000 Questar Corp ................................ 22,840 18,000 * Qwest Communications International, Inc ..... 41,040 700 * Reliant Resources, Inc ...................... 1,225 1,400 SCANA Corp .................................. 36,428 2,400 Sempra Energy ............................... 47,160 9,400 * Sprint Corp (PCS Group) ..................... 18,424 2,000 TECO Energy, Inc ............................ 31,760 700 Telephone & Data Systems, Inc ............... 35,315 200 * U.S. Cellular Corp .......................... 5,916 900 Vectren Corp ................................ 19,800 300 * West Corp ................................... 4,200 6,300 Williams Cos, Inc ........................... 14,238 1,500 Wisconsin Energy Corp ....................... 36,450 5,200 Xcel Energy, Inc ............................ 48,412 ------------ TOTAL UTILITIES 2,115,706 ------------ TOTAL COMMON STOCK (COST $26,965,616) 25,278,299 ------------ TOTAL PORTFOLIO--99.75% (COST $26,965,616) 25,278,299 OTHER ASSETS & LIABILITIES, NET--0.25% 64,429 ------------ NET ASSETS--100.00% $ 25,342,728 ============ - ---------- * Non-income producing At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $26,965,616. Net unrealized depreciation of portfolio investments aggregated $1,687,317 of which $189,221 related to appreciated portfolio investments and $1,876,538 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 55 Statement of Investments - INSTITUTIONAL SMALL-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.76% AEROSPACE AND DEFENSE--0.92% 3,900 * Armor Holdings, Inc ......................... $ 58,461 2,800 * DRS Technologies, Inc ....................... 104,216 900 * Dynamics Research Corp ...................... 13,122 1,400 Engineered Support Systems, Inc ............. 79,856 2,000 * Herley Industries, Inc ...................... 37,140 2,100 * Hexcel Corp ................................. 5,208 1,200 * Integrated Defense Technology, Inc .......... 23,640 7,100 * Orbital Sciences Corp ....................... 24,140 1,900 * Remec, Inc .................................. 6,479 2,900 * Teledyne Technologies, Inc .................. 52,664 2,000 * Viasat, Inc ................................. 12,600 ------------ TOTAL AEROSPACE AND DEFENSE 417,526 ------------ BASIC INDUSTRIES--4.72% 1,600 * Aaon, Inc ................................... 27,072 700 * AEP Industries, Inc ......................... 18,921 8,200 * Airgas, Inc ................................. 107,666 4,000 Albany International Corp (Class A) ......... 75,920 800 American Woodmark Corp ...................... 40,592 500 * Applied Films Corp .......................... 5,470 3,900 Arch Coal, Inc .............................. 64,545 200 * Baker (Michael) Corp ........................ 2,060 600 * BWAY Corp ................................... 8,340 3,800 * Cabot Microelectronics Corp ................. 141,512 2,200 Cambrex Corp ................................ 80,960 2,200 Carlisle Cos, Inc ........................... 80,696 200 Centex Construction Products, Inc ........... 7,140 4,200 Clarcor, Inc ................................ 128,940 1,800 * Collins & Aikman Corp ....................... 6,462 2,200 Crompton Corp ............................... 22,110 800 Deltic Timber Corp .......................... 17,584 2,100 * Dionex Corp ................................. 53,676 100 * Drew Industries, Inc ........................ 1,555 10,900 * Earthshell Corp ............................. 7,630 3,200 ElkCorp ..................................... 54,624 200 * EMCOR Group, Inc ............................ 9,940 600 * Encore Wire Corp ............................ 5,280 2,500 * Energy Conversion Devices, Inc .............. 27,125 2,800 Ferro Corp .................................. 64,680 600 Florida Rock Industries, Inc ................ 18,336 2,300 * FMC Corp .................................... 59,386 1,100 * Foamex International, Inc ................... 6,050 2,400 Georgia Gulf Corp ........................... 54,888 1,400 Glatfelter .................................. 16,170 400 Granite Construction, Inc ................... 6,592 14,300 * Hecla Mining Co ............................. 51,051 2,500 * Hovnanian Enterprises, Inc (Class A) ........ 84,500 700 * Imco Recycling, Inc ......................... 4,235 3,700 * Insituform Technologies, Inc (Class A) ...... 53,091 1,900 * Jarden Corp ................................. 51,585 200 * Liquidmetal Technologies .................... 1,598 3,600 * Lone Star Technologies, Inc ................. 42,660 1,700 LSI Industries, Inc ......................... 17,238 900 * Lydall, Inc ................................. 10,620 2,100 MacDermid, Inc .............................. 41,895 300 * Mobile Mini, Inc ............................ 3,885 200 * Northwest Pipe Co ........................... 3,578 7,900 Olin Corp ................................... 129,402 2,200 * Palm Harbor Homes, Inc ...................... 25,544 900 Penford Corp ................................ 12,150 2,300 * Penwest Pharmaceuticals Co .................. 19,159 1,300 Quaker Chemical Corp ........................ 25,012 2,100 Royal Gold, Inc ............................. 40,047 2,500 * Simpson Manufacturing Co, Inc ............... 78,475 1,200 Spartech Corp ............................... 25,392 2,700 * Steel Dynamics, Inc ......................... 35,343 300 Tredegar Corp ............................... 5,025 900 * Trex Co, Inc ................................ 24,606 400 Wausau-Mosinee Paper Corp ................... 3,684 1,200 * WCI Communities, Inc ........................ 15,240 2,700 WD-40 Co .................................... 78,030 2,000 West Pharmaceutical Services, Inc ........... 42,840 100 * William Lyon Homes, Inc ..................... 2,292 3,500 b* WR Grace & Co ............................... 5,600 ------------ TOTAL BASIC INDUSTRIES 2,155,699 ------------ CONSUMER CYCLICAL--13.60% 900 * 1-800 Contacts, Inc ......................... 9,000 2,100 Aaron Rents, Inc ............................ 48,300 11,700 * Acclaim Entertainment, Inc .................. 12,870 1,100 * Acme Communication, Inc ..................... 8,580 2,600 Action Performance Cos, Inc ................. 66,820 2,000 Advanced Marketing Services, Inc ............ 27,580 1,200 * Aeropostale, Inc ............................ 18,480 2,400 * AFC Enterprises, Inc ........................ 48,456 1,200 * Aftermarket Technology Corp ................. 15,516 300 * Alexander's, Inc ............................ 18,300 6,300 * Alliance Gaming Corp ........................ 97,398 1,600 * Ameristar Casinos, Inc ...................... 30,336 2,000 * AnnTaylor Stores Corp ....................... 46,060 4,500 Apogee Enterprises, Inc ..................... 49,230 1,100 Arctic Cat, Inc ............................. 15,356 200 * Arden Group, Inc (Class A) .................. 11,102 3,300 * Argosy Gaming Co ............................ 75,768 600 * Bally Total Fitness Holding Corp ............ 5,946 300 Barnes Group, Inc ........................... 6,027 1,000 * Beasley Broadcast Group, Inc (Class A) ...... 12,560 700 * Bebe Stores, Inc ............................ 8,267 800 * Benihana, Inc (Class A) ..................... 9,920 600 Bob Evans Farms, Inc ........................ 14,220 1,600 * Boyd Gaming Corp ............................ 29,872 2,900 * Boyds Collection Ltd ........................ 18,676 2,500 * Buca, Inc ................................... 20,000 100 * Buckle, Inc ................................. 2,010 400 * Cache, Inc .................................. 5,320 2,400 * California Pizza Kitchen, Inc ............... 55,224 2,500 Cato Corp (Class A) ......................... 47,450 1,400 * Champps Entertainment, Inc .................. 10,962 1,200 * Charlotte Russe Holding, Inc ................ 11,400 1,200 * Checkers Drive-In Restaurant ................ 9,600 200 * Cherokee, Inc ............................... 3,226 1,700 * Chicago Pizza & Brewery, Inc ................ 11,713 1,900 * Children's Place Retail Stores, Inc ......... 19,190 4,000 * Christopher & Banks Corp .................... 100,480 1,200 * CKE Restaurants, Inc ........................ 4,800 1,400 Claire's Stores, Inc ........................ 30,520 200 * Coldwater Creek, Inc ........................ 2,636 200 * Cole National Corp .......................... 2,510 900 CPI Corp .................................... 12,375 1,400 * Cross Media Marketing Corp .................. 1,050 800 * DHB Industries, Inc ......................... 1,696 800 Dover Downs Gaming & Entertainment, Inc ..... 6,512 700 * Dress Barn, Inc ............................. 10,892 1,800 * Elizabeth Arden, Inc ........................ 21,582 600 * Escalade, Inc ............................... 11,910 1,400 * EUniverse, Inc .............................. 4,102 3,500 Factset Research Systems, Inc ............... 92,925 3,400 * Fossil, Inc ................................. 68,170 3,600 Fred's, Inc ................................. 107,489 1,200 G & K Services, Inc (Class A) ............... 40,620 SEE NOTES TO FINANCIAL STATEMENTS 56 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER CYCLICAL--(Continued) 2,700 * Genesco, Inc ................................ $ 37,260 100 Gray Television, Inc (Class A) .............. 1,345 100 Grey Global Group, Inc ...................... 59,000 2,500 * Group 1 Automotive, Inc ..................... 55,875 3,100 * GSI Commerce, Inc ........................... 15,655 2,300 * Guitar Center, Inc .......................... 43,194 2,200 * Gulfmark Offshore, Inc ...................... 38,060 4,000 * Gymboree Corp ............................... 65,240 1,500 Hancock Fabrics, Inc ........................ 24,225 1,000 Haverty Furniture Cos, Inc .................. 12,500 1,200 * Hibbett Sporting Goods, Inc ................. 24,900 6,300 Hollinger International, Inc ................ 57,267 900 * Hollywood Casino Corp (Class A) ............. 10,872 4,900 * Hollywood Entertainment Corp ................ 71,148 5,300 * Hot Topic, Inc .............................. 95,559 2,800 * iDine Rewards Network, Inc .................. 25,900 2,900 * IHOP Corp ................................... 69,890 1,700 * Information Holdings, Inc ................... 36,805 600 * Insight Communications Co, Inc .............. 5,538 2,900 * Intertan, Inc ............................... 20,242 1,600 * Isle Of Capri Casinos, Inc .................. 26,688 2,900 * Jack In The Box, Inc ........................ 66,120 200 * Jakks Pacific, Inc .......................... 2,224 200 * Jo-Ann Stores, Inc (Class A) ................ 5,608 700 * Kenneth Cole Productions, Inc (Class A) ..... 14,210 300 * Keystone Automotive Industries, Inc ......... 4,950 1,800 * Kirby Corp .................................. 40,716 3,600 * Kroll, Inc .................................. 71,388 1,100 K-Swiss, Inc (Class A) ...................... 23,507 2,600 Libbey, Inc ................................. 82,836 5,700 * Linens `n Things, Inc ....................... 104,709 600 * Lodgenet Entertainment Corp ................. 4,596 1,100 Marine Products Corp ........................ 11,671 1,700 * Martha Stewart Living Omnimedia, Inc (Class A) ................................. 11,900 8,900 * Mediacom Communications Corp ................ 47,793 1,700 * Medis Technologies Ltd ...................... 7,276 1,700 * Men's Wearhouse, Inc ........................ 24,990 3,100 * Metro One Telecommunications, Inc ........... 26,350 2,800 * Micros Systems, Inc ......................... 64,932 4,800 * Midway Games, Inc ........................... 26,304 2,800 * Monaco Coach Corp ........................... 56,084 500 * Monarch Casino & Resort, Inc ................ 6,660 200 * Mossimo, Inc ................................ 1,176 500 * Mothers Work, Inc ........................... 19,015 2,900 * Movie Gallery, Inc .......................... 43,529 3,200 * MTR Gaming Group, Inc ....................... 29,472 1,700 * Multimedia Games, Inc ....................... 33,475 5,000 * Nautilus Group, Inc ......................... 97,500 4,500 * Oakley, Inc ................................. 45,225 2,400 * O'Charley's, Inc ............................ 44,978 1,700 Oshkosh B'gosh, Inc (Class A) ............... 58,412 1,500 Oshkosh Truck Corp .......................... 84,600 2,700 * P.F. Chang's China Bistro, Inc .............. 78,381 5,100 * Pacific Sunwear Of California, Inc .......... 103,836 3,900 * Panera Bread Co (Class A) ................... 105,300 2,000 * Papa John's International, Inc .............. 58,260 1,400 * Parkervision, Inc ........................... 15,820 1,100 * Payless Shoesource, Inc ..................... 59,411 5,100 * Penn National Gaming, Inc ................... 96,288 1,300 * Penton Media, Inc ........................... 312 9,800 * Pinnacle Systems, Inc ....................... 105,840 2,300 * PLATO Learning, Inc ......................... 15,295 2,300 * Playboy Enterprises, Inc (Class B) .......... 21,988 5,100 * Presstek, Inc ............................... 13,005 100 * Pricesmart, Inc ............................. 2,000 16,000 * Primedia, Inc ............................... 22,240 2,400 * Private Media Group, Inc .................... 5,664 2,400 * Quiksilver, Inc ............................. 54,216 1,400 * Racing Champions Ertl Corp .................. 22,876 3,100 * Rare Hospitality International, Inc ......... 72,602 2,400 * Regent Communications, Inc .................. 12,192 5,100 Regis Corp .................................. 144,279 3,200 * Resources Connection, Inc ................... 46,112 1,000 Riviana Foods, Inc .......................... 22,900 7,500 * Ryan's Family Steak Houses, Inc ............. 91,275 2,500 * Saga Communications, Inc (Class A) .......... 46,250 1,500 * Salem Communications Corp (Class A) ......... 33,630 1,300 Schawk, Inc ................................. 12,766 7,200 * Scientific Games Corp (Class A) ............. 48,247 3,000 * SCP Pool Corp ............................... 82,230 400 * Shoe Carnival, Inc .......................... 5,700 3,000 * Shuffle Master, Inc ......................... 55,830 6,100 * Sonic Corp .................................. 140,910 7,800 * Sotheby's Holdings, Inc (Class A) ........... 54,600 6,000 * Spanish Broadcasting System, Inc (Class A) .. 39,300 1,600 Spartan Motors, Inc ......................... 18,080 2,100 Speedway Motorsports, Inc ................... 49,455 4,000 * Sports Resorts International, Inc ........... 16,680 1,500 * Stage Stores, Inc ........................... 32,535 800 * Stanley Furniture Co, Inc ................... 16,992 3,300 * Station Casinos, Inc ........................ 56,133 2,100 * Stein Mart, Inc ............................. 12,264 100 * Steven Madden Ltd ........................... 1,440 3,000 Sturm Ruger & Co, Inc ....................... 36,600 2,100 Superior Industries International, Inc ...... 98,868 4,300 * Sylvan Learning Systems, Inc ................ 58,824 900 Tanger Factory Outlet Centers, Inc .......... 25,182 2,800 * The Sports Authority, Inc ................... 16,716 1,200 * The Steak n Shake Co ........................ 13,200 2,600 Thor Industries, Inc ........................ 90,376 6,600 * THQ, Inc .................................... 137,280 5,700 * Too, Inc .................................... 132,696 5,900 * Topps Co, Inc ............................... 50,858 800 * Tropical Sportswear International Corp ...... 10,384 5,300 * Tyler Technologies, Inc ..................... 23,320 2,300 * Universal Electronics, Inc .................. 20,585 1,300 * Urban Outfitters, Inc ....................... 31,577 4,400 * Vastera, Inc ................................ 9,460 2,200 * Westpoint Stevens, Inc ...................... 2,156 3,800 * Wet Seal, Inc (Class A) ..................... 38,000 2,000 Winnebago Industries, Inc ................... 79,060 200 * WMS Industries, Inc ......................... 2,820 700 Woodward Governor Co ........................ 33,179 1,600 * World Wrestling Federation Entertainment, Inc ........................ 13,392 900 * Young Broadcasting, Inc (Class A) ........... 7,803 1,600 * Zomax, Inc .................................. 6,240 ------------ TOTAL CONSUMER CYCLICAL 6,212,083 ------------ CONSUMER NON-CYCLICAL--5.13% 2,100 * 1-800-Flowers.com, Inc (Class A) ............ 14,700 2,100 * 7-Eleven, Inc ............................... 17,997 2,000 * AC Moore Arts & Crafts, Inc ................. 42,260 2,200 * American Italian Pasta Co (Class A) ......... 78,518 2,200 Blyth, Inc .................................. 61,380 1,500 * Boston Beer Co, Inc (Class A) ............... 20,850 500 Bridgford Foods Corp ........................ 5,030 6,000 * Cadiz, Inc .................................. 18,000 6,000 * Chiquita Brands International, Inc .......... 92,700 200 Coca-Cola Bottling Co Consolidated .......... 9,380 3,300 * Cost Plus, Inc .............................. 88,605 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 57 Statement of Investments - INSTITUTIONAL SMALL-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER NON-CYCLICAL--(Continued) 400 Deb Shops, Inc .............................. $ 9,972 700 * DEL Laboratories, Inc ....................... 12,656 2,500 * Del Monte Foods Co .......................... 20,425 3,400 Delta & Pine Land Co ........................ 63,716 3,000 * Duane Reade, Inc ............................ 48,000 1,700 * Electronics Boutique Holdings Corp .......... 46,665 2,100 * Factory 2-U Stores, Inc ..................... 4,074 2,700 * FAO, Inc .................................... 7,695 6,800 Fleming Cos, Inc ............................ 34,000 200 * Flowers Foods, Inc .......................... 4,546 3,100 * FTI Consulting, Inc ......................... 123,256 900 * Gaiam, Inc .................................. 10,323 1,600 * Galyans Trading Co, Inc ..................... 16,016 1,000 * Gart Sports Co .............................. 18,870 500 * Green Mountain Coffee, Inc .................. 6,445 1,100 * Horizon Organic Holding Corp ................ 17,160 6,800 * Insight Enterprises, Inc .................... 69,020 500 Inter Parfums, Inc .......................... 3,341 300 * International Multifoods Corp ............... 5,880 3,300 Interstate Bakeries Corp .................... 87,681 600 * J & J Snack Foods Corp ...................... 22,110 3,200 J.M. Smucker Co ............................. 117,440 3,000 * Jill (J.) Group, Inc ........................ 52,260 4,000 Lance, Inc .................................. 51,000 2,800 * Marvel Enterprises, Inc ..................... 19,600 2,300 * Monterey Pasta Co ........................... 10,695 1,700 Nash Finch Co ............................... 23,120 500 * National Beverage Corp ...................... 6,830 200 Nature's Sunshine Products, Inc ............. 2,166 6,800 * NBTY, Inc ................................... 88,264 700 * NetFlix, Inc ................................ 6,790 2,100 Nu Skin Enterprises, Inc (Class A) .......... 25,620 1,200 Oneida Ltd .................................. 16,716 300 * Overstock.com, Inc .......................... 1,785 1,000 * Party City Corp ............................. 13,750 300 * Pathmark Stores, Inc ........................ 2,745 200 * PC Connection, Inc .......................... 812 1,400 * Peets Coffee & Tea, Inc ..................... 17,920 10,200 * Perrigo Co .................................. 108,426 21,000 * Priceline.com, Inc .......................... 30,660 2,600 * Princeton Review, Inc ....................... 15,600 3,000 * Restoration Hardware, Inc ................... 13,500 300 Russ Berrie & Co, Inc ....................... 9,003 900 Sanderson Farms, Inc ........................ 14,400 2,500 Schweitzer-Mauduit International, Inc ....... 53,375 1,500 Sensient Technologies Corp .................. 31,695 1,100 * Sharper Image Corp .......................... 21,032 3,200 * Shop At Home, Inc ........................... 7,488 2,400 * Skechers U.S.A., Inc (Class A) .............. 22,896 700 Tasty Baking Co ............................. 8,925 200 Thomas Industries, Inc ...................... 4,960 900 * Tractor Supply Co ........................... 28,602 1,400 * Tuesday Morning Corp ........................ 25,494 4,900 Tupperware Corp ............................. 81,438 300 * Tweeter Home Entertainment Group, Inc ....... 2,070 3,200 * United Natural Foods, Inc ................... 73,696 700 Universal Corp .............................. 24,549 3,400 * Valuevision International, Inc (Class A) .... 39,984 3,570 Vector Group Ltd ............................ 44,946 1,400 * Virbac Corp ................................. 7,112 300 Weis Markets, Inc ........................... 10,044 1,800 * Whitehall Jewellers, Inc .................... 18,936 3,200 * Wild Oats Markets, Inc ...................... 29,056 4,500 * Yankee Candle Co, Inc ....................... 77,265 ------------ TOTAL CONSUMER NON-CYCLICAL 2,343,936 ------------ ENERGY--4.52% 1,500 * Atwood Oceanics, Inc ........................ 43,875 2,800 Berry Petroleum Co (Class A) ................ 47,572 6,200 * Cal Dive International, Inc ................. 125,035 1,600 CARBO Ceramics, Inc ......................... 57,344 22,300 Chesapeake Energy Corp ...................... 147,180 1,000 * Dril-Quip, Inc .............................. 16,850 3,200 * Evergreen Resources, Inc .................... 131,136 2,600 * Exploration Co Of Delaware, Inc ............. 13,494 4,300 Frontier Oil Corp ........................... 53,320 2,600 Getty Realty Corp ........................... 49,608 9,600 * Global Industries Ltd ....................... 39,648 28,400 * Grey Wolf, Inc .............................. 102,240 400 * Gulf Island Fabrication, Inc ................ 4,704 900 * Hanover Compressor Co ....................... 7,470 2,900 * Harvest Natural Resources, Inc .............. 15,747 1,600 * Horizon Offshore, Inc ....................... 6,738 1,300 * Houston Exploration Co ...................... 40,495 2,000 * Hydril Co ................................... 49,760 15,200 * Key Energy Services, Inc .................... 119,776 2,200 * Key Production Co, Inc ...................... 35,640 8,000 * Magnum Hunter Resources, Inc ................ 42,000 6,500 * Maverick Tube Corp .......................... 57,655 2,600 * Oceaneering International, Inc .............. 66,170 4,000 Patina Oil & Gas Corp ....................... 114,000 4,000 * Plains Resources, Inc ....................... 103,120 1,700 * Prima Energy Corp ........................... 35,649 2,400 * Pure Resources, Inc ......................... 53,760 2,700 * Remington Oil & Gas Corp .................... 38,070 1,800 RPC, Inc .................................... 17,820 3,700 * Spinnaker Exploration Co .................... 106,190 300 St. Mary Land & Exploration Co .............. 7,170 1,700 * Stone Energy Corp ........................... 55,250 8,400 * Superior Energy Services, Inc ............... 54,600 6,100 * Unit Corp ................................... 116,815 1,200 Vintage Petroleum, Inc ...................... 12,960 3,900 * W-H Energy Services, Inc .................... 67,470 400 World Fuel Services Corp .................... 7,720 ------------ TOTAL ENERGY 2,064,051 ------------ FINANCIAL SERVICES--16.67% 400 Alabama National Bancorp .................... 18,112 3,000 Alexandria Real Estate Equities, Inc ........ 127,440 3,100 Alfa Corp ................................... 37,975 300 Allegiant Bancorp, Inc ...................... 4,875 2,200 American Capital Strategies Ltd ............. 41,448 1,400 American Home Mortgage Holdings, Inc ........ 15,442 300 American National Bankshares, Inc ........... 8,238 15,200 * Ameritrade Holding Corp ..................... 56,696 3,500 Anchor Bancorp Wisconsin, Inc ............... 70,700 400 Apex Mortgage Capital, Inc .................. 4,476 1,100 Arrow Financial Corp ........................ 31,515 300 Bank Of Granite Corp ........................ 5,400 500 Bank Of The Ozarks, Inc ..................... 11,450 100 * BKF Capital Group, Inc ...................... 2,108 3,000 Boston Private Financial Holdings, Inc ...... 63,900 9,800 Brookline Bancorp, Inc ...................... 115,160 600 Bryn Mawr Bank Corp ......................... 23,688 100 BSB Bancorp, Inc ............................ 1,991 200 Camden National Corp ........................ 5,200 1,200 Capitol Bancorp Ltd ......................... 20,904 1,300 Cascade Bancorp ............................. 17,732 2,600 Cathay Bancorp, Inc ......................... 101,400 SEE NOTES TO FINANCIAL STATEMENTS 58 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(Continued) 200 CBL & Associates Properties, Inc ............ $ 7,750 200 CCBT Financial Cos, Inc ..................... 5,234 1,600 * CCC Information Services Group, Inc ......... 20,912 500 Centennial Bancorp .......................... 4,340 1,200 * Central Coast Bancorp ....................... 22,188 300 Century Bancorp, Inc (Class A) .............. 7,962 100 Charter Financial Corp ...................... 2,806 3,800 Chateau Communities, Inc .................... 100,358 4,700 Chelsea Property Group, Inc ................. 158,625 300 Chemical Financial Corp ..................... 8,658 5,000 Chittenden Corp ............................. 148,000 3,800 * Citizens, Inc ............................... 34,124 800 City Bank ................................... 23,152 1,700 City Holding Co ............................. 43,758 800 * Clark/Bardes, Inc ........................... 14,232 1,400 Coastal Financial Corp ...................... 18,956 1,200 CoBiz, Inc .................................. 19,320 900 Columbia Bancorp ............................ 16,983 200 Commonwealth Bancorp, Inc ................... 9,200 900 Community Banks, Inc ........................ 24,156 2,700 Community First Bankshares, Inc ............. 75,276 700 * CompuCredit Corp ............................ 3,710 1,100 CPB, Inc .................................... 50,787 4,400 Crawford & Co (Class B) ..................... 27,764 1,700 * Credit Acceptance Corp ...................... 13,940 4,400 Crown American Realty Trust ................. 40,436 3,300 * CSK Auto Corp ............................... 41,184 4,400 CVB Financial Corp .......................... 96,536 3,700 Dime Community Bancshares ................... 79,254 2,400 East West Bancorp, Inc ...................... 81,024 2,400 Essex Property Trust, Inc ................... 118,656 2,400 * Euronet Worldwide, Inc ...................... 12,072 200 F & M Bancorp ............................... 6,320 100 Farmers Capital Bank Corp ................... 3,337 1,300 * Federal Agricultural Mortgage Corp (Class C) ................................. 38,363 6,500 Federal Realty Investment Trust ............. 175,500 1,900 * Financial Federal Corp ...................... 60,515 1,300 Financial Institutions, Inc ................. 35,295 3,700 First Bancorp (Puerto Rico) ................. 141,044 1,500 First Busey Corp (Class A) .................. 34,005 1,200 First Community Bancorp ..................... 34,728 700 First Community Bancshares, Inc ............. 20,622 100 First Essex Bancorp, Inc .................... 3,305 200 First Federal Capital Corp .................. 3,886 400 First Financial Bancorp ..................... 7,124 900 First Financial Bankshares, Inc ............. 32,796 400 First Financial Holdings, Inc ............... 10,828 700 First National Corp ......................... 19,320 1,600 First Niagara Financial Group, Inc .......... 50,544 200 First Oak Brook Bancshares, Inc ............. 5,946 300 First Of Long Island Corp ................... 9,975 300 * First Republic Bank ......................... 6,525 300 First Sentinel Bancorp, Inc ................. 4,059 500 First South Bancorp, Inc .................... 17,825 900 First State Bancorp ......................... 22,185 200 Flagstar Bancorp, Inc ....................... 4,140 200 Flushing Financial Corp ..................... 3,336 100 FNB Corp (Virginia) ......................... 3,072 500 Franklin Financial Corp ..................... 12,320 2,100 * Friedman, Billings, Ramsey Group, Inc ....... 21,273 2,700 Frontier Financial Corp ..................... 68,796 1,000 * Gabelli Asset Management, Inc (Class A) ..... 29,650 500 Gables Residential Trust .................... 13,355 4,300 * Gartner, Inc (Class A) ...................... 34,830 1,900 Glacier Bancorp, Inc ........................ 43,282 500 Gladstone Capital Corp ...................... 8,440 4,000 Glimcher Realty Trust ....................... 74,960 300 Gold Banc Corp, Inc ......................... 2,910 400 Granite State Bankshares, Inc ............... 13,516 900 Great Southern Bancorp, Inc ................. 33,714 1,600 * Hanmi Financial Corp ........................ 24,000 700 Harbor Florida Bancshares, Inc .............. 14,315 3,200 Harleysville National Corp .................. 77,248 4,800 Hilb, Rogal & Hamilton Co ................... 198,000 9,200 Hooper Holmes, Inc .......................... 57,040 1,800 Humboldt Bancorp ............................ 21,564 2,000 Independent Bank Corp (Massachusetts) ....... 39,760 700 Independent Bank Corp (Michigan) ............ 23,170 1,400 Interchange Financial Services Corp ......... 23,170 3,800 International Bancshares Corp ............... 147,782 1,300 Investors Real Estate Trust ................. 13,767 100 Irwin Financial Corp ........................ 1,700 7,100 * ITT Educational Services, Inc ............... 133,267 2,700 Jefferies Group, Inc ........................ 103,032 700 * Jones Lang LaSalle, Inc ..................... 14,392 900 * Knight Trading Group, Inc ................... 3,375 1,900 Lakeland Bancorp, Inc ....................... 32,395 700 Lakeland Financial Corp ..................... 16,583 200 Leeds Federal Bankshares, Inc ............... 6,342 600 * LendingTree, Inc ............................ 8,844 200 * Local Financial Corp ........................ 2,762 200 LSB Bancshares, Inc ......................... 3,288 5,500 Macerich Co ................................. 170,390 1,100 MAF Bancorp, Inc ............................ 33,990 1,700 Main Street Banks, Inc ...................... 31,501 2,200 Manufactured Home Communities, Inc .......... 70,136 100 MB Financial, Inc ........................... 3,350 1,200 MCG Capital Corp ............................ 15,816 400 Merchants Bancshares, Inc ................... 9,880 500 * Meritage Corp ............................... 17,725 1,500 MFA Mortgage Investments, Inc ............... 12,150 2,600 Mid Atlantic Realty Trust ................... 41,678 500 Mid-State Bancshares ........................ 8,200 1,600 Midwest Banc Holdings, Inc .................. 30,544 3,700 Mills Corp .................................. 109,742 900 Mission West Properties, Inc ................ 9,972 1,000 Mississippi Valley Bancshares, Inc .......... 49,820 700 Nara Bancorp, Inc ........................... 12,089 400 NASB Financial, Inc ......................... 8,316 3,000 National Penn Bancshares, Inc ............... 83,880 900 Nationwide Health Properties, Inc ........... 15,345 266 NBC Capital Corp ............................ 6,677 2,500 NBT Bancorp, Inc ............................ 43,175 2,600 * NetBank, Inc ................................ 27,066 2,300 New Century Financial Corp .................. 53,820 1,800 Northwest Bancorp, Inc ...................... 22,914 900 OceanFirst Financial Corp ................... 18,540 300 Old Second Bancorp, Inc ..................... 11,454 2,000 Oriental Financial Group, Inc ............... 44,000 5,900 Pacific Capital Bancorp ..................... 160,232 2,200 Pacific Northwest Bancorp ................... 59,906 1,100 * Pacific Union Bank .......................... 12,331 200 Partners Trust Financial Group, Inc ......... 2,794 500 Peapack Gladstone Financial Corp ............ 32,500 1,200 Pennrock Financial Services Corp ............ 34,800 2,400 Pennsylvania Real Estate Investment Trust ... 61,824 600 Peoples Bancorp, Inc ........................ 15,420 600 PrivateBancorp, Inc ......................... 18,342 900 Prosperity Bancshares, Inc .................. 15,327 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 59 Statement of Investments - INSTITUTIONAL SMALL-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(Continued) 400 Provident Bancorp, Inc ...................... $ 11,380 300 Provident Bankshares Corp ................... 6,474 1,500 R & G Financial Corp (Class B) .............. 32,730 1,700 Republic Bancorp, Inc ....................... 22,100 400 Royal Bancshares Of Pennsylvania (Class A) .. 7,320 4,100 S & T Bancorp, Inc .......................... 103,238 1,000 S.Y. Bancorp, Inc ........................... 34,730 1,200 Sandy Spring Bancorp, Inc ................... 36,960 400 Saul Centers, Inc ........................... 9,288 400 * Saxon Capital, Inc .......................... 4,428 400 Seacoast Banking Corp Of Florida ............ 7,672 300 Seacoast Financial Services Corp ............ 6,021 300 Second Bancorp, Inc ......................... 8,019 400 Sizeler Property Investors .................. 4,024 2,600 * Southwest Bancorp Of Texas, Inc ............. 94,666 200 State Bancorp, Inc .......................... 3,550 8,600 Staten Island Bancorp, Inc .................. 149,640 500 Sterling Bancorp ............................ 13,265 3,200 Sterling Bancshares, Inc .................... 41,824 2,100 Sterling Financial Corp (Pennsylvania) ...... 48,993 2,000 Suffolk Bancorp ............................. 64,400 200 Summit Bancshares, Inc ...................... 4,210 100 Sun Bancorp, Inc ............................ 2,248 1,500 Sun Communities, Inc ........................ 55,050 800 Susquehanna Bancshares, Inc ................. 17,320 2,800 * Syntroleum Corp ............................. 4,648 1,500 Texas Regional Bancshares, Inc (Class A) .... 50,235 100 Three Rivers Bancorp, Inc ................... 1,600 1,000 Tompkins Trustco, Inc ....................... 42,900 2,400 Town & Country Trust ........................ 50,472 500 * Triad Guaranty, Inc ......................... 17,410 500 Trico Bancshares ............................ 12,650 800 Trust Co Of New Jersey ...................... 20,360 12,100 Trustco Bank Corp NY ........................ 127,994 1,000 U.S.B. Holding Co, Inc ...................... 18,430 3,000 UCBH Holdings, Inc .......................... 117,870 3,300 Umpqua Holdings Corp ........................ 54,219 6,200 United Bankshares, Inc ...................... 179,862 2,800 United Community Banks, Inc ................. 68,040 2,300 United National Bancorp ..................... 47,334 300 Universal Health Realty Income Trust ........ 7,785 200 Value Line, Inc ............................. 7,800 400 * VIB Corp .................................... 5,988 1,000 Virginia Financial Group, Inc ............... 30,030 3,300 W Holding Co, Inc ........................... 53,790 100 Warwick Community Bancorp ................... 2,700 6,200 Washington Real Estate Investment Trust ..... 157,356 2,100 Washington Trust Bancorp, Inc ............... 41,454 700 Westcorp .................................... 14,000 1,000 * WFS Financial, Inc .......................... 20,740 2,100 Wintrust Financial Corp ..................... 60,165 200 * World Acceptance Corp ....................... 1,584 1,000 WSFS Financial Corp ......................... 28,000 200 Zenith National Insurance Corp .............. 5,283 ------------ TOTAL FINANCIAL SERVICES 7,610,535 ------------ HEALTH CARE--20.76% 1,900 * aaiPharma, Inc .............................. 22,783 5,200 * Adolor Corp ................................. 72,904 1,500 * Advanced Neuromodulation Systems, Inc ....... 49,920 12,000 * Advanced Tissue Sciences, Inc ............... 9,240 800 * Advisory Board Co/The ....................... 23,696 4,200 * Aksys Ltd ................................... 23,562 2,000 * Alaris Medical, Inc ......................... 9,540 3,500 * Albany Molecular Research, Inc .............. 59,605 400 * Align Technology, Inc ....................... 1,104 9,100 * Alkermes, Inc ............................... 71,799 200 * Alliance Imaging, Inc ....................... 2,392 3,800 * Allos Therapeutics, Inc ..................... 32,224 3,300 * Allscripts Healthcare Solutions, Inc ........ 9,438 1,800 * American Healthways, Inc .................... 29,106 3,300 * American Medical Systems Holdings, Inc ...... 68,475 1,100 * American Pharmaceutical Partners, Inc ....... 17,963 1,600 * AMERIGROUP Corp ............................. 53,680 3,400 * Ameripath, Inc .............................. 50,660 3,400 * Amsurg Corp ................................. 102,578 7,500 * Amylin Pharmaceuticals, Inc ................. 124,650 3,600 * Antigenics, Inc ............................. 29,088 3,000 * Aphton Corp ................................. 6,720 6,000 * Applera Corp (Celera Genomics Group) ........ 47,700 6,900 * Apria Healthcare Group, Inc ................. 162,564 4,800 * Ariad Pharmaceuticals, Inc .................. 15,168 3,200 * Array Biopharma, Inc ........................ 24,928 700 Arrow International, Inc ...................... 22,519 3,300 * Arthrocare Corp ............................. 39,996 4,100 * Atherogenics, Inc ........................... 25,666 3,400 * Atrix Laboratories, Inc ..................... 50,320 7,000 * AVANIR Pharmaceuticals (Class A) ............ 8,050 2,000 * Benthley Pharmaceuticals, Inc ............... 17,000 9,800 * Beverly Enterprises, Inc .................... 23,716 6,000 * BioMarin Pharmaceutical, Inc ................ 34,740 3,100 * Biopure Corp ................................ 10,850 2,800 * Bio-Rad Laboratories, Inc (Class A) ......... 105,448 900 * Bio-Reference Labs, Inc ..................... 5,850 600 * Bioreliance Corp ............................ 12,492 1,900 * Biosite, Inc ................................ 55,081 1,100 * Bone Care International, Inc ................ 6,358 1,400 * Bradley Pharmaceuticals, Inc ................ 12,264 2,000 * Britesmile, Inc ............................. 1,500 1,200 * Bruker AXS, Inc ............................. 2,520 1,900 * Bruker Daltonics, Inc ....................... 9,709 2,100 * Caliper Technologies Corp ................... 8,799 1,100 * Cantel Medical Corp ......................... 11,110 7,300 * Cardiac Science, Inc ........................ 14,454 5,300 * Cardiodynamics International Corp ........... 15,158 700 * Centene Corp ................................ 18,683 4,300 * Cepheid, Inc ................................ 16,555 2,300 * Cerus Corp .................................. 38,341 500 * Chattem, Inc ................................ 20,415 2,000 * Cholestech Corp ............................. 20,740 1,000 * Cima Labs, Inc .............................. 25,150 2,100 * Ciphergen Biosystems, Inc ................... 6,300 900 * Closure Medical Corp ........................ 10,044 1,600 * Cobalt Corp ................................. 26,720 3,100 * Columbia Laboratories, Inc .................. 13,950 400 * Computer Programs & Systems, Inc ............ 8,552 2,800 * Conceptus, Inc .............................. 42,840 2,300 * Conmed Corp ................................. 46,345 5,100 * Connetics Corp .............................. 47,175 2,600 Cooper Cos, Inc ............................... 136,500 1,100 * Corvel Corp ................................. 32,967 10,500 * Covance, Inc ................................ 205,485 5,400 * Cross County, Inc ........................... 75,600 2,700 * CryoLife, Inc ............................... 7,047 4,500 * Cubist Pharmaceuticals, Inc ................. 22,995 3,800 * CuraGen Corp ................................ 16,036 1,700 * Curative Health Services, Inc ............... 18,445 3,600 * Cyberonics, Inc ............................. 61,956 2,200 D&K Healthcare Resources, Inc ................. 19,690 5,100 * Dendrite International, Inc ................. 32,181 SEE NOTES TO FINANCIAL STATEMENTS 60 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(Continued) 1,400 * Dianon Systems, Inc ......................... $ 66,234 2,000 * Digene Corp ................................. 15,800 2,700 * Diversa Corp ................................ 23,031 4,100 * Durect Corp ................................. 12,710 900 * Dynacq International, Inc ................... 10,476 5,700 * Eclipsys Corp ............................... 28,956 1,200 * Embrex, Inc ................................. 13,320 3,500 * Endo Pharmaceuticals Holdings, Inc .......... 29,855 2,300 * Endocardial Solutions, Inc .................. 7,429 3,000 * Endocare, Inc ............................... 42,930 4,000 * Enzo Biochem, Inc ........................... 57,200 7,200 * Enzon, Inc .................................. 138,528 1,200 * Eon Labs, Inc ............................... 25,896 1,700 * EPIX Medical, Inc ........................... 7,701 1,400 * eResearch Technology, Inc ................... 25,830 2,100 * Esperion Therapeutics, Inc .................. 12,012 1,900 * Exact Sciences Corp ......................... 25,403 500 * Exelixis, Inc ............................... 2,475 3,700 * First Horizon Pharmaceutical ................ 19,980 1,600 * Genencor International, Inc ................. 15,216 7,100 * Genta, Inc .................................. 45,582 4,100 * Geron Corp .................................. 15,990 3,000 * Haemonetics Corp ............................ 71,190 500 * Hanger Orthopedic Group, Inc ................ 7,950 2,900 * Harvard Bioscience, Inc ..................... 8,787 2,500 * HealthExtras, Inc ........................... 10,575 1,300 * HealthTronics Surgical Services, Inc ........ 10,881 3,000 * Hologic, Inc ................................ 29,400 1,800 * ICU Medical, Inc ............................ 65,736 5,300 * Idexx Laboratories, Inc ..................... 164,024 2,800 * IDX Systems Corp ............................ 34,748 2,200 * Igen International, Inc ..................... 65,736 4,800 * Ilex Oncology, Inc .......................... 22,800 600 * Illumina, Inc ............................... 2,064 6,600 * I-many, Inc ................................. 13,200 5,200 * ImClone Systems, Inc ........................ 40,560 1,650 * Immucor, Inc ................................ 26,813 6,800 Immunomedics, Inc ........................... 40,800 2,600 * Impath, Inc ................................. 33,566 4,300 * Impax Laboratories, Inc ..................... 20,898 2,000 * Inamed Corp ................................. 46,000 6,200 * Indevus Pharmaceuticals, Inc ................ 9,610 3,100 * Integra LifeSciences Holding ................ 49,259 4,200 * InterMune, Inc .............................. 137,844 2,800 * Interpore International ..................... 22,680 5,000 * Intuitive Surgical, Inc ..................... 39,950 4,400 Invacare Corp ............................... 150,700 1,200 * Inverness Medical Innovations, Inc .......... 11,388 7,800 * Isis Pharmaceuticals, Inc ................... 76,908 300 * Kendle International, Inc ................... 2,010 1,200 * Kensey Nash Corp ............................ 18,050 700 * Kos Pharmaceuticals, Inc .................... 7,839 2,800 * Kosan Biosciences, Inc ...................... 18,312 3,800 * KV Pharmaceutical Co (Class A) .............. 71,820 800 * Kyphon, Inc ................................. 10,560 7,000 * La Jolla Pharmaceutical Co .................. 29,820 900 * LabOne, Inc ................................. 14,544 1,400 Landauer, Inc ............................... 46,410 600 * Lannett Co, Inc ............................. 6,030 1,600 * Lifecore Biomedical, Inc .................... 9,920 6,300 * Ligand Pharmaceuticals, Inc (Class B) ....... 42,840 3,200 * Luminex Corp ................................ 22,528 3,300 * Martek Biosciences Corp ..................... 54,054 600 * Matria Healthcare, Inc ...................... 5,148 2,500 * MAXIMUS, Inc ................................ 56,000 1,400 * Med-Design Corp ............................. 4,942 700 * Medical Staffing Network Holdings, Inc ...... 10,619 3,900 * Medicines Co ................................ 42,814 1,700 * MedQuist, Inc ............................... 39,896 1,400 * MedSource Technologies, Inc ................. 10,528 3,300 Mentor Corp ................................. 105,204 600 * Meridian Medical Technologies, Inc .......... 21,570 1,900 * Merit Medical Systems, Inc .................. 36,689 4,200 * MGI Pharma, Inc ............................. 29,400 3,800 * MIM Corp .................................... 35,910 2,100 * Molecular Devices Corp ...................... 26,271 2,600 * Mright Medical Group, Inc ................... 49,478 4,900 * Mykrolis Corp ............................... 30,135 4,000 * Myriad Genetics, Inc ........................ 63,360 4,200 * Napro Biotherapeutics, Inc .................. 4,704 1,300 * Nastech Pharmaceutical Co ................... 10,764 700 * National Healthcare Corp .................... 12,565 4,700 * Neurocrine Biosciences, Inc ................. 192,700 600 * Neurogen Corp ............................... 4,818 3,500 * Noven Pharmaceuticals, Inc .................. 42,840 4,300 * NPS Pharmaceuticals, Inc .................... 88,442 2,900 * Ocular Sciences, Inc ........................ 67,744 2,000 * Odyssey HealthCare, Inc ..................... 59,900 2,400 * Omnicell, Inc ............................... 14,016 3,500 * On Assignment, Inc .......................... 28,945 2,000 * Option Care, Inc ............................ 17,700 4,300 * OraSure Technologies, Inc ................... 19,088 5,200 * Orthologic Corp ............................. 20,123 900 * OSI Pharmaceuticals, Inc .................... 15,273 2,900 Owens & Minor, Inc .......................... 41,441 2,600 * Pain Therapeutics, Inc ...................... 10,322 1,200 * Parexel International Corp .................. 10,200 600 * PDI, Inc .................................... 2,442 3,300 * Pediatrix Medical Group, Inc ................ 102,267 15,600 * Peregrine Pharmaceuticals, Inc .............. 6,552 3,800 * Per-Se Technologies, Inc .................... 37,544 3,000 * Pharmaceutical Resources, Inc ............... 83,940 1,600 * PolyMedica Corp ............................. 42,272 2,800 * Possis Medical, Inc ......................... 28,588 2,600 * PracticeWorks, Inc .......................... 44,980 4,000 * Priority Healthcare Corp (Class B) .......... 100,800 1,300 * Progenics Pharmaceuticals ................... 6,526 8,000 * Province Healthcare Co ...................... 137,200 1,300 * QMed, Inc ................................... 9,087 4,500 * Quadramed Corp .............................. 8,145 4,200 * Quidel Corp ................................. 18,774 3,300 * Radiologix, Inc ............................. 21,120 5,600 * Regeneron Pharmaceuticals, Inc .............. 75,600 1,800 * RehabCare Group, Inc ........................ 41,634 100 * Res-Care, Inc ............................... 496 5,100 * Resmed, Inc ................................. 145,860 5,100 * Respironics, Inc ............................ 163,251 4,300 * Rigel Pharmaceuticals, Inc .................. 6,880 1,600 * Rita Medical Systems, Inc ................... 7,022 3,000 * Salix Pharmaceuticals Ltd ................... 25,320 2,600 * Sangamo Biosciences, Inc .................... 5,122 4,400 * Sangstat Medical Corp ....................... 91,784 7,800 * Scios, Inc .................................. 198,510 1,900 * Seattle Genetics, Inc ....................... 6,118 2,900 * Select Medical Corp ......................... 41,470 8,400 * Sepracor, Inc ............................... 44,016 3,600 * Serologicals Corp ........................... 48,204 4,100 * Sierra Health Services, Inc ................. 73,554 1,800 * Sonic Innovations, Inc ...................... 9,450 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 61 Statement of Investments - INSTITUTIONAL SMALL-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(Continued) 2,400 * SonoSite, Inc ............................... $ 27,552 300 * Specialty Laboratories, Inc ................. 2,757 5,600 * Stericycle, Inc ............................. 189,952 2,300 * SurModics, Inc .............................. 73,071 3,600 * Sybron Dental Specialties, Inc .............. 50,364 2,900 * Syncor International Corp ................... 93,119 1,400 * Tanox, Inc .................................. 14,700 7,000 * Techne Corp ................................. 229,530 4,300 * Telik, Inc .................................. 53,234 6,800 * Texas Biotechnology Corp .................... 20,808 400 * Theragenics Corp ............................ 1,760 3,700 * Therasense, Inc ............................. 51,652 4,700 * Transkaryotic Therapies, Inc ................ 152,327 5,200 * Triangle Pharmaceuticals, Inc ............... 14,045 2,200 * Trimeris, Inc ............................... 98,230 6,400 * Tularik, Inc ................................ 43,840 1,500 * U.S. Physical Therapy, Inc .................. 15,825 3,100 * Umilab Corp ................................. 65,007 2,500 * United Surgical Partners International, Inc . 55,250 2,300 * Urologix, Inc ............................... 10,488 4,700 * Varian, Inc ................................. 129,767 1,800 * VCA Antech, Inc ............................. 22,212 2,100 * Ventana Medical Systems, Inc ................ 39,333 2,100 Ventas, Inc ................................. 28,035 3,500 * Versicor, Inc ............................... 29,820 8,000 * Visx, Inc ................................... 73,840 1,000 Vital Signs, Inc ............................ 29,710 6,300 * VitalWorks, Inc ............................. 45,801 5,400 * Vivus, Inc .................................. 23,328 2,500 * Watson Wyatt & Co Holdings .................. 50,000 2,600 * Women First Healthcare, Inc ................. 12,168 300 X-Rite, Inc ................................. 2,319 700 * Young Innovations, Inc ...................... 18,775 1,400 * Zoll Medical Corp ........................... 42,560 1,000 * Zymogenetics, Inc ........................... 8,000 ------------ TOTAL HEALTH CARE 9,480,413 ------------ OTHER--5.21% 200 * 4Kids Entertainment, Inc .................... 4,746 6,400 ABM Industries, Inc ......................... 90,240 3,300 * Acacia Research Corp ........................ 13,104 2,000 Acuity Brands, Inc .......................... 24,520 3,100 * Administaff, Inc ............................ 11,935 2,700 * Advo, Inc ................................... 85,725 900 * Ambassadors Group, Inc ...................... 13,248 1,800 Banta Corp .................................. 63,900 3,100 Brady Corp (Class A) ........................ 99,820 1,700 * Bright Horizons Family Solutions, Inc ....... 47,481 400 Central Parking Corp ........................ 8,056 100 * Charles River Associates, Inc ............... 1,660 6,400 * Corinthian Colleges, Inc .................... 241,536 6,200 * Corporate Executive Board Co ................ 177,010 2,200 * CoStar Group, Inc ........................... 39,600 600 Courier Corp ................................ 22,799 600 Curtiss-Wright Corp ......................... 35,874 2,700 Ennis Business Forms, Inc ................... 35,235 7,800 * Exult, Inc .................................. 23,010 2,200 * Fidelity National Information Solutions, Inc ............................ 33,638 2,200 * First Consulting Group, Inc ................. 11,924 2,400 * Forrester Research, Inc ..................... 35,928 1,000 * General Binding Corp ........................ 15,850 300 * Hall Kinion & Associates, Inc ............... 1,800 2,700 Harland (John H.) Co ........................ 73,305 400 * Heidrick & Struggles International, Inc ..... 6,076 500 * ICT Group, Inc .............................. 10,125 4,200 * infoUSA, Inc ................................ 18,186 2,000 * Invision Technologies, Inc .................. 64,020 3,500 * Itron, Inc .................................. 64,365 1,300 Kelly Services, Inc (Class A) ............... 28,171 6,800 * Labor Ready, Inc ............................ 42,976 700 * Lifeline Systems, Inc ....................... 15,400 4,600 Matthews International Corp (Class A) ....... 107,502 1,500 McGrath RentCorp ............................ 30,555 800 * Memberworks, Inc ............................ 13,936 4,200 * MSC.Software Corp ........................... 35,784 6,400 * Navigant Consulting, Inc .................... 35,328 1,900 New England Business Services, Inc .......... 40,185 2,300 * Pre-Paid Legal Services, Inc ................ 45,724 1,700 * ProQuest Co ................................. 51,595 2,400 * R.H. Donnelley Corp ......................... 62,400 1,600 * Right Management Consultants ................ 39,424 2,000 * RMH Teleservices, Inc ....................... 16,320 2,400 Rollins, Inc ................................ 46,560 1,800 * School Specialty, Inc ....................... 45,018 2,000 Standard Register Co ........................ 48,000 100 Standex International Corp .................. 2,028 1,700 * Startek, Inc ................................ 37,417 1,300 Strayer Education, Inc ...................... 77,337 3,800 * Symyx Technologies, Inc ..................... 39,786 2,100 Talx Corp ................................... 27,657 1,200 * Tejon Ranch Co .............................. 29,268 6,400 * TeleTech Holdings, Inc ...................... 40,000 1,200 * United Stationers, Inc ...................... 31,560 1,400 * Wackenhut Corrections Corp .................. 15,877 ------------ TOTAL OTHER 2,380,524 ------------ PRODUCER DURABLES--4.23% 3,000 * Active Power, Inc ........................... 4,020 300 American States Water Co .................... 7,866 5,600 Ametek, Inc ................................. 163,072 1,200 * August Technology Corp ...................... 5,400 5,100 Baldor Electric Co .......................... 97,410 900 Briggs & Stratton Corp ...................... 33,786 1,600 * Brooks-PRI Automation, Inc .................. 18,320 200 California Water Service Group .............. 5,106 6,700 * Capstone Turbine Corp ....................... 3,953 3,700 * Coinstar, Inc ............................... 95,386 100 * CTB International Corp ...................... 1,279 1,700 * Cuno, Inc ................................... 52,445 3,600 Federal Signal Corp ......................... 66,312 700 * Flow International Corp ..................... 2,261 1,100 Franklin Electric Co, Inc ................... 47,025 3,400 * FuelCell Energy, Inc ........................ 21,420 1,300 * Genlyte Group, Inc .......................... 46,085 3,700 * Global Power Equipment Group, Inc ........... 17,390 800 Gorman-Rupp Co .............................. 18,640 4,100 * Headwaters, Inc ............................. 56,662 2,200 IDEX Corp ................................... 62,810 1,100 Kaydon Corp ................................. 22,044 100 Lawson Products, Inc ........................ 2,915 5,300 Lincoln Electric Holdings, Inc .............. 117,294 1,700 Lindsay Manufacturing Co .................... 41,191 1,800 * Littelfuse, Inc ............................. 30,276 2,600 Manitowoc Co, Inc ........................... 71,110 1,300 Mine Safety Appliances Co ................... 50,947 11,000 * Newpark Resources, Inc ...................... 43,560 1,900 NN, Inc ..................................... 17,575 1,800 Nordson Corp ................................ 42,732 2,900 * Photon Dynamics, Inc ........................ 54,027 2,800 * Plug Power, Inc ............................. 13,404 4,700 * Power-One, Inc .............................. 14,006 SEE NOTES TO FINANCIAL STATEMENTS 62 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- PRODUCER DURABLES--(Continued) 3,600 * Rayovac Corp ................................ $ 43,920 4,900 Roper Industries, Inc ....................... 169,050 600 * Strattec Security Corp ...................... 30,612 1,400 Tennant Co .................................. 45,290 400 * Tetra Tech, Inc ............................. 3,196 1,100 * Tetra Technologies, Inc ..................... 22,165 500 * Thomas & Betts Corp ......................... 7,045 800 Toro Co ..................................... 45,000 1,500 * TRC Cos, Inc ................................ 25,725 1,600 * Trikon Technologies, Inc .................... 9,088 500 Valhi, Inc .................................. 4,910 800 Valmont Industries, Inc ..................... 18,680 1,000 Wabtec Corp ................................. 14,080 3,900 * Waste Connections, Inc ...................... 135,681 600 Watts Industries, Inc (Class A) ............. 9,840 ------------ TOTAL PRODUCER DURABLES 1,932,011 ------------ TECHNOLOGY--20.29% 100 * 3D Systems Corp ............................. 658 3,500 * Actel Corp .................................. 36,400 1,200 * Acterna Corp ................................ 480 7,300 * Actuate Corp ................................ 6,935 5,700 * Advanced Digital Information Corp ........... 27,360 2,800 * Advanced Energy Industries, Inc ............. 24,920 800 * Advanced Power Technology, Inc .............. 3,112 10,000 * Aeroflex, Inc ............................... 50,400 3,200 * Aether Systems, Inc ......................... 8,576 2,800 * Agile Software Corp ......................... 17,948 16,300 * Akamai Technologies, Inc .................... 13,529 4,800 * Alloy, Inc .................................. 39,888 600 * Altiris, Inc ................................ 5,970 3,200 * American Management Systems, Inc ............ 40,736 1,800 * American Superconductor Corp ................ 4,860 3,200 * Anadigics, Inc .............................. 6,816 100 Analogic Corp ............................... 4,189 1,800 * Answerthink, Inc ............................ 2,610 2,500 * Ansys, Inc .................................. 43,075 1,900 * Anteon International Corp ................... 51,642 4,300 * APAC Customer Services, Inc ................. 12,513 3,300 * Arbitron, Inc ............................... 112,530 23,200 * Ariba, Inc .................................. 31,320 1,700 * Arris Group, Inc ............................ 6,290 2,400 * Artisan Components, Inc ..................... 21,862 20,100 * Ascential Software Corp ..................... 37,346 4,800 * Asiainfo Holdings, Inc ...................... 16,008 4,100 * Aspen Technology, Inc ....................... 12,300 3,100 * AstroPower, Inc ............................. 22,010 5,900 * Asyst Technologies, Inc ..................... 35,636 3,500 * At Road, Inc ................................ 18,900 4,500 * ATMI, Inc ................................... 63,450 3,000 * Avanex Corp ................................. 4,110 3,700 * Avid Technology, Inc ........................ 38,110 6,100 * Avocent Corp ................................ 81,618 16,800 * Axcelis Technologies, Inc ................... 81,984 1,600 * AXT, Inc .................................... 3,328 2,500 * Barra, Inc .................................. 68,300 1,800 BEI Technologies, Inc ....................... 19,800 1,400 Bel Fuse, Inc (Class B) ..................... 30,030 1,700 * Benchmark Electronics, Inc .................. 35,785 2,400 * Black Box Corp .............................. 79,680 10,200 * Borland Software Corp ....................... 79,458 500 C&D Technologies, Inc ....................... 7,330 4,800 * CACI International, Inc (Class A) ........... 170,160 900 * Caminus Corp ................................ 1,602 3,200 * Carreker Corp ............................... 19,616 900 * Catapult Communications Corp ................ 8,775 2,400 * C-COR.net Corp .............................. 8,904 4,600 * Centillium Communications, Inc .............. 5,520 300 * Checkpoint Systems, Inc ..................... 3,705 8,100 * ChipPAC, Inc ................................ 17,326 5,900 * Chordiant Software, Inc ..................... 5,487 1,400 * Cirrus Logic, Inc ........................... 3,570 1,300 * ClearOne Communications, Inc ................ 4,433 10,700 * CNET Networks, Inc .......................... 11,770 5,600 * Cognex Corp ................................. 77,896 1,400 * Cognizant Technology Solutions Corp ......... 80,458 3,400 Cohu, Inc ................................... 38,420 2,400 * Computer Network Technology Corp ............ 12,048 2,600 * Concord Communications, Inc ................. 13,130 10,200 * Concurrent Computer Corp .................... 23,256 1,400 * CoorsTek, Inc ............................... 21,000 3,200 * Covansys Corp ............................... 5,440 7,100 * Cray, Inc ................................... 28,045 2,500 * Credence Systems Corp ....................... 21,650 6,200 * Cree, Inc ................................... 77,500 3,400 CTS Corp .................................... 15,640 2,600 Cubic Corp .................................. 44,200 2,300 * Daktronics, Inc. ............................ 22,057 2,000 * Datastream Systems, Inc ..................... 10,000 1,600 * DDI Corp .................................... 254 5,300 * dELiA*s Corp (Class A) ...................... 5,565 1,300 * DiamondCluster International, Inc (Class A) . 4,238 1,300 * Digimarc Corp ............................... 15,171 4,700 * Digital Insight Corp ........................ 73,884 4,500 * Digital River, Inc .......................... 34,515 1,000 * Digitas, Inc ................................ 2,200 1,300 * DocuCorp International, Inc ................. 14,066 6,600 * Documentum, Inc ............................. 76,230 14,200 * DoubleClick, Inc ............................ 72,988 1,400 * Drexler Technology Corp ..................... 20,356 3,000 * DSP Group, Inc .............................. 48,177 400 * Dupont Photomasks, Inc ...................... 9,112 5,500 * E.piphany, Inc .............................. 19,800 4,200 * Echelon Corp ................................ 36,540 1,700 EDO Corp .................................... 38,097 6,300 * eFunds Corp ................................. 59,100 4,300 * Electro Scientific Industries, Inc .......... 63,769 2,800 * Electroglas, Inc ............................ 5,600 1,400 * Embarcadero Technologies, Inc ............... 5,866 2,100 * Emcore Corp ................................. 3,192 1,200 * EMS Technologies, Inc ....................... 12,312 7,600 * Entegris, Inc ............................... 59,052 4,200 * Enterasys Networks, Inc ..................... 5,460 7,500 * Entrust, Inc ................................ 23,550 1,700 * EPIQ Systems, Inc ........................... 30,022 3,700 * eSpeed, Inc (Class A) ....................... 37,592 5,300 * ESS Technology, Inc ......................... 32,595 5,400 * Exar Corp ................................... 62,370 1,500 * Excel Technology, Inc ....................... 28,215 17,100 * Extreme Networks, Inc ....................... 71,991 3,700 * F5 Networks, Inc ............................ 27,935 5,600 * FalconStor Software, Inc .................... 27,272 4,000 * FEI Co ...................................... 57,800 5,100 * Filenet Corp ................................ 52,785 11,500 * Finisar Corp ................................ 7,935 2,500 * Flir Systems, Inc ........................... 87,475 14,300 * Foundry Networks, Inc ....................... 78,364 6,500 * Freemarkets, Inc ............................ 32,240 5,500 General Cable Corp .......................... 21,175 5,100 * Genesis Microchip, Inc ...................... 39,117 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 63 Statement of Investments - INSTITUTIONAL SMALL-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(Continued) 1,400 * Global Imaging Systems, Inc ................. $ 26,432 10,500 * GlobespanVirata, Inc ........................ 24,780 1,200 * GrafTech International Ltd .................. 8,700 600 * Griffon Corp ................................ 6,390 5,300 * Handspring, Inc ............................. 4,982 9,800 * Harmonic, Inc ............................... 17,150 4,300 Helix Technology Corp ....................... 41,495 5,600 * Hyperion Solutions Corp ..................... 102,760 14,000 * Identix, Inc ................................ 83,300 1,300 * Ii-Vi, Inc .................................. 17,355 2,000 * Inet Technologies, Inc ...................... 10,140 700 * Infogrames, Inc ............................. 1,554 9,600 * Informatica Corp ............................ 29,760 800 * Inforte Corp ................................ 4,096 12,700 * Inktomi Corp ................................ 3,175 1,500 * Inrange Technologies Corp (Class B) ......... 4,185 1,500 * Integral Systems, Inc ....................... 28,665 2,600 * Intercept, Inc .............................. 25,714 9,300 * Interdigital Communications Corp ............ 80,910 7,900 * Intergraph Corp ............................. 135,011 2,500 * Intermagnetics General Corp ................. 42,675 6,000 * Internet Security Systems, Inc .............. 73,920 3,000 Inter-Tel, Inc .............................. 61,050 9,400 * Interwoven, Inc ............................. 18,875 2,600 * Intrado, Inc ................................ 25,116 3,600 * Ixia ........................................ 14,760 2,000 * IXYS Corp ................................... 10,060 900 * j2 Global Communications, Inc ............... 17,901 4,600 * JDA Software Group, Inc ..................... 32,154 8,100 * Keane, Inc .................................. 54,675 1,000 Keithley Instruments, Inc ................... 12,150 2,100 * Keynote Systems, Inc ........................ 13,755 11,600 * Kopin Corp .................................. 40,368 3,300 * Kronos, Inc ................................. 81,279 8,200 * Kulicke & Soffa Industries, Inc ............. 24,600 7,100 * Lattice Semiconductor Corp .................. 44,162 1,700 * Lawson Software, Inc ........................ 6,018 1,800 * Learning Tree International, Inc ............ 26,442 500 * LeCroy Corp ................................. 4,480 14,500 * Legato Systems, Inc ......................... 39,991 5,400 * Lexar Media, Inc ............................ 14,310 9,300 * Liberate Technologies ....................... 14,508 400 * Lightbridge, Inc ............................ 2,700 11,200 * Looksmart Ltd ............................... 10,864 4,900 * LTX Corp .................................... 22,344 7,200 * Macrovision Corp ............................ 88,056 2,300 * Magma Design Automation, Inc ................ 20,516 3,200 * Manhattan Associates, Inc ................... 43,264 700 * Manufacturers Services Ltd .................. 1,890 5,300 * Manugistics Group, Inc ...................... 14,787 2,300 * MAPICS, Inc ................................. 12,880 2,400 * Mapinfo Corp ................................ 9,480 6,100 * Matrixone, Inc .............................. 26,474 4,200 * Maxtor Corp ................................. 10,962 10,500 * McData Corp (Class A) ....................... 57,015 800 * MCSi, Inc ................................... 3,960 6,600 * MEMC Electronic Materials, Inc .............. 21,912 10,900 * Mentor Graphics Corp ........................ 53,192 3,600 * Mercury Computer Systems, Inc ............... 84,960 1,700 * Merix Corp .................................. 13,855 900 * MetaSolv, Inc ............................... 1,377 12,300 * Micromuse, Inc .............................. 30,996 4,800 * Microsemi Corp .............................. 26,928 5,900 * MIPS Technologies, Inc (Class A) ............ 7,841 3,000 * Monolithic System Technology, Inc ........... 30,000 2,900 * MRO Software, Inc ........................... 25,230 9,000 * MRV Communications, Inc ..................... 7,650 800 * Nassda Corp ................................. 4,176 3,900 NDCHealth Corp .............................. 60,645 2,700 * Netegrity, Inc .............................. 5,562 3,500 * NETIQ Corp .................................. 50,750 1,300 * Netro Corp .................................. 2,665 900 * Netscout Systems, Inc ....................... 3,294 1,700 * NetScreen Technologies, Inc ................. 18,445 4,900 * New Focus, Inc .............................. 13,230 3,400 * Newport Corp ................................ 38,352 4,000 * NIC, Inc .................................... 6,840 2,300 * Novadigm, Inc ............................... 4,600 2,500 * Nuance Communications, Inc .................. 4,250 4,100 * NYFIX, Inc .................................. 15,949 9,200 * Oak Technology, Inc ......................... 29,256 3,300 * Omnivision Technologies, Inc ................ 21,747 3,200 * ON Semiconductor Corp ....................... 4,000 7,200 * Onyx Software Corp .......................... 13,752 15,300 * Openwave Systems, Inc ....................... 9,486 1,700 * Opnet Technologies, Inc ..................... 10,761 1,100 * Optical Communication Products, Inc ......... 847 1,100 * OSI Systems, Inc ............................ 19,036 1,300 * Overland Storage, Inc ....................... 14,118 8,600 * Overture Services, Inc ...................... 202,702 3,700 * Packeteer, Inc .............................. 11,100 33,600 * Palm, Inc ................................... 24,864 1,600 * Paradyne Networks, Inc ...................... 2,128 23,700 * Parametric Technology Corp .................. 42,660 700 Park Electrochemical Corp ................... 11,690 5,100 * Paxar Corp .................................. 74,154 2,800 * Paxson Communications Corp .................. 6,160 2,000 * PDF Solutions, Inc .......................... 10,580 1,400 * PEC Solutions, Inc .......................... 31,164 1,000 * Pegasystems, Inc ............................ 5,460 300 * Pericom Semiconductor Corp .................. 2,586 4,300 * Phoenix Technologies Ltd .................... 31,175 4,400 * Photronics, Inc ............................. 44,264 5,000 * Pixelworks, Inc ............................. 25,750 2,300 * Planar Systems, Inc ......................... 36,662 6,300 * Plantronics, Inc ............................ 102,690 7,000 * Plexus Corp ................................. 64,750 2,800 * PLX Technology, Inc ......................... 3,080 19,700 * Portal Software, Inc ........................ 4,728 300 * Powell Industries, Inc ...................... 5,640 4,200 * Power Integrations, Inc ..................... 51,198 10,900 * Powerwave Technologies, Inc ................. 36,951 6,100 * PRG-Schultz International, Inc .............. 75,518 3,500 * Probusiness Services, Inc ................... 22,155 5,200 * Progress Software Corp ...................... 62,920 2,300 * QRS Corp .................................... 15,249 6,200 * Quest Software, Inc ......................... 58,280 1,100 Quixote Corp ................................ 20,295 2,900 * Radiant Systems, Inc ........................ 23,200 1,700 * Radisys Corp ................................ 6,732 800 * Raindance Communications, Inc ............... 2,472 13,900 * Rambus, Inc ................................. 60,326 17,000 * Red Hat, Inc ................................ 80,750 25,000 * Redback Networks, Inc ....................... 7,750 1,800 * Renaissance Learning, Inc ................... 25,578 1,600 * Research Frontiers, Inc ..................... 14,336 8,700 * Retek, Inc .................................. 31,320 17,500 * Riverstone Networks, Inc .................... 8,925 2,700 * Rogers Corp ................................. 63,045 SEE NOTES TO FINANCIAL STATEMENTS 64 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(Continued) 2,900 * Roxio, Inc .................................. $ 8,787 1,400 * RSA Security, Inc ........................... 4,704 1,600 * Rudolph Technologies, Inc ................... 16,464 11,800 * S1 Corp ..................................... 63,248 2,200 * Sanchez Computer Associates, Inc ............ 5,368 5,600 * Sandisk Corp ................................ 73,416 5,500 * Sapient Corp ................................ 5,665 500 * SBS Technologies, Inc ....................... 3,580 8,600 * Scansoft, Inc ............................... 28,380 800 * Scansource, Inc ............................. 46,440 2,300 * Seachange International, Inc ................ 15,801 4,900 * Secure Computing Corp ....................... 15,680 8,600 * Seebeyond Technology Corp ................... 12,040 2,700 * Semitool, Inc ............................... 13,905 2,900 * Serena Software, Inc ........................ 34,800 9,700 * Silicon Image, Inc .......................... 39,673 4,400 * Silicon Laboratories, Inc ................... 80,652 12,900 * Silicon Storage Technology, Inc ............. 50,439 1,000 * Siliconix, Inc .............................. 17,770 1,200 * Simpletech, Inc ............................. 2,556 3,787 * SmartForce Plc (Spon ADR) ................... 12,497 4,500 * Somera Communications, Inc .................. 9,225 3,300 * SonicWALL, Inc .............................. 9,075 30,100 * Sonus Networks, Inc ......................... 6,321 800 * Sourcecorp .................................. 16,328 2,800 * Spectralink Corp ............................ 15,932 1,100 * Spectrian Corp .............................. 3,245 2,300 * SpeechWorks International, Inc .............. 5,290 600 * SPSS, Inc ................................... 6,942 700 * SRA International, Inc (Class A) ............ 20,041 1,300 * SS&C Technologies, Inc ...................... 10,335 200 * Standard Microsystems Corp .................. 3,056 5,700 * StorageNetworks, Inc ........................ 7,125 5,700 * Stratos Lightwave, Inc ...................... 2,052 300 * Suntron Corp ................................ 975 1,700 * Supertex, Inc ............................... 17,680 1,600 * Surebeam Corp (Class A) ..................... 2,880 6,500 * Sycamore Networks, Inc ...................... 15,275 1,700 * Sykes Enterprises, Inc ...................... 7,157 400 * Synaptics, Inc .............................. 1,924 1,600 * Synplicity, Inc ............................. 6,896 900 * Syntel, Inc ................................. 10,593 800 Sypris Solutions, Inc ....................... 8,680 2,900 * Systems & Computer Technology Corp .......... 20,300 6,400 * Take-Two Interactive Software, Inc .......... 185,600 3,100 Technitrol, Inc ............................. 46,345 7,800 * Tekelec ..................................... 67,314 6,800 * Tellium, Inc ................................ 2,584 3,700 * Therma-Wave, Inc ............................ 2,923 9,800 * TIBCO Software, Inc ......................... 36,750 2,400 * Tier Technologies, Inc (Class B) ............ 45,408 3,100 * Tivo, Inc ................................... 11,160 3,600 * Transaction Systems Architects, Inc (Class A) ................................. 22,320 10,500 * Transmeta Corp .............................. 10,185 3,300 * Trimble Navigation Ltd ...................... 32,670 1,200 * Tripos, Inc ................................. 9,420 17,900 * Triquint Semiconductor, Inc ................. 63,187 3,900 * Trizetto Group, Inc ......................... 19,422 2,400 * TTM Technologies, Inc ....................... 3,768 1,100 * Ulticom, Inc ................................ 6,083 1,800 * Ultimate Electronics, Inc ................... 22,950 200 * Ultratech Stepper, Inc ...................... 1,618 1,600 United Industrial Corp ...................... 32,240 800 * United Online, Inc .......................... 7,672 2,800 * Universal Display Corp ...................... 16,828 5,100 * Varian Semiconductor Equipment Associates, Inc ........................... 83,844 3,800 * Veeco Instruments, Inc ...................... 41,040 600 * Verint Systems, Inc ......................... 5,177 2,000 * Verity, Inc ................................. 19,900 1,400 * Vicor Corp .................................. 10,010 6,100 * Viewpoint Corp .............................. 13,298 20,100 * Vignette Corp ............................... 16,100 1,800 * Virage Logic Corp ........................... 16,974 300 Virco Manufacturing Corp .................... 2,910 17,600 * Vitesse Semiconductor Corp .................. 11,968 6,400 * Vitria Technology, Inc ...................... 4,992 2,200 * WatchGuard Technologies, Inc ................ 9,680 3,900 * WebEx Communications, Inc ................... 43,641 6,200 * webMethods, Inc ............................. 29,946 3,500 * Websense, Inc ............................... 40,635 2,300 * WESCO International, Inc .................... 9,890 18,200 * Western Digital Corp ........................ 85,540 2,900 * White Electronic Designs Corp ............... 21,721 3,500 * Wilson Greatbatch Technologies, Inc ......... 97,300 8,200 * Wind River Systems, Inc ..................... 26,404 1,500 * Wireless Facilities, Inc .................... 6,645 2,300 * Witness Systems, Inc ........................ 13,386 500 Woodhead Industries, Inc .................... 5,510 3,500 * Xicor, Inc .................................. 12,635 3,200 * Zoran Corp .................................. 35,200 1,900 * Zygo Corp ................................... 8,056 ------------ TOTAL TECHNOLOGY 9,265,112 ------------ TRANSPORTATION--1.33% 10,500 * Airtran Holdings, Inc ....................... 32,655 200 * ATA Holdings Corp ........................... 680 6,800 * Atlantic Coast Airlines Holdings, Inc ....... 62,900 2,000 * BE Aerospace, Inc ........................... 9,520 1,600 * EGL, Inc .................................... 17,616 1,300 * ExpressJet Holdings, Inc .................... 11,960 1,900 * Forward Air Corp ............................ 34,390 3,900 * Frontier Airlines, Inc ...................... 19,032 600 * Genesee & Wyoming, Inc (Class A) ............ 13,350 2,700 * Heartland Express, Inc ...................... 50,598 4,000 * Knight Transportation, Inc .................. 62,000 2,600 * Landstar System, Inc ........................ 127,465 5,100 * Mesa Air Group, Inc ......................... 18,615 400 * P.A.M. Transportation Services .............. 7,632 4,300 Shurgard Storage Centers, Inc (Class A) 135,966 ------------ TOTAL TRANSPORTATION 604,379 ------------ UTILITIES--2.38% 4,000 * AirGate PCS, Inc ............................ 1,760 3,600 * Alamosa Holdings, Inc ....................... 828 9,600 * Allegiance Telecom, Inc ..................... 7,968 11,000 * American Tower Corp (Class A) ............... 17,490 1,900 Black Hills Corp ............................ 49,761 1,000 Cascade Natural Gas Corp .................... 19,700 900 * Centennial Communications Corp .............. 2,610 1,800 * Commonwealth Telephone Enterprises, Inc ..... 62,586 1,300 Connecticut Water Service, Inc .............. 33,306 10,600 * Crown Castle International Corp ............. 23,002 2,000 * Dobson Communications Corp (Class A) ........ 620 400 EnergySouth, Inc ............................ 10,200 6,900 * General Communication, Inc (Class A) ........ 25,944 2,300 Hickory Tech Corp ........................... 30,475 1,700 MGE Energy, Inc ............................. 43,622 1,300 Middlesex Water Co .......................... 29,250 800 * NATCO Group, Inc (Class A) .................. 6,024 400 New Jersey Resources Corp ................... 13,160 11,300 * Nextel Partners, Inc (Class A) .............. 60,794 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 65 Statement of Investments - INSTITUTIONAL SMALL-CAP GROWTH INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- UTILITIES--(Continued) 2,500 North Pittsburgh Systems, Inc ............... $ 33,325 4,200 Otter Tail Corp ............................. 110,628 4,400 * Petroquest Energy, Inc ...................... 19,448 8,200 * Price Communications Corp ................... 92,660 1,100 * Quicksilver Resources, Inc .................. 19,800 5,800 * RCN Corp .................................... 2,958 500 Shenandoah Telecom Co ....................... 25,370 15,100 * Skyworks Solutions, Inc ..................... 68,403 1,500 Southwest Water Co .......................... 21,390 3,900 * Southwestern Energy Co ...................... 46,800 2,200 SureWest Communications ..................... 64,394 3,300 * Time Warner Telecom, Inc (Class A) .......... 2,673 3,300 * Triton PCS Holdings, Inc (Class A) .......... 6,897 14,700 * U.S. Unwired, Inc (Class A) ................. 10,290 2,000 UGI Corp .................................... 72,700 200 Unitil Corp ................................. 5,430 700 Western Gas Resources, Inc .................. 21,878 8,900 * Western Wireless Corp (Class A) ............. 24,030 ------------ TOTAL UTILITIES 1,088,174 ------------ TOTAL COMMON STOCK (COST $48,940,556) 45,554,443 ------------ TOTAL PORTFOLIO--99.76% (COST $48,940,556) 45,554,443 OTHER ASSETS & LIABILITIES, NET--0.24% 110,530 ------------ NET ASSETS--100.00% $ 45,664,973 ============ - ---------- * Non-income producing b In bankruptcy At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $48,940,556. Net unrealized depreciation of portfolio investments aggregated $3,386,113 of which $897,772 related to appreciated portfolio investments and $4,283,885 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 66 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.67% AEROSPACE AND DEFENSE--1.02% 3,500 AAR Corp .................................... $ 16,625 2,600 * Aviall, Inc ................................. 26,494 900 * Ducommun, Inc ............................... 15,849 200 * Dynamics Research Corp ...................... 2,916 1,900 Heico Corp .................................. 21,508 1,500 * Hexcel Corp ................................. 3,720 3,100 Kaman Corp (Class A) ........................ 37,975 1,200 * Ladish Co, Inc .............................. 7,440 2,100 * Moog, Inc (Class A) ......................... 59,346 4,600 * Remec, Inc .................................. 15,686 900 * Sequa Corp (Class A) ........................ 46,890 1,800 * Teledyne Technologies, Inc .................. 32,688 2,000 * Triumph Group, Inc .......................... 56,000 2,900 * United Defense Industries, Inc .............. 68,440 900 * Viasat, Inc ................................. 5,670 ------------ TOTAL AEROSPACE AND DEFENSE 417,247 ------------ BASIC INDUSTRIES--11.63% 1,200 * Airgas, Inc ................................. 15,756 500 Alico, Inc .................................. 14,225 2,700 Amcol International Corp .................... 15,120 500 Ameron International Corp ................... 24,595 1,100 * Applied Films Corp .......................... 12,034 2,800 Arch Chemicals, Inc ......................... 49,616 3,000 Arch Coal, Inc .............................. 49,650 600 * Avatar Holdings, Inc ........................ 14,436 500 * Baker (Michael) Corp ........................ 5,150 2,200 * Brush Engineered Materials, Inc ............. 17,160 3,300 * Buckeye Technologies, Inc ................... 24,255 1,600 * Building Materials Holding Corp ............. 18,720 800 Butler Manufacturing Co ..................... 17,280 100 * BWAY Corp ................................... 1,390 4,600 Calgon Carbon Corp .......................... 26,588 1,300 Cambrex Corp ................................ 47,840 3,600 * Caraustar Industries, Inc ................... 33,660 2,400 Carlisle Cos, Inc ........................... 88,032 2,600 Carpenter Technology Corp ................... 33,800 900 Castle (A.M.) & Co .......................... 6,075 700 Centex Construction Products, Inc ........... 24,990 1,600 Century Aluminum Co ......................... 11,136 6,700 * Champion Enterprises, Inc ................... 19,698 1,400 Chemed Corp ................................. 43,078 1,500 ChemFirst, Inc .............................. 43,140 1,900 Chesapeake Corp ............................. 28,386 1,200 * Cleveland-Cliffs, Inc ....................... 28,860 1,900 * Collins & Aikman Corp ....................... 6,821 5,100 * Comfort Systems U.S.A., Inc ................. 15,504 3,300 Commercial Metals Co ........................ 59,136 14,000 Crompton Corp ............................... 140,700 22,200 * Crown Cork & Seal Co, Inc ................... 116,550 5,500 * Cytec Industries, Inc ....................... 120,725 700 Deltic Timber Corp .......................... 15,386 700 * Dionex Corp ................................. 17,892 300 * Dominion Homes, Inc ......................... 4,650 400 Donnelly Corp ............................... 10,364 700 * Drew Industries, Inc ........................ 10,885 1,900 * EMCOR Group, Inc ............................ 94,430 1,300 * Encore Wire Corp ............................ 11,440 2,200 Ferro Corp .................................. 50,820 4,800 * Fleetwood Enterprises, Inc .................. 32,352 2,200 Florida Rock Industries, Inc ................ 67,232 2,200 * FMC Corp .................................... 56,804 2,100 * Foamex International, Inc ................... 11,550 1,800 Georgia Gulf Corp ........................... 41,166 1,200 Gibraltar Steel Corp ........................ 26,712 100 Glatfelter .................................. 1,155 4,100 Granite Construction, Inc ................... 67,568 5,200 Great Lakes Chemical Corp ................... 124,904 1,800 Greif Brothers Corp (Class A) ............... 44,100 3,900 H.B. Fuller Co .............................. 103,740 900 * Imco Recycling, Inc ......................... 5,445 200 * Insituform Technologies, Inc (Class A) ...... 2,870 4,400 * Integrated Electrical Services, Inc ......... 16,456 1,400 * International Specialty Products, Inc ....... 13,566 800 Interpool, Inc .............................. 9,616 6,000 Lennox International, Inc ................... 79,380 600 * Liquidmetal Technologies .................... 4,794 1,000 * Lone Star Technologies, Inc ................. 11,850 7,300 * Longview Fibre Co ........................... 50,662 14,400 * Louisiana-Pacific Corp ...................... 93,168 600 LSI Industries, Inc ......................... 6,084 1,200 * Lydall, Inc ................................. 14,160 1,700 M/I Schottenstein Homes, Inc ................ 53,550 1,900 MacDermid, Inc .............................. 37,905 8,600 Massey Energy Co ............................ 55,470 1,400 * Material Sciences Corp ...................... 17,038 2,900 * Mattson Technology, Inc ..................... 4,785 400 * Maui Land & Pineapple Co .................... 7,250 2,700 MDC Holdings, Inc ........................... 95,310 400 * Mestek, Inc ................................. 7,300 8,800 Millennium Chemicals, Inc ................... 86,944 2,800 Minerals Technologies, Inc .................. 103,796 1,500 * Mobile Mini, Inc ............................ 19,425 1,200 * Modtech Holdings, Inc ....................... 12,000 3,900 * Mueller Industries, Inc ..................... 101,010 2,500 * NCI Building Systems, Inc ................... 47,000 1,200 NL Industries, Inc .......................... 17,412 1,200 * Nortek, Inc ................................. 51,924 600 * Northwest Pipe Co ........................... 10,734 2,300 * NS Group, Inc ............................... 13,639 1,400 Octel Corp .................................. 26,446 512 Olin Corp ................................... 8,387 5,400 * Omnova Solutions, Inc ....................... 24,786 3,500 * Oregon Steel Mills, Inc ..................... 21,420 1,400 * Osmonics, Inc ............................... 16,660 600 * Palm Harbor Homes, Inc ...................... 6,967 300 Penford Corp ................................ 4,050 1,600 Penn Engineering & Manufacturing Corp ....... 17,920 1,100 Penn Virginia Corp .......................... 35,640 10,800 PolyOne Corp ................................ 92,772 2,100 Pope & Talbot, Inc .......................... 26,985 3,900 Potlatch Corp ............................... 111,852 2,000 Quanex Corp ................................. 69,400 3,300 Reliance Steel & Aluminum Co ................ 72,105 1,300 Roanoke Electric Steel Corp ................. 14,105 1,500 Rock-Tenn Co (Class A) ...................... 23,130 2,800 * RTI International Metals, Inc ............... 29,400 3,100 Ryerson Tull, Inc ........................... 19,933 600 Schnitzer Steel Industries, Inc (Class A) ... 10,859 4,100 Schulman (A.), Inc .......................... 71,053 1,400 * Silgan Holdings, Inc ........................ 39,816 900 Skyline Corp ................................ 24,471 14,800 Solutia, Inc ................................ 77,256 1,900 Southern Peru Copper Corp ................... 26,049 1,000 Spartech Corp ............................... 21,160 4,500 Standard-Pacific Corp ....................... 105,210 2,100 * Steel Dynamics, Inc ......................... 27,489 5,900 * Stillwater Mining Co ........................ 35,400 300 * Technical Olympic U.S.A., Inc ............... 4,584 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 67 Statement of Investments - INSTITUTIONAL SMALL-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- BASIC INDUSTRIES--(CONTINUED) 5,300 * Terra Industries, Inc ....................... $ 9,805 2,900 Texas Industries, Inc ....................... 70,412 3,400 Tredegar Corp ............................... 56,950 200 Tremont Corp ................................ 6,402 200 * Trex Co, Inc ................................ 5,468 2,700 * U.S. Concrete, Inc .......................... 14,175 1,900 Universal Forest Products, Inc .............. 35,758 2,000 * URS Corp .................................... 33,140 11,100 USEC, Inc ................................... 69,486 5,000 b* USG Corp .................................... 20,000 1,400 * Water Pik Technologies, Inc ................. 14,210 2,300 Watsco, Inc ................................. 32,890 4,600 Wausau-Mosinee Paper Corp ................... 42,366 4,500 Wellman, Inc ................................ 61,425 200 West Pharmaceutical Services, Inc ........... 4,284 600 * William Lyon Homes, Inc ..................... 13,745 9,300 Worthington Industries, Inc ................. 173,910 5,900 b* WR Grace & Co ............................... 9,440 ------------ TOTAL BASIC INDUSTRIES 4,756,970 ------------ CONSUMER CYCLICAL--11.21% 200 Aaron Rents, Inc ............................ 4,600 400 * Acme Communication, Inc ..................... 3,120 300 Advanced Marketing Services, Inc ............ 4,137 800 * Aeropostale, Inc ............................ 12,320 100 * Aftermarket Technology Corp ................. 1,293 700 * Alliance Gaming Corp ........................ 10,822 3,800 * AMC Entertainment, Inc ...................... 28,120 1,400 * Amerco ...................................... 14,084 200 * Ameristar Casinos, Inc ...................... 3,792 1,200 Angelica Corp ............................... 25,788 4,500 * AnnTaylor Stores Corp ....................... 103,635 300 Apogee Enterprises, Inc ..................... 3,282 1,200 Arctic Cat, Inc ............................. 16,752 700 * Argosy Gaming Co ............................ 16,072 4,800 * Aztar Corp .................................. 63,408 3,800 * Bally Total Fitness Holding Corp ............ 37,658 1,400 Bandag, Inc ................................. 42,700 1,200 Barnes Group, Inc ........................... 24,108 1,400 Bassett Furniture Industries, Inc ........... 19,278 1,100 Blair Corp .................................. 22,495 4,400 Bob Evans Farms, Inc ........................ 104,280 3,900 * Boca Resorts, Inc (Class A) ................. 39,780 4,600 Bowne & Co, Inc ............................. 46,000 3,000 * Boyd Gaming Corp ............................ 56,010 1,200 * Brookstone, Inc ............................. 14,760 2,400 Brown Shoe Co, Inc .......................... 42,960 900 * Buckle, Inc ................................. 18,090 2,500 Burlington Coat Factory Warehouse Corp ...... 45,000 1,100 Bush Industries, Inc (Class A) .............. 8,866 300 * Carmike Cinemas, Inc ........................ 5,400 1,300 * Cascade Corp ................................ 18,265 2,000 * Central Garden & Pet Co ..................... 34,220 1,500 * Championship Auto Racing Teams, Inc ......... 5,655 16,300 * Charming Shoppes, Inc ....................... 110,025 200 * Checkers Drive-In Restaurant ................ 1,600 500 * Cherokee, Inc ............................... 8,065 3,100 * Choice Hotels International, Inc ............ 71,641 800 Churchill Downs, Inc ........................ 29,200 5,900 * CKE Restaurants, Inc ........................ 23,600 4,700 Claire's Stores, Inc ........................ 102,460 2,000 Coachmen Industries, Inc .................... 30,020 500 * Coldwater Creek, Inc ........................ 6,590 1,200 * Cole National Corp .......................... 15,060 300 CPI Corp .................................... 4,125 3,400 * Crown Media Holdings, Inc (Class A) ......... 11,900 500 * CSS Industries, Inc ......................... 18,030 800 * Culp, Inc ................................... 6,800 1,500 * Dave & Buster's, Inc ........................ 16,815 1,500 * Department 56, Inc .......................... 15,675 1,600 * DHB Industries, Inc ......................... 3,392 3,400 * Dollar Thrifty Automotive Group, Inc ........ 54,570 700 Dover Downs Gaming & Entertainment, Inc ..... 5,698 2,100 Dover Motorsport, Inc ....................... 8,400 3,200 * Dress Barn, Inc ............................. 49,792 2,000 * Dura Automotive Systems, Inc ................ 24,500 400 * Elizabeth Arden, Inc ........................ 4,796 5,500 Equity Inns, Inc ............................ 34,100 500 * EUniverse, Inc .............................. 1,465 2,600 * Finish Line, Inc (Class A) .................. 23,452 700 * Fisher Communications, Inc .................. 32,900 2,800 * Footstar, Inc ............................... 21,840 2,300 Friedman's, Inc (Class A) ................... 17,894 1,700 G & K Services, Inc (Class A) ............... 57,545 3,000 * Gaylord Entertainment Co .................... 56,760 4,500 GenCorp, Inc ................................ 45,270 500 * Genesco, Inc ................................ 6,900 2,200 * Goody's Family Clothing, Inc ................ 10,384 1,100 Gray Television, Inc (Class A) .............. 14,795 600 * Group 1 Automotive, Inc ..................... 13,410 1,000 * Guess?, Inc ................................. 4,290 1,100 Hancock Fabrics, Inc ........................ 17,765 3,400 * Handleman Co ................................ 31,110 5,000 * Harris Interactive, Inc ..................... 11,500 1,200 Haverty Furniture Cos, Inc .................. 15,000 2,100 Hollinger International, Inc ................ 19,089 700 * Hollywood Casino Corp (Class A) ............. 8,456 3,200 * Hollywood Entertainment Corp ................ 46,464 300 * IHOP Corp ................................... 7,230 1,500 * IMPCO Technologies, Inc ..................... 5,400 5,200 * Insight Communications Co, Inc .............. 47,996 2,900 Intermet Corp ............................... 13,949 800 * Intertan, Inc ............................... 5,584 700 * Isle Of Capri Casinos, Inc .................. 11,676 2,700 * Jack In The Box, Inc ........................ 61,560 3,000 * Jakks Pacific, Inc .......................... 33,357 1,900 * Jo-Ann Stores, Inc (Class A) ................ 53,276 500 * Johnson Outdoors, Inc (Class A) ............. 5,255 3,800 * Journal Register Co ......................... 71,630 67,800 b* Kmart Corp .................................. 33,222 2,400 * K2, Inc ..................................... 18,960 3,500 Kellwood Co ................................. 80,010 400 * Kenneth Cole Productions, Inc (Class A) ..... 8,120 1,200 * Keystone Automotive Industries, Inc ......... 19,800 4,800 Kimball International, Inc (Class B) ........ 66,336 1,100 * Kirby Corp .................................. 24,882 700 K-Swiss, Inc (Class A) ...................... 14,959 3,000 Landry's Restaurants, Inc ................... 67,770 2,300 LaSalle Hotel Properties .................... 28,750 700 * Liberty Livewire Corp (Class A) ............. 1,099 300 * Linens `n Things, Inc ....................... 5,511 1,000 * Lodgenet Entertainment Corp ................. 7,660 2,300 Lone Star Steakhouse & Saloon, Inc .......... 48,277 3,000 * Luby's, Inc ................................. 14,760 2,700 Marcus Corp ................................. 35,370 2,000 * Maxwell Shoe Co, Inc (Class A) .............. 22,700 100 * Medis Technologies Ltd ...................... 428 2,900 * Men's Wearhouse, Inc ........................ 42,630 800 * Midas, Inc .................................. 4,000 3,900 Modine Manufacturing Co ..................... 74,178 SEE NOTES TO FINANCIAL STATEMENTS 68 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER CYCLICAL--(CONTINUED) 1,000 * Monaco Coach Corp ........................... $ 20,030 700 * Monro Muffler Brake, Inc .................... 12,502 500 * Mossimo, Inc ................................ 2,940 200 * MTR Gaming Group, Inc ....................... 1,842 2,500 Myers Industries, Inc ....................... 31,325 700 National Presto Industries, Inc ............. 20,216 3,400 * Nautica Enterprises, Inc .................... 35,360 1,100 * Netratings, Inc ............................. 6,424 200 * O'Charley's, Inc ............................ 3,748 800 Oshkosh Truck Corp .......................... 45,120 800 Oxford Industries, Inc ...................... 17,520 200 * Papa John's International, Inc .............. 5,826 2,200 * Payless Shoesource, Inc ..................... 118,822 1,100 * Penton Media, Inc ........................... 264 3,300 Phillips-Van Heusen Corp .................... 41,580 3,300 * Pinnacle Entertainment, Inc ................. 24,090 400 * PLATO Learning, Inc ......................... 2,660 500 * Pricesmart, Inc ............................. 10,000 6,400 * Prime Hospitality Corp ...................... 52,480 5,700 * Primedia, Inc ............................... 7,923 1,200 Pulitzer, Inc ............................... 49,980 1,600 * Quaker Fabric Corp .......................... 10,064 800 * Quiksilver, Inc ............................. 18,072 200 * Rare Hospitality International, Inc ......... 4,684 5,600 * Raytech Corp ................................ 34,104 1,700 * Regent Communications, Inc .................. 8,636 1,800 Regis Corp .................................. 50,922 1,100 * Rex Stores Corp ............................. 11,330 3,300 Russell Corp ................................ 49,467 900 * Salton, Inc ................................. 7,659 700 * Shoe Carnival, Inc .......................... 9,975 4,100 * ShopKo Stores, Inc .......................... 53,546 4,200 * Sinclair Broadcast Group, Inc (Class A) ..... 57,540 9,500 * Sirius Satellite Radio, Inc ................. 9,500 2,300 Smith (A.O.) Corp ........................... 65,366 100 Speedway Motorsports, Inc ................... 2,355 1,500 * Stage Stores, Inc ........................... 32,535 900 Standard Motor Products, Inc ................ 9,729 100 * Stanley Furniture Co, Inc ................... 2,124 2,000 * Station Casinos, Inc ........................ 34,020 1,200 * Stein Mart, Inc ............................. 7,008 1,200 * Steven Madden Ltd ........................... 17,280 1,800 * Stoneridge, Inc ............................. 30,600 5,400 Stride Rite Corp ............................ 42,714 300 Sturm Ruger & Co, Inc ....................... 3,660 1,200 Superior Industries International, Inc ...... 56,496 800 * Sylvan Learning Systems, Inc ................ 10,944 2,300 * TBC Corp .................................... 23,851 5,200 * Tenneco Automotive, Inc ..................... 21,892 2,100 * The Sports Authority, Inc ................... 12,537 2,100 * The Steak n Shake Co ........................ 23,100 1,100 * Thomas Nelson, Inc .......................... 9,680 400 * Topps Co, Inc ............................... 3,448 8,500 * Tower Automotive, Inc ....................... 56,950 100 * Tropical Sportswear International Corp ...... 1,298 6,800 * Unifi, Inc .................................. 42,636 1,100 * Vail Resorts, Inc ........................... 15,576 2,500 * Vans, Inc ................................... 14,225 800 * Vastera, Inc ................................ 1,720 3,200 * Wabash National Corp ........................ 17,312 1,400 * West Marine, Inc ............................ 17,794 2,900 * Westpoint Stevens, Inc ...................... 2,842 300 * Wet Seal, Inc (Class A) ..................... 3,000 1,900 * Wilsons The Leather Experts, Inc ............ 13,528 2,800 * WMS Industries, Inc ......................... 39,480 5,700 Wolverine World Wide, Inc ................... 85,500 700 Woodward Governor Co ........................ 33,179 7,400 * XM Satellite Radio Holdings, Inc ............ 28,860 1,200 * Young Broadcasting, Inc (Class A) ........... 10,404 2,600 * Zomax, Inc .................................. 10,140 ------------ TOTAL CONSUMER CYCLICAL 4,586,162 ------------ CONSUMER NON-CYCLICAL--5.76% 1,400 * 7-Eleven, Inc ............................... 11,998 500 * American Italian Pasta Co (Class A) ......... 17,845 2,200 * Applica, Inc ................................ 11,660 1,000 * Asbury Automotive Group, Inc ................ 8,750 3,300 * Aurora Foods, Inc ........................... 2,145 2,700 Blyth, Inc .................................. 75,330 5,500 Casey's General Stores, Inc ................. 63,525 4,700 Corn Products International, Inc ............ 135,125 300 Deb Shops, Inc .............................. 7,479 1,600 * Del Monte Foods Co .......................... 13,072 2,300 Delta & Pine Land Co ........................ 43,102 5,600 DIMON, Inc .................................. 34,944 3,500 * Drugstore.Com, Inc .......................... 5,845 600 * Duane Reade, Inc ............................ 9,600 100 Farmer Brothers Co .......................... 32,500 700 * Finlay Enterprises, Inc ..................... 10,560 800 Fleming Cos, Inc ............................ 4,000 2,900 * Flowers Foods, Inc .......................... 65,917 100 * Galyans Trading Co, Inc ..................... 1,001 100 * Gart Sports Co .............................. 1,887 2,300 * Great Atlantic & Pacific Tea Co, Inc ........ 19,274 3,200 * Hain Celestial Group, Inc ................... 46,880 3,300 Hughes Supply, Inc .......................... 96,162 1,400 Ingles Markets, Inc (Class A) ............... 14,980 5,900 Interface, Inc (Class A) .................... 23,364 2,000 * International Multifoods Corp ............... 39,200 3,400 Interstate Bakeries Corp .................... 90,338 400 * J & J Snack Foods Corp ...................... 14,740 3,500 J.M. Smucker Co ............................. 128,450 1,500 * Lithia Motors, Inc (Class A) ................ 25,515 4,300 Longs Drug Stores Corp ...................... 99,287 1,000 * MarineMax, Inc .............................. 9,010 1,300 Movado Group, Inc ........................... 21,125 200 Nash Finch Co ............................... 2,720 100 * National Beverage Corp ...................... 1,366 1,400 Nature's Sunshine Products, Inc ............. 15,162 300 * NetFlix, Inc ................................ 2,910 4,400 Nu Skin Enterprises, Inc (Class A) .......... 53,680 15,700 * OfficeMax, Inc .............................. 64,056 1,000 Oneida Ltd .................................. 13,930 200 * Overstock.com, Inc .......................... 1,190 3,800 * Pathmark Stores, Inc ........................ 34,770 800 * PC Connection, Inc .......................... 3,248 1,500 * Penn Traffic Co ............................. 9,795 6,600 Pep Boys-Manny Moe & Jack ................... 80,850 2,100 Pilgrim's Pride Corp (Class B) .............. 19,530 3,800 * Playtex Products, Inc ....................... 32,338 4,200 * Ralcorp Holdings, Inc ....................... 89,334 1,100 * Revlon, Inc (Class A) ....................... 3,289 1,300 * Robert Mondavi Corp (Class A) ............... 39,598 4,300 Ruddick Corp ................................ 65,317 1,100 Russ Berrie & Co, Inc ....................... 33,011 1,900 * Seminis, Inc (Class A) ...................... 5,567 4,800 Sensient Technologies Corp .................. 101,424 100 * Sharper Image Corp .......................... 1,912 2,200 * Shop At Home, Inc ........................... 5,148 100 * Skechers U.S.A., Inc (Class A) .............. 954 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 69 Statement of Investments - INSTITUTIONAL SMALL-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER NON-CYCLICAL--(CONTINUED) 1,600 * Smart & Final, Inc .......................... $ 6,800 4,800 * Stamps.com, Inc ............................. 20,304 1,500 Standard Commercial Corp .................... 25,110 600 * Steinway Musical Instruments, Inc ........... 9,210 900 Stepan Co ................................... 24,165 600 Tasty Baking Co ............................. 7,650 4,400 * The Bombay Co, Inc .......................... 11,880 1,900 Thomas Industries, Inc ...................... 47,120 1,200 * Tractor Supply Co ........................... 38,136 2,300 * Trans World Entertainment Corp .............. 7,245 1,800 * Triarc Cos, Inc ............................. 40,842 3,100 Tupperware Corp ............................. 51,522 2,400 * Tweeter Home Entertainment Group, Inc ....... 16,560 2,300 * United Auto Group, Inc ...................... 32,223 3,100 Universal Corp .............................. 108,717 1,300 Weis Markets, Inc ........................... 43,524 ------------ TOTAL CONSUMER NON-CYCLICAL 2,356,717 ------------ ENERGY--2.83% 2,100 * 3TEC Energy Corp ............................ 30,030 3,800 Cabot Oil & Gas Corp (Class A) .............. 81,700 1,400 Chesapeake Energy Corp ...................... 9,240 3,000 * Comstock Resources, Inc ..................... 20,700 3,200 * Denbury Resources, Inc ...................... 32,544 100 * Dril-Quip, Inc .............................. 1,685 1,200 * Encore Acquisition Co ....................... 19,740 2,600 * Energy Partners Ltd ......................... 21,164 1,100 * Global Industries Ltd ....................... 4,543 700 * Gulf Island Fabrication, Inc ................ 8,232 5,900 * Hanover Compressor Co ....................... 48,970 2,300 * Harvest Natural Resources, Inc .............. 12,489 1,400 Holly Corp .................................. 23,772 1,000 * Horizon Offshore, Inc ....................... 4,211 400 * Houston Exploration Co ...................... 12,460 6,100 * Input/Output, Inc ........................... 29,219 800 * Key Energy Services, Inc .................... 6,304 100 * Key Production Co, Inc ...................... 1,620 800 Lufkin Industries, Inc ...................... 19,680 4,300 * Meridian Resource Corp ...................... 9,073 2,200 * Nuevo Energy Co ............................. 23,980 1,100 * Oceaneering International, Inc .............. 27,995 10,600 * Parker Drilling Co .......................... 23,320 300 * Petroleum Helicopters (Vote) ................ 7,890 500 * Pure Resources, Inc ......................... 11,200 6,900 * Range Resources Corp ........................ 32,292 700 * Remington Oil & Gas Corp .................... 9,870 2,400 * Seacor Smit, Inc ............................ 98,376 200 * Spinnaker Exploration Co .................... 5,740 3,600 St. Mary Land & Exploration Co .............. 86,040 1,600 * Stone Energy Corp ........................... 52,000 3,100 * Swift Energy Co ............................. 32,240 8,900 * Tesoro Petroleum Corp ....................... 24,920 4,600 * Tom Brown, Inc .............................. 105,340 1,900 * Transmontaigne, Inc ......................... 9,462 3,000 * Trico Marine Services, Inc .................. 7,620 2,300 * Universal Compression Holdings, Inc ......... 37,260 4,400 * Veritas DGC, Inc ............................ 47,564 5,700 Vintage Petroleum, Inc ...................... 61,560 2,200 * Westport Resources Corp ..................... 40,260 900 World Fuel Services Corp .................... 17,370 ------------ TOTAL ENERGY 1,159,675 ------------ FINANCIAL SERVICES--30.74% 2,000 1st Source Corp ............................. 28,180 1,300 ABC Bancorp ................................. 16,666 1,800 Acadia Realty Trust ......................... 13,320 3,100 Advanta Corp (Class A) ...................... 31,155 1,100 Alabama National Bancorp .................... 49,808 2,300 Alfa Corp ................................... 28,175 1,400 Allegiant Bancorp, Inc ...................... 22,750 3,400 Amcore Financial, Inc ....................... 74,664 3,900 American Capital Strategies Ltd ............. 73,476 3,200 American Financial Holdings, Inc ............ 97,312 500 American National Bankshares, Inc ........... 13,730 1,300 * American Physicians Capital, Inc ............ 21,918 2,000 AMLI Residential Properties Trust ........... 44,160 6,400 Anthracite Capital, Inc ..................... 72,320 3,100 Anworth Mortgage Asset Corp ................. 37,789 3,800 Apex Mortgage Capital, Inc .................. 42,522 3,000 Argonaut Group, Inc ......................... 51,750 2,300 Associated Estates Realty Corp .............. 18,630 800 Baldwin & Lyons, Inc (Class B) .............. 17,488 1,800 * Banc Corp ................................... 13,932 500 Bancfirst Corp .............................. 24,610 1,500 Bank Mutual Corp ............................ 30,360 1,600 Bank Of Granite Corp ........................ 28,800 300 Bank Of The Ozarks, Inc ..................... 6,870 5,700 BankAtlantic Bancorp, Inc (Class A) ......... 51,186 2,900 * Bankunited Financial Corp (Class A) ......... 46,255 1,400 Banner Corp ................................. 28,280 8,500 * Bay View Capital Corp ....................... 48,195 1,700 * Beazer Homes U.S.A., Inc .................... 103,785 2,000 Bedford Property Investors, Inc ............. 49,520 900 Berkshire Hills Bancorp, Inc ................ 21,150 700 * BKF Capital Group, Inc ...................... 14,756 200 Boston Private Financial Holdings, Inc ...... 4,260 500 Bostonfed Bancorp, Inc ...................... 14,995 2,400 Boykin Lodging Co ........................... 23,088 3,700 Brandywine Realty Trust ..................... 83,435 1,100 BSB Bancorp, Inc ............................ 21,901 500 California First National Bancorp ........... 6,755 900 Camden National Corp ........................ 23,400 3,000 Capital Automotive REIT ..................... 74,940 1,000 Capital City Bank Group, Inc ................ 33,060 100 Capitol Bancorp Ltd ......................... 1,742 1,400 Capstead Mortgage Corp ...................... 28,938 600 Cascade Bancorp ............................. 8,184 3,000 Cash America International, Inc ............. 24,570 400 CB Bancshares, Inc .......................... 14,048 2,600 CBL & Associates Properties, Inc ............ 100,750 1,000 CCBT Financial Cos, Inc ..................... 26,170 400 * CCC Information Services Group, Inc ......... 5,228 2,500 Centennial Bancorp .......................... 21,700 1,400 Center Trust, Inc ........................... 8,120 300 Century Bancorp, Inc (Class A) .............. 7,962 2,600 * Ceres Group, Inc ............................ 5,018 1,600 CFS Bancorp, Inc ............................ 22,560 400 Charter Financial Corp ...................... 11,224 5,700 Charter Municipal Mortgage Acceptance Co .... 100,434 2,900 Chemical Financial Corp ..................... 83,694 1,200 Citizens First Bancorp, Inc ................. 21,564 300 City Bank ................................... 8,682 1,000 City Holding Co ............................. 25,740 1,300 * Clark/Bardes, Inc ........................... 23,127 2,100 CNA Surety Corp ............................. 27,720 500 Coastal Bancorp, Inc ........................ 13,820 2,000 Colonial Properties Trust ................... 72,360 1,800 * Columbia Banking System, Inc ................ 19,926 3,400 Commerce Group, Inc ......................... 110,024 6,300 Commercial Federal Corp ..................... 137,151 SEE NOTES TO FINANCIAL STATEMENTS 70 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(CONTINUED) 5,100 Commercial Net Lease Realty, Inc ............ $ 82,212 900 Commonwealth Bancorp, Inc ................... 41,400 1,600 Community Bank System, Inc .................. 47,408 400 Community Banks, Inc ........................ 10,736 3,300 Community First Bankshares, Inc ............. 92,004 1,600 Community Trust Bancorp, Inc ................ 43,040 1,800 * CompuCredit Corp ............................ 9,540 1,600 Connecticut Bancshares, Inc ................. 59,248 6,600 Cornerstone Realty Income Trust, Inc ........ 58,740 2,300 Corporate Office Properties Trust ........... 31,165 1,000 Correctional Properties Trust ............... 23,000 3,900 * Corrections Corp Of America ................. 54,795 1,200 Corus Bankshares, Inc ....................... 52,572 100 CPB, Inc .................................... 4,617 500 * Credit Acceptance Corp ...................... 4,100 1,200 * CSK Auto Corp ............................... 14,976 1,800 Delphi Financial Group, Inc (Class A) ....... 65,556 1,300 East West Bancorp, Inc ...................... 43,888 2,000 Eastgroup Properties, Inc ................... 49,500 1,900 * Electro Rent Corp ........................... 18,392 300 EMC Insurance Group, Inc .................... 4,278 2,400 Entertainment Properties Trust .............. 53,040 800 Equity One, Inc ............................. 10,560 1,200 F & M Bancorp ............................... 37,920 800 Farmers Capital Bank Corp ................... 26,696 1,600 FBL Financial Group, Inc (Class A) .......... 29,520 2,800 FBR Asset Investment Corp ................... 87,528 6,100 FelCor Lodging Trust, Inc ................... 78,263 2,200 Fidelity Bankshares, Inc .................... 39,380 1,100 Financial Industries Corp ................... 16,786 1,000 First Bancorp (North Carolina) .............. 24,710 100 * First Banks America, Inc .................... 4,015 4,300 First Charter Corp .......................... 71,251 800 First Citizens Bancshares, Inc (Class A) .... 82,466 8,200 First Commonwealth Financial Corp ........... 101,598 600 First Community Bancshares, Inc ............. 17,676 700 First Defiance Financial Corp ............... 12,019 900 First Essex Bancorp, Inc .................... 29,745 2,200 First Federal Capital Corp .................. 42,746 4,700 First Financial Bancorp ..................... 83,707 1,000 First Financial Bankshares, Inc ............. 36,440 900 First Financial Corp (Indiana) .............. 43,605 1,600 First Financial Holdings, Inc ............... 43,312 1,600 First Indiana Corp .......................... 29,328 2,000 First Merchants Corp ........................ 49,400 400 First National Corp ......................... 11,040 400 First Oak Brook Bancshares, Inc ............. 11,892 300 First Of Long Island Corp ................... 9,975 1,700 First Place Financial Corp .................. 23,766 1,200 * First Republic Bank ......................... 26,100 3,300 First Sentinel Bancorp, Inc ................. 44,649 100 First State Bancorp ......................... 2,465 1,000 Firstfed America Bancorp, Inc ............... 24,090 2,400 * FirstFed Financial Corp ..................... 61,800 1,700 Flagstar Bancorp, Inc ....................... 35,190 1,200 Flushing Financial Corp ..................... 20,016 700 FNB Corp (Virginia) ......................... 21,504 1,200 * FPIC Insurance Group, Inc ................... 10,560 8,000 Fremont General Corp ........................ 39,200 300 * Friedman, Billings, Ramsey Group, Inc ....... 3,039 3,100 Gables Residential Trust .................... 82,801 8,000 * Gartner, Inc (Class A) ...................... 64,800 1,100 GBC Bancorp ................................. 21,362 1,300 German American Bancorp ..................... 22,100 700 Glacier Bancorp, Inc ........................ 15,946 800 Gladstone Capital Corp ...................... 13,504 2,200 Glenborough Realty Trust, Inc ............... 44,660 800 Glimcher Realty Trust ....................... 14,992 3,800 Gold Banc Corp, Inc ......................... 36,860 400 Granite State Bankshares, Inc ............... 13,516 1,000 Great American Financial Resources, Inc ..... 15,550 1,800 Great Lakes REIT, Inc ....................... 31,446 1,800 Hancock Holding Co .......................... 84,562 2,400 Harbor Florida Bancshares, Inc .............. 49,080 4,100 Harleysville Group, Inc ..................... 107,625 800 * Hawthorne Financial Corp .................... 21,120 5,400 Health Care REIT, Inc ....................... 147,690 5,800 Healthcare Realty Trust, Inc ................ 180,380 2,500 Heritage Property Investment Trust .......... 62,400 3,600 Home Properties Of New York, Inc ............ 117,000 10,500 * Homestore, Inc .............................. 3,150 5,000 Horace Mann Educators Corp .................. 73,500 17,800 HRPT Properties Trust ....................... 146,850 2,100 Hudson River Bancorp, Inc ................... 50,715 800 IBERIABANK Corp ............................. 30,104 5,800 IMPAC Mortgage Holdings, Inc ................ 64,670 400 Independence Holding Co ..................... 8,000 1,000 Independent Bank Corp (Michigan) ............ 33,100 3,400 Innkeepers U.S.A. Trust ..................... 27,166 2,600 * Insignia Financial Group, Inc ............... 20,410 1,400 * Insurance Auto Auctions, Inc ................ 21,155 2,100 Integra Bank Corp ........................... 37,842 2,700 Investors Real Estate Trust ................. 28,593 4,600 IRT Property Co ............................. 54,050 2,000 Irwin Financial Corp ........................ 34,000 700 * Itla Capital Corp ........................... 21,133 4,800 JDN Realty Corp ............................. 57,984 400 Jefferies Group, Inc ........................ 15,264 3,600 * Jones Lang LaSalle, Inc ..................... 74,016 500 Kansas City Life Insurance Co ............... 18,920 2,000 Keystone Property Trust ..................... 33,280 3,400 Kilroy Realty Corp .......................... 80,614 10,400 * Knight Trading Group, Inc ................... 39,000 2,600 Koger Equity, Inc ........................... 43,914 2,500 Kramont Realty Trust ........................ 37,000 19,300 * La Quinta Corp .............................. 92,640 200 Lakeland Financial Corp ..................... 4,738 2,600 Landamerica Financial Group, Inc ............ 85,514 500 * LendingTree, Inc ............................ 7,370 3,200 Lexington Corporate Properties Trust ........ 51,520 2,300 Liberty Corp ................................ 82,340 3,100 LNR Property Corp ........................... 103,385 2,500 * Local Financial Corp ........................ 34,525 1,000 LSB Bancshares, Inc ......................... 16,440 1,900 LTC Properties, Inc ......................... 15,428 900 Macatawa Bank Corp .......................... 16,587 1,700 MAF Bancorp, Inc ............................ 52,530 800 MainSource Financial Group, Inc ............. 19,032 500 MASSBANK Corp ............................... 14,970 1,500 MB Financial, Inc ........................... 50,250 2,000 MCG Capital Corp ............................ 26,360 900 Medford Bancorp, Inc ........................ 31,455 200 * MEEMIC Holdings, Inc ........................ 5,732 200 Merchants Bancshares, Inc ................... 4,940 5,600 Meristar Hospitality Corp ................... 48,104 800 * Meritage Corp ............................... 28,360 4,200 Metris Cos, Inc ............................. 9,702 4,900 MFA Mortgage Investments, Inc ............... 39,690 300 Mid Atlantic Realty Trust ................... 4,809 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 71 Statement of Investments - INSTITUTIONAL SMALL-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(CONTINUED) 2,000 Mid-America Apartment Communities, Inc ...... $ 49,820 1,100 Midland Co .................................. 18,513 2,900 Mid-State Bancshares ........................ 47,560 1,300 Mission West Properties, Inc ................ 14,404 100 NASB Financial, Inc ......................... 2,079 3,100 National Health Investors, Inc .............. 47,275 800 National Health Realty, Inc ................. 12,608 300 * National Western Life Insurance Co (Class A) ................................. 30,600 6,100 Nationwide Health Properties, Inc ........... 104,005 600 * Navigators Group, Inc ....................... 12,162 799 NBC Capital Corp ............................ 20,055 2,100 NBT Bancorp, Inc ............................ 36,267 4,700 * NetBank, Inc ................................ 48,927 300 New Century Financial Corp .................. 7,020 1,400 Novastar Financial, Inc ..................... 30,590 200 * NYMAGIC, Inc ................................ 2,888 700 OceanFirst Financial Corp ................... 14,420 5,100 * Ocwen Financial Corp ........................ 14,790 2,300 Odyssey Re Holdings Corp .................... 38,203 7,000 * Ohio Casualty Corp .......................... 113,960 700 Old Second Bancorp, Inc ..................... 26,726 1,100 Omega Financial Corp ........................ 37,125 300 Pacific Northwest Bancorp ................... 8,169 500 * Pacific Union Bank .......................... 5,605 4,600 Pan Pacific Retail Properties, Inc .......... 158,608 700 Parkvale Financial Corp ..................... 16,485 1,100 Parkway Properties, Inc ..................... 37,224 700 Partners Trust Financial Group, Inc ......... 9,779 700 Pennfed Financial Services, Inc ............. 19,243 600 Peoples Bancorp, Inc ........................ 15,420 800 Peoples Holding Co .......................... 32,600 1,600 PFF Bancorp, Inc ............................ 44,352 2,300 * Philadelphia Consolidated Holding Corp ...... 67,850 900 * Pico Holdings, Inc .......................... 9,900 3,600 PMA Capital Corp (Class A) .................. 54,000 600 Port Financial Corp ......................... 24,006 4,600 Post Properties, Inc ........................ 119,508 4,300 Prentiss Properties Trust ................... 124,442 2,800 Presidential Life Corp ...................... 40,320 2,500 * Price Legacy Corp ........................... 7,325 3,000 * ProAssurance Corp ........................... 50,700 800 Prosperity Bancshares, Inc .................. 13,624 100 Provident Bancorp, Inc ...................... 2,845 3,000 Provident Bankshares Corp ................... 64,740 1,400 PS Business Parks, Inc ...................... 47,600 700 * Quaker City Bancorp, Inc .................... 23,219 800 R & G Financial Corp (Class B) .............. 17,456 2,200 RAIT Investment Trust ....................... 45,320 1,200 Ramco-Gershenson Properties ................. 23,592 4,600 Realty Income Corp .......................... 157,090 1,500 Redwood Trust, Inc .......................... 40,995 5,200 Republic Bancorp, Inc ....................... 67,600 900 Republic Bancorp, Inc (Class A) (Kentucky) .. 10,125 700 * Republic Bancshares, Inc .................... 13,608 2,000 Resource America, Inc (Class A) ............. 16,000 3,900 RFS Hotel Investors, Inc .................... 42,861 1,900 Riggs National Corp ......................... 27,151 900 RLI Corp .................................... 48,285 400 Royal Bancshares Of Pennsylvania (Class A) .. 7,320 300 S & T Bancorp, Inc .......................... 7,554 1,000 Sandy Spring Bancorp, Inc ................... 30,800 1,200 Santander Bancorp ........................... 16,560 1,200 Saul Centers, Inc ........................... 27,864 3,500 * Saxon Capital, Inc .......................... 38,745 1,100 Seacoast Banking Corp Of Florida ............ 21,098 3,100 Seacoast Financial Services Corp ............ 62,217 900 Second Bancorp, Inc ......................... 24,057 3,600 Selective Insurance Group, Inc .............. 78,228 6,300 Senior Housing Properties Trust ............. 70,686 1,000 Simmons First National Corp (Class A) ....... 37,180 1,200 Sizeler Property Investors .................. 12,072 3,600 SL Green Realty Corp ........................ 110,664 10,100 * SoundView Technology Group, Inc ............. 13,130 5,600 South Financial Group, Inc .................. 118,104 1,800 * Southwest Bancorp Of Texas, Inc ............. 65,538 700 Southwest Bancorp, Inc ...................... 17,605 1,700 Sovran Self Storage, Inc .................... 51,714 1,000 St. Francis Capital Corp .................... 23,010 1,700 State Auto Financial Corp ................... 25,738 800 State Bancorp, Inc .......................... 14,200 500 Staten Island Bancorp, Inc .................. 8,700 800 Sterling Bancorp ............................ 21,224 2,800 Sterling Bancshares, Inc .................... 36,596 600 Sterling Financial Corp (Pennsylvania) ...... 13,998 1,600 * Sterling Financial Corp (Spokane) ........... 29,008 2,300 * Stewart Information Services Corp ........... 49,105 600 Summit Bancshares, Inc ...................... 12,630 3,100 Summit Properties, Inc ...................... 60,140 600 Sun Bancorp, Inc (Pennsylvania) ............. 13,488 900 * Sun Bancorp, Inc (New Jersey) ............... 11,934 800 Sun Communities, Inc ........................ 29,360 1,000 Superior Financial Corp ..................... 18,800 4,800 Susquehanna Bancshares, Inc ................. 103,920 1,900 SWS Group, Inc .............................. 23,275 300 * Syntroleum Corp ............................. 498 4,100 Taubman Centers, Inc ........................ 58,343 1,800 Texas Regional Bancshares, Inc (Class A) .... 60,282 6,100 Thornburg Mortgage, Inc ..................... 114,619 1,100 Three Rivers Bancorp, Inc ................... 17,600 200 Tompkins Trustco, Inc ....................... 8,580 4,000 * Trammell Crow Co ............................ 39,440 400 * Transcontinental Realty Investors, Inc ...... 6,596 700 * Triad Guaranty, Inc ......................... 24,374 300 Trico Bancshares ............................ 7,590 1,200 Troy Financial Corp ......................... 31,296 2,000 Trust Co Of New Jersey ...................... 50,900 2,700 U.S. Restaurant Properties, Inc ............. 38,475 800 U.S.B. Holding Co, Inc ...................... 14,744 5,300 * UICI ........................................ 86,178 2,300 UMB Financial Corp .......................... 89,792 1,400 * Union Acceptance Corp (Class A) ............. 5,642 1,000 Union Bankshares Corp ....................... 24,930 4,500 United Community Financial Corp ............. 39,825 1,000 United Fire & Casualty Co ................... 33,980 400 United National Bancorp ..................... 8,232 3,100 * Universal American Financial Corp ........... 15,193 1,300 Universal Health Realty Income Trust ........ 33,735 3,000 Unizan Financial Corp ....................... 57,534 2,400 Urstadt Biddle Properties, Inc (Class A) .... 28,440 4,700 Vesta Insurance Group, Inc .................. 11,750 1,200 * VIB Corp .................................... 17,964 100 Virginia Financial Group, Inc ............... 3,003 3,200 W Holding Co, Inc ........................... 52,160 500 Warwick Community Bancorp ................... 13,500 5,200 Waypoint Financial Corp ..................... 87,672 700 * Wellsford Real Properties, Inc .............. 12,040 3,000 Wesbanco, Inc ............................... 71,430 2,200 West Coast Bancorp .......................... 33,308 1,100 Westcorp .................................... 22,000 SEE NOTES TO FINANCIAL STATEMENTS 72 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(CONTINUED) 700 Westfield Financial, Inc .................... $ 10,563 200 * WFS Financial, Inc .......................... 4,148 700 Willow Grove Bancorp, Inc ................... 8,260 2,300 Winston Hotels, Inc ......................... 16,652 300 Wintrust Financial Corp ..................... 8,595 1,300 * World Acceptance Corp ....................... 10,296 300 WSFS Financial Corp ......................... 8,400 20,300 * Wyndham International, Inc (Class A) ........ 6,902 800 Yardville National Bancorp .................. 13,592 1,000 Zenith National Insurance Corp .............. 26,420 ------------ TOTAL FINANCIAL SERVICES 12,575,590 ------------ HEALTH CARE--7.23% 10,700 * Abgenix, Inc ................................ 69,443 1,700 * Abiomed, Inc ................................ 5,610 400 * Alaris Medical, Inc ......................... 1,908 5,500 * Alderwoods Group, Inc ....................... 35,750 2,500 * Alexion Pharmaceuticals, Inc ................ 28,975 4,200 * Align Technology, Inc ....................... 11,588 1,400 * Alliance Imaging, Inc ....................... 16,744 500 * Allscripts Healthcare Solutions, Inc ........ 1,430 4,100 Alpharma, Inc (Class A) ..................... 39,360 900 * American Medical Security Group, Inc ........ 12,726 300 * American Pharmaceutical Partners, Inc ....... 4,899 1,000 * Ameripath, Inc .............................. 14,900 2,300 * Amylin Pharmaceuticals, Inc ................. 38,226 4,400 * Applera Corp (Celera Genomics Group) ........ 34,980 2,100 * Applied Molecular Evolution ................. 8,232 2,700 * Arena Pharmaceuticals, Inc .................. 15,120 2,900 * Arqule, Inc ................................. 14,935 800 Arrow International, Inc .................... 25,736 300 * Arthrocare Corp ............................. 3,636 2,100 * AVANIR Pharmaceuticals (Class A) ............ 2,415 2,800 * Avigen, Inc ................................. 22,204 5,300 * Beverly Enterprises, Inc .................... 12,826 200 * Bio-Reference Labs, Inc ..................... 1,300 7,900 * Bio-Technology General Corp ................. 23,384 300 * Bone Care International, Inc ................ 1,734 300 * Bruker AXS, Inc ............................. 630 1,600 * Caliper Technologies Corp ................... 6,704 1,400 * Cardiac Science, Inc ........................ 2,772 4,500 * Cell Genesys, Inc ........................... 54,225 4,500 * Cell Therapeutics, Inc ...................... 19,800 200 * Centene Corp ................................ 5,338 300 * Chattem, Inc ................................ 12,249 1,200 * Cima Labs, Inc .............................. 30,180 1,100 * Ciphergen Biosystems, Inc ................... 3,300 4,000 * Coherent, Inc ............................... 73,000 900 * Columbia Laboratories, Inc .................. 4,050 100 * Computer Programs & Systems, Inc ............ 2,138 1,800 * Conmed Corp ................................. 36,270 6,300 * Corixa Corp ................................. 39,879 2,700 * CuraGen Corp ................................ 11,394 3,600 * CV Therapeutics, Inc ........................ 75,276 1,700 Datascope Corp .............................. 46,002 4,900 * Decode Genetics, Inc ........................ 10,780 1,100 * Deltagen, Inc ............................... 1,650 2,300 * Discovery Partners International, Inc ....... 7,337 1,100 * Diversa Corp ................................ 9,383 1,000 * DJ Orthopedics, Inc ......................... 3,820 1,700 * DVI, Inc .................................... 8,160 400 * Eon Labs, Inc ............................... 8,632 400 * EPIX Medical, Inc ........................... 1,812 2,200 * Esperion Therapeutics, Inc .................. 12,584 5,800 * Exelixis, Inc ............................... 28,710 3,700 * Gene Logic, Inc ............................. 28,749 3,900 * Genesis Health Ventures, Inc ................ 64,116 5,100 * Genzyme Corp (Biosurgery Division) .......... 9,537 3,300 * Guilford Pharmaceuticals, Inc ............... 15,972 2,200 * Hanger Orthopedic Group, Inc ................ 34,980 1,300 * Healthcare Services Group ................... 17,732 200 * Hologic, Inc ................................ 1,960 400 * Igen International, Inc ..................... 11,952 500 * Ilex Oncology, Inc .......................... 2,375 2,800 * Illumina, Inc ............................... 9,632 2,700 * ImClone Systems, Inc ........................ 21,060 5,500 * Immunogen, Inc .............................. 17,820 9,200 * Incyte Genomics, Inc ........................ 42,688 7,500 * Inhale Therapeutic Systems, Inc ............. 37,710 3,700 * Integrated Silicon Solution, Inc ............ 11,026 1,200 * Kendle International, Inc ................... 8,040 1,600 * Kindred Healthcare, Inc ..................... 59,248 200 * Kos Pharmaceuticals, Inc .................... 2,240 200 * Kyphon, Inc ................................. 2,640 4,600 * Lexicon Genetics, Inc ....................... 18,446 1,900 * Ligand Pharmaceuticals, Inc (Class B) ....... 12,920 3,300 * Magellan Health Services, Inc ............... 858 300 * Matria Healthcare, Inc ...................... 2,574 300 * MAXIMUS, Inc ................................ 6,720 3,900 * Maxygen, Inc ................................ 24,219 9,500 * Medarex, Inc ................................ 31,825 900 * Medcath Corp ................................ 10,170 500 * Medical Staffing Network Holdings, Inc ...... 7,585 300 * Molecular Devices Corp ...................... 3,753 1,400 * Mykrolis Corp ............................... 8,610 5,200 * Nabi Biopharmaceuticals ..................... 28,198 600 * National Healthcare Corp .................... 10,770 1,000 * Neoforma, Inc ............................... 9,430 1,600 * Neopharm, Inc ............................... 22,560 1,500 * Neose Technologies, Inc ..................... 11,640 1,300 * Neurogen Corp ............................... 10,439 2,200 * Omega Healthcare Investors, Inc ............. 12,584 1,900 * Onyx Pharmaceuticals, Inc ................... 8,132 100 * Option Care, Inc ............................ 885 4,300 * OSI Pharmaceuticals, Inc .................... 72,971 2,400 Owens & Minor, Inc .......................... 34,296 4,800 * Pacificare Health Systems, Inc .............. 110,832 2,300 * Parexel International Corp .................. 19,550 700 * PDI, Inc .................................... 2,849 500 * Pediatrix Medical Group, Inc ................ 15,495 900 * Per-Se Technologies, Inc .................... 8,892 3,200 * Pharmacopeia, Inc ........................... 28,352 3,100 * Pozen, Inc .................................. 15,717 7,000 * Praecis Pharmaceuticals, Inc ................ 20,930 1,800 * Prime Medical Services, Inc ................. 16,630 12,400 * Protein Design Labs, Inc .................... 102,920 600 * Proxymed, Inc ............................... 9,078 10,100 * PSS World Medical, Inc ...................... 67,165 2,900 * Quovadx, Inc ................................ 4,060 900 * RehabCare Group, Inc ........................ 20,817 2,000 * Res-Care, Inc ............................... 9,920 200 * Sangamo Biosciences, Inc .................... 394 900 * Seattle Genetics, Inc ....................... 2,898 2,600 * Sepracor, Inc ............................... 13,624 5,100 * Sequenom, Inc ............................... 7,854 40,900 * Service Corp International .................. 143,150 3,000 * Sola International, Inc ..................... 30,150 700 * Specialty Laboratories, Inc ................. 6,433 13,600 * Stewart Enterprises, Inc (Class A) .......... 69,360 2,500 * Sunrise Assisted Living, Inc ................ 53,625 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 73 Statement of Investments - INSTITUTIONAL SMALL-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(CONTINUED) 4,000 * SuperGen, Inc ............................... $ 6,920 2,500 * Sybron Dental Specialties, Inc .............. 34,975 2,200 * Tanox, Inc .................................. 23,100 300 * Texas Biotechnology Corp .................... 918 3,700 * Theragenics Corp ............................ 16,280 6,700 * Thoratec Corp ............................... 52,528 3,000 * TriPath Imaging, Inc ........................ 6,750 10,300 * U.S. Oncology, Inc .......................... 83,533 2,200 * United Therapeutics Corp .................... 36,190 200 * Varian, Inc ................................. 5,522 1,000 * VCA Antech, Inc ............................. 12,340 6,700 Ventas, Inc ................................. 89,445 3,600 * Viasys Healthcare, Inc ...................... 55,440 2,600 * Vical, Inc .................................. 6,006 700 * Watson Wyatt & Co Holdings .................. 14,000 2,200 X-Rite, Inc ................................. 17,006 500 * Zymogenetics, Inc ........................... 4,000 ------------ TOTAL HEALTH CARE 2,958,846 ------------ OTHER--3.24% 1,200 * 4Kids Entertainment, Inc .................... 28,476 4,000 Acuity Brands, Inc .......................... 49,040 400 * Advo, Inc ................................... 12,700 5,700 Alexander & Baldwin, Inc .................... 126,825 2,000 Banta Corp .................................. 71,000 2,400 * Bell Microproducts, Inc ..................... 10,032 1,700 * CDI Corp .................................... 44,455 2,100 Central Parking Corp ........................ 42,294 10,700 * Century Business Services, Inc .............. 28,355 900 * Charles River Associates, Inc ............... 14,940 1,800 * Cornell Cos, Inc ............................ 14,310 1,000 Curtiss-Wright Corp ......................... 59,790 2,400 * Daisytek International Corp ................. 31,200 1,700 * ESCO Technologies, Inc ...................... 54,910 700 * First Consulting Group, Inc ................. 3,794 3,100 Gentiva Health Services, Inc ................ 25,637 1,100 * Hall Kinion & Associates, Inc ............... 6,600 1,800 Harland (John H.) Co ........................ 48,870 2,200 * Heidrick & Struggles International, Inc ..... 33,418 1,300 Kelly Services, Inc (Class A) ............... 28,171 5,200 * Korn/Ferry International .................... 40,768 600 * Memberworks, Inc ............................ 10,452 12,800 * MPS Group, Inc .............................. 74,240 2,600 * NCO Group, Inc .............................. 29,614 2,600 * Offshore Logistics, Inc ..................... 46,696 700 * ProQuest Co ................................. 21,245 1,600 * Protection One, Inc ......................... 4,320 1,800 * R.H. Donnelley Corp ......................... 46,800 700 * Remedytemp, Inc (Class A) ................... 8,771 3,500 * Rent-Way, Inc ............................... 10,500 200 * Right Management Consultants ................ 4,928 600 * School Specialty, Inc ....................... 15,006 8,100 * Spherion Corp ............................... 57,105 700 Standard Register Co ........................ 16,800 1,400 Standex International Corp .................. 28,392 9,000 * U.S. Industries, Inc ........................ 21,150 1,100 Unifirst Corp ............................... 26,224 3,200 * United Stationers, Inc ...................... 84,160 3,700 Walter Industries, Inc ...................... 45,436 ------------ TOTAL OTHER 1,327,424 ------------ PRODUCER DURABLES--5.54% 2,100 * Active Power, Inc ........................... 2,814 1,300 * Actuant Corp ................................ 47,970 800 Alamo Group, Inc ............................ 9,888 1,800 American States Water Co .................... 47,196 2,600 Applied Industrial Technologies, Inc ........ 44,070 2,100 * Astec Industries, Inc ....................... 22,638 2,200 Briggs & Stratton Corp ...................... 82,588 3,300 * Brooks-PRI Automation, Inc .................. 37,785 1,800 California Water Service Group .............. 45,954 5,000 * Capstone Turbine Corp ....................... 2,950 2,200 * Casella Waste Systems, Inc (Class A) ........ 14,146 1,500 CIRCOR International, Inc ................... 20,100 1,700 * Columbus Mckinnon Corp ...................... 8,942 1,500 * Consolidated Graphics, Inc .................. 26,325 400 * CTB International Corp ...................... 5,116 700 * Cuno, Inc ................................... 21,595 6,800 * Dycom Industries, Inc ....................... 62,288 3,300 Federal Signal Corp ......................... 60,786 1,200 * Flow International Corp ..................... 3,876 1,900 * FuelCell Energy, Inc ........................ 11,970 2,200 * Gardner Denver, Inc ......................... 34,562 600 * Genlyte Group, Inc .......................... 21,270 300 Gorman-Rupp Co .............................. 6,990 3,100 * Graphic Packaging International Corp ........ 24,738 2,100 IDEX Corp ................................... 59,955 2,500 * Imagistics International, Inc ............... 43,375 2,400 * Ionics, Inc ................................. 57,144 6,000 JLG Industries, Inc ......................... 48,300 5,900 * Joy Global, Inc ............................. 48,970 2,000 * Kadant, Inc ................................. 27,000 2,900 Kaydon Corp ................................. 58,116 4,800 Kennametal, Inc ............................. 154,176 600 Lawson Products, Inc ........................ 17,490 1,200 * Littelfuse, Inc ............................. 20,184 6,000 * Magna Entertainment Corp (Class A) .......... 32,628 2,700 * Magnetek, Inc ............................... 8,640 1,200 Manitowoc Co, Inc ........................... 32,820 2,400 Milacron, Inc ............................... 10,824 800 Nacco Industries, Inc (Class A) ............. 31,840 800 * Newpark Resources, Inc ...................... 3,168 1,600 Nordson Corp ................................ 37,984 3,500 * Power-One, Inc .............................. 10,430 4,400 * Quanta Services, Inc ........................ 9,152 1,400 * Rayovac Corp ................................ 17,080 3,200 Regal-Beloit Corp ........................... 54,752 900 Richardson Electronics Ltd .................. 5,922 1,400 Robbins & Myers, Inc ........................ 26,110 1,300 Sauer-Danfoss, Inc .......................... 11,700 300 SJW Corp .................................... 23,400 1,700 * SPS Technologies, Inc ....................... 42,381 900 Starrett (L.S.) Co (Class A) ................ 13,752 3,900 Stewart & Stevenson Services, Inc ........... 38,193 2,100 Tecumseh Products Co (Class A) .............. 88,116 100 Tennant Co .................................. 3,235 5,500 * Terex Corp .................................. 92,950 6,500 * Tetra Tech, Inc ............................. 51,935 900 * Tetra Technologies, Inc ..................... 18,135 5,500 * Thomas & Betts Corp ......................... 77,495 1,000 Toro Co ..................................... 56,250 200 * Trikon Technologies, Inc .................... 1,136 4,900 Trinity Industries, Inc ..................... 80,654 5,700 * UNOVA, Inc .................................. 28,044 2,400 Valhi, Inc .................................. 23,568 1,200 Valmont Industries, Inc ..................... 28,020 3,900 Wabtec Corp ................................. 54,912 600 * Waste Connections, Inc ...................... 20,873 1,700 Watts Industries, Inc (Class A) ............. 27,880 ------------ TOTAL PRODUCER DURABLES 2,265,246 ------------ SEE NOTES TO FINANCIAL STATEMENTS 74 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--9.97% 1,000 * 3D Systems Corp ............................. $ 6,580 2,700 * Acterna Corp ................................ 1,080 1,300 * ADE Corp .................................... 5,473 2,800 * Adtran, Inc ................................. 43,680 3,800 * Advanced Digital Information Corp ........... 18,240 100 * Advanced Power Technology, Inc .............. 389 2,400 * Aether Systems, Inc ......................... 6,432 2,800 * Agile Software Corp ......................... 17,948 3,200 * Alliance Semiconductor Corp ................. 12,160 300 * Alloy, Inc .................................. 2,493 200 * Altiris, Inc ................................ 1,990 2,800 * American Management Systems, Inc ............ 35,644 1,300 * American Superconductor Corp ................ 3,510 1,600 * Anadigics, Inc .............................. 3,408 800 Analogic Corp ............................... 33,512 3,100 * Anaren Microwave, Inc ....................... 25,482 4,300 * Anixter International, Inc .................. 88,580 4,900 * Answerthink, Inc ............................ 7,105 600 * Anteon International Corp ................... 16,308 1,400 * Arbitron, Inc ............................... 47,740 17,100 * Ariba, Inc .................................. 23,085 7,600 * Arris Group, Inc ............................ 28,120 4,000 * Artesyn Technologies, Inc ................... 6,040 18,300 * Ascential Software Corp ..................... 34,001 7,200 * Aspect Communications Corp .................. 10,584 1,500 * Aspen Technology, Inc ....................... 4,500 400 * Asyst Technologies, Inc ..................... 2,416 2,300 * Audiovox Corp (Class A) ..................... 16,098 5,600 * Avanex Corp ................................. 7,672 4,700 * Avenue A, Inc ............................... 11,750 400 * Avid Technology, Inc ........................ 4,120 700 * Avocent Corp ................................ 9,366 1,200 * AXT, Inc .................................... 2,496 200 Bel Fuse, Inc (Class B) ..................... 4,290 3,100 Belden, Inc ................................. 41,602 1,800 * Benchmark Electronics, Inc .................. 37,890 800 * Black Box Corp .............................. 26,560 1,700 * Boston Communications Group ................. 17,544 3,300 C&D Technologies, Inc ....................... 48,378 6,100 * Cable Design Technologies Corp .............. 37,332 600 * Caminus Corp ................................ 1,068 2,300 * C-COR.net Corp .............................. 8,533 4,200 * Checkpoint Systems, Inc ..................... 51,870 7,600 * Ciber, Inc .................................. 44,156 8,800 * Cirrus Logic, Inc ........................... 22,440 8,100 * CNET Networks, Inc .......................... 8,910 7,100 * CommScope, Inc .............................. 48,138 3,100 * Compucom Systems, Inc ....................... 17,856 4,300 * Computer Horizons Corp ...................... 15,996 1,800 * Computer Network Technology Corp ............ 9,036 500 Compx International, Inc .................... 4,640 3,300 * Concord Camera Corp ......................... 15,378 100 * CoorsTek, Inc ............................... 1,500 6,200 * Credence Systems Corp ....................... 53,692 5,000 * Cree, Inc ................................... 62,500 1,300 CTS Corp .................................... 5,980 500 * Datastream Systems, Inc ..................... 2,500 5,200 * DDI Corp .................................... 827 1,700 * DiamondCluster International, Inc (Class A) . 5,542 100 * Digimarc Corp ............................... 1,167 500 * Digitas, Inc ................................ 1,100 4,500 * DoubleClick, Inc ............................ 23,130 1,300 * DSP Group, Inc .............................. 20,877 1,400 * Dupont Photomasks, Inc ...................... 31,892 4,100 * E.piphany, Inc .............................. 14,760 17,600 * Earthlink, Inc .............................. 93,984 700 EDO Corp .................................... 15,687 1,200 * eFunds Corp ................................. 11,257 300 * Electro Scientific Industries, Inc .......... 4,449 600 * Electroglas, Inc ............................ 1,200 7,600 * Electronics For Imaging, Inc ................ 113,392 1,600 * Emcore Corp ................................. 2,432 500 * EMS Technologies, Inc ....................... 5,130 18,600 * Enterasys Networks, Inc ..................... 24,180 400 * Entrust, Inc ................................ 1,256 2,900 * Esterline Technologies Corp ................. 48,256 900 * Exar Corp ................................... 10,395 400 * Filenet Corp ................................ 4,140 8,700 * Finisar Corp ................................ 6,003 4,000 * FSI International, Inc ...................... 12,240 7,800 * GlobespanVirata, Inc ........................ 18,408 6,800 * GrafTech International Ltd .................. 49,300 3,100 * Griffon Corp ................................ 33,015 1,500 * Handspring, Inc ............................. 1,410 3,500 * Hutchinson Technology, Inc .................. 56,525 4,600 * Hypercom Corp ............................... 13,156 2,700 * iGate Corp .................................. 7,344 400 * Ii-Vi, Inc .................................. 5,340 4,900 * Imation Corp ................................ 138,817 5,000 * InFocus Corp ................................ 38,100 200 * Infogrames, Inc ............................. 444 8,500 * Infonet Services Corp (Class B) ............. 19,040 3,700 * Information Resources, Inc .................. 13,727 300 * Inforte Corp ................................ 1,536 9,400 * Inktomi Corp ................................ 2,350 16,600 * Interland, Inc .............................. 34,030 300 * Internet Security Systems, Inc .............. 3,696 10,000 * Intertrust Technologies Corp ................ 31,900 6,600 * Interwoven, Inc ............................. 13,253 7,500 * Iomega Corp ................................. 80,175 2,600 * ITXC Corp ................................... 6,448 100 * IXYS Corp ................................... 503 1,500 * Keane, Inc .................................. 10,125 1,600 * Keynote Systems, Inc ........................ 10,480 2,600 * Kforce, Inc ................................. 8,086 5,800 * Lattice Semiconductor Corp .................. 36,076 500 * Lawson Software, Inc ........................ 1,770 700 * LeCroy Corp ................................. 6,272 6,900 * Liberate Technologies ....................... 10,764 3,500 * Lightbridge, Inc ............................ 23,629 2,200 * LTX Corp .................................... 10,032 700 * Magma Design Automation, Inc ................ 6,244 3,900 * Mail-Well, Inc .............................. 4,056 1,000 * Mantech International Corp (Class A) ........ 23,461 1,300 * Manufacturers Services Ltd .................. 3,510 3,700 * Manugistics Group, Inc ...................... 10,323 100 * Mapinfo Corp ................................ 395 2,700 * Mastec, Inc ................................. 8,721 1,400 * Matrixone, Inc .............................. 6,076 23,800 * Maxtor Corp ................................. 62,118 2,300 * MCSi, Inc ................................... 11,385 2,300 * MEMC Electronic Materials, Inc .............. 7,636 500 * Merix Corp .................................. 4,075 3,300 * MetaSolv, Inc ............................... 5,049 4,700 Methode Electronics, Inc (Class A) .......... 43,146 5,900 * Microtune, Inc .............................. 14,219 4,900 * MRV Communications, Inc ..................... 4,165 2,900 MTS Systems Corp ............................ 27,460 1,000 * Nanometrics, Inc ............................ 2,660 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 75 Statement of Investments - INSTITUTIONAL SMALL-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(CONTINUED) 1,700 * Navigant International, Inc ................. $ 17,850 1,300 NDCHealth Corp .............................. 20,215 2,400 * Net2Phone, Inc .............................. 5,664 1,500 * Netegrity, Inc .............................. 3,090 2,600 * NETIQ Corp .................................. 37,700 4,200 * Netro Corp .................................. 8,610 1,800 * Netscout Systems, Inc ....................... 6,588 5,000 * New Focus, Inc .............................. 13,500 2,400 * Newport Corp ................................ 27,072 2,300 * Next Level Communications, Inc .............. 1,771 50,500 * Novell, Inc ................................. 106,050 1,900 * Nu Horizons Electronics Corp ................ 11,400 1,900 * Nuance Communications, Inc .................. 3,230 3,300 * Numerical Technologies, Inc ................. 9,570 1,100 * ON Semiconductor Corp ....................... 1,375 11,200 * Openwave Systems, Inc ....................... 6,944 13,900 * Oplink Communications, Inc .................. 8,062 1,200 * Optical Communication Products, Inc ......... 924 51,500 * Palm, Inc ................................... 38,110 2,400 * Paradyne Networks, Inc ...................... 3,192 16,100 * Parametric Technology Corp .................. 28,980 1,800 Park Electrochemical Corp ................... 30,060 300 * Paxar Corp .................................. 4,362 1,900 * Paxson Communications Corp .................. 4,180 2,700 * PC-Tel, Inc ................................. 14,067 3,400 * Pegasus Solutions, Inc ...................... 35,870 2,500 * Pericom Semiconductor Corp .................. 21,550 4,100 Pioneer-Standard Electronics, Inc ........... 29,684 400 * Pixelworks, Inc ............................. 2,060 1,300 * Pomeroy Computer Resources, Inc ............. 12,818 700 * Powell Industries, Inc ...................... 13,160 3,300 * Proton Energy Systems ....................... 6,996 16,100 * Proxim Corp (Class A) ....................... 28,175 6,400 * PTEK Holdings, Inc .......................... 29,824 17,700 * Quantum Corp ................................ 39,117 900 * Radisys Corp ................................ 3,564 3,200 * Rainbow Technologies, Inc ................... 9,088 5,200 * Raindance Communications, Inc ............... 16,068 16,600 * Read-Rite Corp .............................. 8,632 1,900 * Red Hat, Inc ................................ 9,025 4,000 * Register.com, Inc ........................... 12,120 2,300 * Riverstone Networks, Inc .................... 1,173 300 * Roxio, Inc .................................. 909 5,000 * RSA Security, Inc ........................... 16,800 16,400 * Safeguard Scientifics, Inc .................. 18,204 3,800 * Sandisk Corp ................................ 49,818 6,500 * Sapient Corp ................................ 6,695 1,600 * SBS Technologies, Inc ....................... 11,456 2,100 * SCM Microsystems, Inc ....................... 8,293 1,200 * Seachange International, Inc ................ 8,244 25,900 * Silicon Graphics, Inc ....................... 21,238 3,500 * Sipex Corp .................................. 5,950 7,600 * Sitel Corp .................................. 13,300 500 * Somera Communications, Inc .................. 1,025 11,800 * SONICblue, Inc .............................. 2,832 4,200 * SonicWALL, Inc .............................. 11,550 1,500 * Sourcecorp .................................. 30,615 700 * Spectrian Corp .............................. 2,065 1,700 * SpeechWorks International, Inc .............. 3,910 3,700 * SpeedFam-IPEC, Inc .......................... 13,727 1,200 * SPSS, Inc ................................... 13,884 200 * SRA International, Inc (Class A) ............ 5,726 1,800 * Standard Microsystems Corp .................. 27,506 4,300 * StorageNetworks, Inc ........................ 5,375 11,200 * Stratex Networks, Inc ....................... 14,325 5,300 * Stratos Lightwave, Inc ...................... 1,908 100 * Suntron Corp ................................ 325 7,400 * Surebeam Corp (Class A) ..................... 13,320 16,300 * Sycamore Networks, Inc ...................... 38,305 1,900 * Sykes Enterprises, Inc ...................... 7,999 400 * Synaptics, Inc .............................. 1,924 1,800 * Systems & Computer Technology Corp .......... 12,600 2,900 Technitrol, Inc ............................. 43,355 5,100 * Tellium, Inc ................................ 1,938 8,900 * Terayon Communication Systems, Inc .......... 20,648 300 * Therma-Wave, Inc ............................ 237 2,900 * Three-Five Systems, Inc ..................... 13,456 3,000 * TIBCO Software, Inc ......................... 11,250 1,700 * Tollgrade Communications, Inc ............... 13,277 14,100 * Touch America Holdings, Inc ................. 8,742 1,400 * Transaction Systems Architects, Inc (Class A) ................................. 8,680 6,200 * Transmeta Corp .............................. 6,014 700 * Trimble Navigation Ltd ...................... 6,930 3,300 * Triquint Semiconductor, Inc ................. 11,649 1,000 * Trizetto Group, Inc ......................... 4,980 100 * TTM Technologies, Inc ....................... 157 4,800 * Turnstone Systems, Inc ...................... 10,656 600 * Ulticom, Inc ................................ 3,318 2,900 * Ultratech Stepper, Inc ...................... 23,461 2,300 * United Online, Inc .......................... 22,057 8,600 * Valueclick, Inc ............................. 18,748 400 * Veeco Instruments, Inc ...................... 4,320 200 * Verint Systems, Inc ......................... 1,726 1,400 * Verity, Inc ................................. 13,930 1,600 * Vicor Corp .................................. 11,440 15,700 * Vignette Corp ............................... 12,576 500 Virco Manufacturing Corp .................... 4,850 13,000 * Vitesse Semiconductor Corp .................. 8,840 4,800 * Vitria Technology, Inc ...................... 3,744 1,100 * Volt Information Sciences, Inc .............. 16,665 5,100 Wallace Computer Services, Inc .............. 90,015 1,800 * WatchGuard Technologies, Inc ................ 7,920 1,100 * webMethods, Inc ............................. 5,313 11,400 * Western Digital Corp ........................ 53,580 2,700 * Wind River Systems, Inc ..................... 8,694 1,900 * Wireless Facilities, Inc .................... 8,417 1,000 Woodhead Industries, Inc .................... 11,020 1,000 * Zoran Corp .................................. 11,000 600 * Zygo Corp ................................... 2,542 ------------ TOTAL TECHNOLOGY 4,077,000 ------------ TRANSPORTATION--2.88% 6,600 Airborne, Inc ............................... 74,844 3,300 * Alaska Air Group, Inc ....................... 58,410 3,000 * Arkansas Best Corp .......................... 86,073 400 * ATA Holdings Corp ........................... 1,360 2,300 * Atlas Air Worldwide Holdings, Inc ........... 5,543 3,200 * BE Aerospace, Inc ........................... 15,232 800 * Covenant Transport, Inc (Class A) ........... 14,000 3,400 * EGL, Inc .................................... 37,434 3,100 * ExpressJet Holdings, Inc .................... 28,520 3,200 Florida East Coast Industries, Inc (Class A) ................................. 75,520 900 * Frontier Airlines, Inc ...................... 4,392 1,100 * Genesee & Wyoming, Inc (Class A) ............ 24,475 1,900 * Heartland Express, Inc ...................... 35,606 3,100 * Hunt (J.B.) Transport Services, Inc ......... 73,005 8,400 * Kansas City Southern Industries, Inc ........ 104,160 1,300 * Mesaba Holdings, Inc ........................ 7,072 1,800 * Midwest Express Holdings, Inc ............... 7,200 3,800 Overseas Shipholding Group, Inc ............. 58,064 SEE NOTES TO FINANCIAL STATEMENTS 76 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP VALUE INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TRANSPORTATION--(CONTINUED) 100 * P.A.M. Transportation Services .............. $ 1,908 3,900 * RailAmerica, Inc ............................ 28,275 1,600 Roadway Corp ................................ 58,688 1,100 Shurgard Storage Centers, Inc (Class A) ..... 34,782 800 * U.S. Xpress Enterprises, Inc (Class A) ...... 7,824 7,600 * UAL Corp .................................... 16,264 3,700 USFreightways Corp .......................... 106,116 5,300 Werner Enterprises, Inc ..................... 97,414 4,000 * Yellow Corp ................................. 118,032 ------------ TOTAL TRANSPORTATION 1,180,213 ------------ UTILITIES--7.62% 7,700 AGL Resources, Inc .......................... 170,093 7,100 * Alamosa Holdings, Inc ....................... 1,633 900 * Alaska Communications Systems Group, Inc .... 1,512 7,100 * Allegiance Telecom, Inc ..................... 5,893 3,700 * Allen Telecom, Inc .......................... 19,758 13,100 * American Tower Corp (Class A) ............... 20,829 5,700 Atmos Energy Corp ........................... 122,550 6,700 Avista Corp ................................. 75,040 2,200 Black Hills Corp ............................ 57,618 26,100 * Broadwing, Inc .............................. 51,678 700 Cascade Natural Gas Corp .................... 13,790 700 * Centennial Communications Corp .............. 2,030 1,600 Central Vermont Public Service Corp ......... 28,208 2,300 CH Energy Group, Inc ........................ 107,939 5,700 Cleco Corp .................................. 76,779 19,300 * Crown Castle International Corp ............. 41,881 2,300 CT Communications, Inc ...................... 33,350 1,300 * Dobson Communications Corp (Class A) ........ 403 10,000 DQE, Inc .................................... 150,000 6,400 * El Paso Electric Co ......................... 76,032 3,100 Empire District Electric Co ................. 52,390 4,800 Energen Corp ................................ 121,488 200 EnergySouth, Inc ............................ 5,100 1,600 * Golden Telecom, Inc ......................... 19,280 2,600 Laclede Group, Inc .......................... 60,580 900 MGE Energy, Inc ............................. 23,094 500 * NATCO Group, Inc (Class A) .................. 3,765 3,400 New Jersey Resources Corp ................... 111,860 3,500 Northwest Natural Gas Co .................... 102,760 3,800 Northwestern Corp ........................... 37,088 2,200 NUI Corp .................................... 47,520 2,300 * Oil States International, Inc ............... 23,000 7,400 Oneok, Inc .................................. 139,860 4,300 Piedmont Natural Gas Co, Inc ................ 152,521 5,000 PNM Resources, Inc .......................... 99,000 400 * Quicksilver Resources, Inc .................. 7,200 3,900 * RCN Corp .................................... 1,989 2,500 SEMCO Energy, Inc ........................... 19,450 14,400 * Sierra Pacific Resources .................... 87,840 6,100 * Skyworks Solutions, Inc ..................... 27,633 1,700 South Jersey Industries, Inc ................ 55,522 5,600 * Southern Union Co ........................... 63,280 4,600 Southwest Gas Corp .......................... 102,350 300 * Southwestern Energy Co ...................... 3,600 9,400 * Talk America Holdings, Inc .................. 21,808 3,100 * Time Warner Telecom, Inc (Class A) .......... 2,511 8,000 * Ubiquitel, Inc .............................. 2,000 2,200 UGI Corp .................................... 79,970 1,700 UIL Holdings Corp ........................... 60,265 3,900 Unisource Energy Corp ....................... 59,475 500 Unitil Corp ................................. 13,575 7,700 Westar Energy, Inc .......................... 77,462 2,000 Western Gas Resources, Inc .................. 62,526 6,700 WGL Holdings, Inc ........................... 160,197 4,300 WPS Resources Corp .......................... 152,392 ------------ TOTAL UTILITIES 3,117,367 ------------ TOTAL COMMON STOCK (COST $43,961,458) 40,778,457 ------------ TOTAL PORTFOLIO--99.67% (COST $43,961,458) 40,778,457 OTHER ASSETS & LIABILITIES, NET--0.33% 133,852 ------------ NET ASSETS--100.00% $ 40,912,309 ============ - ---------- * Non-income producing b In bankruptcy At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $43,961,458. Net unrealized depreciation of portfolio investments aggregated $3,183,001 of which $433,387 related to appreciated portfolio investments and $3,616,388 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 77 Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- COMMON STOCK--99.73% AEROSPACE AND DEFENSE--0.97% 1,800 AAR Corp .................................... $ 8,550 1,600 * Armor Holdings, Inc ......................... 23,984 1,300 * Aviall, Inc ................................. 13,247 1,100 * DRS Technologies, Inc ....................... 40,942 500 * Ducommun, Inc ............................... 8,805 500 * Dynamics Research Corp ...................... 7,290 600 Engineered Support Systems, Inc ............. 34,224 1,000 Heico Corp .................................. 11,320 800 * Herley Industries, Inc ...................... 14,856 1,600 * Hexcel Corp ................................. 3,968 500 * Integrated Defense Technology, Inc .......... 9,850 1,500 Kaman Corp (Class A) ........................ 18,375 600 * Ladish Co, Inc .............................. 3,720 1,100 * Moog, Inc (Class A) ......................... 31,086 2,900 * Orbital Sciences Corp ....................... 9,860 3,100 * Remec, Inc .................................. 10,571 400 * Sequa Corp (Class A) ........................ 20,840 2,100 * Teledyne Technologies, Inc .................. 38,136 1,000 * Triumph Group, Inc .......................... 28,000 1,500 * United Defense Industries, Inc .............. 35,400 1,200 * Viasat, Inc ................................. 7,560 ------------ TOTAL AEROSPACE AND DEFENSE 380,584 ------------ BASIC INDUSTRIES--8.34% 600 * Aaon, Inc ................................... 10,152 300 * AEP Industries, Inc ......................... 8,109 3,900 * Airgas, Inc ................................. 51,207 1,600 Albany International Corp (Class A) ......... 30,368 200 Alico, Inc .................................. 5,690 1,300 Amcol International Corp .................... 7,280 300 American Woodmark Corp ...................... 15,222 300 Ameron International Corp ................... 14,757 800 * Applied Films Corp .......................... 8,752 1,400 Arch Chemicals, Inc ......................... 24,808 3,100 Arch Coal, Inc .............................. 51,305 300 * Avatar Holdings, Inc ........................ 7,218 300 * Baker (Michael) Corp ........................ 3,090 1,100 * Brush Engineered Materials, Inc ............. 8,580 1,600 * Buckeye Technologies, Inc ................... 11,760 800 * Building Materials Holding Corp ............. 9,360 400 Butler Manufacturing Co ..................... 8,640 300 * BWAY Corp ................................... 4,170 1,600 * Cabot Microelectronics Corp ................. 59,584 2,300 Calgon Carbon Corp .......................... 13,294 1,500 Cambrex Corp ................................ 55,200 1,800 * Caraustar Industries, Inc ................... 16,830 2,100 Carlisle Cos, Inc ........................... 77,028 1,300 Carpenter Technology Corp ................... 16,900 500 Castle (A.M.) & Co .......................... 3,375 500 Centex Construction Products, Inc ........... 17,850 800 Century Aluminum Co ......................... 5,568 3,400 * Champion Enterprises, Inc ................... 9,996 700 Chemed Corp ................................. 21,539 800 ChemFirst, Inc .............................. 23,008 1,000 Chesapeake Corp ............................. 14,940 1,700 Clarcor, Inc ................................ 52,190 600 * Cleveland-Cliffs, Inc ....................... 14,430 1,700 * Collins & Aikman Corp ....................... 6,103 2,600 * Comfort Systems U.S.A., Inc ................. 7,904 1,700 Commercial Metals Co ........................ 30,464 8,000 Crompton Corp ............................... 80,400 10,900 * Crown Cork & Seal Co, Inc ................... 57,225 2,700 * Cytec Industries, Inc ....................... 59,265 700 Deltic Timber Corp ............................ 15,386 1,200 * Dionex Corp ................................. 30,672 200 * Dominion Homes, Inc ......................... 3,100 200 Donnelly Corp ............................... 5,182 300 * Drew Industries, Inc ........................ 4,665 4,500 * Earthshell Corp ............................. 3,150 1,300 ElkCorp ..................................... 22,191 1,000 * EMCOR Group, Inc ............................ 49,700 900 * Encore Wire Corp ............................ 7,920 1,000 * Energy Conversion Devices, Inc .............. 10,850 2,200 Ferro Corp .................................. 50,820 2,400 * Fleetwood Enterprises, Inc .................. 16,176 1,400 Florida Rock Industries, Inc ................ 42,784 2,100 * FMC Corp .................................... 54,222 1,500 * Foamex International, Inc ................... 8,250 1,900 Georgia Gulf Corp ........................... 43,453 600 Gibraltar Steel Corp ........................ 13,356 700 Glatfelter .................................. 8,085 2,200 Granite Construction, Inc ................... 36,256 2,600 Great Lakes Chemical Corp ................... 62,452 900 Greif Brothers Corp (Class A) ............... 22,050 2,000 H.B. Fuller Co .............................. 53,200 5,800 * Hecla Mining Co ............................. 20,706 1,000 * Hovnanian Enterprises, Inc (Class A) ........ 33,800 800 * Imco Recycling, Inc ......................... 4,840 1,600 * Insituform Technologies, Inc (Class A) ...... 22,958 2,200 * Integrated Electrical Services, Inc ......... 8,228 700 * International Specialty Products, Inc ....... 6,783 400 Interpool, Inc .............................. 4,808 800 * Jarden Corp ................................. 21,720 2,900 Lennox International, Inc ................... 38,367 400 * Liquidmetal Technologies .................... 3,196 2,000 * Lone Star Technologies, Inc ................. 23,700 3,400 * Longview Fibre Co ........................... 23,596 7,100 * Louisiana-Pacific Corp ...................... 45,937 1,000 LSI Industries, Inc ......................... 10,140 1,000 * Lydall, Inc ................................. 11,800 800 M/I Schottenstein Homes, Inc ................ 25,200 1,800 MacDermid, Inc .............................. 35,910 4,300 Massey Energy Co ............................ 27,735 700 * Material Sciences Corp ...................... 8,519 1,500 * Mattson Technology, Inc ..................... 2,475 200 * Maui Land & Pineapple Co .................... 3,625 1,300 MDC Holdings, Inc ........................... 45,890 200 * Mestek, Inc ................................. 3,650 4,300 Millennium Chemicals, Inc ................... 42,484 1,400 Minerals Technologies, Inc .................. 51,898 900 * Mobile Mini, Inc ............................ 11,655 600 * Modtech Holdings, Inc ....................... 6,000 1,900 * Mueller Industries, Inc ..................... 49,210 1,300 * NCI Building Systems, Inc ................... 24,440 600 NL Industries, Inc .......................... 8,706 600 * Nortek, Inc ................................. 25,962 400 * Northwest Pipe Co ........................... 7,156 1,200 * NS Group, Inc ............................... 7,116 700 Octel Corp .................................. 13,223 3,456 Olin Corp ................................... 56,609 2,700 * Omnova Solutions, Inc ....................... 12,393 1,800 * Oregon Steel Mills, Inc ..................... 11,016 700 * Osmonics, Inc ............................... 8,330 1,200 * Palm Harbor Homes, Inc ...................... 13,933 500 Penford Corp ................................ 6,750 800 Penn Engineering & Manufacturing Corp ....... 8,960 600 Penn Virginia Corp .......................... 19,440 900 * Penwest Pharmaceuticals Co .................. 7,497 5,600 PolyOne Corp ................................ 48,104 SEE NOTES TO FINANCIAL STATEMENTS 78 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- BASIC INDUSTRIES--(CONTINUED) 1,100 Pope & Talbot, Inc .......................... $ 14,135 2,000 Potlatch Corp ............................... 57,360 500 Quaker Chemical Corp ........................ 9,620 1,000 Quanex Corp ................................. 34,700 1,600 Reliance Steel & Aluminum Co ................ 34,960 700 Roanoke Electric Steel Corp ................. 7,595 800 Rock-Tenn Co (Class A) ...................... 12,336 900 Royal Gold, Inc ............................. 17,163 1,400 * RTI International Metals, Inc ............... 14,700 1,500 Ryerson Tull, Inc ........................... 9,645 300 Schnitzer Steel Industries, Inc (Class A) ... 5,430 2,000 Schulman (A.), Inc .......................... 34,660 700 * Silgan Holdings, Inc ........................ 19,908 1,000 * Simpson Manufacturing Co, Inc ............... 31,390 400 Skyline Corp ................................ 10,876 7,100 Solutia, Inc ................................ 37,062 1,000 Southern Peru Copper Corp ................... 13,710 1,000 Spartech Corp ............................... 21,160 2,200 Standard-Pacific Corp ....................... 51,436 2,200 * Steel Dynamics, Inc ......................... 28,798 2,900 * Stillwater Mining Co ........................ 17,400 200 * Technical Olympic U.S.A., Inc ............... 3,056 2,700 * Terra Industries, Inc ....................... 4,995 1,500 Texas Industries, Inc ....................... 36,420 1,800 Tredegar Corp ............................... 30,150 100 Tremont Corp ................................ 3,201 500 * Trex Co, Inc ................................ 13,670 1,400 * U.S. Concrete, Inc .......................... 7,350 900 Universal Forest Products, Inc .............. 16,938 1,000 * URS Corp .................................... 16,570 5,500 USEC, Inc ................................... 34,430 2,500 b* USG Corp .................................... 10,000 700 * Water Pik Technologies, Inc ................. 7,105 1,300 Watsco, Inc ................................. 18,590 2,400 Wausau-Mosinee Paper Corp ................... 22,104 500 * WCI Communities, Inc ........................ 6,350 1,100 WD-40 Co .................................... 31,790 2,200 Wellman, Inc ................................ 30,030 900 West Pharmaceutical Services, Inc ........... 19,278 400 * William Lyon Homes, Inc ..................... 9,164 4,600 Worthington Industries, Inc ................. 86,020 4,400 b* WR Grace & Co ............................... 7,040 ------------ TOTAL BASIC INDUSTRIES 3,260,241 ------------ CONSUMER CYCLICAL--12.40% 400 * 1-800 Contacts, Inc ......................... 4,000 1,000 Aaron Rents, Inc ............................ 23,000 4,700 * Acclaim Entertainment, Inc .................. 5,170 600 * Acme Communication, Inc ..................... 4,680 1,100 Action Performance Cos, Inc ................. 28,270 900 Advanced Marketing Services, Inc ............ 12,411 900 * Aeropostale, Inc ............................ 13,860 1,000 * AFC Enterprises, Inc ........................ 20,190 500 * Aftermarket Technology Corp ................. 6,465 100 * Alexander's, Inc ............................ 6,100 2,900 * Alliance Gaming Corp ........................ 44,834 1,900 * AMC Entertainment, Inc ...................... 14,060 700 * Amerco ...................................... 7,042 700 * Ameristar Casinos, Inc ...................... 13,272 600 Angelica Corp ............................... 12,894 3,000 * AnnTaylor Stores Corp ....................... 69,090 1,900 Apogee Enterprises, Inc ..................... 20,786 1,100 Arctic Cat, Inc ............................. 15,356 100 * Arden Group, Inc (Class A) .................. 5,551 1,700 * Argosy Gaming Co ............................ 39,032 2,300 * Aztar Corp .................................. 30,383 2,100 * Bally Total Fitness Holding Corp ............ 20,811 700 Bandag, Inc ................................. 21,350 700 Barnes Group, Inc ........................... 14,063 700 Bassett Furniture Industries, Inc ........... 9,639 400 * Beasley Broadcast Group, Inc (Class A) ...... 5,024 300 * Bebe Stores, Inc ............................ 3,543 300 * Benihana, Inc (Class A) ..................... 3,720 600 Blair Corp .................................. 12,270 2,400 Bob Evans Farms, Inc ........................ 56,880 1,900 * Boca Resorts, Inc (Class A) ................. 19,380 2,400 Bowne & Co, Inc ............................. 24,000 2,100 * Boyd Gaming Corp ............................ 39,207 1,200 * Boyds Collection Ltd ........................ 7,728 600 * Brookstone, Inc ............................. 7,380 1,200 Brown Shoe Co, Inc .......................... 21,480 1,000 * Buca, Inc ................................... 8,000 500 * Buckle, Inc ................................. 10,050 1,200 Burlington Coat Factory Warehouse Corp ...... 21,600 600 Bush Industries, Inc (Class A) .............. 4,836 200 * Cache, Inc .................................. 2,660 1,000 * California Pizza Kitchen, Inc ............... 23,010 100 * Carmike Cinemas, Inc ........................ 1,800 600 * Cascade Corp ................................ 8,430 1,000 Cato Corp (Class A) ......................... 18,980 1,000 * Central Garden & Pet Co ..................... 17,110 700 * Championship Auto Racing Teams, Inc ......... 2,639 600 * Champps Entertainment, Inc .................. 4,698 500 * Charlotte Russe Holding, Inc ................ 4,750 8,100 * Charming Shoppes, Inc ....................... 54,675 600 * Checkers Drive-In Restaurant ................ 4,800 300 * Cherokee, Inc ............................... 4,839 700 * Chicago Pizza & Brewery, Inc ................ 4,823 800 * Children's Place Retail Stores, Inc ......... 8,080 1,500 * Choice Hotels International, Inc ............ 34,665 1,600 * Christopher & Banks Corp .................... 40,192 400 Churchill Downs, Inc ........................ 14,600 3,400 * CKE Restaurants, Inc ........................ 13,600 2,900 Claire's Stores, Inc ........................ 63,220 1,000 Coachmen Industries, Inc .................... 15,010 300 * Coldwater Creek, Inc ........................ 3,954 700 * Cole National Corp .......................... 8,785 500 CPI Corp .................................... 6,875 600 * Cross Media Marketing Corp .................. 450 1,700 * Crown Media Holdings, Inc (Class A) ......... 5,950 200 * CSS Industries, Inc ......................... 7,212 400 * Culp, Inc ................................... 3,400 700 * Dave & Buster's, Inc ........................ 7,847 700 * Department 56, Inc .......................... 7,315 1,100 * DHB Industries, Inc ......................... 2,332 1,700 * Dollar Thrifty Automotive Group, Inc ........ 27,285 700 Dover Downs Gaming & Entertainment, Inc ..... 5,698 1,000 Dover Motorsport, Inc ....................... 4,000 1,900 * Dress Barn, Inc ............................. 29,564 1,000 * Dura Automotive Systems, Inc ................ 12,250 900 * Elizabeth Arden, Inc ........................ 10,791 2,800 Equity Inns, Inc ............................ 17,360 200 * Escalade, Inc ............................... 3,970 800 * EUniverse, Inc .............................. 2,344 1,400 Factset Research Systems, Inc ............... 37,170 1,300 * Finish Line, Inc (Class A) .................. 11,726 400 * Fisher Communications, Inc .................. 18,800 1,400 * Footstar, Inc ............................... 10,920 1,400 * Fossil, Inc ................................. 28,070 1,500 Fred's, Inc ................................. 44,787 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 79 Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER CYCLICAL--(CONTINUED) 1,100 Friedman's, Inc (Class A) ..................... $ 8,558 1,300 G & K Services, Inc (Class A) ................. 44,005 1,500 * Gaylord Entertainment Co .................... 28,380 2,100 GenCorp, Inc ................................ 21,126 1,400 * Genesco, Inc ................................ 19,320 1,100 * Goody's Family Clothing, Inc ................ 5,192 600 Gray Television, Inc (Class A) .............. 8,070 100 Grey Global Group, Inc ...................... 59,000 1,300 * Group 1 Automotive, Inc ..................... 29,055 1,300 * GSI Commerce, Inc ........................... 6,565 500 * Guess?, Inc ................................. 2,145 900 * Guitar Center, Inc .......................... 16,902 900 * Gulfmark Offshore, Inc ...................... 15,570 1,600 * Gymboree Corp ............................... 26,096 1,200 Hancock Fabrics, Inc ........................ 19,380 1,700 * Handleman Co ................................ 15,555 2,500 * Harris Interactive, Inc ..................... 5,750 1,000 Haverty Furniture Cos, Inc .................. 12,500 500 * Hibbett Sporting Goods, Inc ................. 10,375 3,500 Hollinger International, Inc ................ 31,815 700 * Hollywood Casino Corp (Class A) ............. 8,456 3,600 * Hollywood Entertainment Corp ................ 52,272 2,200 * Hot Topic, Inc .............................. 39,666 1,100 * iDine Rewards Network, Inc .................. 10,175 1,400 * IHOP Corp ................................... 33,740 700 * IMPCO Technologies, Inc ..................... 2,520 700 * Information Holdings, Inc ................... 15,155 2,800 * Insight Communications Co, Inc .............. 25,844 1,400 Intermet Corp ............................... 6,734 1,600 * Intertan, Inc ............................... 11,168 1,000 * Isle Of Capri Casinos, Inc .................. 16,680 2,500 * Jack In The Box, Inc ........................ 57,000 1,600 * Jakks Pacific, Inc .......................... 17,790 1,000 * Jo-Ann Stores, Inc (Class A) ................ 28,040 300 * Johnson Outdoors, Inc (Class A) ............. 3,153 1,900 * Journal Register Co ......................... 35,815 33,900 b* Kmart Corp .................................. 16,611 1,200 * K2, Inc ..................................... 9,480 1,700 Kellwood Co ................................. 38,862 500 * Kenneth Cole Productions, Inc (Class A) ..... 10,150 700 * Keystone Automotive Industries, Inc ......... 11,550 2,300 Kimball International, Inc (Class B) ........ 31,786 1,300 * Kirby Corp .................................. 29,406 1,500 * Kroll, Inc .................................. 29,745 800 K-Swiss, Inc (Class A) ...................... 17,096 1,500 Landry's Restaurants, Inc ................... 33,885 1,200 LaSalle Hotel Properties .................... 15,000 1,100 Libbey, Inc ................................. 35,046 400 * Liberty Livewire Corp (Class A) ............. 628 2,500 * Linens `n Things, Inc ....................... 45,925 700 * Lodgenet Entertainment Corp ................. 5,362 1,200 Lone Star Steakhouse & Saloon, Inc .......... 25,188 1,500 * Luby's, Inc ................................. 7,380 1,300 Marcus Corp ................................. 17,030 400 Marine Products Corp ........................ 4,244 700 * Martha Stewart Living Omnimedia, Inc (Class A) ................................. 4,900 900 * Maxwell Shoe Co, Inc (Class A) .............. 10,215 3,700 * Mediacom Communications Corp ................ 19,869 700 * Medis Technologies Ltd ...................... 2,996 2,100 * Men's Wearhouse, Inc ........................ 30,870 1,300 * Metro One Telecommunications, Inc ........... 11,050 1,100 * Micros Systems, Inc ......................... 25,509 400 * Midas, Inc .................................. 2,000 2,000 * Midway Games, Inc ........................... 10,960 1,900 Modine Manufacturing Co ..................... 36,138 1,600 * Monaco Coach Corp ........................... 32,048 200 * Monarch Casino & Resort, Inc ................ 2,664 400 * Monro Muffler Brake, Inc .................... 7,144 300 * Mossimo, Inc ................................ 1,764 200 * Mothers Work, Inc ........................... 7,606 1,200 * Movie Gallery, Inc .......................... 18,012 1,400 * MTR Gaming Group, Inc ....................... 12,894 700 * Multimedia Games, Inc ....................... 13,784 1,300 Myers Industries, Inc ....................... 16,289 300 National Presto Industries, Inc ............. 8,664 1,700 * Nautica Enterprises, Inc .................... 17,680 2,100 * Nautilus Group, Inc ......................... 40,950 500 * Netratings, Inc ............................. 2,920 1,700 * Oakley, Inc ................................. 17,085 1,100 * O'Charley's, Inc ............................ 20,615 700 Oshkosh B'gosh, Inc (Class A) ............... 24,052 1,000 Oshkosh Truck Corp .......................... 56,400 400 Oxford Industries, Inc ...................... 8,760 1,100 * P.F. Chang's China Bistro, Inc .............. 31,933 2,100 * Pacific Sunwear Of California, Inc .......... 42,756 1,600 * Panera Bread Co (Class A) ................... 43,200 900 * Papa John's International, Inc .............. 26,217 600 * Parkervision, Inc ........................... 6,780 1,600 * Payless Shoesource, Inc ..................... 86,416 2,100 * Penn National Gaming, Inc ................... 39,648 1,100 * Penton Media, Inc ........................... 264 1,600 Phillips-Van Heusen Corp .................... 20,160 1,600 * Pinnacle Entertainment, Inc ................. 11,680 4,000 * Pinnacle Systems, Inc ....................... 43,200 1,100 * PLATO Learning, Inc ......................... 7,315 900 * Playboy Enterprises, Inc (Class B) .......... 8,604 2,100 * Presstek, Inc ............................... 5,355 300 * Pricesmart, Inc ............................. 6,000 3,100 * Prime Hospitality Corp ...................... 25,420 9,500 * Primedia, Inc ............................... 13,205 1,000 * Private Media Group, Inc .................... 2,360 600 Pulitzer, Inc ............................... 24,990 800 * Quaker Fabric Corp .......................... 5,032 1,300 * Quiksilver, Inc ............................. 29,367 600 * Racing Champions Ertl Corp .................. 9,804 1,400 * Rare Hospitality International, Inc ......... 32,788 2,800 * Raytech Corp ................................ 17,052 1,800 * Regent Communications, Inc .................. 9,144 3,000 Regis Corp .................................. 84,870 1,300 * Resources Connection, Inc ................... 18,733 600 * Rex Stores Corp ............................. 6,180 400 Riviana Foods, Inc .......................... 9,160 1,700 Russell Corp ................................ 25,483 3,000 * Ryan's Family Steak Houses, Inc ............. 36,510 1,000 * Saga Communications, Inc (Class A) .......... 18,500 600 * Salem Communications Corp (Class A) ......... 13,452 400 * Salton, Inc ................................. 3,404 500 Schawk, Inc ................................. 4,910 2,900 * Scientific Games Corp (Class A) ............. 19,433 1,200 * SCP Pool Corp ............................... 32,892 500 * Shoe Carnival, Inc .......................... 7,125 2,000 * ShopKo Stores, Inc .......................... 26,120 1,200 * Shuffle Master, Inc ......................... 22,332 2,100 * Sinclair Broadcast Group, Inc (Class A) ..... 28,770 4,700 * Sirius Satellite Radio, Inc ................. 4,700 1,200 Smith (A.O.) Corp ........................... 34,104 2,500 * Sonic Corp .................................. 57,750 3,000 * Sotheby's Holdings, Inc (Class A) ........... 21,000 2,500 * Spanish Broadcasting System, Inc (Class A) .. 16,375 SEE NOTES TO FINANCIAL STATEMENTS 80 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER CYCLICAL--(CONTINUED) 600 Spartan Motors, Inc ......................... $ 6,780 900 Speedway Motorsports, Inc ................... 21,195 1,700 * Sports Resorts International, Inc ........... 7,089 1,400 * Stage Stores, Inc ........................... 30,366 500 Standard Motor Products, Inc ................ 5,405 400 * Stanley Furniture Co, Inc ................... 8,496 2,400 * Station Casinos, Inc ........................ 40,824 1,500 * Stein Mart, Inc ............................. 8,760 600 * Steven Madden Ltd ........................... 8,640 900 * Stoneridge, Inc ............................. 15,300 2,700 Stride Rite Corp ............................ 21,357 1,300 Sturm Ruger & Co, Inc ....................... 15,860 1,500 Superior Industries International, Inc ...... 70,620 2,300 * Sylvan Learning Systems, Inc ................ 31,464 400 Tanger Factory Outlet Centers, Inc .......... 11,192 1,100 * TBC Corp .................................... 11,407 2,600 * Tenneco Automotive, Inc ..................... 10,946 2,200 * The Sports Authority, Inc ................... 13,134 1,500 * The Steak n Shake Co ........................ 16,500 500 * Thomas Nelson, Inc .......................... 4,400 1,100 Thor Industries, Inc ........................ 38,236 2,700 * THQ, Inc .................................... 56,160 2,300 * Too, Inc .................................... 53,544 2,500 * Topps Co, Inc ............................... 21,550 4,200 * Tower Automotive, Inc ....................... 28,140 400 * Tropical Sportswear International Corp ...... 5,192 2,200 * Tyler Technologies, Inc ..................... 9,680 3,400 * Unifi, Inc .................................. 21,318 900 * Universal Electronics, Inc .................. 8,055 500 * Urban Outfitters, Inc ....................... 12,145 600 * Vail Resorts, Inc ........................... 8,496 1,300 * Vans, Inc ................................... 7,397 2,200 * Vastera, Inc ................................ 4,730 1,600 * Wabash National Corp ........................ 8,656 700 * West Marine, Inc ............................ 8,897 2,300 * Westpoint Stevens, Inc ...................... 2,254 1,700 * Wet Seal, Inc (Class A) ..................... 17,000 1,000 * Wilsons The Leather Experts, Inc ............ 7,120 800 Winnebago Industries, Inc ................... 31,624 1,500 * WMS Industries, Inc ......................... 21,150 2,800 Wolverine World Wide, Inc ................... 42,000 600 Woodward Governor Co ........................ 28,439 700 * World Wrestling Federation Entertainment, Inc ........................ 5,859 3,700 * XM Satellite Radio Holdings, Inc ............ 14,430 1,000 * Young Broadcasting, Inc (Class A) ........... 8,670 2,000 * Zomax, Inc .................................. 7,800 ------------ TOTAL CONSUMER CYCLICAL 4,845,392 ------------ CONSUMER NON-CYCLICAL--5.47% 800 * 1-800-Flowers.com, Inc (Class A) ............ 5,600 1,600 * 7-Eleven, Inc ............................... 13,712 800 * AC Moore Arts & Crafts, Inc ................. 16,904 1,100 * American Italian Pasta Co (Class A) ......... 39,259 1,100 * Applica, Inc ................................ 5,830 500 * Asbury Automotive Group, Inc ................ 4,375 1,600 * Aurora Foods, Inc ........................... 1,040 2,200 Blyth, Inc .................................. 61,380 600 * Boston Beer Co, Inc (Class A) ............... 8,340 200 Bridgford Foods Corp ........................ 2,012 2,500 * Cadiz, Inc .................................. 7,500 2,600 Casey's General Stores, Inc ................. 30,030 2,500 * Chiquita Brands International, Inc .......... 38,625 100 Coca-Cola Bottling Co Consolidated .......... 4,690 2,300 Corn Products International, Inc ............ 66,125 1,300 * Cost Plus, Inc .............................. 34,905 300 Deb Shops, Inc .............................. 7,479 300 * DEL Laboratories, Inc ....................... 5,424 1,800 * Del Monte Foods Co .......................... 14,706 2,500 Delta & Pine Land Co ........................ 46,850 2,800 DIMON, Inc .................................. 17,472 1,700 * Drugstore.Com, Inc .......................... 2,839 1,500 * Duane Reade, Inc ............................ 24,000 700 * Electronics Boutique Holdings Corp .......... 19,215 900 * Factory 2-U Stores, Inc ..................... 1,746 1,100 * FAO, Inc .................................... 3,135 100 Farmer Brothers Co .......................... 32,500 400 * Finlay Enterprises, Inc ..................... 6,035 3,100 Fleming Cos, Inc ............................ 15,500 1,500 * Flowers Foods, Inc .......................... 34,095 1,300 * FTI Consulting, Inc ......................... 51,688 400 * Gaiam, Inc .................................. 4,588 700 * Galyans Trading Co, Inc ..................... 7,007 400 * Gart Sports Co .............................. 7,548 1,100 * Great Atlantic & Pacific Tea Co, Inc ........ 9,218 200 * Green Mountain Coffee, Inc .................. 2,578 1,600 * Hain Celestial Group, Inc ................... 23,440 400 * Horizon Organic Holding Corp ................ 6,240 1,700 Hughes Supply, Inc .......................... 49,538 700 Ingles Markets, Inc (Class A) ............... 7,490 2,800 * Insight Enterprises, Inc .................... 28,420 200 Inter Parfums, Inc .......................... 1,336 3,000 Interface, Inc (Class A) .................... 11,880 1,100 * International Multifoods Corp ............... 21,560 3,000 Interstate Bakeries Corp .................... 79,710 400 * J & J Snack Foods Corp ...................... 14,740 3,100 J.M. Smucker Co ............................. 113,770 1,200 * Jill (J.) Group, Inc ........................ 20,904 1,600 Lance, Inc .................................. 20,400 700 * Lithia Motors, Inc (Class A) ................ 11,907 2,100 Longs Drug Stores Corp ...................... 48,489 500 * MarineMax, Inc .............................. 4,505 1,100 * Marvel Enterprises, Inc ..................... 7,700 900 * Monterey Pasta Co ........................... 4,185 600 Movado Group, Inc ........................... 9,750 800 Nash Finch Co ............................... 10,880 200 * National Beverage Corp ...................... 2,732 800 Nature's Sunshine Products, Inc ............. 8,664 2,800 * NBTY, Inc ................................... 36,344 400 * NetFlix, Inc ................................ 3,880 3,000 Nu Skin Enterprises, Inc (Class A) .......... 36,600 7,900 * OfficeMax, Inc .............................. 32,232 1,000 Oneida Ltd .................................. 13,930 200 * Overstock.com, Inc .......................... 1,190 400 * Party City Corp ............................. 5,500 2,000 * Pathmark Stores, Inc ........................ 18,300 500 * PC Connection, Inc .......................... 2,030 600 * Peets Coffee & Tea, Inc ..................... 7,680 700 * Penn Traffic Co ............................. 4,571 3,300 Pep Boys-Manny Moe & Jack ................... 40,425 4,300 * Perrigo Co .................................. 45,709 1,000 Pilgrim's Pride Corp (Class B) .............. 9,300 1,900 * Playtex Products, Inc ....................... 16,169 8,700 * Priceline.com, Inc .......................... 12,702 1,100 * Princeton Review, Inc ....................... 6,600 2,100 * Ralcorp Holdings, Inc ....................... 44,667 1,200 * Restoration Hardware, Inc ................... 5,400 600 * Revlon, Inc (Class A) ....................... 1,794 700 * Robert Mondavi Corp (Class A) ............... 21,322 2,100 Ruddick Corp ................................ 31,899 700 Russ Berrie & Co, Inc ....................... 21,007 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 81 Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER NON-CYCLICAL--(CONTINUED) 300 Sanderson Farms, Inc ........................ $ 4,800 1,000 Schweitzer-Mauduit International, Inc ....... 21,350 900 * Seminis, Inc (Class A) ...................... 2,637 3,000 Sensient Technologies Corp .................. 63,390 500 * Sharper Image Corp .......................... 9,560 2,400 * Shop At Home, Inc ........................... 5,616 1,100 * Skechers U.S.A., Inc (Class A) .............. 10,494 800 * Smart & Final, Inc .......................... 3,400 2,300 * Stamps.com, Inc ............................. 9,729 800 Standard Commercial Corp .................... 13,392 300 * Steinway Musical Instruments, Inc ........... 4,605 400 Stepan Co ................................... 10,740 500 Tasty Baking Co ............................. 6,375 2,200 * The Bombay Co, Inc .......................... 5,940 1,000 Thomas Industries, Inc ...................... 24,800 900 * Tractor Supply Co ........................... 28,602 1,100 * Trans World Entertainment Corp .............. 3,465 900 * Triarc Cos, Inc ............................. 20,421 600 * Tuesday Morning Corp ........................ 10,926 3,600 Tupperware Corp ............................. 59,832 1,300 * Tweeter Home Entertainment Group, Inc ....... 8,970 1,100 * United Auto Group, Inc ...................... 15,411 1,300 * United Natural Foods, Inc ................... 29,939 1,800 Universal Corp .............................. 63,126 1,400 * Valuevision International, Inc (Class A) .... 16,464 1,470 Vector Group Ltd ............................ 18,507 600 * Virbac Corp ................................. 3,048 800 Weis Markets, Inc ........................... 26,784 800 * Whitehall Jewellers, Inc .................... 8,416 1,300 * Wild Oats Markets, Inc ...................... 11,804 1,900 * Yankee Candle Co, Inc ....................... 32,623 ------------ TOTAL CONSUMER NON-CYCLICAL 2,136,607 ------------ ENERGY--3.63% 1,100 * 3TEC Energy Corp ............................ 15,730 600 * Atwood Oceanics, Inc ........................ 17,550 1,100 Berry Petroleum Co (Class A) ................ 18,689 1,900 Cabot Oil & Gas Corp (Class A) .............. 40,850 2,500 * Cal Dive International, Inc ................. 50,418 600 CARBO Ceramics, Inc ......................... 21,504 9,700 Chesapeake Energy Corp ...................... 64,020 1,500 * Comstock Resources, Inc ..................... 10,350 1,600 * Denbury Resources, Inc ...................... 16,272 500 * Dril-Quip, Inc .............................. 8,425 600 * Encore Acquisition Co ....................... 9,870 1,300 * Energy Partners Ltd ......................... 10,582 1,300 * Evergreen Resources, Inc .................... 53,274 1,000 * Exploration Co Of Delaware, Inc ............. 5,190 1,800 Frontier Oil Corp ........................... 22,320 1,100 Getty Realty Corp ........................... 20,988 4,600 * Global Industries Ltd ....................... 18,998 11,400 * Grey Wolf, Inc .............................. 41,040 500 * Gulf Island Fabrication, Inc ................ 5,880 3,300 * Hanover Compressor Co ....................... 27,390 2,300 * Harvest Natural Resources, Inc .............. 12,489 700 Holly Corp .................................. 11,886 1,200 * Horizon Offshore, Inc ....................... 5,053 700 * Houston Exploration Co ...................... 21,805 800 * Hydril Co ................................... 19,904 3,000 * Input/Output, Inc ........................... 14,370 6,700 * Key Energy Services, Inc .................... 52,796 1,000 * Key Production Co, Inc ...................... 16,200 400 Lufkin Industries, Inc ...................... 9,840 3,200 * Magnum Hunter Resources, Inc ................ 16,800 2,600 * Maverick Tube Corp .......................... 23,062 2,200 * Meridian Resource Corp ...................... 4,642 1,100 * Nuevo Energy Co ............................. 11,990 1,600 * Oceaneering International, Inc .............. 40,720 5,300 * Parker Drilling Co .......................... 11,660 1,700 Patina Oil & Gas Corp ....................... 48,450 200 * Petroleum Helicopters (Vote) ................ 5,260 1,700 * Plains Resources, Inc ....................... 43,826 700 * Prima Energy Corp ........................... 14,679 1,200 * Pure Resources, Inc ......................... 26,880 3,400 * Range Resources Corp ........................ 15,912 1,400 * Remington Oil & Gas Corp .................... 19,740 700 RPC, Inc .................................... 6,930 1,200 * Seacor Smit, Inc ............................ 49,188 1,600 * Spinnaker Exploration Co .................... 45,920 1,900 St. Mary Land & Exploration Co .............. 45,410 1,500 * Stone Energy Corp ........................... 48,750 3,300 * Superior Energy Services, Inc ............... 21,450 1,600 * Swift Energy Co ............................. 16,640 4,400 * Tesoro Petroleum Corp ....................... 12,320 2,300 * Tom Brown, Inc .............................. 52,670 1,000 * Transmontaigne, Inc ......................... 4,980 1,500 * Trico Marine Services, Inc .................. 3,810 2,500 * Unit Corp ................................... 47,875 1,100 * Universal Compression Holdings, Inc ......... 17,820 2,100 * Veritas DGC, Inc ............................ 22,701 3,300 Vintage Petroleum, Inc ...................... 35,640 1,100 * Westport Resources Corp ..................... 20,130 1,600 * W-H Energy Services, Inc .................... 27,680 600 World Fuel Services Corp .................... 11,580 ------------ TOTAL ENERGY 1,418,798 ------------ FINANCIAL SERVICES--24.01% 1,000 1st Source Corp ............................. 14,090 700 ABC Bancorp ................................. 8,974 900 Acadia Realty Trust ......................... 6,660 1,600 Advanta Corp (Class A) ...................... 16,080 700 Alabama National Bancorp .................... 31,696 1,200 Alexandria Real Estate Equities, Inc ........ 50,976 2,500 Alfa Corp ................................... 30,625 800 Allegiant Bancorp, Inc ...................... 13,000 1,700 Amcore Financial, Inc ....................... 37,332 2,800 American Capital Strategies Ltd ............. 52,752 1,600 American Financial Holdings, Inc ............ 48,656 600 American Home Mortgage Holdings, Inc ........ 6,618 400 American National Bankshares, Inc ........... 10,984 600 * American Physicians Capital, Inc ............ 10,116 6,200 * Ameritrade Holding Corp ..................... 23,126 1,000 AMLI Residential Properties Trust ........... 22,080 1,500 Anchor Bancorp Wisconsin, Inc ............... 30,300 3,100 Anthracite Capital, Inc ..................... 35,030 1,500 Anworth Mortgage Asset Corp ................. 18,285 2,000 Apex Mortgage Capital, Inc .................. 22,380 1,500 Argonaut Group, Inc ......................... 25,875 500 Arrow Financial Corp ........................ 14,325 1,200 Associated Estates Realty Corp .............. 9,720 400 Baldwin & Lyons, Inc (Class B) .............. 8,744 900 * Banc Corp ................................... 6,966 300 Bancfirst Corp .............................. 14,766 800 Bank Mutual Corp ............................ 16,192 900 Bank Of Granite Corp ........................ 16,200 300 Bank Of The Ozarks, Inc ..................... 6,870 2,800 BankAtlantic Bancorp, Inc (Class A) ......... 25,144 1,500 * Bankunited Financial Corp (Class A) ......... 23,925 700 Banner Corp ................................. 14,140 4,200 * Bay View Capital Corp ....................... 23,814 800 * Beazer Homes U.S.A., Inc .................... 48,840 SEE NOTES TO FINANCIAL STATEMENTS 82 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(CONTINUED) 1,000 Bedford Property Investors, Inc ............. $ 24,760 400 Berkshire Hills Bancorp, Inc ................ 9,400 400 * BKF Capital Group, Inc ...................... 8,432 1,300 Boston Private Financial Holdings, Inc ...... 27,690 300 Bostonfed Bancorp, Inc ...................... 8,997 1,200 Boykin Lodging Co ........................... 11,544 1,800 Brandywine Realty Trust ..................... 40,590 4,100 Brookline Bancorp, Inc ...................... 48,179 200 Bryn Mawr Bank Corp ......................... 7,896 600 BSB Bancorp, Inc ............................ 11,946 200 California First National Bancorp ........... 2,702 500 Camden National Corp ........................ 13,000 1,500 Capital Automotive REIT ..................... 37,470 500 Capital City Bank Group, Inc ................ 16,530 500 Capitol Bancorp Ltd ......................... 8,710 700 Capstead Mortgage Corp ...................... 14,469 800 Cascade Bancorp ............................. 10,912 1,500 Cash America International, Inc ............. 12,285 1,100 Cathay Bancorp, Inc ......................... 42,900 200 CB Bancshares, Inc .......................... 7,024 1,400 CBL & Associates Properties, Inc ............ 54,250 600 CCBT Financial Cos, Inc ..................... 15,702 800 * CCC Information Services Group, Inc ......... 10,456 1,400 Centennial Bancorp .......................... 12,152 700 Center Trust, Inc ........................... 4,060 500 * Central Coast Bancorp ....................... 9,245 200 Century Bancorp, Inc (Class A) .............. 5,308 1,300 * Ceres Group, Inc ............................ 2,509 800 CFS Bancorp, Inc ............................ 11,280 300 Charter Financial Corp ...................... 8,418 2,800 Charter Municipal Mortgage Acceptance Co .... 49,336 1,600 Chateau Communities, Inc .................... 42,256 1,900 Chelsea Property Group, Inc ................. 64,125 1,600 Chemical Financial Corp ..................... 46,176 2,100 Chittenden Corp ............................. 62,160 600 Citizens First Bancorp, Inc ................. 10,782 1,500 * Citizens, Inc ............................... 13,470 500 City Bank ................................... 14,470 1,200 City Holding Co ............................. 30,888 1,000 * Clark/Bardes, Inc ........................... 17,790 1,000 CNA Surety Corp ............................. 13,200 300 Coastal Bancorp, Inc ........................ 8,292 600 Coastal Financial Corp ...................... 8,124 500 CoBiz, Inc .................................. 8,050 1,000 Colonial Properties Trust ................... 36,180 400 Columbia Bancorp ............................ 7,548 900 * Columbia Banking System, Inc ................ 9,963 1,700 Commerce Group, Inc ......................... 55,012 3,100 Commercial Federal Corp ..................... 67,487 2,500 Commercial Net Lease Realty, Inc ............ 40,300 500 Commonwealth Bancorp, Inc ................... 23,000 800 Community Bank System, Inc .................. 23,704 500 Community Banks, Inc ........................ 13,420 2,800 Community First Bankshares, Inc ............. 78,064 800 Community Trust Bancorp, Inc ................ 21,520 1,200 * CompuCredit Corp ............................ 6,360 800 Connecticut Bancshares, Inc ................. 29,624 3,300 Cornerstone Realty Income Trust, Inc ........ 29,370 1,100 Corporate Office Properties Trust ........... 14,905 500 Correctional Properties Trust ............... 11,500 1,900 * Corrections Corp Of America ................. 26,695 600 Corus Bankshares, Inc ....................... 26,286 500 CPB, Inc .................................... 23,085 1,800 Crawford & Co (Class B) ..................... 11,358 900 * Credit Acceptance Corp ...................... 7,380 1,700 Crown American Realty Trust ................. 15,623 1,900 * CSK Auto Corp ............................... 23,712 1,800 CVB Financial Corp .......................... 39,492 900 Delphi Financial Group, Inc (Class A) ....... 32,778 1,500 Dime Community Bancshares ................... 32,130 1,600 East West Bancorp, Inc ...................... 54,016 1,000 Eastgroup Properties, Inc ................... 24,750 900 * Electro Rent Corp ........................... 8,712 200 EMC Insurance Group, Inc .................... 2,852 1,200 Entertainment Properties Trust .............. 26,520 400 Equity One, Inc ............................. 5,280 1,000 Essex Property Trust, Inc ................... 49,440 1,000 * Euronet Worldwide, Inc ...................... 5,030 700 F & M Bancorp ............................... 22,120 400 Farmers Capital Bank Corp ................... 13,348 800 FBL Financial Group, Inc (Class A) .......... 14,760 1,400 FBR Asset Investment Corp ................... 43,764 600 * Federal Agricultural Mortgage Corp (Class C) 17,706 2,700 Federal Realty Investment Trust ............. 72,900 3,100 FelCor Lodging Trust, Inc ................... 39,773 1,100 Fidelity Bankshares, Inc .................... 19,690 800 * Financial Federal Corp ...................... 25,480 500 Financial Industries Corp ................... 7,630 500 Financial Institutions, Inc ................. 13,575 500 First Bancorp (North Carolina) .............. 12,355 1,500 First Bancorp (Puerto Rico) ................. 57,180 100 * First Banks America, Inc .................... 4,015 600 First Busey Corp (Class A) .................. 13,602 2,100 First Charter Corp .......................... 34,797 400 First Citizens Bancshares, Inc (Class A) .... 41,233 4,000 First Commonwealth Financial Corp ........... 49,560 500 First Community Bancorp ..................... 14,470 600 First Community Bancshares, Inc ............. 17,676 400 First Defiance Financial Corp ............... 6,868 500 First Essex Bancorp, Inc .................... 16,525 1,200 First Federal Capital Corp .................. 23,316 2,500 First Financial Bancorp ..................... 44,525 900 First Financial Bankshares, Inc ............. 32,796 500 First Financial Corp (Indiana) .............. 24,225 900 First Financial Holdings, Inc ............... 24,363 800 First Indiana Corp .......................... 14,664 1,000 First Merchants Corp ........................ 24,700 500 First National Corp ......................... 13,800 600 First Niagara Financial Group, Inc .......... 18,954 300 First Oak Brook Bancshares, Inc ............. 8,919 200 First Of Long Island Corp ................... 6,650 900 First Place Financial Corp .................. 12,582 700 * First Republic Bank ......................... 15,225 1,700 First Sentinel Bancorp, Inc ................. 23,001 200 First South Bancorp, Inc .................... 7,130 400 First State Bancorp ......................... 9,860 500 Firstfed America Bancorp, Inc ............... 12,045 1,200 * FirstFed Financial Corp ..................... 30,900 900 Flagstar Bancorp, Inc ....................... 18,630 700 Flushing Financial Corp ..................... 11,676 400 FNB Corp (Virginia) ......................... 12,288 600 * FPIC Insurance Group, Inc ................... 5,280 200 Franklin Financial Corp ..................... 4,928 4,000 Fremont General Corp ........................ 19,600 1,000 * Friedman, Billings, Ramsey Group, Inc ....... 10,130 1,100 Frontier Financial Corp ..................... 28,028 400 * Gabelli Asset Management, Inc (Class A) ..... 11,860 1,700 Gables Residential Trust .................... 45,407 5,600 * Gartner, Inc (Class A) ...................... 45,360 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 83 Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(CONTINUED) 500 GBC Bancorp ................................. $ 9,710 600 German American Bancorp ..................... 10,200 1,100 Glacier Bancorp, Inc ........................ 25,058 600 Gladstone Capital Corp ...................... 10,128 1,100 Glenborough Realty Trust, Inc ............... 22,330 2,000 Glimcher Realty Trust ....................... 37,480 2,000 Gold Banc Corp, Inc ......................... 19,400 400 Granite State Bankshares, Inc ............... 13,516 500 Great American Financial Resources, Inc ..... 7,775 900 Great Lakes REIT, Inc ....................... 15,723 400 Great Southern Bancorp, Inc ................. 14,984 900 Hancock Holding Co .......................... 42,281 600 * Hanmi Financial Corp ........................ 9,000 1,500 Harbor Florida Bancshares, Inc .............. 30,675 2,100 Harleysville Group, Inc ..................... 55,125 1,300 Harleysville National Corp .................. 31,382 400 * Hawthorne Financial Corp .................... 10,560 2,700 Health Care REIT, Inc ....................... 73,845 2,900 Healthcare Realty Trust, Inc ................ 90,190 1,200 Heritage Property Investment Trust .......... 29,952 2,000 Hilb, Rogal & Hamilton Co ................... 82,500 1,800 Home Properties Of New York, Inc ............ 58,500 5,200 * Homestore, Inc .............................. 1,560 3,600 Hooper Holmes, Inc .......................... 22,320 2,400 Horace Mann Educators Corp .................. 35,280 8,800 HRPT Properties Trust ....................... 72,600 1,100 Hudson River Bancorp, Inc ................... 26,565 700 Humboldt Bancorp ............................ 8,386 400 IBERIABANK Corp ............................. 15,052 2,900 IMPAC Mortgage Holdings, Inc ................ 32,335 200 Independence Holding Co ..................... 4,000 800 Independent Bank Corp (Massachusetts) ....... 15,904 800 Independent Bank Corp (Michigan) ............ 26,480 1,700 Innkeepers U.S.A. Trust ..................... 13,583 1,300 * Insignia Financial Group, Inc ............... 10,205 700 * Insurance Auto Auctions, Inc ................ 10,578 1,100 Integra Bank Corp ........................... 19,822 600 Interchange Financial Services Corp ......... 9,930 1,600 International Bancshares Corp ............... 62,224 1,900 Investors Real Estate Trust ................. 20,121 2,300 IRT Property Co ............................. 27,025 1,000 Irwin Financial Corp ........................ 17,000 300 * Itla Capital Corp ........................... 9,057 2,900 * ITT Educational Services, Inc ............... 54,433 2,400 JDN Realty Corp ............................. 28,992 1,300 Jefferies Group, Inc ........................ 49,608 2,100 * Jones Lang LaSalle, Inc ..................... 43,176 200 Kansas City Life Insurance Co ............... 7,568 1,000 Keystone Property Trust ..................... 16,640 1,700 Kilroy Realty Corp .......................... 40,307 5,600 * Knight Trading Group, Inc ................... 21,000 1,300 Koger Equity, Inc ........................... 21,957 1,300 Kramont Realty Trust ........................ 19,240 9,400 * La Quinta Corp .............................. 45,120 800 Lakeland Bancorp, Inc ....................... 13,640 400 Lakeland Financial Corp ..................... 9,476 1,300 Landamerica Financial Group, Inc ............ 42,757 100 Leeds Federal Bankshares, Inc ............... 3,171 500 * LendingTree, Inc ............................ 7,370 1,600 Lexington Corporate Properties Trust ........ 25,760 1,200 Liberty Corp ................................ 42,960 1,500 LNR Property Corp ........................... 50,025 1,300 * Local Financial Corp ........................ 17,953 600 LSB Bancshares, Inc ......................... 9,864 1,000 LTC Properties, Inc ......................... 8,120 500 Macatawa Bank Corp .......................... 9,215 2,200 Macerich Co ................................. 68,156 1,300 MAF Bancorp, Inc ............................ 40,170 700 Main Street Banks, Inc ...................... 12,971 400 MainSource Financial Group, Inc ............. 9,516 900 Manufactured Home Communities, Inc .......... 28,692 300 MASSBANK Corp ............................... 8,982 800 MB Financial, Inc ........................... 26,800 1,500 MCG Capital Corp ............................ 19,770 500 Medford Bancorp, Inc ........................ 17,475 100 * MEEMIC Holdings, Inc ........................ 2,866 300 Merchants Bancshares, Inc ................... 7,410 2,800 Meristar Hospitality Corp ................... 24,052 600 * Meritage Corp ............................... 21,270 2,100 Metris Cos, Inc ............................. 4,851 2,900 MFA Mortgage Investments, Inc ............... 23,490 1,200 Mid Atlantic Realty Trust ................... 19,236 1,000 Mid-America Apartment Communities, Inc ...... 24,910 500 Midland Co .................................. 8,415 1,600 Mid-State Bancshares ........................ 26,240 600 Midwest Banc Holdings, Inc .................. 11,454 1,500 Mills Corp .................................. 44,490 1,000 Mission West Properties, Inc ................ 11,080 400 Mississippi Valley Bancshares, Inc .......... 19,928 300 Nara Bancorp, Inc ........................... 5,181 200 NASB Financial, Inc ......................... 4,158 1,600 National Health Investors, Inc .............. 24,400 400 National Health Realty, Inc ................. 6,304 1,200 National Penn Bancshares, Inc ............... 33,552 100 * National Western Life Insurance Co (Class A) ................................. 10,200 3,400 Nationwide Health Properties, Inc ........... 57,970 300 * Navigators Group, Inc ....................... 6,081 533 NBC Capital Corp ............................ 13,378 2,100 NBT Bancorp, Inc ............................ 36,267 3,300 * NetBank, Inc ................................ 34,353 1,100 New Century Financial Corp .................. 25,740 700 Northwest Bancorp, Inc ...................... 8,911 700 Novastar Financial, Inc ..................... 15,295 100 * NYMAGIC, Inc ................................ 1,444 700 OceanFirst Financial Corp ................... 14,420 2,500 * Ocwen Financial Corp ........................ 7,250 1,100 Odyssey Re Holdings Corp .................... 18,271 3,500 * Ohio Casualty Corp .......................... 56,980 500 Old Second Bancorp, Inc ..................... 19,090 600 Omega Financial Corp ........................ 20,250 800 Oriental Financial Group, Inc ............... 17,600 2,400 Pacific Capital Bancorp ..................... 65,179 1,100 Pacific Northwest Bancorp ................... 29,953 700 * Pacific Union Bank .......................... 7,847 2,300 Pan Pacific Retail Properties, Inc .......... 79,304 300 Parkvale Financial Corp ..................... 7,065 600 Parkway Properties, Inc ..................... 20,304 500 Partners Trust Financial Group, Inc ......... 6,985 200 Peapack Gladstone Financial Corp ............ 13,000 400 Pennfed Financial Services, Inc ............. 10,996 500 Pennrock Financial Services Corp ............ 14,500 1,000 Pennsylvania Real Estate Investment Trust ... 25,760 600 Peoples Bancorp, Inc ........................ 15,420 400 Peoples Holding Co .......................... 16,300 800 PFF Bancorp, Inc ............................ 22,176 1,200 * Philadelphia Consolidated Holding Corp ...... 35,400 400 * Pico Holdings, Inc .......................... 4,400 1,800 PMA Capital Corp (Class A) .................. 27,000 300 Port Financial Corp ......................... 12,003 SEE NOTES TO FINANCIAL STATEMENTS 84 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(CONTINUED) 2,300 Post Properties, Inc ........................ $ 59,754 2,100 Prentiss Properties Trust ................... 60,774 1,400 Presidential Life Corp ...................... 20,160 1,300 * Price Legacy Corp ........................... 3,809 300 PrivateBancorp, Inc ......................... 9,171 1,500 * ProAssurance Corp ........................... 25,350 700 Prosperity Bancshares, Inc .................. 11,921 200 Provident Bancorp, Inc ...................... 5,690 1,600 Provident Bankshares Corp ................... 34,528 700 PS Business Parks, Inc ...................... 23,800 400 * Quaker City Bancorp, Inc .................... 13,268 1,000 R & G Financial Corp (Class B) .............. 21,820 1,100 RAIT Investment Trust ....................... 22,660 600 Ramco-Gershenson Properties ................. 11,796 2,300 Realty Income Corp .......................... 78,545 800 Redwood Trust, Inc .......................... 21,864 3,200 Republic Bancorp, Inc ....................... 41,600 500 Republic Bancorp, Inc (Class A) (Kentucky) .. 5,625 300 * Republic Bancshares, Inc .................... 5,832 1,000 Resource America, Inc (Class A) ............. 8,000 2,000 RFS Hotel Investors, Inc .................... 21,980 900 Riggs National Corp ......................... 12,861 400 RLI Corp .................................... 21,460 300 Royal Bancshares Of Pennsylvania (Class A) .. 5,490 1,800 S & T Bancorp, Inc .......................... 45,324 400 S.Y. Bancorp, Inc ........................... 13,892 1,000 Sandy Spring Bancorp, Inc ................... 30,800 600 Santander Bancorp ........................... 8,280 700 Saul Centers, Inc ........................... 16,254 1,900 * Saxon Capital, Inc .......................... 21,033 700 Seacoast Banking Corp Of Florida ............ 13,426 1,700 Seacoast Financial Services Corp ............ 34,119 600 Second Bancorp, Inc ......................... 16,038 1,800 Selective Insurance Group, Inc .............. 39,114 3,100 Senior Housing Properties Trust ............. 34,782 500 Simmons First National Corp (Class A) ....... 18,590 800 Sizeler Property Investors .................. 8,048 1,800 SL Green Realty Corp ........................ 55,332 5,000 * SoundView Technology Group, Inc ............. 6,500 2,800 South Financial Group, Inc .................. 59,052 1,900 * Southwest Bancorp Of Texas, Inc ............. 69,179 400 Southwest Bancorp, Inc ...................... 10,060 900 Sovran Self Storage, Inc .................... 27,378 500 St. Francis Capital Corp .................... 11,505 1,000 State Auto Financial Corp ................... 15,140 500 State Bancorp, Inc .......................... 8,875 3,800 Staten Island Bancorp, Inc .................. 66,120 600 Sterling Bancorp ............................ 15,918 2,600 Sterling Bancshares, Inc .................... 33,982 1,200 Sterling Financial Corp (Pennsylvania) ...... 27,996 800 * Sterling Financial Corp (Spokane) ........... 14,504 1,200 * Stewart Information Services Corp ........... 25,620 800 Suffolk Bancorp ............................. 25,760 400 Summit Bancshares, Inc ...................... 8,420 1,500 Summit Properties, Inc ...................... 29,100 300 Sun Bancorp, Inc (Pennsylvania) ............. 6,744 400 * Sun Bancorp, Inc (New Jersey) ............... 5,304 1,000 Sun Communities, Inc ........................ 36,700 500 Superior Financial Corp ..................... 9,400 2,700 Susquehanna Bancshares, Inc ................. 58,455 900 SWS Group, Inc .............................. 11,025 1,400 * Syntroleum Corp ............................. 2,324 2,100 Taubman Centers, Inc ........................ 29,883 1,500 Texas Regional Bancshares, Inc (Class A) .... 50,235 3,000 Thornburg Mortgage, Inc ..................... 56,370 600 Three Rivers Bancorp, Inc ................... 9,600 500 Tompkins Trustco, Inc ....................... 21,450 1,000 Town & Country Trust ........................ 21,030 2,000 * Trammell Crow Co ............................ 19,720 200 * Transcontinental Realty Investors, Inc ...... 3,298 600 * Triad Guaranty, Inc ......................... 20,892 400 Trico Bancshares ............................ 10,120 600 Troy Financial Corp ......................... 15,648 1,300 Trust Co Of New Jersey ...................... 33,085 5,000 Trustco Bank Corp NY ........................ 52,890 1,300 U.S. Restaurant Properties, Inc ............. 18,525 800 U.S.B. Holding Co, Inc ...................... 14,744 1,200 UCBH Holdings, Inc .......................... 47,148 2,600 * UICI ........................................ 42,276 1,100 UMB Financial Corp .......................... 42,944 1,400 Umpqua Holdings Corp ........................ 23,002 700 * Union Acceptance Corp (Class A) ............. 2,821 500 Union Bankshares Corp ....................... 12,465 2,500 United Bankshares, Inc ...................... 72,525 1,200 United Community Banks, Inc ................. 29,160 2,100 United Community Financial Corp ............. 18,585 500 United Fire & Casualty Co ................... 16,990 1,100 United National Bancorp ..................... 22,638 1,600 * Universal American Financial Corp ........... 7,842 800 Universal Health Realty Income Trust ........ 20,760 1,500 Unizan Financial Corp ....................... 28,767 1,200 Urstadt Biddle Properties, Inc (Class A) .... 14,220 100 Value Line, Inc ............................. 3,900 2,400 Vesta Insurance Group, Inc .................. 6,000 800 * VIB Corp .................................... 11,976 500 Virginia Financial Group, Inc ............... 15,015 3,000 W Holding Co, Inc ........................... 48,900 300 Warwick Community Bancorp ................... 8,100 2,500 Washington Real Estate Investment Trust ..... 63,450 900 Washington Trust Bancorp, Inc ............... 17,766 2,600 Waypoint Financial Corp ..................... 43,836 400 * Wellsford Real Properties, Inc .............. 6,880 1,500 Wesbanco, Inc ............................... 35,715 1,100 West Coast Bancorp .......................... 16,654 800 Westcorp .................................... 16,000 300 Westfield Financial, Inc .................... 4,527 500 * WFS Financial, Inc .......................... 10,370 300 Willow Grove Bancorp, Inc ................... 3,540 1,200 Winston Hotels, Inc ......................... 8,688 1,000 Wintrust Financial Corp ..................... 28,650 700 * World Acceptance Corp ....................... 5,544 600 WSFS Financial Corp ......................... 16,800 10,200 * Wyndham International, Inc (Class A) ........ 3,468 400 Yardville National Bancorp .................. 6,796 600 Zenith National Insurance Corp .............. 15,852 ------------ TOTAL FINANCIAL SERVICES 9,383,696 ------------ HEALTH CARE--13.70% 800 * aaiPharma, Inc .............................. 9,593 5,300 * Abgenix, Inc ................................ 34,397 800 * Abiomed, Inc ................................ 2,640 2,100 * Adolor Corp ................................. 29,442 600 * Advanced Neuromodulation Systems, Inc ....... 19,968 4,900 * Advanced Tissue Sciences, Inc ............... 3,773 300 * Advisory Board Co/The ....................... 8,886 1,700 * Aksys Ltd ................................... 9,537 900 * Alaris Medical, Inc ......................... 4,293 1,400 * Albany Molecular Research, Inc .............. 23,842 2,700 * Alderwoods Group, Inc ....................... 17,550 1,300 * Alexion Pharmaceuticals, Inc ................ 15,067 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 85 Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(CONTINUED) 2,200 * Align Technology, Inc ....................... $ 6,070 3,700 * Alkermes, Inc ............................... 29,193 800 * Alliance Imaging, Inc ....................... 9,568 1,500 * Allos Therapeutics, Inc ..................... 12,720 1,500 * Allscripts Healthcare Solutions, Inc ........ 4,290 2,000 Alpharma, Inc (Class A) ..................... 19,200 700 * American Healthways, Inc .................... 11,319 400 * American Medical Security Group, Inc ........ 5,656 1,300 * American Medical Systems Holdings, Inc ...... 26,975 600 * American Pharmaceutical Partners, Inc ....... 9,798 700 * AMERIGROUP Corp ............................. 23,485 1,900 * Ameripath, Inc .............................. 28,310 1,400 * Amsurg Corp ................................. 42,238 4,200 * Amylin Pharmaceuticals, Inc ................. 69,804 1,500 * Antigenics, Inc ............................. 12,120 1,200 * Aphton Corp ................................. 2,688 4,700 * Applera Corp (Celera Genomics Group) ........ 37,365 1,000 * Applied Molecular Evolution ................. 3,920 2,800 * Apria Healthcare Group, Inc ................. 65,968 1,300 * Arena Pharmaceuticals, Inc .................. 7,280 1,900 * Ariad Pharmaceuticals, Inc .................. 6,004 1,400 * Arqule, Inc ................................. 7,210 1,300 * Array Biopharma, Inc ........................ 10,127 600 Arrow International, Inc .................... 19,302 1,500 * Arthrocare Corp ............................. 18,180 1,700 * Atherogenics, Inc ........................... 10,642 1,400 * Atrix Laboratories, Inc ..................... 20,720 3,900 * AVANIR Pharmaceuticals (Class A) ............ 4,485 1,400 * Avigen, Inc ................................. 11,102 800 * Benthley Pharmaceuticals, Inc ............... 6,800 6,700 * Beverly Enterprises, Inc .................... 16,214 2,500 * BioMarin Pharmaceutical, Inc ................ 14,475 1,300 * Biopure Corp ................................ 4,550 1,200 * Bio-Rad Laboratories, Inc (Class A) ......... 45,192 500 * Bio-Reference Labs, Inc ..................... 3,250 200 * Bioreliance Corp ............................ 4,164 800 * Biosite, Inc ................................ 23,192 4,000 * Bio-Technology General Corp ................. 11,840 700 * Bone Care International, Inc ................ 4,046 600 * Bradley Pharmaceuticals, Inc ................ 5,256 800 * Britesmile, Inc ............................. 600 600 * Bruker AXS, Inc ............................. 1,260 800 * Bruker Daltonics, Inc ....................... 4,088 1,700 * Caliper Technologies Corp ................... 7,123 400 * Cantel Medical Corp ......................... 4,040 3,700 * Cardiac Science, Inc ........................ 7,326 2,100 * Cardiodynamics International Corp ........... 6,006 2,200 * Cell Genesys, Inc ........................... 26,510 2,300 * Cell Therapeutics, Inc ...................... 10,120 400 * Centene Corp ................................ 10,676 1,800 * Cepheid, Inc ................................ 6,930 900 * Cerus Corp .................................. 15,003 400 * Chattem, Inc ................................ 16,332 800 * Cholestech Corp ............................. 8,296 1,000 * Cima Labs, Inc .............................. 25,150 1,400 * Ciphergen Biosystems, Inc ................... 4,200 400 * Closure Medical Corp ........................ 4,464 600 * Cobalt Corp ................................. 10,020 2,000 * Coherent, Inc ............................... 36,500 1,800 * Columbia Laboratories, Inc .................. 8,100 200 * Computer Programs & Systems, Inc ............ 4,276 1,200 * Conceptus, Inc .............................. 18,360 1,900 * Conmed Corp ................................. 38,285 2,100 * Connetics Corp .............................. 19,425 1,000 Cooper Cos, Inc ............................. 52,500 3,100 * Corixa Corp ................................. 19,623 500 * Corvel Corp ................................. 14,985 4,300 * Covance, Inc ................................ 84,151 2,200 * Cross County, Inc ........................... 30,800 1,200 * CryoLife, Inc ............................... 3,132 1,800 * Cubist Pharmaceuticals, Inc ................. 9,198 2,900 * CuraGen Corp ................................ 12,238 700 * Curative Health Services, Inc ............... 7,595 1,800 * CV Therapeutics, Inc ........................ 37,638 1,500 * Cyberonics, Inc ............................. 25,815 900 D&K Healthcare Resources, Inc ............... 8,055 800 Datascope Corp .............................. 21,648 2,500 * Decode Genetics, Inc ........................ 5,500 600 * Deltagen, Inc ............................... 900 2,100 * Dendrite International, Inc ................. 13,251 600 * Dianon Systems, Inc ......................... 28,386 800 * Digene Corp ................................. 6,320 1,100 * Discovery Partners International, Inc ....... 3,509 1,600 * Diversa Corp ................................ 13,648 500 * DJ Orthopedics, Inc ......................... 1,910 1,700 * Durect Corp ................................. 5,270 800 * DVI, Inc .................................... 3,840 400 * Dynacq International, Inc ................... 4,656 2,300 * Eclipsys Corp ............................... 11,684 500 * Embrex, Inc ................................. 5,550 1,400 * Endo Pharmaceuticals Holdings, Inc .......... 11,942 900 * Endocardial Solutions, Inc .................. 2,907 1,200 * Endocare, Inc ............................... 17,172 1,600 * Enzo Biochem, Inc ........................... 22,880 3,000 * Enzon, Inc .................................. 57,720 700 * Eon Labs, Inc ............................... 15,106 800 * EPIX Medical, Inc ........................... 3,624 600 * eResearch Technology, Inc ................... 11,070 2,000 * Esperion Therapeutics, Inc .................. 11,440 800 * Exact Sciences Corp ......................... 10,696 3,100 * Exelixis, Inc ............................... 15,345 1,500 * First Horizon Pharmaceutical ................ 8,100 1,900 * Gene Logic, Inc ............................. 14,763 600 * Genencor International, Inc ................. 5,706 1,900 * Genesis Health Ventures, Inc ................ 31,236 2,900 * Genta, Inc .................................. 18,618 2,600 * Genzyme Corp (Biosurgery Division) .......... 4,862 1,700 * Geron Corp .................................. 6,630 1,600 * Guilford Pharmaceuticals, Inc ............... 7,744 1,200 * Haemonetics Corp ............................ 28,476 1,300 * Hanger Orthopedic Group, Inc ................ 20,670 1,200 * Harvard Bioscience, Inc ..................... 3,636 600 * Healthcare Services Group ................... 8,184 1,000 * HealthExtras, Inc ........................... 4,230 500 * HealthTronics Surgical Services, Inc ........ 4,185 1,300 * Hologic, Inc ................................ 12,740 700 * ICU Medical, Inc ............................ 25,564 2,200 * Idexx Laboratories, Inc ..................... 68,086 1,100 * IDX Systems Corp ............................ 13,651 1,100 * Igen International, Inc ..................... 32,868 2,200 * Ilex Oncology, Inc .......................... 10,450 1,600 * Illumina, Inc ............................... 5,504 2,800 * I-many, Inc ................................. 5,600 3,500 * ImClone Systems, Inc ........................ 27,300 600 * Immucor, Inc ................................ 9,750 2,700 * Immunogen, Inc .............................. 8,748 2,800 Immunomedics, Inc ........................... 16,800 1,100 * Impath, Inc ................................. 14,201 1,800 * Impax Laboratories, Inc ..................... 8,748 SEE NOTES TO FINANCIAL STATEMENTS 86 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(CONTINUED) 800 * Inamed Corp ................................. $ 18,400 4,600 * Incyte Genomics, Inc ........................ 21,344 2,600 * Indevus Pharmaceuticals, Inc ................ 4,030 3,800 * Inhale Therapeutic Systems, Inc ............. 19,106 1,300 * Integra LifeSciences Holding ................ 20,657 1,800 * Integrated Silicon Solution, Inc ............ 5,364 1,700 * InterMune, Inc .............................. 55,794 1,200 * Interpore International ..................... 9,720 2,000 * Intuitive Surgical, Inc ..................... 15,980 1,800 Invacare Corp ............................... 61,650 500 * Inverness Medical Innovations, Inc .......... 4,745 3,200 * Isis Pharmaceuticals, Inc ................... 31,552 700 * Kendle International, Inc ................... 4,690 500 * Kensey Nash Corp ............................ 7,521 800 * Kindred Healthcare, Inc ..................... 29,624 400 * Kos Pharmaceuticals, Inc .................... 4,480 1,100 * Kosan Biosciences, Inc ...................... 7,194 1,600 * KV Pharmaceutical Co (Class A) .............. 30,240 400 * Kyphon, Inc ................................. 5,280 2,900 * La Jolla Pharmaceutical Co .................. 12,354 400 * LabOne, Inc ................................. 6,464 600 Landauer, Inc ............................... 19,890 200 * Lannett Co, Inc ............................. 2,010 2,300 * Lexicon Genetics, Inc ....................... 9,223 700 * Lifecore Biomedical, Inc .................... 4,340 3,500 * Ligand Pharmaceuticals, Inc (Class B) ....... 23,800 1,300 * Luminex Corp ................................ 9,152 1,700 * Magellan Health Services, Inc ............... 442 1,400 * Martek Biosciences Corp ..................... 22,932 400 * Matria Healthcare, Inc ...................... 3,432 1,200 * MAXIMUS, Inc ................................ 26,880 2,000 * Maxygen, Inc ................................ 12,420 4,700 * Medarex, Inc ................................ 15,745 400 * Medcath Corp ................................ 4,520 600 * Med-Design Corp ............................. 2,118 500 * Medical Staffing Network Holdings, Inc ...... 7,585 1,600 * Medicines Co ................................ 17,565 700 * MedQuist, Inc ............................... 16,428 600 * MedSource Technologies, Inc ................. 4,512 1,400 Mentor Corp ................................. 44,632 200 * Meridian Medical Technologies, Inc .......... 7,190 800 * Merit Medical Systems, Inc .................. 15,448 1,700 * MGI Pharma, Inc ............................. 11,900 1,600 * MIM Corp .................................... 15,120 1,000 * Molecular Devices Corp ...................... 12,510 1,100 * Mright Medical Group, Inc ................... 20,933 2,700 * Mykrolis Corp ............................... 16,605 1,700 * Myriad Genetics, Inc ........................ 26,928 2,600 * Nabi Biopharmaceuticals ..................... 14,099 1,700 * Napro Biotherapeutics, Inc .................. 1,904 500 * Nastech Pharmaceutical Co ................... 4,140 600 * National Healthcare Corp .................... 10,770 500 * Neoforma, Inc ............................... 4,715 800 * Neopharm, Inc ............................... 11,280 800 * Neose Technologies, Inc ..................... 6,208 2,000 * Neurocrine Biosciences, Inc ................. 82,000 900 * Neurogen Corp ............................... 7,227 1,400 * Noven Pharmaceuticals, Inc .................. 17,136 1,800 * NPS Pharmaceuticals, Inc .................... 37,022 1,200 * Ocular Sciences, Inc ........................ 28,032 800 * Odyssey HealthCare, Inc ..................... 23,960 1,100 * Omega Healthcare Investors, Inc ............. 6,292 1,000 * Omnicell, Inc ............................... 5,840 1,500 * On Assignment, Inc .......................... 12,405 900 * Onyx Pharmaceuticals, Inc ................... 3,852 900 * Option Care, Inc ............................ 7,965 1,800 * OraSure Technologies, Inc ................... 7,990 2,100 * Orthologic Corp ............................. 8,127 2,500 * OSI Pharmaceuticals, Inc .................... 42,425 2,300 Owens & Minor, Inc .......................... 32,867 2,400 * Pacificare Health Systems, Inc .............. 55,416 1,100 * Pain Therapeutics, Inc ...................... 4,367 1,600 * Parexel International Corp .................. 13,600 600 * PDI, Inc .................................... 2,442 1,600 * Pediatrix Medical Group, Inc ................ 49,584 6,400 * Peregrine Pharmaceuticals, Inc .............. 2,688 2,000 * Per-Se Technologies, Inc .................... 19,760 1,300 * Pharmaceutical Resources, Inc ............... 36,374 1,600 * Pharmacopeia, Inc ........................... 14,176 700 * PolyMedica Corp ............................. 18,494 1,200 * Possis Medical, Inc ......................... 12,252 1,500 * Pozen, Inc .................................. 7,605 1,100 * PracticeWorks, Inc .......................... 19,030 3,500 * Praecis Pharmaceuticals, Inc ................ 10,465 900 * Prime Medical Services, Inc ................. 8,315 1,700 * Priority Healthcare Corp (Class B) .......... 42,840 500 * Progenics Pharmaceuticals ................... 2,510 6,100 * Protein Design Labs, Inc .................... 50,630 3,300 * Province Healthcare Co ...................... 56,595 300 * Proxymed, Inc ............................... 4,539 4,800 * PSS World Medical, Inc ...................... 31,920 500 * QMed, Inc ................................... 3,495 1,800 * Quadramed Corp .............................. 3,258 1,700 * Quidel Corp ................................. 7,599 1,400 * Quovadx, Inc ................................ 1,960 1,300 * Radiologix, Inc ............................. 8,320 2,300 * Regeneron Pharmaceuticals, Inc .............. 31,050 1,200 * RehabCare Group, Inc ........................ 27,756 1,000 * Res-Care, Inc ............................... 4,960 2,100 * Resmed, Inc ................................. 60,060 2,100 * Respironics, Inc ............................ 67,221 1,800 * Rigel Pharmaceuticals, Inc .................. 2,880 700 * Rita Medical Systems, Inc ................... 3,072 1,200 * Salix Pharmaceuticals Ltd ................... 10,128 1,200 * Sangamo Biosciences, Inc .................... 2,364 1,800 * Sangstat Medical Corp ....................... 37,548 3,200 * Scios, Inc .................................. 81,440 1,200 * Seattle Genetics, Inc ....................... 3,864 1,200 * Select Medical Corp ......................... 17,160 4,700 * Sepracor, Inc ............................... 24,628 2,600 * Sequenom, Inc ............................... 4,004 1,500 * Serologicals Corp ........................... 20,085 20,000 * Service Corp International .................. 70,000 1,700 * Sierra Health Services, Inc ................. 30,498 1,500 * Sola International, Inc ..................... 15,075 700 * Sonic Innovations, Inc ...................... 3,675 1,000 * SonoSite, Inc ............................... 11,480 500 * Specialty Laboratories, Inc ................. 4,595 2,300 * Stericycle, Inc ............................. 78,016 6,500 * Stewart Enterprises, Inc (Class A) .......... 33,150 1,200 * Sunrise Assisted Living, Inc ................ 25,740 2,000 * SuperGen, Inc ............................... 3,460 900 * SurModics, Inc .............................. 28,593 2,600 * Sybron Dental Specialties, Inc .............. 36,374 1,200 * Syncor International Corp ................... 38,532 1,600 * Tanox, Inc .................................. 16,800 2,900 * Techne Corp ................................. 95,091 1,800 * Telik, Inc .................................. 22,284 2,900 * Texas Biotechnology Corp .................... 8,874 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 87 Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(CONTINUED) 2,000 * Theragenics Corp ............................ $ 8,800 1,500 * Therasense, Inc ............................. 20,940 3,400 * Thoratec Corp ............................... 26,656 1,900 * Transkaryotic Therapies, Inc ................ 61,579 2,100 * Triangle Pharmaceuticals, Inc ............... 5,672 900 * Trimeris, Inc ............................... 40,185 1,500 * TriPath Imaging, Inc ........................ 3,375 2,600 * Tularik, Inc ................................ 17,810 5,000 * U.S. Oncology, Inc .......................... 40,550 600 * U.S. Physical Therapy, Inc .................. 6,330 1,300 * Umilab Corp ................................. 27,261 1,000 * United Surgical Partners International, Inc . 22,100 1,100 * United Therapeutics Corp .................... 18,095 900 * Urologix, Inc ............................... 4,104 2,000 * Varian, Inc ................................. 55,220 1,200 * VCA Antech, Inc ............................. 14,808 900 * Ventana Medical Systems, Inc ................ 16,857 4,300 Ventas, Inc ................................. 57,405 1,400 * Versicor, Inc ............................... 11,928 1,800 * Viasys Healthcare, Inc ...................... 27,720 1,300 * Vical, Inc .................................. 3,003 3,300 * Visx, Inc ................................... 30,459 400 Vital Signs, Inc ............................ 11,884 2,600 * VitalWorks, Inc ............................. 18,902 2,200 * Vivus, Inc .................................. 9,503 1,400 * Watson Wyatt & Co Holdings .................. 28,000 1,000 * Women First Healthcare, Inc ................. 4,680 1,200 X-Rite, Inc ................................. 9,276 300 * Young Innovations, Inc ...................... 8,046 600 * Zoll Medical Corp ........................... 18,240 700 * Zymogenetics, Inc ........................... 5,600 ------------ TOTAL HEALTH CARE 5,355,934 ------------ OTHER--4.18% 700 * 4Kids Entertainment, Inc .................... 16,611 2,700 ABM Industries, Inc ......................... 38,070 1,300 * Acacia Research Corp ........................ 5,162 2,800 Acuity Brands, Inc .......................... 34,328 1,300 * Administaff, Inc ............................ 5,005 1,300 * Advo, Inc ................................... 41,275 2,800 Alexander & Baldwin, Inc .................... 62,300 400 * Ambassadors Group, Inc ...................... 5,888 1,700 Banta Corp .................................. 60,350 1,200 * Bell Microproducts, Inc ..................... 5,016 1,300 Brady Corp (Class A) ........................ 41,860 700 * Bright Horizons Family Solutions, Inc ....... 19,551 800 * CDI Corp .................................... 20,920 1,200 Central Parking Corp ........................ 24,168 5,300 * Century Business Services, Inc .............. 14,045 500 * Charles River Associates, Inc ............... 8,300 2,600 * Corinthian Colleges, Inc .................... 98,124 900 * Cornell Cos, Inc ............................ 7,155 2,600 * Corporate Executive Board Co ................ 74,230 900 * CoStar Group, Inc ........................... 16,200 200 Courier Corp ................................ 7,600 700 Curtiss-Wright Corp ......................... 41,853 1,200 * Daisytek International Corp ................. 15,600 1,100 Ennis Business Forms, Inc ................... 14,355 800 * ESCO Technologies, Inc ...................... 25,840 3,200 * Exult, Inc .................................. 9,440 900 * Fidelity National Information Solutions, Inc ............................ 13,761 1,200 * First Consulting Group, Inc ................. 6,504 1,000 * Forrester Research, Inc ..................... 14,970 400 * General Binding Corp ........................ 6,340 1,500 Gentiva Health Services, Inc ................ 12,405 700 * Hall Kinion & Associates, Inc ............... 4,200 2,000 Harland (John H.) Co ........................ 54,300 1,200 * Heidrick & Struggles International, Inc ..... 18,228 200 * ICT Group, Inc .............................. 4,050 1,700 * infoUSA, Inc ................................ 7,361 800 * Invision Technologies, Inc .................. 25,608 1,400 * Itron, Inc .................................. 25,746 1,200 Kelly Services, Inc (Class A) ............... 26,004 2,600 * Korn/Ferry International .................... 20,384 2,800 * Labor Ready, Inc ............................ 17,696 300 * Lifeline Systems, Inc ....................... 6,600 1,900 Matthews International Corp (Class A) ....... 44,403 600 McGrath RentCorp ............................ 12,222 600 * Memberworks, Inc ............................ 10,452 6,400 * MPS Group, Inc .............................. 37,120 1,700 * MSC.Software Corp ........................... 14,484 2,600 * Navigant Consulting, Inc .................... 14,352 1,300 * NCO Group, Inc .............................. 14,807 800 New England Business Services, Inc .......... 16,920 1,300 * Offshore Logistics, Inc ..................... 23,348 1,000 * Pre-Paid Legal Services, Inc ................ 19,880 1,100 * ProQuest Co ................................. 33,385 800 * Protection One, Inc ......................... 2,160 1,900 * R.H. Donnelley Corp ......................... 49,400 400 * Remedytemp, Inc (Class A) ................... 5,012 1,800 * Rent-Way, Inc ............................... 5,400 800 * Right Management Consultants ................ 19,712 800 * RMH Teleservices, Inc ....................... 6,528 1,000 Rollins, Inc ................................ 19,400 1,000 * School Specialty, Inc ....................... 25,010 4,100 * Spherion Corp ............................... 28,905 1,200 Standard Register Co ........................ 28,800 700 Standex International Corp .................. 14,196 700 * Startek, Inc ................................ 15,407 500 Strayer Education, Inc ...................... 29,745 1,600 * Symyx Technologies, Inc ..................... 16,752 900 Talx Corp ................................... 11,853 500 * Tejon Ranch Co .............................. 12,195 2,600 * TeleTech Holdings, Inc ...................... 16,250 4,500 * U.S. Industries, Inc ........................ 10,575 500 Unifirst Corp ............................... 11,920 2,100 * United Stationers, Inc ...................... 55,230 600 * Wackenhut Corrections Corp .................. 6,804 1,800 Walter Industries, Inc ...................... 22,104 ------------ TOTAL OTHER 1,632,134 ------------ PRODUCER DURABLES--4.91% 2,300 * Active Power, Inc ........................... 3,082 600 * Actuant Corp ................................ 22,140 400 Alamo Group, Inc ............................ 4,944 1,100 American States Water Co .................... 28,842 2,300 Ametek, Inc ................................. 66,976 1,300 Applied Industrial Technologies, Inc ........ 22,035 1,000 * Astec Industries, Inc ....................... 10,780 500 * August Technology Corp ...................... 2,250 2,100 Baldor Electric Co .......................... 40,110 1,500 Briggs & Stratton Corp ...................... 56,310 2,300 * Brooks-PRI Automation, Inc .................. 26,335 1,000 California Water Service Group .............. 25,530 5,300 * Capstone Turbine Corp ....................... 3,127 1,100 * Casella Waste Systems, Inc (Class A) ........ 7,073 700 CIRCOR International, Inc ................... 9,380 1,500 * Coinstar, Inc ............................... 38,670 800 * Columbus Mckinnon Corp ...................... 4,208 800 * Consolidated Graphics, Inc .................. 14,040 200 * CTB International Corp ...................... 2,558 SEE NOTES TO FINANCIAL STATEMENTS 88 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- PRODUCER DURABLES--(CONTINUED) 1,100 * Cuno, Inc ................................... $ 33,935 3,200 * Dycom Industries, Inc ....................... 29,312 3,100 Federal Signal Corp ......................... 57,102 900 * Flow International Corp ..................... 2,907 500 Franklin Electric Co, Inc ................... 21,375 2,300 * FuelCell Energy, Inc ........................ 14,490 1,100 * Gardner Denver, Inc ......................... 17,281 800 * Genlyte Group, Inc .......................... 28,360 1,600 * Global Power Equipment Group, Inc ........... 7,520 500 Gorman-Rupp Co .............................. 11,650 1,600 * Graphic Packaging International Corp ........ 12,768 1,700 * Headwaters, Inc ............................. 23,494 1,900 IDEX Corp ................................... 54,245 1,200 * Imagistics International, Inc ............... 20,820 1,200 * Ionics, Inc ................................. 28,572 2,900 JLG Industries, Inc ......................... 23,345 2,900 * Joy Global, Inc ............................. 24,070 900 * Kadant, Inc ................................. 12,150 1,900 Kaydon Corp ................................. 38,076 2,400 Kennametal, Inc ............................. 77,088 400 Lawson Products, Inc ........................ 11,660 2,200 Lincoln Electric Holdings, Inc .............. 48,688 700 Lindsay Manufacturing Co .................... 16,961 1,300 * Littelfuse, Inc ............................. 21,866 3,000 * Magna Entertainment Corp (Class A) .......... 16,314 1,400 * Magnetek, Inc ............................... 4,480 1,700 Manitowoc Co, Inc ........................... 46,495 1,200 Milacron, Inc ............................... 5,412 500 Mine Safety Appliances Co ................... 19,595 400 Nacco Industries, Inc (Class A) ............. 15,920 4,900 * Newpark Resources, Inc ...................... 19,404 800 NN, Inc ..................................... 7,400 1,500 Nordson Corp ................................ 35,610 1,200 * Photon Dynamics, Inc ........................ 22,356 1,100 * Plug Power, Inc ............................. 5,266 3,700 * Power-One, Inc .............................. 11,026 2,200 * Quanta Services, Inc ........................ 4,576 2,200 * Rayovac Corp ................................ 26,840 1,600 Regal-Beloit Corp ........................... 27,376 400 Richardson Electronics Ltd .................. 2,632 700 Robbins & Myers, Inc ........................ 13,055 2,000 Roper Industries, Inc ....................... 69,000 700 Sauer-Danfoss, Inc .......................... 6,300 100 SJW Corp .................................... 7,800 900 * SPS Technologies, Inc ....................... 22,437 400 Starrett (L.S.) Co (Class A) ................ 6,112 2,000 Stewart & Stevenson Services, Inc ........... 19,586 200 * Strattec Security Corp ...................... 10,204 1,100 Tecumseh Products Co (Class A) .............. 46,156 600 Tennant Co .................................. 19,410 2,700 * Terex Corp .................................. 45,630 3,400 * Tetra Tech, Inc ............................. 27,166 900 * Tetra Technologies, Inc ..................... 18,135 3,000 * Thomas & Betts Corp ......................... 42,270 900 Toro Co ..................................... 50,625 600 * TRC Cos, Inc ................................ 10,290 700 * Trikon Technologies, Inc .................... 3,976 2,500 Trinity Industries, Inc ..................... 41,150 2,800 * UNOVA, Inc .................................. 13,776 1,400 Valhi, Inc .................................. 13,748 900 Valmont Industries, Inc ..................... 21,015 2,300 Wabtec Corp ................................. 32,384 1,900 * Waste Connections, Inc ...................... 66,101 1,100 Watts Industries, Inc (Class A) ............. 18,040 ------------ TOTAL PRODUCER DURABLES 1,921,193 ------------ TECHNOLOGY--14.88% 500 * 3D Systems Corp ............................. 3,290 1,400 * Actel Corp .................................. 14,560 1,800 * Acterna Corp ................................ 720 3,000 * Actuate Corp ................................ 2,850 600 * ADE Corp .................................... 2,526 1,400 * Adtran, Inc ................................. 21,840 4,200 * Advanced Digital Information Corp ........... 20,160 1,200 * Advanced Energy Industries, Inc ............. 10,680 400 * Advanced Power Technology, Inc .............. 1,556 4,100 * Aeroflex, Inc ............................... 20,664 2,500 * Aether Systems, Inc ......................... 6,700 2,500 * Agile Software Corp ......................... 16,025 6,600 * Akamai Technologies, Inc .................... 5,478 1,600 * Alliance Semiconductor Corp ................. 6,080 2,100 * Alloy, Inc .................................. 17,451 400 * Altiris, Inc ................................ 3,980 2,800 * American Management Systems, Inc ............ 35,644 1,400 * American Superconductor Corp ................ 3,780 2,100 * Anadigics, Inc .............................. 4,473 500 Analogic Corp ............................... 20,945 1,500 * Anaren Microwave, Inc ....................... 12,330 2,200 * Anixter International, Inc .................. 45,320 3,100 * Answerthink, Inc ............................ 4,495 1,000 * Ansys, Inc .................................. 17,230 1,000 * Anteon International Corp ................... 27,180 1,700 * APAC Customer Services, Inc ................. 4,947 2,000 * Arbitron, Inc ............................... 68,200 18,000 * Ariba, Inc .................................. 24,300 4,400 * Arris Group, Inc ............................ 16,280 2,000 * Artesyn Technologies, Inc ................... 3,020 1,000 * Artisan Components, Inc ..................... 9,109 17,400 * Ascential Software Corp ..................... 32,329 2,000 * Asiainfo Holdings, Inc ...................... 6,670 3,500 * Aspect Communications Corp .................. 5,145 2,400 * Aspen Technology, Inc ....................... 7,200 1,300 * AstroPower, Inc ............................. 9,230 2,600 * Asyst Technologies, Inc ..................... 15,704 1,500 * At Road, Inc ................................ 8,100 1,900 * ATMI, Inc ................................... 26,790 1,100 * Audiovox Corp (Class A) ..................... 7,699 4,000 * Avanex Corp ................................. 5,480 2,300 * Avenue A, Inc ............................... 5,750 1,700 * Avid Technology, Inc ........................ 17,510 2,800 * Avocent Corp ................................ 37,464 6,600 * Axcelis Technologies, Inc ................... 32,208 1,300 * AXT, Inc .................................... 2,704 1,000 * Barra, Inc .................................. 27,320 800 BEI Technologies, Inc ....................... 8,800 700 Bel Fuse, Inc (Class B) ..................... 15,015 1,500 Belden, Inc ................................. 20,130 1,600 * Benchmark Electronics, Inc .................. 33,680 1,400 * Black Box Corp .............................. 46,480 4,100 * Borland Software Corp ....................... 31,939 900 * Boston Communications Group ................. 9,288 1,800 C&D Technologies, Inc ....................... 26,388 3,000 * Cable Design Technologies Corp .............. 18,360 2,000 * CACI International, Inc (Class A) ........... 70,900 600 * Caminus Corp ................................ 1,068 1,300 * Carreker Corp ............................... 7,969 400 * Catapult Communications Corp ................ 3,900 2,100 * C-COR.net Corp .............................. 7,791 1,900 * Centillium Communications, Inc .............. 2,280 2,200 * Checkpoint Systems, Inc ..................... 27,170 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 89 Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(CONTINUED) 3,300 * ChipPAC, Inc ................................ $ 7,059 2,400 * Chordiant Software, Inc ..................... 2,232 3,700 * Ciber, Inc .................................. 21,497 4,900 * Cirrus Logic, Inc ........................... 12,495 500 * ClearOne Communications, Inc ................ 1,705 8,500 * CNET Networks, Inc .......................... 9,350 2,300 * Cognex Corp ................................. 31,993 600 * Cognizant Technology Solutions Corp ......... 34,482 1,400 Cohu, Inc ................................... 15,820 3,500 * CommScope, Inc .............................. 23,730 1,500 * Compucom Systems, Inc ....................... 8,640 2,100 * Computer Horizons Corp ...................... 7,812 1,800 * Computer Network Technology Corp ............ 9,036 200 Compx International, Inc .................... 1,856 1,600 * Concord Camera Corp ......................... 7,456 1,100 * Concord Communications, Inc ................. 5,555 4,200 * Concurrent Computer Corp .................... 9,576 600 * CoorsTek, Inc ............................... 9,000 1,300 * Covansys Corp ............................... 2,210 2,900 * Cray, Inc ................................... 11,455 4,100 * Credence Systems Corp ....................... 35,506 5,000 * Cree, Inc ................................... 62,500 2,000 CTS Corp .................................... 9,200 1,100 Cubic Corp .................................. 18,700 900 * Daktronics, Inc. ............................ 8,631 1,000 * Datastream Systems, Inc ..................... 5,000 3,300 * DDI Corp .................................... 525 2,200 * dELiA*s Corp (Class A) ...................... 2,310 1,400 * DiamondCluster International, Inc (Class A) . 4,564 600 * Digimarc Corp ............................... 7,002 1,900 * Digital Insight Corp ........................ 29,868 1,800 * Digital River, Inc .......................... 13,806 600 * Digitas, Inc ................................ 1,320 500 * DocuCorp International, Inc ................. 5,410 2,700 * Documentum, Inc ............................. 31,185 8,100 * DoubleClick, Inc ............................ 41,634 600 * Drexler Technology Corp ..................... 8,724 1,900 * DSP Group, Inc .............................. 30,512 800 * Dupont Photomasks, Inc ...................... 18,224 4,300 * E.piphany, Inc .............................. 15,480 8,600 * Earthlink, Inc .............................. 45,924 1,700 * Echelon Corp ................................ 14,790 1,100 EDO Corp .................................... 24,651 3,100 * eFunds Corp ................................. 29,081 1,900 * Electro Scientific Industries, Inc .......... 28,177 1,500 * Electroglas, Inc ............................ 3,000 3,700 * Electronics For Imaging, Inc ................ 55,204 500 * Embarcadero Technologies, Inc ............... 2,095 1,700 * Emcore Corp ................................. 2,584 700 * EMS Technologies, Inc ....................... 7,182 3,100 * Entegris, Inc ............................... 24,087 11,000 * Enterasys Networks, Inc ..................... 14,300 3,200 * Entrust, Inc ................................ 10,048 700 * EPIQ Systems, Inc ........................... 12,362 1,500 * eSpeed, Inc (Class A) ....................... 15,240 2,200 * ESS Technology, Inc ......................... 13,530 1,400 * Esterline Technologies Corp ................. 23,296 2,700 * Exar Corp ................................... 31,185 600 * Excel Technology, Inc ....................... 11,286 7,000 * Extreme Networks, Inc ....................... 29,470 1,500 * F5 Networks, Inc ............................ 11,325 2,300 * FalconStor Software, Inc .................... 11,201 1,700 * FEI Co ...................................... 24,565 2,300 * Filenet Corp ................................ 23,805 9,000 * Finisar Corp ................................ 6,210 1,000 * Flir Systems, Inc ........................... 34,990 5,900 * Foundry Networks, Inc ....................... 32,332 2,700 * Freemarkets, Inc ............................ 13,392 2,000 * FSI International, Inc ...................... 6,120 2,300 General Cable Corp .......................... 8,855 2,100 * Genesis Microchip, Inc ...................... 16,107 600 * Global Imaging Systems, Inc ................. 11,328 8,200 * GlobespanVirata, Inc ........................ 19,352 3,900 * GrafTech International Ltd .................. 28,275 1,800 * Griffon Corp ................................ 19,170 2,900 * Handspring, Inc ............................. 2,726 4,100 * Harmonic, Inc ............................... 7,175 1,800 Helix Technology Corp ....................... 17,370 1,700 * Hutchinson Technology, Inc .................. 27,455 2,300 * Hypercom Corp ............................... 6,578 2,300 * Hyperion Solutions Corp ..................... 42,205 5,700 * Identix, Inc ................................ 33,915 1,300 * iGate Corp .................................. 3,536 700 * Ii-Vi, Inc .................................. 9,345 2,400 * Imation Corp ................................ 67,992 800 * Inet Technologies, Inc ...................... 4,056 2,500 * InFocus Corp ................................ 19,050 400 * Infogrames, Inc ............................. 888 4,200 * Infonet Services Corp (Class B) ............. 9,408 3,900 * Informatica Corp ............................ 12,090 1,800 * Information Resources, Inc .................. 6,678 400 * Inforte Corp ................................ 2,048 9,800 * Inktomi Corp ................................ 2,450 600 * Inrange Technologies Corp (Class B) ......... 1,674 600 * Integral Systems, Inc ....................... 11,466 1,100 * Intercept, Inc .............................. 10,879 3,700 * Interdigital Communications Corp ............ 32,190 3,200 * Intergraph Corp ............................. 54,688 8,300 * Interland, Inc .............................. 17,015 1,000 * Intermagnetics General Corp ................. 17,070 2,600 * Internet Security Systems, Inc .............. 32,032 1,300 Inter-Tel, Inc .............................. 26,455 4,900 * Intertrust Technologies Corp ................ 15,631 7,300 * Interwoven, Inc ............................. 14,658 1,100 * Intrado, Inc ................................ 10,626 3,700 * Iomega Corp ................................. 39,553 1,300 * ITXC Corp ................................... 3,224 1,400 * Ixia ........................................ 5,740 800 * IXYS Corp ................................... 4,024 400 * j2 Global Communications, Inc ............... 7,956 1,900 * JDA Software Group, Inc ..................... 13,281 4,100 * Keane, Inc .................................. 27,675 400 Keithley Instruments, Inc ................... 4,860 1,600 * Keynote Systems, Inc ........................ 10,480 1,300 * Kforce, Inc ................................. 4,043 4,700 * Kopin Corp .................................. 16,356 1,400 * Kronos, Inc ................................. 34,482 3,400 * Kulicke & Soffa Industries, Inc ............. 10,200 5,800 * Lattice Semiconductor Corp .................. 36,076 900 * Lawson Software, Inc ........................ 3,186 700 * Learning Tree International, Inc ............ 10,283 600 * LeCroy Corp ................................. 5,376 5,900 * Legato Systems, Inc ......................... 16,272 2,200 * Lexar Media, Inc ............................ 5,830 7,300 * Liberate Technologies ....................... 11,388 1,900 * Lightbridge, Inc ............................ 12,827 4,600 * Looksmart Ltd ............................... 4,462 3,100 * LTX Corp .................................... 14,136 2,900 * Macrovision Corp ............................ 35,467 SEE NOTES TO FINANCIAL STATEMENTS 90 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(CONTINUED) 1,300 * Magma Design Automation, Inc ................ $ 11,596 2,000 * Mail-Well, Inc .............................. 2,080 1,300 * Manhattan Associates, Inc ................... 17,576 500 * Mantech International Corp (Class A) ........ 11,731 1,000 * Manufacturers Services Ltd .................. 2,700 4,000 * Manugistics Group, Inc ...................... 11,160 1,000 * MAPICS, Inc ................................. 5,600 1,000 * Mapinfo Corp ................................ 3,950 1,400 * Mastec, Inc ................................. 4,522 3,200 * Matrixone, Inc .............................. 13,888 13,500 * Maxtor Corp ................................. 35,235 4,300 * McData Corp (Class A) ....................... 23,349 1,500 * MCSi, Inc ................................... 7,425 3,900 * MEMC Electronic Materials, Inc .............. 12,948 4,400 * Mentor Graphics Corp ........................ 21,472 1,500 * Mercury Computer Systems, Inc ............... 35,400 900 * Merix Corp .................................. 7,335 2,000 * MetaSolv, Inc ............................... 3,060 2,300 Methode Electronics, Inc (Class A) .......... 21,114 5,100 * Micromuse, Inc .............................. 12,852 2,000 * Microsemi Corp .............................. 11,220 3,000 * Microtune, Inc .............................. 7,230 2,400 * MIPS Technologies, Inc (Class A) ............ 3,190 1,200 * Monolithic System Technology, Inc ........... 12,000 1,200 * MRO Software, Inc ........................... 10,440 6,100 * MRV Communications, Inc ..................... 5,185 1,400 MTS Systems Corp ............................ 13,257 500 * Nanometrics, Inc ............................ 1,330 300 * Nassda Corp ................................. 1,566 800 * Navigant International, Inc ................. 8,400 2,200 NDCHealth Corp .............................. 34,210 1,200 * Net2Phone, Inc .............................. 2,832 1,800 * Netegrity, Inc .............................. 3,708 2,700 * NETIQ Corp .................................. 39,150 2,600 * Netro Corp .................................. 5,330 1,200 * Netscout Systems, Inc ....................... 4,392 700 * NetScreen Technologies, Inc ................. 7,595 4,500 * New Focus, Inc .............................. 12,150 2,600 * Newport Corp ................................ 29,328 1,100 * Next Level Communications, Inc .............. 847 1,600 * NIC, Inc .................................... 2,736 900 * Novadigm, Inc ............................... 1,800 24,700 * Novell, Inc ................................. 51,870 1,000 * Nu Horizons Electronics Corp ................ 6,000 2,000 * Nuance Communications, Inc .................. 3,400 1,700 * Numerical Technologies, Inc ................. 4,930 1,700 * NYFIX, Inc .................................. 6,613 3,800 * Oak Technology, Inc ......................... 12,084 1,400 * Omnivision Technologies, Inc ................ 9,226 1,900 * ON Semiconductor Corp ....................... 2,375 2,900 * Onyx Software Corp .......................... 5,539 11,700 * Openwave Systems, Inc ....................... 7,254 6,900 * Oplink Communications, Inc .................. 4,002 700 * Opnet Technologies, Inc ..................... 4,431 1,000 * Optical Communication Products, Inc ......... 770 500 * OSI Systems, Inc ............................ 8,653 500 * Overland Storage, Inc ....................... 5,430 3,500 * Overture Services, Inc ...................... 82,495 1,600 * Packeteer, Inc .............................. 4,800 39,400 * Palm, Inc ................................... 29,156 1,800 * Paradyne Networks, Inc ...................... 2,394 17,800 * Parametric Technology Corp .................. 32,040 1,200 Park Electrochemical Corp ................... 20,040 2,300 * Paxar Corp .................................. 33,442 2,100 * Paxson Communications Corp .................. 4,620 1,300 * PC-Tel, Inc ................................. 6,773 800 * PDF Solutions, Inc .......................... 4,232 600 * PEC Solutions, Inc .......................... 13,356 1,700 * Pegasus Solutions, Inc ...................... 17,935 400 * Pegasystems, Inc ............................ 2,184 1,300 * Pericom Semiconductor Corp .................. 11,206 1,700 * Phoenix Technologies Ltd .................... 12,325 1,800 * Photronics, Inc ............................. 18,108 2,000 Pioneer-Standard Electronics, Inc ........... 14,480 2,300 * Pixelworks, Inc ............................. 11,845 900 * Planar Systems, Inc ......................... 14,346 2,600 * Plantronics, Inc ............................ 42,380 2,900 * Plexus Corp ................................. 26,825 1,200 * PLX Technology, Inc ......................... 1,320 700 * Pomeroy Computer Resources, Inc ............. 6,902 8,000 * Portal Software, Inc ........................ 1,920 500 * Powell Industries, Inc ...................... 9,400 1,700 * Power Integrations, Inc ..................... 20,723 4,400 * Powerwave Technologies, Inc ................. 14,916 2,400 * PRG-Schultz International, Inc .............. 29,712 1,400 * Probusiness Services, Inc ................... 8,862 2,100 * Progress Software Corp ...................... 25,410 1,700 * Proton Energy Systems ....................... 3,604 8,100 * Proxim Corp (Class A) ....................... 14,175 3,200 * PTEK Holdings, Inc .......................... 14,912 900 * QRS Corp .................................... 5,967 8,900 * Quantum Corp ................................ 19,669 2,500 * Quest Software, Inc ......................... 23,500 400 Quixote Corp ................................ 7,380 1,200 * Radiant Systems, Inc ........................ 9,600 1,100 * Radisys Corp ................................ 4,356 1,600 * Rainbow Technologies, Inc ................... 4,544 2,900 * Raindance Communications, Inc ............... 8,961 5,700 * Rambus, Inc ................................. 24,738 8,300 * Read-Rite Corp .............................. 4,316 7,800 * Red Hat, Inc ................................ 37,050 10,200 * Redback Networks, Inc ....................... 3,162 2,000 * Register.com, Inc ........................... 6,060 800 * Renaissance Learning, Inc ................... 11,368 700 * Research Frontiers, Inc ..................... 6,272 3,600 * Retek, Inc .................................. 12,960 8,400 * Riverstone Networks, Inc .................... 4,284 1,100 * Rogers Corp ................................. 25,685 1,300 * Roxio, Inc .................................. 3,939 3,100 * RSA Security, Inc ........................... 10,416 600 * Rudolph Technologies, Inc ................... 6,174 4,800 * S1 Corp ..................................... 25,728 8,200 * Safeguard Scientifics, Inc .................. 9,102 900 * Sanchez Computer Associates, Inc ............ 2,196 4,200 * Sandisk Corp ................................ 55,062 5,500 * Sapient Corp ................................ 5,665 1,000 * SBS Technologies, Inc ....................... 7,160 3,500 * Scansoft, Inc ............................... 11,550 400 * Scansource, Inc ............................. 23,220 1,100 * SCM Microsystems, Inc ....................... 4,344 1,500 * Seachange International, Inc ................ 10,305 2,000 * Secure Computing Corp ....................... 6,400 3,500 * Seebeyond Technology Corp ................... 4,900 1,100 * Semitool, Inc ............................... 5,665 1,200 * Serena Software, Inc ........................ 14,400 13,000 * Silicon Graphics, Inc ....................... 10,660 3,900 * Silicon Image, Inc .......................... 15,951 1,800 * Silicon Laboratories, Inc ................... 32,994 5,300 * Silicon Storage Technology, Inc ............. 20,723 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 91 Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- TECHNOLOGY--(CONTINUED) 400 * Siliconix, Inc .............................. $ 7,108 500 * Simpletech, Inc ............................. 1,065 1,800 * Sipex Corp .................................. 3,060 3,800 * Sitel Corp .................................. 6,650 1,420 * SmartForce Plc (Spon ADR) ................... 4,686 2,100 * Somera Communications, Inc .................. 4,305 5,900 * SONICblue, Inc .............................. 1,416 3,500 * SonicWALL, Inc .............................. 9,625 12,200 * Sonus Networks, Inc ......................... 2,562 1,000 * Sourcecorp .................................. 20,410 1,100 * Spectralink Corp ............................ 6,259 800 * Spectrian Corp .............................. 2,360 1,800 * SpeechWorks International, Inc .............. 4,140 1,800 * SpeedFam-IPEC, Inc .......................... 6,678 800 * SPSS, Inc ................................... 9,256 400 * SRA International, Inc (Class A) ............ 11,452 500 * SS&C Technologies, Inc ...................... 3,975 1,000 * Standard Microsystems Corp .................. 15,281 4,400 * StorageNetworks, Inc ........................ 5,500 5,600 * Stratex Networks, Inc ....................... 7,162 4,900 * Stratos Lightwave, Inc ...................... 1,764 200 * Suntron Corp ................................ 650 700 * Supertex, Inc ............................... 7,280 4,300 * Surebeam Corp (Class A) ..................... 7,740 10,800 * Sycamore Networks, Inc ...................... 25,380 1,600 * Sykes Enterprises, Inc ...................... 6,736 300 * Synaptics, Inc .............................. 1,443 600 * Synplicity, Inc ............................. 2,586 400 * Syntel, Inc ................................. 4,708 300 Sypris Solutions, Inc ....................... 3,255 2,100 * Systems & Computer Technology Corp .......... 14,700 2,600 * Take-Two Interactive Software, Inc .......... 75,400 2,700 Technitrol, Inc ............................. 40,365 3,200 * Tekelec ..................................... 27,616 5,300 * Tellium, Inc ................................ 2,014 4,500 * Terayon Communication Systems, Inc .......... 10,440 1,700 * Therma-Wave, Inc ............................ 1,343 1,500 * Three-Five Systems, Inc ..................... 6,960 5,500 * TIBCO Software, Inc ......................... 20,625 1,000 * Tier Technologies, Inc (Class B) ............ 18,920 1,200 * Tivo, Inc ................................... 4,320 900 * Tollgrade Communications, Inc ............... 7,029 7,100 * Touch America Holdings, Inc ................. 4,402 2,100 * Transaction Systems Architects, Inc (Class A) 13,020 7,400 * Transmeta Corp .............................. 7,178 1,700 * Trimble Navigation Ltd ...................... 16,830 500 * Tripos, Inc ................................. 3,925 9,000 * Triquint Semiconductor, Inc ................. 31,770 2,000 * Trizetto Group, Inc ......................... 9,960 1,000 * TTM Technologies, Inc ....................... 1,570 2,400 * Turnstone Systems, Inc ...................... 5,328 700 * Ulticom, Inc ................................ 3,871 800 * Ultimate Electronics, Inc ................... 10,200 1,500 * Ultratech Stepper, Inc ...................... 12,135 700 United Industrial Corp ...................... 14,105 1,400 * United Online, Inc .......................... 13,426 1,200 * Universal Display Corp ...................... 7,212 4,300 * Valueclick, Inc ............................. 9,374 2,100 * Varian Semiconductor Equipment Associates, Inc ........................... 34,524 1,700 * Veeco Instruments, Inc ...................... 18,360 300 * Verint Systems, Inc ......................... 2,589 1,500 * Verity, Inc ................................. 14,925 1,400 * Vicor Corp .................................. 10,010 2,500 * Viewpoint Corp .............................. 5,450 16,100 * Vignette Corp ............................... 12,896 700 * Virage Logic Corp ........................... 6,601 400 Virco Manufacturing Corp .................... 3,880 13,700 * Vitesse Semiconductor Corp .................. 9,316 5,000 * Vitria Technology, Inc ...................... 3,900 500 * Volt Information Sciences, Inc .............. 7,575 2,600 Wallace Computer Services, Inc .............. 45,890 1,800 * WatchGuard Technologies, Inc ................ 7,920 1,600 * WebEx Communications, Inc ................... 17,904 3,100 * webMethods, Inc ............................. 14,973 1,500 * Websense, Inc ............................... 17,415 900 * WESCO International, Inc .................... 3,870 13,100 * Western Digital Corp ........................ 61,570 1,200 * White Electronic Designs Corp ............... 8,988 1,500 * Wilson Greatbatch Technologies, Inc ......... 41,700 4,600 * Wind River Systems, Inc ..................... 14,812 1,600 * Wireless Facilities, Inc .................... 7,087 1,000 * Witness Systems, Inc ........................ 5,820 700 Woodhead Industries, Inc .................... 7,714 1,400 * Xicor, Inc .................................. 5,054 1,900 * Zoran Corp .................................. 20,900 1,100 * Zygo Corp ................................... 4,664 ------------ TOTAL TECHNOLOGY 5,817,946 ------------ TRANSPORTATION--2.14% 3,300 Airborne, Inc ............................... 37,422 4,200 * Airtran Holdings, Inc ....................... 13,062 1,700 * Alaska Air Group, Inc ....................... 30,090 1,500 * Arkansas Best Corp .......................... 43,037 300 * ATA Holdings Corp ........................... 1,020 2,800 * Atlantic Coast Airlines Holdings, Inc ....... 25,900 1,200 * Atlas Air Worldwide Holdings, Inc ........... 2,892 2,400 * BE Aerospace, Inc ........................... 11,424 400 * Covenant Transport, Inc (Class A) ........... 7,000 2,400 * EGL, Inc .................................... 26,424 2,100 * ExpressJet Holdings, Inc .................... 19,320 1,600 Florida East Coast Industries, Inc (Class A) ................................. 37,760 800 * Forward Air Corp ............................ 14,480 2,000 * Frontier Airlines, Inc ...................... 9,760 800 * Genesee & Wyoming, Inc (Class A) ............ 17,800 2,000 * Heartland Express, Inc ...................... 37,480 1,500 * Hunt (J.B.) Transport Services, Inc ......... 35,325 4,100 * Kansas City Southern Industries, Inc ........ 50,840 1,600 * Knight Transportation, Inc .................. 24,800 1,100 * Landstar System, Inc ........................ 53,928 2,100 * Mesa Air Group, Inc ......................... 7,665 600 * Mesaba Holdings, Inc ........................ 3,264 900 * Midwest Express Holdings, Inc ............... 3,600 1,900 Overseas Shipholding Group, Inc ............. 29,032 200 * P.A.M. Transportation Services .............. 3,816 1,900 * RailAmerica, Inc ............................ 13,775 800 Roadway Corp ................................ 29,344 2,300 Shurgard Storage Centers, Inc (Class A) ..... 72,726 400 * U.S. Xpress Enterprises, Inc (Class A) ...... 3,912 3,800 * UAL Corp .................................... 8,132 1,900 USFreightways Corp .......................... 54,492 2,600 Werner Enterprises, Inc ..................... 47,788 2,000 * Yellow Corp ................................. 59,015 ------------ TOTAL TRANSPORTATION 836,325 ------------ UTILITIES--5.10% 3,900 AGL Resources, Inc .......................... 86,151 1,600 * AirGate PCS, Inc ............................ 704 5,100 * Alamosa Holdings, Inc ....................... 1,173 500 * Alaska Communications Systems Group, Inc .... 840 7,500 * Allegiance Telecom, Inc ..................... 6,225 SEE NOTES TO FINANCIAL STATEMENTS 92 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL SMALL-CAP BLEND INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- UTILITIES--(CONTINUED) 1,900 * Allen Telecom, Inc .......................... $ 10,146 11,000 * American Tower Corp (Class A) ............... 17,490 2,800 Atmos Energy Corp ........................... 60,200 3,300 Avista Corp ................................. 36,960 1,900 Black Hills Corp ............................ 49,761 13,100 * Broadwing, Inc .............................. 25,938 800 Cascade Natural Gas Corp .................... 15,760 700 * Centennial Communications Corp .............. 2,030 800 Central Vermont Public Service Corp ......... 14,104 1,100 CH Energy Group, Inc ........................ 51,623 2,800 Cleco Corp .................................. 37,716 800 * Commonwealth Telephone Enterprises, Inc ..... 27,816 500 Connecticut Water Service, Inc .............. 12,810 13,900 * Crown Castle International Corp ............. 30,163 1,100 CT Communications, Inc ...................... 15,950 1,400 * Dobson Communications Corp (Class A) ........ 434 4,900 DQE, Inc .................................... 73,500 3,200 * El Paso Electric Co ......................... 38,016 1,500 Empire District Electric Co ................. 25,350 2,400 Energen Corp ................................ 60,744 300 EnergySouth, Inc ............................ 7,650 2,800 * General Communication, Inc (Class A) ........ 10,528 800 * Golden Telecom, Inc ......................... 9,640 900 Hickory Tech Corp ........................... 11,925 1,300 Laclede Group, Inc .......................... 30,290 1,100 MGE Energy, Inc ............................. 28,226 500 Middlesex Water Co .......................... 11,250 600 * NATCO Group, Inc (Class A) .................. 4,518 1,900 New Jersey Resources Corp ................... 62,510 4,600 * Nextel Partners, Inc (Class A) .............. 24,748 1,000 North Pittsburgh Systems, Inc ............... 13,330 1,800 Northwest Natural Gas Co .................... 52,848 1,900 Northwestern Corp ........................... 18,544 1,100 NUI Corp .................................... 23,760 1,100 * Oil States International, Inc ............... 11,000 3,700 Oneok, Inc .................................. 69,930 1,700 Otter Tail Corp ............................. 44,778 1,800 * Petroquest Energy, Inc ...................... 7,956 2,100 Piedmont Natural Gas Co, Inc ................ 74,487 2,500 PNM Resources, Inc .......................... 49,500 3,300 * Price Communications Corp ................... 37,290 700 * Quicksilver Resources, Inc .................. 12,600 4,300 * RCN Corp .................................... 2,193 1,300 SEMCO Energy, Inc ........................... 10,114 200 Shenandoah Telecom Co ....................... 10,148 7,000 * Sierra Pacific Resources .................... 42,700 9,200 * Skyworks Solutions, Inc ..................... 41,676 800 South Jersey Industries, Inc ................ 26,128 2,800 * Southern Union Co ........................... 31,640 2,300 Southwest Gas Corp .......................... 51,175 600 Southwest Water Co .......................... 8,556 1,700 * Southwestern Energy Co ...................... 20,400 900 SureWest Communications ..................... 26,343 4,800 * Talk America Holdings, Inc .................. 11,136 2,900 * Time Warner Telecom, Inc (Class A) .......... 2,349 1,400 * Triton PCS Holdings, Inc (Class A) .......... 2,926 6,100 * U.S. Unwired, Inc (Class A) ................. 4,270 4,000 * Ubiquitel, Inc .............................. 1,000 1,900 UGI Corp .................................... 69,065 800 UIL Holdings Corp ........................... 28,360 1,900 Unisource Energy Corp ....................... 28,975 300 Unitil Corp ................................. 8,145 3,800 Westar Energy, Inc .......................... 38,228 1,300 Western Gas Resources, Inc .................. 40,625 3,600 * Western Wireless Corp (Class A) ............. 9,720 3,400 WGL Holdings, Inc ........................... 81,294 2,200 WPS Resources Corp .......................... 77,969 ------------ TOTAL UTILITIES 1,994,047 ------------ TOTAL COMMON STOCK (COST $41,960,630) 38,982,897 ------------ TOTAL PORTFOLIO--99.73% (COST $41,960,630) 38,982,897 OTHER ASSETS & LIABILITIES, NET--0.27% 106,862 ------------ NET ASSETS--100.00% $ 39,089,759 ============ - ---------- * Non-income producing b In bankruptcy At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $41,960,630. Net unrealized depreciation of portfolio investments aggregated $2,977,733 of which $582,299 related to appreciated portfolio investments and $3,560,032 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 93 Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- Summary by Country VALUE % - -------------------------------------------------------------------------------- DOMESTIC: UNITED STATES ........................................ $ 23,723 0.05% ----------- ------ TOTAL DOMESTIC ....................................... 23,723 0.05 ----------- ------ FOREIGN: AUSTRALIA ............................................ 2,137,340 4.66 AUSTRIA .............................................. 57,404 0.13 BELGIUM .............................................. 428,504 0.93 DENMARK .............................................. 332,601 0.72 FINLAND .............................................. 826,814 1.80 FRANCE ............................................... 3,829,002 8.34 GERMANY .............................................. 2,516,436 5.48 GREECE ............................................... 174,911 0.38 HONG KONG ............................................ 765,262 1.67 IRELAND .............................................. 307,939 0.67 ITALY ................................................ 1,623,696 3.54 JAPAN ................................................ 10,790,779 23.50 NETHERLANDS .......................................... 2,373,510 5.17 NEW ZEALAND .......................................... 73,768 0.16 NORWAY ............................................... 207,575 0.45 PORTUGAL ............................................. 136,208 0.30 SINGAPORE ............................................ 394,920 0.86 SPAIN ................................................ 1,307,802 2.85 SWEDEN ............................................... 760,835 1.66 SWITZERLAND .......................................... 3,706,516 8.07 UNITED KINGDOM ....................................... 12,327,408 26.85 ----------- ------ TOTAL FOREIGN ........................................ 45,079,230 98.19 OTHER ................................................ 809,200 1.76 ----------- ------ TOTAL PORTFOLIO ...................................... $45,912,153 100.00% =========== ====== ---------- SHARES VALUE ------ ----- PREFERRED STOCK--0.14% CONSUMER CYCLICAL--0.07% 71 Porsche AG .................................. $ 29,471 739 Prosieben Media AG .......................... 4,711 ------------ TOTAL CONSUMER CYCLICAL 34,182 ------------ CONSUMER NON-CYCLICAL--0.07% 527 Henkel Kgaa ................................. 33,333 ------------ TOTAL CONSUMER NON-CYCLICAL 33,333 ------------ TOTAL PREFERRED STOCK (COST $39,374) 67,515 ============ COMMON STOCK--99.59% AEROSPACE AND DEFENSE--0.44% 28,084 BAE Systems plc ............................. 84,797 2,704 European Aeronautic Defense And Space Co .... 28,728 13,167 Rolls-Royce plc ............................. 20,706 5,142 Smiths Group plc ............................ 51,833 651 Thales S.A .................................. 17,404 ------------ TOTAL AEROSPACE AND DEFENSE 203,468 ------------ BASIC INDUSTRIES--7.26% 252 Acciona S.A ................................. 9,848 374 Acerinox S.A ................................ 11,503 360 ACS Actividades de Construccion y Servicios S.A ............................. 9,912 2,602 Akzo Nobel NV ............................... 83,833 75 Aluminium Of Greece S.A.I.C ................. 1,392 7,493 Amcor Ltd ................................... 33,551 2,740 Amec plc .................................... 9,383 3,333 * Arcelor ..................................... 33,796 12,000 Asahi Kasei Corp ............................ 32,528 2,174 Barratt Developments plc .................... 14,513 5,008 BASF AG ..................................... 174,219 6,404 Bayer AG .................................... 110,379 1,186 Berkeley Group plc .......................... 11,032 34,289 BHP Billiton Ltd ............................ 168,625 21,654 BHP Billiton plc ............................ 100,457 7,338 * BHP Steel Ltd ............................... 10,686 4,584 BOC Group plc ............................... 62,500 52 Boehler-Uddeholm AG ......................... 2,341 5,319 Boral Ltd ................................... 12,082 4,507 BPB plc ..................................... 18,960 401 Buderus AG .................................. 7,847 833 Buhrmann NV ................................. 4,174 7,800 Carter Holt Harvey Ltd ...................... 5,780 4,000 Cheung Kong Infrastructure Holdings Ltd ..... 6,821 603 Ciba Specialty Chemicals AG. (Regd) ......... 39,744 313 Cimpor Cimentos de Portugal S.A ............. 5,352 1,263 Clariant AG. (Regd) ......................... 22,805 2,955 Compagnie De Saint-Gobain ................... 65,242 28,647 * Corus Group plc ............................. 15,430 4,860 CRH plc (Ireland) ........................... 54,516 8,762 CSR Ltd ..................................... 27,139 2,000 Daicel Chemical Industries Ltd .............. 5,651 5,000 Dainippon Ink & Chemicals, Inc .............. 8,543 700 Daito Trust Construction Co Ltd ............. 15,554 4,000 Daiwa House Industry Co Ltd ................. 24,445 3,000 Denki Kagaku Kogyo KK ....................... 6,949 2,000 Dowa Mining Co Ltd .......................... 8,888 96 Elkem ASA ................................... 2,267 3,100 Fletcher Building Ltd ....................... 4,347 21,400 * Fletcher Challenge Forests Ltd .............. 2,308 370 Fomento de Construcciones y Contratas S.A ... 7,270 1,209 Grupo Dragados S.A .......................... 18,162 555 Grupo Ferrovial S.A ......................... 13,713 6,841 Hanson plc .................................. 33,996 268 Heidelberger Zement AG. (Germany) ........... 9,668 565 Hellenic Technodomiki S.A ................... 3,194 247 Hoganas AB (B Shs) .......................... 4,449 1,289 Holcim Ltd (Regd) ........................... 38,586 458 Holmen AB (B Shs) ........................... 10,002 17 Imerys S.A .................................. 1,974 11,005 Imperial Chemical Industries plc ............ 35,305 2,000 * Ishihara Sangyo Kaisha Ltd .................. 2,859 700 Italcementi S.p.A ........................... 6,641 3,779 James Hardie Industries NV .................. 13,348 4,200 * JFE Holdings, Inc ........................... 47,058 2,000 JGC Corp .................................... 11,500 2,000 Johnson Matthey plc ......................... 26,262 1,000 JSR Corp .................................... 7,721 7,000 Kajima Corp ................................. 21,275 2,000 Kaneka Corp ................................. 11,270 1,000 Kinden Corp ................................. 4,222 1,234 Lafarge S.A. (Br) ........................... 98,541 945 L'Air Liquide S.A ........................... 116,743 1,169 Leighton Holdings Ltd ....................... 6,270 761 Linde AG .................................... 27,452 245 Lonza Group AG. (Regd) ...................... 13,903 3,000 Matsushita Electric Works Ltd ............... 18,260 42 Mayr-Melnhof Karton AG ...................... 2,695 18,147 MIM Holdings Ltd ............................ 11,143 16,000 * Mitsubishi Chemical Corp .................... 29,308 3,000 Mitsubishi Gas Chemical Co, Inc ............. 4,411 8,000 Mitsubishi Materials Corp ................... 11,106 1,000 * Mitsubishi Paper Mills Ltd .................. 1,166 5,000 Mitsui Chemicals, Inc ....................... 21,480 5,000 Mitsui Mining & Smelting Co Ltd ............. 10,884 2,000 NatSteel Ltd ................................ 2,026 SEE NOTES TO FINANCIAL STATEMENTS 94 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- BASIC INDUSTRIES--(CONTINUED) 2,520 Newcrest Mining Ltd ......................... $ 9,243 1,000 Nippon Kayaku Co Ltd ........................ 4,017 2,000 Nippon Sanso Corp ........................... 5,668 1,000 Nippon Shokubai Co Ltd ...................... 4,953 50,000 * Nippon Steel Corp ........................... 65,714 9 Nippon Unipac Holding ....................... 45,318 2,000 Nishimatsu Construction Co Ltd .............. 5,980 1,000 Nissan Chemical Industries Ltd .............. 4,452 1,018 Norske Skogindustrier ASA ................... 11,814 504 Novozymes a/s (B Shs) ....................... 9,523 5,000 Obayashi Corp ............................... 12,937 7,000 OJI Paper Co Ltd ............................ 33,062 1,000 Okumura Corp ................................ 3,138 2,409 Orica Ltd ................................... 12,462 541 Outokumpu Oyj ............................... 5,106 3,340 Paperlinx Ltd ............................... 9,075 1,442 Patrick Corp Ltd ............................ 10,829 683 Pechiney S.A. (A Shs) ....................... 18,158 8,659 Pilkington plc .............................. 7,455 710 Rautaruukki Oyj ............................. 2,877 4,021 Rexam plc ................................... 25,468 189 * RHI AG ...................................... 1,345 2,873 Rio Tinto Ltd ............................... 47,304 9,832 Rio Tinto plc ............................... 158,020 2,466 RMC Group plc ............................... 16,249 3,000 Sekisui Chemical Co Ltd ..................... 8,280 4,000 Sekisui House Ltd ........................... 29,867 4,000 SembCorp Marine Ltd ......................... 2,476 5,000 Shimizu Corp ................................ 15,484 3,500 Shin-Etsu Chemical Co Ltd ................... 115,861 8,000 * Showa Denko KK .............................. 11,500 3,560 Skanska AB (B Shs) .......................... 17,546 379 Solvay S.A .................................. 22,418 6,219 Stora Enso Oyj (R Shs) ...................... 60,233 1,000 Sumitomo Bakelite Co Ltd .................... 5,011 10,000 Sumitomo Chemical Co Ltd .................... 38,360 28,000 * Sumitomo Metal Industries Ltd ............... 11,270 4,000 Sumitomo Metal Mining Co Ltd ................ 16,494 3,000 Sumitomo Osaka Cement Co Ltd ................ 4,214 1,745 Svenska Cellulosa AB (B Shs) ................ 54,011 535 Svenskt Stal AB (Ssab) Series A ............. 4,933 982 Syngenta AG ................................. 53,593 7,000 Taiheiyo Cement Corp ........................ 12,592 8,000 Taisei Corp ................................. 16,428 5,104 Taylor Woodrow plc .......................... 14,368 629 Technical Olympic S.A ....................... 1,927 3,087 ThyssenKrupp AG ............................. 32,797 255 Titan Cement Co S.A ......................... 9,158 1,000 Toda Corp ................................... 1,832 4,000 Tosoh Corp .................................. 8,576 2,000 Tostem Inax Holding Corp .................... 29,160 3,000 Toto Ltd .................................... 11,952 1,000 Toyo Seikan Kaisha Ltd ...................... 11,212 3,847 Transurban Group ............................ 8,069 683 Trelleborg AB (B Shs) ....................... 5,377 7,000 UBE Industries Ltd .......................... 8,855 148 Umicore ..................................... 5,156 2,252 UPM-Kymmene Oyj ............................. 61,873 273 Uponor Oyj .................................. 5,342 619 Vinci S.A ................................... 37,501 847 Viohalco S.A ................................ 3,867 171 Voestalpine AG .............................. 4,343 336 Wienerberger AG ............................. 4,871 3,389 Wimpey (George) plc ......................... 15,322 10,196 WMC Ltd ..................................... 39,282 5,287 Wolseley plc ................................ 42,029 ------------ TOTAL BASIC INDUSTRIES 3,342,812 ------------ CONSUMER CYCLICAL--12.80% 1,855 Accor S.A ................................... 54,174 2,000 Aeon Co Ltd ................................. 51,257 500 Aoyama Trading Co Ltd ....................... 6,391 2,463 Aristocrat Leisure Ltd ...................... 6,464 1,351 Arnoldo Mondadori Editore S.p.A ............. 6,529 300 Asatsu-DK, Inc .............................. 5,631 200 Autobacs Seven Co Ltd ....................... 5,389 1,020 * Autogrill S.p.A ............................. 8,054 200 Avex, Inc ................................... 2,698 4,238 BBA Group plc ............................... 11,513 117 Bekaert S.A ................................. 4,463 463 Benetton Group S.p.A ........................ 4,301 5,000 Bridgestone Corp ............................ 59,471 11,489 * British Sky Broadcasting Group plc .......... 92,596 1,239 Bulgari S.p.A ............................... 4,114 300 Capcom Co Ltd ............................... 6,851 6,462 Carlton Communications plc .................. 11,077 1,000 Casio Computer Co Ltd ....................... 5,085 673 Castorama-Dubois Investissements ............ 44,430 10,445 Coles Myer Ltd .............................. 33,941 20,623 Compass Group plc ........................... 85,944 965 * Continental AG .............................. 12,827 1,000 Cycle & Carriage Ltd ........................ 2,138 2,000 * Daiei, Inc .................................. 2,891 3,123 Daily Mail & General Trust plc .............. 23,083 1,000 Daimaru, Inc ................................ 4,707 7,685 DaimlerChrysler AG. (Regd) .................. 257,473 4,700 Denso Corp .................................. 76,480 17,991 Dixons Group plc ............................ 48,805 7,757 EMI Group plc ............................... 20,738 1,625 Eniro AB .................................... 7,536 500 FamilyMart Co Ltd ........................... 11,808 500 Fast Retailing Co Ltd ....................... 12,896 3,063 Fiat S.p.A .................................. 29,666 400 Fisher & Paykel Appliances Holdings Ltd ..... 1,904 600 Fisher & Paykel Healthcare Corp ............. 2,730 116 Folli-Follie S.A ............................ 1,736 4,000 Fuji Photo Film Co Ltd ...................... 119,270 2 Fuji Television Network, Inc ................ 8,789 6,725 GKN plc ..................................... 25,778 26,615 Granada plc ................................. 28,147 652 Groupe Bruxelles Lambert S.A ................ 24,157 864 Grupo Prisa S.A ............................. 5,294 1,721 Gruppo Editoriale L'Espresso S.p.A .......... 4,703 1,000 Gunze Ltd ................................... 3,943 9,298 GUS plc ..................................... 79,251 1,000 Hankyu Department Stores, Inc ............... 6,333 4,763 Harvey Norman Holdings Ltd .................. 7,351 4,354 Hennes & Mauritz AB (B Shs) ................. 75,599 14,525 Hilton Group plc ............................ 36,547 2,000 Hino Motors Ltd ............................. 5,438 6,200 Honda Motor Co Ltd .......................... 251,075 4,922 Independent News & Media plc ................ 6,567 3,000 Independent Newspapers Ltd .................. 4,502 1,943 Inditex S.A ................................. 39,365 1,000 Isetan Co Ltd ............................... 9,545 3,000 Ito-Yokado Co Ltd ........................... 117,792 8,783 John Fairfax Holdings Ltd ................... 13,554 4,000 * Kanebo Ltd .................................. 6,046 382 KarstadtQuelle AG ........................... 6,301 494 Kesko Oyj (B Shs) ........................... 5,151 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 95 Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER CYCLICAL--(CONTINUED) 23,930 Kingfisher plc .............................. $ 77,523 800 Konami Corp ................................. 20,568 846 Koninklijke Vendex KBB NV ................... 6,898 3,000 Kuraray Co Ltd .............................. 17,669 1,321 Lagardere S.C.A ............................. 50,655 600 Lawson, Inc ................................. 18,186 2,012 LVMH Moet Hennessy Louis Vuitton S.A ........ 73,374 1,020 MAN AG ...................................... 13,407 21,223 Marks & Spencer Group plc ................... 107,135 3,000 Marui Co Ltd ................................ 32,504 21,000 Matsushita Electric Industrial Co Ltd ....... 217,865 5,625 Mediaset S.p.A .............................. 34,967 1,237 Michelin (C.G.D.E.) (B Shs) ................. 34,744 4,000 Mitsubishi Rayon Co Ltd ..................... 9,693 3,000 Mitsukoshi Ltd .............................. 8,921 609 * Modern Times Group AB (B Shs) ............... 5,221 300 Namco Ltd ................................... 5,372 29,246 News Corp Ltd ............................... 139,693 2,931 Next plc .................................... 42,820 2,000 NGK Insulators Ltd .......................... 13,471 889 * NH Hoteles S.A .............................. 7,820 900 Nintendo Co Ltd ............................. 105,347 22,000 Nissan Motor Co Ltd ......................... 163,364 1,000 Nisshinbo Industries, Inc ................... 4,690 400 Oriental Land Co Ltd ........................ 25,563 1,000 Overseas Union Enterprises Ltd .............. 3,095 6,350 P & O Princess Cruises plc .................. 44,538 200 Paris Miki, Inc ............................. 3,590 7,604 Pearson plc ................................. 60,926 1,512 Peugeot Citroen S.A ......................... 55,902 617 Pinault-Printemps-Redoute S.A ............... 39,026 1,400 Pioneer Corp ................................ 23,172 9,430 Pirelli S.p.A ............................... 7,959 515 * Pt Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A ..................... 3,079 971 Publicis Groupe S.A ......................... 18,329 1,815 Publishing & Broadcasting Ltd ............... 7,732 5,383 Rank Group plc .............................. 22,602 5,858 Reed Elsevier NV ............................ 69,995 11,888 Reed Elsevier plc ........................... 102,168 1,481 Renault S.A ................................. 63,801 13,540 Reuters Group plc ........................... 48,122 200 Saizeriya Co Ltd ............................ 2,970 400 Sanrio Co Ltd ............................... 2,941 14,000 Sanyo Electric Co Ltd ....................... 47,380 548 Schibsted ASA ............................... 5,250 46,058 * Seat-Pagine Gialle S.p.A .................... 26,720 900 * Sega Corp ................................... 16,819 1,000 * Seiyu Ltd ................................... 3,491 3,000 Seven-Eleven Japan Co Ltd ................... 101,528 8,000 Sharp Corp .................................. 76,819 400 Shimachu Co Ltd ............................. 6,479 100 Shimamura Co Ltd ............................ 6,243 600 Shimano, Inc ................................ 9,098 15,582 Signet Group plc ............................ 20,216 3,000 Singapore Press Holdings Ltd ................ 32,071 7,972 Six Continents plc .......................... 74,343 1,600 Sky City Entertainment Group ................ 5,403 700 Skylark Co Ltd .............................. 15,985 1,170 Societe Television Francaise 1 (T.F.1) ...... 24,849 863 Sodexho Alliance S.A ........................ 16,777 674 Sol Melia S.A ............................... 2,678 8,600 Sony Corp ................................... 360,981 3,297 TABCORP Holdings Ltd ........................ 21,051 2,000 Takashimaya Co Ltd .......................... 11,122 7,000 Teijin Ltd .................................. 18,630 1,506 Telefonica Publicidad e Informacion S.A ..... 4,093 3,000 Television Broadcasts Ltd ................... 9,231 1,500 Toho Co Ltd ................................. 15,648 11,000 Toray Industries, Inc ....................... 26,745 5,000 Toyobo Co Ltd ............................... 7,270 400 Toyoda Gosei Co Ltd ......................... 6,034 23,100 Toyota Motor Corp ........................... 593,913 1,241 TUI AG ...................................... 19,072 3,416 United Business Media plc ................... 11,550 1,000 UNY Co Ltd .................................. 9,857 765 Valeo S.A ................................... 21,948 36 Valora Holding AG ........................... 6,598 8,259 Vivendi Universal S.A ....................... 92,643 2,108 VNU NV ...................................... 48,979 2,726 Volkswagen AG ............................... 99,143 2,860 Volvo AB (B Shs) ............................ 41,485 1,000 Warehouse Group Ltd ......................... 3,353 2,703 Whitbread plc ............................... 21,891 2,545 Wolters Kluwer NV ........................... 46,029 9,756 Woolworths Ltd .............................. 65,207 300 World Co Ltd ................................ 7,023 10,694 WPP Group plc ............................... 71,726 200 Yamada Denki Co Ltd ......................... 5,109 400 * Yamada Denki Co Ltd (New) ................... 9,857 1,000 Yamaha Motor Co Ltd ......................... 8,050 ------------ TOTAL CONSUMER CYCLICAL 5,892,093 ------------ CONSUMER NON-CYCLICAL--9.99% 300 Aderans Co Ltd .............................. 5,791 390 Adidas-Salomon AG ........................... 25,824 999 AGFA Gevaert NV ............................. 18,413 5,000 Ajinomoto Co, Inc ........................... 52,941 2,628 Altadis S.A ................................. 58,698 100 Ariake Japan Co Ltd ......................... 2,949 3,000 Asahi Breweries Ltd ......................... 19,320 262 Beiersdorf AG ............................... 25,376 8,183 Boots Co plc ................................ 68,010 15,113 British American Tobacco plc ................ 154,246 1,464 BRL Hardy Ltd ............................... 6,205 4,238 Bunzl plc ................................... 29,391 18,980 Cadbury Schweppes plc ....................... 126,854 239 Carlsberg a/s (A Shs) ....................... 11,289 4,865 Carrefour S.A ............................... 195,208 275 Casino Guichard-Perrachon ................... 18,019 3,776 Coca-Cola Amatil Ltd ........................ 12,106 860 Coca-Cola Hellenic Bottling Co S.A .......... 12,528 400 Coca-Cola West Japan Co Ltd ................. 6,933 135 Colruyt S.A ................................. 6,404 4,800 Compagnie Financiere Richemont AG. (Units) (A Shs) ........................... 71,192 541 Danisco a/s ................................. 18,860 711 Delhaize Group .............................. 11,538 30,088 Diageo plc .................................. 373,326 2,847 Electrolux AB Series B ...................... 42,985 917 Essilor International S.A ................... 37,193 19,598 Foster's Group Ltd .......................... 49,094 1,000 Fraser & Neave Ltd .......................... 4,332 60 Givaudan S.A. (Regd) ........................ 26,880 10,611 Goodman Fielder Ltd ......................... 9,399 1,163 Groupe Danone ............................... 140,226 1,775 Heineken NV ................................. 69,661 6,719 Imperial Tobacco Group plc .................. 106,191 1,387 Interbrew S.A ............................... 32,871 200 ITO EN Ltd .................................. 7,130 7 Japan Tobacco, Inc .......................... 44,160 SEE NOTES TO FINANCIAL STATEMENTS 96 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- CONSUMER NON-CYCLICAL--(CONTINUED) 269 * Jeronimo Martins SGPS S.A ................... $ 1,555 5,000 Kao Corp .................................... 110,276 400 Katokichi Co Ltd ............................ 6,309 1,082 Kerry Group (Class A) ....................... 14,008 1,000 Kikkoman Corp ............................... 6,440 6,000 Kirin Brewery Co Ltd ........................ 35,485 14,000 Li & Fung Ltd ............................... 13,283 3,086 L'Oreal S.A ................................. 222,642 1,238 Luxottica Group S.p.A ....................... 16,175 2,000 Meiji Dairies Corp .......................... 6,210 3,000 Meiji Seika Kaisha Ltd ...................... 8,674 1,343 Metro AG .................................... 23,360 3,642 Nestle S.A. (Regd) .......................... 796,039 2,000 Nichirei Corp ............................... 6,752 1,000 Nippon Meat Packers, Inc .................... 8,009 1,000 Nisshin Seifun Group, Inc ................... 7,434 800 Nissin Food Products Co Ltd ................. 16,166 1,370 Numico NV ................................... 14,596 1,846 Orkla ASA ................................... 29,518 140 Papastratos Cigarette Co .................... 2,313 3,592 Parmalat Finanziaria S.p.A .................. 9,833 401 Pernod-Ricard ............................... 36,064 900 QP Corp ..................................... 7,644 4,980 Reckitt Benckiser plc ....................... 93,979 5,903 Royal Ahold NV .............................. 69,949 7,399 SABMiller plc ............................... 50,731 9,773 Safeway plc ................................. 32,044 13,431 Sainsbury (J) plc ........................... 59,140 2,000 Sapporo Breweries Ltd ....................... 4,403 7,089 Scottish & Newcastle plc .................... 62,430 3,000 Shiseido Co Ltd ............................. 35,806 1,000 * Snow Brand Milk Products Co ................. 1,651 366 Societe BIC S.A ............................. 12,118 9,579 * Sonae SPGS S.A .............................. 3,787 5,999 Southcorp Ltd ............................... 17,864 3,253 Swedish Match AB ............................ 24,558 1,000 Takara Holdings, Inc ........................ 5,298 3,745 Tate & Lyle plc ............................. 21,791 64,708 Tesco plc ................................... 209,371 2,009 The Swatch Group AG. (Regd) ................. 30,206 5,203 Unilever NV (Cert) .......................... 308,013 25,561 Unilever plc ................................ 231,938 200 Wella AG .................................... 8,855 1,000 Yakult Honsha Co Ltd ........................ 10,818 1,000 Yamazaki Baking Co Ltd ...................... 5,586 ------------ TOTAL CONSUMER NON-CYCLICAL 4,600,664 ------------ ENERGY--10.29% 32,500 BG Group plc ................................ 127,390 204,586 BP plc ...................................... 1,367,360 39,011 Centrica plc ................................ 101,685 25,639 ENI S.p.A ................................... 351,705 3,014 Fortum Oyj .................................. 17,217 2,037 Gas Natural SDG S.A ......................... 34,526 825 Hellenic Petroleum S.A ...................... 4,876 35,000 Hong Kong & China Gas Co Ltd ................ 46,893 263 IHC Caland NV ............................... 11,956 1,716 Italgas S.p.A ............................... 17,095 32,385 Lattice Group plc ........................... 87,215 4,000 Nippon Mining Holdings, Inc ................. 8,970 13,000 Nippon Oil Corp ............................. 55,955 1,356 Norsk Hydro ASA ............................. 51,050 125 OMV AG ...................................... 10,550 5,681 Origin Energy Ltd ........................... 10,928 19,000 Osaka Gas Co Ltd ............................ 46,353 8,392 Repsol YPF S.A .............................. 99,443 19,379 Royal Dutch Petroleum Co .................... 782,370 5,725 Santos Ltd .................................. 18,946 88,439 Shell Transport & Trading Co plc ............ 527,110 1,000 Showa Shell Sekiyu KK ....................... 5,906 321 Smedvig a/s (A Shs) ......................... 1,421 7,113 Snam Rete Gas ............................... 21,160 4,060 Statoil ASA ................................. 30,953 213 Technip-Coflexip S.A ........................ 13,999 1,000 Teikoku Oil Co Ltd .......................... 3,984 24,000 Tokyo Gas Co Ltd ............................ 70,182 2,000 TonenGeneral Sekiyu KK ...................... 12,781 5,813 Total Fina Elf S.A .......................... 765,232 4,345 Woodside Petroleum Ltd ...................... 29,277 ------------ TOTAL ENERGY 4,734,488 ------------ FINANCIAL SERVICES--24.80% 5,646 3i Group plc ................................ 38,268 3,000 77 Bank Ltd ................................. 10,498 12,643 ABN Amro Holding NV ......................... 138,445 700 Acom Co Ltd ................................. 29,555 8,464 Aegon NV .................................... 79,467 100 Aeon Credit Service Co Ltd .................. 5,249 400 Aiful Corp .................................. 23,098 4,230 Alleanza Assicurazioni S.p.A ................ 25,794 3,000 Allgreen Properties Ltd ..................... 1,620 1,713 Allianz AG. (Regd) .......................... 147,457 8,272 Allied Irish Banks plc ...................... 98,920 1,412 Alpha Bank S.A .............................. 16,746 4,821 AMP Diversified Property Trust .............. 6,576 10,582 AMP Ltd ..................................... 67,278 5,864 * Amvescap plc ................................ 27,757 7,000 Ashikaga Bank Ltd ........................... 8,165 9,354 Assicurazioni Generali S.p.A ................ 137,189 13,825 Australia and New Zealand Banking Group Ltd . 132,596 20,977 Aviva plc ................................... 117,934 12,617 AXA ......................................... 123,821 2,516 Banca Fideuram S.p.A ........................ 9,325 7,041 Banca Monte dei Paschi di Siena S.p.A ....... 14,370 14,721 * Banca Nazionale Del Lavoro S.p.A ............ 16,076 3,342 * Banca Popolare di Milano .................... 10,503 27,796 Banco Bilbao Vizcaya Argentaria S.A ......... 207,679 14,113 Banco Comercial Portugues S.A. (Regd) ....... 29,988 807 Banco Espirito Santo S.A. (Regd) ............ 8,295 39,358 Banco Santander Central Hispano S.A ......... 201,100 13,200 Bank Of East Asia Ltd ....................... 23,186 4,000 Bank Of Fukuoka Ltd ......................... 15,377 9,321 Bank Of Ireland (London) .................... 91,567 8,000 Bank Of Yokohama Ltd ........................ 34,697 61,303 Barclays plc ................................ 358,145 3,140 * Bayerische Hypo-und Vereinsbank AG .......... 41,429 14,692 Bipop-Carire S.p.A .......................... 5,605 7,267 * BNP Paribas ................................. 236,861 25,000 BOC Hong Kong Holdings Ltd .................. 25,001 3,089 BPI-SGPS S.A. (Regd) ........................ 6,106 4,727 British Land Co plc ......................... 32,708 11,048 BT Office Trust ............................. 8,525 4,436 * Canary Wharf Group plc ...................... 22,358 10,000 CapitaLand Ltd .............................. 6,864 11,277 Capitalia S.p.A ............................. 11,078 14,000 Cheung Kong Holdings Ltd .................... 88,312 6,000 Chiba Bank Ltd .............................. 20,798 4,000 City Developments Ltd ....................... 10,578 1,221 Close Brothers Group plc .................... 9,380 5,088 Colonial First State Property Trust Group ... 6,691 648 Commercial Bank Of Greece ................... 11,989 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 97 Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- FINANCIAL SERVICES--(CONTINUED) 11,626 Commonwealth Bank Of Australia .............. $ 190,412 713 Corporacion Mapfre S.A ...................... 4,017 1,100 Credit Saison Co Ltd ........................ 24,170 9,369 Credit Suisse Group ......................... 183,793 11,000 Daiwa Securities Group, Inc ................. 60,719 5,090 Danske Bank a/s ............................. 77,207 10,000 DBS Group Holdings Ltd ...................... 63,017 5,122 Deutsche Bank AG. (Regd) .................... 234,374 554 Deutsche Boerse AG .......................... 18,123 10,747 Deutsche Office Trust ....................... 6,658 5,981 Dexia ....................................... 53,909 3,575 DnB Holding ASA ............................. 15,630 838 Drott AB (B Shs) ............................ 6,868 1,432 EFG Eurobank Ergasias S.A ................... 16,983 239 Erste Bank Der Oesterreichischen Sparkassen AG ............................. 14,881 9,120 Fortis ...................................... 128,349 17,778 General Property Trust ...................... 27,146 408 * Gjensidige Nor ASA .......................... 12,470 3,000 Gunma Bank Ltd .............................. 13,184 2,507 Hammerson plc ............................... 17,840 11,000 Hang Lung Properties Ltd .................... 9,802 7,400 Hang Seng Bank Ltd .......................... 77,562 34,913 HBOS plc .................................... 322,562 5,000 Henderson Land Development Co Ltd ........... 14,744 6,000 * Hokuriku Bank Ltd ........................... 8,773 10,000 Hong Kong Exchanges & Clearing Ltd .......... 12,052 85,178 HSBC Holdings plc (United Kingdom) .......... 862,643 15,457 ING Groep NV ................................ 214,019 11,802 Insurance Australia Group Ltd ............... 19,560 32,496 IntesaBci S.p.A ............................. 54,597 8,428 IntesaBci S.p.A. (Rnc) ...................... 10,095 2,543 Irish Life & Permanent plc .................. 28,777 8,500 iShares MSCI EAFE Index Fund ................ 809,200 7,000 Joyo Bank Ltd ............................... 19,780 827 KBC Bancassurance Holding NV ................ 26,024 3,000 Keppel Land Ltd ............................. 1,705 4,831 Land Securities Group Plc ................... 56,219 47,570 Legal & General Group plc ................... 64,709 12,368 * Legal & General Group plc Rts ............... 5,349 3,599 Lend Lease Corp Ltd ......................... 19,753 51,595 Lloyds TSB Group plc ........................ 380,944 1,837 Macquarie Bank Ltd .......................... 22,121 17,586 Macquarie Infrastructure Group .............. 28,573 2,415 Man Group plc ............................... 37,750 3,873 Mediobanca S.p.A ............................ 26,373 1,991 Mediolanum S.p.A ............................ 7,694 344 Metrovacesa S.A ............................. 5,814 17 * Metrovacesa S.A. (New) ...................... 287 14 * Millea Holdings, Inc ........................ 112,239 6,301 Mirvac Group ................................ 14,038 8,000 Mitsubishi Estate Co Ltd .................... 63,939 34 Mitsubishi Tokyo Financial .................. 251,075 6,000 Mitsui Fudosan Co Ltd ....................... 48,792 12,000 Mitsui Sumitomo Insurance Co ................ 56,284 4,000 Mitsui Trust Holdings, Inc .................. 9,923 56 Mizuho Holdings, Inc ........................ 131,099 530 MLP AG ...................................... 4,389 972 Muenchener Rueckver AG. (Regd) .............. 99,137 14,349 National Australia Bank Ltd ................. 261,052 1,713 National Bank Of Greece S.A ................. 26,613 13,000 New World Development Co Ltd ................ 6,667 12,000 Nikko Cordial Corp .......................... 57,072 17,000 Nomura Holdings, Inc ........................ 223,426 20,678 Nordea AB (Sweden) .......................... 82,065 700 ORIX Corp ................................... 41,227 9,000 Oversea-Chinese Banking Corp Ltd ............ 48,613 4,000 Parkway Holdings Ltd ........................ 1,812 1,090 Piraeus Bank S.A ............................ 6,679 154 Pohjola Group plc (D Shs) ................... 2,146 800 Promise Co Ltd .............................. 30,820 2,227 Provident Financial plc ..................... 20,838 18,489 Prudential plc .............................. 98,712 5,168 QBE Insurance Group Ltd ..................... 20,107 3,243 RAS S.p.A ................................... 38,108 38,000 * Resona Holdings, Inc ........................ 28,405 13,579 Royal & Sun Alliance Insurance Group plc .... 20,554 24,961 Royal Bank Of Scotland Group plc ............ 471,044 2,552 Sampo Oyj (A Shs) ........................... 16,772 7,998 Sanpaolo IMI S.p.A .......................... 44,976 5,000 Shizuoka Bank Ltd ........................... 33,843 6,000 Singapore Exchange Ltd ...................... 3,882 1,000 Singapore Land Ltd .......................... 1,789 8,145 Skandia Forsakrings AB ...................... 11,946 4,337 Skandinaviska Enskilda Banken (A Shs) ....... 36,950 3,769 Slough Estates plc .......................... 18,967 2,737 Societe Generale (A Shs) .................... 115,394 7,000 Sompo Japan Insurance, Inc .................. 41,285 7,741 Stockland Trust Group ....................... 19,224 1,404 * Storebrand ASA .............................. 3,732 36,000 Sumitomo Mitsui Banking Corp ................ 202,266 3,000 Sumitomo Realty & Development Co Ltd ........ 17,250 8,000 Sumitomo Trust & Banking Co Ltd ............. 41,991 12,000 Sun Hung Kai Properties Ltd ................. 70,465 4,920 Suncorp-Metway Ltd .......................... 31,013 1,000 Suruga Bank Ltd ............................. 4,452 5,455 Svenska Handelsbanken AB (A Shs) ............ 67,949 2,757 Swiss Reinsurance Co (Regd) ................. 155,049 720 Takefuji Corp ............................... 40,690 214 * Topdanmark As ............................... 5,140 1,200 Tower Ltd ................................... 2,139 11,520 UBS AG. (Regd) .............................. 479,348 31 UFJ Holdings, Inc ........................... 82,249 383 Unibail ..................................... 21,576 31,340 UniCredito Italiano S.p.A ................... 113,362 11,000 United Overseas Bank Ltd .................... 73,651 2,000 United Overseas Land Ltd .................... 1,789 984 Vallehermoso S.A ............................ 6,856 3,811 Westfield Holdings Ltd ...................... 26,922 18,656 Westfield Trust (Units) ..................... 34,265 16,255 Westpac Banking Corp ........................ 122,337 3,000 Wing Tai Holdings Ltd ....................... 1,004 783 Zurich Financial Services AG ................ 73,081 ------------ TOTAL FINANCIAL SERVICES 11,418,734 ------------ HEALTH CARE--10.24% 634 Altana AG ................................... 23,090 6,450 Amersham plc ................................ 54,216 16,008 AstraZeneca plc (United Kingdom) ............ 485,358 6,166 Aventis S.A ................................. 322,974 1,000 Banyu Pharmaceutical Co Ltd ................. 10,555 2,560 * Celltech Group plc .......................... 12,027 1,800 Chugai Pharmaceutical Co Ltd ................ 15,229 478 Cochlear Ltd ................................ 8,870 110 Coloplast a/s (B Shs) ....................... 7,757 1,495 CSL Ltd ..................................... 17,905 2,000 Daiichi Pharmaceutical Co Ltd ............... 32,463 2,300 Eisai Co Ltd ................................ 53,088 3,234 * Elan Corp plc ............................... 6,488 336 Fresenius Medical Care AG ................... 7,372 2,000 Fujisawa Pharmaceutical Co Ltd .............. 41,071 SEE NOTES TO FINANCIAL STATEMENTS 98 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- HEALTH CARE--(CONTINUED) 1,629 Gambro AB (A Shs) ........................... $ 6,483 876 Gambro AB (B Shs) ........................... 3,401 228 Gehe AG ..................................... 9,385 55,308 GlaxoSmithKline plc ......................... 1,069,821 650 H. Lundbeck a/s ............................. 13,492 430 Instrumentarium Oyj ......................... 10,518 3,000 Kyowa Hakko Kogyo Co Ltd .................... 14,416 445 Merck Kgaa .................................. 7,740 194 * Nobel Biocare Holding Ag .................. 8,453 25,196 Novartis AG. (Regd) ......................... 996,244 2,536 Novo Nordisk a/s (B Shs) .................... 69,173 164 Omega Pharma S.A ............................ 6,644 306 Orion-Yhtyma (B Shs) ........................ 6,502 1,267 * Qiagen NV ................................... 5,923 7,188 Roche Holding AG. (Genusscheine) ............ 486,210 3,000 Sankyo Co Ltd ............................... 38,837 3,674 Sanofi-Synthelabo S.A ....................... 207,149 1,629 Schering AG ................................. 76,311 64 Serono S.A. (B Shs) ......................... 30,627 2,000 Shionogi & Co Ltd ........................... 21,587 8,539 Smith & Nephew plc .......................... 51,565 2,058 Sonic Healthcare Ltd ........................ 6,598 82 * Sulzer Medica AG. (Regd) .................... 12,357 300 Suzuken Co Ltd .............................. 7,442 40 Synthes-Stratec, Inc ........................ 20,364 1,000 Taisho Pharmaceutical Co Ltd ................ 15,706 7,000 Takeda Chemical Industries Ltd .............. 282,322 1,700 Terumo Corp ................................. 25,135 804 UCB S.A ..................................... 23,202 274 * William Demant Holding ...................... 5,432 3,200 Yamanouchi Pharmaceutical Co Ltd ............ 70,183 1,174 Zeltia S.A .................................. 5,627 ------------ TOTAL HEALTH CARE 4,713,312 ------------ OTHER--2.40% 1,193 Adecco S.A. (Regd) .......................... 40,369 9,703 Aegis Group plc ............................. 10,414 2,148 Amadeus Global Travel Distribution S.A ...... QQ (A Shs) ..................................... 9,001 190 Amer Group plc .............................. 5,070 2,708 Assa Abloy AB (B Shs) ....................... 26,284 2,100 Auckland International Airport Ltd .......... 4,334 9,861 BAA plc ..................................... 82,034 30 Bellsystem 24, Inc .......................... 5,190 600 Benesse Corp ................................ 9,384 6,230 Capita Group plc ............................ 19,399 7,540 Chubb plc ................................... 12,925 735 DCC plc ..................................... 7,097 3,584 Deutsche Post AG. (Regd) .................... 29,576 4,016 Electrocomponents plc ....................... 15,915 100 Flughafen Wien AG ........................... 3,143 200 Fuji Soft ABC, Inc .......................... 3,622 601 Group 4 Falck a/s ........................... 14,554 1,012 Hagemeyer NV ................................ 7,661 1,000 Haw Par Corp Ltd ............................ 2,239 15,202 Hays plc .................................... 27,373 200 Hitachi Software Engineering Co Ltd ......... 4,978 21,000 Hutchison Whampoa Ltd ....................... 121,699 402 * ISS a/s ..................................... 12,115 13,000 Itochu Corp ................................. 36,414 300 Itochu Techno-Science Corp .................. 5,791 5,000 Keppel Corp Ltd ............................. 12,210 55 Kobenhavns Lufthavne As ..................... 3,293 330 M.J. Maillis S.A ............................ 1,676 11,000 Marubeni Corp ............................... 13,282 300 Meitec Corp ................................. 7,035 10,000 Mitsubishi Corp ............................. 67,192 11,000 Mitsui & Co Ltd ............................. 57,738 1 NET One Systems Co Ltd ...................... $4,099 200 Nippon System Development Co Ltd ............ 3,458 692 OCE NV ...................................... 4,849 300 Oracle Corp (Japan) ......................... 8,871 185 * Ostasiatiske Kompagni ....................... 3,471 17,402 Rentokil Initial plc ........................ 56,990 1,500 Secom Co Ltd ................................ 60,005 2,688 Securitas AB (B Shs) ........................ 33,337 3,788 Serco Group plc ............................. 8,340 41 SGS Societe Generale Surveillance Holdings S.A .............................. 10,019 1,800 Softbank Corp ............................... 17,417 6,000 Sumitomo Corp ............................... 30,803 9,000 Swire Pacific Ltd (A Shs) ................... 35,540 3,681 * Terra Lycos S.A ............................. 14,734 300 TIS, Inc .................................... 4,253 3,012 TPG NV ...................................... 50,486 100 Trans Cosmos, Inc ........................... 1,692 993 Vedior NV ................................... 5,790 3,479 Wesfarmers Ltd .............................. 51,138 11,000 Wharf Holdings Ltd .......................... 20,943 ------------ TOTAL OTHER 1,105,242 ------------ PRODUCER DURABLES--4.49% 8,280 * ABB Ltd ..................................... 27,371 600 Advantest Corp .............................. 23,312 2,510 * Alstom ...................................... 9,476 2,000 Amada Co Ltd ................................ 7,557 1,744 Atlas Copco AB (B Shs) ...................... 26,990 3,719 Balfour Beatty plc .......................... 8,129 5,000 * Chartered Semiconductor Manufacturing Ltd ... 2,785 4,000 * Chartered Semiconductor Manufacturing Ltd Rts ................................... 11 1,000 Daikin Industries Ltd ....................... 18,811 2,000 Ebara Corp .................................. 8,165 1,000 Fanuc Ltd ................................... 44,685 231 * FLS Industries a/s (B Shs) .................. 2,705 4,000 Fuji Electric Co Ltd ........................ 9,298 300 Fuji Machine Manufacturing Co Ltd ........... 2,809 15,000 Fujitsu Ltd ................................. 64,810 28,000 Hitachi Ltd ................................. 140,299 8,000 * Hitachi Zosen Corp .......................... 3,614 1,000 Hoya Corp ................................... 62,017 2,923 IMI plc ..................................... 12,043 32,266 Invensys plc ................................ 30,825 11,000 Ishikawajima-Harima Heavy Industries Co Ltd . 15,089 11,000 * Kawasaki Heavy Industries Ltd ............... 11,204 126 KCI Konecranes International ................ 2,989 9,000 Komatsu Ltd ................................. 30,236 312 Kone Oyj (B Shs) ............................ 8,171 11,964 Koninklijke Philips Electronics NV .......... 173,813 9,000 Kubota Corp ................................. 25,801 4,210 * Kvaerner Industrier ASA (Series A) .......... 2,233 389 * Logitech International S.A. (Regd) .......... 10,958 200 Mabuchi Motor Co Ltd ........................ 17,661 1,000 Makita Corp ................................. 5,668 928 Metso Oyj ................................... 8,071 15,000 * Mitsubishi Electric Corp .................... 48,423 28,000 Mitsubishi Heavy Industries Ltd ............. 76,359 6,000 * Mitsui Engineering & Shipbuilding Co Ltd .... 7,294 400 Mori Seiki Co Ltd ........................... 2,395 2,200 Murata Manufacturing Co Ltd ................. 112,403 13,000 * NEC Corp .................................... 62,683 172 * NEG Micon a/s ............................... 3,307 2,000 * Nikon Corp .................................. 15,262 1,200 Nitto Denko Corp ............................ 30,458 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 99 Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- PRODUCER DURABLES--(CONTINUED) 4,000 NSK Ltd ..................................... $ 13,011 3,000 NTN Corp .................................... 10,843 4,000 * Oki Electric Industry Co Ltd ................ 7,229 1,000 Rohm Co Ltd ................................. 117,299 1,000 Sanden Corp ................................. 3,031 2,020 Sandvik AB .................................. 47,491 46 Schindler Holding AG. (Pt Cert) ............. 8,118 1,953 Schneider Electric S.A ...................... 86,625 9,000 SembCorp Industries Ltd ..................... 4,735 7,344 Siemens AG .................................. 246,412 12,000 Singapore Technologies Engineering Ltd ...... 11,276 898 SKF AB (B Shs) .............................. 20,289 400 SMC Corp .................................... 36,011 2,000 * ST Assembly Test Services ................... 1,018 1,000 Stanley Electric Co Ltd ..................... 11,212 4,000 * Sumitomo Heavy Industries Ltd ............... 3,023 1,000 Taiyo Yuden Co Ltd .......................... 15,278 1,090 Tandberg ASA ................................ 10,663 900 THK Co Ltd .................................. 11,097 1,489 * Thomson Multimedia .......................... 23,457 1,400 Tokyo Electron Ltd .......................... 53,589 1,666 Tomra Systems ASA ........................... 10,161 26,000 * Toshiba Corp ................................ 79,448 1,400 Toyota Industries Corp ...................... 22,126 1,000 Ushio, Inc .................................. 10,596 82 VA Technologie AG ........................... 1,301 974 Vestas Wind Systems a/s ..................... 13,349 344 Wartsila Oyj (B Shs) ........................ 3,726 1,000 Yokogawa Electric Corp ...................... 6,284 ------------ TOTAL PRODUCER DURABLES 2,064,888 ------------ TECHNOLOGY--4.26% 10,907 Alcatel S.A ................................. 25,332 1,000 Alps Electric Co Ltd ........................ 11,812 9,421 * ARM Holdings plc ............................ 18,371 7,000 Asahi Glass Co Ltd .......................... 43,010 4,171 * ASML Holding NV ............................. 25,640 8,000 Canon, Inc .................................. 261,540 983 Cap Gemini S.A .............................. 15,738 2,000 Citizen Watch Co Ltd ........................ 10,054 450 Creative Technology Ltd ..................... 2,810 600 CSK Corp .................................... 19,024 5,000 Dai Nippon Printing Co Ltd .................. 54,173 1,000 * Dainippon Screen Manufacturing Co Ltd ....... 3,803 430 Dassault Systemes S.A ....................... 6,630 2,000 Datacraft Asia Ltd .......................... 960 429 * EDB Business Partner ASA .................... 897 466 * Epcos AG .................................... 3,293 141,447 * Ericsson (LM) (B Shs) ....................... 51,408 3,000 Fujikura Ltd ................................ 7,023 100 Fujitsu Support & Service, Inc .............. 1,589 4,000 Furukawa Electric Co Ltd .................... 9,101 200 Hirose Electric Co Ltd ...................... 14,358 1,000 Hitachi Cable Ltd ........................... 2,645 3,173 * Infineon Technologies AG .................... 17,122 704 Intracom S.A ................................ 4,077 14,000 Johnson Electric Holdings Ltd ............... 14,001 200 Keyence Corp ................................ 33,580 2,000 Konica Corp ................................. 13,028 1,500 Kyocera Corp ................................ 100,419 3,000 Minebea Co Ltd .............................. 15,204 5,350 Misys plc ................................... 12,536 600 Mitsumi Electric Co Ltd ..................... 7,072 1,000 NGK Spark Plug Co Ltd ....................... 6,884 300 Nidec Corp .................................. 15,451 1,000 Nippon Comsys Corp .......................... 5,282 3,000 Nippon Sheet Glass Co Ltd ................... 7,590 43,421 Nokia Oyj ................................... 577,179 12 NTT Data Corp ............................... 43,075 2,000 Olympus Optical Co Ltd ...................... 29,292 2,000 Omron Corp .................................. 25,612 6,000 Ricoh Co Ltd ................................ 104,238 11,211 Sage Group plc .............................. 19,834 1,873 SAP AG ...................................... 83,299 5,539 STMicroelectronics NV ....................... 74,504 5,000 Sumitomo Electric Industries Ltd ............ 28,668 1,100 TDK Corp .................................... 42,738 762 Tietoenator Corp ............................ 8,947 5,000 Toppan Printing Co Ltd ...................... 44,151 500 * Trend Micro, Inc ............................ 13,143 90 Unaxis Holding AG. (Regd) ................... 5,239 2,000 Venture Manufacturing Ltd (Singapore) ....... 11,928 1,000 Yamaha Corp ................................. 9,471 ------------ TOTAL TECHNOLOGY 1,962,775 ------------ TRANSPORTATION--1.83% 18,176 * Alitalia S.p.A .............................. 3,862 4,000 * All Nippon Airways Co Ltd ................... 9,496 2,967 Associated British Ports Holdings plc ....... 19,084 569 Attica Enterprise Holding S.A ............... 1,636 357 Bergesen DY a/s (B Shs) ..................... 5,010 9,021 Brambles Industries Ltd ..................... 31,618 6,657 Brambles Industries plc ..................... 21,670 4,674 * British Airways plc ......................... 7,056 9,000 Cathay Pacific Airways Ltd .................. 12,174 9 Central Japan Railway Co .................... 57,146 2 Dampskibsselskabet Af 1912 (B Shs) .......... 11,230 2 Dampskibsselskabet Svendborg (B Shs) ........ 14,583 1,762 * Deutsche Lufthansa AG. (Regd) ............... 16,195 181 DSV, DE Sammensluttede Vognmaend a/s ........ 3,998 32 East Japan Railway Co ....................... 149,301 2,704 Exel plc .................................... 26,747 3,921 Firstgroup plc .............................. 15,030 419 * Frontline Ltd ............................... 1,611 3,889 Iberia ...................................... 4,766 5,000 Japan Airlines Co Ltd ....................... 12,116 1,000 Kamigumi Co Ltd ............................. 4,567 4,000 Kawasaki Kisen Kaisha Ltd ................... 5,586 3,000 Keihin Electric Express Railway Co Ltd ...... 14,046 5,000 Keio Electric Railway Co Ltd ................ 27,435 14,000 * Kinki Nippon Railway Co Ltd ................. 38,065 7,710 Mayne Group Ltd ............................. 14,706 1,000 Mitsubishi Logistics Corp ................... 6,300 7,000 Mitsui O.S.K. Lines Ltd ..................... 13,282 12,500 MTR Corp .................................... 14,264 8,000 * Neptune Orient Lines Ltd .................... 2,768 7,000 Nippon Express Co Ltd ....................... 31,567 9,000 Nippon Yusen Kabushiki Kaisha ............... 29,645 6,286 Peninsular And Oriental Steam Navigation Co . 16,780 700 * Ryanair Holdings plc (Spon ADR) ............. 23,723 688 * SAS AB ...................................... 3,895 1,000 Seino Transportation Co Ltd ................. 6,284 2,000 SembCorp Logistics Ltd ...................... 1,891 5,000 Singapore Airlines Ltd ...................... 27,007 8,000 SMRT Corp Ltd ............................... 2,678 7,000 Tobu Railway Co Ltd ......................... 18,227 9,000 Tokyu Corp .................................. 33,194 10 West Japan Railway Co ....................... 36,471 3,000 Yamato Transport Co Ltd ..................... 45,096 ------------ TOTAL TRANSPORTATION 841,806 ------------ SEE NOTES TO FINANCIAL STATEMENTS 100 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL INTERNATIONAL EQUITY INDEX FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES VALUE ------ ----- UTILITIES--10.79% 944 ACEA S.p.A .................................. $ 4,152 559 Aguas de Barcelona S.A ...................... 4,867 3,915 Australian Gas Light Co Ltd ................. 20,849 1,106 Autopistas Concesionaria Espanola S.A ....... 12,570 7,557 Autostrade-Concessioni e Costruzioni Autostrade S.p.A .......................... 58,479 2,569 AWG plc ..................................... 16,362 801,528 AWG plc (Regd) .............................. 1,134 1,575 Bouygues S.A ................................ 40,471 2,534 Brisa-Auto Estradas de Portugal S.A ......... 12,522 80,293 BT Group plc ................................ 207,712 20,987 Cable & Wireless plc ........................ 38,120 6,100 Chubu Electric Power Co, Inc ................ 102,719 17,500 CLP Holdings Ltd ............................ 72,696 2,500 Contact Energy Ltd .......................... 4,432 19,222 Deutsche Telekom AG. (Regd) ................. 162,425 5,385 E.ON AG ..................................... 253,859 275 Electrabel S.A .............................. 64,956 17,509 Electricidade de Portugal S.A ............... 26,129 8,351 Endesa S.A .................................. 75,518 19,627 Enel S.p.A .................................. 94,853 3,863 France Telecom S.A .......................... 26,496 2,016 * GN Store Nord ............................... 5,794 3,074 Hellenic Telecommunications Organization S.A. 34,694 13,500 Hong Kong Electric Holdings Ltd ............. 57,118 7,009 Iberdrola S.A ............................... 90,744 10,620 * International Power plc ..................... 14,029 6,600 Kansai Electric Power Co, Inc ............... 92,705 3,615 Kelda Group plc ............................. 21,233 15,878 * KPN NV ...................................... 82,384 3,000 Kyushu Electric Power Co, Inc ............... 40,660 16,348 National Grid Group Plc ..................... 116,075 53 Nippon Telegraph & Telephone Corp ........... 176,318 173 NTT Docomo, Inc ............................. 295,580 43 Oesterreichische Elektrizitaetswirtschafts AG. (A Shs) ............................... 3,030 90,000 * Pacific Century CyberWorks Ltd .............. 12,808 8,761 Portugal Telecom SGPS S.A. (Regd) ........... 39,396 429 Public Power Corp ........................... 5,978 3,643 RWE AG ...................................... 108,011 7,927 Scottish & Southern Energy plc .............. 85,392 17,141 Scottish Power plc .......................... 92,931 3,182 Severn Trent plc ............................ 29,824 62,000 Singapore Telecommunications Ltd ............ 48,140 5,106 * Sonera Oyj .................................. 18,923 7,472 Suez S.A .................................... 117,562 244 Swisscom AG. (Regd) ......................... 67,824 1,214 TDC a/s ..................................... 26,330 822 * Tele2 AB (B Shs) ............................ 12,234 14,100 Telecom Corp Of New Zealand Ltd ............. 32,535 34,545 Telecom Italia S.p.A ........................ 246,155 42,245 * Telefonica S.A .............................. 314,800 1,155 * Telekom Austria AG .......................... 8,904 4,228 Telenor ASA ................................. 12,894 8,393 Telia AB .................................... 21,090 20,534 Telstra Corp Ltd ............................ 52,923 34,848 TIM S.p.A ................................... 135,695 1,450 * Tiscali S.p.A ............................... 5,732 4,200 Tohoku Electric Power Co, Inc ............... 56,338 11,300 Tokyo Electric Power Co, Inc ................ 204,205 2,109 Union Fenosa S.A ............................ 27,096 5,138 United Utilities plc ........................ 47,470 620,000 Vodafone Group plc .......................... 794,634 1,526 Vodafone-Panafon S.A ........................ 6,847 ------------ TOTAL UTILITIES 4,964,356 ------------ TOTAL COMMON STOCK (COST $49,959,839) 45,844,638 ------------ TOTAL PORTFOLIO--99.73% (COST $49,999,213) 45,912,153 OTHER ASSETS & LIABILITIES, NET--0.27% 123,359 ------------ NET ASSETS--100.00% $ 46,035,512 ============ - ---------- * Non-income producing At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $50,001,476. Net unrealized depreciation of portfolio investments aggregated $4,089,323 of which $466,248 related to appreciated portfolio investments and $4,555,571 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 101 Statement of Investments - INSTITUTIONAL REAL ESTATE SECURITIES FUND - September 30, 2002 - -------------------------------------------------------------------------------- SHARES/ PRINCIPAL VALUE --------- ----- COMMON STOCK--81.61% CONSUMER CYCLICAL--0.90% 15,400 Hilton Hotels Corp .......................... $ 175,252 ------------ TOTAL CONSUMER CYCLICAL 175,252 ------------ FINANCIAL SERVICES--80.71% 13,000 AMB Property Corp ........................... 375,700 14,000 American Land Lease, Inc .................... 200,900 17,800 Apartment Investment & Management Co (Class A) ................................. 691,530 22,200 Archstone-Smith Trust ....................... 530,136 8,400 AvalonBay Communities, Inc .................. 351,120 24,800 Boston Properties, Inc ...................... 922,560 14,000 CarrAmerica Realty Corp ..................... 352,380 6,700 Chateau Communities, Inc .................... 176,947 13,700 Corporate Office Properties Trust ........... 185,635 16,100 Cousins Properties, Inc ..................... 370,300 22,200 Duke Realty Corp ............................ 546,564 41,200 Equity Office Properties Trust .............. 1,063,784 27,900 Equity Residential .......................... 667,926 15,700 * Fairmont Hotels & Resorts ................... 373,660 14,000 Federal Realty Investment Trust ............. 378,000 11,400 General Growth Properties, Inc .............. 587,100 11,200 Home Properties Of New York, Inc ............ 364,000 38,300 * Host Marriott Corp .......................... 355,424 15,700 IRT Property Co ............................. 184,475 19,700 iStar Financial, Inc ........................ 550,024 12,100 Kimco Realty Corp ........................... 376,310 22,900 Lexington Corporate Properties Trust ........ 368,690 5,400 Macerich Co ................................. 167,292 11,600 Manufactured Home Communities, Inc .......... 369,808 16,000 Mission West Properties, Inc ................ 177,280 30,600 Prologis .................................... 762,246 11,000 PS Business Parks, Inc ...................... 374,000 11,800 Public Storage, Inc ......................... 376,420 9,700 Ramco-Gershenson Properties ................. 190,702 21,700 Simon Property Group, Inc ................... 775,341 11,700 SL Green Realty Corp ........................ 359,658 12,400 Sovran Self Storage, Inc .................... 377,208 13,300 St. Joe Co .................................. 367,080 14,000 Starwood Hotels & Resorts Worldwide, Inc .... 312,200 10,200 Sun Communities, Inc ........................ 374,340 18,600 Vornado Realty Trust ........................ 733,720 ------------ TOTAL FINANCIAL SERVICES 15,690,460 ------------ TOTAL COMMON STOCK (COST $16,469,960) 15,865,712 ------------ SHORT TERM INVESTMENT--5.40% U.S. GOVERNMENT AND AGENCY--5.40% $1,050,000 Federal Home Loan Bank (FHLB) 1.450%, 10/01/2002 1,050,000 ------------ TOTAL SHORT TERM INVESTMENT (COST $1,050,000) 1,050,000 ------------ TOTAL PORTFOLIO--87.01% (COST $17,519,960) 16,915,712 OTHER ASSETS & LIABILITIES, NET--12.99% 2,524,919 ------------ NET ASSETS--100.00% $ 19,440,631 ============ - ---------- * Non-income producing At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $17,540,617. Net unrealized depreciation of portfolio investments aggregated $624,905 of which $46,887 related to appreciated portfolio investments and $671,792 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 102 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT Statement of Investments - INSTITUTIONAL INFLATION-LINKED BOND FUND - September 30, 2002 - -------------------------------------------------------------------------------- PRINCIPAL VALUE --------- ----- GOVERNMENT BONDS--99.23% U.S. TREASURY SECURITIES--99.23% U.S. Treasury Bond $ 862,104 3.375%, 1/15/12 ............................. $ 953,568 710,227 3.375%, 4/15/32 ............................. 826,748 U.S. Treasury Inflation Indexed Bond 2,537,114 k 3.375%, 1/15/07 ............................. 2,763,473 2,619,663 k 3.625%, 1/15/08 ............................. 2,889,815 2,525,699 k 3.875%, 1/15/09 ............................. 2,839,833 1,252,037 k 3.000%, 7/15/12 ............................. 1,347,505 2,616,655 k 3.625%, 4/15/28 ............................. 3,079,883 3,012,625 k 3.875%, 4/15/29 ............................. 3,706,469 U.S. Treasury Note 1,712,672 4.250%, 1/15/10 ............................. 1,973,589 1,552,125 3.500%, 1/15/11 ............................. 1,720,434 ------------ TOTAL U.S. TREASURY SECURITIES 22,101,317 ------------ TOTAL GOVERNMENT BONDS (COST $21,840,750) 22,101,317 ------------ TOTAL PORTFOLIO--99.23% (COST $21,840,750) 22,101,317 OTHER ASSETS & LIABILITIES, NET--0.77% 171,760 ------------ NET ASSETS--100.00% $ 22,273,077 ============ - ---------- k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. At September 30, 2002, the aggregate cost of portfolio investments for federal income tax purposes was $21,840,750. Net unrealized appreciation of portfolio investments aggregated $260,567 of which $260,567 related to appreciated portfolio investments and $0 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 103
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - ------------------------------------------------------------------------------------------------------------------------------------ September 30, 2002 LARGE-CAP MID-CAP MID-CAP SMALL-CAP LARGE-CAP LARGE-CAP VALUE GROWTH VALUE EQUITY GROWTH INDEX VALUE INDEX FUND FUND FUND FUND FUND FUND - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at cost $19,635,656 $ 9,952,400 $ 9,924,069 $19,774,158 $64,685,534 $59,801,830 Net unrealized appreciation (depreciation) of investments (1,357,026) (789,293) (923,001) (1,284,846) (4,687,185) (4,505,281) - ----------------------------------------------------------------------------------------------------------------------------------- Investments, at value 18,278,630 9,163,107 9,001,068 18,489,312 59,998,349 55,296,549 Cash 69,386 -- 24,740 213,326 364,180 229,023 Receivable from securities transactions 2,864,242 171,752 319,803 1,644,774 -- -- Dividends and interest receivable 11,018 738 7,963 22,761 60,512 65,953 - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS 21,223,276 9,335,597 9,353,574 20,370,173 60,423,041 55,591,525 - ----------------------------------------------------------------------------------------------------------------------------------- LIABILITIES Accrued expenses 6,316 3,135 3,096 4,287 3,825 3,510 Due to custodian -- 97,934 -- -- -- -- Payable for securities transactions 2,899,103 25,036 317,674 1,829,356 28,501 7,128 Income distribution payable -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 2,905,419 126,105 320,770 1,833,643 32,326 10,638 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSETS $18,317,857 $ 9,209,492 $ 9,032,804 $18,536,530 $60,390,715 $55,580,887 =================================================================================================================================== NET ASSETS CONSIST OF: Paid in capital $20,000,197 $10,000,197 $10,000,197 $20,000,197 $65,000,147 $60,000,147 Accumulated undistributed net investment income 17,930 1,614 10,929 30,298 77,753 86,021 Accumulated undistributed net realized gain (loss) on investments (343,244) (3,026) (55,321) (209,119) -- -- Accumulated net unrealized appreciation (depreciation) on investments (1,357,026) (789,293) (923,001) (1,284,846) (4,687,185) (4,505,281) - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSETS $18,317,857 $ 9,209,492 $ 9,032,804 $18,536,530 $60,390,715 $55,580,887 =================================================================================================================================== RETIREMENT CLASS: Net Assets $ 91,662 $ 92,167 $ 90,401 $ 92,749 $ 92,962 $ 92,688 Shares outstanding (unlimited authorized; $.0001 par value) 10,008 10,008 10,008 10,008 10,008 10,008 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE $9.16 $9.21 $9.03 $9.27 $9.29 $9.26 =================================================================================================================================== INSTITUTIONAL CLASS: Net Assets $ 91,682 $ 92,188 $ 90,420 $ 92,769 $60,297,753 $55,488,199 Shares outstanding (unlimited authorized; $.0001 par value) 10,008 10,008 10,008 10,008 6,490,008 5,990,008 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE $9.16 $9.21 $9.03 $9.27 $9.29 $9.26 =================================================================================================================================== RETAIL CLASS: Net Assets $18,134,513 $ 9,025,137 $ 8,851,983 $18,351,012 -- -- Shares outstanding (unlimited authorized; $.0001 par value) 1,980,005 980,005 980,005 1,980,005 -- -- - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE $9.16 $9.21 $9.03 $9.27 -- -- ===================================================================================================================================
See notes to financial statements 104 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT
STATEMENTS OF ASSETS AND LIABILITIES - ---------------------------------------------------------------------------------------------------------------------------------- S&P 500 MID-CAP MID-CAP MID-CAP SMALL-CAP SMALL-CAP SMALL-CAP INTERNATIONAL REAL ESTATE INFLATION- INDEX GROWTH INDEX VALUE INDEX BLEND INDEX GROWTH INDEX VALUE INDEX BLEND INDEX EQUITY INDEX SECURITIES LINKED BOND FUND FUND FUND FUND FUND FUND FUND FUND FUND FUND - ---------------------------------------------------------------------------------------------------------------------------------- $44,914,084 $23,948,634 $23,928,040 $26,965,616 $48,940,556 $43,961,458 $41,960,630 $49,999,213 $17,519,960 $21,840,750 (3,098,182) (1,571,487) (1,701,014) (1,687,317) (3,386,113) (3,183,001) (2,977,733) (4,087,060) (604,248) 260,567 -------------------------------------------------------------------------------------------------------------------------------- 41,815,902 22,377,147 22,227,026 25,278,299 45,554,443 40,778,457 38,982,897 45,912,153 16,915,712 22,101,317 299,345 94,195 97,192 128,046 419,612 465,726 349,986 62,612 29,090 3,232 -- -- -- -- 7,944 -- 5,725 5,901 2,451,604 -- 45,534 28,497 18,318 13,564 32,662 73,730 48,365 60,233 93,745 208,848 -------------------------------------------------------------------------------------------------------------------------------- 42,160,781 22,499,839 22,342,536 25,419,909 46,014,661 41,317,913 39,386,973 46,040,899 19,490,151 22,313,397 -------------------------------------------------------------------------------------------------------------------------------- 2,660 1,410 1,409 1,589 2,838 2,548 2,434 5,387 6,580 4,883 -- -- -- -- -- -- -- -- -- -- 197,885 52,515 9,128 75,592 346,850 403,056 294,780 -- -- -- -- -- -- -- -- -- -- -- 42,940 35,437 -------------------------------------------------------------------------------------------------------------------------------- 200,545 53,925 10,537 77,181 349,688 405,604 297,214 5,387 49,520 40,320 -------------------------------------------------------------------------------------------------------------------------------- $41,960,236 $22,445,914 $22,331,999 $25,342,728 $45,664,973 $40,912,309 $39,089,759 $46,035,512 $19,440,631 $22,273,077 ================================================================================================================================ $45,000,147 $24,000,147 $24,000,147 $27,000,147 $49,000,147 $44,000,147 $42,000,147 $50,000,147 $20,000,197 $22,000,175 58,271 17,254 32,866 29,898 51,765 95,163 68,597 126,020 56,922 12,335 -- -- -- -- (826) -- (1,252) (3,595) (12,240) -- (3,098,182) (1,571,487) (1,701,014) (1,687,317) (3,386,113) (3,183,001) (2,977,733) (4,087,060) (604,248) 260,567 -------------------------------------------------------------------------------------------------------------------------------- $41,960,236 $22,445,914 $22,331,999 $25,342,728 $45,664,973 $40,912,309 $39,089,759 $46,035,512 $19,440,631 $22,273,077 ================================================================================================================================ $93,298 $93,579 $93,104 $93,916 $93,250 $93,038 $93,126 $92,127 $97,276 -- 10,008 10,008 10,008 10,008 10,008 10,008 10,008 10,008 10,008 -- -------------------------------------------------------------------------------------------------------------------------------- $9.32 $9.35 $9.30 $9.38 $9.32 $9.30 $9.31 $9.21 $9.72 -- ================================================================================================================================ $41,866,938 $22,352,335 $22,238,895 $25,248,812 $45,571,723 $40,819,271 $38,996,633 $45,943,385 $97,276 $101,316 4,490,008 2,390,008 2,390,008 2,690,008 4,890,008 4,390,008 4,190,008 4,990,008 10,008 10,007 -------------------------------------------------------------------------------------------------------------------------------- $9.32 $9.35 $9.30 $9.39 $9.32 $9.30 $9.31 $9.21 $9.72 $10.12 ================================================================================================================================ -- -- -- -- -- -- -- -- $19,246,079 $22,171,761 -- -- -- -- -- -- -- -- 1,980,005 2,190,010 - --------------------------------------------------------------------------------------------------------------------------------- -- -- -- -- -- -- -- -- $9.72 $10.12 =================================================================================================================================
See notes to financial statements 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 105
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - ----------------------------------------------------------------------------------------------------------------------------------- For the Period September 4, 2002 (commencement of operations) to September 30, 2002 LARGE-CAP MID-CAP MID-CAP SMALL-CAP LARGE-CAP LARGE-CAP VALUE GROWTH VALUE EQUITY GROWTH INDEX VALUE INDEX FUND FUND FUND FUND FUND FUND - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME Interest $ 10,838 $ 3,572 $ 5,059 $ 8,528 $ 17,599 $ 16,283 Dividends 13,405 1,174 8,963 26,054 63,976 73,245 Foreign taxes withheld -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Total income 24,243 4,746 14,022 34,582 81,575 89,528 - ----------------------------------------------------------------------------------------------------------------------------------- EXPENSES Investment management fees 1,152 574 567 1,144 1,902 1,745 Distribution fees--Retirement Class 3 3 3 3 3 3 Service Agreement Fees--Retirement Class 21 22 20 21 20 19 Service Agreement Fees--Institutional Class 3 3 3 3 949 871 Service Agreement Fees--Retail Class 4,706 2,320 2,292 2,689 -- -- Custody fees 144 72 71 143 475 436 Audit fees 86 43 42 86 285 262 Registration fees--Retirement Class -- -- -- -- -- -- Registration fees--Institutional Class -- -- -- -- 143 130 Registration fees--Retail Class 187 91 91 184 -- -- Trustee fees and expenses 14 7 7 14 48 44 - ----------------------------------------------------------------------------------------------------------------------------------- Total expenses 6,316 3,135 3,096 4,287 3,825 3,510 - ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 17,927 1,611 10,926 30,295 77,750 86,018 - ----------------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Realized gain (loss) on investments (343,244) (3,026) (55,321) (209,119) -- -- Change in unrealized appreciation/ (depreciation) on investments (1,357,026) (789,293) (923,001) (1,284,846) (4,687,185) (4,505,281) - ----------------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) on investments (1,700,270) (792,319) (978,322) (1,493,965) (4,687,185) (4,505,281) - ----------------------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $(1,682,343) $ (790,708) $ (967,396) $(1,463,670) $(4,609,435) $(4,419,263) ===================================================================================================================================
See notes to financial statements 106 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT
STATEMENTS OF OPERATIONS - ------------------------------------------------------------------------------------------------------------------------------------ S&P 500 MID-CAP MID-CAP MID-CAP SMALL-CAP SMALL-CAP SMALL-CAP INTERNATIONAL REAL ESTATE INFLATION- INDEX GROWTH INDEX VALUE INDEX BLEND INDEX GROWTH INDEX VALUE INDEX BLEND INDEX EQUITY INDEX SECURITIES LINKED FUND FUND FUND FUND FUND FUND FUND FUND FUND BOND FUND - ------------------------------------------------------------------------------------------------------------------------------------ $ 12,523 $ 15,200 $ 15,272 $ 17,478 $ 15,837 $ 14,305 $ 13,592 $ 16,174 $ 12,694 $ 52,655 48,405 3,461 19,000 14,006 38,763 83,403 57,436 71,860 93,745 -- -- -- -- -- -- -- -- (9,177) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ 60,928 18,661 34,272 31,484 54,600 97,708 71,028 78,857 106,439 52,655 - ------------------------------------------------------------------------------------------------------------------------------------ 1,320 695 694 784 1,409 1,264 1,207 1,431 1,321 1,469 3 3 3 3 3 3 3 3 3 -- 19 19 19 20 19 19 19 19 21 -- 658 346 346 390 703 630 602 714 3 2 -- -- -- -- -- -- -- -- 4,794 2,923 330 174 173 196 352 316 302 2,862 147 163 198 104 104 118 211 190 181 215 88 98 -- -- -- -- -- -- -- -- -- -- 99 52 53 58 106 94 90 107 -- -- -- -- -- -- -- -- -- -- 188 212 33 17 17 20 35 32 30 36 15 16 - ------------------------------------------------------------------------------------------------------------------------------------ 2,660 1,410 1,409 1,589 2,838 2,548 2,434 5,387 6,580 4,883 - ------------------------------------------------------------------------------------------------------------------------------------ 58,268 17,251 32,863 29,895 51,762 95,160 68,594 73,470 99,859 47,772 - ------------------------------------------------------------------------------------------------------------------------------------ -- -- -- -- (826) -- (1,252) 48,952 (12,240) -- (3,098,182) (1,571,487) (1,701,014) (1,687,317) (3,386,113) (3,183,001) (2,977,733) (4,087,060) (604,248) 260,567 - ------------------------------------------------------------------------------------------------------------------------------------ (3,098,182) (1,571,487) (1,701,014) (1,687,317) (3,386,939) (3,183,001) (2,978,985) (4,038,108) (616,488) 260,567 - ------------------------------------------------------------------------------------------------------------------------------------ $(3,039,914) $(1,554,236) $(1,668,151) $(1,657,422) $(3,335,177) $(3,087,841) $(2,910,391) $(3,964,638) $(516,629) $308,339 ====================================================================================================================================
See notes to financial statements 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 107
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - ----------------------------------------------------------------------------------------------------------------------------------- For the Period September 4, 2002 (commencement of operations) to September 30, 2002 LARGE-CAP MID-CAP MID-CAP SMALL-CAP LARGE-CAP LARGE-CAP VALUE GROWTH VALUE EQUITY GROWTH INDEX VALUE INDEX FUND FUND FUND FUND FUND FUND - ----------------------------------------------------------------------------------------------------------------------------------- CHANGES IN NET ASSETS OPERATIONS: Net investment income $ 17,927 $ 1,611 $ 10,926 $ 30,295 $ 77,750 $ 86,018 Net realized gain (loss) on investments (343,244) (3,026) (55,321) (209,119) -- -- Net change in unrealized appreciation (depreciation) on investments (1,357,026) (789,293) (923,001) (1,284,846) (4,687,185) (4,505,281) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from operations (1,682,343) (790,708) (967,396) (1,463,670) (4,609,435) (4,419,263) - ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From net investment income Retirement Class -- -- -- -- -- -- Institutional Class -- -- -- -- -- -- Retail Class -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Total distributions -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- SHAREHOLDER TRANSACTIONS (NOTE 5) Retirement Class 100,075 100,075 100,075 100,075 100,075 100,075 Institutional Class 100,075 100,075 100,075 100,075 64,900,075 59,900,075 Retail Class 19,800,050 9,800,050 9,800,050 19,800,050 -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Total shareholder transactions 20,000,200 10,000,200 10,000,200 20,000,200 65,000,150 60,000,150 - ----------------------------------------------------------------------------------------------------------------------------------- NET ASSETS, END OF PERIOD $18,317,857 $ 9,209,492 $ 9,032,804 $18,536,530 $60,390,715 $55,580,887 - -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements 108 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT
STATEMENTS OF CHANGES IN NET ASSETS - ------------------------------------------------------------------------------------------------------------------------------------ S&P 500 MID-CAP MID-CAP MID-CAP SMALL-CAP SMALL-CAP SMALL-CAP INTERNATIONAL REAL ESTATE INFLATION- INDEX GROWTH INDEX VALUE INDEX BLEND INDEX GROWTH INDEX VALUE INDEX BLEND INDEX EQUITY INDEX SECURITIES LINKED BOND FUND FUND FUND FUND FUND FUND FUND FUND FUND FUND - ------------------------------------------------------------------------------------------------------------------------------------ $ 58,268 $ 17,251 $ 32,863 $ 29,895 $ 51,762 $ 95,160 $ 68,594 $ 73,470 $ 99,859 $ 47,772 -- -- -- -- (826) -- (1,252) 48,952 (12,240) -- (3,098,182) (1,571,487) (1,701,014) (1,687,317) (3,386,113) (3,183,001) (2,977,733) (4,087,060) (604,248) 260,567 - ------------------------------------------------------------------------------------------------------------------------------------ (3,039,914) (1,554,236) (1,668,151) (1,657,422) (3,335,177) (3,087,841) (2,910,391) (3,964,638) (516,629) 308,339 - ------------------------------------------------------------------------------------------------------------------------------------ -- -- -- -- -- -- -- -- (215) -- -- -- -- -- -- -- -- -- (237) (173) -- -- -- -- -- -- -- -- (42,488) (35,264) - ------------------------------------------------------------------------------------------------------------------------------------ -- -- -- -- -- -- -- -- (42,940) (35,437) - ------------------------------------------------------------------------------------------------------------------------------------ 100,075 100,075 100,075 100,075 100,075 100,075 100,075 100,075 100,075 -- 44,900,075 23,900,075 23,900,075 26,900,075 48,900,075 43,900,075 41,900,075 49,900,075 100,075 100,075 -- -- -- -- -- -- -- -- 19,800,050 21,900,100 - ------------------------------------------------------------------------------------------------------------------------------------ 45,000,150 24,000,150 24,000,150 27,000,150 49,000,150 44,000,150 42,000,150 50,000,150 20,000,200 22,000,175 - ------------------------------------------------------------------------------------------------------------------------------------ $41,960,236 $22,445,914 $22,331,999 $25,342,728 $45,664,973 $40,912,309 $39,089,759 $46,035,512 $19,440,631 $22,273,077 ====================================================================================================================================
See notes to financial statements 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 109
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - ------------------------------------------------------------------------------------------------------------------------------------ For the Period September 4, 2002 (commencement of operations) to September 30, 2002 LARGE-CAP VALUE FUND MID-CAP GROWTH FUND --------------------------------------- --------------------------------------- RETIREMENT INSTITUTIONAL RETAIL RETIREMENT INSTITUTIONAL RETAIL CLASS CLASS CLASS CLASS CLASS CLASS - ------------------------------------------------------------------------------------------------------------------------------------ SELECTED PER SHARE DATA Net asset value, beginning of period $10.00 $10.00 $ 10.00 $10.00 $10.00 $ 10.00 - ------------------------------------------------------------------------------------------------------------------------------------ Gain (loss) from investment operations: Net investment income (a) 0.01 0.01 0.01 0.00 0.00 0.00 Net realized and unrealized loss on investments (0.85) (0.85) (0.85) (0.79) (0.79) (0.79) - ------------------------------------------------------------------------------------------------------------------------------------ Total loss from investment operations (0.84) (0.84) (0.84) (0.79) (0.79) (0.79) - ------------------------------------------------------------------------------------------------------------------------------------ Less distributions from: Net investment income -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total distributions -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 9.16 $ 9.16 $ 9.16 $ 9.21 $ 9.21 $ 9.21 ==================================================================================================================================== TOTAL RETURN (8.40)% (8.40)% (8.40)% (7.90)% (7.90) % (7.90)% RATIOS AND SUPPLEMENTAL DATA Net assets at end of period (in thousands) $ 92 $ 92 $18,135 $ 92 $ 92 $41,867 Ratio of expenses to average net assets 0.03% 0.01% 0.03% 0.03% 0.01% 0.03% Ratio of net investment income to average net assets 0.09% 0.11% 0.09% 0.02% 0.04% 0.02% Portfolio turnover rate 25.09% 25.09% 25.09% 18.61% 18.61% 18.61% The percentages shown for this period are not annualized. ====================================================================================================================================
(a) Based on average shares outstanding. See notes to financial statements 110 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT
FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------------------------------------------------------- MID-CAP LARGE-CAP GROWTH LARGE-CAP VALUE VALUE FUND SMALL-CAP EQUITY FUND INDEX FUND INDEX FUND S&P 500 INDEX FUND - ----------------------------- ----------------------------- ------------------ ------------------ ------------------ RETIRE- INSTITU- RETIRE- INSTITU- RETIRE- INSTITU- RETIRE- INSTITU- RETIRE- INSTITU- MENT TIONAL RETAIL MENT TIONAL RETAIL MENT TIONAL MENT TIONAL MENT TIONAL CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS - --------------------------------------------------------------------------------------------------------------------------------- $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $ 10.00 $10.00 $ 10.00 $10.00 $ 10.00 $10.00 - -------------------------------------------------------------------------------------------------------------------------------- 0.01 0.01 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 (0.98) (0.98) (0.98) (0.74) (0.75) (0.75) (0.72) (0.72) (0.75) (0.75) (0.69) (0.69) - -------------------------------------------------------------------------------------------------------------------------------- (0.97) (0.97) (0.97) (0.73) (0.73) (0.73) (0.71) (0.71) (0.74) (0.74) (0.68) (0.68) - -------------------------------------------------------------------------------------------------------------------------------- -- -- -- -- -- -- -- -- -- -- -- -- - -------------------------------------------------------------------------------------------------------------------------------- -- -- -- -- -- -- -- -- -- -- -- -- - -------------------------------------------------------------------------------------------------------------------------------- $ 9.03 $ 9.03 $ 9.03 $ 9.27 $ 9.27 $ 9.27 $ 9.29 $ 9.29 $ 9.26 $ 9.26 $ 9.32 $ 9.32 ================================================================================================================================ (9.70)% (9.70)% (9.70)% (7.30)% (7.30)% (7.30)% (7.10)% (7.10)% (7.40)% (7.40)% (6.80)% (6.80)% $9,025 $ 90 $ 90 $8,852 $ 93 $ 93 $18,351 $ 93 $60,298 $ 93 $55,488 $ 93 0.03% 0.01% 0.03% 0.03% 0.01% 0.02% 0.03% 0.01% 0.03% 0.01% 0.03% 0.01% 0.12% 0.14% 0.11% 0.15% 0.17% 0.16% 0.10% 0.12% 0.12% 0.15% 0.11% 0.13% 15.01% 15.01% 15.01% 14.52% 14.52% 14.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% =================================================================================================================================
See notes to financial statements 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 111
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - ------------------------------------------------------------------------------------------------------------------------------------ For the Period September 4, 2002 (commencement of operations) to September 30, 2002 MID-CAP GROWTH MID-CAP VALUE MID-CAP BLEND SMALL-CAP GROWTH INDEX FUND INDEX FUND INDEX FUND INDEX FUND -------------------- -------------------- -------------------- -------------------- INSTITU- INSTITU- INSTITU- INSTITU- RETIREMENT TIONAL RETIREMENT TIONAL RETIREMENT TIONAL RETIREMENT TIONAL CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS - ------------------------------------------------------------------------------------------------------------------------------------ SELECTED PER SHARE DATA Net asset value, beginning of period $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 - ------------------------------------------------------------------------------------------------------------------------------------ Gain (loss) from investment operations: Net investment income (a) 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 Net realized and unrealized gain (loss) on investments (0.66) (0.66) (0.71) (0.71) (0.63) (0.62) (0.69) (0.69) - ------------------------------------------------------------------------------------------------------------------------------------ Total gain (loss) from investment operations (0.65) (0.65) (0.70) (0.70) (0.62) (0.61) (0.68) (0.68) - ------------------------------------------------------------------------------------------------------------------------------------ Less distributions from: Net investment income -- -- -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total distributions -- -- -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 9.35 $ 9.35 $ 9.30 $ 9.30 $ 9.38 $ 9.39 $ 9.32 $ 9.32 ==================================================================================================================================== TOTAL RETURN (6.50)% (6.50)% (7.00)% (7.00)% (6.20)% (6.10)% (6.80)% (6.80)% RATIOS AND SUPPLEMENTAL DATA Net assets at end of period (in thousands) $ 94 22,352 $ 93 $22,239 $ 94 $25,249 $ 93 $45,572 Ratio of expenses to average net assets 0.03% 0.01% 0.03% 0.01% 0.03% 0.01% 0.03% 0.01% Ratio of net investment income to average net assets 0.05% 0.07% 0.12% 0.14% 0.09% 0.11% 0.09% 0.11% Portfolio turnover rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.04% 0.04% The percentages shown for this period are not annualized. ====================================================================================================================================
(a) Based on average shares outstanding. See notes to financial statements 112 Institutional Mutual Funds 2002 ANNUAL REPORT TIAA-CREF
FINANCIAL HIGHLIGHTS - ------------------------------------------------------------------------------------------------------------------------------------ SMALL-CAP VALUE SMALL-CAP BLEND INTERNATIONAL EQUITY REAL ESTATE INFLATION-LINKED INDEX FUND INDEX FUND INDEX FUND SECURITIES FUND BOND FUND - -------------------- -------------------- -------------------- ------------------------------- --------------------- RETIRE- INSTITU- RETIRE- INSTITU- RETIRE- INSTITU- RETIRE- INSTITU- INSTITU- MENT TIONAL MENT TIONAL MENT TIONAL MENT TIONAL RETAIL TIONAL RETAIL CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS CLASS - ------------------------------------------------------------------------------------------------------------------------------------ $10.00 $ 10.00 $10.00 $ 10.00 $10.00 $ 10.00 $10.00 $10.00 $ 10.00 $10.00 $ 10.00 - ------------------------------------------------------------------------------------------------------------------------------------ 0.02 0.02 0.01 0.02 0.02 0.02 0.05 0.05 0.05 0.02 0.02 (0.72) (0.72) (0.70) (0.71) (0.81) (0.81) (0.31) (0.31) (0.31) 0.12 0.12 - ------------------------------------------------------------------------------------------------------------------------------------ (0.70) (0.70) (0.69) (0.69) (0.79) (0.79) (0.26) (0.26) (0.26) 0.14 0.14 - ------------------------------------------------------------------------------------------------------------------------------------ -- -- -- -- -- -- (0.02) (0.02) (0.02) (0.02) (0.02) - ------------------------------------------------------------------------------------------------------------------------------------ -- -- -- -- -- -- (0.02) (0.02) (0.02) (0.02) (0.02) - ------------------------------------------------------------------------------------------------------------------------------------ $ 9.30 $ 9.30 $ 9.31 $ 9.31 $ 9.21 $ 9.21 $ 9.72 $ 9.72 $ 9.72 $10.12 $ 10.12 ==================================================================================================================================== (7.00)% (7.00)% (6.90)% (6.90)% (7.90)% (7.90)% (2.58)% (2.56)% (2.59)% 1.37% 1.36% $ 93 $40,819 $ 93 $38,997 $ 92 $45,943 $ 97 $ 97 $19,246 $ 101 $22,172 0.03% 0.01% 0.03% 0.01% 0.03% 0.01% 0.03% 0.01% 0.03% 0.01% 0.02% 0.20% 0.22% 0.15% 0.17% 0.22% 0.24% 0.51% 0.53% 0.50% 0.23% 0.22% 0.00% 0.00% 0.01% 0.01% 0.44% 0.44% 15.45% 15.45% 15.45% 0.00% 0.00% ====================================================================================================================================
See notes to financial statements 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 113 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS--SEPTEMBER 30, 2002 NOTE 1. SIGNIFICANT ACCOUNTING POLICIES TIAA-CREF Institutional Mutual 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. Each fund listed below (the "Funds") commenced operations on September 4, 2002 with a seed money investment by Teachers Insurance and Annuity Association of America ("TIAA") as indicated. There are seven additional funds in the TIAA-CREF Institutional Mutual Funds which are not included in these financial statements. SEED MONEY INVESTMENT MADE ON SEPTEMBER 4, 2002 BY TIAA -------------------- Large-Cap Value Fund $ 20,000,000 Mid-Cap Growth Fund 10,000,000 Mid-Cap Value Fund 10,000,000 Small-Cap Equity Fund 20,000,000 Large-Cap Growth Index Fund 65,000,000 Large-Cap Value Index Fund 60,000,000 S&P 500 Value Index Fund 45,000,000 Mid-Cap Growth Index Fund 24,000,000 Mid-Cap Value Index Fund 24,000,000 Mid-Cap Blend Index Fund 27,000,000 Small-Cap Growth Index Fund 49,000,000 Small-Cap Value Index Fund 44,000,000 Small-Cap Blend Index Fund 42,000,000 International Equity Index Fund 50,000,000 Real Estate Securities Fund 20,000,000 Inflation-Linked Bond Fund 22,000,000 Upon becoming effective with the Commission, the Funds intend to publicly 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 will offer up to three share 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 the 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. 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 followed by the Funds. VALUATION OF INVESTMENTS: Securities listed or traded on any United States national securities exchange are valued at the last sale price as of the close of the principal securities exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and asked prices on such exchange. Securities traded only in the over-the-counter market and quoted in the NASDAQ National Market System are valued at the last sale price, or at the mean of the last bid and asked prices if no sale is reported. All other over-the-counter securities are valued at the mean of the last bid and asked prices, 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 price in the principal market where they are traded; converted into U.S. dollars. Money market instruments are valued at fair market value. 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. 114 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS--SEPTEMBER 30, 2002 (CONTINUED) 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. 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. 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, are declared and paid annually for each of the Funds, except for the Real Estate Securities and the Inflation-Linked Bond Funds where distributions are declared and paid quarterly. Distributions from realized gains, if any, are declared and paid annually for each of the Funds. Undistributed net investment income and accumulated undistributed net realized gain (loss) on total investments may include temporary book and tax differences which will reverse in a subsequent period. Any permanent book and tax basis differences relating to shareholder distributions will result in reclassifications among the respective components of net assets. INCOME TAXES: The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code ("Code") and will not be subject to income taxes to the extent that they distribute substantially all taxable income each year and comply with various other Code requirements. At September 30, 2002, the following funds had capital losses realized after October 31, 2001, which were deferred for tax purposes to the first day of the following year. Large-Cap Value Fund $228,912 Mid-Cap Value Fund 44,386 Small-Cap Equity Fund 62,511 Small-Cap Growth Index Fund 826 Small-Cap Blend Index Fund 1,252 International Equity Index Fund 3,485 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 115 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS--SEPTEMBER 30, 2002 (CONTINUED) NOTE 2. MANAGEMENT AGREEMENTS 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. 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 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 the average daily net assets of each Fund Class for providing transfer agency, accounting and administration 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:
INVESTMENT MANAGEMENT DISTRIBUTION FEE FEE SERVICE AGREEMENT FEE ---------------------------------------------------------------------------------- ALL RETIREMENT RETIREMENT INSTITUTIONAL RETAIL CLASSES CLASS CLASS CLASS CLASS ---------------------------------------------------------------------------------- Large-Cap Value Fund 0.08% 0.04% 0.29% 0.04% 0.33% Mid-Cap Growth Fund 0.08% 0.04% 0.29% 0.04% 0.33% Mid-Cap Value Fund 0.08% 0.04% 0.29% 0.04% 0.33% Small-Cap Equity Fund 0.08% 0.04% 0.29% 0.04% 0.19% Large-Cap Growth Index Fund 0.04% 0.04% 0.27% 0.02% -- Large-Cap Value Index Fund 0.04% 0.04% 0.27% 0.02% -- S&P 500 Value Index Fund 0.04% 0.04% 0.27% 0.02% -- Mid-Cap Growth Index Fund 0.04% 0.04% 0.27% 0.02% -- Mid-Cap Value Index Fund 0.04% 0.04% 0.27% 0.02% -- Mid-Cap Blend Index Fund 0.04% 0.04% 0.27% 0.02% -- Small-Cap Growth Index Fund 0.04% 0.04% 0.27% 0.02% -- Small-Cap Value Index Fund 0.04% 0.04% 0.27% 0.02% -- Small-Cap Blend Index Fund 0.04% 0.04% 0.27% 0.02% -- International Equity Index Fund 0.04% 0.04% 0.27% 0.02% -- Real Estate Securities Fund 0.09% 0.04% 0.29% 0.04% 0.33% Inflation-Linked Bond Fund 0.09% -- -- 0.03% 0.18%
NOTE 3. INVESTMENTS At September 30, 2002, net unrealized appreciation (depreciation) of investments for each of the Funds, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows: GROSS GROSS NET UNREALIZED UNREALIZED UNREALIZED APPRECIATION APPRECIATION DEPRECIATION (DEPRECIATION) ------------------------------------------------- Large-Cap Value Fund $ 81,287 $1,438,313 $(1,357,026) Mid-Cap Growth Fund 79,917 869,210 (789,293) Mid-Cap Value Fund 45,851 968,852 (923,001) Small-Cap Equity Fund 236,089 1,520,935 (1,284,846) Large-Cap Growth Index Fund 512,708 5,199,893 (4,687,185) Large-Cap Value Index Fund 262,603 4,767,884 (4,505,281) S&P 500 Value Index Fund 287,539 3,385,721 (3,098,182) Mid-Cap Growth Index Fund 216,999 1,788,486 (1,571,487) Mid-Cap Value Index Fund 76,367 1,777,381 (1,701,014) Mid-Cap Blend Index Fund 189,221 1,876,538 (1,687,317) Small-Cap Growth Index Fund 897,772 4,283,885 (3,386,113) Small-Cap Value Index Fund 433,387 3,616,388 (3,183,001) Small-Cap Blend Index Fund 582,299 3,560,032 (2,977,733) International Equity Index Fund 466,248 4,553,308 (4,087,060) Real Estate Securities Fund 46,887 651,135 (604,248) Inflation-Linked Bond Fund 260,567 -- 260,567 116 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS--SEPTEMBER 30, 2002 (CONTINUED) Purchases and sales of securities, other than short-term money market instruments, for the Funds for the period September 4, 2002 (commencement of operations) to September 30, 2002, were as follows:
NON-GOVERNMENT GOVERNMENT NON-GOVERNMENT GOVERNMENT PURCHASES PURCHASES SALES SALES -------------- ---------- -------------- ---------- Large-Cap Value Fund $24,565,750 $ -- $4,585,910 $-- Mid-Cap Growth Fund 11,660,503 -- 1,705,076 -- Mid-Cap Value Fund 11,330,682 -- 1,351,291 -- Small-Cap Equity Fund 22,668,692 -- 2,685,416 -- Large-Cap Growth Index Fund 64,685,534 -- -- -- Large-Cap Value Index Fund 59,801,830 -- -- -- S&P 500 Value Index Fund 44,914,084 -- -- -- Mid-Cap Growth Index Fund 23,948,634 -- -- -- Mid-Cap Value Index Fund 23,928,040 -- -- -- Mid-Cap Blend Index Fund 26,965,616 -- -- -- Small-Cap Growth Index Fund 48,974,098 -- 16,716 -- Small-Cap Value Index Fund 43,961,458 -- -- -- Small-Cap Blend Index Fund 41,974,016 -- 12,134 -- International Equity Index Fund 50,203,784 -- 200,323 -- Real Estate Securities Fund 18,933,804 -- 2,451,604 -- Inflation-Linked Bond Fund -- 21,855,451 -- --
NOTE 4. TRUSTEE FEES Each Fund pays the Trustees who are not also officers or affiliated persons of the Funds, certain remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees who are also officers or affiliated persons receive no remuneration for their services as Trustees of the Funds. NOTE 5. SHAREHOLDER TRANSACTIONS For the period September 4, 2002 (commencement of operations) to September 30, 2002, shareholder transactions consisted of the following:
LARGE-CAP VALUE FUND MID-CAP GROWTH FUND MID-CAP VALUE FUND ------------------------ ----------------------- ----------------------- AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES ----------- --------- ---------- --------- ---------- --------- Retirement Class: Seed money subscriptions $ 100,000 10,000 $ 100,000 10,000 $ 100,000 10,000 Subscriptions 75 8 75 8 75 8 ----------- --------- ---------- --------- ---------- --------- Net increase $ 100,075 10,008 $ 100,075 10,008 $ 100,075 10,008 =========== ========= ========== ========= ========== ========= Institutional Class: Seed money subscriptions $ 100,000 10,000 $ 100,000 10,000 $ 100,000 10,000 Subscriptions 75 8 75 8 75 8 ----------- --------- ---------- --------- ---------- --------- Net increase $ 100,075 10,008 $ 100,075 10,008 $ 100,075 10,008 =========== ========= ========== ========= ========== ========= Retail Class: Seed money subscriptions $19,800,000 1,980,000 $9,800,000 980,000 $9,800,000 980,000 Subscriptions 50 5 50 5 50 5 ----------- --------- ---------- --------- ---------- --------- Net increase $19,800,050 1,980,005 $9,800,050 980,005 $9,800,050 980,005 =========== ========= ========== ========= ========== =========
2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 117 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS--SEPTEMBER 30, 2002 (CONTINUED) NOTE 5. SHAREHOLDER TRANSACTIONS (CONTINUED)
SMALL-CAP EQUITY FUND LARGE-CAP GROWTH INDEX FUND LARGE-CAP VALUE INDEX FUND ------------------------- --------------------------- -------------------------- AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES ----------- ---------- ----------- ---------- ----------- ---------- Retirement Class: Seed money subscriptions $ 100,000 10,000 $ 100,000 10,000 $ 100,000 10,000 Subscriptions 75 8 75 8 75 8 ----------- ---------- ----------- ---------- ----------- ---------- Net increase $ 100,075 10,008 $ 100,075 10,008 $ 100,075 10,008 =========== ========== =========== ========== =========== ========== Institutional Class: Seed money subscriptions $ 100,000 10,000 $64,900,000 6,490,000 $59,900,000 5,990,000 Subscriptions 75 8 75 8 75 8 ----------- ---------- ----------- ---------- ----------- ---------- Net increase $ 100,075 10,008 $64,900,075 6,490,008 $59,900,075 5,990,008 =========== ========== =========== ========== =========== ========== Retail Class: Seed money subscriptions $19,800,000 1,980,000 Subscriptions 50 5 ----------- ---------- Net increase $19,800,050 1,980,005 =========== ========== S&P 500 INDEX FUND MID-CAP GROWTH INDEX FUND MID-CAP VALUE INDEX FUND ------------------------- ------------------------- ------------------------- AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES ----------- ---------- ----------- ---------- ----------- ---------- Retirement Class: Seed money subscriptions $ 100,000 10,000 $ 100,000 10,000 $ 100,000 10,000 Subscriptions 75 8 75 8 75 8 ----------- ---------- ----------- ---------- ----------- ---------- Net increase $ 100,075 10,008 $ 100,075 10,008 $ 100,075 10,008 =========== ========== =========== ========== =========== ========== Institutional Class: Seed money subscriptions $44,900,000 4,490,000 $23,900,000 2,390,000 $23,900,000 2,390,000 Subscriptions 75 8 75 8 75 8 ----------- ---------- ----------- ---------- ----------- ---------- Net increase $44,900,075 4,490,008 $23,900,075 2,390,008 $23,900,075 2,390,008 =========== ========== =========== ========== =========== ==========
118 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS--SEPTEMBER 30, 2002 (CONTINUED) NOTE 5. SHAREHOLDER TRANSACTIONS (CONTINUED)
MID-CAP BLEND INDEX FUND SMALL-CAP GROWTH INDEX FUND SMALL-CAP VALUE INDEX FUND ------------------------- -------------------------- -------------------------- AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES ----------- ---------- ----------- ---------- ----------- ---------- Retirement Class: Seed money subscriptions $ 100,000 10,000 $ 100,000 10,000 $ 100,000 10,000 Subscriptions 75 8 75 8 75 8 ----------- ---------- ----------- ---------- ----------- ---------- Net increase $ 100,075 10,008 $ 100,075 10,008 $ 100,075 10,008 =========== ========== =========== ========== =========== ========== Institutional Class: Seed money subscriptions $26,900,000 2,690,000 $48,900,000 4,890,000 $43,900,000 4,390,000 Subscriptions 75 8 75 8 75 8 ----------- ---------- ----------- ---------- ----------- ---------- Net increase $26,900,075 2,690,008 $48,900,075 4,890,008 $43,900,075 4,390,008 =========== ========== =========== ========== =========== ========== INTERNATIONAL SMALL-CAP BLEND INDEX FUND EQUITY INDEX FUND REAL ESTATE SECURITIES FUND -------------------------- ------------------------- --------------------------- AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES ----------- ---------- ----------- ---------- ----------- ---------- Retirement Class: Seed money subscriptions $ 100,000 10,000 $ 100,000 10,000 $ 100,000 10,000 Subscriptions 75 8 75 8 75 8 ----------- ---------- ----------- ---------- ----------- ---------- Net increase $ 100,075 10,008 $ 100,075 10,008 $ 100,075 10,008 =========== ========== =========== ========== =========== ========== Institutional Class: Seed money subscriptions $41,900,000 4,190,000 $49,900,000 4,990,000 $ 100,000 10,000 Subscriptions 75 8 75 8 75 8 ----------- ---------- ----------- ---------- ----------- ---------- Net increase $41,900,075 4,190,008 $49,900,075 4,990,008 $ 100,075 10,008 =========== ========== =========== ========== =========== ========== Retail Class: Seed money subscriptions $19,800,000 1,980,000 Subscriptions 50 5 ----------- ---------- Net increase $19,800,050 1,980,005 =========== ==========
INFLATION-LINKED BOND FUND -------------------------- AMOUNT SHARES ----------- ---------- Institutional Class: Seed money subscriptions $ 100,000 10,000 Subscriptions 75 7 ----------- ---------- Net increase $ 100,075 10,007 =========== ========== Retail Class: Seed money subscriptions $21,900,000 2,190,000 Subscriptions 100 10 ----------- ---------- Net increase $21,900,100 2,190,010 =========== ========== 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 119 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS--SEPTEMBER 30, 2002 (CONCLUDED) NOTE 6. DISTRIBUTIONS TO SHAREHOLDERS For the period September 4, 2002 (commencement of operations) to September 30, 2002, the Real Estate Securities and Inflation-Linked Bond Funds declared ordinary income distributions, for tax purposes, of $42,940 and $35,437, respectively. As of September 30, 2002, the components of accumulated earnings on a tax basis were as follows: UNDISTRIBUTED UNREALIZED ORDINARY APPRECIATION INCOME (DEPRECIATION) ------------- ------------ Large-Cap Value Fund $ 17,930 $ (1,471,358) Mid-Cap Growth Fund 1,799 (792,504) Mid-Cap Value Fund 10,929 (933,936) Small-Cap Equity Fund 30,298 (1,431,454) Large-Cap Growth Index Fund 77,753 (4,687,185) Large-Cap Value Index Fund 86,021 (4,505,281) S&P 500 Index Fund 58,271 (3,098,182) Mid-Cap Growth Index Fund 17,254 (1,571,487) Mid-Cap Value Index Fund 32,866 (1,701,014) Mid-Cap Blend Index Fund 29,898 (1,687,317) Small-Cap Growth Index Fund 51,765 (3,386,113) Small-Cap Value Index Fund 95,163 (3,183,001) Small-Cap Blend Index Fund 68,597 (2,977,733) International Equity Index Fund 128,173 (4,089,323) Real Estate Securities Fund 99,862 (624,905) Inflation-Linked Bond Fund 47,772 260,567 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. 120 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT 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 Large-Cap Value Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Small-Cap Equity Fund, Large-Cap Growth Index Fund, Large-Cap Value Index Fund, S&P 500 Index Fund, Mid-Cap Growth Index Fund, Mid-Cap Value Index Fund, Mid-Cap Blend Index Fund, Small-Cap Growth Index Fund, Small-Cap Value Index Fund, Small-Cap Blend Index Fund, International Equity Index Fund, Real Estate Securities Fund and Inflation-Linked Bond Fund (the "Funds", sixteen of the Funds comprising TIAA-CREF Institutional Mutual Funds) as of September 30, 2002, and the related statements of operations and changes in net assets and financial highlights for the period from September 4, 2002 (commencement of operations) to September 30, 2002. 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 audit. We conducted our audit 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 audit provides 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 TIAA-CREF Institutional Mutual Funds referred to above at September 30, 2002, and the results of their operations, the changes in their net assets and the financial highlights for the period from September 4, 2002 to September 30, 2002, in conformity with accounting principles generally accepted in the United States. /s/ Ernst & Young LLP New York, New York November 1, 2002 2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 121 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 Trustee since 1999. Principal, Windermere Investment 121 S.W. Morrison Street, Suite 925 Associates. Formerly, Chairman Portland, OR 97204 and Chief Executive Officer, Age: 59 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 Trustee since 1999. Finance and Economics, Sloan Mac; Co-Chairman, Massachusetts Institute School of Management, Roll & Ross Asset of Technology Massachusetts Institute of Management Corp.; 77 Massachusetts Avenue Technology, Co-Chairman, Roll & and Principal, Cambridge, MA 02139 Ross Asset Management Corp. IV Capital, Ltd Age: 58 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 Investment Officer of the 730 Third Avenue and Chief 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 ("Investment Management"). Director and President of Teachers Advisors, Inc. ("Advisors"). Director of TIAA-CREF Life Insurance Company ("TIAA-CREF Life").
122 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 - ------------------------------------------------------------------------------------------------------------------------------------ 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.
2002 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 123 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 "interested person" 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. 124 TIAA-CREF Institutional Mutual Funds 2002 ANNUAL REPORT [TIAA-CREF LOGO] 730 Third Avenue New York NY 10017-3206 [RECYCLE LOGO] Printed on recycled paper -----END PRIVACY-ENHANCED MESSAGE-----