N-30D 1 y54035nn-30d.txt SEMI-ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS [GRAPHIC] 2001 ANNUAL REPORT Financial statements (audited), including statements of investments September 30, 2001 - Institutional International Equity Fund - Institutional Growth Equity Fund - Institutional Growth & Income Fund - Institutional Equity Index Fund - Institutional Social Choice Equity Fund - Institutional Bond Fund - Institutional Money Market Fund [TIAA-CREF LOGO] TIAA-CREF Institutional Mutual Funds CONTENTS 2001 ANNUAL REPORT FUND PERFORMANCE Institutional International Equity Fund 3 Institutional Growth Equity Fund 4 Institutional Growth & Income Fund 5 Institutional Equity Index Fund 6 Institutional Social Choice Equity Fund 7 Institutional Bond Fund 8 Institutional Money Market Fund 9 STATEMENTS OF INVESTMENTS Institutional International Equity Fund 10 Institutional Growth Equity Fund 22 Institutional Growth & Income Fund 37 Institutional Equity Index Fund 43 Institutional Social Choice Equity Fund 69 Institutional Bond Fund 73 Institutional Money Market Fund 77 FINANCIAL STATEMENTS Report of Management Responsibility 78 Report of the Audit Committee 79 Report of Independent Auditors 80 Statements of Assets and Liabilities 81 Statements of Operations 82 Statements of Cash Flows 83 Statements of Changes in Net Assets 84 Financial Highlights 86 Notes to Financial Statements 88
As with all mutual funds, investments in the TIAA-CREF Institutional Mutual Funds are not deposits of any bank and are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. As of the current time, due to market volatility, the performance of the Institutional Funds may differ significantly from the Institutional Funds' twelve-month performance ended September 30, 2001. Teachers Personal Investors Services, Inc. distributes TIAA-CREF Institutional Mutual Funds. This booklet must be accompanied or preceded by a TIAA-CREF Institutional Mutual Funds prospectus. For additional copies, call 888 842-9001. FROM THE VICE CHAIRMAN [MARTIN L. LEIBOWITZ PHOTO] This report contains the annual performance and financial statements for the TIAA-CREF Institutional Mutual Funds for the twelve-month period ended September 30, 2001. These funds are available to all clients of the TIAA-CREF Trust Company, FSB, and serve as the funding vehicles for the state-sponsored college savings programs administered by TIAA-CREF Tuition Financing, Inc. The past twelve months saw slower growth in the United States, along with lower corporate earnings and declining stock prices. In the wake of the events of September 11, the economy's deceleration continued. The S&P 500 Index fell 26.62 percent during the twelve months through September 30--more than twice the drop registered in any calendar year over the past two decades. Stocks were down internationally, too, with the Morgan Stanley EAFE Index registering a 28.50-percent decline. Fixed-income markets fared far better. The Lehman Brothers Aggregate Bond Index, which tracks corporate and government securities, rose 12.95 percent during the period. In this environment, the TIAA-CREF Institutional Mutual Funds that invest in fixed-income securities outpaced their benchmarks. The Institutional Bond Fund posted a 13.21-percent return, while the Institutional Money Market Fund earned 5.16 percent. The funds that invest in equities fell in concert with U.S. and global stock markets; three posted returns that exceeded or closely tracked their respective benchmark indexes, while two underperformed theirs. It is worth noting that, given our focus on long-term performance, TIAA-CREF's fund policy is to remain fully invested rather than shift assets into and out of cash. Detailed performance information about each fund appears on the following pages. Times like these make many investors more attentive to expense charges. According to Lipper Analytical Services, Inc., the annual expenses of the seven TIAA-CREF Institutional Mutual Funds, which range from 0.16 to 0.29 percent after fee waivers, continue to be among the lowest charged by mutual funds with similar investment objectives. Because TIAA-CREF is waiving a portion of management fees for the funds until at least July 1, 2006, our lower expense charges constitute one of the few predictable factors in a turbulent financial environment. We believe that our commitments to disciplined and cost-effective investing are among the reasons that TIAA-CREF was named one of the two most-trusted financial organizations in the nation in a recent survey of 18,000 consumers by American Banker magazine. We are proud to have earned your trust, and, in these challenging times, we intend to continue to show that it is well-founded. /s/ MARTIN L. LEIBOWITZ Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER 2 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 2001 ANNUAL REPORT INSTITUTIONAL INTERNATIONAL EQUITY FUND INVESTMENT OBJECTIVE The TIAA-CREF Institutional International Equity Fund seeks a favorable long-term return, mainly through capital appreciation from a broadly diversified portfolio consisting primarily of foreign equity investments. PORTFOLIO PROFILE - Employs TIAA-CREF's Dual Investment Management Strategy(SM) to achieve returns on international equities. - Indexed portion of the fund aims to slightly exceed the fund's benchmark index, Morgan Stanley Capital International EAFE(R) (Europe, Australasia, Far East). - Actively managed part (35 percent as of 9/30/01) comprises stocks of international companies we believe have strong management and excellent growth prospects. PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2001 The Institutional International Equity Fund posted a return of -32.63 percent for the period, lagging its benchmark, the Morgan Stanley EAFE Index, by 4.13 percentage points and trailing the average similar fund, as measured by the Lipper International Fund Index, by 4.03 points. The fund's performance versus its benchmark suffered largely from an overweight in technology stocks, such as U.K.-based telecommunications equipment companies Marconi PLC and Spirent PLC, as well as Finnish cell phone maker Nokia. Under-weights in industries such as health care and energy also detracted from relative performance, as investor sentiment shifted toward more defensive sectors, including health care and pharmaceuticals, and higher oil prices boosted energy stocks. Rising foreign-market volatility led the fund's managers gradually to reduce the actively managed part of its assets during the year. $10,000 OVER LIFE OF FUND [LINE GRAPH]
INSTITUTIONAL INTERNATIONAL MSCI EAFE LIPPER INTERNATIONAL EQUITY FUND INDEX FUND INDEX ------------------------------------------------------------------------------- Jul 1, 99 $10000 $10000 $10000 9/30/99 10768 10439 10337 12/31/99 14825 12212 12893 3/31/2000 15782 12199 12973 6/30/2000 13960 11716 12364 9/30/2000 12768 10771 11456 12/31/2000 11987 10482 10995 3/31/2001 10198 9042 9560 6/30/2001 10007 8923 9617 9/30/2001 8602 7677 8178
TEN LARGEST HOLDINGS AS OF 9/30/2001
SHARES MARKET VALUE PERCENT OF COMPANY COUNTRY (IN THOUSANDS) (IN MILLIONS) NET ASSETS ---------------------------------------------------------------------------------------------------------- Vodafone Group Plc United Kingdom 1,107.9 $3.87 3.21 Nestle S.A. Switzerland 13.0 2.77 2.30 GlaxoSmithKline Plc United Kingdom 83.5 2.36 1.96 Nokia Oyj Finland 143.0 2.34 1.94 SAP AG Germany 19.4 2.05 1.70 Royal Bank of Scotland Group Plc United Kingdom 87.9 1.94 1.61 BP Plc United Kingdom 36.8 1.81 1.50 British Sky Broadcasting Group Plc United Kingdom 175.4 1.52 1.26 Novartis AG Switzerland 38.0 1.49 1.24 HSBC Holdings Plc United Kingdom 139.1 1.47 1.22
PERFORMANCE AT A GLANCE AS OF 9/30/01
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) EXPENSE NET ASSETS 1 YEAR SINCE INCEPTION(3) 1 YEAR SINCE INCEPTION(3) RATIO (IN MILLIONS) ------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL INTERNATIONAL EQUITY FUND(4) -32.63% -6.47% -32.63% -13.98% 0.29%(5) $120.44 MSCI EAFE Index -28.50 -10.97 -28.50 -22.99 -- -- Lipper International Fund Index -28.60 -8.54 -28.60 -18.20 -- -- -------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the Institutional International Equity Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 1-888-842-9001. (2) Returns for the Institutional International Equity Fund reflect past performance. No assurance can be given that the fund will achieve similar performance returns in the future. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (3) Inception date of the Institutional International Equity Fund was 7/1/99. (4) There are special risks associated with investing in funds that invest primarily in foreign securities, such as the Institutional International Equity Fund. These special risks include erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. (5) The expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006 to waive a portion of the fund's management fee and limit the fund's other expenses. 2001 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 3 INSTITUTIONAL GROWTH EQUITY FUND INVESTMENT OBJECTIVE The TIAA-CREF Institutional Growth Equity Fund seeks a favorable rate of return, mainly through the capital appreciation of a diversified portfolio of common stocks that have the potential for strong growth. PORTFOLIO PROFILE - Employs TIAA-CREF's Dual Investment Management Strategy.(SM) Indexed portion aims to slightly exceed the fund's benchmark, the Russell 3000(R) Growth Index, with low volatility. - Actively managed part of the fund (about 55 percent as of 9/30/01) is concentrated in stocks of rapidly growing companies dominant in products and/or services. - Actively selects international stocks outside of the benchmark as opportunities arise. PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2001 The Institutional Growth Equity Fund posted a return of -47.57 percent for the period, versus -45.37 percent for its benchmark, the Russell 3000(R) Growth Index, and -36.58 percent for the average similar fund as measured by the Lipper Growth Fund Index. The fund's performance in relation to the benchmark was hurt by several individual stock selections. While the fund generally matched its benchmark's weight in technology, several firms that had weathered previous sector weakness saw their share prices fall as the economy softened further and corporate fundamentals deteriorated. In particular, holdings in systems software giant Oracle and data storage leader EMC Corporation, along with an underweight position in IBM, detracted from relative performance. These losses were partially offset by overweights in health care stocks, including medical wholesaler Cardinal Health, hospital chain Tenet Healthcare and drug maker Schering-Plough, computer networker Cisco Systems, consumer products maker Avon, and conglomerate Tyco International. However, the strong performance in these areas did not compensate for the decline in individual technology stocks. $10,000 OVER LIFE OF FUND [LINE GRAPH]
Institutional Russell 3000* Lipper Growth Growth Equity Fund Growth Index Fund Index Jul 1, 99 $10000 $10000 $10000 9/30/99 9703 9624 9482 12/31/99 11880 12097 11436 3/31/2000 13021 12980 12269 6/30/2000 12733 12586 11757 9/30/2000 12033 11921 11600 12/31/2000 9463 9385 10191 3/31/2001 7334 7461 8516 6/30/2001 8004 8143 9111 9/30/2001 6309 6513 7356
- Institutional -- Russell 3000* --- Lipper Growth Growth Equity Fund Growth Index Fund Index TEN LARGEST HOLDINGS AS OF 9/30/2001
SHARES MARKET VALUE PERCENT OF COMPANY (IN THOUSANDS) (IN MILLIONS) NET ASSETS -------------------------------------------------------------------------------------------------------- General Electric Co 299.3 $11.13 7.42 Pfizer, Inc 219.1 8.79 5.86 Microsoft Corp 138.9 7.11 4.74 AOL Time Warner, Inc 141.3 4.68 3.12 Wal-Mart Stores, Inc 91.7 4.54 3.03 American International Group, Inc 53.8 4.20 2.80 Intel Corp 204.9 4.19 2.79 Amgen, Inc 59.3 3.49 2.32 Johnson & Johnson 62.0 3.43 2.29 Home Depot, Inc 80.7 3.10 2.06
PERFORMANCE AT A GLANCE AS OF 9/30/01
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) EXPENSE NET ASSETS 1 YEAR SINCE INCEPTION(3) 1 YEAR SINCE INCEPTION(3) RATIO (IN MILLIONS) --------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL GROWTH EQUITY FUND -47.57% -18.50% -47.57% -36.91% 0.22%(4) $149.98 Russell 3000(R) Growth Index -45.37 -17.36 -45.37 -34.87 -- -- Lipper Growth Fund Index -36.58 -12.75 -36.58 -26.43 -- -- ---------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the Institutional Growth Equity Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 1-888-842-9001. (2) Returns for the Institutional Growth Equity Fund reflect past performance. No assurance can be given that the fund will achieve similar performance returns in the future. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (3) Inception date of the Institutional Growth Equity Fund was 7/1/99. (4) The expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006 to waive a portion of the fund's management fee and limit the fund's other expenses. 4 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 2001 ANNUAL REPORT INSTITUTIONAL GROWTH & INCOME FUND INVESTMENT OBJECTIVE The TIAA-CREF Institutional Growth & Income Fund seeks favorable long-term returns through capital appreciation and investment income, primarily from a broadly diversified portfolio of common stocks. PORTFOLIO PROFILE - Employs TIAA-CREF's Dual Investment Management Strategy.(SM) Indexed portion aims to slightly exceed the fund's benchmark, the S&P 500, with low volatility. - Active portion (about 55 percent as of 9/30/01) primarily buys stocks that are priced attractively, show growth potential, and offer growing dividend income. - Occasionally acquires stocks of foreign-based companies not in the benchmark. PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2001 The Institutional Growth and Income Fund posted a return of -27.66 percent for the period, versus -26.62 percent for its benchmark, the S&P 500 Index, and -16.92 percent for the average similar fund as measured by the Lipper Growth & Income Fund Index. The fund's performance in comparison to the benchmark benefited from successful stock selection within the health care sector, including hospital chain Tenet Healthcare. It was also helped by a slight overweight versus the benchmark in the energy sector, including a position in U.S. oil and gas producer Consolidated Energy. Financial-services holdings such as FleetBoston Financial and a position in diversified conglomerate Tyco International also enhanced performance. These factors, however, were more than offset by weak performance in other industries--particularly technology and tele-communications--as well as by the timing of certain investments within them. For example, the fund's overweight in computer chipmaker PMC-Sierra was hurt by the flight of investors from growth stocks to more defensive ones. In addition, the fund was underweight in Verizon Communications at a point when telecommunications stocks had hit historic lows and began to attract investors again. $10,000 OVER LIFE OF FUND [LINE GRAPH]
INSTITUTIONAL GROWTH & INCOME S&P 500 LIPPER GROWTH & FUND INDEX INCOME FUND INDEX -------------------------------------------------------------------------------- 6/30/99 $ 1000 $ 1000 $ 1000 9/30/99 9337 9376 9200 12/31/99 10822 10771 10025 3/31/2000 11187 11018 10194 6/30/2000 10894 10725 9937 9/30/2000 10841 10621 10229 12/31/2000 9962 9790 10063 3/31/2001 8711 8629 9272 6/30/2001 9176 9134 9775 9/30/2001 7842 7794 8498
TEN LARGEST HOLDINGS AS OF 9/30/2001
SHARES MARKET VALUE PERCENT OF COMPANY (IN THOUSANDS) (IN MILLIONS) NET ASSETS ------------------------------------------------------------------------------------------------------- General Electric Co 186.1 $6.92 4.07 Microsoft Corp 109.3 5.59 3.29 Pfizer, Inc 131.6 5.28 3.11 Exxon Mobil Corp 121.0 4.77 2.81 American International Group, Inc 55.6 4.34 2.55 Citigroup, Inc 98.9 4.01 2.36 Tyco International Ltd 78.8 3.59 2.11 Wal-Mart Stores, Inc 71.7 3.55 2.09 Johnson & Johnson 55.3 3.06 1.80 AOL Time Warner, Inc 83.3 2.76 1.62
PERFORMANCE AT A GLANCE AS OF 9/30/01
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) EXPENSE NET ASSETS 1 YEAR SINCE INCEPTION(3) 1 YEAR SINCE INCEPTION(3) RATIO (IN MILLIONS) ------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL GROWTH & INCOME FUND -27.66% -10.23% -27.66% -21.58% 0.22%(4) $169.88 S&P 500 Index -26.62 -10.49 -26.62 -22.06 -- -- Lipper Growth & Income Fund Index -16.92 -6.97 -16.92 -15.01 -- -- -------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the Institutional Growth & Income Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 1-888-842-9001. (2) Returns for the Institutional Growth & Income Fund reflect past performance. No assurance can be given that the fund will achieve similar performance returns in the future. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (3) Inception date of the Institutional Growth & Income Fund was 7/1/99. (4) The expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006 to waive a portion of the fund's management fee and limit the fund's other expenses. 2001 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 5 INSTITUTIONAL EQUITY INDEX FUND INVESTMENT OBJECTIVE The TIAA-CREF Institutional Equity Index Fund seeks favorable long-term returns through capital appreciation and investment income, primarily from a broadly diversified portfolio of common stocks. PORTFOLIO PROFILE - Tracks the overall market for common stocks publicly traded in the United States. - Is benchmarked to the Russell 3000(R) Index. - Uses a sampling approach to create a portfolio that closely matches the investment characteristics of the Russell 3000 Index without actually investing in all 3,000 stocks in the index. PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2001 The Institutional Equity Index Fund posted a return of -27.71 percent for the period, outperforming its benchmark, the Russell 3000(R) Index, by 0.20 percentage points. The slowdown in the U.S. economy that began last year continued through the third quarter of 2001. The terrorist attacks of September 11 dashed hopes for a quick economic recovery, thwarting consumer confidence and pushing key segments of the economy, including the travel industry, into serious decline. In response, the Federal Reserve, which had already cut the federal discount rate seven times during 2001 in an effort to ward off a recession, reduced the rate an additional half a percentage point on September 17. Congress went to work on a large spending program designed to help New York City rebuild and to stimulate the national economy. Stock prices, which declined throughout the twelve-month period, were further jolted by the September attacks, and the Russell 3000 ended the period with a loss of 27.91 percent. Index portfolios, which seek to match the risk and return profile of the market, performed accordingly, with minor differences resulting from slight deviations between a fund's holdings and those of its benchmark, the size of the fund's cash holdings, or a combination of the two. $10,000 OVER LIFE OF FUND [LINE GRAPH]
Institutional Russell 3000* Equity Index Fund Index --------------------------------------------------- 6/30/99 $10000 $10000 9/30/99 9340 9342 12/31/99 10828 10857 3/31/2000 11253 11352 6/30/2000 10877 10973 9/30/2000 10960 11041 12/31/2000 9990 10047 3/31/2001 8750 8826 6/30/2001 9350 9433 9/30/2001 7933 7959
TEN LARGEST HOLDINGS AS OF 9/30/2001
SHARES MARKET VALUE PERCENT OF COMPANY (IN THOUSANDS) (IN MILLIONS) NET ASSETS ------------------------------------------------------------------------------------------------------- General Electric Co 95.4 $3.55 3.50 Exxon Mobil Corp 66.6 2.63 2.59 Pfizer, Inc 60.8 2.44 2.41 Microsoft Corp 42.4 2.17 2.14 Citigroup, Inc 50.4 2.04 2.02 American International Group, Inc 22.3 1.74 1.72 Johnson & Johnson 29.5 1.63 1.61 International Business Machines Corp 16.8 1.55 1.53 SBC Communications, Inc 32.6 1.54 1.52 Merck & Co, Inc 22.2 1.48 1.46
PERFORMANCE AT A GLANCE AS OF 9/30/01
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) EXPENSE NET ASSETS 1 YEAR SINCE INCEPTION(3) 1 YEAR SINCE INCEPTION(3) RATIO (IN MILLIONS) --------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL EQUITY INDEX FUND -27.71% -9.77% -27.71% -20.67% 0.17%(4) $101.25 Russell 3000(R) Index -27.91 -9.65 -27.91 -20.41 -- -- ---------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the Institutional Equity Index Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 1-888-842-9001. (2) Returns for the Institutional Equity Index Fund reflect past performance. No assurance can be given that the fund will achieve similar performance returns in the future. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (3) Inception date of the Institutional Equity Index Fund was 7/1/99. (4) The expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006 to waive a portion of the fund's management fee and limit the fund's other expenses. 6 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 2001 ANNUAL REPORT INSTITUTIONAL SOCIAL CHOICE EQUITY FUND INVESTMENT OBJECTIVE The TIAA-CREF Institutional Social Choice Equity Fund seeks a favorable long-term rate of return that reflects the investment performance of the U.S. stock market while giving special consideration to certain social criteria. PORTFOLIO PROFILE - Attempts to track the return of the S&P 500 Index by investing in companies that meet the fund's social criteria. - Current social criteria exclude investing in companies that do damage to the natural environment, have significant business in weapons production or gaming or gambling operations, produce or market alcohol or tobacco products, or produce nuclear energy. - Does not invest in stocks of U.S. firms with operations in Northern Ireland that have not adopted the MacBride Principles or the Fair Employment Act of 1989 (Northern Ireland). PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2001 The Institutional Social Choice Equity Fund posted a return of -25.99 percent for the period, versus -26.62 percent for its benchmark, the S&P 500, and -16.92 percent for the average similar fund as measured by the Lipper Growth & Income Fund Index. (Neither index employs social screens such as those used by the fund.) The portfolio benefited from social criteria that prohibit its owning shares in companies such as General Electric, which fails the fund's defense and nuclear power screens, as well as utility stocks such as AES Corp. and health care firms including drug maker Pharmacia, both of which fail its environmental screen. Overweight positions, in comparison to the benchmark, in health care names such as Johnson & Johnson and Merck & Co. and consumer noncyclicals including Procter & Gamble helped boost performance. Underweights in the energy sector, along with the fund's inability to own shares in ExxonMobil Corp., which fails its environmental screen, resulted in a slight drag on relative performance. $10,000 OVER LIFE OF FUND [LINE GRAPH]
INSTITUTIONAL SOCIAL CHOICE S&P 500 LIPPER GROWTH & EQUITY FUND INDEX INCOME FUND IDEX --------------------------------------------------------------------------------- Jul 1, 99 $10000 $10000 $10000 9/30/99 9364 9376 9200 12/31/99 10650 10771 10025 3/31/2000 11013 11018 10194 6/30/2000 10803 10725 9937 9/30/2000 10660 10621 10229 12/31/2000 9943 9790 10063 3/31/2001 8734 8629 9272 6/30/2001 9108 9134 9775 9/30/2001 7889 7794 8498
TEN LARGEST HOLDINGS AS OF 9/30/2001
SHARES MARKET VALUE PERCENT OF COMPANY (IN THOUSANDS) (IN THOUSANDS) NET ASSETS ------------------------------------------------------------------------------------------------------- Microsoft Corp 15.8 $808.5 3.06 American International Group, Inc 10.0 776.6 2.93 Citigroup, Inc 17.2 695.8 2.63 Johnson & Johnson 11.8 652.7 2.47 Wal-Mart Stores, Inc 13.0 643.5 2.43 Pfizer, Inc 15.5 621.6 2.35 Merck & Co, Inc 8.4 559.4 2.11 International Business Machines Corp 5.6 516.9 1.95 SBC Communications, Inc 10.7 503.0 1.90 Verizon Communications, Inc 8.9 481.6 1.82
PERFORMANCE AT A GLANCE AS OF 9/30/01
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) EXPENSE NET ASSETS 1 YEAR SINCE INCEPTION(3) 1 YEAR SINCE INCEPTION(3) RATIO (IN MILLIONS) ------------------------------------------------------------------------------------------------------------------------------ INSTITUTIONAL SOCIAL CHOICE EQUITY FUND -25.99% -9.99% -25.99% -21.11% 0.18%(4) $26.46 S&P 500 Index -26.62 -10.49 -26.62 -22.06 -- -- Lipper Growth & Income Fund Index -16.92 -6.97 -16.92 -15.01 -- -- ------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the Institutional Social Choice Equity Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 1-888-842-9001. (2) Returns for the Institutional Social Choice Equity Fund reflect past performance. No assurance can be given that the fund will achieve similar performance returns in the future. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (3) Inception date of the Institutional Social Choice Equity Fund was 7/1/99. (4) The expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006 to waive a portion of the fund's management fee and limit the fund's other expenses. 2001 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 7 INSTITUTIONAL BOND FUND INVESTMENT OBJECTIVE The TIAA-CREF Institutional Bond Fund seeks a favorable long-term rate of return, primarily through high current income consistent with preserving capital. PORTFOLIO PROFILE - Aims to match the risk characteristics of the benchmark, so returns should be similar to those of the benchmark index. - Overweights investments in undervalued securities as compared with the benchmark, and underweights investments in overvalued securities as compared with the benchmark. - Utilizes sector allocation strategies to maintain optimum portfolio structure. PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2001 The Institutional Bond Fund returned 13.21 percent for the period, 0.26 percentage points ahead of its benchmark, the Lehman Brothers Aggregate Bond Index, and 0.78 points ahead of the average similar fund as measured by the Lipper Intermediate Investment Grade Debt Index. The economic slowdown saw shifts in investor perception and Federal Reserve policy. In late 2000, with investors expecting tougher economic times, there was a rally in U.S. Treasury securities at the expense of corporate bonds and mortgage-backed securities. The ensuing series of interest rate cuts reversed that pattern, but by late summer hopes for a quick recovery were fading, and they were dashed by the events of September 11. The fund's holdings closely matched those of its benchmark throughout the year, but relative performance was boosted by holdings in U.S. inflation-linked bonds, the top-performing asset class in the fixed-income universe. $10,000 OVER LIFE OF FUND [LINE GRAPH]
Institutional Lehman Brothers Lipper Intermediate Bond Fund Aggregate Bond Index Investment Grade Debt Index ------------------------------------------------------------------------------------- 7/1/99 $10000 $10000 $10000 9/30/99 10067 10068 10064 12/31/99 10059 10056 10044 3/31/2000 10278 10278 10242 6/30/2000 10451 10456 10375 9/30/2000 10779 10772 10679 12/31/2000 11237 11225 11107 3/31/2001 11546 11565 11455 6/30/2001 11620 11631 11506 9/30/2001 12203 12167 12007
TOP FIVE MARKET SECTORS AS OF 9/30/2001 Mortgage-backed securities* 44.5% Corporate bonds 22.4 U.S. Treasury securities 20.9 U.S. agency securities 10.3 Foreign Government Bonds 1.1 ----------------------------------------------------------------------------------------------
* Includes government-backed, private-label, and asset-backed securities. INSTITUTIONAL BOND FUND VS. BENCHMARK: RISK CHARACTERISTICS
AVERAGE LIFE OPTION ADJUSTED DURATION MEASURE* (in years) 9/30/2001 (in years) 9/30/2001 -------------------------------------------------------------------------------------------- Institutional Bond Fund 7.37 4.52 Lehman Brothers Aggregate Bond Index 7.40 4.51 --------------------------------------------------------------------------------------------
* As calculated using an analytical model developed by Capital Management Sciences, a widely recognized investment research firm. PERFORMANCE AT A GLANCE AS OF 9/30/01
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES ANNUAL RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) EXPENSE NET ASSETS 1 YEAR SINCE INCEPTION(3) 1 YEAR SINCE INCEPTION(3) RATIO (IN MILLIONS) ----------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL BOND FUND 13.21% 9.24% 13.21% 22.03% 0.19%4 $304.54 Lehman Brothers Aggregate Bond Index 12.95 9.11 12.95 21.67 -- -- Lipper Intermediate Investment Grade Debt Index 12.43 8.47 12.43 20.07 -- --
(1) Due to market volatility, recent performance of the Institutional Bond Fund may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/imf-performance.html or call 1-888-842-9001. (2) Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (3) Inception date of the Institutional Bond Fund was 7/1/99. (4) The expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006 to waive a portion of the fund's management fee and limit the fund's other expenses. 8 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 2001 ANNUAL REPORT INSTITUTIONAL MONEY MARKET FUND INVESTMENT OBJECTIVE The TIAA-CREF Institutional Money Market Fund seeks high current income, to the extent consistent with maintaining liquidity and preserving capital. PORTFOLIO PROFILE - Invests in money market securities classified as "first-tier securities," which are ranked in the highest category by nationally recognized statistical rating organizations. - Average weighted maturity of 90 days or less. - Longest maturity will be 397 days. PERFORMANCE FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2001 The Institutional Money Market Fund returned 5.16 percent for the period, 0.46 percentage points ahead of its benchmark, the iMoneyNet Money Fund Report Average(TM)--All Taxable, and 0.66 points ahead of the average similar fund as measured by the Lipper Money Market Funds' Average. The U.S. economic slowdown led the fund's managers to make significant changes in the fund's asset mix over the period, starting before the Federal Reserve began its string of eight short-term interest rate cuts in early 2001. The fund increased its holdings in U.S. government agency securities from 8 to 48 percent of the portfolio and decreased its exposure to commercial paper from 92 to 49 percent. It also established a 3-percent position in bank liabilities at the end of the third quarter of 2001. The fund's weighted average maturity ranged from 31 to 54 days during the period, versus 44 to 56 days for its benchmark. With short-term rates falling, it aims to maintain an average weighted maturity longer than the benchmark's for Fiscal 2002. $10,000 OVER LIFE OF FUND [LINE GRAPH]
Institutional iMoneyNet Money Fund Lipper Money Market Money Market Fund Report Average(TM)--All Taxable Funds Average -------------------------------------------------------------------------------------------------- Jul 1, 99 $10000 $10000 $10000 9/30/99 10128 10115 10110 12/31/99 10270 10241 10234 3/31/2000 10420 10375 10365 6/30/2000 10581 10521 10506 9/30/2000 10755 10680 10659 12/31/2000 10932 10843 10816 3/31/2001 11084 10983 10952 6/30/2001 11210 11095 11056 9/30/2001 11310 11184 11138
ASSET ALLOCATION AS OF 9/30/2001 [PIE CHART] Commercial Paper 49% Bank Notes 3% U.S. Government Agency Securities 48% PERFORMANCE AT A GLANCE AS OF 9/30/01
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) 1 YEAR SINCE INCEPTION(2) 1 YEAR SINCE INCEPTION(2) ----------------------------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND 5.16% 5.62% 5.16% 13.10% iMoneyNet Money Fund Report Average(TM)--All Taxable 4.70 5.09 4.70 11.84 Lipper Money Market Funds Average 4.50 4.94 4.50 11.46 -----------------------------------------------------------------------------------------------------------
ANNUAL NET ANNUALIZED YIELD EXPENSE AVERAGE MATURITY NET ASSETS FOR THE 7 DAYS ENDED 9/25/01 RATIO (DAYS) AS OF 9/25/01 (IN MILLIONS) CURRENT EFFECTIVE ------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND 0.16%(3) 35 $35.04 2.99% 3.08% iMoneyNet Money Fund Report Average(TM)--All Taxable 0.46 55 -- 2.56 2.59 Lipper Money Market Funds Average -- -- -- -- -- -------------------------------------------------------------------------------------------------------------------------------
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Institutional Money Market Fund. Future returns will fluctuate. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund. The current yield more closely reflects the Institutional Money Market Fund's current earnings than does the total return. (2) Inception date of the Institutional Money Market Fund was 7/1/99. (3) The expense ratio and performance return of the fund reflect contractual agreements in place through July 1, 2006 to waive a portion of the fund's management fee and limit the fund's other expenses. LIKE THE OTHER INSTITUTIONAL FUNDS, THE TIAA-CREF INSTITUTIONAL MONEY MARKET FUND IS NOT A DEPOSIT OF ANY BANK AND IS NEITHER INSURED NOR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER U.S. GOVERNMENT AGENCY. 2001 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 9 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS SUMMARY BY COUNTRY September 30, 2001
------------------------------------------------------------------ VALUE % ------------------------------------------------------------------ FOREIGN: AUSTRALIA $ 4,141,809 3.39% AUSTRIA 73,175 0.06 BELGIUM 680,638 0.56 BERMUDA 109,484 0.09 CAYMAN ISLANDS 2,321 0.00 DENMARK 572,819 0.47 FINLAND 2,676,157 2.19 FRANCE 8,139,006 6.65 GERMANY 7,651,270 6.26 GREECE 258,173 0.21 HONG KONG 1,471,764 1.20 IRELAND 1,125,418 0.92 ITALY 2,984,749 2.44 JAPAN 25,473,606 20.83 NETHERLANDS 11,245,257 9.19 NEW ZEALAND 66,019 0.05 NORWAY 693,010 0.57 PORTUGAL 445,062 0.36 SINGAPORE 693,991 0.57 SPAIN 2,499,252 2.04 SWEDEN 1,437,941 1.18 SWITZERLAND 9,056,060 7.40 UNITED KINGDOM 34,543,486 28.24 ------------- ------- TOTAL FOREIGN 116,040,467 94.87 SHORT TERM INVESTMENT 6,280,000 5.13 ------------- ------- TOTAL PORTFOLIO $ 122,320,467 100.00% ============= =======
10 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS September 30, 2001
---------------------------------------------------------------- PRINCIPAL/SHARES VALUE ---------------------------------------------------------------- CORPORATE BONDS -- 0.00% AEROSPACE AND DEFENSE -- 0.00% BAE SYSTEMS PLC $ 392(1) 7.45%, 11/30/03 $ 409 ------------ TOTAL AEROSPACE AND DEFENSE 409 ------------ TOTAL CORPORATE BONDS (Cost $415) 409 ------------ ----------- (1) Denominated in British Pounds PREFERRED STOCK -- 0.09% CONSUMER CYCLICAL -- 0.08% 270 HUGO BOSS AG. 4,898 415 MAN AG. 5,329 10,481 NEWS CORP LTD (SPON ADR) 56,379 88 PORSCHE AG. 22,439 710 PROSIEBEN SAT.1 MEDIA AG. 3,330 ------------ TOTAL CONSUMER CYCLICAL 92,375 ------------ HEALTH CARE -- 0.01% 279 FRESENIUS MEDICAL CARE 15,118 ------------ TOTAL HEALTH CARE 15,118 ------------ TOTAL PREFERRED STOCK (Cost $170,000) 107,493 ------------ COMMON STOCK -- 96.26% AEROSPACE AND DEFENSE -- 0.54% 103,595 BAE SYSTEMS PLC 503,959 3,422 EUROPEAN AERONAUTIC DEFENSE AND SPACE 36,929 7,543 ROLLS-ROYCE PLC 14,411 6,888 SMITHS GROUP PLC 66,611 638 THALES S.A. 23,241 51 ZODIAC S.A. 7,756 ------------ TOTAL AEROSPACE AND DEFENSE 652,907 ------------ BASIC INDUSTRIES -- 6.95% 488 ACERINOX S.A. 12,043 533 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. 12,809 2,877 AGGREKO PLC 17,547 3,768 AKZO NOBEL NV 153,698 84 ALUMINUM OF GREECE S.A.I.C. 2,227 7,675 AMCOR LTD 23,596 2,835 AMEC PLC 16,833 16,000 ASAHI KASEI CORP 53,722 815 ASSIDOMAN AB 19,825 2,748 BARRATT DEVELOPMENTS PLC 12,196 7,603 BASF AG. 269,140 9,445 BAYER AG. 270,435 1,543 BERKELEY GROUP PLC 13,266 83,088 BHP BILLITON LTD 351,815 26,815 BHP BILLITON PLC 110,249 6,185 BOC GROUP PLC 85,219 104 BOHLER-UDDEHOLM AG. (BR) 4,399
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 6,813 BORAL LTD $ 9,884 5,422 BPB PLC 19,523 528 BUDERUS AG. 13,007 880 BUHRMANN NV 5,201 8,647 CARTER HOLT HARVEY LTD 5,205 5,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD 8,205 771 CIBA SPECIALTY CHEMICALS AG. (REGD) 45,787 927 CIMPOR-CIMENTOS DE PORTUGAL 15,196 1,671 CLARIANT AG. (REGD) 25,015 981 COMPAGNIE DE SAINT-GOBAIN S.A. 134,904 39,275 * CORUS GROUP PLC 25,253 6,803 CRH PLC (IRELAND) 100,987 32,153 CRH PLC (UNITED KINGDOM) 477,296 40,423 * CSR LTD 124,680 3,871 DAICEL CHEMICAL INDUSTRIES LTD 10,755 7,000 DAINIPPON INK & CHEMICAL, INC 12,927 1,000 DAITO TRUST CONSTRUCTION CO LTD 16,158 5,000 DAIWA HOUSE INDUSTRY CO LTD 36,514 4,110 DENKI KAGAKU KOGYO K K 8,280 2,000 DOWA MINING CO LTD 7,051 371 ELKEM ASA 6,295 3,200 FLETCHER BUILDING LTD 3,384 21,800 * FLETCHER CHALLENGE LTD (FORESTS DIVISION) 2,305 512 FOMENTO CONSTRUCCIONES Y CONTRATAS S.A. 9,931 15 FORBO HOLDING AG. (REGD) 3,897 2,183 GRUPO DRAGADOS S.A. 26,739 68,802 HANSON PLC 481,070 324 HEIDELBERGER ZEMENT AG. (GERMANY) 12,392 29,961 HEIJMANS NV 547,078 473 HELLENIC TECHNODOMIKI S.A. 2,550 265 HOGANAS AB SERIES B 3,775 291 HOLCIM LTD (BR) 54,724 301 HOLCIM LTD (REGD) 12,103 598 HOLMEN AB SERIES B FREE 10,930 1,762 ILUKA RESOURCES LTD 2,913 83 IMERYS S.A. 7,301 9,256 IMPERIAL CHEMICAL INDUSTRIES PLC 38,906 15,351 INAX CORP 92,005 3,000 * ISHIHARA SANGYO KAISHA LTD 4,558 1,031 ITALCEMENTI S.P.A. 7,060 26,109 JAMES HARDIE INDUSTRIES LTD 58,626 12,730 JEFFERSON SMURFIT GROUP PLC 21,795 30,000 JGC CORP 218,584 2,783 JOHNSON MATTHEY PLC 37,425 2,000 JSR CORP 12,423 64,000 KAJIMA CORP 233,694 2,532 KANEKA CORP 16,323 25,000 * KAWASAKI STEEL CORP 25,812 1,567 KINDEN CORP 10,036 1,902 LAFARGE S.A. (BR) 154,942 1,225 L'AIR LIQUIDE S.A. 171,805 1,789 LEIGHTON HOLDINGS LTD 8,387 1,050 LINDE AG. 40,659 47 LONZA AG. (REGD) 26,748
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 11 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- BASIC INDUSTRIES -- (CONTINUED) 5,000 MATSUSHITA ELECTRIC WORKS LTD $ 40,250 78 MAYR-MELNHOF KARTON AG. 3,848 18,772 MIM HOLDINGS LTD 7,781 19,737 MITSUBISHI CHEMICAL CORP 41,916 4,000 MITSUBISHI GAS CHEMICAL CO, INC 7,588 11,000 MITSUBISHI MATERIALS CORP 18,282 2,000 MITSUBISHI PAPER MILLS LTD 3,189 6,000 MITSUI CHEMICALS, INC 17,577 6,312 MITSUI MINING & SMELTING CO LTD 16,425 2,000 NATSTEEL LTD 843 3,085 NEWCREST MINING LTD 5,389 1,000 NIPPON KAYAKU CO LTD 4,381 2,000 NIPPON SANSO CORP 5,187 1,000 NIPPON SHOKUBAI CO LTD 3,878 70,000 * NIPPON STEEL CORP 89,314 11 NIPPON UNIPAC HOLDING 57,710 3,000 NISHIMATSU CONSTRUCTION CO LTD 13,623 2,000 NISSAN CHEMICAL INDUSTRIES LTD 12,977 42,000 * NKK CORP 30,319 1 NORD-EST S.A. 24 19,299 * NORMANDY MINING LTD 12,857 1,331 NORSKE SKOGINDUSTRIER ASA 19,808 5,571 NOVAR PLC 10,562 599 NOVOZYMES AS (CLASS B) 13,278 8,000 OBAYASHI CORP 37,068 9,000 OJI PAPER CO LTD 45,253 2,000 OKUMURA CORP 8,125 6,307 ONESTEEL LTD 2,832 3,311 ORICA LTD 7,091 7,162 ORIGIN ENERGY LTD 10,709 1,029 OUTOKUMPU OYJ SERIES A 8,152 3,876 PAPERLINX LTD 7,727 762 PECHINEY S.A. SERIES A 28,799 13,131 PILKINGTON PLC 21,035 1,224 RAUTARUUKKI OYJ SERIES K 4,403 4,672 REXAM PLC 23,912 125 RHI AG. 1,479 4,010 RIO TINTO LTD 61,842 14,259 RIO TINTO LTD PLC (REGD) 224,234 3,303 RMC GROUP PLC 28,252 223 SAPA AB 2,863 7,250 SEKISUI CHEMICAL CO LTD 20,691 6,365 SEKISUI HOUSE LTD 50,490 4,000 SEMBCORP MARINE LTD 1,811 28,000 SHIMIZU CORP 130,445 12,903 SHIN-ETSU CHEMICAL CO LTD 362,839 11,000 * SHOWA DENKO KK 11,172 4,853 SKANSKA AB SERIES B FREE 31,616 4,408 SNIA S.P.A. 5,198 684 SOLVAY S.A. 35,631 1,193 SONS OF GWALIA LTD 3,797 8,297 STORA ENSO OYJ R SHS 92,562 2,000 SUMITOMO BAKELITE CO LTD 13,178 13,436 SUMITOMO CHEMICAL CO LTD 48,271 1,000 SUMITOMO FORESTRY CO LTD 5,875 45,000 * SUMITOMO METAL INDUSTRIES LTD 20,020
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 6,036 SUMITOMO METAL MINING CO LTD $ 17,733 3,000 SUMITOMO OSAKA CEMENT CO LTD 5,036 2,355 SVENSKA CELLULOSA AKTIEBOLAGET SCA SERIES B 51,215 715 SVENSKT STAL AB (SAAB) SERIES A 5,127 235 SVENSKT STAL AB SERIES B 1,608 1,322 * SYNGENTA AG. 66,814 12,000 TAIHEIYO CEMENT CORP 29,816 10,000 TAISEI CORP 31,730 7,292 TAYLOR WOODROW PLC 17,736 721 TECHNICAL OLYMPIC S.A. 1,103 4,098 THYSSENKRUPP AG. 42,172 337 TITAN CEMENT CO. S.A. 10,477 2,000 TODA CORP 7,957 5,000 TOSOH CORP 9,065 8,000 TOSTEM INAX HOLDING CORP 112,818 3,000 TOTO LTD 16,242 1,815 TOYO SEIKAN KAISHA LTD 24,605 4,675 * TRANSURBAN GROUP 10,312 829 TRELLEBORG AB SERIES B FREE 5,400 9,286 UBE INDUSTRIES LTD 14,654 199 UMICORE 7,521 3,148 UPM-KYMMENE OYJ 89,734 440 UPONOR OYJ 6,150 2,396 USINOR S.A. 19,202 697 VINCI S.A. 40,942 905 VIOHALCO S.A. 6,626 171 VOEST-ALPINE AG. 4,671 347 WIENERBERGER AG. 5,157 4,051 WIMPEY (GEORGE) PLC 10,567 35,886 WMC LTD 139,907 137,570 WOLSELEY PLC 867,380 ------------ TOTAL BASIC INDUSTRIES 8,371,877 ------------ CONSUMER CYCLICAL -- 12.22% 2,350 ACCOR S.A. 66,773 2,225 AEON CO LTD 44,638 4,466 AIRTOURS PLC 10,551 877 AOYAMA TRADING CO LTD 10,159 8,920 ARISTOCRAT LEISURE LTD 27,820 400 ASATSU-DK, INC 9,401 300 AUTOBACS SEVEN CO LTD 7,806 1,372 AUTOGRILL S.P.A. 9,421 200 AVEX, INC 7,386 100 * AVEX, INC (NEW) 3,693 500 BAYCORP HOLDINGS LTD 2,237 5,031 BBA GROUP PLC 16,562 176 BEKAERT S.A. 5,850 810 BENETTON GROUP S.P.A. 7,634 8,000 BRIDGESTONE CORP 55,804 175,355 * BRITISH SKY BROADCASTING GROUP PLC 1,521,832 1,695 BULGARI S.P.A. 12,596 711 CANAL PLUS S.A. 2,292 300 CAPCOM CO LTD 6,194 6,858 CARLTON COMMUNICATIONS PLC 13,354 2,000 CASIO COMPUTER CO LTD 11,113
12 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- CONSUMER CYCLICAL -- (CONTINUED) 796 CASTORAMA-DUBOIS INVESTISSEMENTS S.A. $ 36,971 124 CHARLES VOEGELE HOLDING AG. 5,308 134 CLUB MEDITERRANEE S.A. 4,515 15,065 COLES MYER LTD 51,373 154,054 COMPASS GROUP PLC 1,074,330 1,260 CONTINENTAL AG. 12,392 2,000 CYCLE & CARRIAGE LTD 3,260 5,000 * DAIEI, INC 5,162 3,989 DAILY MAIL & GENERAL TRUST PLC 33,710 2,000 DAIMARU, INC 7,789 3,521 DAIMLERCHRYSLER AG. (REGD) 104,823 7,421 * DAIMLERCHRYSLER (U.S.A.) (REGD) 222,481 8,027 DAVID JONES LTD 4,555 6,600 DENSO CORP 94,182 27 D'IETEREN S.A. 3,356 24,286 DIXONS GROUP PLC 65,764 268 DOUGLAS HOLDING AG. 6,912 82,924 ELSEVIER UTIGEVERSMIJ NV 967,405 608 * EM.TV & MERCHANDISING AG. 891 9,837 EMI GROUP PLC 34,264 6,226 ESPRIT HOLDINGS LTD 5,907 600 FAMILYMART CO LTD 11,634 300 FAST RETAILING CO LTD 33,719 4,629 FIAT S.P.A. 79,676 2,000 FIRST CAPITAL CORP LTD (SINGAPORE) 1,047 1,000 FISHER & PAYKEL INDUSTRIES LTD 5,064 142 FOLLI-FOLLIE S.A. 2,115 12,632 FUJI PHOTO FILM CO LTD 434,745 3 FUJI TELEVISION NETWORK, INC 14,958 88,000 GIORDANO INTERNATIONAL LTD 39,771 9,131 GKN PLC 36,837 35,620 GRANADA PLC 48,686 956 GROUPE BRUXELLES LAMBERT S.A. 46,579 736 GRUPO PRISA S.A. 5,295 2,172 GRUPPO EDITORIALE L'ESPRESSO S.P.A. 4,549 2,000 GUNZE LTD 6,933 13,688 GUS PLC 108,633 1,000 HANKYU DEPARTMENT STORES, INC 5,875 230 HELLENIC DUTY FREE SHOPS S.A. 1,855 6,453 HENNES & MAURITZ AB SERIES B 110,998 19,332 HILTON GROUP PLC 51,994 2,000 * HINO MOTORS LTD 6,346 16,881 HONDA MOTOR CO LTD 548,388 4,123 INDEPENDENT NEWS & MEDIA PLC 6,157 1,300 INDEPENDENT NEWSPAPERS LTD 1,634 2,000 ISETAN CO LTD 18,635 8,452 ITO-YOKADO CO LTD 375,313 5,303 JOHN FAIRFAX HOLDINGS LTD 8,243 5,000 * KANEBO LTD 9,107 503 KARSTADT QUELLE AG. 15,071 525 KESKO OYJ SERIES B 4,279 15,815 KINGFISHER PLC 72,054 1,300 KONAMI CO LTD 31,591 663 KONINKLIJKE VENDEX KBB NV 4,860
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 28 KUONI REISEN HOLDING (REGD) (CLASS B) $ 5,023 4,000 KURARAY CO LTD 23,167 1,403 LAGARDERE SCA 44,209 280 LAMBRAKIS PRESS S.A. 1,004 600 LAWSON, INC 23,671 3,121 LVMH MOET HENNESSY LOUIS VUITTON S.A. 99,196 909 MAN AG. 15,314 35,733 MARKS & SPENCER PLC 133,917 3,354 MARUI CO LTD 45,947 36,931 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD 452,609 8,041 MEDIASET S.P.A. 45,109 1,759 MICHELIN S.A. (CLASS B) 46,376 6,000 MITSUBISHI RAYON CO LTD 16,721 4,000 MITSUKOSHI LTD 12,423 707 * MODERN TIMES GROUP (CLASS B) 12,658 1,556 MONDADORI (ARNOLDO) EDITORE S.P.A. 7,935 3,000 * MYCAL CORP 125 400 NAMCO LTD 6,043 53,128 NEWS CORP LTD (ORD) 325,113 4,221 NEXT PLC 55,522 3,000 NGK INSULATORS LTD 22,991 1,035 * NH HOTELES S.A. 9,095 2,740 NINTENDO CO LTD 393,531 88,688 NISSAN MOTOR CO LTD 369,999 2,000 NISSHINBO INDUSTRIES, INC 9,048 15,000 ONWARD KASHIYAMA CO LTD 162,553 572 ORIENTAL LAND CO LTD 35,290 1,000 OVERSEAS UNION ENTERPRISE LTD 3,028 8,136 P & O PRINCESS CRUISES PLC 26,814 300 PARIS MIKI, INC 8,562 10,036 PEARSON PLC 107,526 2,486 PEUGEOT CITROEN S.A. 92,598 827 PINAULT-PRINTEMPS-REDOUTE S.A. 91,207 1,836 * PIONEER CORP 36,911 10,511 PIRELLI S.P.A. 15,239 1,858 PREUSSAG AKTIEGESELLSCHAFT AG. 44,772 139 PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA (NEW) 746 899 PUBLICIS GROUPE S.A. 15,146 19 PUBLIGROUPE S.A. (REGD) 2,820 1,260 PUBLISHING & BROADCASTING LTD 5,391 6,105 RANK GROUP PLC 16,890 17,093 REED INTERNATIONAL PLC 141,057 1,517 RENAULT S.A. 44,209 19,130 REUTERS GROUP PLC 168,411 230 SAIZERIYA CO LTD 7,529 500 SANRIO CO LTD 3,962 19,770 SANYO ELECTRIC CO LTD 72,853 597 SCHIBSTED ASA 5,519 64,399 * SEAT-PAGINE GIALLE S.P.A. 47,388 1,000 * SEGA CORP 13,388 2,000 * SEIYU LTD 4,549
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 13 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- CONSUMER CYCLICAL -- (CONTINUED) 279 * SERVICOS TELECOMUNICACOE MULTIMEDIA S.A. $ 1,499 5,000 SEVEN-ELEVEN JAPAN CO LTD 202,300 10,000 SHANGRI-LA ASIA LTD 5,384 11,317 SHARP CORP 101,646 600 SHIMACHU CO LTD 9,216 1,141 SHIMAMURA CO LTD 68,864 800 SHIMANO, INC 10,079 20,205 SIGNET GROUP PLC 18,411 4,000 SINGAPORE PRESS HOLDINGS LTD 35,780 11,836 SIX CONTINENTS PLC 107,851 900 SKY CITY ENTERTAINMENT GROUP LTD 4,027 1,130 SKYLARK CO LTD 26,369 1,215 SODEXHO ALLIANCE S.A. 51,452 728 SOL MELIA S.A. 4,919 11,331 SONY CORP 417,553 14,000 SOUTH CHINA MORNING POST LTD 6,731 4,823 TAB LTD 6,093 1,519 TABCORP HOLDINGS LTD 6,971 3,000 TAKASHIMAYA CO LTD 19,340 10,000 TEIJIN LTD 43,146 1,599 TELEFONICA PUBLICIDAD E INFORMACION S.A. 5,096 734 * TELEPIZZA S.A. 869 3,000 TELEVISION BROADCASTS LTD 8,135 1,302 TELEVISION FRANCAISE (TF1) 24,900 2,400 THE WAREHOUSE GROUP LTD 5,857 100 TOHO CO LTD 11,793 578 TOKYO BROADCASTING SYSTEMS, INC 10,164 1,000 TOKYO STYLE CO LTD 9,560 15,000 TORAY INDUSTRIES, INC 40,543 6,000 TOYOBO CO LTD 8,864 600 TOYODA GOSEI CO LTD 6,043 48,577 TOYOTA MOTOR CORP 1,247,761 4,003 UNITED BUSINESS MEDIA PLC 22,238 1,741 UNY CO LTD 18,267 771 VALEO 24,329 58 VALORA HOLDINGS AG. (REGD) 9,292 11,787 VIVENDI UNIVERSAL S.A. 545,849 2,667 VNU NV 75,173 4,340 VOLKSWAGEN AG. 154,344 4,226 VOLVO AB SERIES B FREE 54,469 1,000 WACOAL CORP 10,064 3,682 WHITBREAD PLC 25,596 3,454 WOLTERS KLUWER NV 76,563 14,910 WOOLWORTHS GROUP PLC 6,957 13,962 WOOLWORTHS LTD 81,649 400 WORLD CO LTD 11,751 114,380 WPP GROUP PLC 832,116 2,000 YAMADA DENKI CO LTD 129,942 1,000 YAMAHA MOTOR CO LTD 6,631 ------------ TOTAL CONSUMER CYCLICAL 14,714,657 ------------ CONSUMER NON-CYCLICAL -- 11.14% 400 ADERANS CO LTD 15,109 501 ADIDAS-SALOMON AG. 25,842
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 969 AGFA GEVAERT NV $ 11,560 23,175 AJINOMOTO CO, INC 266,902 3,834 ALTADIS S.A. 61,103 125 ARIAKE JAPAN CO LTD 5,047 4,585 ASAHI BREWERIES LTD 47,031 139 AUSTRIA TABAKWERKE AG. 10,739 107 BANG & OLUFSEN AS SERIES B 1,677 217 * BEGHIN-SAY 7,404 433 BEIERSDORF AG. 49,292 11,326 BOOTS COMPANY PLC 103,869 123,276 BRITISH AMERICAN TOBACCO PLC 1,088,884 1,816 BRL HARDY LTD 9,060 181 * BRL HARDY LTD RTS 73 5,751 BUNZL PLC 38,415 26,713 CADBURY SCHWEPPES PLC 173,333 193 CARLSBERG AS (CLASS A) 7,445 6,669 CARREFOUR S.A. 321,288 39 * CASINO GUICHARD-PERRACHON (CLASS A) WTS 12/15/03 108 39 * CASINO GUICHARD-PERRACHON (CLASS B) WTS 12/15/05 173 440 CASINO GUICHARD-PERRACHON S.A. 33,940 217 * CEREOL 4,545 217 * CERESTAR 5,632 53 CIE FINANC RICHEMONT (UNITS) (CLASS A) 100,031 5,506 COCA-COLA AMATIL LTD 14,836 400 COCA-COLA WEST JAPAN CO LTD 8,410 1,099 COCA-COLA HELLENIC BOTTLING CO 13,731 185 COLRUYT S.A. 7,834 745 DANISCO AS 26,278 719 DELHAIZE LE LION S.A. 40,302 134,531 DIAGEO PLC 1,412,710 4,315 ELECTROLUX AB SERIES B 44,897 1,130 ESSILOR INTERNATIONAL S.A. 31,439 80,168 FOSTER'S GROUP LTD 197,419 201 FOURLIS S.A. (REGD) 728 8,000 FRASER & NEAVE LTD (ORD) 32,609 93 GIVAUDAN AG. (REGD) 28,017 12,164 GOODMAN FIELDER LTD 8,104 1,941 GREENCORE GROUP PLC 4,065 1,647 GROUPE DANONE 214,490 460 HARTWALL OYJ ABP 8,169 78,979 HARVEY NORMAN HOLDINGS LTD 129,401 2,632 HEINEKEN NV 99,762 187 HOUSE FOODS CORP 2,039 6,546 IMPERIAL TOBACCO GROUP PLC 80,861 1,947 INTERBREW S.A. 49,470 2,500 ITO EN LTD 123,604 139,317 J SAINSBURY PLC 730,460 10 JAPAN TOBACCO, INC 72,693 420 * JERONIMO MARTINS SGPS S.A. 2,371 823 KAMPS AG. 5,164 12,273 KAO CORP 302,369 9,400 KATOKICHI CO LTD 207,126 1,495 KERRY GROUP PLC (CLASS A) 18,993 1,000 KIKKOMAN CORP 6,236
14 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- CONSUMER NON-CYCLICAL -- (CONTINUED) 9,374 KIRIN BREWERY CO LTD $ 71,605 21,000 LI & FUNG LTD 19,924 4,541 L'OREAL S.A. 313,059 2,000 MEIJI DAIRIES CORP 6,883 22,000 MEIJI SEIKA KAISHA LTD 101,939 11,997 METRO AG. 387,318 12,998 NESTLE S.A. (REGD) 2,774,052 4,000 NICHIREI CORP 12,792 14,000 NIPPON MEAT PACKERS, INC 131,856 1,663 NISSHIN SEIFUN GROUP, INC 12,102 1,000 NISSIN FOOD PRODUCTS CO LTD 21,531 1,000 NORITAKE CO LTD 3,693 1,778 NUMICO NV 55,102 2,432 ORKLA ASA 38,661 745 * PAN FISH ASA 2,267 166 PAPASTRATOS CIGARETTE MANUFACTURING CO 1,904 5,153 PARMALAT FINANZIARIA S.P.A. 13,562 8,837 PERNOD-RICARD S.A. 645,845 217 * PROVIMI 2,371 1,000 Q.P. CORP (JAPAN) 9,653 6,788 RECKITT BENCKISER PLC 97,568 1,610 RINASCENTE S.P.A. 5,762 35,433 ROYAL AHOLD NV 984,207 13,382 SAFEWAY PLC 62,936 3,000 SAPPORO BREWERIES LTD 8,914 8,100 SCOTTISH & NEWCASTLE PLC 61,308 4,367 SHISEIDO CO LTD 37,610 2,000 * SNOW BRAND MILK PRODUCTS CO 5,372 422 SOCIETE BIC S.A. 12,989 8,727 SONAE SGPS S.A. 4,450 4,825 SWEDISH MATCH AB 24,649 1,235 TAKARA SHUZO CO LTD 11,227 5,236 TATE & LYLE PLC 19,623 91,201 TESCO PLC 343,137 3,417 THE SWATCH GROUP AG. (REGD) 50,731 1,028 * THOMSON MULTIMEDIA 20,128 500 UNI-CHARM CORP 14,312 7,377 UNILEVER NV CERTIFICATE 399,066 37,437 UNILEVER PLC 284,184 6,017 WATERFORD WEDGWOOD PLC (UNITS) 3,397 225 WELLA AG. 10,614 1,000 YAKULT HONSHA CO LTD 10,635 2,000 YAMAZAKI BAKING CO LTD 12,238 ------------ TOTAL CONSUMER NON-CYCLICAL 13,424,265 ------------ ENERGY -- 7.74% 46,151 BG GROUP PLC 177,879 114,699 BP PLC 947,380 36,763 BP PLC (SPONS ADR) 1,807,637 27 * CAPSTONE TURBINE CORP 163 50,315 CENTRICA PLC 157,509 111 COFLEXIP S.A. 18,094 766 ENERGY DEVELOPMENTS LTD 2,683 37,184 ENTE NAZIONALE IDROCARBURI S.P.A. 461,563 1,800 FORTUM OYJ 7,950
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 1,657 GAS NATURAL SDG S.A. $ 29,667 991 HELLENIC PETROLEUM S.A. 5,577 45,454 HONG KONG & CHINA GAS CO LTD 56,821 20,844 IHC CALAND NV 900,733 2,120 ITALGAS S.P.A. 19,364 9,000 JAPAN ENERGY CORP 13,220 47,096 LATTICE GROUP PLC 107,978 17,000 NIPPON MITSUBISHI OIL CORP 76,630 1,888 NORSK HYDRO ASA 69,286 133 OMV AKTIENGESELLS AG. 10,786 26,000 OSAKA GAS CO LTD 83,807 1,162 * PETROLEUM GEO-SERVICES ASA 7,402 12,166 REPSOL YPF S.A. 175,058 28,492 ROYAL DUTCH PETROLEUM CO 1,432,842 1,900 * RUBICON LTD 510 21,309 SANTOS LTD 62,254 133,745 SHELL TRANSPORT & TRADING CO PLC 1,002,481 2,000 SHOWA SHELL SEKIYU KK 11,802 398 SMEDVIG ASA SERIES A 3,275 223 SMEDVIG ASA SERIES B 1,533 29,604 * STATOIL ASA 196,924 121 TECHNIP S.A. 15,251 2,000 TEIKOKU OIL CO LTD 8,948 78,000 TOKYO GAS CO LTD 256,661 3,000 TONENGENERAL SEKIYU KK 23,268 8,352 TOTAL FINA ELF S.A. 1,121,919 6,001 WOODSIDE PETROLEUM LTD 40,898 ------------ TOTAL ENERGY 9,315,753 ------------ FINANCIAL SERVICES -- 22.42% 7,611 3I GROUP PLC 78,301 18,933 ABBEY NATIONAL PLC 277,701 18,434 ABN AMRO HOLDING NV 304,030 3,061 ACOM CO LTD 270,050 50,079 AEGON NV 1,309,842 200 AEON CREDIT SERVICE CO LTD 11,080 2,150 AIFUL CORP 180,475 4,284 ALLEANZA ASSICURAZIONI 41,940 55,000 ALLGREEN PROPERTIES LTD 25,999 2,817 ALLIANZ AG. (REGD) 636,235 11,434 ALLIED IRISH BANKS PLC 102,776 1,899 ALPHA BANK A.E. 33,412 15,000 AMOY PROPERTIES LTD 14,520 3,899 AMP DIVERSIFIED PROPERTY TRUST 4,810 14,292 AMP LTD 127,943 9,744 AMVESCAP PLC 104,255 26,000 ASAHI BANK LTD 29,027 5,000 * ASHIKAGA BANK LTD 5,162 13,459 ASSICURAZIONI GENERALI S.P.A. 361,587 18,203 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 143,551 934 AUSTRALIAN STOCK EXCHANGE LTD 5,014 18,536 AXA 365,808 10,620 BANCA DI ROMA 23,502 3,656 BANCA FIDEURAM S.P.A. 21,575 624 * BANCA INTESA S.P.A. PUT WTS 11/15/02 2,091
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 15 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- FINANCIAL SERVICES -- (CONTINUED) 10,014 BANCA MONTE DEI PASCHI SIENA $ 26,037 19,706 BANCA NAZIONALE DEL LAVORO 41,456 4,195 BANCA POPOLARE DI MILANO 16,618 57,643 * BANCO COMERCIAL PORTUGUES S.A. (REGD) 221,007 1,146 BANCO ESPIRITO SANTO S.A. (REGD) 13,567 55,325 BANCO SANTANDER CENTRAL HISPANO S.A. 424,240 17,362 BANK OF EAST ASIA LTD 34,614 6,000 BANK OF FUKUOKA LTD 25,031 515 BANK OF IRELAND 4,085 11,436 BANK OF IRELAND (UNITED KINGDOM) 90,609 1,333 BANK OF PIRAEUS 9,493 12,000 BANK OF YOKOHAMA LTD 46,033 22,395 BARCLAYS PLC 615,819 5,039 BAYERISCHE HYPO-UND VEREINSBANK AG. 145,886 41,487 BANCO BILBAO VIZCAYA ARGENTARIA S.A. 426,942 17,673 BIPOP-CARIRE S.P.A. 36,696 5,353 BNP PARIBAS GROUP 437,776 5,000 BPI-SGPS S.A. (REGD) 9,881 6,511 BRITISH LAND CO PLC 40,190 12,003 BT OFFICE TRUST 9,122 1,084 * BTG PLC 9,160 7,730 * CANARY WHARF GROUP PLC 53,395 10,589 CAPITALAND LTD 7,973 30,114 CGNU PLC 371,550 24,000 CHEUNG KONG HOLDINGS LTD 186,166 8,000 CHIBA BANK LTD 32,099 7,000 CHUO MITSUI TRUST & BANKING CO LTD 10,459 12,000 CITY DEVELOPMENTS LTD 28,397 1,612 CLOSE BROTHERS GROUP PLC 15,245 3,990 COLONIAL FIRST STATE PROPERTY TRUST 4,056 894 COMMERCIAL BANK OF GREECE 23,073 27,589 * COMMONWEALTH BANK OF AUSTRALIA 355,357 807 CORPORACION MAPFRE S.A. 4,769 17,736 CREDIT LYONNAIS S.A. 559,193 10,600 CREDIT SAISON CO LTD 228,674 30,170 CREDIT SUISSE GROUP 1,054,490 23,150 DAIWA BANK LTD 26,428 16,000 DAIWA SECURITIES GROUP, INC 110,937 21,518 DBS GROUP HOLDINGS LTD 117,558 7,566 DANSKE BANK AS 118,609 6,827 DEUTSCHE BANK AG. (REGD) 374,287 285 DEUTSCHE BOERSE AG. 10,049 10,699 DEUTSCHE OFFICE TRUST 7,022 8,049 DEXIA 122,415 62,662 DNB HOLDING ASA 233,139 1,286 DROTT AB SERIES B 10,789 1,697 EFG EUROBANK ERGASIAS 18,545 241 ERSTE BANK DER OESTER SPARK AG. 11,851 6,776 FORTIS (B) 165,628 61,000 * FRIENDS PROVIDENT PLC 173,027 10,684 GANDEL RETAIL TRUST 6,063
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 22,974 GENERAL PROPERTY TRUST $ 31,518 516 GJENSIDIGE NOR SPAREBANK 13,671 2,291 GREAT PORTLAND ESTATES PLC 8,670 1,016 GREEN PROPERTY PLC 5,551 4,000 GUNMA BANK LTD 18,769 3,582 HAMMERSON PLC 22,452 10,100 HANG SENG BANK LTD 104,567 43,297 HBOS PLC 467,070 21,749 HENDERSON LAND DEVELOPMENT CO LTD 71,246 6,000 * HOKURIKU BANK LTD 10,173 14,000 HONG KONG EXCHANGES & CLEARING LTD 16,872 3,000 HOTEL PROPERTIES LTD 1,953 139,144 HSBC HOLDINGS PLC (UNITED KINGDOM) 1,466,264 6,214 HYSAN DEVELOPMENT CO LTD 5,338 22,335 ING GROEP NV 598,625 8,459 INTESABCI DI RISP (SAVINGS) 13,866 103,263 INTESABCI S.P.A. 255,325 3,736 IRISH LIFE & PERMANENT PLC 36,745 9,000 JOYO BANK LTD 25,686 1,333 KBC BANCASSURANCE HOLDINGS NV 41,954 36,000 KEPPEL LAND LTD 27,514 6,586 LAND SECURITIES PLC 80,484 64,050 LEGAL & GENERAL GROUP PLC 139,318 5,674 LEND LEASE CORP LTD 30,969 115,600 LLOYDS TSB GROUP PLC 1,104,332 5,300 MACQUARIE BANK LTD 94,160 15,142 MACQUARIE INFRASTRUCTURE GROUP 25,406 3,003 MAN GROUP PLC 38,618 624 MARSCHOLLEK LAUT UND PARTNER AG. 37,506 6,896 MEDIOBANCA S.P.A. 65,502 2,406 MEDIOLANUM S.P.A. 15,754 436 METROVACESA S.A. 5,539 6,701 MIRVAC GROUP 12,566 17,500 MITSUI SUMITOMO INSURANCE CO LTD 98,275 31,000 MITSUBISHI ESTATE CO LTD 307,580 72 MITSUBISHI TOKYO FINANCIAL 562,075 30,096 MITSUI FUDOSAN CO LTD 343,579 103 MIZUHO HOLDINGS, INC 397,717 1,082 MUENCHENER RUECKVER AG. (REGD) 278,371 20,067 NATIONAL AUSTRALIA BANK LTD 254,113 2,382 NATIONAL BANK OF GREECE S.A. 51,282 18,639 * NEW WORLD DEVELOPMENT CO LTD 12,546 31,000 NIKKO CORDIAL CORP 164,719 42,800 NOMURA HOLDINGS, INC 559,386 28,565 NORDEA AB 139,238 1,270 NORDEA AB (FINLAND) 6,299 80,979 NRMA INSURANCE GROUP LTD 119,090 900 ORIX CORP 75,170 12,739 OVERSEAS-CHINESE BANKING CORP LTD 68,153 6,000 PARKWAY HOLDINGS LTD 3,294 171 POHJOLA INSURANCE CO LTD SERIES B 2,787 900 PROMISE CO LTD 60,438 3,102 PROVIDENT FINANCIAL PLC 30,043 27,313 PRUDENTIAL PLC 280,993
16 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- FINANCIAL SERVICES -- (CONTINUED) 10,693 QBE INSURANCE GROUP LTD $ 30,342 4,683 RAS S.P.A. 56,295 67,651 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 338,547 87,894 ROYAL BANK OF SCOTLAND GROUP PLC 1,935,084 3,717 SAMPO OYJ SERIES A SHS 28,401 11,562 SANPAOLO IMI S.P.A. 121,301 1,540 SCHRODERS PLC (NEW) 14,734 4,000 SEVENTY-SEVEN (77) BANK LTD 19,306 8,000 SHIZUOKA BANK LTD 60,102 7,000 SINGAPORE EXCHANGE LTD 4,002 1,000 SINGAPORE LAND LTD 1,936 14,093 SINO LAND CO LTD 3,930 11,707 SKANDIA FORSAKRINGS AB 63,649 6,400 SKANDINAVISKA ENSKILDA BANKEN SERIES A 44,694 5,263 SLOUGH ESTATES PLC 25,912 4,064 SOCIETE GENERALE (CLASS A) 202,821 38,433 STOCKLAND TRUST GROUP (UNITS) 81,557 171 STOCKLAND TRUST GROUP (NEW) 356 2,653 STOREBRAND ASA 15,852 6,000 SUMITOMO MARINE & FIRE INSURANCE CO 35,154 63,845 SUMITOMO MITSUI BANKING CORP 457,682 23,000 SUMITOMO REALTY & DEVELOPMENT CO LTD 160,631 11,000 SUMITOMO TRUST & BANKING CO LTD 54,478 30,483 SUN HUNG KAI PROPERTIES LTD 194,244 11,479 SUNCORP-METWAY LTD 70,018 2,000 SURUGA BANK LTD 15,092 7,651 SVENSKA HANDELSBANKEN SERIES A 99,332 3,540 SWISS REINSURANCE CO 348,192 1,010 TAKEFUJI CORP 79,694 103 TK DEVELOPMENT AS 2,232 26,747 TOKIO MARINE & FIRE INSURANCE CO LTD 246,747 303 * TOPDANMARK AS 7,347 823 TOWER LTD 1,560 16,868 UBS AG. (REGD) 788,867 32 UFJ HOLDINGS, INC 159,019 482 UNIBAIL S.A. 23,923 41,862 UNICREDITO ITALIANO S.P.A. 159,739 14,056 UNITED OVERSEAS BANK LTD 76,393 3,000 UNITED OVERSEAS LAND LTD 2,717 1,349 VALLEHERMOSO S.A. 8,231 1,701 * WCM BETEILIGUNGS & GRUNDBESITZ AG. 18,744 5,731 WESTFIELD HOLDINGS LTD 46,581 703 WESTFIELD TRUST (NEW) 1,147 23,597 WESTFIELD TRUST (UNITS) 39,826 21,291 WESTPAC BANKING CORP 139,640 2,000 WING TAI HOLDINGS LTD 719
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 24,000 YASUDA FIRE & MARINE INSURANCE CO LTD $ 161,168 1,141 ZURICH FINANCIAL SERVICES AG. 233,279 ------------ TOTAL FINANCIAL SERVICES 26,996,539 ------------ HEALTH CARE -- 8.68% 841 ALTANA AG. 40,975 7,875 AMERSHAM PLC 67,070 23,498 ASTRAZENECA PLC (UNITED KINGDOM) 1,093,033 8,886 AVENTIS S.A. 674,109 1,000 BANYU PHARMACEUTICAL CO LTD 18,635 3,396 * CELLTECH GROUP PLC 34,588 8,316 CHUGAI PHARMACEUTICAL CO LTD 129,350 1,750 COCHLEAR LTD 40,245 159 COLOPAST AS 10,807 4,084 CSL LTD 90,595 2,485 DAIICHI PHARMACEUTICAL CO LTD 52,148 2,356 EISAI CO LTD 57,154 4,136 * ELAN CORP PLC 205,284 2,151 F.H. FAULDING & CO LTD 17,472 452 FRESENIUS MEDICAL CARE AG. 34,380 2,000 FUJISAWA PHARMACEUTICAL CO LTD 45,580 19,600 GALEN HOLDINGS PLC 185,079 2,376 GAMBRO AB (CLASS A) 13,697 837 GAMBRO AB (CLASS B) 4,825 313 GEHE AG. 13,249 83,547 GLAXOSMITHKLINE PLC 2,357,549 747 H. LUNDBECK A/S 17,382 284 INSTRUMENTARIUM OYJ SERIES B FREE 9,880 3,669 KYOWA HAKKO KOGYO CO LTD 21,250 1,785 LUXOTTICA GROUP S.P.A. 25,587 542 MERCK KGAA 20,484 220 NOBEL BIOCARE AB 6,011 38,032 NOVARTIS AG. (REGD) 1,489,264 3,012 NOVO NORDISK AS (CLASS B) 125,054 151 OMEGA PHARMA S.A. 6,153 430 ORION-YHTYMA OYJ (CLASS B) 7,185 400 PHONAK HOLDING AG. (REGD) 8,413 1,378 * QIAGEN NV 20,204 10,057 ROCHE HOLDING AG. (GENUSSCHEINE) 721,681 7,514 SANKYO CO LTD 132,770 4,873 SANOFI-SYNTHELABO S.A. 317,308 2,378 SCHERING AG. 118,418 1,149 SERONO S.A. (CLASS B) 867,159 7,461 SHIONOGI & CO LTD 140,289 11,550 SMITH & NEPHEW PLC 58,563 1,543 SONIC HEALTHCARE LTD 6,084 2,267 SSL INTERNATIONAL PLC 16,575 120 SULZER MEDICA AG. (REGD) 6,458 400 SUZUKEN CO LTD 6,782 48 SYNTHES-STRATEC, INC 31,475 2,377 TAISHO PHARMACEUTICAL CO LTD 40,105 18,081 TAKEDA CHEMICAL INDUSTRIES LTD 834,765 126 TECAN GROUP AG. (REGD) 7,794 2,100 TERUMO CORP 34,021 1,170 UCB S.A. 47,202
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 17 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 319 * WILLIAM DEMANT HOLDING $ 7,188 4,000 YAMANOUCHI PHARMACEUTICAL CO LTD 107,445 1,573 ZELTIA S.A. 12,678 ------------ TOTAL HEALTH CARE 10,457,451 ------------ OTHER -- 2.94% 1,177 ADECCO S.A. (REGD) 40,118 12,938 AEGIS GROUP PLC 15,211 2,279 AMADEUS GLOBAL TRAVEL DISTRIBUTION S.A. 10,460 276 AMER GROUP LTD PLC SERIES A 5,718 2,973 AMEY PLC 13,479 3,659 ASSA ABLOY AB SERIES B 41,159 2,300 AUCKLAND INTERNATIONAL AIRPORT LTD 3,134 13,104 BAA PLC 103,998 30 BELLSYSTEM 24, INC 11,395 800 BENESSE CORP 24,511 6,926 CAPITA GROUP PLC 37,561 10,636 CHUBB PLC 24,776 766 DCC PLC 6,557 2,284 DE LA RUE PLC 14,837 4,061 DEUTSCHE POST AG. (REGD) 61,023 5,461 ELECTROCOMPONENTS PLC 32,826 100 FLUGHAFEN WIEN AG. 2,731 13,548 FUGRO NV 674,286 300 FUJI SOFT ABC, INC 12,817 175 * GROUP 4 FALCK A/S 19,289 1,365 HAGEMEYER NV 18,186 1,000 HAW PAR CORP LTD 1,879 20,999 HAYS PLC 47,219 200 HITACHI SOFTWARE ENGINEERING CO LTD 9,015 36,533 HUTCHINSON WHAMPOA LTD 271,673 534 * ISS - INTERNATIONAL SERVICE SYSTEM AS 27,795 15,946 ITOCHU CORP 40,022 300 ITOCHU TECHNO-SCIENCE CORP 20,372 7,000 KEPPEL CORP LTD 11,334 9,976 KIDDE PLC 7,880 83 KOBENHAVNS LUFTHAVNE AS 4,066 314 M.J. MAILLIS S.A. 1,172 15,000 * MARUBENI CORP 16,494 400 MEITEC CORP 10,408 12,682 MITSUBISHI CORP 90,699 15,368 MITSUI & CO LTD 87,205 1 NET ONE SYSTEMS CO LTD 14,270 200 NIPPON SYSTEM DEVELOPMENT CO LTD 8,998 799 OCE NV 5,675 494 OM GRUPPEN AB 3,496 300 ORACLE CORP (JAPAN) 27,499 237 * OSTASIATISKE KOMPAGNI 5,224 9,993 * PACIFIC DUNLOP LTD 3,550 23,594 RENTOKIL INITIAL PLC 85,303 2,318 SECOM CO LTD 119,470 7,302 SECURICOR PLC 12,556
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 4,097 SECURITAS AB SERIES B FREE $ 66,056 4,585 SERCO GROUP PLC 19,710 67 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDINGS S.A. 7,833 2,514 SOFTBANK CORP 44,527 8,054 SOUTHCORP LTD 30,008 8,000 SUMITOMO CORP 42,978 12,300 SWIRE PACIFIC LTD (CLASS A) 46,285 4,229 T.P.G. NV 80,840 4,785 * TERRA LYCOS S.A. 24,839 231 TIS, INC 6,166 200 TRANS COSMOS, INC 4,667 93,290 VEDIOR NV 883,583 10,704 WESFARMERS LTD 156,677 16,000 WHARF HOLDINGS LTD 26,565 ------------ TOTAL OTHER 3,548,080 ------------ PRODUCER DURABLES -- 2.72% 636 ABB LTD 4,620 12,707 ABB LTD (SWITZERLAND) 91,184 958 ADVANTEST CORP 40,610 481 AIXTRON AG. 7,972 2,534 ALSTOM 38,723 2,331 AMADA CO LTD 11,348 1,000 AMANO CORP 5,540 2,412 ATLAS COPCO AB SERIES B FREE 39,567 4,934 BALFOUR BEATTY PLC 13,052 68 BARCO (NEW) NV 2,288 78 BEWCKISER WASSER TECHNIK AG. 2,010 6,721 * CHARTERED SEMICONDUCTOR MANUFACTURING LTD 11,795 1,000 DAIFUKU CO LTD 4,071 2,000 DAIKIN INDUSTRIES LTD 28,288 2,000 EBARA CORP 14,102 1,506 FANUC LTD 56,508 46 FISCHER (GEORGE) LTD (REGD) 8,252 6,869 FKI PLC 14,360 390 FLS INDUSTRIES AS (CLASS B) 3,439 5,000 FUJI ELECTRIC CO LTD 13,682 300 FUJI MACHINE MANUFACTURING CO LTD 4,104 21,106 FUJITSU LTD 176,990 33,967 * HITACHI LTD 226,104 8,000 * HITACHI ZOSEN CORP 5,708 4,230 IMI PLC 14,298 41,800 INVENSYS PLC 21,501 13,000 * ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES 26,299 14,000 * KAWASAKI HEAVY INDUSTRIES LTD 14,689 137 KCI KONECRANES INTERNATIONAL 3,393 10,404 KOMATSU LTD 37,553 92 KOMORI CORP 1,158 135 KONE CORP SERIES B 8,975 19,381 KONINKLIJKE PHILIPS ELECTRONICS NV 375,954 1,000 KOYO SEIKO CO LTD 3,903 11,000 KUBOTA CORP 30,932 1,000 KURITA WATER INDUSTRIES LTD 12,171
18 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- PRODUCER DURABLES -- (CONTINUED) 876 * KVAERNER INDUSTRIER ASA SERIES A $ 969 484 * LOGITECH INTERNATIONAL (REGD) 11,167 400 MABUCHI MOTOR CO LTD 32,737 1,204 MAKITA CORP 6,518 1,243 METSO OYJ 10,029 23,789 * MITSUBISHI ELECTRIC CORP 83,869 38,000 MITSUBISHI HEAVY INDUSTRIES LTD 131,738 9,000 * MITSUI ENGINEERING & SHIPBUILDING CO LTD 11,483 1,000 MORI SEIKI CO LTD 6,967 18,733 NEC CORP 153,002 178 * NEG MICON A/S 4,796 3,470 NIKON CORP 24,321 220 NKT HOLDING AS 2,802 5,592 NSK LTD 16,804 4,704 NTN TOYO BEARING CO LTD 9,990 6,000 * OKI ELECTRIC INDUSTRY CO LTD 15,965 2,073 PACE MICRO TECHNOLOGY PLC 7,068 1,000 SANDEN CORP 3,273 3,154 SANDVIK AB 57,061 8 SCHINDLER HOLDING LTD (REGD) 10,788 2,056 SCHNEIDER ELECTRIC S.A. 74,896 8,000 SEMBCORP INDUSTRIES LTD 6,431 206 * SGL CARBON AG. 3,337 15,744 SIEMENS AG. (REGD) 600,626 16,927 SINGAPORE TECHNOLOGIES ENGINEERING LTD 20,891 1,400 SMC CORP 110,350 1,000 STANLEY ELECTRIC CO LTD 7,034 35 SULZER WINTERTHUR AG. (REGD) 5,239 3,820 * SUMITOMO HEAVY INDUSTRIES LTD 3,783 1,054 SVENKA KULLAGERFABRIKEN AB SERIES B 14,375 637 * TANDBERG ASA 9,515 1,100 THK CO LTD 11,080 4,201 TOKYO ELECTRON LTD 147,403 2,182 TOMRA SYSTEMS ASA 23,247 36,488 * TOSHIBA CORP 139,667 1,700 TOYOTA INDUSTRIES CORP 28,468 1,000 USHIO, INC 12,834 96 VA TECHNOLOGIE AG. (BR) 2,047 1,477 VESTAS WIND SYSTEMS A/S 43,957 436 WARTSILA OYJ SERIES B 7,504 3,000 YOKOGAWA ELECTRIC CORP 21,732 ------------ TOTAL PRODUCER DURABLES 3,270,906 ------------ TECHNOLOGY -- 7.74% 14,616 ALCATEL S.A. 168,116 1,556 ALPS ELECTRIC CO LTD 9,208 651 ALTRAN TECHNOLOGIES S.A. 26,886 1,000 ANRITSU CORP 7,009 12,950 * ARM HOLDINGS PLC 44,583 9,553 ASAHI GLASS CO LTD 51,080 141 ASCOM HOLDING AG. (REGD) 2,180 74,680 * ASM LITHOGRAPHY HOLDING NV 831,102 2,000 ASM PACIFIC TECHNOLOGY LTD 2,320
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 221 * ATOS ORIGIN $ 15,497 686 * BUSINESS OBJECTS 13,119 17,922 CANON, INC 491,941 1,301 CAP GEMINI S.A. 69,253 3,241 CITIZEN WATCH CO LTD 16,214 7,741 CMG PLC 27,247 467 COMPTEL OYJ 1,275 4,138 COMPUTERSHARE LTD 9,066 500 CREATIVE TECHNOLOGY LTD 2,420 882 CSK CORP 18,139 7,321 DAI NIPPON PRINTING CO LTD 73,560 1,000 DAINIPPON SCREEN MANUFACTURING CO LTD 2,635 475 DASSAULT SYSTEMES S.A. 14,470 3,000 DATACRAFT ASIA LTD 9,840 430 * EDB BUSINESS PARTNER ASA 1,721 603 EPCOS AG. 19,412 6,562 ERG LTD 1,878 98,967 ERICSSON TELEFON (LM) AB SERIES B 358,095 1,237 * FLEXTRONICS INTERNATIONAL LTD 20,459 3,000 FUJIKURA LTD 14,127 200 FUJITSU SUPPORT & SERVICE, INC 5,254 5,000 FURUKAWA ELECTRIC CO LTD 27,197 7,239 FUTURIS CORP LTD 5,465 2,636 GETRONICS NV 6,121 1,500 HIROSE ELECTRIC CO LTD 94,434 2,000 HITACHI CABLE LTD 7,269 1,272 HOYA CORP 66,200 3,390 INFINEON TECHNOLOGIES AG. 41,678 584 INTRACOM S.A. 6,297 172 * IONA TECHNOLOGIES PLC 1,474 106,381 JOHNSON ELECTRIC HOLDINGS LTD 96,840 700 KEYENCE CORP 94,015 1,000 KOKUYO CO LTD 9,653 3,000 KONICA CORP 16,469 288 * KUDELSKI S.A. (BR) 9,807 1,970 KYOCERA CORP 128,654 1,000 KYOWA EXEO CORP 8,755 5,662 LOGICA PLC 56,169 38,288 * MARCONI PLC 10,269 1,000 MATSUSHITA COMMUNICATION INDUSTRIAL CO LTD 27,532 1,986 * MERKANTILDATA ASA 2,171 3,000 MINEBEA CO LTD 15,487 6,805 MISYS PLC 20,352 700 MITSUMI ELECTRIC CO LTD 7,638 4,198 MURATA MANUFACTURING CO LTD 240,681 177 * NAVISION AS 3,230 1,294 NERA ASA 3,545 2,000 NGK SPARK PLUG CO LTD 14,320 826 NIDEC CORP 28,497 1,000 NIPPON COMSYS CORP 12,507 3,000 NIPPON SHEET GLASS CO LTD 11,281 1,500 NITTO DENKO CORP 22,412 142,982 NOKIA OYJ 2,337,356 17 NTT DATA COMMUNICATIONS SYSTEM CORP 75,774
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 19 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 2,000 OLYMPUS OPTICAL CO LTD $ 28,120 3,000 OMNI INDUSTRIES LTD 4,823 2,000 OMRON CORP 26,005 73 * OPTICOM ASA 1,489 200 * QPL INTERNATIONAL HOLDING WTS 01/28/04 5 18,000 RICOH CO LTD 271,065 1,436 ROHM CO LTD 139,827 13,779 SAGE GROUP PLC 33,110 99 SAGEM S.A. (NEW) 3,917 19,431 SAP AG. 2,052,732 179 SOFTWARE AG (REGD) 6,714 9,683 SPIRENT PLC 13,768 2,000 * ST ASSEMBLY TEST SERVICES 1,302 16,859 STMICROELECTRONICS NV 362,038 6,778 SUMITOMO ELECTRIC INDUSTRIES LTD 60,707 1,166 TAIYO YUDEN CO LTD 14,446 423 * TANDBERG TELEVISION ASA 1,740 1,400 TDK CORP 58,759 1,083 TIETOENATOR OYJ 20,465 33,000 TOPPAN PRINTING CO LTD 311,634 1,000 * TREND MICRO, INC 17,166 46 UNAXIS HOLDING AG. 3,357 6,801 VENTURE MANUFACTURING LTD (SINGAPORE) 33,690 2,407 WM-DATA AB SERIES B 4,151 1,542 YAMAHA CORP 11,131 ------------ TOTAL TECHNOLOGY 9,319,816 ------------ TRANSPORTATION -- 1.45% 744 AIR FRANCE 8,130 9,766 * ALITALIA S.P.A. 8,004 6,000 * ALL NIPPON AIRWAYS CO LTD 14,555 3,953 ASSOCIATED BRITISH PORTS HOLDINGS PLC 23,006 455 * ATTICA ENTERPRISE HOLDING S.A. 1,674 551 BERGESEN D.Y. AS (CLASS B) 8,386 12,221 BRAMBLES INDUSTRIES LTD 61,879 9,109 * BRAMBLES INDUSTRIES PLC 43,040 6,579 * BRITISH AIRWAYS PLC 17,404 13,000 CATHAY PACIFIC AIRWAYS LTD 11,167 12 CENTRAL JAPAN RAILWAY CO 84,109 36 CMB CIE MARITIME BELGE S.A. 1,475 4 DAMPSKIBSSELSKABET AF 1912 (CLASS B) 23,515 3 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) 22,780 2,322 DEUTSCHE LUFTHANSA AG. (REGD) 21,992 178 DSV. DE SAMMENSLUTTEDE VOGNMAEND SERIES B 3,161 72 EAST JAPAN RAILWAY CO 434,550 3,562 EXEL PLC 27,745 5,330 FIRSTGROUP PLC 27,417 413 FRONTLINE LTD 3,748 7,000 JAPAN AIRLINES CO LTD 16,452 2,000 KAMIGUMI CO LTD 8,595
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 5,000 KAWASAKI KISEN KAISHA LTD $ 7,260 5,000 KEIHIN ELECTRIC EXPRESS RAILWAY CO LTD 19,936 6,000 KEIO ELECTRIC RAILWAY CO LTD 35,255 18,614 KINKI NIPPON RAILWAY CO LTD 74,374 312 KLM (ROYAL DUTCH AIRLINES) NV 2,514 26,809 MAYNE NICKLESS LTD 93,538 1,000 MITSUBISHI LOGISTICS CORP 9,384 8,000 MITSUI OSK LINES LTD 16,721 16,500 MTR CORP 22,107 8,000 * NEPTUNE ORIENT LINES LTD 3,623 9,179 NIPPON EXPRESS CO LTD 34,826 12,000 NIPPON YUSEN KABUSHIKI KAISHA 37,270 8,885 PENINSULAR & ORIENTAL STEAM NAVIGATION CO 24,027 6,395 RAILTRACK GROUP PLC 24,530 3,074 RYANAIR HOLDINGS PLC 25,111 927 * SAS AB 4,779 2,000 SEINO TRANSPORTATION CO LTD 8,897 2,000 SEMBCORP LOGISTICS LTD 2,038 14,255 SINGAPORE AIRLINES LTD (LR) 64,562 6,000 SMRT CORP LTD 2,666 13,156 STAGECOACH GROUP PLC 13,583 9,000 TOBU RAILWAY CO LTD 28,632 35,000 TOKYU CORP 159,237 13 WEST JAPAN RAILWAY CO 73,113 4,405 YAMATO TRANSPORT CO LTD 87,819 ------------ TOTAL TRANSPORTATION 1,748,586 ------------ UTILITIES -- 11.72% 1,024 ACEA S.P.A. 6,472 725 AGUAS DE BARCELONA S.A. 9,633 311 ATHENS WATER SUPPLY & SEWAGE 1,733 4,030 AUSTRALIAN GAS LIGHT CO LTD 16,904 1,158 AUTOPISTAS CONCESIONARIA ESPANOLA S.A. 10,029 11,250 AUTOSTRADE S.P.A. 71,718 3,333 AWG PLC 28,656 679,140 * AWG PLC (REDEEMABLE) 898 793,390 * AWG PLC (REDEEMABLE SHS) 1,049 1,807 BOUYGUES S.A. 46,637 2,047 BRISA-AUTO ESTRADAS DE PORTUGAL S.A. 18,642 154,454 * BRITISH TELECOMMUNICATIONS PLC 771,803 37,161 CABLE & WIRELESS PLC 153,059 7,800 CHUBU ELECTRIC POWER CO, INC 171,543 24,360 CLP HOLDINGS LTD 93,698 3,500 CONTACT ENERGY LTD 4,840 46,482 DEUTSCHE TELEKOM AG. (REGD) 728,102 116 * E.BISCOM S.P.A. 3,352 8,086 E.ON AG. 418,937 11,817 EIRCOM PLC 14,528 406 ELECTRABEL S.A. 85,411 25,362 ELECTRICIDADE DE PORTUGAL S.A. 65,596 511,519 ELECTRONICS BOUTIQUE PLC 653,545 11,771 ENDESA S.A. 182,775 27,663 ENEL S.P.A. 162,242
20 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- UTILITIES -- (CONTINUED) 6,179 FRANCE TELECOM S.A. $ 194,815 2,019 GN STORE NORD AS (GN GREAT) NORDIC 9,495 3,279 HELLENIC TELECOMMUNICATIONS ORGANIZATION 53,094 49,000 HONGKONG ELECTRIC HOLDINGS LTD 188,473 9,955 IBERDROLA S.A. 135,538 13,853 * INTERNATIONAL POWER PLC 42,959 9,300 KANSAI ELECTRIC POWER CO, INC 156,132 4,959 KELDA GROUP PLC 27,330 12,099 * KPN NV 33,055 5,000 KYUSHU ELECTRIC POWER CO 88,978 18,645 NATIONAL GRID GROUP PLC 117,830 81 NIPPON TELEGRAPH & TELEPHONE CORP 378,041 72 NTT DOCOMO, INC 973,055 76 OESTERREICHISCHE ELEKTRIZITAETSWIRSCHAFTS AG. (CLASS A) 6,436 119,839 * PACIFIC CENTURY CYBERWORKS LTD 29,500 2,138 PANAFON HELLENIC TELECOM S.A. 8,489 12,682 * PORTUGAL TELECOM S.A. (REGD) 92,165 5,129 RHEIN-WESTFALEN ELECTRIC AG. 205,992 10,719 SCOTTISH & SOUTHERN ENERGY PLC 102,084 24,671 SCOTTISH POWER PLC 148,299 4,293 SEVERN TRENT PLC 46,090 50,000 SINGAPORE TELECOMMUNICATIONS LTD 51,235 4,341 SONERA GROUP OYJ 11,781 1,264 * SONG NETWORKS HOLDING AB 521 500 * SUEZ LYONNAISE DES EAUX (STRIP VVPR) 4 500 SUEZ LYONNAISE DES EAUX 16,597 10,152 SUEZ S.A. 337,460 331 SWISSCOM AG. (REGD) 93,370 1,769 TDC AS 61,963 1,187 * TELE2 AB SERIES B 29,374 14,636 TELECOM CORP OF NEW ZEALAND LTD 26,256 52,410 TELECOM ITALIA MOBILE S.P.A. 254,401 58,856 TELECOM ITALIA S.P.A. 444,349
---------------------------------------------------------------- PRINCIPAL/SHARES VALUE ---------------------------------------------------------------- 75,802 * TELEFONICA S.A. $ 838,066 1,141 * TELEKOM AUSTRIA AG. 7,014 6,137 TELENOR ASA 22,833 18,625 * TELEWEST COMMUNICATIONS PLC 8,211 11,713 TELIA AB 50,726 30,829 TELSTRA CORP LTD 79,722 1,517 * TISCALI S.P.A. 7,266 16,961 TOHOKU ELECTRIC POWER CO, INC 305,392 28,954 TOKYO ELECTRIC POWER CO, INC 720,196 3,573 UNION ELECTRICA FENOSA S.A. 52,876 1,709 * UNITED PAN-EUROPE COMMUNICATIONS NV (CLASS A) 560 7,030 UNITED UTILITIES PLC 65,401 1,035,869 VODAFONE GROUP PLC 2,283,625 72,080 VODAFONE GROUP PLC (SPON ADR) 1,582,877 ------------ TOTAL UTILITIES 14,111,728 ------------ TOTAL COMMON STOCK (Cost $140,711,184) 115,932,565 ------------ SHORT TERM INVESTMENT -- 5.21% U.S. GOVERNMENT AND AGENCY -- 5.21% FEDERAL HOME LOAN BANK (FHLB) $6,280,000 3.150%, 10/01/01 6,280,000 ------------ TOTAL SHORT TERM INVESTMENT (Cost $6,280,000) 6,280,000 ------------ TOTAL PORTFOLIO -- 101.56% (Cost $147,161,599) 122,320,467 OTHER ASSETS AND LIABILITIES, NET -- (1.56%) (1,884,776) ------------ NET ASSETS -- 100.00% $120,435,691 ============
--------------- * Non-income producing At September 30, 2001, the aggregate cost of portfolio investments for federal income tax purposes was $152,397,628. Net unrealized depreciation of portfolio investments aggregated $30,077,161 of which $1,371,349 related to appreciated portfolio investments and $31,448,510 related to depreciated portfolio investments. See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 21 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND STATEMENT OF INVESTMENTS September 30, 2001
----------------------------------------------------------------- PRINCIPAL/SHARES VALUE ----------------------------------------------------------------- CORPORATE BOND -- 0.01% TECHNOLOGY -- 0.01% MAYAN NETWORKS $ 53,000 5.250%, 11/01/05 $ 16,430 ------------ TOTAL TECHNOLOGY 16,430 ------------ TOTAL CORPORATE BOND (Cost $80,000) 16,430 ------------ COMMON STOCK -- 99.78% AEROSPACE AND DEFENSE -- 0.60% 150 * ALLIANT TECHSYSTEMS, INC 12,840 5,500 BOEING CO 184,250 100 * DRS TECHNOLOGIES, INC 3,475 3,000 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) 69,810 100 ENGINEERED SUPPORT SYSTEMS, INC 4,710 42,965 * GENERAL MOTORS CORP (CLASS H) 572,723 200 * PANAMSAT CORP 4,664 300 * PEGASUS COMMUNICATIONS CORP 2,100 1,300 PERKINELMER, INC 34,112 400 * TELEDYNE TECHNOLOGIES, INC 6,380 200 * VIASAT, INC 3,568 ------------ TOTAL AEROSPACE AND DEFENSE 898,632 ------------ BASIC INDUSTRIES -- 0.35% 100 * AEP INDUSTRIES, INC 2,500 1,100 ALCOA, INC 34,111 700 * AMERICAN STANDARD COS, INC 38,500 100 APTARGROUP, INC 3,180 200 ARCH COAL, INC 3,120 200 BLACK & DECKER CORP 6,240 100 * BUCKEYE TECHNOLOGIES, INC 990 300 * CABOT MICROELECTRONICS CORP 14,493 300 CAMBREX CORP 10,059 100 CARLISLE COS, INC 2,803 200 CENTURY ALUMINUM CO 1,602 400 * COLLINS & AIKMAN CORP 2,460 300 CONSOL ENERGY, INC 6,429 200 * CORVAS INTERNATIONAL, INC 1,150 700 * DAL-TILE INTERNATIONAL, INC 10,773 300 * DIONEX CORP 7,566 400 * EARTHSHELL CORP 880 1,500 ECOLAB, INC 54,495 200 ELCOR CORP 4,306 200 * ENERGY CONVERSION DEVICES, INC 3,288 100 FERRO CORP 2,318 1,600 FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) 17,584 100 GENTEK, INC 325 300 GEORGIA GULF CORP 4,821 500 GEORGIA-PACIFIC CORP (TIMBER GROUP) 18,110 100 GRANITE CONSTRUCTION, INC 2,564 1,400 HOMESTAKE MINING CO 13,020 200 * INSITUFORM TECHNOLOGIES, INC (CLASS A) 3,410 200 * IVEX PACKAGING CORP 3,410 1,100 KIMBERLY-CLARK CORP 68,200 300 * LONE STAR TECHNOLOGIES, INC 3,720 200 MACDERMID, INC 2,548 400 * MATTSON TECHNOLOGY, INC 1,600 500 METRIS COS, INC 12,375
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 100 * MOBILE MINI, INC $ 2,596 1,200 NEWMONT MINING CORP 28,320 100 * NVR, INC 14,051 300 * OAKLEY, INC 3,765 300 * PACKAGING CORP OF AMERICA 4,635 100 PEABODY ENERGY CORP 2,410 100 * PENWEST PHARMACEUTICALS CO 1,723 400 * SCICLONE PHARMACEUTICALS, INC 1,340 1,100 * SEALED AIR CORP 40,139 500 * SHAW GROUP, INC 14,085 100 * SIMPSON MANUFACTURING CO, INC 5,300 900 SOLUTIA, INC 11,160 100 SPARTECH CORP 2,068 200 * STEEL DYNAMICS, INC 1,978 500 * STILLWATER MINING CO 10,060 100 * TREX CO, INC 1,745 100 VULCAN MATERIALS CO 4,320 200 WD-40 CO 4,110 100 WILLAMETTE INDUSTRIES, INC 4,499 ------------ TOTAL BASIC INDUSTRIES 521,254 ------------ CONSUMER CYCLICAL -- 12.51% 400 * 99 CENTS ONLY STORES 12,940 1,300 * ABERCROMBIE & FITCH CO (CLASS A) 22,867 100 * ACCLAIM ENTERTAINMENT, INC 268 100 * ACKERLEY GROUP, INC 1,070 100 * ACTION PERFORMANCE COS, INC 1,821 400 * ACTV, INC 816 550 ADVANCED MARKETING SERVICES, INC 8,442 100 * ALEXANDER'S, INC 6,090 100 * AMC ENTERTAINMENT, INC 1,050 700 * AMERICAN EAGLE OUTFITTERS, INC 13,930 1,100 * AMERICREDIT CORP 34,782 100 * ANCHOR GAMING CO 4,150 100 * ANNTAYLOR STORES CORP 2,192 141,300 * AOL TIME WARNER, INC 4,677,030 1,200 * APOLLO GROUP, INC (CLASS A) 50,436 100 * APOLLO GROUP, INC (UNIVERSITY OF PHOENIX ONLINE) 3,096 300 APPLEBEE'S INTERNATIONAL, INC 8,850 300 * ARGOSY GAMING CO 7,860 200 * BALLY TOTAL FITNESS HOLDINGS CORP 4,062 200 BARNES GROUP, INC 4,260 100 * BEASLEY BROADCAST GROUP, INC (CLASS A) 1,025 3,900 * BED BATH & BEYOND, INC 99,294 200 BIG LOTS, INC 1,658 200 BLOCKBUSTER, INC (CLASS A) 4,380 1,000 * BOYDS COLLECTION LTD 8,250 200 * BRINKER INTERNATIONAL, INC 4,724 100 * BUCA, INC 1,122 200 * CABLEVISION SYSTEMS (RAINBOW MEDIA GROUP) 4,050 100 * CALIFORNIA PIZZA KITCHEN, INC 1,584 300 CALLAWAY GOLF CO 3,840 600 * CATALINA MARKETING CORP 16,800 500 * CEC ENTERTAINMENT, INC 17,050 200 * CHARLOTTE RUSSE HOLDING, INC 2,598 300 * CHICO'S FAS, INC 7,065 200 * CHILDREN'S PLACE RETAIL STORES, INC 3,586
22 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- CONSUMER CYCLICAL -- (CONTINUED) 700 * CHOICE HOTELS INTERNATIONAL, INC $ 11,550 200 * CHRISTOPHER & BANKS CORP 6,022 28,748 * CLEAR CHANNEL COMMUNICATIONS, INC 1,142,733 350 * COLUMBIA SPORTSWEAR CO 7,770 3,300 * COMCAST CORP (CLASS A) SPECIAL 118,371 500 * COPART, INC 14,005 8,485 * COX COMMUNICATIONS, INC (CLASS A) 354,248 300 * COX RADIO, INC (CLASS A) 6,051 100 CPI CORP 1,437 200 * CROWN MEDIA HOLDINGS, INC (CLASS A) 2,050 1,100 DANAHER CORP 51,898 100 DARDEN RESTAURANTS, INC 2,625 200 * DIGITAL GENERATION SYSTEMS, INC 284 600 * DIRECT FOCUS, INC 11,940 3,700 DOLLAR GENERAL CORP 43,290 1,200 * DOLLAR TREE STORES, INC 22,500 200 DONALDSON CO, INC 5,764 100 DOVER DOWNS ENTERTAINMENT, INC 1,238 300 DOW JONES & CO, INC 13,629 100 * ENTRAVISION COMMUNICATIONS CORP (CLASS A) 855 300 FACTSET RESEARCH SYSTEMS, INC 7,278 2,000 FAMILY DOLLAR STORES, INC 55,040 200 * FOOTSTAR, INC 6,920 100 FOREST CITY ENTERPRISES, INC (CLASS A) 4,800 200 * FOSSIL, INC 3,142 200 * FOX ENTERTAINMENT GROUP, INC (CLASS A) 3,820 8,500 GAP, INC 101,575 9,000 * GEMSTAR-TV GUIDE INTERNATIONAL, INC 177,390 300 * GENESCO, INC 4,875 300 * GENESISINTERMEDIA, INC 1,770 1,000 * GENTEX CORP 23,890 100 * GLOBAL SPORTS, INC 1,165 400 GRACO, INC 12,080 100 * GROUP 1 AUTOMOTIVE, INC 2,655 300 * GUITAR CENTER, INC 3,570 100 * GULFMARK OFFSHORE, INC 2,400 26,580 HARLEY-DAVIDSON, INC 1,076,490 100 HARMAN INTERNATIONAL INDUSTRIES, INC 3,350 800 * HISPANIC BROADCASTING CORP 12,880 400 * HOLLYWOOD ENTERTAINMENT CORP 4,700 200 * HOT TOPIC, INC 5,020 200 * INFORMATION HOLDINGS, INC 3,928 1,000 * INTERNATIONAL GAME TECHNOLOGY CO 42,500 100 INTERNATIONAL SPEEDWAY CORP (CLASS A) 3,483 4,500 INTERPUBLIC GROUP OF COS, INC 91,800 300 * INTERTAN, INC 2,355 1,100 INTIMATE BRANDS, INC (CLASS A) 9,900 500 * JACK IN THE BOX, INC 14,000 1,100 * JONES APPAREL GROUP, INC 28,039 100 * KENNETH COLE PRODUCTIONS, INC (CLASS A) 1,265 100 * KEY3MEDIA GROUP, INC 396
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 400 KNIGHT RIDDER, INC $ 22,340 8,100 * KOHL'S CORP 388,800 600 * KRISPY KREME DOUGHNUTS, INC 17,760 200 * LANDS' END, INC 5,780 500 LEE ENTERPRISES, INC 15,835 100 LIBBEY, INC 3,225 200 * LIBERTY DIGITAL, INC (CLASS A) 802 69,620 * LIBERTY MEDIA CORP (CLASS A) 884,174 500 * LINENS 'N THINGS, INC 9,290 100 * LODGENET ENTERTAINMENT CORP 1,099 100 * MADDEN (STEVEN) LTD 1,015 300 MARRIOTT INTERNATIONAL, INC (CLASS A) 10,020 100 * MARTHA STEWART LIVING OMNIMEDIA, INC (CLASS A) 1,490 600 MAYTAG CORP 14,784 900 MCGRAW-HILL COS, INC 52,380 100 * MEDIACOM COMMUNICATIONS CORP 1,303 200 * MEDIS TECHNOLOGIES LTD 1,262 300 * MEN'S WEARHOUSE, INC 5,424 450 * METRO ONE TELECOMMUNICATIONS, INC 10,440 200 * METRO-GOLDWYN-MAYER, INC 3,390 100 * MGM MIRAGE 2,248 300 * MICHAELS STORES, INC 10,962 300 * MICROS SYSTEMS, INC 5,331 200 * MIDWAY GAMES, INC 2,422 400 * MSC INDUSTRIAL DIRECT CO (CLASS A) 6,372 100 * MTR GAMING GROUP, INC 927 93 NEWS CORP LTD (ORD) 1,979 14,722 NIKE, INC (CLASS B) 689,136 100 * O'CHARLEYS, INC 1,715 300 * O'REILLY AUTOMOTIVE, INC 8,595 18,378 OMNICOM GROUP, INC 1,192,732 100 OSHKOSH B'GOSH, INC (CLASS A) 2,600 100 OSHKOSH TRUCK CORP 3,622 100 * OUTBACK STEAKHOUSE, INC 2,561 100 * P.F. CHANG'S CHINA BISTRO, INC 3,592 400 * PACIFIC SUNWEAR OF CALIFORNIA, INC 5,500 100 * PANERA BREAD CO (CLASS A) 3,499 200 * PAPA JOHN'S INTERNATIONAL, INC 5,210 100 * PARKERVISION, INC 1,804 100 * PENN NATIONAL GAMING, INC 1,640 400 * PERFORMANCE FOOD GROUP CO 11,412 200 PIER 1 IMPORTS, INC 1,660 600 * PINNACLE SYSTEMS, INC 1,746 200 * PIXAR, INC 8,080 100 * PLATO LEARNING, INC 2,414 300 POLARIS INDUSTRIES, INC 11,514 300 * PRESSTEK, INC 1,860 2,868 * PRIMEDIA, INC 6,739 400 * PRIVATE MEDIA GROUP, INC 3,100 200 * QUIKSILVER, INC 2,470 100 * RARE HOSPITALITY INTERNATIONAL, INC 1,554 500 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) 9,195 100 * REGENT COMMUNICATIONS, INC 602 100 REGIS CORP 2,096 100 * RENT-A-CENTER, INC 2,325 700 RUBY TUESDAY, INC 10,990
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 23 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- CONSUMER CYCLICAL -- (CONTINUED) 100 * SAGA COMMUNICATIONS, INC (CLASS A) $ 1,731 200 * SCHOLASTIC CORP 8,700 200 * SCOTTS CO (CLASS A) 6,820 300 * SCP POOL CORP 6,405 100 * SHUFFLE MASTER, INC 1,261 600 * SIRIUS SATELLITE RADIO, INC 2,154 100 * SKILLSOFT CORP 1,598 200 * SONIC AUTOMOTIVE, INC 2,720 400 * SONIC CORP 12,128 300 * SOTHEBY'S HOLDINGS, INC (CLASS A) 3,597 500 * SPANISH BROADCASTING SYSTEM, INC (CLASS A) 3,545 100 * SPEEDWAY MOTORSPORTS, INC 1,988 400 * SPORTS RESORTS INTERNATIONAL, INC 2,876 100 * SPX CORP 8,290 5,200 * STARBUCKS CORP 77,688 400 * STATION CASINOS, INC 3,360 100 * STEIN MART, INC 820 300 * STELLENT, INC 4,320 200 * SYLVAN LEARNING SYSTEMS, INC 4,580 300 TALBOTS, INC 6,735 300 TANGER FACTORY OUTLET CENTERS, INC 6,210 6,800 TARGET CORP 215,900 800 * THE CHEESECAKE FACTORY, INC 19,160 300 * THQ, INC 12,945 14,476 TIFFANY & CO 313,405 200 * TIMBERLAND CO (CLASS A) 5,420 3,900 TJX COS, INC 128,310 400 * TOO, INC 8,396 500 * TOPPS CO, INC 4,800 800 * U.S.A. NETWORKS, INC 14,384 200 * UNIVERSAL ELECTRONICS, INC 3,016 2,200 * UNIVISION COMMUNICATIONS, INC (CLASS A) 50,490 100 * VANS, INC 1,149 200 * VASTERA, INC 2,240 100 * VENATOR GROUP, INC 1,525 33,976 * VIACOM, INC (CLASS B) 1,172,172 91,700 WAL-MART STORES, INC 4,539,150 200 * WET SEAL, INC (CLASS A) 3,682 600 WILEY (JOHN) & SONS, INC (CLASS A) 12,528 600 * WILLIAMS-SONOMA, INC 14,286 100 * WMS INDUSTRIES, INC 1,749 100 WOODWARD GOVERNOR CO 4,845 100 * WORLD WRESTLING FEDERATION ENTERTAINMENT, INC 1,320 100 * YOUNG BROADCASTING, INC (CLASS A) 1,450 300 * ZOMAX, INC 1,629 ------------ TOTAL CONSUMER CYCLICAL 18,756,068 ------------ CONSUMER NON-CYCLICAL -- 9.82% 100 * 1-800-FLOWERS.COM, INC 1,206 340 * 7-ELEVEN, INC 3,281 2,400 * AMAZON.COM, INC 14,328 200 * AMERICAN ITALIAN PASTA CO (CLASS A) 8,650 5,300 ANHEUSER-BUSCH COS, INC 221,964
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 500 * AUTOZONE, INC $ 25,930 24,800 AVON PRODUCTS, INC 1,147,000 100 * BARNES & NOBLE, INC 3,610 2,300 * BEST BUY CO, INC 104,535 1,000 * BJ'S WHOLESALE CLUB, INC 47,610 400 BLYTH, INC 7,956 500 * CADIZ, INC 4,285 1,300 CAMPBELL SOUP CO 36,400 100 CARTER-WALLACE, INC 2,043 600 * CDW COMPUTER CENTERS, INC 21,708 100 * CHEAP TICKETS, INC 1,639 500 CHURCH & DWIGHT CO, INC 12,925 500 * COACH, INC 13,255 24,100 COCA COLA CO 1,129,085 700 COCA COLA ENTERPRISES, INC 10,738 9,500 COLGATE-PALMOLIVE CO 553,375 100 * CONSTELLATION BRANDS, INC (CLASS A) 4,166 300 * COST PLUS, INC 5,508 700 * COSTCO WHOLESALE CORP 24,892 4,700 CVS CORP 156,040 600 * DEL MONTE FOODS CO 4,620 500 DELTA & PINE LAND CO 8,490 600 DIAL CORP 9,930 200 DREYER'S GRAND ICE CREAM, INC 5,810 200 * DUANE READE, INC 6,000 100 * ELECTRONICS BOUTIQUE HOLDINGS CORP 2,695 100 * EXPEDIA, INC (CLASS A) 2,429 200 * FACTORY 2-U STORES, INC 2,800 400 FASTENAL CO 22,792 200 FLEMING COS, INC 5,900 100 * FTI CONSULTING, INC 2,940 45,200 GILLETTE CO 1,346,960 100 * GREEN MOUNTAIN COFFEE, INC 2,305 500 * HAIN CELESTIAL GROUP, INC 9,205 1,700 HEINZ (H.J.) CO 71,655 200 HERSHEY FOODS CORP 13,074 80,700 HOME DEPOT, INC 3,096,459 500 * INSIGHT ENTERPRISES, INC 7,070 1,300 KELLOGG CO 39,000 8,335 KRAFT FOODS, INC (CLASS A) 286,473 11,000 * KROGER CO 271,040 8,000 LAUDER (ESTEE) COS (CLASS A) 265,200 10,600 LOWE'S COS 335,490 200 MCCORMICK & CO, INC (NON-VOTE) 9,160 1,000 MILLER (HERMAN), INC 19,470 500 * NBTY, INC 6,580 100 ONEIDA LTD 1,435 1,100 PEPSI BOTTLING GROUP, INC 50,677 36,570 PEPSICO, INC 1,773,645 900 * PERRIGO CO 13,635 600 * PETSMART, INC 4,224 24,900 PHILIP MORRIS COS, INC 1,202,421 1,600 * PRICELINE.COM, INC 6,064 3,500 PROCTER & GAMBLE CO 254,765 2,400 RADIOSHACK CORP 58,200 1,800 RALSTON PURINA CO 59,040 200 * REVLON, INC (CLASS A) 1,050 3,100 * RITE AID CORP 23,932 13,655 * SAFEWAY, INC 542,376 4,620 SARA LEE CORP 98,406 300 * SKECHERS USA, INC (CLASS A) 3,504
24 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- CONSUMER NON-CYCLICAL -- (CONTINUED) 100 SLI, INC $ 259 4,800 * STAPLES, INC 63,936 400 * STAR SCIENTIFIC, INC 1,104 100 * TICKETMASTER (CLASS B) 1,035 200 TOOTSIE ROLL INDUSTRIES, INC 7,652 100 * TRIARC COS, INC 2,310 200 * TUESDAY MORNING CORP 1,836 400 TUPPERWARE CORP 7,976 200 * TWEETER HOME ENTERTAINMENT GROUP, INC 2,728 100 * UNITED NATURAL FOODS, INC 1,818 1,150 UST, INC 38,180 400 * VALUEVISION INTERNATIONAL, INC (CLASS A) 5,160 29,300 WALGREEN CO 1,008,799 600 * WHOLE FOODS MARKET, INC 18,846 650 * WILD OATS MARKETS, INC 5,161 200 WINN-DIXIE STORES, INC 2,290 900 WRIGLEY (WM) JR CO 46,170 200 * YANKEE CANDLE CO 3,420 ------------ TOTAL CONSUMER NON-CYCLICAL 14,727,730 ------------ ENERGY -- 1.74% 3,400 ANADARKO PETROLEUM CORP 163,472 9,700 APACHE CORP 417,100 100 * ATWOOD OCEANICS, INC 2,600 26,000 BAKER HUGHES, INC 752,700 200 BERRY PETROLEUM CO (CLASS A) 3,090 2,200 * BJ SERVICES CO 39,138 400 * BROWN (TOM), INC 8,360 1,100 BURLINGTON RESOURCES, INC 37,631 200 CABOT OIL & GAS CORP (CLASS A) 3,990 500 * CAL DIVE INTERNATIONAL, INC 8,330 500 * CAPSTONE TURBINE CORP 3,020 100 CARBO CERAMICS, INC 2,770 1,600 * CHESAPEAKE ENERGY CORP 9,040 200 * CLAYTON WILLIAMS ENERGY, INC 1,864 700 * COOPER CAMERON CORP 22,960 100 * DENBURY RESOURCES, INC 829 8,800 DIAMOND OFFSHORE DRILLING, INC 221,936 100 * DRIL-QUIP, INC 1,550 300 * ENERGY PARTNERS LTD 2,094 1,400 ENSCO INTERNATIONAL, INC 20,468 1,000 EOG RESOURCES, INC 28,930 200 * EVERGREEN RESOURCES, INC 6,790 100 * FOREST OIL CORP 2,480 300 FRONTIER OIL CORP 5,145 1,800 * GLOBAL MARINE, INC 25,200 100 * GRANT PRIDECO, INC 609 2,600 * GREY WOLF, INC 4,680 200 * GULF ISLAND FABRICATION, INC 1,704 6,000 HALLIBURTON CO 135,300 900 * HANOVER COMPRESSOR CO 19,476 4,200 HELMERICH & PAYNE, INC 109,620 200 HOLLY CORP 3,616 100 * HORIZON OFFSHORE, INC 610 100 * HOUSTON EXPLORATION CO 2,480 154 KERR-MCGEE CORP 7,994 1,600 * KEY ENERGY SERVICES, INC 10,176 300 * LOUIS DREYFUS NATURAL GAS CORP 11,670 100 * MAGNUM HUNTER RESOURCES, INC 949 500 * MAVERICK TUBE CORP 4,530
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 100 * MERIDIAN RESOURCE CORP $ 325 300 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) 15,036 400 MURPHY OIL CORP 28,944 1,700 * NABORS INDUSTRIES, INC 35,649 1,100 * NATIONAL-OILWELL, INC 15,950 400 * NEWFIELD EXPLORATION CO 11,680 1,500 * NOBLE DRILLING CORP 36,000 1,300 OCEAN ENERGY, INC (NEW) 21,190 200 * OSCA, INC 3,100 100 PATINA OIL & GAS CORP 2,300 900 * PATTERSON-UTI ENERGY, INC 11,124 200 * PLAINS RESOURCES, INC 5,200 500 POGO PRODUCING CO 11,750 800 * PRIDE INTERNATIONAL, INC 7,840 700 * PRIMA ENERGY CORP 15,505 400 * PURE RESOURCES, INC 6,380 200 * PYR ENERGY CORP 370 900 * ROWAN COS, INC 11,142 300 RPC, INC 3,729 600 * SMITH INTERNATIONAL, INC 21,840 200 * SPINNAKER EXPLORATION CO 7,076 400 ST. MARY LAND & EXPLORATION CO 6,372 239 * STONE ENERGY CORP 7,695 800 * SUPERIOR ENERGY SERVICES, INC 4,720 300 * SWIFT ENERGY CO 6,186 300 TIDEWATER, INC 8,007 200 * UNIT CORP 1,776 100 * UNIVERSAL COMPRESSION HOLDINGS, INC 2,250 10,200 * VARCO INTERNATIONAL, INC (NEW) 123,216 400 * VERITAS DGC, INC 4,460 400 VINTAGE PETROLEUM, INC 6,340 200 * W-H ENERGY SERVICES, INC 2,812 1,100 * WEATHERFORD INTERNATIONAL, INC 28,061 241 * WESTPORT RESOURCES CORP 3,542 1,825 XTO ENERGY, INC 25,458 ------------ TOTAL ENERGY 2,607,926 ------------ FINANCIAL SERVICES -- 7.71% 300 * AFFILIATED MANAGERS GROUP, INC 17,043 3,400 AFLAC, INC 91,800 100 ALABAMA NATIONAL BANCORP 3,300 500 ALLIED CAPITAL CORP 11,375 1,400 AMERICAN EXPRESS CO 40,684 53,800 AMERICAN INTERNATIONAL GROUP, INC 4,196,400 1,600 * AMERITRADE HOLDING CORP (CLASS A) 6,416 100 * ANC RENTAL CORP 52 200 ARROW FINANCIAL CORP 5,594 3,900 BANK OF NEW YORK CO, INC 136,500 236 BB&T CORP 8,602 200 * BLACKROCK, INC 8,844 200 BOSTON PRIVATE FINANCIAL HOLDINGS, INC 3,902 300 BROWN & BROWN, INC 15,630 2,900 CAPITAL ONE FINANCIAL CORP 133,487 500 * CATELLUS DEVELOPMENT CORP 8,740 200 CCBT FINANCIAL COS, INC 5,004 300 * CCC INFORMATION SERVICES GROUP, INC 2,193
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 25 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- FINANCIAL SERVICES -- (CONTINUED) 200 CHARLES E. SMITH RESIDENTIAL REALTY, INC $ 10,300 100 CHATEAU COMMUNITIES, INC 2,945 125 CHITTENDEN CORP 3,175 900 * CHOICEPOINT, INC 37,476 43,002 CITIGROUP, INC 1,741,581 100 * CLARK/BARDES, INC 2,156 100 COMMERCE BANCORP, INC 6,800 200 * COMPUCREDIT CORP 1,458 500 CONNECTICUT BANCSHARES, INC 11,050 400 COUSINS PROPERTIES, INC 9,900 200 CRAWFORD & CO (CLASS B) 2,490 1,900 CROWN AMERICAN REALTY TRUST 13,490 600 * CSK AUTO CORP 3,750 110 CVB FINANCIAL CORP 2,365 500 DORAL FINANCIAL CORP 19,400 1,600 * E*TRADE GROUP, INC 9,680 800 EATON VANCE CORP 25,080 100 FEDERAL REALTY INVESTMENT TRUST 2,200 1,200 FEDERATED INVESTORS, INC (CLASS B) 35,520 7,200 FREDDIE MAC 468,000 6,500 FIFTH THIRD BANCORP 399,620 200 FINANCIAL INSTITUTIONS, INC 4,688 100 FIRST BANCORP (PUERTO RICO) 2,586 100 FIRST BUSEY CORP 1,974 200 FIRST COMMUNITY BANCSHARES 6,320 16,700 FANNIE MAE 1,337,002 100 FRONTIER FINANCIAL CORP 2,750 1,100 GALLAGHER (ARTHUR J.) & CO 37,235 900 * GARTNER, INC (CLASS A) 8,145 39 * GARTNER, INC (CLASS B) 339 300 GREATER BAY BANCORP 6,981 400 HARLEYSVILLE NATIONAL CORP 8,600 200 HILB, ROGAL & HAMILTON CO 9,122 800 HOOPER HOLMES, INC 4,992 1,900 HOUSEHOLD INTERNATIONAL, INC 107,122 400 HUDSON UNITED BANCORP 11,096 400 INDEPENDENT BANK CORP 8,480 100 * INDYMAC BANCORP, INC 2,711 100 * INSTINET GROUP, INC 979 400 * INVESTMENT TECHNOLOGY GROUP, INC 22,196 400 INVESTORS FINANCIAL SERVICES CORP 23,056 300 * ITT EDUCATIONAL SERVICES, INC 9,600 150 JOHN NUVEEN CO (CLASS A) 6,634 8,200 JP MORGAN CHASE & CO 280,030 700 * KNIGHT TRADING GROUP, INC 5,397 500 * LABRANCHE & CO, INC 11,100 1,885 LANDAMERICA FINANCIAL GROUP, INC 62,676 4,100 LEHMAN BROTHERS HOLDINGS, INC 233,085 200 MAIN STREET BANKS, INC 3,598 100 MANUFACTURED HOME COMMUNITIES, INC 3,042 2,000 MARSH & MCLENNAN COS, INC 193,400 9,800 MBNA CORP 296,842 100 MEDALLION FINANCIAL CORP 825 200 MILLS CORP 4,276 100 MISSISSIPPI VALLEY BANCSHARES, INC 3,800
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 800 MORGAN STANLEY DEAN WITTER & CO $ 37,080 105 NATIONAL PENN BANCSHARES, INC 2,467 100 * NETBANK, INC 837 500 NEUBERGER BERMAN, INC 17,440 900 NEW YORK COMMUNITY BANCORP, INC 20,889 5,700 NORTHERN TRUST CORP 299,136 100 ORIENTAL FINANCIAL GROUP, INC 2,015 200 PACIFIC CAPITAL BANCORP 5,794 100 PARK NATIONAL CORP 9,675 300 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 6,375 100 * PHILADELPHIA CONSOLIDATED HOLDING CORP 3,474 3,900 PROVIDIAN FINANCIAL CORP 78,585 100 S & T BANCORP, INC 2,340 100 S.Y. BANCORP, INC 3,200 100 SANDY SPRING BANCORP, INC 3,969 100 SAUL CENTERS, INC 1,900 14,900 SCHWAB (CHARLES) CORP 171,350 100 SEACOAST BANKING CORP OF FLORIDA 4,219 900 SEI INVESTMENTS CO 28,800 100 SJNB FINANCIAL CORP 4,176 100 * SOUTHWEST BANCORP OF TEXAS, INC 2,975 1,900 STATE STREET CORP 86,450 200 STERLING BANCORP 5,750 150 STERLING BANCSHARES, INC 1,983 200 STERLING FINANCIAL CORP 4,270 200 STILWELL FINANCIAL, INC 3,900 100 STUDENT LOAN CORP 7,050 200 SUFFOLK BANCORP 8,790 2,400 SYNOVUS FINANCIAL CORP 66,240 400 * SYNTROLEUM CORP 1,876 200 * TD WATERHOUSE GROUP 1,228 100 TEXAS REGIONAL BANCSHARES, INC (CLASS A) 3,417 4,000 TORCHMARK CORP 156,000 200 TOWN & COUNTRY TRUST 3,960 200 * TRIAD GUARANTY, INC 6,990 500 TROY FINANCIAL CORP 10,570 1,100 TRUSTCO BANK CORP (NEW YORK) 15,114 200 UCBH HOLDINGS, INC 5,836 200 UNITED BANKSHARES, INC 5,400 6 UNITED NATIONAL BANCORP 153 100 * UNITED RENTALS, INC 1,734 700 * UNITEDGLOBALCOM, INC (CLASS A) 1,624 14 US BANCORP (NEW) 310 2,200 USA EDUCATION, INC 182,402 100 VALUE LINE, INC 3,830 1,000 WADDELL & REED FINANCIAL, INC (CLASS A) 26,000 100 WASHINGTON REAL ESTATE INVESTMENT TRUST 2,372 200 WASHINGTON TRUST BANCORP, INC 3,700 200 WESTAMERICA BANCORP 7,210 100 * WFS FINANCIAL, INC 1,775 ------------ TOTAL FINANCIAL SERVICES 11,557,311 ------------ HEALTH CARE -- 27.50% 46,727 ABBOTT LABORATORIES 2,422,794 1,000 * ABGENIX, INC 22,700
26 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 200 * ABIOMED, INC $ 3,494 400 * ACCREDO HEALTH, INC 14,560 300 * ACLARA BIOSCIENCES, INC 1,686 400 * ADOLOR CORP 6,772 800 * ADVANCED TISSUE SCIENCES, INC 2,840 600 * ADVANCEPCS 43,068 500 * AFFYMETRIX, INC 8,025 200 * AKSYS LTD 1,010 300 * ALBANY MOLECULAR RESEARCH, INC 7,449 200 * ALEXION PHARMACEUTICALS, INC 3,404 100 * ALIGN TECHNOLOGY, INC 218 800 * ALKERMES, INC 15,664 1,800 ALLERGAN, INC 119,340 300 * ALLSCRIPTS HEALTHCARE SOLUTIONS, INC 1,260 300 ALPHARMA, INC (CLASS A) 8,640 100 * AMERICAN HEALTHWAYS, INC 3,525 18,100 AMERICAN HOME PRODUCTS CORP 1,054,325 300 * AMERICAN MEDICAL SYSTEMS HOLDINGS, INC 5,721 200 * AMERIPATH, INC 5,252 885 * AMERISOURCEBERGEN CORP 62,790 59,300 * AMGEN, INC 3,485,061 200 * AMSURG CORP 5,510 700 * AMYLIN PHARMACEUTICALS, INC 3,871 800 * ANDRX GROUP 51,936 200 * ANTIGENICS, INC 2,550 200 * APHTON CORP 1,966 700 * APOGENT TECHNOLOGIES, INC 16,730 2,900 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) 70,760 100 * APPLIED MOLECULAR EVOLUTION 739 500 * APRIA HEALTHCARE GROUP, INC 12,950 200 * ARENA PHARMACEUTICALS, INC 2,200 300 * ARIAD PHARMACEUTICALS, INC 735 200 * ARQULE, INC 2,090 100 * ARRAY BIOPHARMA, INC 902 300 * ARTHROCARE CORP 5,880 100 * ASPECT MEDICAL SYSTEMS, INC 1,095 200 * ATRIX LABORATORIES, INC 4,699 200 * ATS MEDICAL, INC 800 600 * AVANIR PHARMACEUTICALS (CLASS A) 1,740 600 * AVANT IMMUNOTHERAPEUTICS, INC 1,422 100 * AVI BIOPHARMA, INC 740 200 * AVIGEN, INC 2,742 300 * AVIRON 7,467 300 * BARR LABORATORIES, INC 23,718 7,500 BAXTER INTERNATIONAL, INC 412,875 600 BECKMAN COULTER, INC 26,550 2,000 * BIOGEN, INC 111,160 300 * BIOMARIN PHARMACEUTICAL, INC 2,925 3,750 BIOMET, INC 109,687 200 * BIOPURE CORP 3,710 200 * BIOSITE, INC 4,842 100 * BIOSPHERE MEDICAL, INC 825 800 * BIO-TECHNOLOGY GENERAL CORP 5,984 100 * BONE CARE INTERNATIONAL, INC 1,946 800 * BOSTON SCIENTIFIC CORP 16,400 18,800 BRISTOL-MYERS SQUIBB CO 1,044,528 300 * BRITESMILE, INC 1,800 500 * BRUKER DALTONICS, INC 8,300
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 200 * CALIPER TECHNOLOGIES CORP $ 1,850 25,459 CARDINAL HEALTH, INC 1,882,693 300 * CARDIODYNAMICS INTERNATIONAL CORP 1,440 3,200 * CAREMARK RX, INC 53,376 1,000 * CELGENE CORP 26,430 300 * CELL PATHWAYS, INC 987 400 * CELL THERAPEUTICS, INC 9,620 600 * CEPHALON, INC 29,928 300 * CERNER CORP 14,850 100 * CERUS CORP 4,725 600 * CHARLES RIVER LABORATORIES INTERNATIONAL, INC 21,222 1,300 * CHIRON CORP 57,681 200 * CIMA LABS, INC 12,150 100 * CLOSURE MEDICAL CORP 1,925 100 * COHERENT, INC 2,840 200 * COLUMBIA LABORATORIES, INC 898 500 * COMMUNITY HEALTH SYSTEMS 14,870 600 * COMPUTERIZED THERMAL IMAGING, INC 1,344 300 * CONCEPTUS, INC 5,220 300 * CONNETICS CORP 1,962 200 COOPER COS, INC 9,380 700 * COR THERAPEUTICS, INC 15,841 600 * CORIXA CORP 6,299 150 * CORVEL CORP 3,945 600 * COVANCE, INC 10,746 400 * CRYOLIFE, INC 15,044 400 * CUBIST PHARMACEUTICALS, INC 13,108 500 * CURAGEN CORP 9,650 200 * CURIS, INC 700 200 * CV THERAPEUTICS, INC 7,772 200 * CYBERONICS, INC 3,152 200 * CYGNUS, INC 1,114 1,000 * CYTOGEN CORP 2,700 1,600 * CYTYC CORP 42,896 100 DATASCOPE CORP 3,878 800 * DAVITA, INC 16,280 400 * DECODE GENETICS, INC 2,468 300 * DELTAGEN, INC 2,121 100 * DENDREON CORP 850 400 * DENDRITE INTERNATIONAL, INC 3,176 400 DENTSPLY INTERNATIONAL, INC 18,376 300 DIAGNOSTIC PRODUCTS CORP 12,666 100 * DIGENE CORP 2,500 400 * DIVERSA CORP 3,760 300 * DURAMED PHARMACEUTICALS, INC 6,072 200 * DURECT CORP 1,936 100 * DUSA PHARMACEUTICALS, INC 1,026 200 * DYAX CORP 1,924 700 * ECLIPSYS CORP 9,310 300 * EDWARDS LIFESCIENCES CORP 6,720 200 ELAN CORP CONTINGENT VALUE RIGHT 26 100 * ENDO PHARMACEUTICALS HOLDINGS, INC 1,085 100 * ENDO PHARMACEUTICALS, INC WTS 12/31/02 15 100 * ENDOCARE, INC 1,755 300 * ENTREMED, INC 2,625 315 * ENZO BIOCHEM, INC 5,342 600 * ENZON, INC 30,600 300 * ESPERION THERAPEUTICS, INC 2,235
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 27 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 400 * EXELIXIS, INC $ 4,584 1,100 * EXPRESS SCRIPTS, INC 61,050 1,300 * FIRST HEALTH GROUP CORP 38,194 150 * FIRST HORIZON PHARMACEUTICAL 3,904 500 * FISHER SCIENTIFIC INTERNATIONAL, INC 12,700 2,400 * FOREST LABORATORIES, INC 173,136 400 * GENAISSANCE PHARMACEUTICALS 1,556 400 * GENE LOGIC, INC 5,264 100 * GENENCOR INTERNATIONAL, INC 986 6,600 * GENENTECH, INC 290,400 300 * GENOME THERAPEUTICS CORP 1,740 300 * GENSTAR THERAPEUTICS CORP 843 300 * GENTA, INC 3,105 2,700 * GENZYME CORP (GENERAL DIVISION) 122,634 300 * GENZYME-MOLECULAR ONCOLOGY 2,325 300 * GERON CORP 2,880 1,300 * GILEAD SCIENCES, INC 73,021 22,400 GLAXOSMITHKLINE PLC ADR 1,257,088 5,471 * GUIDANT CORP 210,633 12,095 * GUILFORD PHARMACEUTICALS, INC 104,137 200 * HAEMONETICS CORP 6,922 1,000 HCA, INC 44,310 16,600 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) 344,616 100 * HEALTHEXTRAS, INC 514 1,700 * HUMAN GENOME SCIENCES, INC 52,547 100 * HYSEQ, INC 611 100 * I-MANY, INC 232 200 * I-STAT CORP 1,220 600 ICN PHARMACEUTICALS, INC 15,810 600 * ICOS CORP 29,526 1,500 * IDEC PHARMACEUTICALS CORP 74,355 500 * IDEXX LABORATORIES, INC 11,685 100 * IDX SYSTEMS CORP 1,025 100 * IGEN INTERNATIONAL, INC 2,752 300 * ILEX ONCOLOGY, INC 7,878 100 * ILLUMINA, INC 650 900 * IMATRON, INC 1,602 800 * IMCLONE SYSTEMS, INC 45,240 300 * IMMUNE RESPONSE CORP 426 4,300 * IMMUNEX CORP 80,324 500 * IMMUNOGEN, INC 4,525 500 * IMMUNOMEDICS, INC 5,985 200 * IMPATH, INC 6,902 200 * IMPAX LABORATORIES, INC 2,618 4,000 IMS HEALTH, INC 100,200 200 * INAMED CORP 3,400 900 * INCYTE GENOMICS, INC 12,294 600 * INHALE THERAPEUTIC SYSTEMS, INC 7,980 200 * INKINE PHARMACEUTICAL CO, INC 154 300 * INSMED, INC 804 200 * INSPIRE PHARMACEUTICALS, INC 1,732 100 * INTEGRA LIFESCIENCES HOLDING 2,762 300 * INTERMUNE, INC 11,475 300 * INTERNEURON PHARMACEUTICALS, INC 1,494 300 * INTUITIVE SURGICAL, INC 1,872 100 INVACARE CORP 4,050 300 * INVERNESS MEDICAL TECHNOLOGY, INC 11,085 800 * INVITROGEN CORP 52,608
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 500 * ISIS PHARMACEUTICALS, INC $ 8,525 2,300 * IVAX CORP 50,991 62,000 JOHNSON & JOHNSON 3,434,800 200 * KENDLE INTERNATIONAL, INC 3,948 2,433 * KING PHARMACEUTICALS, INC 102,064 100 * KOS PHARMACEUTICALS, INC 2,785 500 * KV PHARMACEUTICAL CO (CLASS B) 14,700 500 * LA JOLLA PHARMACEUTICAL CO 2,035 4,100 * LABORATORY CORP OF AMERICA HOLDINGS 331,485 400 * LEXICON GENETICS, INC 3,040 600 * LIFEPOINT HOSPITALS, INC 26,400 800 * LIGAND PHARMACEUTICALS CO (CLASS B) 7,344 10,900 LILLY (ELI) & CO 879,630 1,200 * LINCARE HOLDINGS, INC 31,884 200 * LUMINEX CORP 2,730 200 * MACROCHEM CORP (DELAWARE) 490 200 * MAGELLAN HEALTH SERVICES, INC 2,294 300 * MATRIX PHARMACEUTICALS, INC 174 100 * MAXIMUS, INC 3,973 400 * MAXYGEN, INC 6,339 600 MCKESSON CORP 22,674 100 * MED-DESIGN CORP 1,440 1,000 * MEDAREX, INC 15,100 200 * MEDICINES CO 1,210 400 * MEDICIS PHARMACEUTICAL CORP (CLASS A) 19,992 2,900 * MEDIMMUNE, INC 103,327 171 * MEDQUIST, INC 4,300 47,164 MEDTRONIC, INC 2,051,634 300 MENTOR CORP 7,590 30,851 MERCK & CO, INC 2,054,676 200 * MGI PHARMA, INC 2,674 500 * MID ATLANTIC MEDICAL SERVICES, INC 10,500 3,000 * MILLENNIUM PHARMACEUTICALS, INC 53,280 600 MILLIPORE CORP 31,764 200 * MIRAVANT MEDICAL TECHNOLOGIES 1,530 200 * MOLECULAR DEVICES CORP 3,728 800 MYLAN LABORATORIES, INC 26,096 300 * MYRIAD GENETICS, INC 9,192 600 * NABI, INC 3,708 100 * NANOGEN, INC 488 200 * NAPRO BIOTHERAPEUTICS, INC 1,580 100 * NEOPHARM, INC 1,405 100 * NEOSE TECHNOLOGIES, INC 3,860 300 * NEUROCRINE BIOSCIENCES, INC 9,606 200 * NEUROGEN CORP 3,282 100 * NOVAVAX, INC 1,410 300 * NOVEN PHARMACEUTICALS, INC 5,430 200 * NOVOSTE CORP 1,186 300 * NPS PHARMACEUTICALS, INC 9,360 100 * OCULAR SCIENCES, INC 2,025 300 OMNICARE, INC 6,549 300 * ON ASSIGNMENT, INC 4,824 100 * ONYX PHARMACEUTICALS, INC 351 300 * ORASURE TECHNOLOGIES, INC 3,075 500 * ORCHID BIOSCIENCES, INC 1,095 500 * ORGANOGENESIS, INC 2,925 500 * ORTHODONTIC CENTERS OF AMERICA, INC 12,325
28 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 400 * OSI PHARMACEUTICALS, INC $ 13,000 200 OWENS & MINOR, INC 4,060 1,400 * OXFORD HEALTH PLANS, INC 39,760 600 * PACKARD BIOSCIENCE CO 4,746 100 * PAIN THERAPEUTICS, INC 700 100 PALL CORP 1,945 600 * PATTERSON DENTAL CO 22,116 100 * PDI, INC 2,385 433 * PER-SE TECHNOLOGIES, INC 3,438 700 * PEREGRINE PHARMACEUTICALS, INC 693 219,107 PFIZER, INC 8,786,191 600 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC 17,574 200 * PHARMACEUTICAL RESOURCES, INC 7,150 67,524 PHARMACIA CORP 2,738,773 300 * PHARMACOPEIA, INC 3,888 200 * PHARMACYCLICS, INC 3,560 400 * PHARMOS CORP 976 100 * POLYMEDICA CORP 1,527 200 * POSSIS MEDICAL, INC 2,340 200 * POZEN, INC 870 600 * PRAECIS PHARMACEUTICALS, INC 2,238 400 * PRIORITY HEALTHCARE CORP (CLASS B) 9,600 600 * PROTEIN DESIGN LABS, INC 28,338 400 * PROVINCE HEALTHCARE CO 14,696 1,000 * QUEST DIAGNOSTICS, INC 61,700 800 * QUINTILES TRANSNATIONAL CORP 11,680 100 * REGENERATION TECHNOLOGIES 1,165 300 * REGENERON PHARMACEUTICALS, INC 6,672 200 * REHABCARE GROUP, INC 8,702 700 * RENAL CARE GROUP, INC 21,539 500 * RESMED, INC 25,400 400 * RESPIRONICS, INC 14,224 100 * RIBOZYME PHARMACEUTICALS, INC 699 300 * RIGEL PHARMACEUTICALS, INC 1,500 200 * SANGSTAT MEDICAL CORP 3,686 63,085 SCHERING-PLOUGH CORP 2,340,453 600 * SCIOS, INC 10,032 100 * SELECT MEDICAL CORP 1,575 900 * SEPRACOR, INC 32,310 200 * SEQUENOM, INC 1,400 200 * SEROLOGICALS CORP 3,622 800 * SICOR, INC 15,112 100 * SONOSITE, INC 2,040 1,100 * ST. JUDE MEDICAL, INC 75,295 100 * STERICYCLE, INC 4,168 800 * STERIS CORP 15,728 1,800 STRYKER CORP 95,220 100 * SUNRISE ASSISTED LIVING, INC 2,583 300 * SUPERGEN, INC 2,115 200 * SURMODICS, INC 7,990 300 * SYNCOR INTERNATIONAL CORP 9,549 300 * TANOX, INC 4,431 300 * TARGETED GENETICS CORP 564 600 * TECHNE CORP 17,658 200 * TELIK, INC 1,300 20,500 * TENET HEALTHCARE CORP 1,222,825 500 * TEXAS BIOTECHNOLOGY CORP 2,825 300 * THERAGENICS CORP 2,772 467 * THORATEC CORP 7,724 300 * TITAN PHARMACEUTICALS, INC 1,875
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 300 * TRANSKARYOTIC THERAPIES, INC $ 8,142 200 * TRIAD HOSPITALS, INC 7,080 300 * TRIANGLE PHARMACEUTICALS, INC 960 200 * TRIMERIS, INC 7,020 200 * TRIPATH IMAGING, INC 860 200 * TULARIK, INC 3,684 200 * UNITED THERAPEUTICS CORP 2,512 10,200 UNITEDHEALTH GROUP, INC 678,300 300 * UNIVERSAL HEALTH SERVICES, INC (CLASS B) 14,640 200 * UROLOGIX, INC 2,720 300 * VALENTIS, INC 900 500 * VARIAN MEDICAL SYSTEMS, INC 32,075 500 * VARIAN, INC 12,740 600 * VASOMEDICAL, INC 1,842 100 * VAXGEN, INC 1,250 100 * VENTANA MEDICAL SYSTEMS, INC 2,044 1,100 VENTAS, INC 11,935 133 * VENTIV HEALTH, INC 539 300 * VERSICOR, INC 4,020 1,086 * VERTEX PHARMACEUTICALS, INC 19,591 300 * VICAL, INC 3,057 700 * VIDAMED, INC 2,674 200 * VION PHARMACEUTICALS, INC 936 200 * VIROPHARMA, INC 5,054 700 * VISX, INC 9,261 1,800 * WATERS CORP 64,386 1,500 * WATSON PHARMACEUTICALS, INC 82,065 1,630 * WEBMD CORP 6,943 200 * WELLPOINT HEALTH NETWORKS, INC 21,830 200 X-RITE, INC 1,580 1,700 * ZIMMER HOLDINGS, INC 47,175 100 * ZOLL MEDICAL CORP 3,560 ------------ TOTAL HEALTH CARE 41,244,735 ------------ OTHER -- 2.38% 100 * 4KIDS ENTERTAINMENT, INC 1,990 200 * ACACIA RESEARCH CORP 1,838 200 * ADMINISTAFF, INC 5,200 200 BRADY CORP (CLASS A) 5,960 200 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC 5,400 300 * CAREER EDUCATION CORP 16,500 6,700 * CENDANT CORP 85,760 100 CENTRAL PARKING CORP 1,399 1,600 CINTAS CORP 64,480 200 * CORINTHIAN COLLEGES, INC 6,742 500 * CORPORATE EXECUTIVE BOARD CO 13,040 200 * COSTAR GROUP, INC 3,594 800 * DEVRY, INC 28,720 200 DOVER CORP 6,022 300 * EDISON SCHOOLS, INC 4,530 300 * EDUCATION MANAGEMENT CORP 9,108 200 * ESCO TECHNOLOGIES, INC 4,980 1,100 * EXULT, INC 12,859 200 * FIRST CONSULTING GROUP, INC 1,798 200 * FORRESTER RESEARCH, INC 3,322 400 * GENTIVA HEALTH SERVICES, INC 7,204 300 * GETTY IMAGES, INC 3,309 300 * GTECH HOLDINGS CORP 10,362 1,100 H&R BLOCK, INC 42,416 100 HARLAND (JOHN H.) CO 2,190 2 HAVAS ADVERTISING S.A. ADR 12
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 29 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- OTHER -- (CONTINUED) 200 * HEIDRICK & STRUGGLES INTERNATIONAL, INC $ 2,854 900 HONEYWELL INTERNATIONAL, INC 23,760 100 * HOTEL RESERVATIONS NETWORK, INC (CLASS A) 2,274 200 * HOTJOBS.COM LTD 1,194 200 * INFOUSA, INC 812 200 * ITRON, INC 4,604 500 * KORN/FERRY INTERNATIONAL 4,125 100 * MANAGEMENT NETWORK GROUP, INC 605 400 MATTHEWS INTERNATIONAL CORP (CLASS A) 8,824 200 * MEMBERWORKS, INC 4,114 100 * MODIS PROFESSIONAL SERVICES, INC 400 1,900 MOODY'S CORP 70,300 200 * MSC.SOFTWARE CORP 3,220 200 * NCO GROUP, INC 2,736 200 * PREPAID LEGAL SERVICES, INC 3,448 200 * PROQUEST CO 6,580 300 * R.H. DONNELLEY CORP 7,836 2,100 * ROBERT HALF INTERNATIONAL, INC 42,021 200 ROLLINS, INC 3,110 100 * SCHOOL SPECIALTY, INC 3,056 100 * STARTEK, INC 1,749 100 STRAYER EDUCATION, INC 4,460 300 * SYMYX TECHNOLOGIES, INC 4,425 6,800 SYSCO CORP 173,672 110 TALX CORP 2,343 100 * TEJON RANCH CO 2,250 400 * TELETECH HOLDINGS, INC 3,124 1,500 * TERREMARK WORLDWIDE, INC 750 1,100 * TMP WORLDWIDE, INC 31,229 200 * TRAVELOCITY.COM, INC 2,660 56,781 TYCO INTERNATIONAL LTD 2,583,535 200 * UNIROYAL TECHNOLOGY CORP 628 200 * UNITED STATIONERS, INC 5,974 4,429 UNITED TECHNOLOGIES CORP 205,948 200 VIAD CORP 3,836 100 * WACKENHUT CORP (CLASS A) 2,380 100 WALTER INDUSTRIES, INC 895 ------------ TOTAL OTHER 3,574,466 ------------ PRODUCER DURABLES -- 7.71% 200 * ACTIVE POWER, INC 1,002 100 AGCO CORP 905 800 * ALLIED WASTE INDUSTRIES, INC 10,200 400 AMETEK, INC 10,512 100 * ASTEC INDUSTRIES, INC 1,301 100 BRIGGS & STRATTON CORP 3,121 200 * BROOKS AUTOMATION, INC 5,318 149 * CATALYTICA ENERGY SYSTEMS, INC 1,141 300 * COINSTAR, INC 5,916 400 * COVANTA ENERGY CORP 4,672 100 * CUNO, INC 2,775 300 * DYCOM INDUSTRIES, INC 3,480 400 EATON CORP 23,684 500 * EMEX CORP 3,275 500 FEDERAL SIGNAL CORP 8,820 300 * FLOWSERVE CORP 5,925 100 FRANKLIN ELECTRIC CO, INC 7,200
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 400 * FUELCELL ENERGY, INC $ 5,924 299,326 GENERAL ELECTRIC CO 11,134,927 200 * GLOBAL POWER EQUIPMENT GROUP, INC 3,040 300 GORMAN-RUPP CO 5,820 100 * H POWER CORP 312 300 * HEADWATERS, INC 3,300 100 IDEX CORP 2,765 100 LINDSAY MANUFACTURING CO 1,775 200 * LITTELFUSE, INC 4,426 200 MANITOWOC CO, INC 4,848 200 * MECHANICAL TECHNOLOGY, INC 700 1,800 MINNESOTA MINING & MANUFACTURING CO 177,120 400 * NATIONAL INSTRUMENTS CORP 10,468 900 * NEWPARK RESOURCES, INC 6,075 200 NEWPORT NEWS SHIPBUILDING, INC 13,440 100 NORDSON CORP 2,185 200 * PEMSTAR, INC 2,300 200 PHILADELPHIA SUBURBAN CORP 5,252 200 * PHOTON DYNAMICS, INC 4,630 300 PITNEY BOWES, INC 11,460 200 * PLUG POWER, INC 1,924 700 * POWER-ONE, INC 4,305 200 * QUANTA SERVICES, INC 2,850 400 * RAYOVAC CORP 6,100 200 ROCKWELL COLLINS 2,840 400 ROPER INDUSTRIES, INC 14,396 100 * SAGE, INC 1,525 200 STEWART & STEVENSON SERVICES, INC 4,816 500 * TETRA TECH, INC 11,050 100 * TRC COS, INC 3,614 400 * VALENCE TECHNOLOGY, INC 1,416 200 VALHI, INC 2,660 100 VALMONT INDUSTRIES, INC 1,400 266 WABTEC CORP 2,899 300 * WASTE CONNECTIONS, INC 8,100 ------------ TOTAL PRODUCER DURABLES 11,569,909 ------------ TECHNOLOGY -- 25.88% 1,800 * 3COM CORP 6,750 400 * 3DO CO 820 200 * ACT MANUFACTURING, INC 888 300 * ACTEL CORP 5,328 1,600 * ACTERNA CORP 5,088 300 * ACTIVISION, INC 8,166 700 * ACTUATE CORP 2,933 300 * ACXIOM CORP 2,820 200 * ADAPTEC, INC 1,572 2,800 * ADC TELECOMMUNICATIONS, INC 9,772 3,300 ADOBE SYSTEMS, INC 79,134 100 * ADTRAN, INC 1,910 600 * ADVANCED DIGITAL INFORMATION CORP 6,186 200 * ADVANCED ENERGY INDUSTRIES, INC 3,326 600 * ADVANCED FIBRE COMMUNICATIONS, INC 8,766 3,400 * ADVANCED MICRO DEVICES, INC 27,710 400 * ADVENT SOFTWARE, INC 15,060 900 * AEROFLEX, INC 9,900 400 * AETHER SYSTEMS, INC 2,508
30 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 500 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) $ 40,705 82,600 * AGERE SYSTEMS, INC (CLASS A) 341,138 300 * AGILE SOFTWARE CORP 2,727 2,100 * AGILENT TECHNOLOGIES, INC 41,055 500 * AKAMAI TECHNOLOGIES, INC 1,455 600 * ALPHA INDUSTRIES, INC 11,622 5,000 * ALTERA CORP 81,900 8,116 * AMDOCS LTD 216,291 100 * AMERICA ONLINE LATIN AMERICA (CLASS A) 329 500 * AMERICAN MANAGEMENT SYSTEMS, INC 6,005 300 * AMERICAN SUPERCONDUCTOR CORP 2,802 1,300 * AMKOR TECHNOLOGY, INC 13,676 500 * AMPHENOL CORP (CLASS A) 17,375 400 * ANADIGICS, INC 4,880 25,318 * ANALOG DEVICES, INC 827,898 300 * ANAREN MICROWAVE, INC 4,905 300 * ANDREW CORP 5,454 500 * ANSWERTHINK, INC 2,350 100 * ANSYS, INC 1,785 300 * APAC CUSTOMER SERVICES, INC 525 35,000 * APPLIED MATERIALS, INC 995,400 19,500 * APPLIED MICRO CIRCUITS CORP 136,305 400 * AREMISSOFT CORP 280 1,200 * ARIBA, INC 2,232 300 * ARRIS GROUP, INC 1,074 700 * ART TECHNOLOGY GROUP, INC 490 400 * ARTESYN TECHNOLOGIES, INC 2,176 3,700 * ASCENTIAL SOFTWARE CORP 12,210 300 * ASIAINFO HOLDINGS, INC 3,567 600 * ASPECT COMMUNICATIONS CORP 1,074 500 * ASPEN TECHNOLOGY, INC 5,000 100 * ASTROPOWER, INC 3,451 600 * ASYST TECHNOLOGIES, INC 5,430 1,900 b* AT HOME CORP SERIES A 285 2,700 * ATMEL CORP 18,036 300 * ATMI, INC 4,635 600 * AUSPEX SYSTEMS, INC 1,410 100 AUTODESK, INC 3,206 8,600 AUTOMATIC DATA PROCESSING, INC 404,544 300 * AVANEX CORP 888 500 * AVANT! CORP 1,480 3,724 * AVAYA, INC 36,867 500 AVERY DENNISON CORP 23,655 500 * AVICI SYSTEMS, INC 640 609 * AVOCENT CORP 9,061 100 AVX CORP 1,627 200 * AWARE, INC 788 1,300 * AXCELIS TECHNOLOGIES, INC 12,285 300 * AXT, INC 3,180 200 * BARRA, INC 8,404 24,800 * BEA SYSTEMS, INC 237,832 100 BEI TECHNOLOGIES, INC 1,605 100 BELDEN, INC 1,880 200 * BENCHMARK ELECTRONICS, INC 3,304 700 * BISYS GROUP, INC 37,114 300 * BLACK BOX CORP 12,624 2,000 * BMC SOFTWARE, INC 25,400 400 * BORLAND SOFTWARE CORP 3,240 100 * BOSTON COMMUNICATIONS GROUP 1,120
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 100 * BRAUN CONSULTING, INC $ 360 600 * BRIGHTPOINT, INC 1,860 100 * BRIO TECHNOLOGY, INC 243 2,600 * BROADCOM CORP (CLASS A) 52,780 2,700 * BROADVISION, INC 2,457 17,225 * BROCADE COMMUNICATIONS SYSTEMS, INC 241,666 200 * BSQUARE CORP 530 400 C&D TECHNOLOGIES, INC 7,360 300 * C-COR.NET CORP 2,055 100 * CABLE DESIGN TECHNOLOGIES CORP 1,185 3,400 * CADENCE DESIGN SYSTEMS, INC 56,610 100 * CAMINUS CORP 1,468 200 * CARREKER CORP 1,518 100 * CARRIER ACCESS CORP 269 100 * CATAPULT COMMUNICATIONS CORP 1,376 100 * CELERITEK, INC 1,183 300 * CENTILLIUM COMMUNICATIONS, INC 1,818 300 * CENTRA SOFTWARE, INC 2,568 900 * CERTEGY, INC 23,364 800 * CHECKFREE CORP 13,576 300 * CHIPPAC, INC 690 200 * CHORDIANT SOFTWARE, INC 374 9,418 * CIENA CORP 96,911 700 * CIRRUS LOGIC, INC 5,194 223,020 * CISCO SYSTEMS, INC 2,716,383 2,700 * CITRIX SYSTEMS, INC 53,460 300 * CLARENT CORP 1,611 200 * CLICK COMMERCE, INC 300 600 * CNET NETWORKS, INC 2,580 500 * COGNEX CORP 9,810 100 * COGNIZANT TECHNOLOGY SOLUTIONS CORP 2,240 300 COHU, INC 4,488 3,640 * COMMERCE ONE, INC 8,954 600 * COMMSCOPE, INC 10,722 400 * COMPUTER NETWORK TECHNOLOGY CORP 4,208 2,600 * COMPUWARE CORP 21,658 2,300 * COMVERSE TECHNOLOGY, INC 47,104 3,400 * CONCORD EFS, INC 166,430 900 * CONCURRENT COMPUTER CORP 8,172 300 CONESTOGA ENTERPRISES, INC 6,885 1,500 * CONEXANT SYSTEMS, INC 12,450 300 * CONVERA CORP 735 2,300 * CONVERGYS CORP 63,825 200 * COORSTEK, INC 4,998 200 * COPPER MOUNTAIN NETWORKS, INC 160 5,500 * CORNING, INC 48,510 3,100 * CORVIS CORP 4,712 500 * COSINE COMMUNICATIONS, INC 185 300 * COVANSYS CORP 2,622 500 * CREDENCE SYSTEMS CORP 6,025 1,000 * CREE, INC 14,780 600 * CSG SYSTEMS INTERNATIONAL, INC 24,600 400 CTS CORP 5,908 400 * CYMER, INC 6,700 1,000 * CYPRESS SEMICONDUCTOR CORP 14,860 200 * DAKTRONICS, INC 1,760 200 * DATASTREAM SYSTEMS, INC 600 500 * DDI CORP 3,920 68,300 * DELL COMPUTER CORP 1,265,599
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 31 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 300 * DIAMONDCLUSTER INTERNATIONAL, INC (CLASS A) $ 2,955 300 * DIGEX, INC 1,002 300 * DIGIMARC CORP 4,131 300 * DIGITAL INSIGHT CORP 3,450 200 * DIGITAL LIGHTWAVE, INC 1,962 300 * DIGITALTHINK, INC 2,319 100 * DIGITAS, INC 230 400 * DIVINE INC (CLASS A) 247 600 * DMC STRATEX NETWORKS, INC 3,096 400 * DOCENT, INC 828 400 * DOCUMENTUM, INC 3,276 1,800 * DOUBLECLICK, INC 10,260 300 * DSP GROUP, INC 5,985 800 * DST SYSTEMS, INC 34,600 100 * DUPONT PHOTOMASKS, INC 2,778 800 * E.PIPHANY, INC 3,400 532 * EARTHLINK, INC 8,102 2,000 * EBAY, INC 91,500 300 * ECHELON CORP 3,744 500 * EFUNDS CORP 8,325 300 * ELANTEC SEMICONDUCTOR, INC 6,885 400 * ELECTRO SCIENTIFIC INDUSTRIES, INC 8,780 300 * ELECTROGLAS, INC 3,735 1,800 * ELECTRONIC ARTS, INC 82,206 5,800 ELECTRONIC DATA SYSTEMS CORP 333,964 100 * ELECTRONICS FOR IMAGING, INC 1,628 100 * EMBARCADERO TECHNOLOGIES, INC 787 114,240 * EMC CORP 1,342,320 300 * EMCORE CORP 2,568 1,100 * EMULEX CORP 10,461 400 * ENTEGRIS, INC 3,160 900 * ENTERASYS NETWORKS, INC 5,805 900 * ENTRUST, INC 2,565 100 * EPIQ SYSTEMS, INC 2,550 2,000 EQUIFAX, INC 43,800 100 * ESPEED, INC (CLASS A) 869 500 * EXAR CORP 8,650 100 * EXCEL TECHNOLOGY, INC 1,573 100 * EXE TECHNOLOGIES, INC 204 5,500 b* EXODUS COMMUNICATIONS, INC 990 100 * EXTENSITY, INC 280 1,300 * EXTREME NETWORKS, INC 8,983 200 * F.Y.I., INC 7,504 200 * F5 NETWORKS, INC 1,856 300 FAIR ISAAC & CO, INC 14,169 1,300 * FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC (CLASS A) 20,865 200 * FALCONSTOR SOFTWARE, INC 1,734 200 * FEI CO 4,350 300 * FIBERCORE, INC 720 400 * FILENET CORP 4,028 1,600 * FINISAR CORP 6,336 5,400 FIRST DATA CORP 314,604 2,600 * FISERV, INC 88,920 200 * FLIR SYSTEMS, INC 8,206 1,100 * FOUNDRY NETWORKS, INC 6,655 200 * FREEMARKETS, INC 2,116 100 * GALILEO INTERNATIONAL, INC 2,076 200 * GATEWAY, INC 1,090 400 * GENERAL SEMICONDUCTOR, INC 3,840 1,500 * GENUITY, INC (CLASS A) 2,355
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 200 * GENZYME TRANSGENICS CORP $ 770 280 GLOBAL PAYMENTS, INC 8,232 700 * GLOBESPAN, INC 6,328 300 * GOTO.COM, INC 3,720 200 * HANDSPRING, INC 270 708 * HARMONIC, INC 5,734 100 HARRIS CORP 3,182 300 HELIX TECHNOLOGY CORP 4,872 900 HENRY (JACK) & ASSOCIATES, INC 20,421 500 * HNC SOFTWARE, INC 9,350 900 * HOMESTORE.COM, INC 6,885 200 * HYPERION SOLUTIONS CORP 2,672 3,420 * I2 TECHNOLOGIES, INC 11,764 300 * IDENTIX, INC 2,442 100 * II-VI, INC 1,303 100 * INET TECHNOLOGIES, INC 591 500 * INFOCUS CORP 6,525 800 * INFORMATICA CORP 3,160 3,246 * INFOSPACE, INC 4,804 100 * INGRAM MICRO, INC (CLASS A) 1,290 1,000 * INKTOMI CORP 2,740 300 * INTEGRATED CIRCUIT SYSTEMS, INC 3,834 1,400 * INTEGRATED DEVICE TECHNOLOGY, INC 28,168 204,862 INTEL CORP 4,187,379 500 * INTELIDATA TECHNOLOGIES CORP 1,640 200 INTER-TEL, INC 2,292 100 * INTERACTIVE INTELLIGENCE, INC 500 200 * INTERCEPT GROUP, INC 6,690 700 * INTERDIGITAL COMMUNICATIONS CORP 5,131 500 * INTERGRAPH CORP 4,475 102 * INTERMAGNETICS GENERAL CORP 2,372 2,300 * INTERNAP NETWORK SERVICES CORP 2,300 18,100 INTERNATIONAL BUSINESS MACHINES CORP 1,670,630 800 * INTERNATIONAL RECTIFIER CORP 21,784 500 * INTERNET SECURITY SYSTEMS, INC 4,555 9,300 * INTERSIL CORP (CLASS A) 259,656 500 * INTERVOICE-BRITE, INC 5,190 1,100 * INTERWOVEN, INC 4,246 200 * INTRADO, INC 5,132 1,600 * INTUIT, INC 57,280 1,200 * IOMEGA CORP 1,464 300 * IRON MOUNTAIN, INC 12,435 300 * IXIA, INC 1,905 100 * IXYS CORP 595 1,000 * J.D. EDWARDS & CO 7,120 2,000 * JABIL CIRCUIT, INC 35,800 14,783 * JDS UNIPHASE CORP 93,428 200 * JNI CORP 1,250 3,400 * JUNIPER NETWORKS, INC 32,980 1,935 * KANA SOFTWARE, INC 696 600 * KEANE, INC 8,190 100 KEITHLEY INSTRUMENTS, INC 1,435 200 * KEYNOTE SYSTEMS, INC 1,520 11,000 * KLA-TENCOR CORP 347,380 800 * KOPIN CORP 8,344 800 * KPMG CONSULTING, INC 8,648 200 * KRONOS, INC 8,210 400 * KULICKE & SOFFA INDUSTRIES, INC 4,360 8,100 * LAM RESEARCH CORP 137,295 100 * LANTRONIX, INC 610
32 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 1,200 * LATTICE SEMICONDUCTOR CORP $ 18,840 100 * LEARNING TREE INTERNATIONAL, INC 2,030 1,300 * LEGATO SYSTEMS, INC 7,124 100 * LEXENT, INC 725 1,800 * LEXMARK INTERNATIONAL, INC 80,478 1,000 * LIBERATE TECHNOLOGIES 9,960 419 * LIGHTBRIDGE, INC 4,294 300 * LIGHTPATH TECHNOLOGIES, INC (CLASS A) 534 4,400 LINEAR TECHNOLOGY CORP 144,320 1,700 * LSI LOGIC CORP 19,975 700 * LTX CORP 9,527 700 * MACROMEDIA, INC 8,477 500 * MACROVISION CORP 14,205 200 * MANHATTAN ASSOCIATES, INC 3,392 700 * MANUGISTICS GROUP, INC 4,074 400 * MAPINFO CORP 2,920 500 * MASTEC, INC 2,550 300 * MATRIXONE, INC 1,632 4,200 * MAXIM INTEGRATED PRODUCTS, INC 146,748 1,000 * MAXTOR CORP 3,570 100 * MCAFEE.COM CORP 1,155 300 * MCDATA CORP (CLASS A) 2,517 100 * MCSI, INC 1,611 1,000 * MENTOR GRAPHICS CORP 13,780 300 * MERCURY COMPUTER SYSTEMS, INC 11,265 900 * MERCURY INTERACTIVE CORP 17,136 100 * MERIX CORP 1,405 200 * METASOLV, INC 1,200 300 * METAWAVE COMMUNICATIONS CORP 810 500 * METTLER-TOLEDO INTERNATIONAL, INC 21,070 900 * MICREL, INC 17,946 200 * MICRO GENERAL CORP 1,715 1,800 * MICROCHIP TECHNOLOGY, INC 48,240 900 * MICROMUSE, INC 5,112 19,200 * MICRON TECHNOLOGY, INC 361,536 400 * MICROSEMI CORP 10,420 138,868 * MICROSOFT CORP 7,105,876 300 * MICROSTRATEGY, INC 339 9,800 * MICROTUNE, INC 111,720 100 * MICROVISION, INC 1,280 500 * MIPS TECHNOLOGIES, INC (CLASS A) 3,275 400 * MKS INSTRUMENTS, INC 7,100 600 MOLEX, INC 16,866 27,600 MOTOROLA, INC 430,560 200 * MRO SOFTWARE, INC 2,040 900 * MRV COMMUNICATIONS, INC 2,700 200 * MULTEX.COM, INC 414 100 * NANOMETRICS, INC 1,771 200 NATIONAL DATA CORP 7,200 4,481 * NATIONAL SEMICONDUCTOR CORP 98,806 200 * NCR CORP 5,930 300 * NETEGRITY, INC 2,571 348 * NETIQ CORP 7,923 500 * NETRO CORP 1,350 100 * NETSCOUT SYSTEMS, INC 425 4,000 * NETWORK APPLIANCE, INC 27,200 1,300 * NETWORK ASSOCIATES, INC 16,757 600 * NEW FOCUS, INC 1,938 500 NEWPORT CORP 7,050 300 * NEXT LEVEL COMMUNICATIONS, INC 917
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 600 * NMS COMMUNICATIONS CORP $ 936 12,552 NOKIA CORP (SPON ADR) 196,438 49 * NORTEL NETWORKS CORP (U.S.) 274 100 * NORTHFIELD LABORATORIES, INC 1,301 200 * NOVADIGM, INC 1,470 24,600 * NOVELLUS SYSTEMS, INC 702,576 300 * NUANCE COMMUNICATIONS, INC 1,950 200 * NUMERICAL TECHNOLOGIES, INC 3,320 6,000 * NVIDIA CORP 164,820 300 * NYFIX, INC 4,290 700 * OAK TECHNOLOGY, INC 5,460 100 * ON SEMICONDUCTOR CORP 185 800 * ONI SYSTEMS CORP 3,224 300 * ONYX SOFTWARE CORP 570 1,022 * OPENWAVE SYSTEMS, INC 13,030 900 * OPLINK COMMUNICATIONS, INC 594 221,996 * ORACLE CORP 2,792,709 200 * PACKETEER, INC 638 5,400 * PALM, INC 7,884 3,300 * PARAMETRIC TECHNOLOGY CORP 17,127 500 * PAXSON COMMUNICATIONS CORP 3,600 4,400 PAYCHEX, INC 138,644 200 * PEC SOLUTIONS, INC 3,408 3,500 * PEOPLESOFT, INC 63,140 2,481 * PEREGRINE SYSTEMS, INC 31,335 200 * PERICOM SEMICONDUCTOR CORP 2,780 800 * PEROT SYSTEMS CORP (CLASS A) 12,920 300 * PHOENIX TECHNOLOGIES LTD 3,009 300 * PHOTRONICS, INC 5,535 300 * PIXELWORKS, INC 3,780 100 * PLANAR SYSTEMS, INC 2,011 500 * PLANTRONICS, INC 8,525 600 * PLEXUS CORP 14,148 200 * PLX TECHNOLOGY, INC 1,034 6,500 * PMC-SIERRA, INC 66,755 1,100 * POLYCOM, INC 26,807 1,300 * PORTAL SOFTWARE, INC 1,937 100 * POWELL INDUSTRIES, INC 2,265 400 * POWER INTEGRATIONS, INC 7,288 800 * POWERWAVE TECHNOLOGIES, INC 9,536 300 * PRI AUTOMATION, INC 3,006 200 * PROBUSINESS SERVICES, INC 2,958 400 * PROFIT RECOVERY GROUP INTERNATIONAL 3,912 400 * PROGRESS SOFTWARE CORP 5,596 300 * PROTON ENERGY SYSTEMS 1,413 300 * PROXIM, INC 2,925 500 * PUMATECH, INC 675 1,300 * QLOGIC CORP 24,700 100 * QRS CORP 840 32,000 * QUALCOMM, INC 1,521,280 400 * QUEST SOFTWARE, INC 4,632 200 * RADIANT SYSTEMS, INC 2,040 200 * RADISYS CORP 2,400 1,100 * RAMBUS, INC 8,096 2,700 * RATIONAL SOFTWARE CORP 23,382 1,300 * READ-RITE CORP 3,835 1,100 * REALNETWORKS, INC 5,346 300 * RED HAT, INC 1,050 1,600 * REDBACK NETWORKS, INC 2,320 100 * REGISTER.COM, INC 992 100 * RENAISSANCE LEARNING, INC 3,291 100 * RESEARCH FRONTIERS, INC 1,625
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 33 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 648 * RETEK, INC $ 8,177 12,000 * RF MICRO DEVICES, INC 199,200 861 * RIVERSTONE NETWORKS, INC 4,520 200 * ROGERS CORP 5,622 100 * ROXIO, INC 1,520 400 * RSA SECURITY, INC 5,384 100 * RUDOLPH TECHNOLOGIES, INC 2,466 500 * S1 CORP 4,230 300 * SABA SOFTWARE, INC 594 200 * SANCHEZ COMPUTER ASSOCIATES, INC 1,504 500 * SANDISK CORP 4,930 33,652 * SANMINA CORP 456,994 1,000 * SAPIENT CORP 3,850 100 * SATCON TECHNOLOGY CORP 539 100 * SBS TECHNOLOGIES, INC 1,116 900 * SCI SYSTEMS, INC 16,200 2,100 SCIENTIFIC-ATLANTA, INC 36,855 200 * SEACHANGE INTERNATIONAL, INC 3,494 400 * SECURE COMPUTING CORP 3,896 200 * SEEBEYOND TECHNOLOGY CORP 360 200 * SEMITOOL, INC 1,912 8,000 * SEMTECH CORP 227,040 300 * SENSORMATIC ELECTRONICS CORP 7,074 200 * SERENA SOFTWARE, INC 2,330 22,500 * SIEBEL SYSTEMS, INC 292,725 400 * SILICON IMAGE, INC 836 100 * SILICON LABORATORIES, INC 1,379 1,100 * SILICON STORAGE TECHNOLOGY, INC 5,093 100 * SILICONIX, INC 2,077 300 * SIPEX CORP 1,938 15,180 * SOLECTRON CORP 176,847 400 * SOMERA COMMUNICATIONS, INC 1,720 300 * SONICWALL, INC 3,564 1,900 * SONUS NETWORKS, INC 5,700 100 * SPECTRALINK CORP 1,518 200 * SPEECHWORKS INTERNATIONAL, INC 986 100 * SPSS, INC 1,721 100 * STANFORD MICRODEVICES, INC 444 600 * STARBASE CORP 396 500 * STARMEDIA NETWORK, INC 80 14,300 STMICROELECTRONICS NV 307,307 500 * STORAGE TECHNOLOGY CORP 6,275 700 * STORAGENETWORKS, INC 2,772 855 * STRATOS LIGHTWAVE, INC 2,949 99,540 * SUN MICROSYSTEMS, INC 823,195 3,800 * SUNGARD DATA SYSTEMS, INC 88,806 100 * SUPERTEX, INC 1,524 1,100 * SYBASE, INC 10,230 800 * SYCAMORE NETWORKS, INC 2,784 200 * SYKES ENTERPRISES, INC 1,116 1,000 * SYMANTEC CORP 34,670 3,000 SYMBOL TECHNOLOGIES, INC 31,470 950 * SYMMETRICOM, INC 5,168 800 * SYNOPSYS, INC 32,087 400 * SYSTEMS & COMPUTER TECHNOLOGY CORP 3,600 12,700 * TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR 120,523 400 * TAKE-TWO INTERACTIVE SOFTWARE, INC 2,828
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 200 * TECH DATA CORP $ 7,580 300 TECHNITROL, INC 6,690 600 * TEKELEC 7,902 5,600 * TELLABS, INC 55,328 2,400 * TERADYNE, INC 46,800 38,542 TEXAS INSTRUMENTS, INC 962,779 200 * THERMA-WAVE, INC 2,054 300 * THREE-FIVE SYSTEMS, INC 4,782 800 * TIBCO SOFTWARE, INC 5,872 700 * TITAN CORP 13,720 300 * TIVO, INC 996 200 * TOLLGRADE COMMUNICATIONS, INC 3,840 500 TOTAL SYSTEM SERVICES, INC 12,385 300 * TRANSACTION SYSTEMS ARCHITECTS, INC (CLASS A) 1,884 1,000 * TRANSMETA CORP 1,410 1,100 * TRANSWITCH CORP 3,366 500 * TRIMBLE NAVIGATION LTD 7,625 1,745 * TRIQUINT SEMICONDUCTOR, INC 27,902 300 * TRIZETTO GROUP, INC 2,640 500 * TURNSTONE SYSTEMS, INC 1,500 100 * UAXS GLOBAL HOLDINGS, INC 74 100 * ULTICOM, INC 808 100 * ULTIMATE ELECTRONICS, INC 1,735 200 * ULTRATECH STEPPER, INC 2,394 400 * UNISYS CORP 3,464 200 * UNIVERSAL DISPLAY CORP 1,410 100 b* US WIRELESS CORP 1 500 * USINTERNETWORKING, INC 135 400 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC 10,340 300 * VEECO INSTRUMENTS, INC 7,950 5,900 * VERISIGN, INC 247,210 24,625 * VERITAS SOFTWARE CORP 454,085 500 * VERITY, INC 5,050 1,200 * VERTICALNET, INC 432 300 * VIASYSTEMS GROUP, INC 195 300 * VICOR CORP 4,233 300 * VIEWPOINT CORP 1,020 1,400 * VIGNETTE CORP 4,956 600 * VIRATA CORP 5,988 400 * VISUAL NETWORKS, INC 912 2,400 * VITESSE SEMICONDUCTOR CORP 18,600 800 * VITRIA TECHNOLOGY, INC 1,640 200 * WATCHGUARD TECHNOLOGIES, INC 1,532 600 * WAVE SYSTEMS CORP (CLASS A) 1,014 200 * WEBEX COMMUNICATIONS, INC 4,248 300 * WEBMETHODS, INC 2,073 100 * WEBSENSE, INC 1,090 200 * WESCO INTERNATIONAL, INC 1,030 1,200 * WESTERN DIGITAL CORP 2,604 100 * WESTERN MULTIPLEX CORP (CLASS A) 373 800 * WIND RIVER SYSTEMS, INC 8,400 200 * WIRELESS FACILITIES, INC 894 100 * WITNESS SYSTEMS, INC 815 200 * XICOR, INC 1,590 18,132 * XILINX, INC 426,645 300 * XYBERNAUT CORP 600 4,554 * YAHOO!, INC 40,120 400 * ZEBRA TECHNOLOGIES CORP (CLASS A) 14,984
34 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 200 * ZIXIT CORP $ 964 300 * ZYGO CORP 3,093 ------------ TOTAL TECHNOLOGY 38,816,792 ------------ TRANSPORTATION -- 0.20% 400 * AIRTRAN HOLDINGS, INC 1,696 500 * ATLANTIC COAST AIRLINES HOLDINGS, INC 6,650 200 * ATLAS AIR WORLDWIDE HOLDINGS, INC 1,970 100 * BE AEROSPACE, INC 760 900 C.H. ROBINSON WORLDWIDE, INC 26,064 300 * EGL, INC 2,661 600 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC 28,410 500 * FORWARD AIR CORP 11,770 700 * FRONTIER AIRLINES, INC 5,796 650 * KNIGHT TRANSPORTATION, INC 12,447 100 * LANDSTAR SYSTEM, INC 6,400 200 * MESA AIR GROUP, INC 652 300 * NORTHWEST AIRLINES CORP (CLASS A) 3,423 100 * RAILAMERICA, INC 1,250 1,800 * SABRE HOLDINGS CORP 48,132 600 SKYWEST, INC 10,032 500 * SWIFT TRANSPORTATION CO, INC 8,850 300 * U.S. AIRWAYS GROUP, INC 1,395 2,400 UNITED PARCEL SERVICE, INC (CLASS B) 124,752 ------------ TOTAL TRANSPORTATION 303,110 ------------ UTILITIES -- 3.38% 5,800 * AES CORP 74,356 200 * AIRGATE PCS, INC 8,884 500 * ALAMOSA HOLDINGS, INC 6,925 1,100 * ALLEGIANCE TELECOM, INC 3,311 18,200 * AMERICAN TOWER CORP (CLASS A) 252,798 3,223 * ARCH WIRELESS, INC 64 1,000 * A T & T LATIN AMERICA CORP (CLASS A) 1,760 29,100 * A T & T WIRELESS SERVICES 434,754 100 BLACK HILLS CORP 3,052 15,100 * CALPINE CORP 344,431 200 * CENTENNIAL COMMUNICATIONS CORP 1,800 300 * CHILES OFFSHORE, INC 6,060 1,800 * CITIZENS COMMUNICATIONS CO 16,920 100 * COMMONWEALTH TELEPHONE ENTERPRISES, INC 3,675 300 CONNECTICUT WATER SERVICE, INC 8,282 1,000 * CROWN CASTLE INTERNATIONAL CORP 9,000 200 * DOBSON COMMUNICATIONS CORP (CLASS A) 2,070 3,000 DYNEGY, INC (CLASS A) 103,950 1,600 EL PASO CORP 66,480 10,600 ENRON CORP 288,638 200 * FOCAL COMMUNICATIONS CORP 58 300 * GENERAL COMMUNICATION, INC (CLASS A) 3,630 300 * IDT CORP (CLASS B) 2,904 300 * ILLUMINET HOLDINGS, INC 11,496 100 * IMPSAT FIBER NETWORKS, INC 20
----------------------------------------------------------------- SHARES VALUE ----------------------------------------------------------------- 1,000 * ITC DELTACOM, INC $ 1,200 300 KINDER MORGAN, INC 14,763 300 * L-3 COMMUNICATIONS HOLDINGS, INC 26,235 500 * LEAP WIRELESS INTERNATIONAL, INC 7,850 1,500 * LEVEL 3 COMMUNICATIONS, INC 5,670 500 MADISON GAS & ELECTRIC CO 12,575 200 MIDDLESEX WATER CO 6,600 2,900 * MIRANT CORP 63,510 200 * MONTANA POWER CO 1,050 500 * NEWPOWER HOLDINGS, INC 1,540 7,000 * NEXTEL COMMUNICATIONS, INC (CLASS A) 60,480 100 * NEXTEL PARTNERS, INC (CLASS A) 673 200 NORTH PITTSBURGH SYSTEMS, INC 2,948 500 * NRG ENERGY, INC 8,105 200 * NTELOS, INC 1,670 100 * OIL STATES INTERNATIONAL, INC 660 300 * ORION POWER HOLDINGS 7,650 500 * PETROQUEST ENERGY, INC 2,515 700 * PRICE COMMUNICATIONS CORP 11,865 100 * QUICKSILVER RESOURCES, INC 1,360 8,200 QWEST COMMUNICATIONS INTERNATIONAL, INC 136,940 200 * RURAL CELLULAR CORP (CLASS A) 4,860 500 * SBA COMMUNICATIONS CORP 6,675 10,200 SBC COMMUNICATIONS, INC 480,624 100 * SOUTHWESTERN ENERGY CO 1,185 300 * SPECTRASITE HOLDINGS, INC 723 91,400 * SPRINT CORP (PCS GROUP) 2,403,459 400 * TELECORP PCS, INC (CLASS A) 4,420 400 TELEPHONE & DATA SYSTEMS, INC 37,720 800 * TIME WARNER TELECOM, INC (CLASS A) 5,800 500 * TRITON PCS HOLDINGS, INC (CLASS A) 19,000 1,642 * TYCOM LTD 12,889 200 * UBIQUITEL, INC 1,614 100 * US UNWIRED, INC (CLASS A) 1,010 200 * WEST CORP 3,960 200 WESTERN GAS RESOURCES, INC 5,206 800 * WESTERN WIRELESS CORP (CLASS A) 27,024 530 WILLIAMS COS, INC 14,469 870 WORLDCOM, INC (MCI GROUP) 13,250 3,986 * XO COMMUNICATIONS, INC (CLASS A) 1,634 ------------ TOTAL UTILITIES 5,076,699 ------------ TOTAL COMMON STOCK (Cost $203,979,929) 149,654,632 ------------
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 35 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND
----------------------------------------------------------------- PRINCIPAL VALUE ----------------------------------------------------------------- SHORT TERM INVESTMENT -- 1.35% U.S. GOVERNMENT AND AGENCY -- 1.35% FEDERAL HOME LOAN BANK (FHLB) $ 2,020,000 3.150%, 10/01/01 $ 2,020,000 ------------ TOTAL SHORT TERM INVESTMENT (Cost $2,020,000) 2,020,000 ------------ TOTAL PORTFOLIO -- 101.14% (Cost $206,079,929) 151,691,062 OTHER ASSETS AND LIABILITIES, NET -- (1.14%) (1,710,403) ------------ NET ASSETS -- 100.00% $149,980,659 ============
--------------- * Non-income producing b In bankruptcy At September 30, 2001, the aggregate cost of portfolio investments for federal income tax purposes was $217,196,480. Net unrealized depreciation of portfolio investments aggregated $65,505,418 of which $3,044,452 related to appreciated portfolio investments and $68,549,870 related to depreciated portfolio investments. 36 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND STATEMENT OF INVESTMENTS September 30, 2001
---------------------------------------------------------------- PRINCIPAL/SHARES VALUE ---------------------------------------------------------------- CORPORATE BOND -- 0.01% TECHNOLOGY -- 0.01% MAYAN NETWORKS $ 33,000 5.250%, 11/01/05 $ 10,230 ------------ TOTAL TECHNOLOGY 10,230 ------------ TOTAL CORPORATE BOND (Cost $50,000) 10,230 ------------ COMMON STOCK -- 98.66% AEROSPACE AND DEFENSE -- 1.10% 7,000 BOEING CO 234,500 5,290 GENERAL DYNAMICS CORP 467,212 18,264 * GENERAL MOTORS CORP (CLASS H) 243,459 10,805 LOCKHEED MARTIN CORP 472,718 700 NORTHROP GRUMMAN CORP 70,700 900 PERKINELMER, INC 23,616 10,426 RAYTHEON CO 362,303 ------------ TOTAL AEROSPACE AND DEFENSE 1,874,508 ------------ BASIC INDUSTRIES -- 3.49% 1,900 AIR PRODUCTS & CHEMICALS, INC 73,302 2,600 ALCAN, INC 78,000 6,912 ALCOA, INC 214,341 600 ALLEGHENY TECHNOLOGIES, INC 7,998 200 BALL CORP 11,980 3,200 BARRICK GOLD CORP (U.S.) 55,520 500 BEMIS CO 19,925 600 BLACK & DECKER CORP 18,720 500 BOISE CASCADE CORP 14,750 500 CENTEX CORP 16,865 27,429 DOW CHEMICAL CO 898,574 12,170 DU PONT (E.I.) DE NEMOURS & CO 456,618 700 EASTMAN CHEMICAL CO 25,410 1,100 ECOLAB, INC 39,963 1,100 ENGELHARD CORP 25,410 700 FLUOR CORP (NEW) 26,950 200 * FMC CORP 9,798 1,200 FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) 13,188 1,805 GEORGIA-PACIFIC CORP (PACKING GROUP) 51,965 900 GOODRICH CORP 17,532 400 GREAT LAKES CHEMICAL CORP 8,840 1,100 * HERCULES, INC 9,075 2,200 HOMESTAKE MINING CO 20,460 52,688 * INCO LTD CO (U.S.) 653,858 3,941 INTERNATIONAL PAPER CO 137,146 400 KB HOME 11,364 15,088 KIMBERLY-CLARK CORP 935,456 1,000 LOUISIANA-PACIFIC CORP 6,500 3,700 MASCO CORP 75,628 800 MEAD CORP 22,144 1,700 NEWMONT MINING CORP 40,120 600 NUCOR CORP 23,820 1,400 * PACTIV CORP 20,286 736 PHELPS DODGE CORP 20,240 2,700 PLACER DOME, INC (U.S.) 34,533
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 1,400 PPG INDUSTRIES, INC $ 64,050 1,300 PRAXAIR, INC 54,600 600 PULTE HOMES, INC 18,390 19,553 ROHM & HAAS CO 640,556 700 * SEALED AIR CORP 25,543 1,300 SHERWIN-WILLIAMS CO 28,886 700 SIGMA-ALDRICH 31,640 1,145 * SMURFIT-STONE CONTAINER CORP 15,148 700 STANLEY WORKS CO 25,585 400 TEMPLE-INLAND, INC 18,996 800 USX (U. S. STEEL GROUP) 11,184 900 VULCAN MATERIALS CO 38,880 900 WESTVACO CORP 23,130 16,220 WEYERHAEUSER CO 790,076 900 WILLAMETTE INDUSTRIES, INC 40,491 700 WORTHINGTON INDUSTRIES, INC 7,875 ------------ TOTAL BASIC INDUSTRIES 5,931,309 ------------ CONSUMER CYCLICAL -- 8.88% 700 AMERICAN GREETINGS CORP (CLASS A) 9,268 83,303 * AOL TIME WARNER, INC 2,757,329 19,784 AUTOLIV, INC 311,400 2,400 * BED BATH & BEYOND, INC 61,104 900 BIG LOTS, INC 7,461 700 BRUNSWICK CORP 11,529 4,700 CARNIVAL CORP (CLASS A) 103,494 17,296 * CLEAR CHANNEL COMMUNICATIONS, INC 687,516 7,540 * COMCAST CORP (CLASS A) SPECIAL 270,459 700 COOPER TIRE & RUBBER CO 9,968 13,273 * COX COMMUNICATIONS, INC (CLASS A) 554,147 1,400 DANA CORP 21,840 1,200 DANAHER CORP 56,616 1,000 DARDEN RESTAURANTS, INC 26,250 4,500 DELPHI AUTOMOTIVE SYSTEMS CORP 52,875 900 DILLARDS, INC (CLASS A) 11,853 36,092 DISNEY (WALT) CO 672,033 2,725 DOLLAR GENERAL CORP 31,882 1,000 DONNELLEY (R.R.) & SONS CO 27,050 700 DOW JONES & CO, INC 31,801 2,400 EASTMAN KODAK CO 78,072 20,032 FAMILY DOLLAR STORES, INC 551,280 1,600 * FEDERATED DEPARTMENT STORES, INC 45,120 14,597 FORD MOTOR CO (NEW) 253,257 2,200 GANNETT CO, INC 132,242 6,950 GAP, INC 83,052 4,403 GENERAL MOTORS CORP 188,888 1,400 GENUINE PARTS CO 44,604 1,300 GOODYEAR TIRE & RUBBER CO 23,959 2,500 HARLEY-DAVIDSON, INC 101,250 1,000 * HARRAH'S ENTERTAINMENT, INC 27,010 3,300 HILTON HOTELS CORP 25,905 4,500 HONDA MOTOR CO LTD 146,184 300 * INTERNATIONAL GAME TECHNOLOGY CO 12,750 3,000 INTERPUBLIC GROUP OF COS, INC 61,200
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 37 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- CONSUMER CYCLICAL -- (CONTINUED) 700 JOHNSON CONTROLS, INC $ 45,668 4,000 * KMART CORP 27,960 600 KNIGHT RIDDER, INC 33,510 10,394 * KOHLS CORP 498,912 1,700 LEGGETT & PLATT, INC 33,150 32,669 * LIBERTY MEDIA CORP (CLASS A) 414,896 3,500 LIMITED, INC 33,250 500 LIZ CLAIBORNE, INC 18,850 2,000 MARRIOTT INTERNATIONAL, INC (CLASS A) 66,800 2,400 MAY DEPARTMENT STORES CO 69,648 600 MAYTAG CORP 14,784 10,385 MCDONALD'S CORP 281,848 1,600 MCGRAW-HILL COS, INC 93,120 400 MEREDITH CORP 12,852 60 * NEIMAN MARCUS GROUP, INC (CLASS B) 1,422 1,300 NEW YORK TIMES CO (CLASS A) 50,739 2,200 NIKE, INC (CLASS B) 102,982 35,000 NISSAN MOTOR CO LTD 146,017 1,300 NORDSTROM, INC 18,785 1,500 OMNICOM GROUP, INC 97,350 2,100 PENNEY (J.C.) CO, INC 45,990 700 * REEBOK INTERNATIONAL LTD 14,490 2,700 SEARS ROEBUCK & CO 93,528 600 SNAP-ON, INC 13,398 3,100 * STARBUCKS CORP 46,314 7,200 TARGET CORP 228,600 1,200 TIFFANY & CO 25,980 2,300 TJX COS, INC 75,670 2,440 TRIBUNE CO 76,616 1,300 * TRICON GLOBAL RESTAURANTS, INC 50,986 1,000 TRW, INC 29,820 1,700 * UNIVISION COMMUNICATIONS, INC (CLASS A) 39,015 900 V.F. CORP 26,343 33,135 * VIACOM, INC (CLASS B) 1,143,157 1,014 VISTEON CORP 12,928 71,735 WAL-MART STORES, INC 3,550,883 1,000 WENDY'S INTERNATIONAL, INC 26,650 600 WHIRLPOOL CORP 33,210 ------------ TOTAL CONSUMER CYCLICAL 15,086,769 ------------ CONSUMER NON-CYCLICAL -- 10.49% 500 ALBERTO CULVER CO (CLASS B) 19,445 3,241 ALBERTSON'S, INC 103,323 16,525 ANHEUSER-BUSCH COS, INC 692,067 5,353 ARCHER-DANIELS-MIDLAND CO 67,394 900 * AUTOZONE, INC 46,674 1,900 AVON PRODUCTS, INC 87,875 1,700 * BEST BUY CO, INC 77,265 600 BROWN-FORMAN CORP (CLASS B) 37,908 3,300 CAMPBELL SOUP CO 92,400 1,900 CIRCUIT CITY STORES (CIRCUIT CITY GROUP) 22,800 1,900 CLOROX CO 70,300
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 19,900 COCA COLA CO $ 932,315 3,600 COCA COLA ENTERPRISES, INC 55,224 24,570 COLGATE-PALMOLIVE CO 1,431,202 4,300 CONAGRA FOODS, INC 96,535 300 COORS (ADOLPH) CO (CLASS B) 13,500 3,600 * COSTCO WHOLESALE CORP 128,016 5,134 CVS CORP 170,448 64,400 DIAGEO PLC 676,264 2,300 GENERAL MILLS, INC 104,650 17,995 GILLETTE CO 536,251 1,500 HASBRO, INC 21,000 2,800 HEINZ (H.J.) CO 118,020 1,100 HERSHEY FOODS CORP 71,907 69,663 HOME DEPOT, INC 2,672,969 800 INTERNATIONAL FLAVORS & FRAGRANCES, INC 22,152 3,300 KELLOGG CO 99,000 9,014 KRAFT FOODS, INC (CLASS A) 309,811 6,500 * KROGER CO 160,160 11,751 LAUDER (ESTEE) CO (CLASS A) 389,545 14,173 LOWE'S COS 448,575 3,500 * MATTEL, INC 54,810 4,482 NESTLE S.A. (REGD) 956,554 2,200 NEWELL RUBBERMAID, INC 49,962 2,400 * OFFICE DEPOT, INC 32,640 1,200 PEPSI BOTTLING GROUP, INC 55,284 44,663 PEPSICO, INC 2,166,155 17,600 PHILIP MORRIS COS, INC 849,904 26,575 PROCTER & GAMBLE CO 1,934,394 1,600 RADIOSHACK CORP 38,800 2,500 RALSTON PURINA CO 82,000 4,100 * SAFEWAY, INC 162,852 6,360 SARA LEE CORP 135,468 3,700 * STAPLES, INC 49,284 1,100 SUPERVALU, INC 22,253 2,670 THE SWATCH GROUP AG. (BR) 193,248 1,600 * TOYS 'R' US, INC 27,568 400 TUPPERWARE CORP 7,976 4,600 UNILEVER NV (NEW YORK SHS) 248,492 1,400 UST, INC 46,480 23,497 WALGREEN CO 809,001 1,300 WINN-DIXIE STORES, INC 14,885 1,900 WRIGLEY (WM) JR CO 97,470 ------------ TOTAL CONSUMER NON-CYCLICAL 17,810,475 ------------ ENERGY -- 6.47% 800 AMERADA HESS CORP 50,800 2,027 ANADARKO PETROLEUM CORP 97,458 6,613 APACHE CORP 284,359 600 ASHLAND, INC 23,130 21,266 BAKER HUGHES, INC 615,650 16,560 BURLINGTON RESOURCES, INC 566,517 12,944 CHEVRON CORP 1,097,004 21,168 * CONOCO, INC (CLASS B) 536,397 1,100 DEVON ENERGY CORP (NEW) 37,840 1,000 EOG RESOURCES, INC 28,930 121,005 EXXON MOBIL CORP 4,767,597
38 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- ENERGY -- (CONTINUED) 3,500 HALLIBURTON CO $ 78,925 800 KERR-MCGEE CORP 41,528 400 * MCDERMOTT INTERNATIONAL, INC 3,300 1,200 * NABORS INDUSTRIES, INC 25,164 8,082 NOBLE AFFILIATES, INC 250,461 1,100 * NOBLE DRILLING CORP 26,400 3,000 OCCIDENTAL PETROLEUM CORP 73,020 3,120 PHILLIPS PETROLEUM CO 168,292 900 * ROWAN COS, INC 11,142 17,200 ROYAL DUTCH PETROLEUM CO (NY REGD) ADR 864,300 4,600 SCHLUMBERGER LTD 210,220 700 SUNOCO, INC 24,920 13,986 TEXACO, INC 909,090 2,616 TRANSOCEAN SEDCO FOREX, INC 69,062 2,000 UNOCAL CORP 65,000 2,500 USX (MARATHON GROUP) 66,875 ------------ TOTAL ENERGY 10,993,381 ------------ FINANCIAL SERVICES -- 18.50% 4,200 AFLAC, INC 113,400 8,645 ALLSTATE CORP 322,890 900 AMBAC FINANCIAL GROUP, INC 49,239 25,774 AMERICAN EXPRESS CO 748,992 55,645 AMERICAN INTERNATIONAL GROUP, INC 4,340,310 3,000 AMSOUTH BANCORP 54,210 2,100 AON CORP 88,200 42,743 BANK OF AMERICA CORP 2,496,191 5,900 BANK OF NEW YORK CO, INC 206,500 9,300 BANK ONE CORP 292,671 3,500 BB&T CORP 127,575 900 BEAR STEARNS COS, INC 45,009 1,700 CAPITAL ONE FINANCIAL CORP 78,251 1,820 CHARTER ONE FINANCIAL, INC 51,360 1,400 CHUBB CORP 99,974 1,300 CINCINNATI FINANCIAL CORP 54,106 98,927 CITIGROUP, INC 4,006,544 1,500 COMERICA, INC 83,100 3,000 * CONSECO, INC 21,780 1,000 COUNTRYWIDE CREDIT INDUSTRIES, INC 43,930 25,036 FANNIE MAE 2,004,382 13,004 FIFTH THIRD BANCORP 799,485 44,371 FLEETBOSTON FINANCIAL CORP 1,630,634 2,200 FRANKLIN RESOURCES, INC 76,274 5,600 FREDDIE MAC 364,000 1,300 GOLDEN WEST FINANCIAL CORP 75,530 1,900 HARTFORD FINANCIAL SERVICES GROUP, INC 111,606 3,700 HOUSEHOLD INTERNATIONAL, INC 208,606 2,017 HUNTINGTON BANCSHARES, INC 34,914 1,300 JEFFERSON-PILOT CORP 57,824 2,500 JOHN HANCOCK FINANCIAL SERVICES, INC 99,875 41,586 JP MORGAN CHASE & CO 1,420,161
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 3,400 KEYCORP $ 82,076 11,115 LEHMAN BROTHERS HOLDINGS, INC 631,887 1,500 LINCOLN NATIONAL CORP 69,945 14,866 MANULIFE FINANCIAL CORP 389,127 2,200 MARSH & MCLENNAN COS, INC 212,740 1,250 MBIA, INC 62,500 6,800 MBNA CORP 205,972 20,134 MELLON FINANCIAL CORP 650,932 16,806 MERRILL LYNCH & CO, INC 682,323 34,020 METROPOLITAN LIFE INSURANCE CO 1,010,394 900 MGIC INVESTMENT CORP 58,806 11,254 MONY GROUP, INC 372,732 23,351 MORGAN STANLEY DEAN WITTER & CO 1,082,318 4,800 NATIONAL CITY CORP 143,760 11,824 NORTHERN TRUST CORP 620,523 66,300 OLD MUTUAL PLC 114,249 2,400 PNC FINANCIAL SERVICES GROUP, INC 137,400 600 PROGRESSIVE CORP 80,340 2,300 PROVIDIAN FINANCIAL CORP 46,345 1,900 REGIONS FINANCIAL CORP 54,834 35,612 SAFECO CORP 1,080,111 11,100 SCHWAB (CHARLES) CORP 127,650 2,800 SOUTHTRUST CORP 71,316 1,800 ST. PAUL COS, INC 74,196 1,600 STARWOOD HOTELS & RESORTS WORLDWIDE, INC 35,200 2,600 STATE STREET CORP 118,300 1,800 STILWELL FINANCIAL, INC 35,100 2,400 SUNTRUST BANKS, INC 159,840 2,400 SYNOVUS FINANCIAL CORP 66,240 1,100 T ROWE PRICE GROUP, INC 32,230 1,100 TORCHMARK CORP 42,900 1,100 UNION PLANTERS CORP 47,190 1,992 UNUMPROVIDENT CORP 50,298 49,544 US BANCORP (NEW) 1,098,885 1,300 USA EDUCATION, INC 107,783 2,000 * WACHOVIA CONTRA CUSIP 960 11,200 WACHOVIA CORP (NEW) 347,200 7,050 WASHINGTON MUTUAL, INC 271,284 13,700 WELLS FARGO & CO 608,965 1,100 XL CAPITAL LTD (CLASS A) 86,900 800 ZIONS BANCORP 42,928 ------------ TOTAL FINANCIAL SERVICES 31,422,202 ------------ HEALTH CARE -- 16.87% 47,260 ABBOTT LABORATORIES 2,450,431 1,200 AETNA, INC (NEW) 34,668 1,100 ALLERGAN, INC 72,930 15,927 AMERICAN HOME PRODUCTS CORP 927,747 600 * AMERISOURCEBERGEN CORP 42,570 29,471 * AMGEN, INC 1,732,010 2,000 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) 48,800 400 BARD (C.R.), INC 20,564 400 BAUSCH & LOMB, INC 11,320 21,565 BAXTER INTERNATIONAL, INC 1,187,153 2,100 BECTON DICKINSON & CO 77,700
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 39 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- HEALTH CARE -- (CONTINUED) 1,200 * BIOGEN, INC $ 66,696 2,200 BIOMET, INC 64,350 3,300 * BOSTON SCIENTIFIC CORP 67,650 25,284 BRISTOL-MYERS SQUIBB CO 1,404,779 14,367 CARDINAL HEALTH, INC 1,062,439 1,600 * CHIRON CORP 70,992 1,200 CIGNA CORP 99,540 459 * DURECT CORP 4,443 1,500 * FOREST LABORATORIES, INC 108,210 9,622 GLAXOSMITHKLINE PLC ADR 539,986 2,500 * GUIDANT CORP 96,250 4,300 HCA, INC 190,533 35,064 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) 727,928 3,200 * HEALTHSOUTH CORP 52,032 1,600 * HUMANA, INC 19,296 4,400 * IMMUNEX CORP 82,192 2,400 IMS HEALTH, INC 60,120 55,279 JOHNSON & JOHNSON 3,062,457 1,900 * KING PHARMACEUTICALS, INC 79,705 9,316 LILLY (ELI) & CO 751,801 900 * MANOR CARE, INC 25,290 2,300 MCKESSON CORP 86,917 1,700 * MEDIMMUNE, INC 60,571 18,694 MEDTRONIC, INC 813,189 33,223 MERCK & CO, INC 2,212,651 400 MILLIPORE CORP 21,176 1,000 PALL CORP 19,450 131,576 PFIZER, INC 5,276,198 23,295 PHARMACIA CORP 944,845 1,100 * QUINTILES TRANSNATIONAL CORP 16,060 50,358 SCHERING-PLOUGH CORP 1,868,281 800 * ST. JUDE MEDICAL, INC 54,760 1,600 STRYKER CORP 84,640 17,914 * TENET HEALTHCARE CORP 1,068,570 10,756 UNITEDHEALTH GROUP, INC 715,274 900 * WATSON PHARMACEUTICALS, INC 49,239 600 * WELLPOINT HEALTH NETWORKS, INC 65,490 2,294 * ZIMMER HOLDINGS, INC 63,658 ------------ TOTAL HEALTH CARE 28,663,551 ------------ OTHER -- 2.73% 6,800 * CENDANT CORP 87,040 1,400 CINTAS CORP 56,420 500 CRANE CO 10,960 1,700 DOVER CORP 51,187 1,300 FORTUNE BRANDS, INC 43,550 1,500 H&R BLOCK, INC 57,840 6,475 HONEYWELL INTERNATIONAL, INC 170,940 800 ITT INDUSTRIES, INC 35,840 1,600 LOEWS CORP 74,048 1,300 MOODY'S CORP 48,100 200 NATIONAL SERVICE INDUSTRIES, INC 4,130 1,500 * ROBERT HALF INTERNATIONAL, INC 30,015 5,400 SYSCO CORP 137,916 1,200 TEXTRON, INC 40,332
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 900 * TMP WORLDWIDE, INC $ 25,551 78,844 TYCO INTERNATIONAL LTD 3,587,402 3,800 UNITED TECHNOLOGIES CORP 176,700 ------------ TOTAL OTHER 4,637,971 ------------ PRODUCER DURABLES -- 4.89% 1,600 * ALLIED WASTE INDUSTRIES, INC 20,400 2,800 CATERPILLAR, INC 125,440 800 COOPER INDUSTRIES, INC 33,176 400 CUMMINS, INC 13,200 1,900 DEERE & CO 71,459 600 EATON CORP 35,526 3,500 EMERSON ELECTRIC CO 164,710 186,058 GENERAL ELECTRIC CO 6,921,358 800 GRAINGER (W.W.), INC 31,080 2,500 ILLINOIS TOOL WORKS, INC 135,275 1,400 INGERSOLL-RAND CO 47,320 91 * KADANT, INC 1,173 3,200 MINNESOTA MINING & MANUFACTURING CO 314,880 500 * NAVISTAR INTERNATIONAL CORP 14,125 700 PACCAR, INC 34,349 1,000 PARKER HANNIFIN CORP 34,300 2,000 PITNEY BOWES, INC 76,400 700 * POWER-ONE, INC 4,305 1,500 ROCKWELL COLLINS 21,300 1,600 ROCKWELL INTERNATIONAL CORP 23,488 500 * THOMAS & BETTS CORP 8,740 5,000 WASTE MANAGEMENT, INC 133,700 5,600 * XEROX CORP 43,400 ------------ TOTAL PRODUCER DURABLES 8,309,104 ------------ TECHNOLOGY -- 14.76% 7,000 * ADC TELECOMMUNICATIONS, INC 24,430 2,000 ADOBE SYSTEMS, INC 47,960 3,100 * ADVANCED MICRO DEVICES, INC 25,265 77,410 * AGERE SYSTEMS, INC (CLASS A) 319,703 3,662 * AGILENT TECHNOLOGIES, INC 71,592 3,100 * ALTERA CORP 50,778 1,800 * AMERICAN POWER CONVERSION CORP 21,024 2,900 * ANALOG DEVICES, INC 94,830 800 * ANDREW CORP 14,544 2,800 * APPLE COMPUTER, INC 43,428 14,910 * APPLIED MATERIALS, INC 424,040 6,265 * APPLIED MICRO CIRCUITS CORP 43,792 400 AUTODESK, INC 12,824 5,000 AUTOMATIC DATA PROCESSING, INC 235,200 2,322 * AVAYA, INC 22,987 900 AVERY DENNISON CORP 42,579 53 * AXCELIS TECHNOLOGIES, INC 500 13,864 * BEA SYSTEMS, INC 132,955 2,200 * BMC SOFTWARE, INC 27,940 2,100 * BROADCOM CORP (CLASS A) 42,630 8,531 * BROCADE COMMUNICATIONS SYSTEMS, INC 119,689 1,100 * CIENA CORP 11,319 126,691 * CISCO SYSTEMS, INC 1,543,096
40 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- TECHNOLOGY -- (CONTINUED) 1,700 * CITRIX SYSTEMS, INC $ 33,660 13,500 COMPAQ COMPUTER CORP 112,185 4,600 COMPUTER ASSOCIATES INTERNATIONAL, INC 118,404 1,400 * COMPUTER SCIENCES CORP 46,438 3,300 * COMPUWARE CORP 27,489 1,700 * COMVERSE TECHNOLOGY, INC 34,816 2,000 * CONCORD EFS, INC 97,900 2,300 * CONEXANT SYSTEMS, INC 19,090 1,400 * CONVERGYS CORP 38,850 7,500 * CORNING, INC 66,150 43,640 * DELL COMPUTER CORP 808,649 600 DELUXE CORP 20,724 10 * EFUNDS CORP 166 3,800 ELECTRONIC DATA SYSTEMS CORP 218,804 39,003 * EMC CORP 458,285 1,200 EQUIFAX, INC 26,280 3,200 FIRST DATA CORP 186,432 1,500 * FISERV, INC 51,300 2,800 * GATEWAY, INC 15,260 15,500 HEWLETT-PACKARD CO 249,550 121,644 INTEL CORP 2,486,403 28,433 INTERNATIONAL BUSINESS MACHINES CORP 2,624,365 1,700 * INTUIT, INC 60,860 1,600 * JABIL CIRCUIT, INC 28,640 10,600 * JDS UNIPHASE CORP 66,992 1,500 * KLA-TENCOR CORP 47,370 1,100 * LEXMARK INTERNATIONAL, INC 49,181 2,600 LINEAR TECHNOLOGY CORP 85,280 2,900 * LSI LOGIC CORP 34,075 271,547 * LUCENT TECHNOLOGIES, INC 1,555,964 2,700 * MAXIM INTEGRATED PRODUCTS, INC 94,338 17 * MCDATA CORP (CLASS A) 142 800 * MERCURY INTERACTIVE CORP 15,232 4,800 * MICRON TECHNOLOGY, INC 90,384 109,288 * MICROSOFT CORP 5,592,267 41 * MIPS TECHNOLOGIES, INC (CLASS B) 246 1,650 MOLEX, INC 46,381 17,545 MOTOROLA, INC 273,702 1,400 * NATIONAL SEMICONDUCTOR CORP 30,870 800 * NCR CORP 23,720 3,000 * NETWORK APPLIANCE, INC 20,400 117,234 NOKIA CORP (SPON ADR) 1,834,712 25,500 * NORTEL NETWORKS CORP (U.S.) 143,055 3,600 * NOVELL, INC 13,176 1,200 * NOVELLUS SYSTEMS, INC 34,272 113,692 * ORACLE CORP 1,430,245 5,486 * PALM, INC 8,009 2,200 * PARAMETRIC TECHNOLOGY CORP 11,418 3,050 PAYCHEX, INC 96,105 2,400 * PEOPLESOFT, INC 43,296 1,600 * PMC-SIERRA, INC 16,432 900 * QLOGIC CORP 17,100 13,160 * QUALCOMM, INC 625,626 65 * ROXIO, INC 988
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- 2,600 * SANMINA CORP $ 35,308 1,100 * SAPIENT CORP 4,235 1,500 SCIENTIFIC-ATLANTA, INC 26,325 3,700 * SIEBEL SYSTEMS, INC 48,137 5,300 * SOLECTRON CORP 61,745 60,446 * SUN MICROSYSTEMS, INC 499,888 2,150 SYMBOL TECHNOLOGIES, INC 22,553 900 * TEKTRONIX, INC 15,741 3,300 * TELLABS, INC 32,604 1,400 * TERADYNE, INC 27,300 13,900 TEXAS INSTRUMENTS, INC 347,222 1,500 * THERMO ELECTRON CORP 27,075 2,900 * UNISYS CORP 25,114 14,265 * VERITAS SOFTWARE CORP 263,046 1,800 * VITESSE SEMICONDUCTOR CORP 13,950 2,700 * XILINX, INC 63,531 6,139 * YAHOO!, INC 54,084 ------------ TOTAL TECHNOLOGY 25,072,641 ------------ TRANSPORTATION -- 0.52% 1,300 * AMR CORP 24,882 3,200 BURLINGTON NORTHERN SANTA FE CORP 85,600 9,156 * CONTINENTAL AIRLINES, INC (CLASS B) 137,340 1,800 CSX CORP 56,700 1,100 DELTA AIR LINES, INC 28,985 2,500 * FEDEX CORP 91,875 3,100 NORFOLK SOUTHERN CORP 49,972 500 RYDER SYSTEM, INC 9,995 1,144 * SABRE HOLDINGS CORP 30,590 18,410 SOUTHWEST AIRLINES CO 273,204 500 * U.S. AIRWAYS GROUP, INC 2,325 2,000 UNION PACIFIC CORP 93,800 ------------ TOTAL TRANSPORTATION 885,268 ------------ UTILITIES -- 9.96% 4,300 * AES CORP 55,126 1,000 ALLEGHENY ENERGY, INC 36,700 7,118 ALLIANT ENERGY CORP 222,793 2,500 ALLTEL CORP 144,875 1,100 AMEREN CORP 42,240 3,142 AMERICAN ELECTRIC POWER CO, INC 135,828 10,222 * AMERICAN TOWER CORP (CLASS A) 141,983 116,349 A T & T CORP 2,245,535 67,268 * A T & T WIRELESS SERVICES 1,004,983 15,000 BELLSOUTH CORP 623,250 32,161 * BROADWING, INC 517,148 2,400 * CALPINE CORP 54,744 1,200 CENTURYTEL, INC 40,200 1,300 CINERGY CORP 40,131 2,600 * CITIZENS COMMUNICATIONS CO 24,440 20,240 CMS ENERGY CORP 404,800 1,700 CONSOLIDATED EDISON, INC 69,224 1,400 CONSTELLATION ENERGY GROUP, INC 33,880 8,801 DOMINION RESOURCES, INC 522,339 1,400 DTE ENERGY CO 60,270 6,200 DUKE ENERGY CORP 234,670
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 41 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH & INCOME FUND
---------------------------------------------------------------- SHARES VALUE ---------------------------------------------------------------- UTILITIES -- (CONTINUED) 2,600 DYNEGY, INC (CLASS A) $ 90,090 2,800 * EDISON INTERNATIONAL CO 36,848 4,130 EL PASO CORP 171,601 6,000 ENRON CORP 163,380 1,800 ENTERGY CORP 64,008 2,637 EXELON CORP 117,610 1,800 FIRSTENERGY CORP 64,710 1,500 FPL GROUP, INC 80,325 8,715 * GLOBAL CROSSING LTD 15,687 1,000 GPU, INC 40,360 1,200 KEYSPAN CORP 39,888 1,000 KINDER MORGAN, INC 49,210 2,769 * MIRANT CORP 60,641 6,200 * NEXTEL COMMUNICATIONS, INC (CLASS A) 53,568 1,300 * NIAGARA MOHAWK HOLDINGS, INC 22,061 400 NICOR, INC 15,500 17,639 NISOURCE, INC 411,165 122 * NISOURCE, INC (SAILS) 258 300 PEOPLES ENERGY CORP 11,928 7,726 * PG&E CORP 117,435 700 PINNACLE WEST CAPITAL CORP 27,790 1,200 PPL CORP 39,120 19,554 * PRICE COMMUNICATIONS CORP 331,440 1,800 PROGRESS ENERGY, INC 77,382 200 * PROGRESS ENERGY, INC CVO 90 1,700 PUBLIC SERVICE ENTERPRISE GROUP, INC 72,335 13,329 QWEST COMMUNICATIONS INTERNATIONAL, INC 222,594 5,227 * RCN CORP 16,726 15,101 RELIANT ENERGY, INC 397,458
---------------------------------------------------------------- PRINCIPAL/SHARES VALUE ---------------------------------------------------------------- 45,542 SBC COMMUNICATIONS, INC $ 2,145,939 1,700 SEMPRA ENERGY 42,075 21,621 SOUTHERN CO 518,471 16,512 SPRINT CORP (FON GROUP) 396,453 34,314 * SPRINT CORP (PCS GROUP) 904,305 10,630 TXU CORP 492,381 21,596 VERIZON COMMUNICATIONS, INC 1,168,559 7,900 * WESTERN WIRELESS CORP (CLASS A) 266,862 4,200 WILLIAMS COS, INC 114,660 88,475 * WORLDCOM, INC (WORLDCOM GROUP) 1,327,281 2,765 XCEL ENERGY, INC 77,834 ------------ TOTAL UTILITIES 16,921,187 ------------ TOTAL COMMON STOCK (Cost $191,421,478) 167,608,366 ------------ SHORT TERM INVESTMENT -- 7.58% U.S. GOVERNMENT AND AGENCY -- 7.58% FEDERAL HOME LOAN BANK (FHLB) $12,885,000 3.150%, 10/01/01 12,885,000 ------------ TOTAL SHORT TERM INVESTMENT (Cost $12,885,000) 12,885,000 ------------ TOTAL PORTFOLIO -- 106.25% (Cost $204,356,478) 180,503,596 OTHER ASSETS AND LIABILITIES, NET -- (6.25%) (10,623,845) ------------ NET ASSETS -- 100.00% $169,879,751 ============
--------------- * Non-income producing At September 30, 2001, the aggregate cost of portfolio investments for federal income tax purposes was $218,169,419. Net unrealized depreciation of portfolio investments aggregated $37,665,823 of which $3,718,168 related to appreciated portfolio investments and $41,383,991 related to depreciated portfolio investments. 42 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND STATEMENT OF INVESTMENTS September 30, 2001
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ COMMON STOCK -- 98.12% AEROSPACE AND DEFENSE -- 1.05% 200 AAR CORP $ 1,602 250 * ALLIANT TECHSYSTEMS, INC 21,400 100 * ARMOR HOLDINGS, INC 1,980 165 * AVIALL, INC 1,014 7,814 BOEING CO 261,769 94 * DRS TECHNOLOGIES, INC 3,266 2,057 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) 47,866 51 ENGINEERED SUPPORT SYSTEMS, INC 2,402 2,039 GENERAL DYNAMICS CORP 180,084 8,532 * GENERAL MOTORS CORP (CLASS H) 113,731 100 HEICO CORP 1,500 10 HEICO CORP (CLASS A) 116 200 * HEXCEL CORP 800 100 * INNOVATIVE SOLUTIONS & SUPPORT, INC 727 180 KAMAN CORP (CLASS A) 2,383 100 * LADISH CO, INC 795 3,466 LOCKHEED MARTIN CORP 151,637 97 * MOOG, INC (CLASS A) 2,189 849 NORTHROP GRUMMAN CORP 85,749 200 * ORBITAL SCIENCES CORP 364 300 * PANAMSAT CORP 6,996 400 * PEGASUS COMMUNICATIONS CORP 2,800 871 PERKINELMER, INC 22,855 500 PRECISION CASTPARTS CORP 11,100 3,450 RAYTHEON CO 119,887 400 * REMEC, INC 3,172 342 * TELEDYNE TECHNOLOGIES, INC 5,454 142 * TRIUMPH GROUP, INC 3,308 100 * VIASAT, INC 1,784 ------------ TOTAL AEROSPACE AND DEFENSE 1,058,730 ------------ BASIC INDUSTRIES -- 3.44% 2,159 AIR PRODUCTS & CHEMICALS, INC 83,294 623 * AIRGAS, INC 8,267 876 AK STEEL HOLDINGS CORP 7,402 167 * ALBANY INTERNATIONAL CORP (CLASS A) (NEW) 2,498 187 ALBEMARLE CORP 3,534 8,339 ALCOA, INC 258,592 708 ALLEGHENY TECHNOLOGIES, INC 9,437 100 AMCOL INTERNATIONAL CORP 565 568 * AMERICAN STANDARD COS, INC 31,240 28 AMERON INTERNATIONAL CORP 1,804 268 APTARGROUP, INC 8,522 177 ARCH CHEMICALS, INC 4,017 363 ARCH COAL, INC 5,662 429 * ARMSTRONG HOLDINGS, INC 1,171 300 BALL CORP 17,970 472 BEMIS CO 18,809 870 * BETHLEHEM STEEL CORP 1,113 811 BLACK & DECKER CORP 25,303 488 BOISE CASCADE CORP 14,396 453 BOWATER, INC 19,941 258 * BRUSH ENGINEERED MATERIALS, INC 3,547 200 * BUCKEYE TECHNOLOGIES, INC 1,980 100 * BUILDING MATERIALS HOLDING CORP 1,404
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 634 CABOT CORP $ 25,296 193 * CABOT MICROELECTRONICS CORP 9,323 222 CALGON CARBON CORP 1,689 176 CAMBREX CORP 5,901 191 CARAUSTAR INDUSTRIES, INC 1,764 300 CARLISLE COS, INC 8,409 166 CARPENTER TECHNOLOGY CORP 3,693 100 CASTLE (A.M.) & CO 830 100 CENTEX CONSTRUCTION PRODUCTS, INC 2,955 612 CENTEX CORP 20,642 100 CENTURY ALUMINUM CO 801 500 * CHAMPION ENTERPRISES, INC 3,475 100 CHEMED CORP 2,880 265 CHEMFIRST, INC 5,347 76 CHESAPEAKE CORP 1,964 200 CLARCOR, INC 4,780 883 CLAYTON HOMES, INC 10,772 140 CLEVELAND-CLIFFS, INC 2,016 700 * COLLINS & AIKMAN CORP 4,305 100 COMMERCIAL METALS CO 2,780 181 CONSOL ENERGY, INC 3,878 215 * CORVAS INTERNATIONAL, INC 1,236 914 CROMPTON CORP 6,334 100 CROSSMANN COMMUNITIES, INC 2,627 964 * CROWN CORK & SEAL CO, INC 2,207 453 * CYTEC INDUSTRIES, INC 10,486 500 * DAL-TILE INTERNATIONAL, INC 7,695 144 DELTIC TIMBER CORP 3,643 100 * DIONEX CORP 2,522 8,688 DOW CHEMICAL CO 284,618 10,114 DU PONT (E.I.) DE NEMOURS & CO 379,477 400 * EARTHSHELL CORP 880 680 EASTMAN CHEMICAL CO 24,684 1,205 ECOLAB, INC 43,777 70 ELCOR CORP 1,507 100 * EMCOR GROUP, INC 3,190 416 * ENCOMPASS SERVICES CORP 1,572 100 * ENCORE WIRE CORP 1,295 100 * ENERGY CONVERSION DEVICES, INC 1,644 1,108 ENGELHARD CORP 25,594 349 FERRO CORP 8,089 319 FLEETWOOD ENTERPRISES, INC 3,566 200 FLORIDA ROCK INDUSTRIES, INC 6,308 772 FLUOR CORP (NEW) 29,722 182 * FMC CORP 8,916 100 * FOAMEX INTERNATIONAL, INC 615 684 FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) 7,517 112 FULLER (H.B.) CO 5,129 54 GENTEK, INC 175 200 GEORGIA GULF CORP 3,214 2,191 GEORGIA-PACIFIC CORP (PACKING GROUP) 63,078 809 GEORGIA-PACIFIC CORP (TIMBER GROUP) 29,301 100 GIBRALTAR STEEL CORP 1,510 100 GLATFELTER (P.H.) CO 1,531 872 GOODRICH CORP 16,986 200 GRANITE CONSTRUCTION, INC 5,128
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 43 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ BASIC INDUSTRIES -- (CONTINUED) 436 GREAT LAKES CHEMICAL CORP $ 9,635 148 GREIF BROTHERS CORP (CLASS A) 3,392 981 * HERCULES, INC 8,093 2,335 HOMESTAKE MINING CO 21,715 528 HORTON (D.R.), INC 11,014 100 * HOVNANIAN ENTERPRISES, INC (CLASS A) 1,153 958 IMC GLOBAL, INC 8,622 171 * INSITUFORM TECHNOLOGIES, INC (CLASS A) 2,915 300 * INTEGRATED ELECTRICAL SERVICES, INC 1,650 4,653 INTERNATIONAL PAPER CO 161,924 100 * INTERNATIONAL SPECIALTY PRODUCTS, INC 883 100 INTERPOOL, INC 1,460 200 * IVEX PACKAGING CORP 3,410 200 * JACOBS ENGINEERING GROUP, INC 12,480 104 * KAISER ALUMINUM CORP 267 295 KB HOME 8,380 5,107 KIMBERLY-CLARK CORP 316,634 300 LAFARGE NORTH AMERICA, INC 10,020 508 LENNAR CORP 18,308 367 LENNOX INTERNATIONAL, INC 3,413 200 * LONE STAR TECHNOLOGIES, INC 2,480 485 LONGVIEW FIBRE CO 4,898 981 LOUISIANA-PACIFIC CORP 6,376 74 LSI INDUSTRIES, INC 1,850 500 LUBRIZOL CORP 15,800 100 * LYDALL, INC 660 999 LYONDELL CHEMICAL CO 11,438 146 M/I SCHOTTENSTEIN HOMES, INC 4,934 163 MACDERMID, INC 2,076 467 MARTIN MARIETTA MATERIALS, INC 18,264 4,523 MASCO CORP 92,450 672 MASSEY ENERGY CO 9,844 300 * MATTSON TECHNOLOGY, INC 1,200 247 MDC HOLDINGS, INC 6,846 968 MEAD CORP 26,794 264 METRIS COS, INC 6,534 545 MILLENNIUM CHEMICALS, INC 5,717 167 MINERALS TECHNOLOGIES, INC 6,302 100 * MOBILE MINI, INC 2,596 398 MONSANTO CO 13,424 300 * MUELLER INDUSTRIES, INC 8,610 100 * NANOPHASE TECHNOLOGIES CORP 445 200 * NCI BUILDING SYSTEMS, INC 2,300 1,664 NEWMONT MINING CORP 39,270 85 NL INDUSTRIES, INC 1,274 100 * NORTEK, INC 2,155 200 * NS GROUP, INC 1,360 813 NUCOR CORP 32,276 88 * NVR, INC 12,364 203 * OAKLEY, INC 2,547 100 * OCTEL CORP 1,825 344 OLIN CORP 5,056 200 OM GROUP, INC 11,000 317 * OMNOVA SOLUTIONS, INC 1,981 200 * OREGON STEEL MILLS, INC 1,070
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 100 * OSMONICS, INC $ 1,250 1,438 * OWENS-ILLINOIS, INC 5,795 500 * PACKAGING CORP OF AMERICA 7,725 1,303 * PACTIV CORP 18,880 100 * PALM HARBOR HOMES, INC 1,870 118 PEABODY ENERGY CORP 2,843 100 PENN ENGINEERING & MANUFACTURING CORP 1,420 63 PENN VIRGINIA CORP 1,773 404 PENTAIR, INC 12,431 100 * PENWEST PHARMACEUTICALS CO 1,723 819 PHELPS DODGE CORP 22,522 498 PLUM CREEK TIMBER CO, INC 13,301 675 POLYONE CORP 5,265 100 POPE & TALBOT, INC 1,280 300 POTLATCH CORP 8,097 1,623 PPG INDUSTRIES, INC 74,252 1,470 PRAXAIR, INC 61,740 389 PULTE HOMES, INC 11,922 100 QUAKER CHEMICAL CORP 1,815 100 QUANEX CORP 2,310 299 RAYONIER, INC 12,100 168 RELIANCE STEEL & ALUMINUM CO 3,991 100 ROANOKE ELECTRIC STEEL CORP 1,190 100 ROCK-TENN CO (CLASS A) 1,100 1,524 ROHM & HAAS CO 49,926 887 RPM, INC 8,382 200 * RTI INTERNATIONAL METALS, INC 1,670 248 RYERSON TULL, INC 3,112 151 RYLAND GROUP, INC 7,201 335 * SCHULER HOMES, INC (CLASS A) 4,070 310 SCHULMAN (A.), INC 3,177 300 * SCICLONE PHARMACEUTICALS, INC 1,005 759 * SEALED AIR CORP 27,695 400 * SHAW GROUP, INC 11,268 1,306 SHERWIN-WILLIAMS CO 29,019 661 SIGMA-ALDRICH 29,877 100 * SILGAN HOLDINGS, INC 1,830 58 * SIMPSON MANUFACTURING CO, INC 3,074 100 SKYLINE CORP 2,670 1,624 * SMURFIT-STONE CONTAINER CORP 21,485 995 SOLUTIA, INC 12,338 865 SONOCO PRODUCTS CO 20,327 111 SOUTHERN PERU COPPER CORP 1,048 154 SPARTECH CORP 3,184 300 ST. JOE CO 7,755 200 STANDARD-PACIFIC CORP 3,902 847 STANLEY WORKS CO 30,957 252 * STEEL DYNAMICS, INC 2,492 400 * STILLWATER MINING CO 8,048 369 TEMPLE-INLAND, INC 17,523 300 * TERRA INDUSTRIES, INC 891 200 TEXAS INDUSTRIES, INC 6,180 200 * TITANIUM METALS CORP 640 200 * TOLL BROTHERS, INC 5,934 172 TREDEGAR CORP 2,924 100 * TREX CO, INC 1,745 52 UNIVERSAL FOREST PRODUCTS, INC 989 145 * URS CORP 3,335
44 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ BASIC INDUSTRIES -- (CONTINUED) 700 USEC, INC $ 4,501 277 b* USG CORP 1,033 817 USX (U.S. STEEL GROUP) 11,421 824 VULCAN MATERIALS CO 35,596 161 WATSCO, INC 2,107 384 WAUSAU-MOSINEE PAPER CORP 4,492 200 WD-40 CO 4,110 300 WELLMAN, INC 3,465 145 WEST PHARMACEUTICAL SERVICES, INC 3,567 784 WESTVACO CORP 20,148 2,112 WEYERHAEUSER CO 102,875 866 WILLAMETTE INDUSTRIES, INC 38,961 100 * WOLVERINE TUBE, INC 1,010 566 WORTHINGTON INDUSTRIES, INC 6,367 400 YORK INTERNATIONAL CORP 11,456 ------------ TOTAL BASIC INDUSTRIES 3,482,502 ------------ CONSUMER CYCLICAL -- 9.69% 100 * 1-800 CONTACTS, INC 1,230 314 * 99 CENTS ONLY STORES 10,157 100 AARON RENTS, INC 1,550 847 * ABERCROMBIE & FITCH CO (CLASS A) 14,898 300 * ACCLAIM ENTERTAINMENT, INC 804 142 * ACKERLEY GROUP, INC 1,519 107 * ACTION PERFORMANCE COS, INC 1,948 400 * ACTV, INC 816 676 * ADELPHIA COMMUNICATIONS CORP (CLASS A) 15,007 98 ADVANCED MARKETING SERVICES, INC 1,504 100 * AFC ENTERPRISES, INC 2,040 114 * ALLIANCE GAMING CORP 1,618 100 * AMC ENTERTAINMENT, INC 1,050 100 * AMERCO 1,818 100 * AMERICAN AXLE & MANUFACTURING HOLDINGS, INC 1,275 750 * AMERICAN EAGLE OUTFITTERS, INC 14,925 614 AMERICAN GREETINGS CORP (CLASS A) 8,129 668 * AMERICREDIT CORP 21,122 100 * ANCHOR GAMING CO 4,150 200 * ANNTAYLOR STORES CORP 4,384 41,354 * AOL TIME WARNER, INC 1,368,817 322 APOGEE ENTERPRISES, INC 4,153 820 * APOLLO GROUP, INC (CLASS A) 34,464 67 * APOLLO GROUP, INC (UNIVERSITY OF PHOENIX ONLINE) 2,074 550 APPLEBEE'S INTERNATIONAL, INC 16,225 164 ARCTIC CAT, INC 2,210 200 * ARGOSY GAMING CO 5,240 585 ARVINMERITOR, INC 8,359 865 AUTOLIV, INC 13,615 300 * AZTAR CORP 3,924 300 * BALLY TOTAL FITNESS HOLDINGS CORP 6,093 100 BANDAG, INC 2,735 61 BARNES GROUP, INC 1,299 143 BASSETT FURNITURE INDUSTRIES, INC 1,997 100 * BEASLEY BROADCAST GROUP, INC (CLASS A) 1,025 2,773 * BED BATH & BEYOND, INC 70,600
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 814 BELO (A.H.) CORP SERIES A $ 13,056 995 BIG LOTS, INC 8,248 300 BLOCKBUSTER, INC (CLASS A) 6,570 300 BOB EVANS FARMS, INC 5,424 300 * BOCA RESORTS, INC (CLASS A) 2,985 300 BORGWARNER, INC 12,090 300 BOWNE & CO, INC 3,045 200 * BOYD GAMING CORP 890 392 * BOYDS COLLECTION LTD 3,234 1,001 * BRINKER INTERNATIONAL, INC 23,643 165 BROWN SHOE CO, INC 1,872 829 BRUNSWICK CORP 13,653 100 * BUCA, INC 1,122 100 * BUCKLE, INC 1,650 165 BURLINGTON COAT FACTORY WAREHOUSE CORP 2,326 100 BUSH INDUSTRIES, INC (CLASS A) 883 892 * CABLEVISION SYSTEMS CORP (CLASS A) 36,518 421 * CABLEVISION SYSTEMS CORP (RAINBOW MEDIA GROUP) 8,525 116 * CALIFORNIA PIZZA KITCHEN, INC 1,837 773 CALLAWAY GOLF CO 9,894 284 * CATALINA MARKETING CORP 7,952 100 CATO CORP (CLASS A) 1,496 510 CBRL GROUP, INC 11,204 300 * CEC ENTERTAINMENT, INC 10,230 100 * CHAMPIONSHIP AUTO RACING TEAMS, INC 1,390 163 * CHARLOTTE RUSSE HOLDING, INC 2,117 853 * CHARMING SHOPPES, INC 4,188 1,100 * CHARTER COMMUNICATIONS, INC (CLASS A) 13,618 174 * CHICO'S FAS, INC 4,097 206 * CHILDREN'S PLACE RETAIL STORES, INC 3,693 296 * CHOICE HOTELS INTERNATIONAL, INC 4,884 113 * CHRISTOPHER & BANKS CORP 3,402 31 CHURCHILL DOWNS, INC 860 400 CLAIRES STORES, INC 5,060 4,687 * CLEAR CHANNEL COMMUNICATIONS, INC 186,308 59 COACHMEN INDUSTRIES, INC 531 100 * COLE NATIONAL CORP (CLASS A) 1,327 100 * COLUMBIA SPORTSWEAR CO 2,220 9,175 * COMCAST CORP (CLASS A) SPECIAL 329,107 641 COOPER TIRE & RUBBER CO 9,127 431 * COPART, INC 12,072 1,903 * COX COMMUNICATIONS, INC (CLASS A) 79,450 400 * COX RADIO, INC (CLASS A) 8,068 100 CPI CORP 1,437 100 * CROWN MEDIA HOLDINGS, INC (CLASS A) 1,025 264 * CUMULUS MEDIA, INC (CLASS A) 1,834 1,389 DANA CORP 21,668 940 DANAHER CORP 44,349 1,071 DARDEN RESTAURANTS, INC 28,113 5,423 DELPHI AUTOMOTIVE SYSTEMS CORP 63,720 300 * DIGITAL GENERATION SYSTEMS, INC 426 623 DILLARDS, INC (CLASS A) 8,204 335 * DIRECT FOCUS, INC 6,666
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 45 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ CONSUMER CYCLICAL -- (CONTINUED) 100 * DISCOUNT AUTO PARTS, INC $ 1,380 20,264 DISNEY (WALT) CO 377,315 2,645 DOLLAR GENERAL CORP 30,946 200 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC 1,990 899 * DOLLAR TREE STORES, INC 16,856 445 DONALDSON CO, INC 12,824 956 DONNELLEY (R.R.) & SONS CO 25,859 48 DOVER DOWNS ENTERTAINMENT, INC 594 397 DOW JONES & CO, INC 18,035 256 * DRESS BARN, INC 5,708 55 * DURA AUTOMOTIVE SYSTEMS, INC 396 2,787 EASTMAN KODAK CO 90,661 73 * ELIZABETH ARDEN, INC 932 256 * EMMIS COMMUNICATIONS CORP (CLASS A) 3,691 285 * ENTERCOM COMMUNICATIONS CORP 9,690 405 * ENTRAVISION COMMUNICATIONS CORP (CLASS A) 3,462 300 EQUITY INNS, INC 2,157 200 EXIDE TECHNOLOGIES 752 600 * EXTENDED STAY AMERICA, INC 8,682 169 FACTSET RESEARCH SYSTEMS, INC 4,099 1,422 FAMILY DOLLAR STORES, INC 39,133 100 FEDDERS CORP 390 264 FEDERAL-MOGUL CORP 171 1,753 * FEDERATED DEPARTMENT STORES, INC 49,434 278 FELCOR LODGING TRUST, INC 3,739 200 * FINISH LINE, INC (CLASS A) 2,170 32 FISHER COMMUNICATIONS, INC 1,664 23 FLORIDA EAST COAST INDUSTRIES, INC (CLASS B) 496 200 * FOOTSTAR, INC 6,920 17,536 FORD MOTOR CO (NEW) 304,249 100 FOREST CITY ENTERPRISES, INC (CLASS A) 4,800 251 * FOSSIL, INC 3,943 1,183 * FOX ENTERTAINMENT GROUP, INC (CLASS A) 22,595 125 FREDS, INC 3,275 100 FRIEDMANS, INC (CLASS A) 706 168 G & K SERVICES, INC (CLASS A) 4,460 2,599 GANNETT CO, INC 156,225 5,758 GAP, INC 68,808 171 * GAYLORD ENTERTAINMENT CO 3,437 1,903 * GEMSTAR-TV GUIDE INTERNATIONAL, INC 37,508 319 GENCORP, INC 3,617 5,340 GENERAL MOTORS CORP 229,086 200 * GENESCO, INC 3,250 100 * GENESISINTERMEDIA, INC 590 663 * GENTEX CORP 15,839 1,737 GENUINE PARTS CO 55,340 100 * GLOBAL SPORTS, INC 1,165 1,285 GOODYEAR TIRE & RUBBER CO 23,682 328 GRACO, INC 9,905 145 GRAY COMMUNICATIONS SYSTEMS, INC 2,204 5 GREY GLOBAL GROUP, INC 2,765
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 100 * GROUP 1 AUTOMOTIVE, INC $ 2,655 100 * GUESS?, INC 645 200 * GUITAR CENTER, INC 2,380 221 * GYMBOREE CORP 1,436 100 HANCOCK FABRICS, INC 820 200 * HANDLEMAN CO 2,800 2,884 HARLEY-DAVIDSON, INC 116,802 316 HARMAN INTERNATIONAL INDUSTRIES, INC 10,586 1,161 * HARRAH'S ENTERTAINMENT, INC 31,358 435 HARTE-HANKS, INC 9,413 100 HAVERTY FURNITURE COS, INC 985 64 * HAYES LEMMERZ INTERNATIONAL, INC 64 133 * HEARST-ARGYLE TELEVISION, INC 2,327 3,187 HILTON HOTELS CORP 25,017 900 * HISPANIC BROADCASTING CORP 14,490 400 HOLLINGER INTERNATIONAL, INC 4,200 100 * HOLLYWOOD CASINO CORP (CLASS A) 675 400 * HOLLYWOOD ENTERTAINMENT CORP 4,700 200 * HOT TOPIC, INC 5,020 200 * IHOP CORP (NEW) 5,240 100 * IMPCO TECHNOLOGIES, INC 1,164 200 * INFORMATION HOLDINGS, INC 3,928 400 * INSIGHT COMMUNICATIONS CO, INC 7,360 434 INTERACTIVE DATA CORP 5,685 683 * INTERNATIONAL GAME TECHNOLOGY CO 29,027 200 INTERNATIONAL SPEEDWAY CORP (CLASS A ) 6,966 3,599 INTERPUBLIC GROUP OF COS, INC 73,419 301 * INTERTAN, INC 2,362 702 INTIMATE BRANDS, INC (CLASS A) 6,318 200 * ISLE OF CAPRI CASINOS, INC 1,419 300 * JACK IN THE BOX, INC 8,400 154 * JAKKS PACIFIC, INC 2,079 806 JOHNSON CONTROLS, INC 52,583 1,074 * JONES APPAREL GROUP, INC 27,376 266 * JOURNAL REGISTER CO 4,389 100 K-SWISS, INC (CLASS A) 2,455 200 * K2, INC 1,196 200 KELLWOOD CO 3,700 100 * KENNETH COLE PRODUCTIONS, INC (CLASS A) 1,265 348 * KEY3MEDIA GROUP, INC 1,378 300 KIMBALL INTERNATIONAL, INC (CLASS B) 3,948 187 * KIRBY CORP 4,207 4,674 * KMART CORP 32,671 701 KNIGHT RIDDER, INC 39,150 2,844 * KOHLS CORP 136,512 419 * KRISPY KREME DOUGHNUTS, INC 12,402 41 * KROLL, INC 466 590 * LAMAR ADVERTISING CO (CLASS A) 17,888 200 LANDRY'S RESTAURANTS, INC 2,960 148 * LANDS' END, INC 4,277 100 LASALLE HOTEL PROPERTIES 924 486 LA-Z-BOY, INC 7,673 600 * LEAR CORP 16,212 458 LEE ENTERPRISES, INC 14,504 1,903 LEGGETT & PLATT, INC 37,108 257 LIBBEY, INC 8,288
46 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ CONSUMER CYCLICAL -- (CONTINUED) 164 * LIBERTY DIGITAL, INC (CLASS A) $ 657 25,077 * LIBERTY MEDIA CORP (CLASS A) 318,477 3,258 LIMITED, INC 30,951 299 * LINENS 'N THINGS, INC 5,555 512 LIZ CLAIBORNE, INC 19,302 100 * LODGENET ENTERTAINMENT CORP 1,099 200 LONE STAR STEAKHOUSE & SALOON, INC 2,160 179 * LUBY'S, INC 1,279 100 * MADDEN (STEVEN) LTD 1,015 584 * MANDALAY RESORT GROUP 9,478 200 MARCUS CORP 2,400 1,826 MARRIOTT INTERNATIONAL, INC (CLASS A) 60,988 100 * MARTHA STEWART LIVING OMNIMEDIA, INC (CLASS A) 1,490 2,854 MAY DEPARTMENT STORES CO 82,823 702 MAYTAG CORP 17,297 200 MCCLATCHY CO (CLASS A) 8,400 12,389 MCDONALD'S CORP 336,237 1,873 MCGRAW-HILL COS, INC 109,008 100 MEDIA GENERAL, INC (CLASS A) 4,336 300 * MEDIACOM COMMUNICATIONS CORP 3,909 100 * MEDIS TECHNOLOGIES LTD 631 300 * MEN'S WEARHOUSE, INC 5,424 400 MEREDITH CORP 12,852 241 * METRO ONE TELECOMMUNICATIONS, INC 5,591 354 * METRO-GOLDWYN-MAYER, INC 6,000 581 * MGM MIRAGE 13,060 300 * MICHAELS STORES, INC 10,962 159 * MICROS SYSTEMS, INC 2,825 58 MIDAS, INC 574 300 * MIDWAY GAMES, INC 3,633 100 * MILLENNIUM CELL, INC 374 300 MODINE MANUFACTURING CO 7,374 459 * MOHAWK INDUSTRIES, INC 16,868 93 * MONACO COACH CORP 1,325 100 * MOVIE GALLERY, INC 2,073 397 * MSC INDUSTRIAL DIRECT CO (CLASS A) 6,324 233 * MTR GAMING GROUP, INC 2,159 64 MYERS INDUSTRIES, INC 758 144 NATIONAL GOLF PROPERTIES, INC 2,311 200 * NAUTICA ENTERPRISES, INC 2,368 328 * NEIMAN MARCUS GROUP, INC (CLASS A) 8,019 30 * NEIMAN MARCUS GROUP, INC (CLASS B) 711 100 * NETRATINGS, INC 1,031 1,354 NEW YORK TIMES CO (CLASS A) 52,846 706 NIKE, INC (CLASS B) 33,047 984 NORDSTROM, INC 14,218 200 * O'CHARLEYS, INC 3,430 422 * O'REILLY AUTOMOTIVE, INC 12,090 1,808 OMNICOM GROUP, INC 117,339 100 OSHKOSH B'GOSH, INC (CLASS A) 2,600 132 OSHKOSH TRUCK CORP 4,781 644 * OUTBACK STEAKHOUSE, INC 16,492 100 OXFORD INDUSTRIES, INC 2,190 100 * P.F. CHANGS CHINA BISTRO, INC 3,592
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 300 * PACIFIC SUNWEAR OF CALIFORNIA, INC $ 4,125 74 * PANERA BREAD CO (CLASS A) 2,589 100 * PAPA JOHN'S INTERNATIONAL, INC 2,605 2,640 * PARK PLACE ENTERTAINMENT CORP 19,351 100 * PARKERVISION, INC 1,804 200 * PAYLESS SHOESOURCE, INC 10,960 100 * PENN NATIONAL GAMING, INC 1,640 2,530 PENNEY (J.C.) CO, INC 55,407 176 * PENTON MEDIA, INC 624 388 * PERFORMANCE FOOD GROUP CO 11,069 180 PHILLIPS-VAN HEUSEN CORP 1,782 846 PIER 1 IMPORTS, INC 7,021 200 * PINNACLE ENTERTAINMENT, INC 1,190 540 * PINNACLE SYSTEMS, INC 1,571 143 * PIXAR, INC 5,777 77 * PLATO LEARNING, INC 1,858 171 * PLAYBOY ENTERPRISES, INC (CLASS B) 2,111 200 POLARIS INDUSTRIES, INC 7,676 260 * POLAROID CORP 135 500 * POLO RALPH LAUREN CORP 9,375 298 * PRESSTEK, INC 1,847 400 * PRIME HOSPITALITY CORP 3,520 1,954 * PRIMEDIA, INC 4,591 100 * PRIVATE MEDIA GROUP, INC 775 100 PULITZER, INC 4,428 100 * QUAKER FABRIC CORP 730 177 * QUIKSILVER, INC 2,185 600 * RADIO ONE, INC (CLASS A) 6,942 200 * RARE HOSPITALITY INTERNATIONAL, INC 3,108 1,027 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) 18,886 100 * RECOTON CORP 1,235 497 * REEBOK INTERNATIONAL LTD 10,287 200 * REGENT COMMUNICATIONS, INC 1,204 300 REGIS CORP 6,288 56 * RENT-A-CENTER, INC 1,302 100 * RESORTQUEST INTERNATIONAL, INC 300 100 * RESOURCES CONNECTION, INC 1,818 100 RIVIANA FOODS, INC 1,733 817 ROSS STORES, INC 23,897 600 RUBY TUESDAY, INC 9,420 200 RUSSELL CORP 2,746 300 * RYAN'S FAMILY STEAK HOUSES, INC 5,136 100 * SAGA COMMUNICATIONS, INC (CLASS A) 1,731 1,152 * SAKS, INC 5,760 82 * SALEM COMMUNICATIONS CORP (CLASS A) 1,599 100 * SALTON, INC 856 300 * SCHOLASTIC CORP 13,050 100 * SCOTTS CO (CLASS A) 3,410 350 * SCP POOL CORP 7,472 326 SCRIPPS (E.W.) CO (CLASS A) 19,856 2,772 SEARS ROEBUCK & CO 96,022 200 * SHOPKO STORES, INC 1,658 132 * SHUFFLE MASTER, INC 1,664 290 * SINCLAIR BROADCAST GROUP, INC (CLASS A) 2,337 358 * SIRIUS SATELLITE RADIO, INC 1,285
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 47 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ CONSUMER CYCLICAL -- (CONTINUED) 778 * SIX FLAGS, INC $ 9,514 108 SMITH (A.O.) CORP 1,894 600 SNAP-ON, INC 13,398 200 * SONIC AUTOMOTIVE, INC 2,720 197 * SONIC CORP 5,973 159 * SOTHEBY'S HOLDINGS, INC (CLASS A) 1,906 300 * SPANISH BROADCASTING SYSTEM, INC (CLASS A) 2,127 148 * SPEEDWAY MOTORSPORTS, INC 2,942 100 SPIEGEL, INC (CLASS A) 705 200 * SPORTS RESORTS INTERNATIONAL, INC 1,438 423 * SPX CORP 35,066 100 STANDARD MOTOR PRODUCTS, INC (CLASS A) 1,170 3,510 * STARBUCKS CORP 52,439 327 * STATION CASINOS, INC 2,746 700 STEELCASE, INC (CLASS A) 8,799 200 * STEIN MART, INC 1,640 200 * STELLENT, INC 2,880 100 * STONERIDGE, INC 700 400 STRIDE RITE CORP 2,500 100 STURM RUGER & CO, INC 1,038 247 SUPERIOR INDUSTRIES INTERNATIONAL, INC 8,202 300 * SYLVAN LEARNING SYSTEMS, INC 6,870 282 TALBOTS, INC 6,330 8,719 TARGET CORP 276,828 200 * TBC CORP 1,976 389 * THE CHEESECAKE FACTORY, INC 9,316 185 * THE STEAK N SHAKE CO 1,831 100 THOR INDUSTRIES, INC 2,730 264 * THQ, INC 11,391 1,426 TIFFANY & CO 30,872 100 * TIMBERLAND CO (CLASS A) 2,710 2,711 TJX COS, INC 89,191 283 * TOO, INC 5,940 300 * TOPPS CO, INC 2,880 344 * TOWER AUTOMOTIVE, INC 2,466 1,806 TRIBUNE CO 56,708 1,353 * TRICON GLOBAL RESTAURANTS, INC 53,064 961 TRW, INC 28,657 1,088 * U.S.A. NETWORKS, INC 19,562 512 * UNIFI, INC 4,198 100 * UNIVERSAL ELECTRONICS, INC 1,508 1,566 * UNIVISION COMMUNICATIONS, INC (CLASS A) 35,939 100 * URBAN OUTFITTERS, INC 1,120 942 V.F. CORP 27,572 80 * VAIL RESORTS, INC 1,112 502 * VALASSIS COMMUNICATIONS, INC 16,018 100 * VALUE CITY DEPARTMENT STORES, INC 344 100 * VANS, INC 1,149 143 * VASTERA, INC 1,601 1,292 * VENATOR GROUP, INC 19,703 12,914 * VIACOM, INC (CLASS B) 445,533 1,246 VISTEON CORP 15,886 176 WABASH NATIONAL CORP 1,214 26,881 WAL-MART STORES, INC 1,330,609
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 27 WASHINGTON POST CO (CLASS B) $ 14,034 775 WENDY'S INTERNATIONAL, INC 20,653 200 * WESTPOINT STEVENS, INC 354 700 * WESTWOOD ONE, INC 15,575 118 * WET SEAL, INC (CLASS A) 2,172 543 WHIRLPOOL CORP 30,055 367 WILEY (JOHN) & SONS, INC (CLASS A) 7,662 456 * WILLIAMS-SONOMA, INC 10,857 100 * WILSONS THE LEATHER EXPERTS 904 251 WINNEBAGO INDUSTRIES, INC 5,383 167 * WMS INDUSTRIES, INC 2,920 355 WOLVERINE WORLD WIDE, INC 4,771 70 WOODWARD GOVERNOR CO 3,391 100 * WORLD WRESTLING FEDERATION ENTERTAINMENT, INC 1,320 100 * XM SATELLITE RADIO HOLDINGS, INC (CLASS A) 524 100 * YOUNG BROADCASTING, INC (CLASS A) 1,450 300 * ZALE CORP 7,944 200 * ZOMAX, INC 1,086 ------------ TOTAL CONSUMER CYCLICAL 9,805,110 ------------ CONSUMER NON-CYCLICAL -- 9.40% 100 * 1-800-FLOWERS.COM, INC 1,206 202 * 7-ELEVEN, INC 1,949 400 ALBERTO CULVER CO (CLASS B) 15,556 3,887 ALBERTSON'S, INC 123,917 1,757 * AMAZON.COM, INC 10,489 265 * AMERICAN ITALIAN PASTA CO (CLASS A) 11,461 8,597 ANHEUSER-BUSCH COS, INC 360,042 180 * APPLICA, INC 1,521 5,637 ARCHER-DANIELS-MIDLAND CO 70,969 200 * AURORA FOODS, INC 798 2,452 * AUTONATION, INC 21,553 704 * AUTOZONE, INC 36,509 2,171 AVON PRODUCTS, INC 100,408 362 * BARNES & NOBLE, INC 13,068 1,629 * BEST BUY CO, INC 74,038 749 * BJ'S WHOLESALE CLUB, INC 35,659 300 BLYTH, INC 5,967 680 * BORDERS GROUP, INC 13,022 100 * BOSTON BEER CO, INC (CLASS A) 1,176 279 BROWN-FORMAN CORP (CLASS B) 17,627 300 * CADIZ, INC 2,571 2,125 CAMPBELL SOUP CO 59,500 200 CARTER-WALLACE, INC 4,086 388 CASEYS GENERAL STORES, INC 4,613 351 * CDW COMPUTER CENTERS, INC 12,699 100 * CHEAP TICKETS, INC 1,639 300 CHURCH & DWIGHT CO, INC 7,755 302 * CIRCUIT CITY STORES, INC (CARMAX GROUP) 3,397 1,843 CIRCUIT CITY STORES (CIRCUIT CITY GROUP) 22,116 1,701 CLOROX CO 62,937 443 * COACH, INC 11,743 20,431 COCA COLA CO 957,192 2,116 COCA COLA ENTERPRISES, INC 32,459 5,420 COLGATE-PALMOLIVE CO 315,715
48 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ CONSUMER NON-CYCLICAL -- (CONTINUED) 5,232 CONAGRA FOODS, INC $ 117,458 316 * CONSTELLATION BRANDS, INC (CLASS A) 13,164 191 COORS (ADOLPH) CO (CLASS B) 8,595 300 CORN PRODUCTS INTERNATIONAL, INC 8,619 173 * COST PLUS, INC 3,176 4,446 * COSTCO WHOLESALE CORP 158,099 3,804 CVS CORP 126,292 340 DEAN FOODS CO 15,725 300 * DEL MONTE FOODS CO 2,310 300 DELTA & PINE LAND CO 5,094 740 DIAL CORP 12,247 327 DIMON, INC 1,880 367 DOLE FOOD CO 7,853 249 DREYER'S GRAND ICE CREAM, INC 7,233 176 * DUANE READE, INC 5,280 100 * ELECTRONICS BOUTIQUE HOLDINGS CORP 2,695 786 * ENERGIZER HOLDINGS, INC 13,063 346 ETHAN ALLEN INTERIORS, INC 9,515 66 * EXPEDIA, INC (CLASS A) 1,603 144 * FACTORY 2-U STORES, INC 2,016 300 FASTENAL CO 17,094 400 FLEMING COS, INC 11,800 111 * FLOWERS FOODS, INC 4,023 100 * FTI CONSULTING, INC 2,940 467 * FURNITURE BRANDS INTERNATIONAL, INC 9,097 2,849 GENERAL MILLS, INC 129,629 10,181 GILLETTE CO 303,393 200 * GREAT ATLANTIC & PACIFIC TEA CO, INC 2,862 278 * HAIN CELESTIAL GROUP, INC 5,117 1,230 HASBRO, INC 17,220 3,447 HEINZ (H.J.) CO 145,291 151 HERBALIFE INTERNATIONAL, INC (CLASS B) 1,442 924 HERSHEY FOODS CORP 60,401 22,484 HOME DEPOT, INC 862,711 688 HORMEL FOODS CORP 16,250 200 HUGHES SUPPLY, INC 4,460 325 * IBP, INC 7,686 100 INGLES MARKETS, INC (CLASS A) 1,200 309 * INSIGHT ENTERPRISES, INC 4,369 346 INTERFACE, INC (CLASS A) 1,487 345 INTERSTATE BAKERIES CORP 8,797 837 INTERNATIONAL FLAVORS & FRAGRANCES, INC 23,176 100 * INTERNATIONAL MULTIFOODS CORP 1,910 100 * J. JILL GROUP, INC 1,250 2,296 KELLOGG CO 68,880 7,787 * KROGER CO 191,871 300 LANCASTER COLONY CORP 8,403 200 LANCE, INC 2,654 1,013 LAUDER (ESTEE) CO (CLASS A) 33,580 100 * LITHIA MOTORS, INC (CLASS A) 1,390 311 LONGS DRUG STORES CORP 8,459 7,458 LOWE'S COS 236,045 4,206 * MATTEL, INC 65,865
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 748 MCCORMICK & CO, INC (NON-VOTE) $ 34,258 682 MILLER (HERMAN), INC 13,278 100 MOVADO GROUP, INC 1,550 84 NASH FINCH CO 2,864 100 NATURES SUNSHINE PRODUCTS, INC 1,145 397 * NBTY, INC 5,224 2,398 NEWELL RUBBERMAID, INC 54,458 364 NU SKIN ENTERPRISES, INC (CLASS A) 2,839 2,780 * OFFICE DEPOT, INC 37,808 906 * OFFICEMAX, INC 2,763 149 ONEIDA LTD 2,138 337 * PATHMARK STORES, INC 8,020 100 * PC CONNECTION, INC 774 400 PEP BOYS MANNY, MOE, & JACK CO 4,420 814 PEPSI BOTTLING GROUP, INC 37,500 812 PEPSIAMERICAS, INC 12,139 17,239 PEPSICO, INC 836,091 620 * PERRIGO CO 9,393 900 * PETSMART, INC 6,336 21,040 PHILIP MORRIS COS, INC 1,016,021 100 PILGRIMS PRIDE CORP (CLASS B) 1,380 203 * PLAYTEX PRODUCTS, INC 2,060 800 * PRICELINE.COM, INC 3,032 12,610 PROCTER & GAMBLE CO 917,881 892 R.J. REYNOLDS TOBACCO HOLDINGS, INC 50,968 1,693 RADIOSHACK CORP 41,055 302 * RALCORP HOLDINGS, INC 5,876 2,626 RALSTON PURINA CO 86,132 72 * REVLON, INC (CLASS A) 378 3,646 * RITE AID CORP 28,147 100 * ROBERT MONDAVI CORP (CLASS A) 3,560 208 RUDDICK CORP 3,182 100 RUSS BERRIE & CO, INC 2,660 4,567 * SAFEWAY, INC 181,401 8,028 SARA LEE CORP 170,996 117 SCHWEITZER-MAUDUIT INTERNATIONAL, INC 2,775 468 SENSIENT TECHNOLOGIES CORP 8,718 200 * SKECHERS USA, INC (CLASS A) 2,336 166 SLI, INC 429 100 * SMART & FINAL, INC 1,018 924 * SMITHFIELD FOODS, INC 19,450 192 SMUCKER (J.M.) CO 4,924 152 * SPARTAN STORES, INC 1,854 200 * STAMPS.COM, INC 498 100 STANDARD COMMERCIAL CORP 1,645 4,084 * STAPLES, INC 54,398 100 * STEINWAY MUSICAL INSTRUMENTS, INC 1,449 100 STEPAN CO 1,805 200 * SUIZA FOODS CORP 12,628 1,029 SUPERVALU, INC 20,816 256 THOMAS INDUSTRIES, INC 5,516 300 * TICKETMASTER (CLASS B) 3,105 167 TOOTSIE ROLL INDUSTRIES, INC 6,389 1,860 * TOYS 'R' US, INC 32,047 200 * TRANS WORLD ENTERTAINMENT CORP 1,546 102 * TRIARC COS, INC 2,356 100 * TUESDAY MORNING CORP 918
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 49 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ CONSUMER NON-CYCLICAL -- (CONTINUED) 541 TUPPERWARE CORP $ 10,787 100 * TWEETER HOME ENTERTAINMENT GROUP, INC 1,364 1,149 TYSON FOODS, INC (CLASS A) 11,512 76 * UNITED AUTO GROUP, INC 1,264 100 * UNITED NATURAL FOODS, INC 1,818 300 UNIVERSAL CORP 10,011 1,413 UST, INC 46,911 183 * VALUEVISION INTERNATIONAL, INC (CLASS A) 2,360 205 VECTOR GROUP LTD 8,761 9,939 WALGREEN CO 342,199 235 WEIS MARKETS, INC 6,533 400 * WHOLE FOODS MARKET, INC 12,564 159 * WILD OATS MARKETS, INC 1,262 821 WINN-DIXIE STORES, INC 9,400 1,532 WRIGLEY (WM) JR CO 78,591 100 * YANKEE CANDLE CO 1,710 ------------ TOTAL CONSUMER NON-CYCLICAL 9,519,420 ------------ ENERGY -- 5.36% 107 * 3TEC ENERGY CORP 1,524 845 AMERADA HESS CORP 53,657 2,375 ANADARKO PETROLEUM CORP 114,190 1,229 APACHE CORP 52,847 659 ASHLAND, INC 25,404 100 * ATP OIL & GAS CORP 695 100 * ATWOOD OCEANICS, INC 2,600 3,285 BAKER HUGHES, INC 95,100 64 BERRY PETROLEUM CO (CLASS A) 988 1,596 * BJ SERVICES CO 28,392 300 * BROWN (TOM), INC 6,270 1,979 BURLINGTON RESOURCES, INC 67,701 300 CABOT OIL & GAS CORP (CLASS A) 5,985 300 * CAL DIVE INTERNATIONAL, INC 4,998 100 * CALLON PETROLEUM CORP 680 500 * CAPSTONE TURBINE CORP 3,020 100 CARBO CERAMICS, INC 2,770 1,200 * CHESAPEAKE ENERGY CORP 6,780 6,151 CHEVRON CORP 521,297 200 * COMSTOCK RESOURCES, INC 1,188 6,051 * CONOCO, INC (CLASS B) 153,332 492 * COOPER CAMERON CORP 16,137 200 * DENBURY RESOURCES, INC 1,658 1,141 DEVON ENERGY CORP (NEW) 39,250 452 DIAMOND OFFSHORE DRILLING, INC 11,399 100 * DRIL-QUIP, INC 1,550 100 * EEX CORP 140 100 * ENCORE ACQUISITION CO 1,500 172 * ENERGY PARTNERS LTD 1,200 1,292 ENSCO INTERNATIONAL, INC 18,889 996 EOG RESOURCES, INC 28,814 100 * EVERGREEN RESOURCES, INC 3,395 66,644 EXXON MOBIL CORP 2,625,774 450 * FOREST OIL CORP 11,160 300 FRONTIER OIL CORP 5,145 100 GETTY REALTY CORP 1,800 600 * GLOBAL INDUSTRIES LTD 3,270
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 1,573 * GLOBAL MARINE, INC $ 22,022 918 * GRANT PRIDECO, INC 5,590 1,291 * GREY WOLF, INC 2,323 100 * GULF ISLAND FABRICATION, INC 852 4,183 HALLIBURTON CO 94,326 653 * HANOVER COMPRESSOR CO 14,130 477 HELMERICH & PAYNE, INC 12,449 100 HOLLY CORP 1,808 100 * HORIZON OFFSHORE, INC 610 100 * HOUSTON EXPLORATION CO 2,480 100 * HYDRIL CO 1,393 400 * INPUT/OUTPUT, INC 3,272 200 * KCS ENERGY, INC 706 1,137 KERR-MCGEE CORP 59,021 896 * KEY ENERGY SERVICES, INC 5,698 100 * KEY PRODUCTION CO, INC 1,155 200 * LOUIS DREYFUS NATURAL GAS CORP 7,780 100 LUFKIN INDUSTRIES, INC 2,292 227 * MAGNUM HUNTER RESOURCES, INC 2,154 364 * MAVERICK TUBE CORP 3,297 100 * MCMORAN EXPLORATION CO 545 300 * MERIDIAN RESOURCE CORP 975 172 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) 8,620 282 MURPHY OIL CORP 20,405 1,224 * NABORS INDUSTRIES, INC 25,667 765 * NATIONAL-OILWELL, INC 11,092 432 * NEWFIELD EXPLORATION CO 12,614 504 NOBLE AFFILIATES, INC 15,618 1,271 * NOBLE DRILLING CORP 30,504 100 * NUEVO ENERGY CO 1,395 3,560 OCCIDENTAL PETROLEUM CORP 86,650 1,698 OCEAN ENERGY, INC (NEW) 27,677 200 * OCEANEERING INTERNATIONAL, INC 3,234 100 * OSCA, INC 1,550 800 * PARKER DRILLING CO 2,464 200 PATINA OIL & GAS CORP 4,600 600 * PATTERSON-UTI ENERGY, INC 7,416 779 PENNZOIL-QUAKER STATE CO 8,709 3,660 PHILLIPS PETROLEUM CO 197,420 859 * PIONEER NATURAL RESOURCES CO 12,223 257 * PLAINS RESOURCES, INC 6,682 522 POGO PRODUCING CO 12,267 1,321 * PRIDE INTERNATIONAL, INC 12,945 100 * PRIMA ENERGY CORP 2,215 106 * PURE RESOURCES, INC 1,690 375 * RANGE RESOURCES CORP 1,781 225 * REMINGTON OIL & GAS CORP 2,945 860 * ROWAN COS, INC 10,646 100 RPC, INC 1,243 233 * SEACOR SMIT, INC 8,318 186 * SEITEL, INC 1,869 475 * SMITH INTERNATIONAL, INC 17,290 350 * SPINNAKER EXPLORATION CO 12,383 300 ST. MARY LAND & EXPLORATION CO 4,779 179 * STONE ENERGY CORP 5,763 676 SUNOCO, INC 24,065 400 * SUPERIOR ENERGY SERVICES, INC 2,360 200 * SWIFT ENERGY CO 4,124
50 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ ENERGY -- (CONTINUED) 300 * TESORO PETROLEUM CORP $ 3,570 5,341 TEXACO, INC 347,165 499 TIDEWATER, INC 13,318 100 * TRANSMONTAIGNE, INC 485 200 * TRICO MARINE SERVICES, INC 1,184 663 ULTRAMAR DIAMOND SHAMROCK CORP 31,784 300 * UNIT CORP 2,664 100 * UNIVERSAL COMPRESSION HOLDINGS, INC 2,250 2,269 UNOCAL CORP 73,742 2,959 USX (MARATHON GROUP) 79,153 637 VALERO ENERGY CORP 22,358 742 * VARCO INTERNATIONAL, INC (NEW) 8,963 650 * VERITAS DGC, INC 7,247 559 VINTAGE PETROLEUM, INC 8,860 244 * W-H ENERGY SERVICES, INC 3,430 931 * WEATHERFORD INTERNATIONAL, INC 23,749 334 * WESTPORT RESOURCES CORP 4,909 1,073 XTO ENERGY, INC 14,968 ------------ TOTAL ENERGY 5,426,399 ------------ FINANCIAL SERVICES -- 19.52% 311 21ST CENTURY INSURANCE GROUP 5,473 200 ACADIA REALTY TRUST 1,298 171 ADVANTA CORP (CLASS A) 1,607 200 * AFFILIATED MANAGERS GROUP, INC 11,362 5,143 AFLAC, INC 138,861 71 ALABAMA NATIONAL BANCORP 2,343 100 ALEXANDRIA REAL ESTATE EQUITIES, INC 3,945 441 ALFA CORP 9,737 36 * ALLEGHANY CORP (DELAWARE) 7,164 824 ALLIED CAPITAL CORP 18,746 500 ALLMERICA FINANCIAL CORP 22,425 7,007 ALLSTATE CORP 261,711 664 AMB PROPERTY CORP 16,268 925 AMBAC FINANCIAL GROUP, INC 50,606 200 AMCORE FINANCIAL, INC 4,544 200 AMERICAN CAPITAL STRATEGIES LTD 5,478 12,807 AMERICAN EXPRESS CO 372,171 400 AMERICAN FINANCIAL GROUP, INC 8,880 300 AMERICAN FINANCIAL HOLDINGS, INC 7,365 22,346 AMERICAN INTERNATIONAL GROUP, INC 1,742,988 100 AMERICAN NATIONAL INSURANCE CO 8,100 91 * AMERICAN PHYSICIANS CAPITAL, INC 1,890 1,030 * AMERITRADE HOLDING CORP (CLASS A) 4,130 436 AMERUS GROUP CO 15,347 100 AMLI RESIDENTIAL PROPERTIES TRUST 2,360 3,645 AMSOUTH BANCORP 65,865 166 * ANC RENTAL CORP 86 190 ANCHOR BANCORP WISCONSIN, INC 3,154 100 ANDOVER BANCORP, INC 5,104 351 ANNALY MORTGAGE MANAGEMENT, INC 5,071 248 ANTHRACITE CAPITAL, INC 2,579 2,308 AON CORP 96,936 628 APARTMENT INVESTMENT & MANAGEMENT CO (CLASS A) 28,423 1,249 ARCHSTONE COMMUNITIES TRUST 32,598 597 ARDEN REALTY, INC 15,265
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 64 AREA BANCSHARES CORP $ 1,088 158 ARGONAUT GROUP, INC 2,589 100 ARROW FINANCIAL CORP 2,797 551 ASSOCIATED BANC-CORP 18,673 200 ASSOCIATED ESTATES REALTY CORP 1,920 395 ASTORIA FINANCIAL CORP 23,407 580 AVALONBAY COMMUNITIES, INC 27,695 146 BALDWIN & LYONS, INC (CLASS B) 2,833 100 BANCFIRST OHIO CORP 2,185 805 BANCORPSOUTH, INC 12,397 495 BANCWEST CORP 17,290 100 BANK MUTUAL CORP 1,610 15,512 BANK OF AMERICA CORP 905,900 141 BANK OF GRANITE CORP 3,131 7,125 BANK OF NEW YORK CO, INC 249,375 11,234 BANK ONE CORP 353,533 200 * BANK UNITED CORP (CONTINGENT PAYMENTS RTS) 54 200 BANKATLANTIC BANCORP, INC (CLASS A) 2,020 1,331 BANKNORTH GROUP, INC 29,707 200 * BANKUNITED FINANCIAL CORP (CLASS A) 2,934 144 BANNER CORP 2,782 527 * BAY VIEW CAPITAL CORP 3,689 4,435 BB&T CORP 161,655 786 BEAR STEARNS COS, INC 39,307 67 * BEAZER HOMES USA, INC 3,256 100 BEDFORD PROPERTY INVESTORS, INC 2,024 260 BERKLEY (W.R.) CORP 12,480 100 * BLACKROCK, INC 4,422 44 * BOK FINANCIAL CORP 1,328 92 BOSTON PRIVATE FINANCIAL HOLDINGS, INC 1,794 686 BOSTON PROPERTIES, INC 26,157 59 BOYKIN LODGING CO 472 229 BRANDYWINE REALTY TRUST 4,884 459 BRE PROPERTIES, INC (CLASS A) 13,747 100 BROOKLINE BANCORP, INC 1,500 171 BROWN & BROWN, INC 8,909 100 BSB BANCORP, INC 2,327 300 BURNHAM PACIFIC PROPERTIES, INC 1,497 400 CABOT INDUSTRIAL TRUST 8,200 299 CAMDEN PROPERTY TRUST 11,092 200 CAPITAL AUTOMOTIVE REIT 3,524 100 CAPITAL CITY BANK GROUP, INC 2,347 1,975 CAPITAL ONE FINANCIAL CORP 90,909 328 CAPITOL FEDERAL FINANCIAL 6,268 100 CAPITOL TRANSAMERICA CORP 1,636 100 CAPSTEAD MORTGAGE CORP 2,628 501 CARRAMERICA REALTY CORP 15,009 191 CASH AMERICA INTERNATIONAL, INC 1,738 984 * CATELLUS DEVELOPMENT CORP 17,200 100 CATHAY BANCORP, INC 5,389 161 CBL & ASSOCIATES PROPERTIES, INC 4,387 67 CCBT FINANCIAL COS, INC 1,676 178 * CCC INFORMATION SERVICES GROUP, INC 1,301 189 CENTENNIAL BANCORP 1,425
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 51 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ FINANCIAL SERVICES -- (CONTINUED) 161 CENTERPOINT PROPERTIES CORP $ 7,687 100 CFS BANCORP, INC 1,487 244 CHARLES E. SMITH RESIDENTIAL REALTY, INC 12,566 272 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO 4,343 2,350 CHARTER ONE FINANCIAL, INC 66,317 175 CHATEAU COMMUNITIES, INC 5,153 233 CHELSEA PROPERTY GROUP, INC 10,589 350 CHEMICAL FINANCIAL CORP 9,502 237 CHITTENDEN CORP 6,019 600 * CHOICEPOINT, INC 24,984 1,704 CHUBB CORP 121,682 1,300 CINCINNATI FINANCIAL CORP 54,106 50,411 CITIGROUP, INC 2,041,646 445 CITIZENS BANKING CORP (MICHIGAN) 14,275 200 * CITIZENS, INC 2,028 100 CITY BANK LYNNWOOD (WASHINGTON) 2,446 60 * CITY HOLDING CO 600 300 CITY NATIONAL CORP 12,945 100 * CLARK/BARDES, INC 2,156 244 * CNA FINANCIAL CORP 6,597 58 CNA SURETY CORP 780 1,148 COLONIAL BANCGROUP, INC 14,694 140 COLONIAL PROPERTIES TRUST 4,137 100 * COLUMBIA BANKING SYSTEM, INC 1,370 713 b* COMDISCO, INC 420 1,705 COMERICA, INC 94,457 300 COMMERCE BANCORP, INC 20,400 636 COMMERCE BANCSHARES, INC 23,926 200 COMMERCE GROUP, INC 7,600 500 COMMERCIAL FEDERAL CORP 12,135 206 COMMERCIAL NET LEASE REALTY, INC 2,729 142 COMMONWEALTH BANCORP, INC 2,928 100 COMMUNITY BANK SYSTEM, INC 2,750 100 COMMUNITY BANK, INC 2,440 368 COMMUNITY FIRST BANKSHARES, INC 8,839 110 COMMUNITY TRUST BANCORP, INC 2,629 1,207 COMPASS BANCSHARES, INC 31,418 100 * COMPUCREDIT CORP 729 88 CONNECTICUT BANCSHARES, INC 1,944 2,778 * CONSECO, INC 20,168 400 CORNERSTONE REALTY INCOME TRUST, INC 4,280 172 * CORRECTIONS CORP OF AMERICA 2,263 100 CORUS BANKSHARES, INC 4,495 1,105 COUNTRYWIDE CREDIT INDUSTRIES, INC 48,542 311 COUSINS PROPERTIES, INC 7,697 100 CPB, INC 3,161 330 CRAWFORD & CO (CLASS B) 4,108 100 * CREDIT ACCEPTANCE CORP 874 883 CRESCENT REAL ESTATE EQUITIES CO 18,940 100 * CRESTLINE CAPITAL CORP 2,825 200 CROWN AMERICAN REALTY TRUST 1,420 200 * CSK AUTO CORP 1,250 500 CULLEN/FROST BANKERS, INC 13,475 156 CVB FINANCIAL CORP 3,354
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 254 DELPHI FINANCIAL GROUP, INC (CLASS A) $ 8,585 512 DEVELOPERS DIVERSIFIED REALTY CORP 9,190 397 * DIME BANCORP LITIGATION TRACKING WTS 99 761 DIME BANCORP, INC 29,922 217 DIME COMMUNITY BANCSHARES 5,494 262 DORAL FINANCIAL CORP 10,165 156 DOWNEY FINANCIAL CORP 6,884 1,247 DUKE REALTY CORP 29,541 2,551 * E*TRADE GROUP, INC 15,433 179 EAST WEST BANCORP, INC 4,186 200 EASTGROUP PROPERTIES, INC 4,380 600 EATON VANCE CORP 18,810 830 EDWARDS (A.G.), INC 29,141 151 * ELECTRO RENT CORP 1,904 52 ENTERTAINMENT PROPERTIES TRUST 878 3,957 EQUITY OFFICE PROPERTIES TRUST 126,624 1,252 EQUITY RESIDENTIAL PROPERTIES TRUST CO 73,116 173 ERIE INDEMNITY CO (CLASS A) 6,842 229 ESSEX PROPERTY TRUST, INC 11,243 100 F & M BANCORP (MARYLAND) 2,620 183 F.N.B. CORP 4,785 9,888 FANNIE MAE 791,633 100 FARMERS CAPITAL BANK CORP 3,742 79 FBL FINANCIAL GROUP, INC (CLASS A) 1,320 63 * FEDERAL AGRICULTURE MORTGAGE CORP (CLASS C) 2,102 300 FEDERAL REALTY INVESTMENT TRUST 6,600 804 FEDERATED INVESTORS, INC (CLASS B) 23,798 223 FIDELITY BANKSHARES, INC 2,977 887 FIDELITY NATIONAL FINANCIAL, INC 23,851 4,759 FIFTH THIRD BANCORP 292,583 100 * FINANCIAL FEDERAL CORP 2,450 400 * FINOVA GROUP, INC 448 599 FIRST AMERICAN CORP 12,129 100 FIRST BANCORP (NORTH CAROLINA) 2,400 165 FIRST BANCORP (PUERTO RICO) 4,266 100 FIRST BUSEY CORP 1,974 256 FIRST CHARTER CORP 4,185 47 FIRST CITIZENS BANCSHARES, INC (CLASS A) 3,909 508 FIRST COMMONWEALTH FINANCIAL CORP 6,324 63 FIRST COMMUNITY BANCSHARES 1,990 100 FIRST ESSEX BANCORP, INC 2,625 100 FIRST FEDERAL CAPITAL CORP 1,490 338 FIRST FINANCIAL BANCORP 5,242 125 FIRST FINANCIAL BANKSHARES, INC 3,691 100 FIRST FINANCIAL CORP (INDIANA) 3,992 147 FIRST FINANCIAL HOLDINGS, INC 3,373 100 FIRST INDIANA CORP 2,060 105 FIRST MERCHANTS CORP 2,415 400 FIRST MIDWEST BANCORP, INC 13,512 100 FIRST NIAGARA FINANCIAL GROUP, INC 1,587 83 * FIRST REPUBLIC BANK 1,904 242 FIRST SENTINEL BANCORP, INC 2,848 105 FIRST SOURCE CORP 2,257
52 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ FINANCIAL SERVICES -- (CONTINUED) 1,165 FIRST TENNESSEE NATIONAL CORP $ 43,105 478 FIRST VIRGINIA BANKS, INC 21,892 200 * FIRSTFED FINANCIAL CORP 5,200 790 FIRSTMERIT CORP 18,541 100 FLAGSTAR BANCORP, INC 2,310 10,457 FLEETBOSTON FINANCIAL CORP 384,294 350 FLUSHING FINANCIAL CORP 5,635 1,663 FRANKLIN RESOURCES, INC 57,656 6,689 FREDDIE MAC 434,785 408 FREMONT GENERAL CORP 2,227 83 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC 423 252 FRONTIER FINANCIAL CORP 6,930 795 FULTON FINANCIAL CORP 17,768 200 GABLES RESIDENTIAL TRUST 6,132 764 GALLAGHER (ARTHUR J.) & CO 25,861 512 * GARTNER, INC (CLASS A) 4,633 104 * GARTNER, INC (CLASS B) 904 100 GBC BANCORP 3,122 484 GENERAL GROWTH PROPERTIES, INC 16,828 100 GERMAN AMERICAN BANCORP 1,645 106 GLACIER BANCORP, INC 2,014 153 GLENBOROUGH REALTY TRUST, INC 2,836 183 GLIMCHER REALTY TRUST 2,960 300 GOLD BANC CORP, INC 2,337 642 GOLDEN STATE BANCORP, INC 19,516 1,196 GOLDEN WEST FINANCIAL CORP 69,487 200 GREAT AMERICAN FINANCIAL RESOURCES, INC 3,630 100 GREAT LAKES REIT, INC 1,630 100 GREAT SOUTHERN BANCORP, INC 2,651 396 GREATER BAY BANCORP 9,214 772 GREENPOINT FINANCIAL CORP 27,097 100 HANCOCK HOLDING CO 4,058 200 HARBOR FLORIDA BANCSHARES, INC 3,574 322 HARLEYSVILLE GROUP, INC 7,724 200 HARLEYSVILLE NATIONAL CORP 4,300 2,268 HARTFORD FINANCIAL SERVICES GROUP, INC 133,222 500 HCC INSURANCE HOLDINGS, INC 13,150 500 HEALTH CARE PROPERTY INVESTORS, INC 19,225 201 HEALTH CARE REIT, INC 5,065 400 HEALTHCARE REALTY TRUST, INC 10,200 550 HELLER FINANCIAL, INC (CLASS A) 29,023 1,475 HIBERNIA CORP (CLASS A) 24,116 521 HIGHWOODS PROPERTIES, INC 12,894 147 HILB, ROGAL & HAMILTON CO 6,704 165 HOME PROPERTIES OF NEW YORK, INC 5,220 500 HOOPER HOLMES, INC 3,120 446 HORACE MANN EDUCATORS CORP 7,871 400 HOSPITALITY PROPERTIES TRUST 9,632 2,113 HOST MARRIOTT CORP (NEW) 14,896 4,454 HOUSEHOLD INTERNATIONAL, INC 251,116 1,268 HRPT PROPERTIES TRUST 10,321 400 HUDSON CITY BANCORP, INC 9,560 57 HUDSON RIVER BANCORP, INC 1,140 426 HUDSON UNITED BANCORP 11,817
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 2,403 HUNTINGTON BANCSHARES, INC $ 41,595 100 IBERIABANK CORP 2,860 539 INDEPENDENCE COMMUNITY BANK CORP 11,712 190 INDEPENDENT BANK CORP 3,979 581 * INDYMAC BANCORP, INC 15,750 203 INNKEEPERS U.S.A. TRUST 1,827 164 * INSIGNIA FINANCIAL GROUP, INC 1,722 252 * INSTINET GROUP, INC 2,467 100 * INSURANCE AUTO AUCTIONS, INC 1,350 263 INTEGRA BANK CORP 6,049 218 INTERNATIONAL BANCSHARES CORP 8,393 343 * INVESTMENT TECHNOLOGY GROUP, INC 19,033 450 INVESTORS FINANCIAL SERVICES CORP 25,938 200 INVESTORS REAL ESTATE TRUST 1,866 116 IRT PROPERTY CO 1,252 100 IRWIN FINANCIAL CORP 2,090 808 ISTAR FINANCIAL, INC 19,957 187 * ITT EDUCATIONAL SERVICES, INC 5,984 300 JDN REALTY CORP 3,180 176 JEFFERIES GROUP, INC (NEW) 5,808 1,512 JEFFERSON-PILOT CORP 67,253 2,926 JOHN HANCOCK FINANCIAL SERVICES, INC 116,893 78 JOHN NUVEEN CO (CLASS A) 3,449 300 * JONES LANG LASALLE, INC 4,110 19,194 JP MORGAN CHASE & CO 655,475 100 JP REALTY, INC 2,235 48 KANSAS CITY LIFE INSURANCE CO 1,728 4,145 KEYCORP 100,060 100 KEYSTONE PROPERTY TRUST 1,270 200 KILROY REALTY CORP 4,990 469 KIMCO REALTY CORP 22,769 850 * KNIGHT TRADING GROUP, INC 6,553 300 KOGER EQUITY, INC 5,190 147 KRAMONT REALTY TRUST 1,836 1,045 * LA QUINTA PROPERTIES, INC (PAIRED) 4,598 400 * LABRANCHE & CO, INC 8,880 200 LANDAMERICA FINANCIAL GROUP, INC 6,650 605 LEGG MASON, INC 24,054 2,260 LEHMAN BROTHERS HOLDINGS, INC 128,481 300 LEUCADIA NATIONAL CORP 9,360 100 LEXINGTON CORPORATE PROPERTIES TRUST 1,465 234 LIBERTY CORP 9,301 147 LIBERTY FINANCIAL COS, INC 4,667 1,780 LINCOLN NATIONAL CORP 83,001 189 LNR PROPERTY CORP 5,660 249 * LOCAL FINANCIAL CORP 3,329 759 M & T BANK CORP 56,166 300 MACERICH CO 6,630 408 MACK-CALI REALTY CORP 12,648 151 MAF BANCORP, INC 4,327 100 MANUFACTURED HOME COMMUNITIES, INC 3,042 55 * MARKEL CORP 10,725 2,656 MARSH & MCLENNAN COS, INC 256,835 993 MARSHALL & ILSLEY CORP 56,293 1,385 MBIA, INC 69,250
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 53 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ FINANCIAL SERVICES -- (CONTINUED) 6,884 MBNA CORP $ 208,516 140 MEDALLION FINANCIAL CORP 1,155 100 MEDFORD BANCORP, INC 1,930 4,560 MELLON FINANCIAL CORP 147,424 747 MERCANTILE BANKSHARES CORP 29,655 200 MERCURY GENERAL CORP 7,940 300 MERISTAR HOSPITALITY CORP 3,165 8,091 MERRILL LYNCH & CO, INC 328,494 2,869 METROPOLITAN LIFE INSURANCE CO 85,209 943 MGIC INVESTMENT CORP 61,615 100 MICROFINANCIAL, INC 1,375 100 MID-AMERICA APARTMENT COMMUNITIES, INC 2,600 100 MIDAMERICA BANCORP 2,510 100 MIDLAND CO 4,060 280 MID-STATE BANCSHARES 4,779 100 MIDWEST BANC HOLDINGS, INC 2,138 253 MILLS CORP 5,409 100 MISSION WEST PROPERTIES, INC 1,200 45 MISSISSIPPI VALLEY BANCSHARES, INC 1,710 469 MONY GROUP, INC 15,533 10,820 MORGAN STANLEY DEAN WITTER & CO 501,507 5,833 NATIONAL CITY CORP 174,698 1,959 NATIONAL COMMERCE FINANCIAL CORP 51,129 186 * NATIONAL HEALTH INVESTORS, INC 2,501 167 NATIONAL PENN BANCSHARES, INC 3,924 200 NATIONWIDE FINANCIAL SERVICES, INC (CLASS A) 7,436 364 NATIONWIDE HEALTH PROPERTIES, INC 7,152 164 NBT BANCORP, INC 2,345 185 * NETBANK, INC 1,548 650 NEUBERGER BERMAN, INC 22,672 100 * NEW CENTURY FINANCIAL CORP 980 716 NEW PLAN EXCEL REALTY TRUST 12,243 858 NEW YORK COMMUNITY BANCORP, INC 19,914 300 * NEXTCARD, INC 1,911 1,524 NORTH FORK BANCORP, INC 45,323 1,918 NORTHERN TRUST CORP 100,656 100 NORTHWEST BANCORP, INC 1,001 146 OCEANFIRST FINANCIAL CORP 3,664 300 * OCWEN FINANCIAL CORP 2,163 513 * OHIO CASUALTY CORP 6,663 581 OLD NATIONAL BANCORP 15,106 1,350 OLD REPUBLIC INTERNATIONAL CORP 35,383 100 OLD SECOND BANCORP, INC 3,396 100 OMEGA FINANCIAL CORP 3,102 140 ORIENTAL FINANCIAL GROUP, INC 2,821 287 PACIFIC CAPITAL BANCORP 8,314 787 PACIFIC CENTURY FINANCIAL CORP 18,392 100 PACIFIC GULF PROPERTIES LIQUID TRUST 177 256 PACIFIC NORTHWEST BANCORP 5,209 236 PAN PACIFIC RETAIL PROPERTIES, INC 6,218 100 PARK NATIONAL CORP 9,675 100 PARKWAY PROPERTIES, INC 3,250 100 PENNFED FINANCIAL SERVICES, INC 2,248 100 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 2,125
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 200 PEOPLE'S BANK OF BRIDGEPORT (CONNECTICUT) $ 4,440 100 PEOPLES HOLDING CO 3,349 147 PFF BANCORP, INC 4,042 100 * PHILADELPHIA CONSOLIDATED HOLDING CORP 3,474 100 * PICO HOLDINGS, INC 1,100 100 PMA CAPITAL CORP (CLASS A) 1,800 408 PMI GROUP, INC 25,455 2,755 PNC FINANCIAL SERVICES GROUP, INC 157,723 1,287 POPULAR, INC 40,154 100 PORT FINANCIAL CORP 2,388 400 POST PROPERTIES, INC 14,832 450 PRENTISS PROPERTIES TRUST 12,375 182 PRESIDENTIAL LIFE CORP 3,308 100 PRIME GROUP REALTY TRUST 1,195 113 * PROASSURANCE CORP 1,683 556 PROGRESSIVE CORP 74,448 1,177 PROLOGIS TRUST 24,834 100 PROMISTAR FINANCIAL CORP 2,302 585 PROTECTIVE LIFE CORP 16,965 204 PROVIDENT BANKSHARES CORP 4,222 300 PROVIDENT FINANCIAL GROUP, INC 7,575 2,674 PROVIDIAN FINANCIAL CORP 53,881 100 PS BUSINESS PARKS, INC 2,770 876 PUBLIC STORAGE, INC 29,258 100 R&G FINANCIAL CORP (CLASS B) 1,720 755 RADIAN GROUP, INC 29,067 344 RAYMOND JAMES FINANCIAL, INC 9,339 295 REALTY INCOME CORP 8,555 354 RECKSON ASSOCIATES REALTY CORP 8,549 100 REDWOOD TRUST, INC 2,410 200 REGENCY CENTERS CORP 5,150 2,184 REGIONS FINANCIAL CORP 63,030 168 REINSURANCE GROUP OF AMERICA, INC 5,730 431 REPUBLIC BANCORP, INC 6,167 100 REPUBLIC BANCORP, INC (CLASS A) 1,325 100 RESOURCE AMERICA, INC (CLASS A) 894 200 RFS HOTEL INVESTORS, INC 2,070 168 RIGGS NATIONAL CORP 2,604 52 RLI CORP 2,132 846 ROSLYN BANCORP, INC 15,659 557 ROUSE CO 13,462 200 S & T BANCORP, INC 4,680 1,165 SAFECO CORP 35,334 100 SANDY SPRING BANCORP, INC 3,969 200 SANTANDER BANCORP 3,894 100 SAUL CENTERS, INC 1,900 10,543 SCHWAB (CHARLES) CORP 121,244 143 SCPIE HOLDINGS, INC 2,302 200 SEACOAST FINANCIAL SERVICES CORP 2,974 100 SECOND BANCORP, INC 2,050 717 * SECURITY CAPITAL GROUP, INC (CLASS B) 13,415 745 SEI INVESTMENTS CO 23,840 200 SELECTIVE INSURANCE GROUP, INC 4,666 92 SENIOR HOUSING PROPERTIES TRUST 1,237 400 * SILICON VALLEY BANCSHARES 8,080
54 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ FINANCIAL SERVICES -- (CONTINUED) 57 SIMMONS FIRST NATIONAL CORP (CLASS A) $ 2,036 1,184 SIMON PROPERTY GROUP, INC 31,861 808 SKY FINANCIAL GROUP, INC 16,079 200 SL GREEN REALTY CORP 6,304 600 * SOUNDVIEW TECHNOLOGY GROUP, INC 1,206 392 SOUTH FINANCIAL GROUP, INC 6,209 3,302 SOUTHTRUST CORP 84,101 200 * SOUTHWEST BANCORP OF TEXAS, INC 5,950 160 SOUTHWEST SECURITIES GROUP, INC 2,748 2,049 SOVEREIGN BANCORP, INC 19,465 100 SOVRAN SELF STORAGE, INC 2,760 100 ST. FRANCIS CAPITAL CORP 2,135 2,008 ST. PAUL COS, INC 82,769 351 STANCORP FINANCIAL GROUP, INC 16,988 1,878 STARWOOD HOTELS & RESORTS WORLDWIDE, INC 41,316 100 STATE AUTO FINANCIAL CORP 1,333 3,196 STATE STREET CORP 145,418 341 STATEN ISLAND BANCORP, INC 8,405 62 STERLING BANCORP 1,782 288 STERLING BANCSHARES, INC 3,807 88 STERLING FINANCIAL CORP 1,878 100 * STEWART INFORMATION SERVICES CORP 1,950 2,059 STILWELL FINANCIAL, INC 40,150 221 STORAGE U.S.A., INC 8,751 31 STUDENT LOAN CORP 2,185 146 SUFFOLK BANCORP 6,416 180 SUMMIT PROPERTIES, INC 4,725 262 SUN COMMUNITIES, INC 9,602 2,411 SUNTRUST BANKS, INC 160,572 432 SUSQUEHANNA BANCSHARES, INC 9,612 2,436 SYNOVUS FINANCIAL CORP 67,233 296 * SYNTROLEUM CORP 1,388 968 T ROWE PRICE GROUP, INC 28,362 300 TAUBMAN CENTERS, INC 3,750 697 TCF FINANCIAL CORP 32,103 400 * TD WATERHOUSE GROUP 2,456 256 TEXAS REGIONAL BANCSHARES, INC (CLASS A) 8,747 2,060 THE GOLDMAN SACHS GROUP, INC 146,981 271 THORNBURG MORTGAGE, INC 4,490 51 TOMPKINS TRUSTCO, INC 1,938 1,071 TORCHMARK CORP 41,769 255 TOWN & COUNTRY TRUST 5,049 200 * TRAMMELL CROW CO 2,000 196 TRANSATLANTIC HOLDINGS, INC 16,554 54 * TRIAD GUARANTY, INC 1,887 158 TRUST CO OF NEW JERSEY 3,965 619 TRUSTCO BANK CORP (NEW YORK) 8,505 414 TRUSTMARK CORP 9,265 245 TUCKER ANTHONY SUTRO CORP 5,840 154 U.S. RESTAURANT PROPERTIES, INC 2,132 100 U.S.B. HOLDINGS CO, INC 1,485 200 UCBH HOLDINGS, INC 5,836 400 * UICI 5,452 129 UMB FINANCIAL CORP 5,353 100 UMPQUA HOLDINGS CORP 1,235
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 1,305 UNION PLANTERS CORP $ 55,984 500 UNIONBANCAL CORP 16,920 353 UNITED BANKSHARES, INC 9,531 326 UNITED COMMUNITY FINANCIAL CORP (OHIO) 2,298 966 UNITED DOMINION REALTY TRUST, INC 13,794 100 UNITED FIRE & CASUALTY CO 2,567 257 UNITED NATIONAL BANCORP 6,553 400 * UNITED RENTALS, INC 6,936 597 * UNITEDGLOBALCOM, INC (CLASS A) 1,385 374 UNITRIN, INC 14,294 315 * UNIVERSAL AMERICAN FINANCIAL CORP 1,748 100 UNIVERSAL HEALTH REALTY INCOME TRUST 2,470 2,249 UNUMPROVIDENT CORP 56,787 19,070 US BANCORP (NEW) 422,972 1,470 USA EDUCATION, INC 121,877 705 VALLEY NATIONAL BANCORP 20,973 292 VESTA INSURANCE GROUP, INC 3,825 607 VORNADO REALTY TRUST 24,097 300 W HOLDING CO, INC 4,200 1,864 * WACHOVIA CONTRA CUSIP 894 13,516 WACHOVIA CORP (NEW) 418,996 710 WADDELL & REED FINANCIAL, INC (CLASS A) 18,460 625 WASHINGTON FEDERAL, INC 15,656 8,457 WASHINGTON MUTUAL, INC 325,425 300 WASHINGTON REAL ESTATE INVESTMENT TRUST 7,116 94 WASHINGTON TRUST BANCORP, INC 1,739 275 WAYPOINT FINANCIAL CORP 3,638 400 WEBSTER FINANCIAL CORP 13,184 262 WEINGARTEN REALTY INVESTORS, INC 12,733 16,636 WELLS FARGO & CO 739,470 243 WESBANCO, INC 5,224 11 WESCO FINANCIAL CORP 3,191 60 WEST COAST BANCORP (OREGON) 810 300 WESTAMERICA BANCORP 10,815 111 WESTCORP 1,903 91 WESTFIELD AMERICA, INC 1,469 100 * WFS FINANCIAL, INC 1,775 281 WHITNEY HOLDING CORP 12,083 300 WILMINGTON TRUST CORP 16,560 100 WINSTON HOTELS, INC 790 100 WINTRUST FINANCIAL CORP 3,105 100 WSFS FINANCIAL CORP 1,648 1,700 * WYNDHAM INTERNATIONAL, INC (CLASS A) 1,105 100 ZENITH NATIONAL INSURANCE CORP 2,460 806 ZIONS BANCORP 43,249 ------------ TOTAL FINANCIAL SERVICES 19,764,278 ------------ HEALTH CARE -- 16.33% 100 * 3 DIMENSIONAL PHARMACEUTICALS, INC 685 100 * AAIPHARMA, INC 1,720 15,015 ABBOTT LABORATORIES 778,527 668 * ABGENIX, INC 15,163 100 * ABIOMED, INC 1,747 204 * ACCREDO HEALTH, INC 7,425
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 55 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ HEALTH CARE -- (CONTINUED) 300 * ACLARA BIOSCIENCES, INC $ 1,686 320 * ADOLOR CORP 5,417 367 * ADVANCEPCS 26,343 100 * ADVANCED NEUROMODULATION SYSTEMS, INC 2,070 600 * ADVANCED TISSUE SCIENCES, INC 2,130 1,236 AETNA, INC (NEW) 35,708 424 * AFFYMETRIX, INC 6,805 100 * AKSYS LTD 505 100 * ALBANY MOLECULAR RESEARCH, INC 2,483 200 * ALEXION PHARMACEUTICALS, INC 3,404 100 * ALIGN TECHNOLOGY, INC 218 600 * ALKERMES, INC 11,748 1,266 ALLERGAN, INC 83,935 300 * ALLSCRIPTS HEALTHCARE SOLUTIONS, INC 1,260 200 ALPHARMA, INC (CLASS A) 5,760 51 * AMERICAN HEALTHWAYS, INC 1,797 12,776 AMERICAN HOME PRODUCTS CORP 744,202 319 * AMERICAN MEDICAL SYSTEMS HOLDINGS, INC 6,083 177 * AMERIPATH, INC 4,648 910 * AMERISOURCEBERGEN CORP 64,564 10,218 * AMGEN, INC 600,511 153 * AMSURG CORP 4,215 500 * AMYLIN PHARMACEUTICALS, INC 2,765 553 * ANDRX GROUP 35,900 100 * ANTIGENICS, INC 1,275 100 * APHTON CORP 983 973 * APOGENT TECHNOLOGIES, INC 23,254 2,043 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) 49,849 587 * APPLERA CORP (CELERA GENOMICS GROUP) 14,146 100 * APPLIED MOLECULAR EVOLUTION 739 386 * APRIA HEALTHCARE GROUP, INC 9,997 217 * ARENA PHARMACEUTICALS, INC 2,387 100 * ARIAD PHARMACEUTICALS, INC 245 450 * ARQULE, INC 4,702 100 * ARRAY BIOPHARMA, INC 902 141 ARROW INTERNATIONAL, INC 5,259 200 * ARTHROCARE CORP 3,920 100 * ASPECT MEDICAL SYSTEMS, INC 1,095 218 * ATRIX LABORATORIES, INC 5,122 200 * ATS MEDICAL, INC 800 453 * AVANIR PHARMACEUTICALS (CLASS A) 1,313 500 * AVANT IMMUNOTHERAPEUTICS, INC 1,185 100 * AVI BIOPHARMA, INC 740 200 * AVIGEN, INC 2,742 317 * AVIRON 7,890 483 BARD (C.R.), INC 24,831 249 * BARR LABORATORIES, INC 19,685 495 BAUSCH & LOMB, INC 14,008 5,695 BAXTER INTERNATIONAL, INC 313,509 500 BECKMAN COULTER, INC 22,125 2,497 BECTON DICKINSON & CO 92,389 937 * BEVERLY ENTERPRISES, INC 9,557 1,415 * BIOGEN, INC 78,645 200 * BIOMARIN PHARMACEUTICAL, INC 1,950
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 2,562 BIOMET, INC $ 74,938 100 * BIOPURE CORP 1,855 100 * BIO-RAD LABORATORIES, INC (CLASS A) 4,700 590 * BIO-TECHNOLOGY GENERAL CORP 4,413 100 * BIOSITE, INC 2,421 100 * BONE CARE INTERNATIONAL, INC 1,946 100 * BORON, LEPORE & ASSOCIATES, INC 950 3,104 * BOSTON SCIENTIFIC CORP 63,632 18,808 BRISTOL-MYERS SQUIBB CO 1,044,972 100 * BRITESMILE, INC 600 360 * BRUKER DALTONICS, INC 5,976 226 * CALIPER TECHNOLOGIES CORP 2,090 4,351 CARDINAL HEALTH, INC 321,756 500 * CARDIODYNAMICS INTERNATIONAL CORP 2,400 2,215 * CAREMARK RX, INC 36,946 686 * CELGENE CORP 18,130 300 * CELL GENESYS, INC 4,800 172 * CELL PATHWAYS, INC 565 300 * CELL THERAPEUTICS, INC 7,215 380 * CEPHALON, INC 18,954 194 * CERNER CORP 9,603 81 * CERUS CORP 3,827 400 * CHARLES RIVER LABORATORIES INTERNATIONAL, INC 14,148 795 * CHIRON CORP 35,274 1,366 CIGNA CORP 113,309 114 * CIMA LABS, INC 6,925 200 * CIPHERGEN BIOSYSTEMS, INC 610 100 * CLOSURE MEDICAL CORP 1,925 300 * COHERENT, INC 8,520 82 * COLUMBIA LABORATORIES, INC 368 406 * COMMUNITY HEALTH SYSTEMS 12,074 500 * COMPUTERIZED THERMAL IMAGING, INC 1,120 100 * CONCEPTUS, INC 1,740 382 * CONMED CORP 6,761 300 * CONNETICS CORP 1,962 250 COOPER COS, INC 11,725 500 * COR THERAPEUTICS, INC 11,315 413 * CORIXA CORP 4,336 511 * COVANCE, INC 9,152 612 * COVENTRY HEALTH CARE, INC 14,443 100 * CRYOLIFE, INC 3,761 300 * CUBIST PHARMACEUTICALS, INC 9,831 400 * CURAGEN CORP 7,720 330 * CURIS, INC 1,155 200 * CV THERAPEUTICS, INC 7,772 164 * CYBERONICS, INC 2,584 279 * CYGNUS, INC 1,554 800 * CYTOGEN CORP 2,160 1,100 * CYTYC CORP 29,491 143 DATASCOPE CORP 5,545 769 * DAVITA, INC 15,649 240 * DECODE GENETICS, INC 1,480 100 * DELTAGEN, INC 707 120 * DENDREON CORP 1,020 300 * DENDRITE INTERNATIONAL, INC 2,382 362 DENTSPLY INTERNATIONAL, INC 16,630 200 DIAGNOSTIC PRODUCTS CORP 8,444
56 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ HEALTH CARE -- (CONTINUED) 100 * DIGENE CORP $ 2,500 197 * DIVERSA CORP 1,851 167 * DURAMED PHARMACEUTICALS, INC 3,380 200 * DURECT CORP 1,936 100 * DUSA PHARMACEUTICALS, INC 1,026 100 * DVI, INC 1,699 151 * DYAX CORP 1,452 400 * ECLIPSYS CORP 5,320 200 * EDEN BIOSCIENCE CORP 1,524 608 * EDWARDS LIFESCIENCES CORP 13,619 100 * EMISPHERE TECHNOLOGIES, INC 1,910 243 * ENDO PHARMACEUTICALS HOLDINGS, INC 2,636 43 * ENDO PHARMACEUTICALS, INC WTS 12/31/02 6 100 * ENDOCARE, INC 1,755 149 * ENTREMED, INC 1,303 205 * ENZO BIOCHEM, INC 3,476 400 * ENZON, INC 20,400 200 * ESPERION THERAPEUTICS, INC 1,490 266 * EXELIXIS, INC 3,048 716 * EXPRESS SCRIPTS, INC 39,738 883 * FIRST HEALTH GROUP CORP 25,942 543 * FISHER SCIENTIFIC INTERNATIONAL, INC 13,792 1,698 * FOREST LABORATORIES, INC 122,493 200 * GENAISSANCE PHARMACEUTICALS 778 300 * GENE LOGIC, INC 3,948 100 * GENENCOR INTERNATIONAL, INC 986 2,100 * GENENTECH, INC 92,400 200 * GENOME THERAPEUTICS CORP 1,160 200 * GENTA, INC 2,070 257 * GENZYME CORP (BIOSURGERY DIVISION) 1,002 1,947 * GENZYME CORP (GENERAL DIVISION) 88,432 100 * GENZYME-MOLECULAR ONCOLOGY 775 200 * GERON CORP 1,920 945 * GILEAD SCIENCES, INC 53,080 2,936 * GUIDANT CORP 113,036 166 * GUILFORD PHARMACEUTICALS, INC 1,429 152 * HAEMONETICS CORP 5,260 100 * HARVARD BIOSCIENCE, INC 1,000 5,147 HCA, INC 228,063 2,208 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) 45,838 936 * HEALTH NET, INC 17,989 100 * HEALTHEXTRAS, INC 514 3,784 * HEALTHSOUTH CORP 61,527 87 * HEMISPHERX BIOPHARMA, INC 350 472 HILLENBRAND INDUSTRIES, INC 25,473 1,213 * HUMAN GENOME SCIENCES, INC 37,493 1,567 * HUMANA, INC 18,898 100 * HYSEQ, INC 611 261 * I-MANY, INC 605 100 * I-STAT CORP 610 781 ICN PHARMACEUTICALS, INC 20,579 448 * ICOS CORP 22,046 145 * ICU MEDICAL, INC 5,800 1,056 * IDEC PHARMACEUTICALS CORP 52,345 300 * IDEXX LABORATORIES, INC 7,011 231 * IDX SYSTEMS CORP 2,367
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 100 * IGEN INTERNATIONAL, INC $ 2,752 300 * ILEX ONCOLOGY, INC 7,878 200 * ILLUMINA, INC 1,300 800 * IMATRON, INC 1,424 647 * IMCLONE SYSTEMS, INC 36,587 100 * IMMUNE RESPONSE CORP 142 3,007 * IMMUNEX CORP 56,170 300 * IMMUNOGEN, INC 2,715 400 * IMMUNOMEDICS, INC 4,788 245 * IMPATH, INC 8,454 200 * IMPAX LABORATORIES, INC 2,618 2,659 IMS HEALTH, INC 66,607 100 * INAMED CORP 1,700 600 * INCYTE GENOMICS, INC 8,196 398 * INHALE THERAPEUTIC SYSTEMS, INC 5,293 300 * INKINE PHARMACEUTICAL CO, INC 231 258 * INSMED, INC 691 100 * INSPIRE PHARMACEUTICALS, INC 866 100 * INTEGRA LIFESCIENCES HOLDING 2,762 300 * INTEGRATED SILICON SOLUTION, INC 2,577 288 * INTERMUNE, INC 11,016 281 * INTERNEURON PHARMACEUTICALS, INC 1,399 240 * INTUITIVE SURGICAL, INC 1,497 185 INVACARE CORP 7,492 206 * INVERNESS MEDICAL TECHNOLOGY, INC 7,611 510 * INVITROGEN CORP 33,537 310 * ISIS PHARMACEUTICALS, INC 5,285 1,488 * IVAX CORP 32,988 29,484 JOHNSON & JOHNSON 1,633,414 100 * KENDLE INTERNATIONAL, INC 1,974 100 * KERYX BIOPHARMACEUTICALS, INC 629 1,726 * KING PHARMACEUTICALS, INC 72,405 57 * KOS PHARMACEUTICALS, INC 1,587 100 * KOSAN BIOSCIENCES, INC 530 176 * KV PHARMACEUTICAL CO (CLASS B) 5,174 250 * LA JOLLA PHARMACEUTICAL CO 1,017 474 * LABORATORY CORP OF AMERICA HOLDINGS 38,322 62 LANDAUER, INC 2,104 300 * LEXICON GENETICS, INC 2,280 400 * LIFEPOINT HOSPITALS, INC 17,600 426 * LIGAND PHARMACEUTICALS CO (CLASS B) 3,910 9,279 LILLY (ELI) & CO 748,815 770 * LINCARE HOLDINGS, INC 20,458 200 * LUMINEX CORP 2,730 175 * MACROCHEM CORP (DELAWARE) 428 182 * MAGELLAN HEALTH SERVICES, INC 2,087 858 * MANOR CARE, INC 24,109 118 * MARTEK BIOSCIENCES CORP 2,147 200 * MATRIX PHARMACEUTICALS, INC 116 200 * MAXIM PHARMACEUTICALS, INC 790 140 * MAXIMUS, INC 5,562 328 * MAXYGEN, INC 5,197 2,666 MCKESSON CORP 100,748 700 * MEDAREX, INC 10,570 100 * MED-DESIGN CORP 1,440 154 * MEDICINES CO 931 200 * MEDICIS PHARMACEUTICAL CORP (CLASS A) 9,996
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 57 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ HEALTH CARE -- (CONTINUED) 2,077 * MEDIMMUNE, INC $ 74,003 99 * MEDQUIST, INC 2,489 11,722 MEDTRONIC, INC 509,907 174 MENTOR CORP 4,402 22,162 MERCK & CO, INC 1,475,989 200 * MGI PHARMA, INC 2,674 376 * MID ATLANTIC MEDICAL SERVICES, INC 7,896 2,078 * MILLENNIUM PHARMACEUTICALS, INC 36,905 462 MILLIPORE CORP 24,458 100 * MIRAVANT MEDICAL TECHNOLOGIES 765 100 * MOLECULAR DEVICES CORP 1,864 1,163 MYLAN LABORATORIES, INC 37,937 200 * MYRIAD GENETICS, INC 6,128 300 * NABI, INC 1,854 100 * NANOGEN, INC 488 200 * NAPRO BIOTHERAPEUTICS, INC 1,580 100 * NATIONAL HEALTHCARE CORP 1,539 80 * NEOPHARM, INC 1,124 100 * NEOSE TECHNOLOGIES, INC 3,860 200 * NEUROCRINE BIOSCIENCES, INC 6,404 142 * NEUROGEN CORP 2,330 100 * NORTH AMERICAN SCIENTIFIC 1,080 100 * NOVAVAX, INC 1,410 200 * NOVEN PHARMACEUTICALS, INC 3,620 251 * NOVOSTE CORP 1,488 300 * NPS PHARMACEUTICALS, INC 9,360 233 * OCULAR SCIENCES, INC 4,718 1,050 OMNICARE, INC 22,921 200 * ON ASSIGNMENT, INC 3,216 200 * ONYX PHARMACEUTICALS, INC 702 100 * OPTION CARE, INC 1,554 201 * ORASURE TECHNOLOGIES, INC 2,060 300 * ORCHID BIOSCIENCES, INC 657 300 * ORGANOGENESIS, INC 1,755 445 * ORTHODONTIC CENTERS OF AMERICA, INC 10,969 300 * OSI PHARMACEUTICALS, INC 9,750 300 OWENS & MINOR, INC 6,090 992 * OXFORD HEALTH PLANS, INC 28,172 300 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) 3,777 592 * PACKARD BIOSCIENCE CO 4,682 100 * PAIN THERAPEUTICS, INC 700 1,054 PALL CORP 20,500 200 * PARADIGM GENETICS, INC 1,250 200 * PAREXEL INTERNATIONAL CORP 2,268 485 * PATTERSON DENTAL CO 17,877 127 * PDI, INC 3,028 157 * PEDIATRIX MEDICAL GROUP, INC 6,404 266 * PER-SE TECHNOLOGIES, INC 2,112 600 * PEREGRINE PHARMACEUTICALS, INC 594 60,832 PFIZER, INC 2,439,363 432 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC 12,653 236 * PHARMACEUTICAL RESOURCES, INC 8,437 12,584 PHARMACIA CORP 510,407 200 * PHARMACOPEIA, INC 2,592 254 * PHARMACYCLICS, INC 4,521 400 * PHARMOS CORP 976
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 100 * POLYMEDICA CORP $ 1,527 200 * POSSIS MEDICAL, INC 2,340 200 * POZEN, INC 870 500 * PRAECIS PHARMACEUTICALS, INC 1,865 200 * PRIORITY HEALTHCARE CORP (CLASS B) 4,800 100 * PROGENICS PHARMACEUTICALS 1,390 434 * PROTEIN DESIGN LABS, INC 20,497 314 * PROVINCE HEALTHCARE CO 11,536 554 * PSS WORLD MEDICAL, INC 5,285 741 * QUEST DIAGNOSTICS, INC 45,719 1,040 * QUINTILES TRANSNATIONAL CORP 15,184 100 * REGENERATION TECHNOLOGIES 1,165 206 * REGENERON PHARMACEUTICALS, INC 4,581 100 * REHABCARE GROUP, INC 4,351 460 * RENAL CARE GROUP, INC 14,154 346 * RESMED, INC 17,576 267 * RESPIRONICS, INC 9,494 100 * RIBOZYME PHARMACEUTICALS, INC 699 200 * RIGEL PHARMACEUTICALS, INC 1,000 100 * SANGAMO BIOSCIENCES, INC 749 55 * SANGSTAT MEDICAL CORP 1,013 266 * SCHEIN (HENRY), INC 10,267 14,226 SCHERING-PLOUGH CORP 527,784 411 * SCIOS, INC 6,871 100 * SELECT MEDICAL CORP 1,575 814 * SEPRACOR, INC 29,222 200 * SEQUENOM, INC 1,400 240 * SEROLOGICALS CORP 4,346 2,775 * SERVICE CORP INTERNATIONAL 16,705 517 * SICOR, INC 9,766 200 * SIERRA HEALTH SERVICES, INC 1,660 176 * SOLA INTERNATIONAL, INC 2,668 100 * SONOSITE, INC 2,040 802 * ST. JUDE MEDICAL, INC 54,896 148 * STERICYCLE, INC 6,168 542 * STERIS CORP 10,655 900 * STEWART ENTERPRISES, INC (CLASS A) 5,220 1,311 STRYKER CORP 69,351 166 * SUNRISE ASSISTED LIVING, INC 4,287 168 * SUPERGEN, INC 1,184 100 * SURMODICS, INC 3,995 324 * SYBRON DENTAL SPECIALTIES, INC 6,026 200 * SYNCOR INTERNATIONAL CORP 6,366 185 * TANOX, INC 2,732 200 * TARGETED GENETICS CORP 376 400 * TECHNE CORP 11,772 200 * TELIK, INC 1,300 3,166 * TENET HEALTHCARE CORP 188,851 400 * TEXAS BIOTECHNOLOGY CORP 2,260 300 * THERAGENICS CORP 2,772 100 * THIRD WAVE TECHNOLOGIES 632 346 * THORATEC CORP 5,722 200 * TITAN PHARMACEUTICALS, INC 1,250 100 * TRANSGENOMIC, INC 755 171 * TRANSKARYOTIC THERAPIES, INC 4,640 744 * TRIAD HOSPITALS, INC 26,337 200 * TRIANGLE PHARMACEUTICALS, INC 640 300 * TRIGON HEALTHCARE, INC 19,650 200 * TRIMERIS, INC 7,020
58 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ HEALTH CARE -- (CONTINUED) 200 * TRIPATH IMAGING, INC $ 860 200 * TULARIK, INC 3,684 100 * UNITED THERAPEUTICS CORP 1,256 3,135 UNITEDHEALTH GROUP, INC 208,477 373 * UNIVERSAL HEALTH SERVICES, INC (CLASS B) 18,202 100 * UROCOR, INC 1,758 900 * US ONCOLOGY, INC 6,705 200 * VALENTIS, INC 600 261 * VARIAN MEDICAL SYSTEMS, INC 16,743 212 * VARIAN, INC 5,401 500 * VASOMEDICAL, INC 1,535 100 * VAXGEN, INC 1,250 95 * VENTANA MEDICAL SYSTEMS, INC 1,941 600 VENTAS, INC 6,510 133 * VENTIV HEALTH, INC 539 100 * VERSICOR, INC 1,340 724 * VERTEX PHARMACEUTICALS, INC 13,060 158 * VICAL, INC 1,610 300 * VIDAMED, INC 1,146 200 * VION PHARMACEUTICALS, INC 936 238 * VIROPHARMA, INC 6,014 503 * VISX, INC 6,654 1,346 * WATERS CORP 48,146 1,043 * WATSON PHARMACEUTICALS, INC 57,062 100 * WATSON WYATT & CO HOLDINGS 1,590 2,550 * WEBMD CORP 10,863 628 * WELLPOINT HEALTH NETWORKS, INC 68,546 200 X-RITE, INC 1,580 2,050 * ZIMMER HOLDINGS, INC 56,887 100 * ZOLL MEDICAL CORP 3,560 ------------ TOTAL HEALTH CARE 16,535,956 ------------ OTHER -- 1.59% 100 * 4KIDS ENTERTAINMENT, INC 1,990 258 ABM INDUSTRIES, INC 6,658 100 * ACACIA RESEARCH CORP 919 100 * ACTRADE FINANCIAL TECHNOLOGIES LTD 1,837 200 * ADMINISTAFF, INC 5,200 149 * ADVO, INC 5,066 400 ALEXANDER & BALDWIN, INC 9,364 100 AMBASSADORS INTERNATIONAL, INC 1,670 200 BANTA CORP 5,574 100 * BELL MICROPRODUCTS, INC 769 1,802 BLOCK (H&R), INC 69,485 175 BRADY CORP (CLASS A) 5,215 144 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC 3,888 162 * CAREER EDUCATION CORP 8,910 100 * CDI CORP 1,605 8,316 * CENDANT CORP 106,444 144 CENTRAL PARKING CORP 2,014 654 * CENTURY BUSINESS SERVICES, INC 1,635 1,108 CINTAS CORP 44,652 61 * CORINTHIAN COLLEGES, INC 2,056 300 * CORPORATE EXECUTIVE BOARD CO 7,824 100 * COSTAR GROUP, INC 1,797 515 CRANE CO 11,288 62 * DAISYTEK INTERNATIONAL CORP 703
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 515 * DEVRY, INC $ 18,488 2,002 DOVER CORP 60,280 788 * DUN & BRADSTREET CORP (NEW) 22,064 200 * EDISON SCHOOLS, INC 3,020 268 * EDUCATION MANAGEMENT CORP 8,136 100 * ESCO TECHNOLOGIES, INC 2,490 769 * EXULT, INC 8,989 200 * FIRST CONSULTING GROUP, INC 1,798 400 FIRST INDUSTRIAL REALTY TRUST, INC 12,000 100 * FORRESTER RESEARCH, INC 1,661 1,488 FORTUNE BRANDS, INC 49,848 262 * GENTIVA HEALTH SERVICES, INC 4,718 300 * GETTY IMAGES, INC 3,309 300 * GTECH HOLDINGS CORP 10,362 300 HARLAND (JOHN H.) CO 6,570 252 * HEIDRICK & STRUGGLES INTERNATIONAL, INC 3,596 7,903 HONEYWELL INTERNATIONAL, INC 208,639 100 * HOTEL RESERVATIONS NETWORK, INC (CLASS A) 2,274 200 * HOTJOBS.COM LTD 1,194 181 * INFOUSA, INC 734 110 * ITRON, INC 2,532 815 ITT INDUSTRIES, INC 36,512 163 KELLY SERVICES, INC (CLASS A) 3,292 300 * KORN/FERRY INTERNATIONAL 2,475 350 * LABOR READY, INC 1,116 739 LIBERTY PROPERTY TRUST CO 21,201 1,293 LOEWS CORP 59,840 672 MANPOWER, INC 17,693 242 MATTHEWS INTERNATIONAL CORP (CLASS A) 5,338 100 MCGRATH RENTCORP 2,151 144 * MEMBERWORKS, INC 2,962 685 * METROMEDIA INTERNATIONAL GROUP, INC 822 724 * MODIS PROFESSIONAL SERVICES, INC 2,896 1,540 MOODY'S CORP 56,980 212 * MSC.SOFTWARE CORP 3,413 445 NATIONAL SERVICE INDUSTRIES, INC 9,189 300 * NAVIGANT CONSULTING CO 1,113 243 * NCO GROUP, INC 3,324 144 NEW ENGLAND BUSINESS SERVICE, INC 2,498 100 * NEW HORIZONS WORLDWIDE, INC 1,152 200 * OFFSHORE LOGISTICS, INC 3,838 407 PITTSTON CO 7,366 69 * PREPAID LEGAL SERVICES, INC 1,189 253 * PROQUEST CO 8,323 300 * R.H. DONNELLEY CORP 7,836 200 * RENT-WAY, INC 1,050 100 * RIGHT MANAGEMENT CONSULTANTS 3,105 1,548 * ROBERT HALF INTERNATIONAL, INC 30,975 100 ROLLINS, INC 1,555 262 * SCHOOL SPECIALTY, INC 8,006 2,913 SERVICEMASTER CO 32,305 496 * SPHERION CORP 3,571 144 STANDARD REGISTER CO 2,088 141 STANDEX INTERNATIONAL CORP 2,657 100 * STARTEK, INC 1,749 45 STRAYER EDUCATION, INC 2,007
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 59 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ OTHER -- (CONTINUED) 200 * SYMYX TECHNOLOGIES, INC $ 2,950 6,499 SYSCO CORP 165,984 68 TALX CORP 1,448 100 * TEJON RANCH CO 2,250 266 TELEFLEX, INC 9,945 300 * TELETECH HOLDINGS, INC 2,343 1,000 * TERREMARK WORLDWIDE, INC 500 1,149 TEXTRON, INC 38,617 794 * TMP WORLDWIDE, INC 22,541 200 * TRADESTATION GROUP, INC 490 98 * TRAVELOCITY.COM, INC 1,303 621 * U.S. INDUSTRIES, INC 1,428 100 UNIFIRST CORP 1,690 100 * UNIROYAL TECHNOLOGY CORP 314 300 * UNITED STATIONERS, INC 8,961 4,607 UNITED TECHNOLOGIES CORP 214,225 500 VALSPAR CORP 16,720 765 VIAD CORP 14,672 100 * WACKENHUT CORP (CLASS A) 2,380 100 * WACKENHUT CORRECTIONS CORP 1,340 300 WALTER INDUSTRIES, INC 2,685 ------------ TOTAL OTHER 1,603,638 ------------ PRODUCER DURABLES -- 5.44% 346 * ACTIVE POWER, INC 1,733 613 AGCO CORP 5,547 1,259 * ALLIED WASTE INDUSTRIES, INC 16,052 100 AMERICAN STATES WATER CO 3,700 710 AMERICAN WATER WORKS CO, INC 28,045 259 AMETEK, INC 6,806 200 APPLIED INDUSTRIAL TECHNOLOGIES, INC 3,378 52 * ASTEC INDUSTRIES, INC 676 185 BALDOR ELECTRIC CO 3,672 200 * BEACON POWER CORP 304 200 BRIGGS & STRATTON CORP 6,242 240 * BROOKS AUTOMATION, INC 6,381 142 CALIFORNIA WATER SERVICE GROUP 3,834 200 * CASELLA WASTE SYSTEMS, INC (CLASS A) 2,226 116 * CATALYTICA ENERGY SYSTEMS, INC 888 3,304 CATERPILLAR, INC 148,019 100 CIRCOR INTERNATIONAL, INC 1,500 172 * COINSTAR, INC 3,391 145 * CONSOLIDATED GRAPHICS, INC 2,476 795 COOPER INDUSTRIES, INC 32,968 477 * COVANTA ENERGY CORP 5,571 386 CUMMINS, INC 12,738 258 * CUNO, INC 7,159 2,301 DEERE & CO 86,540 750 * DYCOM INDUSTRIES, INC 8,700 642 EATON CORP 38,012 4,091 EMERSON ELECTRIC CO 192,522 100 * EMEX CORP 655 400 FEDERAL SIGNAL CORP 7,056 100 * FLOW INTERNATIONAL CORP 968 400 * FLOWSERVE CORP 7,900 33 FRANKLIN ELECTRIC CO, INC 2,376 300 * FUELCELL ENERGY, INC 4,443
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 100 * GARDNER DENVER, INC $ 2,220 423 GATX CORP 14,229 95,350 GENERAL ELECTRIC CO 3,547,020 143 * GENLYTE GROUP, INC 4,147 100 * GLOBAL POWER EQUIPMENT GROUP, INC 1,520 100 GORMAN-RUPP CO 1,940 666 GRAINGER (W.W.), INC 25,874 193 * H POWER CORP 602 444 HARSCO CORP 12,325 180 * HEADWATERS, INC 1,980 483 HUBBELL, INC (CLASS B) 14,084 300 IDEX CORP 8,295 2,254 ILLINOIS TOOL WORKS, INC 121,963 1,386 INGERSOLL-RAND CO 46,846 258 * IONICS, INC 5,704 400 JLG INDUSTRIES, INC 3,664 87 * KADANT, INC 1,122 200 KAYDON CORP 4,186 300 KENNAMETAL, INC 9,576 300 LINCOLN ELECTRIC HOLDINGS CO 6,606 144 LINDSAY MANUFACTURING CO 2,556 170 * LITTELFUSE, INC 3,762 200 * MAGNA ENTERTAINMENT CORP (CLASS A) 1,212 186 * MAGNETEK, INC 1,707 193 MANITOWOC CO, INC 4,678 100 * MAXWELL TECHNOLOGIES, INC 650 100 * MECHANICAL TECHNOLOGY, INC 350 157 MILACRON, INC 1,877 100 MINE SAFETY APPLIANCES CO 4,500 3,784 MINNESOTA MINING & MANUFACTURING CO 372,345 100 NACCO INDUSTRIES, INC (CLASS A) 5,575 286 * NATIONAL INSTRUMENTS CORP 7,484 634 * NAVISTAR INTERNATIONAL CORP 17,910 547 * NEWPARK RESOURCES, INC 3,692 300 NEWPORT NEWS SHIPBUILDING, INC 20,160 100 NN, INC 872 200 NORDSON CORP 4,370 593 PACCAR, INC 29,098 1,107 PARKER HANNIFIN CORP 37,970 200 * PEMSTAR, INC 2,300 458 PHILADELPHIA SUBURBAN CORP 12,027 100 * PHOTON DYNAMICS, INC 2,315 2,351 PITNEY BOWES, INC 89,808 100 * PLUG POWER, INC 962 562 * POWER-ONE, INC 3,456 550 * QUANTA SERVICES, INC 7,837 241 * RAYOVAC CORP 3,675 200 REGAL-BELOIT CORP 3,650 1,427 * REPUBLIC SERVICES, INC (CLASS A) 23,117 100 ROBBINS & MYERS, INC 2,465 1,500 ROCKWELL COLLINS 21,300 1,452 ROCKWELL INTERNATIONAL CORP 21,315 300 ROPER INDUSTRIES, INC 10,797 100 * SAGE, INC 1,525 100 SAUER-DANFOSS, INC 782 117 * SPS TECHNOLOGIES, INC 3,538 200 STEWART & STEVENSON SERVICES, INC 4,816
60 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ PRODUCER DURABLES -- (CONTINUED) 164 TECUMSEH PRODUCTS CO (CLASS A) $ 7,466 100 TENNANT CO 3,500 300 * TEREX CORP 5,343 300 * TETRA TECH, INC 6,630 93 * TETRA TECHNOLOGIES, INC 1,620 607 * THOMAS & BETTS CORP 10,610 481 TIMKEN CO 6,589 101 TORO CO 4,252 100 * TRIKON TECHNOLOGIES, INC 844 341 TRINITY INDUSTRIES, INC 7,382 352 * UNOVA, INC 1,566 200 * VALENCE TECHNOLOGY, INC 708 100 VALHI, INC 1,330 62 VALMONT INDUSTRIES, INC 868 266 WABTEC CORP 2,899 200 * WASTE CONNECTIONS, INC 5,400 6,128 WASTE MANAGEMENT, INC 163,862 60 WATTS INDUSTRIES, INC (CLASS A) 786 6,881 * XEROX CORP 53,327 ------------ TOTAL PRODUCER DURABLES 5,507,816 ------------ TECHNOLOGY -- 15.30% 3,337 * 3COM CORP 12,513 100 * 3D SYSTEMS CORP 1,560 200 * 3DO CO 410 100 * ACT MANUFACTURING, INC 444 200 * ACTEL CORP 3,552 1,802 * ACTERNA CORP 5,730 236 * ACTIVISION, INC 6,423 400 * ACTUATE CORP 1,676 910 * ACXIOM CORP 8,554 966 * ADAPTEC, INC 7,592 7,560 * ADC TELECOMMUNICATIONS, INC 26,384 100 * ADE CORP 940 2,286 ADOBE SYSTEMS, INC 54,818 171 * ADTRAN, INC 3,266 544 * ADVANCED DIGITAL INFORMATION CORP 5,608 245 * ADVANCED ENERGY INDUSTRIES, INC 4,074 840 * ADVANCED FIBRE COMMUNICATIONS, INC 12,272 3,360 * ADVANCED MICRO DEVICES, INC 27,384 288 * ADVENT SOFTWARE, INC 10,843 564 * AEROFLEX, INC 6,204 200 * AETHER SYSTEMS, INC 1,254 400 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) 32,564 5,827 * AGERE SYSTEMS, INC (CLASS A) 24,065 300 * AGILE SOFTWARE CORP 2,727 4,422 * AGILENT TECHNOLOGIES, INC 86,450 559 * AKAMAI TECHNOLOGIES, INC 1,626 200 * ALLIANCE SEMICONDUCTOR CORP 1,436 100 * ALLOY, INC 1,234 400 * ALPHA INDUSTRIES, INC 7,748 3,467 * ALTERA CORP 56,789 200 * AMERICA ONLINE LATIN AMERICA (CLASS A) 658 451 * AMERICAN MANAGEMENT SYSTEMS, INC 5,416 1,581 * AMERICAN POWER CONVERSION CORP 18,466 155 * AMERICAN SUPERCONDUCTOR CORP 1,447
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 1,225 * AMKOR TECHNOLOGY, INC $ 12,887 416 * AMPHENOL CORP (CLASS A) 14,456 296 * ANADIGICS, INC 3,611 3,253 * ANALOG DEVICES, INC 106,373 200 * ANAREN MICROWAVE, INC 3,270 794 * ANDREW CORP 14,434 300 * ANIXTER INTERNATIONAL, INC 7,434 100 * ANSOFT CORP 912 400 * ANSWERTHINK, INC 1,880 112 * ANSYS, INC 1,999 100 * APAC CUSTOMER SERVICES, INC 175 3,254 * APPLE COMPUTER, INC 50,469 100 * APPLIED INNOVATION, INC 795 7,886 * APPLIED MATERIALS, INC 224,277 2,850 * APPLIED MICRO CIRCUITS CORP 19,921 311 * ARBITRON, INC 8,135 138 * AREMISSOFT CORP 96 1,900 * ARIBA, INC 3,534 500 * ARRIS GROUP, INC 1,790 1,044 * ARROW ELECTRONICS, INC 21,777 400 * ART TECHNOLOGY GROUP, INC 280 300 * ARTESYN TECHNOLOGIES, INC 1,632 100 * ARTISAN COMPONENTS, INC 792 2,665 * ASCENTIAL SOFTWARE CORP 8,794 165 * ASIAINFO HOLDINGS, INC 1,961 470 * ASPECT COMMUNICATIONS CORP 841 300 * ASPEN TECHNOLOGY, INC 3,000 94 * ASTROPOWER, INC 3,243 300 * ASYST TECHNOLOGIES, INC 2,715 1,595 b* AT HOME CORP SERIES A 239 3,836 * ATMEL CORP 25,624 273 * ATMI, INC 4,217 200 * AUDIOVOX CORP (CLASS A) 1,828 355 * AUSPEX SYSTEMS, INC 834 497 AUTODESK, INC 15,933 6,144 AUTOMATIC DATA PROCESSING, INC 289,013 200 * AVANEX CORP 592 300 * AVANT! CORP 888 2,726 * AVAYA, INC 26,987 947 AVERY DENNISON CORP 44,802 387 * AVICI SYSTEMS, INC 495 200 * AVID TECHNOLOGY, INC 1,458 1,074 AVNET, INC 19,536 427 * AVOCENT CORP 6,353 500 AVX CORP 8,135 158 * AWARE, INC 622 911 * AXCELIS TECHNOLOGIES, INC 8,608 259 * AXT, INC 2,745 116 * BARRA, INC 4,874 2,859 * BEA SYSTEMS, INC 27,417 84 BEI TECHNOLOGIES, INC 1,348 67 BEL FUSE, INC (CLASS B) 1,302 200 BELDEN, INC 3,760 258 * BENCHMARK ELECTRONICS, INC 4,262 463 * BISYS GROUP, INC 24,548 168 * BLACK BOX CORP 7,069 200 BMC INDUSTRIES, INC 408 2,334 * BMC SOFTWARE, INC 29,641 500 * BORLAND SOFTWARE CORP 4,050
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 61 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ TECHNOLOGY -- (CONTINUED) 100 * BOSTON COMMUNICATIONS GROUP $ 1,120 100 * BRAUN CONSULTING, INC 360 491 * BRIGHTPOINT, INC 1,522 65 * BRIO TECHNOLOGY, INC 157 1,793 * BROADCOM CORP (CLASS A) 36,397 1,597 * BROADVISION, INC 1,453 2,080 * BROCADE COMMUNICATIONS SYSTEMS, INC 29,182 100 * BSQUARE CORP 265 292 C&D TECHNOLOGIES, INC 5,372 289 * C-COR.NET CORP 1,979 750 * CABLE DESIGN TECHNOLOGIES CORP 8,887 100 * CACHEFLOW, INC 150 100 * CACI INTERNATIONAL, INC (CLASS A) 5,466 2,373 * CADENCE DESIGN SYSTEMS, INC 39,510 100 * CAMINUS CORP 1,468 200 * CARREKER CORP 1,518 100 * CARRIER ACCESS CORP 269 100 * CELERITEK, INC 1,183 165 * CENTILLIUM COMMUNICATIONS, INC 999 167 * CENTRA SOFTWARE, INC 1,429 1,155 * CERIDIAN CORP (NEW) 16,747 653 * CERTEGY, INC 16,951 600 * CHECKFREE CORP 10,182 300 * CHECKPOINT SYSTEMS, INC 3,279 255 * CHIPPAC, INC 586 462 * CIBER, INC 2,910 3,184 * CIENA CORP 32,763 635 * CIRRUS LOGIC, INC 4,711 70,995 * CISCO SYSTEMS, INC 864,719 1,805 * CITRIX SYSTEMS, INC 35,739 300 * CLARENT CORP 1,611 200 * CLICK COMMERCE, INC 300 2,290 * CMGI, INC 2,290 1,091 * CNET NETWORKS, INC 4,691 257 * COGNEX CORP 5,042 100 * COGNIZANT TECHNOLOGY SOLUTIONS CORP 2,240 171 COHU, INC 2,558 2,560 * COMMERCE ONE, INC 6,297 473 * COMMSCOPE, INC 8,452 16,393 COMPAQ COMPUTER CORP 136,225 4,396 COMPUTER ASSOCIATES INTERNATIONAL, INC 113,153 284 * COMPUTER NETWORK TECHNOLOGY CORP 2,987 1,642 * COMPUTER SCIENCES CORP 54,465 3,213 * COMPUWARE CORP 26,764 1,674 * COMVERSE TECHNOLOGY, INC 34,283 100 * CONCORD CAMERA CORP 438 2,396 * CONCORD EFS, INC 117,284 486 * CONCURRENT COMPUTER CORP 4,412 100 CONESTOGA ENTERPRISES, INC 2,295 2,388 * CONEXANT SYSTEMS, INC 19,820 141 * CONVERA CORP 345 1,546 * CONVERGYS CORP 42,901 100 * COORSTEK, INC 2,499 500 * COPPER MOUNTAIN NETWORKS, INC 400 9,149 * CORNING, INC 80,694
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 2,396 * CORVIS CORP $ 3,641 700 * COSINE COMMUNICATIONS, INC 259 200 * COVANSYS CORP 1,748 554 * CREDENCE SYSTEMS CORP 6,675 700 * CREE, INC 10,346 200 * CROSSROADS SYSTEMS, INC 660 372 * CSG SYSTEMS INTERNATIONAL, INC 15,252 300 CTS CORP 4,431 300 * CYMER, INC 5,025 1,076 * CYPRESS SEMICONDUCTOR CORP 15,989 107 * DAKTRONICS, INC 941 57 * DATASTREAM SYSTEMS, INC 171 414 * DDI CORP 3,245 200 * DELIA'S CORP (CLASS A) 1,068 21,930 * DELL COMPUTER CORP 406,362 663 DELUXE CORP 22,900 245 * DIAMONDCLUSTER INTERNATIONAL, INC (CLASS A) 2,413 654 DIEBOLD, INC 24,917 200 * DIGEX, INC 668 100 * DIGIMARC CORP 1,377 200 * DIGITAL INSIGHT CORP 2,300 100 * DIGITAL LIGHTWAVE, INC 981 200 * DIGITALTHINK, INC 1,546 100 * DIGITAS, INC 230 200 * DITECH COMMUNICATIONS CORP 840 800 * DIVINE INC (CLASS A) 495 844 * DMC STRATEX NETWORKS, INC 4,355 287 * DOCENT, INC 594 406 * DOCUMENTUM, INC 3,325 1,011 * DOUBLECLICK, INC 5,762 191 * DSP GROUP, INC 3,810 700 * DST SYSTEMS, INC 30,275 38 * DUPONT PHOTOMASKS, INC 1,055 650 * E.PIPHANY, INC 2,762 685 * EARTHLINK, INC 10,432 1,406 * EBAY, INC 64,324 167 * ECHELON CORP 2,084 100 EDO CORP 2,875 445 * EFUNDS CORP 7,409 200 * ELANTEC SEMICONDUCTOR, INC 4,590 294 * ELECTRO SCIENTIFIC INDUSTRIES, INC 6,453 171 * ELECTROGLAS, INC 2,128 1,154 * ELECTRONIC ARTS, INC 52,703 4,586 ELECTRONIC DATA SYSTEMS CORP 264,061 476 * ELECTRONICS FOR IMAGING, INC 7,749 100 * EMBARCADERO TECHNOLOGIES, INC 787 21,383 * EMC CORP 251,250 200 * EMCORE CORP 1,712 800 * EMULEX CORP 7,608 100 * ENGAGE, INC 24 409 * ENTEGRIS, INC 3,231 1,815 * ENTERASYS NETWORKS, INC 11,706 357 * ENTRUST, INC 1,017 100 * EPIQ SYSTEMS, INC 2,550 1,307 EQUIFAX, INC 28,623 100 * ESPEED, INC (CLASS A) 869 300 * ESS TECHNOLOGY, INC 3,066 261 * ESTERLINE TECHNOLOGIES CORP 4,136
62 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ TECHNOLOGY -- (CONTINUED) 426 * EXAR CORP $ 7,369 100 * EXCEL TECHNOLOGY, INC 1,573 200 * EXE TECHNOLOGIES, INC 408 3,486 b* EXODUS COMMUNICATIONS, INC 627 992 * EXTREME NETWORKS, INC 6,854 142 * F.Y.I., INC 5,327 200 * F5 NETWORKS, INC 1,856 350 FAIR ISAAC & CO, INC 16,530 982 * FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC (CLASS A) 15,761 145 * FALCONSTOR SOFTWARE, INC 1,257 100 * FEI CO 2,175 200 * FIBERCORE, INC 480 300 * FILENET CORP 3,021 1,119 * FINISAR CORP 4,431 3,778 FIRST DATA CORP 220,106 1,780 * FISERV, INC 60,876 100 * FLIR SYSTEMS, INC 4,103 836 * FOUNDRY NETWORKS, INC 5,057 296 * FREEMARKETS, INC 3,131 189 * FSI INTERNATIONAL, INC 1,882 744 * GALILEO INTERNATIONAL, INC 15,445 1,639 * GATEWAY, INC 8,932 300 GENERAL CABLE CORP 2,955 308 * GENERAL SEMICONDUCTOR, INC 2,956 200 * GENRAD, INC 654 1,191 * GENUITY, INC (CLASS A) 1,869 100 * GENZYME TRANSGENICS CORP 385 170 * GERBER SCIENTIFIC, INC 1,785 100 * GLOBAL IMAGING SYSTEMS, INC 1,749 360 GLOBAL PAYMENTS, INC 10,584 500 * GLOBESPAN, INC 4,520 200 * GOTO.COM, INC 2,480 228 * GRIFFON CORP 2,781 200 * HANDSPRING, INC 270 478 * HARMONIC, INC 3,871 583 HARRIS CORP 18,551 200 HELIX TECHNOLOGY CORP 3,248 596 HENRY (JACK) & ASSOCIATES, INC 13,523 15,344 HEWLETT-PACKARD CO 247,038 100 * HI/FN, INC 985 300 * HNC SOFTWARE, INC 5,610 700 * HOMESTORE.COM, INC 5,355 515 HON INDUSTRIES, INC 11,309 189 * HUTCHINSON TECHNOLOGY, INC 3,364 300 * HYPERION SOLUTIONS CORP 4,008 2,619 * I2 TECHNOLOGIES, INC 9,009 100 * IBASIS, INC 42 100 * IDENTIX, INC 814 100 * II-VI, INC 1,303 1,434 IKON OFFICE SOLUTIONS, INC 11,070 300 * IMATION CORP 6,270 300 * INDUS INTERNATIONAL, INC 1,788 100 * INET TECHNOLOGIES, INC 591 400 * INFOCUS CORP 5,220 40 * INFOGRAMES, INC 136 400 * INFONET SERVICES CORP (CLASS B) 860 522 * INFORMATICA CORP 2,061
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 213 * INFORMATION RESOURCES, INC $ 1,352 1,958 * INFOSPACE, INC 2,897 618 * INGRAM MICRO, INC (CLASS A) 7,972 955 * INKTOMI CORP 2,616 100 * INRANGE TECHNOLOGIES CORP (CLASS B) 594 100 * INTEGRAL SYSTEMS, INC 1,804 311 * INTEGRATED CIRCUIT SYSTEMS, INC 3,974 1,004 * INTEGRATED DEVICE TECHNOLOGY, INC 20,200 65,178 INTEL CORP 1,332,238 400 * INTELIDATA TECHNOLOGIES CORP 1,312 100 * INTERCEPT GROUP, INC 3,345 474 * INTERDIGITAL COMMUNICATIONS CORP 3,474 500 * INTERGRAPH CORP 4,475 100 * INTERLAND, INC 105 200 * INTERLOGIX, INC 4,840 106 * INTERMAGNETICS GENERAL CORP 2,465 1,200 * INTERNAP NETWORK SERVICES CORP 1,200 16,787 INTERNATIONAL BUSINESS MACHINES CORP 1,549,440 579 * INTERNATIONAL RECTIFIER CORP 15,766 1,320 * INTERNET CAPITAL GROUP, INC 528 355 * INTERNET SECURITY SYSTEMS, INC 3,234 1,003 * INTERSIL CORP (CLASS A) 28,003 174 INTER-TEL, INC 1,994 400 * INTERTRUST TECHNOLOGIES CORP 424 300 * INTERVOICE-BRITE, INC 3,114 800 * INTERWOVEN, INC 3,088 100 * INTRADO, INC 2,566 1,658 * INTUIT, INC 59,356 2,167 * IOMEGA CORP 2,643 400 * IRON MOUNTAIN, INC 16,580 200 * ITXC CORP 510 430 * IXIA, INC 2,730 100 * IXYS CORP 595 986 * J.D. EDWARDS & CO 7,020 1,369 * JABIL CIRCUIT, INC 24,505 200 * JDA SOFTWARE GROUP, INC 2,628 10,992 * JDS UNIPHASE CORP 69,469 200 * JNI CORP 1,250 2,375 * JUNIPER NETWORKS, INC 23,037 1,148 * KANA SOFTWARE, INC 413 502 * KEANE, INC 6,852 100 KEITHLEY INSTRUMENTS, INC 1,435 800 * KEMET CORP 13,168 200 * KEYNOTE SYSTEMS, INC 1,520 235 * KFORCE, INC 1,182 1,817 * KLA-TENCOR CORP 57,380 600 * KOPIN CORP 6,258 1,086 * KPMG CONSULTING, INC 11,739 142 * KRONOS, INC 5,829 500 * KULICKE & SOFFA INDUSTRIES, INC 5,450 1,223 * LAM RESEARCH CORP 20,729 200 * LANTRONIX, INC 1,220 926 * LATTICE SEMICONDUCTOR CORP 14,538 100 * LEARNING TREE INTERNATIONAL, INC 2,030 100 * LECROY CORP 1,937 770 * LEGATO SYSTEMS, INC 4,219 200 * LEXENT, INC 1,450
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 63 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ TECHNOLOGY -- (CONTINUED) 1,310 * LEXMARK INTERNATIONAL, INC $ 58,570 1,022 * LIBERATE TECHNOLOGIES 10,179 159 * LIGHTBRIDGE, INC 1,629 100 * LIGHTPATH TECHNOLOGIES, INC (CLASS A) 178 3,096 LINEAR TECHNOLOGY CORP 101,548 3,282 * LSI LOGIC CORP 38,563 453 * LTX CORP 6,165 33,096 * LUCENT TECHNOLOGIES, INC 189,640 573 * MACROMEDIA, INC 6,939 396 * MACROVISION CORP 11,250 300 * MAIL-WELL, INC 1,110 74 * MANHATTAN ASSOCIATES, INC 1,255 446 * MANUGISTICS GROUP, INC 2,595 100 * MAPINFO CORP 730 200 * MASTEC, INC 1,020 289 * MATRIXONE, INC 1,572 3,034 * MAXIM INTEGRATED PRODUCTS, INC 106,007 1,603 * MAXTOR CORP 5,722 100 * MCAFEE.COM CORP 1,155 450 * MCDATA CORP (CLASS A) 3,775 100 * MCSI, INC 1,611 100 * MEASUREMENT SPECIALTIES, INC 989 200 * MEMC ELECTRONIC MATERIALS, INC 210 630 * MENTOR GRAPHICS CORP 8,681 246 * MERCURY COMPUTER SYSTEMS, INC 9,237 681 * MERCURY INTERACTIVE CORP 12,966 101 * MERIX CORP 1,419 200 * METASOLV, INC 1,200 300 * METAWAVE COMMUNICATIONS CORP 810 300 METHODE ELECTRONICS, INC (CLASS A) 2,265 345 * METTLER-TOLEDO INTERNATIONAL, INC 14,538 600 * MICREL, INC 11,964 100 * MICRO GENERAL CORP 857 1,264 * MICROCHIP TECHNOLOGY, INC 33,875 950 * MICROMUSE, INC 5,396 5,245 * MICRON TECHNOLOGY, INC 98,763 300 * MICROSEMI CORP 7,815 42,362 * MICROSOFT CORP 2,167,664 200 * MICROSTRATEGY, INC 226 179 * MICROTUNE, INC 2,040 100 * MICROVISION, INC 1,280 242 * MIPS TECHNOLOGIES, INC (CLASS A) 1,585 91 * MIPS TECHNOLOGIES, INC (CLASS B) 546 176 * MKS INSTRUMENTS, INC 3,124 1,365 MOLEX, INC 38,370 21,383 MOTOROLA, INC 333,574 147 * MRO SOFTWARE, INC 1,499 600 * MRV COMMUNICATIONS, INC 1,800 162 MTS SYSTEMS CORP 1,863 148 * MULTEX.COM, INC 306 100 * NANOMETRICS, INC 1,771 300 NATIONAL DATA CORP 10,800 100 * NATIONAL PROCESSING, INC 2,800 1,715 * NATIONAL SEMICONDUCTOR CORP 37,815 100 * NAVIGANT INTERNATIONAL, INC 804 943 * NCR CORP 27,959 100 * NET2PHONE, INC 303
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 312 * NETEGRITY, INC $ 2,673 414 * NETIQ CORP 9,426 200 * NETRO CORP 540 100 * NETSCOUT SYSTEMS, INC 425 2,757 * NETWORK APPLIANCE, INC 18,747 1,299 * NETWORK ASSOCIATES, INC 16,744 412 * NEW FOCUS, INC 1,330 300 NEWPORT CORP 4,230 100 * NEXT LEVEL COMMUNICATIONS, INC 305 200 * NMS COMMUNICATIONS CORP 312 100 * NORTHFIELD LABORATORIES, INC 1,301 100 * NOVADIGM, INC 735 3,449 * NOVELL, INC 12,623 1,271 * NOVELLUS SYSTEMS, INC 36,299 100 * NU HORIZONS ELECTRONICS CORP 755 266 * NUANCE COMMUNICATIONS, INC 1,729 195 * NUMERICAL TECHNOLOGIES, INC 3,237 960 * NVIDIA CORP 26,371 200 * NYFIX, INC 2,860 400 * OAK TECHNOLOGY, INC 3,120 300 * ON SEMICONDUCTOR CORP 555 885 * ONI SYSTEMS CORP 3,566 248 * ONYX SOFTWARE CORP 471 1,631 * OPENWAVE SYSTEMS, INC 20,795 910 * OPLINK COMMUNICATIONS, INC 600 100 * OPNET TECHNOLOGIES, INC 586 40,679 * ORACLE CORP 511,741 100 * OTG SOFTWARE, INC 555 200 * PACKETEER, INC 638 5,434 * PALM, INC 7,933 2,377 * PARAMETRIC TECHNOLOGY CORP 12,336 100 PARK ELECTROCHEMICAL CORP 2,175 249 * PAXAR CORP 3,174 300 * PAXSON COMMUNICATIONS CORP 2,160 3,100 PAYCHEX, INC 97,681 100 * PC-TEL, INC 750 100 * PECO II, INC 480 167 * PEGASUS SOLUTIONS, INC 1,399 2,461 * PEOPLESOFT, INC 44,396 1,555 * PEREGRINE SYSTEMS, INC 19,639 100 * PERFORMANCE TECHNOLOGIES, INC 822 200 * PERICOM SEMICONDUCTOR CORP 2,780 584 * PEROT SYSTEMS CORP (CLASS A) 9,431 200 * PHOENIX TECHNOLOGIES LTD 2,006 300 * PHOTRONICS, INC 5,535 445 * PICTURETEL CORP 2,661 300 PIONEER STANDARD ELECTRONICS, INC 2,706 170 * PIXELWORKS, INC 2,142 81 * PLANAR SYSTEMS, INC 1,628 277 * PLANTRONICS, INC 4,722 426 * PLEXUS CORP 10,045 246 * PLX TECHNOLOGY, INC 1,271 1,588 * PMC-SIERRA, INC 16,308 753 * POLYCOM, INC 18,350 100 * POMEROY COMPUTER RESOURCES, INC 1,205 654 * PORTAL SOFTWARE, INC 974 100 * POWELL INDUSTRIES, INC 2,265 200 * POWER INTEGRATIONS, INC 3,644 569 * POWERWAVE TECHNOLOGIES, INC 6,782
64 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ TECHNOLOGY -- (CONTINUED) 171 * PRI AUTOMATION, INC $ 1,713 237 * PROBUSINESS SERVICES, INC 3,505 241 * PRODIGY COMMUNICATIONS CORP (CLASS A) 1,327 300 * PROFIT RECOVERY GROUP INTERNATIONAL 2,934 311 * PROGRESS SOFTWARE CORP 4,350 260 * PROTON ENERGY SYSTEMS 1,224 286 * PROXIM, INC 2,788 200 * PUMATECH, INC 270 914 * QLOGIC CORP 17,366 100 * QRS CORP 840 7,400 * QUALCOMM, INC 351,796 1,889 * QUANTUM CORP (DLT & STORAGE SYSTEMS GROUP) 15,414 257 * QUEST SOFTWARE, INC 2,976 100 QUIXOTE CORP 2,101 100 * RADIANT SYSTEMS, INC 1,020 100 * RADISYS CORP 1,200 100 * RAINBOW TECHNOLOGIES, INC 350 849 * RAMBUS, INC 6,248 2,036 * RATIONAL SOFTWARE CORP 17,631 1,137 * READ-RITE CORP 3,354 931 * REALNETWORKS, INC 4,524 219 * RED HAT, INC 766 1,140 * REDBACK NETWORKS, INC 1,653 200 * REGISTER.COM, INC 1,984 100 * RENAISSANCE LEARNING, INC 3,291 100 * RESEARCH FRONTIERS, INC 1,625 491 * RETEK, INC 6,196 518 REYNOLDS & REYNOLDS CO (CLASS A) 12,069 1,270 * RF MICRO DEVICES, INC 21,082 1,028 * RIVERSTONE NETWORKS, INC 5,397 100 * ROGERS CORP 2,811 209 * ROXIO, INC 3,176 500 * RSA SECURITY, INC 6,730 100 * RUDOLPH TECHNOLOGIES, INC 2,466 600 * S1 CORP 5,076 158 * SABA SOFTWARE, INC 312 990 * SAFEGUARD SCIENTIFICS, INC 1,752 145 * SANCHEZ COMPUTER ASSOCIATES, INC 1,090 675 * SANDISK CORP 6,655 3,099 * SANMINA CORP 42,084 800 * SAPIENT CORP 3,080 100 * SATCON TECHNOLOGY CORP 539 100 * SBS TECHNOLOGIES, INC 1,116 144 * SCANSOURCE, INC 6,449 1,419 * SCI SYSTEMS, INC 25,542 1,464 SCIENTIFIC-ATLANTA, INC 25,693 145 * SCM MICROSYSTEMS, INC 900 200 * SEACHANGE INTERNATIONAL, INC 3,494 300 * SECURE COMPUTING CORP 2,922 184 * SEEBEYOND TECHNOLOGY CORP 331 100 * SELECTICA, INC 240 100 * SEMITOOL, INC 956 600 * SEMTECH CORP 17,028 826 * SENSORMATIC ELECTRONICS CORP 19,477 100 * SERENA SOFTWARE, INC 1,165
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 3,580 * SIEBEL SYSTEMS, INC $ 46,575 100 * SIGNALSOFT CORP 392 1,059 * SILICON GRAPHICS, INC 487 400 * SILICON IMAGE, INC 836 100 * SILICON LABORATORIES, INC 1,379 700 * SILICON STORAGE TECHNOLOGY, INC 3,241 100 * SILICONIX, INC 2,077 165 * SIPEX CORP 1,065 100 * SITEL CORP 89 5,997 * SOLECTRON CORP 69,865 200 * SOMERA COMMUNICATIONS, INC 860 573 * SONICBLUE, INC 624 400 * SONICWALL, INC 4,752 1,268 * SONUS NETWORKS, INC 3,804 100 * SORRENTO NETWORKS CORP 200 100 * SPECTRALINK CORP 1,518 100 * SPECTRIAN CORP 1,000 189 * SPEECHWORKS INTERNATIONAL, INC 931 100 * SPSS, INC 1,721 100 * STANDARD MICROSYSTEMS CORP 938 100 * STANFORD MICRODEVICES, INC 444 600 * STARBASE CORP 396 300 * STARMEDIA NETWORK, INC 48 1,034 * STORAGE TECHNOLOGY CORP 12,976 559 * STORAGENETWORKS, INC 2,213 502 * STRATOS LIGHTWAVE, INC 1,731 31,592 * SUN MICROSYSTEMS, INC 261,265 2,615 * SUNGARD DATA SYSTEMS, INC 61,112 100 * SUPERTEX, INC 1,524 100 * SUREBEAM CORP (CLASS A) 830 1,107 * SYBASE, INC 10,295 1,189 * SYCAMORE NETWORKS, INC 4,137 200 * SYKES ENTERPRISES, INC 1,116 696 * SYMANTEC CORP 24,130 2,237 SYMBOL TECHNOLOGIES, INC 23,466 350 * SYMMETRICOM, INC 1,904 554 * SYNOPSYS, INC 22,220 100 * SYNPLICITY, INC 560 300 * SYSTEMS & COMPUTER TECHNOLOGY CORP 2,700 300 * TAKE-TWO INTERACTIVE SOFTWARE, INC 2,121 487 * TECH DATA CORP 18,457 284 TECHNITROL, INC 6,333 400 * TEKELEC 5,268 816 * TEKTRONIX, INC 14,271 4,023 * TELLABS, INC 39,747 100 * TELLIUM, INC 493 1,713 * TERADYNE, INC 33,403 610 * TERAYON COMMUNICATION SYSTEMS, INC 4,349 16,773 TEXAS INSTRUMENTS, INC 418,989 100 * THERMA-WAVE, INC 1,027 1,729 * THERMO ELECTRON CORP 31,208 200 * THREE-FIVE SYSTEMS, INC 3,188 581 * TIBCO SOFTWARE, INC 4,264 380 * TITAN CORP 7,448 100 * TIVO, INC 332 100 * TOLLGRADE COMMUNICATIONS, INC 1,920 435 TOTAL SYSTEM SERVICES, INC 10,774
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 65 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ TECHNOLOGY -- (CONTINUED) 400 * TRANSACTION SYSTEMS ARCHITECTS, INC (CLASS A) $ 2,512 726 * TRANSMETA CORP 1,023 800 * TRANSWITCH CORP 2,448 200 * TRIMBLE NAVIGATION LTD 3,050 100 * TRIPATH TECHNOLOGY, INC 56 1,330 * TRIQUINT SEMICONDUCTOR, INC 21,266 200 * TRIZETTO GROUP, INC 1,760 200 * TURNSTONE SYSTEMS, INC 600 200 * UAXS GLOBAL HOLDINGS, INC 148 462 * UCAR INTERNATIONAL, INC 4,111 100 * ULTICOM, INC 808 100 * ULTIMATE ELECTRONICS, INC 1,735 200 * ULTRATECH STEPPER, INC 2,394 3,011 * UNISYS CORP 26,075 100 UNITED INDUSTRIAL CORP 1,470 100 * UNIVERSAL DISPLAY CORP 705 78 * USINTERNETWORKING, INC 21 379 * UTSTARCOM, INC 6,158 300 * VA LINUX SYSTEMS, INC 315 300 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC 7,755 200 * VEECO INSTRUMENTS, INC 5,300 1,976 * VERISIGN, INC 82,794 3,945 * VERITAS SOFTWARE CORP 72,745 300 * VERITY, INC 3,030 460 * VERTICALNET, INC 165 354 * VIALTA, INC (CLASS A) 145 500 * VIASYSTEMS GROUP, INC 325 166 * VICOR CORP 2,342 300 * VIEWPOINT CORP 1,020 2,314 * VIGNETTE CORP 8,191 100 * VIRAGE LOGIC CORP 1,093 500 * VIRATA CORP 4,990 1,245 * VISHAY INTERTECHNOLOGY, INC 22,908 289 * VISUAL NETWORKS, INC 658 1,764 * VITESSE SEMICONDUCTOR CORP 13,671 600 * VITRIA TECHNOLOGY, INC 1,230 100 * VOLT INFORMATION SCIENCES, INC 1,198 400 WALLACE COMPUTER SERVICES, INC 6,360 200 * WATCHGUARD TECHNOLOGIES, INC 1,532 344 * WAVE SYSTEMS CORP (CLASS A) 581 233 * WEBEX COMMUNICATIONS, INC 4,948 184 * WEBMETHODS, INC 1,271 100 * WEBSENSE, INC 1,090 200 * WESCO INTERNATIONAL, INC 1,030 1,563 * WESTERN DIGITAL CORP 3,391 400 * WESTERN MULTIPLEX CORP (CLASS A) 1,495 100 * WILSON GREATBATCH TECHNOLOGIES, INC 2,930 592 * WIND RIVER SYSTEMS, INC 6,216 200 * WIRELESS FACILITIES, INC 894 100 * WITNESS SYSTEMS, INC 815 100 WOODHEAD INDUSTRIES, INC 1,496 200 * XICOR, INC 1,590 3,066 * XILINX, INC 72,142 400 * XYBERNAUT CORP 800 3,334 * YAHOO!, INC 29,372
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 300 * ZEBRA TECHNOLOGIES CORP (CLASS A) $ 11,238 55 * ZIXIT CORP 265 200 * ZORAN CORP 4,844 100 * ZYGO CORP 1,031 ------------ TOTAL TECHNOLOGY 15,493,262 ------------ TRANSPORTATION -- 0.96% 474 AIRBORNE, INC 4,526 501 * AIRTRAN HOLDINGS, INC 2,124 200 * ALASKA AIR GROUP, INC 3,994 300 * AMERICA WEST HOLDINGS CORP (CLASS B) 555 1,531 * AMR CORP 29,303 200 * ARKANSAS BEST CORP 4,142 167 ARNOLD INDUSTRIES, INC 3,456 282 * ATLANTIC COAST AIRLINES HOLDINGS, INC 3,750 230 * ATLAS AIR WORLDWIDE HOLDINGS, INC 2,265 209 * BE AEROSPACE, INC 1,588 3,778 BURLINGTON NORTHERN SANTA FE CORP 101,061 630 C.H. ROBINSON WORLDWIDE, INC 18,244 463 CNF, INC 10,570 200 * CONSOLIDATED FREIGHTWAYS CORP 606 522 * CONTINENTAL AIRLINES, INC (CLASS B) 7,830 100 * COVENANT TRANSPORT, INC (CLASS A) 940 1,980 CSX CORP 62,370 1,176 DELTA AIR LINES, INC 30,987 299 * EGL, INC 2,652 471 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC 22,301 2,907 * FEDEX CORP 106,832 158 FLORIDA EAST COAST INDUSTRIES, INC (CLASS A) 3,476 121 * FORWARD AIR CORP 2,848 294 * FRONTIER AIRLINES, INC 2,434 226 * HEARTLAND EXPRESS, INC 5,195 100 * HUNT (J.B.) TRANSPORT SERVICES, INC 1,335 498 * KANSAS CITY SOUTHERN INDUSTRIES, INC 5,976 100 * KNIGHT TRANSPORTATION, INC 1,915 100 * LANDSTAR SYSTEM, INC 6,400 308 * MESA AIR GROUP, INC 1,004 100 * MESABA HOLDINGS, INC 590 450 * MIDWEST EXPRESS HOLDINGS, INC 4,770 3,664 NORFOLK SOUTHERN CORP 59,063 504 * NORTHWEST AIRLINES CORP (CLASS A) 5,750 300 OVERSEAS SHIPHOLDING GROUP, INC 6,600 200 * RAILAMERICA, INC 2,500 145 ROADWAY CORP 3,493 530 RYDER SYSTEM, INC 10,594 1,246 * SABRE HOLDINGS CORP 33,318 300 SHURGARD STORAGE CENTERS, INC (CLASS A) 9,042 386 SKYWEST, INC 6,453 7,401 SOUTHWEST AIRLINES CO 109,830 602 * SWIFT TRANSPORTATION CO, INC 10,655 643 * U.S. AIRWAYS GROUP, INC 2,989 500 UAL CORP 9,130 2,353 UNION PACIFIC CORP 110,355
66 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ TRANSPORTATION -- (CONTINUED) 2,184 UNITED PARCEL SERVICE, INC (CLASS B) $ 113,524 200 USFREIGHTWAYS CORP 6,240 300 WERNER ENTERPRISES, INC 5,016 383 * WISCONSIN CENTRAL TRANSPORT 6,541 200 * YELLOW CORP 4,068 ------------ TOTAL TRANSPORTATION 971,200 ------------ UTILITIES -- 10.04% 354 * ADELPHIA BUSINESS SOLUTIONS, INC 375 4,065 * AES CORP 52,113 500 AGL RESOURCES, INC 9,985 100 * AIRGATE PCS, INC 4,442 619 * ALAMOSA HOLDINGS, INC 8,573 100 * ALASKA COMMUNICATIONS SYSTEMS GROUP, INC 761 1,212 ALLEGHENY ENERGY, INC 44,480 784 * ALLEGIANCE TELECOM, INC 2,359 200 * ALLEN TELECOM, INC 1,740 762 ALLETE, INC 19,537 781 ALLIANT ENERGY CORP 24,445 2,978 ALLTEL CORP 172,575 1,292 AMEREN CORP 49,612 3,053 AMERICAN ELECTRIC POWER CO, INC 131,981 1,629 * AMERICAN TOWER CORP (CLASS A) 22,626 238 * AQUILA, INC 5,188 34,241 A T & T CORP 660,851 300 * A T & T LATIN AMERICA CORP (CLASS A) 528 20,538 * A T & T WIRELESS SERVICES 306,837 411 ATMOS ENERGY CORP 8,877 500 AVISTA CORP 6,800 100 BANGOR HYDRO-ELECTRIC CO 2,663 18,056 BELLSOUTH CORP 750,226 176 BLACK HILLS CORP 5,371 2,094 * BROADWING, INC 33,671 2,854 * CALPINE CORP 65,099 100 CASCADE NATURAL GAS CORP 2,160 100 * CENTENNIAL COMMUNICATIONS CORP 900 100 CENTRAL VERMONT PUBLIC SERVICE CORP 1,749 1,300 CENTURYTEL, INC 43,550 260 CH ENERGY GROUP, INC 10,556 100 * CHILES OFFSHORE, INC 2,020 100 * CHOICE ONE COMMUNICATIONS, INC 163 1,536 CINERGY CORP 47,416 2,734 * CITIZENS COMMUNICATIONS CO 25,699 400 CLECO CORP 8,244 1,271 CMS ENERGY CORP 25,420 100 * COMMONWEALTH TELEPHONE ENTERPRISES, INC 3,675 798 CONECTIV 18,753 1,992 CONSOLIDATED EDISON, INC 81,114 1,611 CONSTELLATION ENERGY GROUP, INC 38,986 1,840 * CROWN CASTLE INTERNATIONAL CORP 16,560 100 CT COMMUNICATIONS, INC 1,460 200 * DOBSON COMMUNICATIONS CORP (CLASS A) 2,070 2,549 DOMINION RESOURCES, INC 151,283
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ 1,168 DPL, INC $ 28,405 465 DQE, INC 8,946 1,552 DTE ENERGY CO 66,813 7,503 DUKE ENERGY CORP 283,988 2,304 DYNEGY, INC (CLASS A) 79,833 3,244 * EDISON INTERNATIONAL CO 42,691 4,910 EL PASO CORP 204,010 512 * EL PASO ELECTRIC CO 6,732 161 EMPIRE DISTRICT ELECTRIC CO 3,308 200 ENERGEN CORP 4,500 1,070 ENERGY EAST CORP 21,517 7,278 ENRON CORP 198,179 1,907 ENTERGY CORP 67,812 600 EQUITABLE RESOURCES, INC 18,006 3,124 EXELON CORP 139,330 2,201 FIRSTENERGY CORP 79,125 100 * FOCAL COMMUNICATIONS CORP 29 1,715 FPL GROUP, INC 91,838 400 * GENERAL COMMUNICATION, INC (CLASS A) 4,840 100 * GOLDEN TELECOM, INC 780 1,072 GPU, INC 43,265 622 GREAT PLAINS ENERGY, INC 16,227 300 HAWAIIAN ELECTRIC INDUSTRIES, INC 11,700 100 HICKORY TECH CORP 1,630 400 IDACORP, INC 14,304 272 * IDT CORP 3,128 72 * IDT CORP (CLASS B) 696 300 * ILLUMINET HOLDINGS, INC 11,496 100 * IMPSAT FIBER NETWORKS, INC 20 274 * ITC DELTACOM, INC 328 1,280 KEYSPAN CORP 42,547 756 KINDER MORGAN, INC 37,202 201 * L-3 COMMUNICATIONS HOLDINGS, INC 17,577 248 LACLEDE GROUP, INC 5,952 328 * LEAP WIRELESS INTERNATIONAL, INC 5,149 2,860 * LEVEL 3 COMMUNICATIONS, INC 10,810 256 MADISON GAS & ELECTRIC CO 6,438 4,603 * MCLEODUSA, INC (CLASS A) 3,544 700 MDU RESOURCES GROUP, INC 16,359 3,472 * METROMEDIA FIBER NETWORK, INC (CLASS A) 1,180 3,275 * MIRANT CORP 71,722 895 * MONTANA POWER CO 4,698 800 NATIONAL FUEL GAS CO 18,424 100 * NETWORK PLUS CORP 101 163 NEW JERSEY RESOURCES CORP 7,206 350 * NEWPOWER HOLDINGS, INC 1,078 5,070 * NEXTEL COMMUNICATIONS, INC (CLASS A) 43,804 400 * NEXTEL PARTNERS, INC (CLASS A) 2,692 1,480 * NIAGARA MOHAWK HOLDINGS, INC 25,115 368 NICOR, INC 14,260 1,995 NISOURCE, INC 46,503 180 * NISOURCE, INC (SAILS) 381 100 NORTH PITTSBURGH SYSTEMS, INC 1,474 1,371 NORTHEAST UTILITIES CO 25,678 200 NORTHWEST NATURAL GAS CO 4,678 200 NORTHWESTERN CORP 4,400
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 67 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------ SHARES VALUE ------------------------------------------------------------------------------ UTILITIES -- (CONTINUED) 545 * NRG ENERGY, INC $ 8,834 544 NSTAR 22,793 247 * NTELOS, INC 2,062 1,539 * NTL, INC 4,770 145 NUI CORP 2,962 778 OGE ENERGY CORP 17,014 100 * OIL STATES INTERNATIONAL, INC 660 467 ONEOK, INC 7,733 321 * ORION POWER HOLDINGS 8,185 184 OTTER TAIL CORP 5,216 300 PEOPLES ENERGY CORP 11,928 200 * PETROQUEST ENERGY, INC 1,006 3,676 * PG&E CORP 55,875 300 PIEDMONT NATURAL GAS CO, INC 9,342 400 * PINNACLE HOLDINGS, INC 156 804 PINNACLE WEST CAPITAL CORP 31,918 1,047 POTOMAC ELECTRIC POWER CO 22,992 1,293 PPL CORP 42,151 483 * PRICE COMMUNICATIONS CORP 8,186 2,120 PROGRESS ENERGY, INC 91,138 328 * PROGRESS ENERGY, INC CVO 147 428 PUBLIC SERVICE CO OF NEW MEXICO 10,789 1,951 PUBLIC SERVICE ENTERPRISE GROUP, INC 83,015 803 PUGET ENERGY, INC 17,256 695 QUESTAR CORP 14,025 100 * QUICKSILVER RESOURCES, INC 1,360 13,113 QWEST COMMUNICATIONS INTERNATIONAL , INC 218,987 348 * RCN CORP 1,113 2,475 RELIANT ENERGY, INC 65,142 509 * RELIANT RESOURCES, INC 8,245 271 RGS ENERGY GROUP, INC 10,487 76 * RURAL CELLULAR CORP (CLASS A) 1,846 400 * SBA COMMUNICATIONS CORP 5,340 32,604 SBC COMMUNICATIONS, INC 1,536,300 1,026 SCANA CORP 26,039 163 SEMCO ENERGY, INC 2,339 1,832 SEMPRA ENERGY 45,342 880 SIERRA PACIFIC RESOURCES (NEW) 13,288 100 SOUTH JERSEY INDUSTRIES, INC 3,065 6,606 SOUTHERN CO 158,411 351 * SOUTHERN UNION CO 7,346 310 SOUTHWEST GAS CORP 6,572 200 * SOUTHWESTERN ENERGY CO 2,370 500 * SPECTRASITE HOLDINGS, INC 1,205 7,607 SPRINT CORP (FON GROUP) 182,644 6,283 * SPRINT CORP (PCS GROUP) 165,180 1,264 TECO ENERGY, INC 34,254 544 * TELECORP PCS, INC (CLASS A) 6,011 495 TELEPHONE & DATA SYSTEMS, INC 46,678 568 * TIME WARNER TELECOM, INC (CLASS A) 4,118
------------------------------------------------------------------------------ PRINCIPAL/SHARES VALUE ------------------------------------------------------------------------------ 270 * TRITON PCS HOLDINGS, INC (CLASS A) $ 10,260 2,491 TXU CORP 115,383 59 * U.S. CELLULAR CORP 2,920 341 * UBIQUITEL, INC 2,751 300 UGI CORP 8,130 151 UIL HOLDINGS CORP 7,201 315 UNISOURCE ENERGY CORP 4,410 338 * US UNWIRED, INC (CLASS A) 3,413 1,033 UTILICORP UNITED, INC 28,934 4 * VAST SOLUTIONS, INC (CLASS B3) 0 633 VECTREN CORP 14,172 26,317 VERIZON COMMUNICATIONS, INC 1,423,540 100 * WEST CORP 1,980 254 WESTERN GAS RESOURCES, INC 6,611 743 WESTERN RESOURCES, INC 12,296 575 * WESTERN WIRELESS CORP (CLASS A) 19,423 466 WGL HOLDINGS, INC 12,530 4,226 * WILLIAMS COMMUNICATIONS GROUP, INC 4,986 4,942 WILLIAMS COS, INC 134,916 980 WISCONSIN ENERGY CORP 22,050 1,105 WORLDCOM, INC (MCI GROUP) 16,829 28,652 * WORLDCOM, INC (WORLDCOM GROUP) 431,933 300 WPS RESOURCES CORP 10,320 3,296 XCEL ENERGY, INC 92,782 2,716 * XO COMMUNICATIONS, INC (CLASS A) 1,113 ------------ TOTAL UTILITIES 10,168,659 ------------ TOTAL COMMON STOCK (Cost $120,799,162) 99,336,970 ------------ SHORT TERM INVESTMENT -- 1.77% U.S. GOVERNMENT AND AGENCY -- 1.77% FEDERAL HOME LOAN BANK (FHLB) $1,795,000 3.150%, 10/01/01 1,795,000 ------------ TOTAL SHORT TERM INVESTMENT (Cost $1,795,000) 1,795,000 ------------ TOTAL PORTFOLIO -- 99.89% (Cost $122,594,162) 101,131,970 OTHER ASSETS AND LIABILITIES, NET -- 0.11% 115,297 ------------ NET ASSETS -- 100.00% $101,247,267 ============
--------------- * Non-income producing b In bankruptcy At September 30, 2001, the aggregate cost of portfolio investments for federal income tax purposes was $123,714,893. Net unrealized depreciation of portfolio investments aggregated $22,582,923 of which $3,896,959 related to appreciated portfolio investments and $26,479,882 related to depreciated portfolio investments. 68 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND STATEMENT OF INVESTMENTS September 30, 2001
--------------------------------------------------------------------------- SHARES VALUE --------------------------------------------------------------------------- COMMON STOCK -- 99.07% BASIC INDUSTRIES -- 2.15% 2,000 AIR PRODUCTS & CHEMICALS, INC $ 77,160 1,500 * BIRMINGHAM STEEL CORP 1,500 700 CABOT CORP 27,930 68 * CABOT MICROELECTRONICS CORP 3,285 3,700 * CROWN CORK & SEAL CO, INC 8,473 1,200 ECOLAB, INC 43,596 100 ENGELHARD CORP 2,310 300 FLEETWOOD ENTERPRISES, INC 3,354 200 FULLER (H.B.) CO 9,160 2,600 MASCO CORP 53,144 200 NCH CORP 7,838 1,200 POLYONE CORP 9,360 2,200 PPG INDUSTRIES, INC 100,650 100 PULTE HOMES, INC 3,065 900 SCHULMAN (A.), INC 9,225 900 SIGMA-ALDRICH 40,680 1,800 SONOCO PRODUCTS CO 42,300 3,247 STORA ENSO OYJ (SPON ADR) 37,308 900 VULCAN MATERIALS CO 38,880 4,400 WORTHINGTON INDUSTRIES, INC 49,500 ----------- TOTAL BASIC INDUSTRIES 568,718 ----------- CONSUMER CYCLICAL -- 10.51% 13,100 * AOL TIME WARNER, INC 433,610 100 BANDAG, INC 2,735 2,000 * CLEAR CHANNEL COMMUNICATIONS, INC 79,500 3,200 * COMCAST CORP (CLASS A) SPECIAL 114,784 600 * COX COMMUNICATIONS, INC (CLASS A) 25,050 600 DARDEN RESTAURANTS, INC 15,750 4,300 DELPHI AUTOMOTIVE SYSTEMS CORP 50,525 7,700 DISNEY (WALT) CO 143,374 500 DOW JONES & CO, INC 22,715 600 FEDERAL-MOGUL CORP 390 100 * FEDERATED DEPARTMENT STORES, INC 2,820 1,500 GANNETT CO, INC 90,165 2,450 GAP, INC 29,277 2,200 GENUINE PARTS CO 70,092 600 GRACO, INC 18,120 1,500 HARLEY-DAVIDSON, INC 60,750 1,500 INTERPUBLIC GROUP OF COS, INC 30,600 700 JOHNSON CONTROLS, INC 45,668 800 * KMART CORP 5,592 300 KNIGHT RIDDER, INC 16,755 400 * KOHLS CORP 19,200 1,400 * LIBERTY MEDIA CORP (CLASS A) 17,780 500 LIMITED, INC 4,750 100 LIZ CLAIBORNE, INC 3,770 800 MARRIOTT INTERNATIONAL, INC (CLASS A) 26,720 300 MAY DEPARTMENT STORES CO 8,706 6,600 MCDONALD'S CORP 179,124 1,300 MCGRAW-HILL COS, INC 75,660 500 MODINE MANUFACTURING CO 12,290 600 NEW YORK TIMES CO (CLASS A) 23,418 1,000 NIKE, INC (CLASS B) 46,810 1,000 OMNICOM GROUP, INC 64,900 600 PENNEY (J.C.) CO, INC 13,140 800 SEARS ROEBUCK & CO 27,712
--------------------------------------------------------------------------- SHARES VALUE --------------------------------------------------------------------------- 1,200 * STARBUCKS CORP $ 17,928 2,000 TARGET CORP 63,500 660 TRIBUNE CO 20,724 500 V.F. CORP 14,635 6,153 * VIACOM, INC (CLASS B) 212,278 1,200 VISTEON CORP 15,300 13,000 WAL-MART STORES, INC 643,500 200 WHIRLPOOL CORP 11,070 ----------- TOTAL CONSUMER CYCLICAL 2,781,187 ----------- CONSUMER NON-CYCLICAL -- 10.94% 1,467 ALBERTSON'S, INC 46,767 900 AVON PRODUCTS, INC 41,625 500 * BEST BUY CO, INC 22,725 1,600 CAMPBELL SOUP CO 44,800 1,100 CLOROX CO 40,700 9,200 COCA COLA CO 431,020 1,300 COCA COLA ENTERPRISES, INC 19,942 2,500 COLGATE-PALMOLIVE CO 145,625 800 * COSTCO WHOLESALE CORP 28,448 1,100 CVS CORP 36,520 1,300 GENERAL MILLS, INC 59,150 4,300 GILLETTE CO 128,140 900 HASBRO, INC 12,600 1,700 HEINZ (H.J.) CO 71,655 600 HERSHEY FOODS CORP 39,222 7,650 HOME DEPOT, INC 293,530 200 INTERNATIONAL FLAVORS & FRAGRANCES, INC 5,538 1,600 KELLOGG CO 48,000 2,400 * KROGER CO 59,136 2,200 LOWE'S COS 69,630 2,200 * MATTEL, INC 34,452 1,500 NEWELL RUBBERMAID, INC 34,065 6,980 PEPSICO, INC 338,530 5,600 PROCTER & GAMBLE CO 407,624 500 RADIOSHACK CORP 12,125 700 RALSTON PURINA CO 22,960 1,600 * SAFEWAY, INC 63,552 400 * TOYS 'R' US, INC 6,892 3,100 UNILEVER NV (NEW YORK SHS) 167,462 3,200 WALGREEN CO 110,176 1,000 WRIGLEY (WM) JR CO 51,300 ----------- TOTAL CONSUMER NON-CYCLICAL 2,893,911 ----------- ENERGY -- 3.91% 2,673 ANADARKO PETROLEUM CORP 128,517 2,200 APACHE CORP 94,600 3,700 BAKER HUGHES, INC 107,115 400 * BJ SERVICES CO 7,116 3,200 BURLINGTON RESOURCES, INC 109,472 2,036 DEVON ENERGY CORP (NEW) 70,038 2,300 EOG RESOURCES, INC 66,539 1,200 * GRANT PRIDECO, INC 7,308 3,700 HALLIBURTON CO 83,435 900 HELMERICH & PAYNE, INC 23,490 1,000 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) 50,120 1,500 MURPHY OIL CORP 108,540
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 69 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
--------------------------------------------------------------------------- SHARES VALUE --------------------------------------------------------------------------- ENERGY -- (CONTINUED) 1,000 * NABORS INDUSTRIES, INC $ 20,970 1,400 NOBLE AFFILIATES, INC 43,386 800 * NOBLE DRILLING CORP 19,200 600 * ROWAN COS, INC 7,428 200 * SMITH INTERNATIONAL, INC 7,280 2,500 TRANSOCEAN SEDCO FOREX, INC 66,000 500 * WEATHERFORD INTERNATIONAL, INC 12,755 ----------- TOTAL ENERGY 1,033,309 ----------- FINANCIAL SERVICES -- 22.21% 1,417 AEGON NV ARS 36,983 1,600 AFLAC, INC 43,200 2,500 ALLSTATE CORP 93,375 5,600 AMERICAN EXPRESS CO 162,736 9,956 AMERICAN INTERNATIONAL GROUP, INC 776,568 1,000 AON CORP 42,000 6,200 BANK OF AMERICA CORP 362,080 2,700 BANK OF NEW YORK CO, INC 94,500 4,100 BANK ONE CORP 129,027 900 BB&T CORP 32,805 100 BEAR STEARNS COS, INC 5,001 700 CAPITAL ONE FINANCIAL CORP 32,221 200 CARRAMERICA REALTY CORP 5,992 600 CHUBB CORP 42,846 17,180 CITIGROUP, INC 695,790 600 * CONSECO, INC 4,356 500 CRESCENT REAL ESTATE EQUITIES CO 10,725 500 DUKE REALTY CORP 11,845 1,699 EQUITY OFFICE PROPERTIES TRUST 54,368 4,200 FANNIE MAE 336,252 2,350 FIFTH THIRD BANCORP 144,478 3,900 FLEETBOSTON FINANCIAL CORP 143,325 2,800 FREDDIE MAC 182,000 130 * GARTNER, INC (CLASS B) 1,131 500 HARTFORD FINANCIAL SERVICES GROUP, INC 29,370 200 HIGHWOODS PROPERTIES, INC 4,950 2,400 HOUSEHOLD INTERNATIONAL, INC 135,312 300 JEFFERSON-PILOT CORP 13,344 1,000 JOHN HANCOCK FINANCIAL SERVICES, INC 39,950 7,490 JP MORGAN CHASE & CO 255,783 900 KEYCORP 21,726 400 LEHMAN BROTHERS HOLDINGS, INC 22,740 1,500 MARSH & MCLENNAN COS, INC 145,050 3,900 MBNA CORP 118,131 1,600 MELLON FINANCIAL CORP 51,728 2,700 MERRILL LYNCH & CO, INC 109,620 3,200 METROPOLITAN LIFE INSURANCE CO 95,040 3,600 MORGAN STANLEY DEAN WITTER & CO 166,860 2,000 NATIONAL CITY CORP 59,900 600 NORTHERN TRUST CORP 31,488 1,200 PNC FINANCIAL SERVICES GROUP, INC 68,700 1,400 PROVIDIAN FINANCIAL CORP 28,210 200 ROUSE CO 4,834 200 SAFECO CORP 6,066 4,650 SCHWAB (CHARLES) CORP 53,475 1,100 SIMON PROPERTY GROUP, INC 29,601 400 ST. PAUL COS, INC 16,488
--------------------------------------------------------------------------- SHARES VALUE --------------------------------------------------------------------------- 800 STATE STREET CORP $ 36,400 1,200 SUNTRUST BANKS, INC 79,920 200 THE GOLDMAN SACHS GROUP, INC 14,270 6,209 US BANCORP (NEW) 137,715 800 USA EDUCATION, INC 66,328 800 * WACHOVIA CONTRA CUSIP 384 5,500 WACHOVIA CORP (NEW) 170,500 3,150 WASHINGTON MUTUAL, INC 121,212 200 WEINGARTEN REALTY INVESTORS, INC 9,720 6,500 WELLS FARGO & CO 288,925 ----------- TOTAL FINANCIAL SERVICES 5,877,344 ----------- HEALTH CARE -- 16.91% 300 AETNA, INC (NEW) 8,667 700 ALLERGAN, INC 46,410 74 * AMERISOURCEBERGEN CORP 5,250 3,900 * AMGEN, INC 229,203 600 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) 14,640 300 BAUSCH & LOMB, INC 8,490 3,400 BAXTER INTERNATIONAL, INC 187,170 1,300 BECTON DICKINSON & CO 48,100 1,575 BIOMET, INC 46,068 1,300 * BOSTON SCIENTIFIC CORP 26,650 7,800 BRISTOL-MYERS SQUIBB CO 433,368 2,000 CARDINAL HEALTH, INC 147,900 600 CIGNA CORP 49,770 700 * FOREST LABORATORIES, INC 50,498 400 * GENZYME CORP (GENERAL DIVISION) 18,168 1,100 * GUIDANT CORP 42,350 2,900 HCA, INC 128,499 400 HILLENBRAND INDUSTRIES, INC 21,588 500 * HUMANA, INC 6,030 1,300 IMS HEALTH, INC 32,565 325 * IVAX CORP 7,205 11,782 JOHNSON & JOHNSON 652,723 4,500 LILLY (ELI) & CO 363,150 1,300 MCKESSON CORP 49,127 4,900 MEDTRONIC, INC 213,150 8,400 MERCK & CO, INC 559,440 200 MYLAN LABORATORIES, INC 6,524 15,500 PFIZER, INC 621,550 6,200 SCHERING-PLOUGH CORP 230,020 200 * ST. JUDE MEDICAL, INC 13,690 65 * SYNAVANT, INC 195 1,500 * TENET HEALTHCARE CORP 89,475 100 * TRIAD HOSPITALS, INC 3,540 1,400 UNITEDHEALTH GROUP, INC 93,100 760 * ZIMMER HOLDINGS, INC 21,090 ----------- TOTAL HEALTH CARE 4,475,363 ----------- OTHER -- 0.44% 200 * DUN & BRADSTREET CORP (NEW) 5,600 200 LIBERTY PROPERTY TRUST CO 5,738 1,000 MOODY'S CORP 37,000 100 * ROBERT HALF INTERNATIONAL, INC 2,001 2,600 SYSCO CORP 66,404 ----------- TOTAL OTHER 116,743 -----------
70 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
--------------------------------------------------------------------------- SHARES VALUE --------------------------------------------------------------------------- PRODUCER DURABLES -- 3.34% 500 BALDOR ELECTRIC CO $ 9,925 1,500 COOPER INDUSTRIES, INC 62,205 400 CUMMINS, INC 13,200 1,400 DEERE & CO 52,654 3,300 EMERSON ELECTRIC CO 155,298 800 GRAINGER (W.W.), INC 31,080 2,400 ILLINOIS TOOL WORKS, INC 129,864 1,400 INGERSOLL-RAND CO 47,320 2,800 MINNESOTA MINING & MANUFACTURING CO 275,520 600 NORDSON CORP 13,110 1,500 PITNEY BOWES, INC 57,300 700 * THOMAS & BETTS CORP 12,236 3,100 * XEROX CORP 24,025 ----------- TOTAL PRODUCER DURABLES 883,737 ----------- TECHNOLOGY -- 15.94% 400 * 3COM CORP 1,500 2,100 * ADC TELECOMMUNICATIONS, INC 7,329 400 ADOBE SYSTEMS, INC 9,592 1,000 * ADVANCED MICRO DEVICES, INC 8,150 1,429 * AGILENT TECHNOLOGIES, INC 27,936 1,500 * ALTERA CORP 24,570 800 * AMERICAN POWER CONVERSION CORP 9,344 1,200 * ANALOG DEVICES, INC 39,240 1,200 * APPLE COMPUTER, INC 18,612 2,600 * APPLIED MATERIALS, INC 73,944 3,400 AUTOMATIC DATA PROCESSING, INC 159,936 733 * AVAYA, INC 7,256 1,200 AVERY DENNISON CORP 56,772 400 AVNET, INC 7,276 700 * BROADCOM CORP (CLASS A) 14,210 22,000 * CISCO SYSTEMS, INC 267,960 5,600 COMPAQ COMPUTER CORP 46,536 1,400 COMPUTER ASSOCIATES INTERNATIONAL, INC 36,036 500 * COMVERSE TECHNOLOGY, INC 10,240 3,000 * CORNING, INC 26,460 7,900 * DELL COMPUTER CORP 146,387 300 DELUXE CORP 10,362 100 DIEBOLD, INC 3,810 165 * EFUNDS CORP 2,747 2,000 ELECTRONIC DATA SYSTEMS CORP 115,160 6,700 * EMC CORP 78,725 1,800 FIRST DATA CORP 104,868 900 * GATEWAY, INC 4,905 200 * GLENAYRE TECHNOLOGIES, INC 122 6,500 HEWLETT-PACKARD CO 104,650 20,800 INTEL CORP 425,152 5,600 INTERNATIONAL BUSINESS MACHINES CORP 516,880 3,700 * JDS UNIPHASE CORP 23,384 900 LINEAR TECHNOLOGY CORP 29,520 1,200 * LSI LOGIC CORP 14,100 11,500 * LUCENT TECHNOLOGIES, INC 65,895 900 * MAXIM INTEGRATED PRODUCTS, INC 31,446 313 * MCDATA CORP (CLASS A) 2,626 1,800 * MICRON TECHNOLOGY, INC 33,894 15,800 * MICROSOFT CORP 808,486
--------------------------------------------------------------------------- SHARES VALUE --------------------------------------------------------------------------- 1,125 MOLEX, INC $ 31,623 700 * NATIONAL SEMICONDUCTOR CORP 15,435 800 * NETWORK APPLIANCE, INC 5,440 11,600 * NORTEL NETWORKS CORP (U.S.) 65,076 700 * NOVELL, INC 2,562 16,200 * ORACLE CORP 203,796 1,634 * PALM, INC 2,385 1,600 PAYCHEX, INC 50,416 2,400 * QUALCOMM, INC 114,096 700 * SANMINA CORP 9,506 200 * SENSORMATIC ELECTRONICS CORP 4,716 1,100 * SIEBEL SYSTEMS, INC 14,311 2,000 * SOLECTRON CORP 23,300 10,200 * SUN MICROSYSTEMS, INC 84,354 1,300 * TELLABS, INC 12,844 5,600 TEXAS INSTRUMENTS, INC 139,888 1,000 * VERITAS SOFTWARE CORP 18,440 275 * VISHAY INTERTECHNOLOGY, INC 5,060 1,100 * XILINX, INC 25,883 1,500 * YAHOO!, INC 13,215 ----------- TOTAL TECHNOLOGY 4,218,364 ----------- TRANSPORTATION -- 0.69% 700 * AMR CORP 13,398 400 DELTA AIR LINES, INC 10,540 1,100 * FEDEX CORP 40,425 3,300 NORFOLK SOUTHERN CORP 53,196 100 RYDER SYSTEM, INC 1,999 505 * SABRE HOLDINGS CORP 13,503 3,225 SOUTHWEST AIRLINES CO 47,859 100 * U.S. AIRWAYS GROUP, INC 465 ----------- TOTAL TRANSPORTATION 181,385 ----------- UTILITIES -- 12.03% 1,600 AGL RESOURCES, INC 31,952 900 ALLTEL CORP 52,155 10,156 A T & T CORP 196,010 5,363 * A T & T WIRELESS SERVICES 80,123 6,300 BELLSOUTH CORP 261,765 1,600 * CALPINE CORP 36,496 2,600 DQE, INC 50,024 4,300 ENRON CORP 117,089 1,600 EQUITABLE RESOURCES, INC 48,016 1,900 * GLOBAL CROSSING LTD 3,420 2,100 IDACORP, INC 75,096 2,600 KEYSPAN CORP 86,424 1,100 KINDER MORGAN, INC 54,131 1,800 MDU RESOURCES GROUP, INC 42,066 1,200 * MIRANT CORP 26,280 2,200 NATIONAL FUEL GAS CO 50,666 1,400 * NEXTEL COMMUNICATIONS, INC (CLASS A) 12,096 1,600 NICOR, INC 62,000 3,478 NISOURCE, INC 81,072 916 * NISOURCE, INC (SAILS) 1,941 4,200 OGE ENERGY CORP 91,854 1,200 PEOPLES ENERGY CORP 47,712 5,300 PUGET ENERGY, INC 113,897
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 71 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND
--------------------------------------------------------------------------- SHARES VALUE --------------------------------------------------------------------------- UTILITIES -- (CONTINUED) 4,685 QWEST COMMUNICATIONS INTERNATIONAL, INC $ 78,239 10,674 SBC COMMUNICATIONS, INC 502,659 4,352 SCOTTISH POWER PLC ADR 103,142 105 * SOUTHERN UNION CO 2,197 2,300 SPRINT CORP (FON GROUP) 55,223 1,900 * SPRINT CORP (PCS GROUP) 49,951 8,900 VERIZON COMMUNICATIONS, INC 481,579 1,478 * WILLIAMS COMMUNICATIONS GROUP, INC 1,744 5,800 WILLIAMS COS, INC 158,270 8,450 * WORLDCOM, INC (WORLDCOM GROUP) 127,088 ----------- TOTAL UTILITIES 3,182,377 ----------- TOTAL COMMON STOCK (Cost $32,777,301) 26,212,438 -----------
--------------------------------------------------------------------------- PRINCIPAL VALUE --------------------------------------------------------------------------- SHORT TERM INVESTMENT -- 1.00% U.S. GOVERNMENT AND AGENCY -- 1.00% FEDERAL HOME LOAN BANK (FHLB) $265,000 3.150%, 10/01/01 $ 265,000 ----------- TOTAL SHORT TERM INVESTMENT (Cost $265,000) 265,000 ----------- TOTAL PORTFOLIO -- 100.07% (Cost $33,042,301) 26,477,438 OTHER ASSETS AND LIABILITIES, NET -- (0.07%) (17,838) ----------- NET ASSETS -- 100.00% $26,459,600 ===========
--------------- * Non-income producing At September 30, 2001, the aggregate cost of portfolio investments for federal income tax purposes was $33,065,116. Net unrealized depreciation of portfolio investments aggregated $6,587,678 of which $1,664,538 related to appreciated portfolio investments and $8,252,216 related to depreciated portfolio investments. 72 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND STATEMENT OF INVESTMENTS September 30, 2001
---------------------------------------------------------------------------- PRINCIPAL RATING+ VALUE ---------------------------------------------------------------------------- BONDS -- 99.18% CORPORATE BONDS -- 29.10% AEROSPACE AND DEFENSE -- 1.80% BOEING CAPITAL CORP (SR NOTE) $ 1,000,000 6.350%, 11/15/07 A2 $ 1,015,840 LOCKHEED MARTIN CORP NOTE 1,000,000 8.200%, 12/01/09 BAA3 1,139,060 1,000,000 8.500%, 12/01/29 BAA3 1,166,040 UNITED TECHNOLOGIES CORP NOTE 1,000,000 6.350%, 03/01/11 A2 1,048,550 1,000,000 7.500%, 09/15/29 A2 1,100,100 ------------ TOTAL AEROSPACE AND DEFENSE 5,469,590 ------------ ASSET BACKED -- 4.35% CAPITAL ONE MASTER TRUST SERIES 2001-5 (CLASS A) 1,000,000 5.300%, 08/15/06 AAA 1,028,896 CAPITAL ONE MASTER TRUST SERIES 2000-2 (CLASS A) 1,000,000 7.200%, 08/15/08 AAA 1,087,500 CIT EQUIPMENT COLLATERAL SERIES 2000-2 (CLASS A3) 1,000,000 6.840%, 06/20/04 AAA 1,038,530 CONSECO FINANCE SECURITIZATIONS SERIES 2000-1 (CLASS A2) 1,000,000 7.190%, 05/01/31 AAA 1,013,836 GE CAPITAL MORTGAGE SERVICES, INC SERIES 1999-HE1 (CLASS A3) 971,700 6.035%, 06/25/20 AAA 981,201 HOUSEHOLD AUTOMOTIVE TRUST SERIES 2000-2 A3 1,500,000 7.340%, 11/17/04 AAA 1,566,356 NISSAN AUTO RECEIVABLES OWNER TRUST SERIES 2001-C (CLASS A4) 1,000,000 4.890%, 02/15/07 AAA 1,021,967 PECO ENERGY TRANSITION TRUST SERIES 1999-A (CLASS A7) 500,000 6.130%, 03/01/09 AAA 529,592 PUBLIC SERVICE NEW HAMPSHIRE FUNDING LLC SERIES 2001-1 (CLASS A2) 1,000,000 5.730%, 11/01/10 AAA 1,044,276 RESIDENTIAL ASSET SECURITIES CORP SERIES 2001-KS2 (CLASS AI4) 1,000,000 6.417%, 02/25/29 AAA 1,037,496 RESIDENTIAL ASSET SECURITIES CORP SERIES 2001-KS2 (CLASS AI6) 1,000,000 6.489%, 10/25/30 AAA 1,028,481 RESIDENTIAL ASSET SECURITIES CORP SERIES 1999-KS2 (CLASS AI9) 1,750,000 7.150%, 07/25/30 AAA 1,859,115 ------------ TOTAL ASSET BACKED 13,237,246 ------------
---------------------------------------------------------------------------- PRINCIPAL RATING+ VALUE ---------------------------------------------------------------------------- BASIC INDUSTRIES -- 0.71% KIMBERLY-CLARK CORP NOTE $ 1,000,000 7.100%, 08/01/07 AA2 $ 1,101,600 ROHM & HAAS CO DEB 1,000,000 g 7.850%, 07/15/29 A3 1,055,620 ------------ TOTAL BASIC INDUSTRIES 2,157,220 ------------ CONSUMER CYCLICAL -- 3.72% AOL TIME WARNER, INC 1,000,000 7.625%, 04/15/31 BAA1 1,017,690 CLEAR CHANNEL COMMUNICATIONS, INC (SR NOTE) 1,000,000 7.250%, 09/15/03 BAA3 1,049,350 DAIMLER-CHRYSLER NA HOLDING CORP NOTE 1,000,000 6.400%, 05/15/06 A3 1,014,190 FORD MOTOR CO NOTE 1,000,000 7.500%, 03/15/05 A1 1,049,530 1,000,000 7.450%, 07/16/31 A2 944,720 NEWS AMERICA HOLDINGS, INC DEB 1,000,000 7.700%, 10/30/25 BAA3 952,210 SEARS ROEBUCK ACCEPTANCE CORP NOTE 1,000,000 6.000%, 03/20/03 A3 1,027,120 TIME WARNER, INC NOTE 500,000 7.750%, 06/15/05 BAA3 542,515 TRW, INC (SR NOTE) 500,000 6.500%, 06/01/02 BAA1 506,990 UNILEVER CAPITAL CORP (GUARANTEE NOTE) 1,000,000 7.125%, 11/01/10 A1 1,097,610 VIACOM, INC (GUARANTEE NOTE) 1,000,000 6.400%, 01/30/06 A3 1,046,210 WALT DISNEY CO (SR NOTE) 1,050,000 5.125%, 12/15/03 A2 1,074,245 ------------ TOTAL CONSUMER CYCLICAL 11,322,380 ------------ CONSUMER NON-CYCLICAL -- 1.05% DIAGEO CAPITAL PLC (GUARANTEE NOTE) 1,000,000 7.250%, 11/01/09 A1 1,083,690 BRISTOL MYERS SQUIBB CO 1,000,000 4.750%, 10/01/06 AAA 1,009,540 KROGER CO (GUARANTEE NOTE) 1,000,000 8.050%, 02/01/10 BAA3 1,109,870 ------------ TOTAL CONSUMER NON-CYCLICAL 3,203,100 ------------ ENERGY -- 1.18% CENTRAL POWER & LIGHT CO 500,000 6.625%, 07/01/05 A3 523,720 CHEVRON CORP 1,000,000 6.625%, 10/01/04 AA2 1,076,690 WESTINGHOUSE ELECTRIC CORP 1,000,000 6.875%, 09/01/03 BAA3 1,053,780 WILLIAMS COS, INC 1,000,000 7.500%, 01/15/31 BAA2 953,730 ------------ TOTAL ENERGY 3,607,920 ------------
------------- + As provided by Moody's Investors Service (Unaudited) See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 73 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
---------------------------------------------------------------------------- PRINCIPAL RATING+ VALUE ---------------------------------------------------------------------------- FINANCIAL SERVICES -- 8.29% ASSOCIATES CORP NORTH AMERICA $ 500,000 6.950%, 11/01/18 AA3 $ 510,775 BANKAMERICA CORP NOTE 1,000,000 6.625%, 06/15/04 AA2 1,063,020 1,000,000 7.400%, 01/15/11 AA3 1,092,460 CHASE MANHATTAN CORP (SUB NOTE) 1,000,000 7.000%, 11/15/09 A1 1,061,450 CITIGROUP, INC NOTE 2,000,000 5.500%, 08/09/06 AA2 2,054,040 1,000,000 6.500%, 01/18/11 AA2 1,043,790 FIRST UNION NATIONAL BANK CORP (SUB NOTE) 1,000,000 7.800%, 08/18/10 A1 1,115,080 FLEET NATIONAL BANK (SUB NOTE) 1,000,000 5.750%, 01/15/09 A2 983,590 GE GLOBAL INSURANCE HOLDINGS CORP (SUB NOTE) 1,000,000 7.500%, 06/15/10 AA1 1,112,570 GENERAL ELECTRIC CAPITAL CORP NOTE 1,000,000 7.250%, 05/03/04 AAA 1,087,760 GENERAL MOTORS ACCEPTANCE CORP NOTE 1,000,000 6.850%, 06/17/04 A2 1,047,960 HARTFORD FINANCIAL SERVICES GROUP, INC 1,000,000 6.375%, 11/01/08 A2 1,022,690 HOUSEHOLD FINANCE CORP 1,500,000 6.500%, 01/24/06 A2 1,568,910 2,000,000 6.750%, 05/15/11 A2 2,060,400 INTERAMERICAN DEVELOPMENT BANK 1,000,000 7.375%, 01/15/10 AAA 1,139,710 INTERNATIONAL BANK FOR RECONSTRUCTION & DEVELOPMENT NOTE 1,000,000 5.000%, 03/28/06 AAA 1,032,380 JP MORGAN CHASE & CO (SUB NOTE) 1,000,000 6.750%, 02/01/11 A1 1,048,510 MELLON FUNDING CORP (GUARANTEE NOTE) 1,000,000 6.400%, 05/14/11 A1 1,037,690 MORGAN STANLEY DEAN WITTER & CO 1,000,000 6.100%, 04/15/06 AA3 1,032,490 1,000,000 6.750%, 04/15/11 AA3 1,029,940 ROYAL BANK OF SCOTLAND GROUP PLC (SUB NOTE) 1,000,000 6.400%, 04/01/09 A1 1,016,030 WELLS FARGO FINANCIAL, INC (SUB NOTE) 1,000,000 7.000%, 11/01/05 AA2 1,082,050 ------------ TOTAL FINANCIAL SERVICES 25,243,295 ------------
---------------------------------------------------------------------------- PRINCIPAL RATING+ VALUE ---------------------------------------------------------------------------- HEALTH CARE -- 0.66% JOHNSON & JOHNSON (DEB) $ 1,000,000 6.950%, 09/01/29 AAA $ 1,069,000 MERCK & CO, INC DEB 1,000,000 5.950%, 12/01/28 AAA 952,780 ------------ TOTAL HEALTH CARE 2,021,780 ------------ OTHER MORTGAGE BACKED SECURITIES -- 2.38% BEAR STERNS COMMERCIAL MORTGAGE SECURITIES 250,000 7.080%, 07/15/31 AAA 271,641 FIRST UNION NATIONAL BANK COMMERCIAL MORTGAGE TRUST SERIES 2000-C2 (CLASS A2) 1,200,000 7.202%, 09/15/10 NR 1,312,174 JP MORGAN COMMERCIAL MORTGAGE FINANCE CORP SERIES 1997-C5 (CLASS A2) 3,450,000 7.069%, 09/15/29 AAA 3,680,144 LB COMMERCIAL CONDUIT MORTGAGE TRUST SERIES 1998-C4 (CLASS A1B) 1,900,000 6.210%, 10/15/35 AAA 1,984,652 ------------ TOTAL OTHER 7,248,611 ------------ PRODUCER DURABLES -- 0.34% INGERSOLL-RAND CO NOTE 1,000,000 5.750%, 02/14/03 A3 1,023,870 ------------ TOTAL PRODUCER DURABLES 1,023,870 ------------ TECHNOLOGY -- 0.17% ELECTRONIC DATA SYSTEM CORP NOTE 500,000 7.450%, 10/15/29 A1 517,105 ------------ TOTAL TECHNOLOGY 517,105 ------------ TRANSPORTATION -- 0.32% NORFOLK SOUTHERN CORP (SR NOTE) 1,000,000 7.250%, 02/15/31 BAA1 981,610 ------------ TOTAL TRANSPORTATION 981,610 ------------ UTILITIES -- 4.13% AMERICAN ELECTRIC POWER, INC NOTE 1,000,000 6.125%, 05/15/06 BAA1 1,033,690 AT&T CORP NOTE 500,000 6.500%, 03/15/29 A1 435,030 A T & T WIRELESS SERVICES, INC (SR NOTE) 1,000,000 g 8.750%, 03/01/31 BAA2 1,099,240 BELLSOUTH CAPITAL FUNDING CORP DEB 500,000 7.875%, 02/15/30 AA3 556,405 BRITISH TELECOMMUNICATIONS PLC NOTE 1,000,000 8.125%, 12/15/10 A2 1,105,530 DOMINION RESOURCES, INC (SR NOTE) 1,000,000 8.125%, 06/15/10 BAA1 1,127,090 ILLINOIS POWER CO 500,000 7.500%, 03/01/03 A3 530,465 SBC COMMUNICATIONS, INC NOTE 1,000,000 6.250%, 03/15/11 AA3 1,022,860
------------- + As provided by Moody's Investors Service (Unaudited) 74 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
---------------------------------------------------------------------------- PRINCIPAL RATING+ VALUE ---------------------------------------------------------------------------- UTILITIES -- (CONTINUED) SPRINT CAPITAL CORP (GUARANTEE NOTE) $ 1,000,000 7.625%, 06/10/02 BAA1 $ 1,027,520 TEXAS UTILITIES ELECTRIC CO (FIRST MORTGAGE) 1,000,000 6.750%, 03/01/03 A3 1,039,636 VERIZON NEW ENGLAND, INC (SR NOTE) 2,500,000 6.500%, 09/15/11 AA2 2,586,575 WORLDCOM, INC NOTE 1,000,000 7.500%, 05/15/11 A3 1,008,046 ------------ TOTAL UTILITIES 12,572,087 ------------ TOTAL CORPORATE BONDS (Cost $83,606,358) 88,605,814 ------------ GOVERNMENT BONDS -- 70.08% AGENCY SECURITIES -- 10.29% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 11,000,000 5.250%, 01/15/06 AAA 11,450,340 10,600,000 5.750%, 04/15/08 AAA 11,164,768 1,300,000 6.000%, 06/15/11 AAA 1,368,861 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 2,000,000 6.625%, 10/15/07 AAA 2,211,880 3,500,000 5.500%, 03/15/11 AAA 3,556,875 1,500,000 6.250%, 02/01/11 AAA 1,579,680 ------------ TOTAL AGENCY SECURITIES 31,332,404 ------------ FOREIGN GOVERNMENT BONDS -- 1.08% CANADA GOVERNMENT 500,000 6.750%, 08/28/06 AA2 553,375 MALAYSIA 500,000 7.500%, 07/15/11 BAA2 506,475 UNITED MEXICAN STATES 500,000 9.875%, 01/15/07 BAA3 548,750 QUEBEC PROVINCE CANADA 1,500,000 7.500%, 09/29/15 A2 1,681,065 ------------ TOTAL FOREIGN GOVERNMENT BONDS 3,289,665 ------------ MORTGAGE BACKED SECURITIES -- 37.77% FEDERAL HOME LOAN MORTGAGE CORP GOLD (FGLMC) 1,896,474 7.000%, 10/01/20 1,973,509 408,710 6.500%, 10/01/28 418,049 1,709,080 6.500%, 07/01/29 1,745,996 10,000,000 h 7.000%, 04/25/30 10,353,100 326,458 8.000%, 01/01/31 342,373 21,000,000 h 7.500%, 05/25/31 21,846,300 11,000,000 h 8.000%, 05/25/31 11,539,550 8,000,000 h 6.500%, 06/15/31 8,144,960
---------------------------------------------------------------------------- PRINCIPAL VALUE ---------------------------------------------------------------------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) $ 2,607,408 6.000%, 03/01/13 $ 2,667,143 1,169,252 6.000%, 09/01/13 1,194,461 256,509 6.500%, 12/01/13 265,220 431,593 6.000%, 06/01/14 440,988 415,698 6.500%, 07/01/14 429,557 368,093 7.000%, 07/01/14 383,071 3,183,066 6.000%, 01/01/19 3,217,793 386,397 6.500%, 04/01/29 394,260 434,578 6.500%, 07/01/29 443,422 452,683 7.500%, 07/01/29 471,034 3,000,000 h 7.500%, 05/25/30 3,119,040 20,000,000 h 6.500%, 09/25/31 20,337,400 3,000,000 h 7.000%, 09/15/31 3,119,040 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) 396,680 7.000%, 07/15/29 412,484 276,710 7.500%, 07/15/29 289,220 3,738,396 8.500%, 10/20/30 3,956,868 2,987,005 6.500%, 07/20/31 3,042,085 4,952,518 7.000%, 07/20/31 5,125,856 3,000,000 h 6.500%, 09/15/31 3,069,360 3,000,000 h 8.500%, 09/15/31 3,184,680 3,000,000 h 7.000%, 09/15/30 3,115,290 ------------ TOTAL MORTGAGE BACKED SECURITIES 115,042,109 ------------ U.S. TREASURY SECURITIES -- 20.94% U.S. TREASURY BOND 425,000 6.250%, 05/15/30 472,944 3,700,000 8.750%, 05/15/17 5,058,011 15,960,000 7.250%, 05/15/16 19,189,346 5,800,000 12.000%, 08/15/13 8,373,750 U.S. TREASURY NOTE 3,880,000 5.000%, 02/15/11 3,987,902 1,800,000 5.750%, 08/15/10 1,949,346 475,000 4.625%, 05/15/06 491,625 14,287,130 3.625%, 01/15/08 14,831,755 2,280,000 5.000%, 08/15/11 2,355,171 U.S. TREASURY STRIP 10,500,000 0.000%, 02/15/10 7,055,790 ------------ TOTAL U.S. TREASURY SECURITIES 63,765,640 ------------ TOTAL GOVERNMENT BONDS (Cost $208,999,685) 213,429,818 ------------ TOTAL BONDS (Cost $292,606,043) 302,035,632 ------------ SHORT TERM INVESTMENTS -- 28.55% COMMERCIAL PAPER -- 8.45% AMERICAN HONDA FINANCE CORP 2,000,000 d 3.480%, 10/11/01 1,998,067 CATERPILLAR FINANCIAL SERVICES CORP 805,000 d 3.600%, 10/01/01 805,000 CC (USA), INC 2,095,000 c 3.580%, 10/23/01 2,090,417 DUPONT (E.I.) DE NEMOURS & CO 1,024,000 d 3.100%, 10/01/01 1,024,000 HARLEY-DAVIDSON FUNDING CORP 1,245,000 c 3.480%, 10/03/01 1,244,759
------------- + As provided by Moody's Investors Service (Unaudited) See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 75 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND
---------------------------------------------------------------------------- PRINCIPAL VALUE ---------------------------------------------------------------------------- JP MORGAN CHASE & CO $ 5,000,000 d 2.450%, 10/25/01 $ 4,991,833 KIMBERLY CLARK WORLDWIDE, INC 3,600,000 c,d 2.450%, 10/22/01 3,594,855 SBC COMMUNICATIONS, INC 5,000,000 c,d 2.640%, 10/29/01 4,989,733 UBS FINANCE (DELAWARE), INC 5,000,000 d 2.490%, 10/22/01 4,992,738 ------------ TOTAL COMMERCIAL PAPER 25,731,402 ------------ U.S. GOVERNMENT AND AGENCIES -- 20.10% FEDERAL HOME LOAN BANK (FHLB) 1,340,000 d 3.580%, 10/10/01 1,338,801 6,095,000 d 2.620%, 10/19/01 6,087,016 3,090,000 d 3.400%, 11/09/01 3,078,619 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 4,405,000 d 3.450%, 10/02/01 4,404,578 495,000 d 3.640%, 10/04/01 494,850 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 30,000,000 d 2.800%, 10/12/01 29,974,333 15,865,000 d 2.590%, 10/26/01 15,836,464 ------------ TOTAL U.S. GOVERNMENT AND AGENCIES 61,214,661 ------------ TOTAL SHORT TERM INVESTMENTS (Cost $86,946,063) 86,946,063 ------------ TOTAL PORTFOLIO -- 127.73% (Cost $379,552,106) 388,981,695 OTHER ASSETS AND LIABILITIES, NET -- (27.73%) (84,440,491) ------------ NET ASSETS -- 100.00% $304,541,204 ============
--------------- c Commercial paper issued under the private placement exemption under section 4(2) of the Securities Act of 1933. d All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis. g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified buyers. At September 30, 2001, the value of these securities amounted to $2,154,860 or .71% of net assets. h These securities were purchased on a delayed delivery basis.
At September 30, 2001, the aggregate cost of portfolio investments for federal income tax purposes was $379,562,055. Net unrealized appreciation of portfolio investments aggregated $9,419,640, of which $9,495,367 related to appreciated portfolio investments and $75,727 related to depreciated portfolio investments. --------------- OTHER INFORMATION (Unaudited) The composition of long-term debt holdings as a percentage of total value of investment in debt securities, is as follows: MOODY'S RATINGS AAA, AA, A 35.13% BAA 5.24% N/R 0.43%
U.S. Government obligations represent 59.20% of the long-term debt portfolio value and are not reflected in the above ratings. 76 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL MONEY MARKET FUND STATEMENT OF INVESTMENTS September 30, 2001
---------------------------------------------------------------- PRINCIPAL VALUE ---------------------------------------------------------------- SHORT TERM INVESTMENTS -- 100.12% BANK NOTES -- 2.47% HARRIS TRUST AND SAVINGS BANK $ 865,000 4.070%, 06/10/02 $ 865,000 ----------- TOTAL BANK NOTES 865,000 ----------- COMMERCIAL PAPER -- 49.17% BECTON DICKINSON & CO 1,000,000 3.530%, 10/29/01 997,254 BELLSOUTH CORP 1,000,000 c 3.000%, 12/11/01 994,083 BETA FINANCE, INC 1,000,000 c 3.580%, 10/23/01 997,812 CIESCO LP 1,000,000 c 3.500%, 10/03/01 999,806 COLGATE-PALMOLIVE CO 1,000,000 c 3.400%, 10/24/01 997,828 CORPORATE ASSET FUNDING CORP, INC 1,000,000 c 3.500%, 10/16/01 998,542 DUPONT (E.I.) DE NEMOURS & CO 1,000,000 3.000%, 10/01/01 1,000,000 EDISON ASSET SECURITIZATION LLC 1,000,000 c 3.420%, 11/16/01 995,630 GENERAL ELECTRIC CAPITAL CORP 850,000 3.200%, 03/04/02 838,364 GOLDMAN SACHS GROUP LP 935,000 3.125%, 10/01/01 935,000 GOVCO, INC 500,000 c 3.450%, 11/01/01 498,515 HARLEY-DAVIDSON FUNDING CORP 895,000 c 3.410%, 11/02/01 892,287 HD REAL ESTATE FUNDING CORP 825,000 c 3.860%, 11/05/01 821,904 LONE STAR FUNDING LLC 1,000,000 c 3.500%, 10/15/01 998,639 MCGRAW-HILL, INC 274,000 3.600%, 10/10/01 273,753 MINNESOTA MINING & MANUFACTURING CO 1,000,000 3.300%, 11/13/01 996,058 PACCAR FINANCIAL CORP 1,000,000 3.380%, 11/29/01 994,461
---------------------------------------------------------------- PRINCIPAL VALUE ---------------------------------------------------------------- PARK AVENUE RECEIVABLES CORP $1,000,000 c 3.500%, 10/17/01 $ 998,444 WAL-MART STORES, INC 1,000,000 c 3.000%, 10/01/01 1,000,000 ----------- TOTAL COMMERCIAL PAPER 17,228,380 ----------- U.S. GOVERNMENT AND AGENCIES -- 48.48% FEDERAL FARM CREDIT BANK (FFCB) 1,000,000 2.720%, 10/01/01 1,000,000 500,000 3.000%, 10/01/01 500,000 39,000 4.280%, 02/26/02 38,314 85,000 4.250%, 03/13/02 83,364 58,000 3.980%, 05/01/02 56,641 FEDERAL HOME LOAN BANK (FHLB) 5,950,000 3.150%, 10/01/01 5,950,000 1,065,000 3.490%, 10/10/01 1,064,080 153,000 3.670%, 12/14/01 151,846 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 1,230,000 1.980%, 10/02/01 1,229,932 1,775,000 3.500%, 10/02/01 1,774,827 1,090,000 3.410%, 11/08/01 1,086,077 2,700,000 3.430%, 11/08/01 2,690,225 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 983,000 2.420%, 12/28/01 977,185 117,000 3.950%, 04/19/02 114,433 275,000 3.760%, 05/31/02 268,040 ----------- TOTAL U.S. GOVERNMENT AND AGENCIES 16,984,964 ----------- TOTAL SHORT TERM INVESTMENTS (Cost $35,078,344) 35,078,344 ----------- TOTAL PORTFOLIO -- 100.12% (Cost $35,078,344) 35,078,344 OTHER ASSETS AND LIABILITIES, NET -- (0.12%) (41,439) ----------- NET ASSETS -- 100.00% $35,036,905 ===========
--------------- c Commercial paper issued under the private placement exemption under section 4(2) of the Securities Act of 1933. The cost of portfolio investments for federal income tax purposes is substantially the same as the amount disclosed above. See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 77 [TIAA CREF LOGO] -------------------------------------------------------------------------------- REPORT OF MANAGEMENT RESPONSIBILITY To the Shareholders of TIAA-CREF Institutional Mutual Funds: The accompanying financial statements of the Institutional International Equity, Institutional Growth Equity, Institutional Growth & Income, Institutional Equity Index, Institutional Social Choice Equity, Institutional Bond, and Institutional Money Market Funds of TIAA-CREF Institutional Mutual Funds (the "Funds") are the responsibility of management. They have been prepared in accordance with accounting principles generally accepted in the United States and have been presented fairly and objectively in accordance with such principles. The Funds have established and maintain a strong system of internal controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management's authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, the Funds' internal audit personnel provide a continuing review of the internal controls and operations of the Funds, and the internal Auditor regularly reports to the Audit Committee of the Funds' Board of Trustees. The accompanying financial statements have been audited by the independent auditing firm of Ernst & Young LLP. For the periods covered by these financial statements, all services provided by Ernst & Young LLP were limited exclusively to auditing. It is the Funds' policy that any non-audit services be obtained from a firm other than the external financial audit firm. The independent auditor's report, which appears on the second following page, expresses an independent opinion on the fairness of presentation of these financial statements. The Audit Committee of the Funds' Board of Trustees, consisting of trustees who are not officers of TIAA-CREF Institutional Mutual Funds, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls and auditing. In addition to the annual audit of the financial statements of the Funds by the independent auditing firm, the Securities and Exchange Commission performs periodic examinations of the Funds' operations. /s/ MARTIN E. GALT, III ---------------------------------------- President /s/ RICHARD L. GIBBS ---------------------------------------- Executive Vice President and Principal Accounting Officer 78 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT [TIAA CREF LOGO] -------------------------------------------------------------------------------- REPORT OF THE AUDIT COMMITTEE To the Shareholders of TIAA-CREF Institutional Mutual Funds: The Audit Committee oversees the financial reporting process of TIAA-CREF Institutional Mutual Funds (the "Funds") on behalf of the Funds' Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee's responsibilities. All members of the Audit Committee ("Committee") are independent, as defined under the listing standards of the New York Stock Exchange. Management has the primary responsibility for preparation of the Funds' financial statements, development and maintenance of a strong system of internal controls, and compliance with applicable laws and regulations. In fulfilling its oversight responsibilities, the Committee reviewed and approved the audit plans of the internal auditing group and the independent auditing firm in advance of their respective audits of the Funds. The Committee also meets regularly with the internal and independent auditors, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting. The Committee reviewed and discussed the accompanying audited financial statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the reasonableness of significant judgments, and the clarity of disclosures in the financial statements. The Committee has also discussed the audited financial statements with Ernst & Young LLP, the independent auditing firm responsible for expressing an opinion on the conformity of these audited financial statements with generally accepted accounting principles. The discussion with Ernst & Young LLP focused on their judgments concerning the quality and appropriateness of the accounting principles and financial reporting practices followed by the Funds, the clarity of the financial statements and related disclosures, and other significant matters, such as any significant changes in accounting policies, management judgments and estimates, and the nature of any uncertainties or unusual transactions. In addition, the Committee discussed with Ernst & Young LLP the auditors' independence from management and the Funds, and has received a written disclosure regarding such independence, as required by the Independence Standards Board. Based on the review and discussions referred to above, the Committee has approved the release of the accompanying audited financial statements for publication and filing with appropriate regulatory authorities. Maceo K. Sloan, Audit Committee Chair Martin J. Gruber, Audit Committee Member Nester V. Santiago, Audit Committee Member David K. Storrs, Audit Committee Member November 13, 2001 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 79 [ERNST & YOUNG LOGO] 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 TIAA-CREF Institutional Mutual Funds (comprising, respectively, the Institutional International Equity Fund, the Institutional Growth Equity Fund, the Institutional Growth & Income Fund, the Institutional Equity Index Fund, the Institutional Social Choice Equity Fund, the Institutional Bond Fund and the Institutional Money Market Fund) (the "Funds") as of September 30, 2001, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2001 by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds constituting TIAA-CREF Institutional Mutual Funds at September 30, 2001, the results of their operations and cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the indicated periods, in conformity with accounting principles generally accepted in the United States. /s/ ERNST & YOUNG LLP November 9, 2001 80 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF ASSETS AND LIABILITIES -------------------------------------------------------------------------------- September 30, 2001
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX EQUITY FUND FUND INCOME FUND FUND ------------------------------------------------------------------------------------------ ASSETS Portfolio investments, at cost $147,161,599 $206,079,929 $204,356,478 $122,594,162 Net unrealized appreciation (depreciation) of portfolio investments (24,841,132) (54,388,867) (23,852,882) (21,462,192) ------------------------------------------------------------------------------------------ Portfolio investments, at value 122,320,467 151,691,062 180,503,596 101,131,970 Cash 240,804 5,917 180,737 712 Receivable from securities transactions 573,828 504,152 9,557,681 45 Receivable for Fund shares sold 322,068 -- 187,056 1,304,218 Dividends and interest receivable 358,167 117,834 160,610 119,662 Due from investment advisor -- -- -- 118,319 ------------------------------------------------------------------------------------------ TOTAL ASSETS 123,815,334 152,318,965 190,589,680 102,674,926 ------------------------------------------------------------------------------------------ LIABILITIES Accrued expenses 66,221 116,446 130,139 133,998 Payable for securities transactions 3,312,940 1,740,532 20,311,813 1,293,661 Payable for Fund shares redeemed -- 480,640 150 -- Income distribution payable -- -- 267,025 -- Due to investment advisor 482 688 802 -- ------------------------------------------------------------------------------------------ TOTAL LIABILITIES 3,379,643 2,338,306 20,709,929 1,427,659 ------------------------------------------------------------------------------------------ NET ASSETS $120,435,691 $149,980,659 $169,879,751 $101,247,267 ========================================================================================== NET ASSETS CONSIST OF: Paid in capital $163,009,660 $236,546,679 $211,866,327 $123,332,848 Accumulated undistributed (overdistributed) net investment income 1,489,897 462,277 87,405 769,621 Accumulated undistributed net realized gain (loss) on total investments (19,230,091) (32,641,683) (18,220,794) (1,393,010) Accumulated net unrealized appreciation (depreciation) on total investments (24,833,775) (54,386,614) (23,853,187) (21,462,192) ------------------------------------------------------------------------------------------ NET ASSETS $120,435,691 $149,980,659 $169,879,751 $101,247,267 ========================================================================================== Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 14,909,797 23,429,664 21,474,164 12,564,696 NET ASSET VALUE PER SHARE $8.08 $6.40 $7.91 $8.06 ========================================================================================== INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL SOCIAL CHOICE BOND MONEY MARKET EQUITY FUND FUND FUND --------------------------- --------------------------------------------- ASSETS Portfolio investments, at cost $33,042,301 $379,552,106 $35,078,344 Net unrealized appreciation (depreciation) of portfolio investments (6,564,863) 9,429,589 -- -------------------------------------------------------------------------- Portfolio investments, at value 26,477,438 388,981,695 35,078,344 Cash 1,822 50,761 591 Receivable from securities transactions -- 5,641,482 -- Receivable for Fund shares sold 51,352 89,147 49,733 Dividends and interest receivable 24,707 2,981,919 14,082 Due from investment advisor 23,337 -- 35,716 -------------------------------------------------------------------------- TOTAL ASSETS 26,578,656 397,745,004 35,178,466 -------------------------------------------------------------------------- LIABILITIES Accrued expenses 115,482 126,940 129,282 Payable for securities transactions -- 92,222,410 -- Payable for Fund shares redeemed -- 242,533 10,094 Income distribution payable 3,574 607,702 2,185 Due to investment advisor -- 4,215 -- -------------------------------------------------------------------------- TOTAL LIABILITIES 119,056 93,203,800 141,561 -------------------------------------------------------------------------- NET ASSETS $26,459,600 $304,541,204 $35,036,905 ========================================================================== NET ASSETS CONSIST OF: Paid in capital $32,877,763 $289,617,094 $35,036,610 Accumulated undistributed (overdistributed) net investment income 236,553 (4,384) 21 Accumulated undistributed net realized gain (loss) on total investments (89,853) 5,498,905 274 Accumulated net unrealized appreciation (depreciation) on total investments (6,564,863) 9,429,589 -- -------------------------------------------------------------------------- NET ASSETS $26,459,600 $304,541,204 $35,036,905 ========================================================================== Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) 3,293,412 28,786,942 35,036,610 NET ASSET VALUE PER SHARE $8.03 $10.58 $1.00 ==========================================================================
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 81 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF OPERATIONS -------------------------------------------------------------------------------- For the Year Ended September 30, 2001
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE BOND EQUITY FUND FUND INCOME FUND FUND EQUITY FUND FUND --------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME Interest $ 140,674 $ 142,022 $ 181,475 $ 57,865 $ 14,966 $14,120,806 Dividends 1,883,392 729,159 1,455,413 986,447 356,799 12,544 Foreign taxes withheld (209,776) (2,526) (9,499) (129) (1,466) -- --------------------------------------------------------------------------------------------------------------------------- Total income 1,814,290 868,655 1,627,389 1,044,183 370,299 14,133,350 --------------------------------------------------------------------------------------------------------------------------- EXPENSES Investment management fees 272,038 333,725 282,856 138,133 53,985 411,567 Custody and administration 143,763 143,763 143,763 143,763 143,763 143,763 Audit and legal 32,000 32,000 29,000 34,000 27,000 23,000 Shareholder servicing 18,000 18,000 18,000 18,000 18,000 18,000 Printing 13,416 18,524 14,161 11,453 5,231 26,253 Registration 38,778 45,071 46,378 40,115 23,339 67,665 Trustee fees and expenses 844 1,212 819 658 319 1,614 Other 3,663 3,914 3,699 3,566 3,258 4,296 --------------------------------------------------------------------------------------------------------------------------- Total expenses before fee waiver and expense reimbursement 522,502 596,209 538,676 389,688 274,895 696,158 Less investment management fees waived by the investment advisor (see Note 3) 90,679 101,568 86,087 53,718 19,889 114,324 Less expenses reimbursed by the investment advisor (see Note 3) 139,648 175,415 182,026 205,505 203,862 147,408 --------------------------------------------------------------------------------------------------------------------------- Net expenses 292,175 319,226 270,563 130,465 51,144 434,426 --------------------------------------------------------------------------------------------------------------------------- Net investment income 1,522,115 549,429 1,356,826 913,718 319,155 13,698,924 --------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS Realized gain (loss) on: Portfolio investments (18,514,669) (31,105,056) (17,644,624) (1,198,395) (68,855) 7,112,987 Foreign currency transactions (27,208) (9,468) 743 -- -- -- --------------------------------------------------------------------------------------------------------------------------- Net realized gain (loss) on total investments (18,541,877) (31,114,524) (17,643,881) (1,198,395) (68,855) 7,112,987 --------------------------------------------------------------------------------------------------------------------------- Change in unrealized appreciation (depreciation) on: Portfolio investments (23,533,582) (59,046,114) (25,844,148) (25,155,447) (8,733,931) 7,653,032 Translations of assets (other than portfolio investments) and liabilities denominated in foreign currencies 15,242 2,253 (455) -- -- -- --------------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) on total investments (23,518,340) (59,043,861) (25,844,603) (25,155,447) (8,733,931) 7,653,032 --------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) on total investments (42,060,217) (90,158,385) (43,488,484) (26,353,842) (8,802,786) 14,766,019 --------------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $(40,538,102) $(89,608,956) $(42,131,658) $(25,440,124) $(8,483,631) $28,464,943 =========================================================================================================================== INSTITUTIONAL MONEY MARKET FUND ---------------------------- ------------- INVESTMENT INCOME Interest $1,579,829 Dividends -- Foreign taxes withheld -- ------------------------------------------- Total income 1,579,829 ------------------------------------------- EXPENSES Investment management fees 46,735 Custody and administration 143,763 Audit and legal 23,000 Shareholder servicing 18,000 Printing 10,962 Registration 45,284 Trustee fees and expenses 554 Other 3,541 ------------------------------------------- Total expenses before fee waiver and expense reimbursement 291,839 Less investment management fees waived by the investment advisor (see Note 3) 15,578 Less expenses reimbursed by the investment advisor (see Note 3) 226,408 ------------------------------------------- Net expenses 49,853 ------------------------------------------- Net investment income 1,529,976 ------------------------------------------- NET REALIZED AND UNREALIZED TOTAL INVESTMENTS Realized gain (loss) on: Portfolio investments 274 Foreign currency transactions -- ------------------------------------------- Net realized gain (loss) on total investments 274 ------------------------------------------- Change in unrealized appreciation (depreciation) on: Portfolio investments -- Translations of assets (other than portfolio investments) and liabilities denominated in foreign currencies -- ------------------------------------------- Net change in unrealized appreciation (depreciation) on total investments -- ------------------------------------------- Net realized and unrealized gain (loss) on total investments 274 ------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $1,530,250 ===========================================
82 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF CASH FLOWS -------------------------------------------------------------------------------- For the Year Ended September 30, 2001
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE EQUITY FUND FUND INCOME FUND FUND EQUITY FUND -------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net increase (decrease) in net assets resulting from operations $ (40,538,102) $ (89,608,956) $ (42,131,658) $(25,440,124) $(8,483,631) Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: Purchases of long term securities (154,184,059) (158,623,967) (187,392,308) (78,582,948) (7,420,591) Proceeds from sales of long-term securities 78,178,259 49,007,740 50,762,276 5,514,833 1,403,741 Purchases of short-term investments-net (3,470,720) (1,018,986) (11,550,083) (1,382,551) (145,019) Increase in receivables (218,810) (44,258) (110,404) (196,830) (27,550) Increase (decrease) in payables (25,579) (20,389) 23,771 24,096 305 Net realized (gain) loss on total investments 18,541,877 31,114,524 17,643,881 1,198,395 68,855 Unrealized (appreciation) depreciation on total investments 23,518,340 59,043,861 25,844,603 25,155,447 8,733,931 -------------------------------------------------------------------------------------------------------------------- Net cash used in operating activities (78,198,794) (110,150,431) (146,909,922) (73,709,682) (5,869,959) -------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Fund shares sold 79,848,182 116,618,013 150,598,320 94,382,535 9,498,001 Payments for Fund shares redeemed (6,183,862) (9,415,900) (6,160,734) (22,544,963) (3,742,906) Cash distributions paid (2,324,426) (1,081,281) (1,114,136) (247,797) (121,951) Exchanges among the Funds-net 5,992,251 3,532,700 3,512,951 2,120,000 -- Proceeds from the financing of dollar roll transactions-net -- -- -- -- -- -------------------------------------------------------------------------------------------------------------------- Net cash provided by financing activities 77,332,145 109,653,532 146,836,401 73,709,775 5,633,144 -------------------------------------------------------------------------------------------------------------------- Increase (decrease) in cash (866,649) (496,899) (73,521) 93 (236,815) CASH Beginning of year 1,107,453 502,816 254,258 619 238,637 -------------------------------------------------------------------------------------------------------------------- End of year $ 240,804 $ 5,917 $ 180,737 $ 712 $ 1,822 ==================================================================================================================== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Noncash financing activities not included above: Reinvestment of distributions $ 1,611,568 $ 2,502,728 $ 1,509,268 $ 732,422 $ 674,014 ============= ============= ============= ============ =========== INSTITUTIONAL INSTITUTIONAL BOND MONEY MARKET FUND FUND ---------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net increase (decrease) in net assets resulting from operations $ 28,464,943 $ 1,530,250 Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: Purchases of long term securities (707,992,099) -- Proceeds from sales of long-term securities 601,729,379 -- Purchases of short-term investments-net (31,902,759) (9,664,828) Increase in receivables (1,457,221) (49,886) Increase (decrease) in payables (27,122) 19,150 Net realized (gain) loss on total investments (7,112,987) (274) Unrealized (appreciation) depreciation on total investments (7,653,032) -- --------------------------------------------------------------------- Net cash used in operating activities (125,950,898) (8,165,588) --------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Fund shares sold 163,178,155 28,611,444 Payments for Fund shares redeemed (18,940,917) (19,436,590) Cash distributions paid (4,525,257) (277,745) Exchanges among the Funds-net (14,425,900) (732,002) Proceeds from the financing of dollar roll transactions-net 710,781 -- --------------------------------------------------------------------- Net cash provided by financing activities 125,996,862 8,165,107 --------------------------------------------------------------------- Increase (decrease) in cash 45,964 (481) CASH Beginning of year 4,797 1,072 --------------------------------------------------------------------- End of year $ 50,761 $ 591 ===================================================================== SUPPLEMENTAL DISCLOSURE OF CASH FLOW Noncash financing activities not included above: Reinvestment of distributions $ 10,996,775 $ 1,285,659 =============== ============
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 83 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS --------------------------------------------------------------------------------
INSTITUTIONAL INTERNATIONAL EQUITY FUND INSTITUTIONAL GROWTH EQUITY FUND --------------------------------------- --------------------------------- FOR THE YEARS ENDED SEPTEMBER 30, FOR THE YEARS ENDED SEPTEMBER 30, --------------------------------------- --------------------------------- 2001 2000 2001 2000 ------------------------------------------------------------------------------------------------------------------ CHANGE IN NET ASSETS OPERATIONS: Net investment income $ 1,522,115 $ 501,056 $ 549,429 $ 239,849 Net realized gain (loss) on total investments (18,541,877) 2,850,571 (31,114,524) 2,283,089 Net change in unrealized appreciation (depreciation) on total investments (23,518,340) (2,810,280) (59,043,861) 3,698,280 ------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from operations (40,538,102) 541,347 (89,608,956) 6,221,218 ------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS: From net investment income (277,626) (126,361) (289,068) (82,981) From realized gains (3,658,368) (185,381) (3,294,941) -- ------------------------------------------------------------------------------------------------------------------ Total distributions (3,935,994) (311,742) (3,584,009) (82,981) ------------------------------------------------------------------------------------------------------------------ SHAREHOLDER TRANSACTIONS: Seed money redemptions by TIAA -- (34,570,860) -- (23,534,531) Subscriptions 79,649,233 91,670,791 116,503,256 122,326,892 Reinvestment of distributions 1,611,568 221,913 2,502,728 30,391 Exchanges among the Funds, net 5,992,251 (6,500) 3,532,700 (719,755) Redemptions (6,183,862) (1,176,515) (9,894,281) (4,246,684) ------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from shareholder transactions 81,069,190 56,138,829 112,644,403 93,856,313 ------------------------------------------------------------------------------------------------------------------ Total increase (decrease) in net assets 36,595,094 56,368,434 19,451,438 99,994,550 NET ASSETS Beginning of year 83,840,597 27,472,163 130,529,221 30,534,671 ------------------------------------------------------------------------------------------------------------------ End of year $120,435,691 $ 83,840,597 $149,980,659 $130,529,221 ================================================================================================================== CHANGE IN FUND SHARES: Shares outstanding, beginning of year 6,682,802 2,576,163 10,403,989 3,010,648 ------------------------------------------------------------------------------------------------------------------ Seed shares redeemed by TIAA -- (2,447,303) -- (2,124,149) Shares sold 8,015,350 6,617,983 13,464,829 9,906,656 Shares issued in reinvestment of distributions 144,535 15,694 256,427 2,487 Shares exchanged among the Funds, net 671,917 (464) 433,439 (55,833) Shares redeemed (604,807) (79,271) (1,129,020) (335,820) ------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in shares outstanding 8,226,995 4,106,639 13,025,675 7,393,341 ------------------------------------------------------------------------------------------------------------------ Shares outstanding, end of year 14,909,797 6,682,802 23,429,664 10,403,989 ================================================================================================================== INSTITUTIONAL GROWTH & INCOME FUND ----------------------------------- FOR THE YEARS ENDED SEPTEMBER 30, ----------------------------------- 2001 2000 ------------------------------------- ----------------------------------- CHANGE IN NET ASSETS OPERATIONS: Net investment income $ 1,356,826 $ 390,026 Net realized gain (loss) on total investments (17,643,881) 972,533 Net change in unrealized appreciation (depreciation) on total investments (25,844,603) 2,608,756 -------------------------------------------------------------------------- Net increase (decrease) from operations (42,131,658) 3,971,315 -------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS: From net investment income (1,281,419) (371,402) From realized gains (1,530,774) (12,663) -------------------------------------------------------------------------- Total distributions (2,812,193) (384,065) -------------------------------------------------------------------------- SHAREHOLDER TRANSACTIONS: Seed money redemptions by TIAA -- (21,520,715) Subscriptions 150,628,713 59,395,493 Reinvestment of distributions 1,509,268 165,835 Exchanges among the Funds, net 3,512,951 -- Redemptions (6,160,884) (1,468,556) -------------------------------------------------------------------------- Net increase (decrease) from shareholder transactions 149,490,048 36,572,057 -------------------------------------------------------------------------- Total increase (decrease) in net assets 104,546,197 40,159,307 NET ASSETS Beginning of year 65,333,554 25,174,247 -------------------------------------------------------------------------- End of year $169,879,751 $ 65,333,554 ========================================================================== CHANGE IN FUND SHARES: Shares outstanding, beginning of year 5,812,170 2,580,060 -------------------------------------------------------------------------- Seed shares redeemed by TIAA -- (1,926,290) Shares sold 15,754,942 5,274,124 Shares issued in reinvestment of distributions 157,818 14,720 Shares exchanged among the Funds, net 379,849 -- Shares redeemed (630,615) (130,444) -------------------------------------------------------------------------- Net increase (decrease) in shares outstanding 15,661,994 3,232,110 -------------------------------------------------------------------------- Shares outstanding, end of year 21,474,164 5,812,170 ==========================================================================
84 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements STATEMENTS OF CHANGES IN NET ASSETS --------------------------------------------------------------------------------
INSTITUTIONAL SOCIAL CHOICE INSTITUTIONAL EQUITY INDEX FUND EQUITY FUND INSTITUTIONAL BOND FUND ---------------------------------- --------------------------------- --------------------------------- FOR THE YEARS ENDED SEPTEMBER 30, FOR THE YEARS ENDED SEPTEMBER 30, FOR THE YEARS ENDED SEPTEMBER 30, ---------------------------------- --------------------------------- --------------------------------- 2001 2000 2001 2000 2001 2000 -------------------------------------------------------------------------------------------------------------- $ 913,718 $ 419,792 $ 319,155 $ 278,462 $ 13,698,924 $ 6,240,784 (1,198,395) 316,102 (68,855) 489,846 7,112,987 609,917 (25,155,447) 4,459,630 (8,733,931) 2,612,744 7,653,032 1,836,864 -------------------------------------------------------------------------------------------------------------- (25,440,124) 5,195,524 (8,483,631) 3,381,052 28,464,943 8,687,565 -------------------------------------------------------------------------------------------------------------- (480,250) (175,687) (293,110) (161,141) (13,709,958) (6,234,537) (499,969) (71,349) (506,429) -- (2,214,391) (3,498) -------------------------------------------------------------------------------------------------------------- (980,219) (247,036) (799,539) (161,141) (15,924,349) (6,238,035) -------------------------------------------------------------------------------------------------------------- (18,000,833) (9,483,000) (928,000) (3,563,000) (6,640,212) (18,182,000) 95,686,753 31,530,370 7,004,254 4,880,222 162,915,516 135,365,023 732,422 232,334 674,014 155,937 10,996,775 4,731,169 2,120,000 -- -- -- (14,425,900) 102,855 (4,540,185) (622,421) (314,906) (116,409) (12,542,846) (3,123,160) -------------------------------------------------------------------------------------------------------------- 75,998,157 21,657,283 6,435,362 1,356,750 140,303,333 118,893,887 -------------------------------------------------------------------------------------------------------------- 49,577,814 26,605,771 (2,847,808) 4,576,661 152,843,927 121,343,417 51,669,453 25,063,682 29,307,408 24,730,747 151,697,277 30,353,860 -------------------------------------------------------------------------------------------------------------- $101,247,267 $51,669,453 $26,459,600 $29,307,408 $304,541,204 $151,697,277 ============================================================================================================== 4,544,880 2,567,842 2,627,223 2,508,015 15,112,620 3,043,968 -------------------------------------------------------------------------------------------------------------- (1,651,331) (840,632) (89,976) (319,617) (661,706) (1,811,796) 9,842,995 2,851,685 726,321 435,297 15,878,976 13,707,223 71,806 20,931 66,340 14,074 1,071,294 477,968 219,560 -- -- -- (1,281,262) 10,338 (463,214) (54,946) (36,496) (10,546) (1,332,980) (315,081) -------------------------------------------------------------------------------------------------------------- 8,019,816 1,977,038 666,189 119,208 13,674,322 12,068,652 -------------------------------------------------------------------------------------------------------------- 12,564,696 4,544,880 3,293,412 2,627,223 28,786,942 15,112,620 ============================================================================================================== INSTITUTIONAL MONEY MARKET FUND --------------------------------- FOR THE YEARS ENDED SEPTEMBER 30, --------------------------------- 2001 2000 --- --------------------------------- $ 1,529,976 $ 1,528,544 274 21 -- -- -------------------------------------- 1,530,250 1,528,565 -------------------------------------- (1,529,976) (1,528,544) -- -- -------------------------------------- (1,529,976) (1,528,544) -------------------------------------- (4,768,635) (21,361,000) 28,636,704 27,392,621 1,285,659 1,218,438 (732,002) 623,400 (14,677,607) (7,959,133) -------------------------------------- 9,744,119 (85,674) -------------------------------------- 9,744,393 (85,653) 25,292,512 25,378,165 -------------------------------------- $ 35,036,905 $ 25,292,512 ====================================== 25,292,491 25,378,165 -------------------------------------- (4,768,635) (21,361,000) 28,636,704 27,392,621 1,285,659 1,218,438 (732,002) 623,400 (14,677,607) (7,959,133) -------------------------------------- 9,744,119 (85,674) -------------------------------------- 35,036,610 25,292,491 ======================================
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 85 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS --------------------------------------------------------------------------------
INSTITUTIONAL INTERNATIONAL EQUITY FUND INSTITUTIONAL GROWTH EQUITY FUND ------------------------------------------------ ------------------------------------------------ FOR THE PERIOD FOR THE PERIOD JUNE 14, 1999 JUNE 14, 1999 FOR THE YEAR FOR THE YEAR (COMMENCEMENT OF FOR THE YEAR FOR THE YEAR (COMMENCEMENT OF ENDED ENDED OPERATIONS) TO ENDED ENDED OPERATIONS) TO SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, 2001 2000 1999(a) 2001 2000 1999(a) ----------------------------------------------------------------------------------------------------------------------------------- SELECTED PER SHARE DATA Net asset value, beginning of period $12.55 $10.66 $10.00 $12.55 $10.14 $10.00 ----------------------------------------------------------------------------------------------------------------------------------- Gain (loss) from investment operations: Net investment income 0.10 0.07 0.04 0.02 0.03 0.02 Net realized and unrealized gain (loss) on investments (4.06) 1.94 0.62 (5.90) 2.40 0.12 ----------------------------------------------------------------------------------------------------------------------------------- Total gain (loss) from investment operations (3.96) 2.01 0.66 (5.88) 2.43 0.14 ----------------------------------------------------------------------------------------------------------------------------------- Less distributions from: Net investment income (0.04) (0.05) -- (0.02) (0.02) -- Net realized gains (0.47) (0.07) -- (0.25) -- -- ----------------------------------------------------------------------------------------------------------------------------------- Total distributions (0.51) (0.12) -- (0.27) (0.02) -- ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $8.08 $12.55 $10.66 $6.40 $12.55 $10.14 =================================================================================================================================== TOTAL RETURN (32.63)% 18.58% 6.60% (47.57)% 24.01% 1.40% RATIOS AND SUPPLEMENTAL DATA Net assets at end of period (in thousands) $120,436 $83,841 $27,472 $149,981 $130,529 $30,535 Ratio of expenses to average net assets before expense waiver and reimbursement 0.52% 0.70% 0.39% 0.41% 0.56% 0.35% Ratio of expenses to average net assets after expense waiver and reimbursement 0.29% 0.29% 0.09% 0.22% 0.22% 0.07% Ratio of net investment income to average net assets 1.51% 0.94% 0.45% 0.38% 0.30% 0.20% Portfolio turnover rate 77.83% 105.37% 21.35% 34.44% 56.67% 21.08% =================================================================================================================================== (a) The percentages shown for this period are not annualized. INSTITUTIONAL GROWTH & INCOME FUND ------------------------------------------------ FOR THE PERIOD JUNE 14, 1999 FOR THE YEAR FOR THE YEAR (COMMENCEMENT OF ENDED ENDED OPERATIONS) TO SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, 2001 2000 1999(a) ------------------------------ ------------------------------------------------ SELECTED PER SHARE DATA Net asset value, beginning of period $11.24 $9.76 $10.00 -------------------------------------------------------------------------------- Gain (loss) from investment operations: Net investment income 0.09 0.10 0.04 Net realized and unrealized gain (loss) on investments (3.15) 1.49 (0.25) -------------------------------------------------------------------------------- Total gain (loss) from investment operations (3.06) 1.59 (0.21) -------------------------------------------------------------------------------- Less distributions from: Net investment income (0.09) (0.10) (0.03) Net realized gains (0.18) (0.01) -- -------------------------------------------------------------------------------- Total distributions (0.27) (0.11) (0.03) -------------------------------------------------------------------------------- Net asset value, end of period $7.91 $11.24 $9.76 ================================================================================ TOTAL RETURN (27.66)% 16.18% (2.05)% RATIOS AND SUPPLEMENTAL DATA Net assets at end of period (in thousands) $169,880 $65,334 $25,174 Ratio of expenses to average net assets before expense waiver and reimbursement 0.44% 0.78% 0.38% Ratio of expenses to average net assets after expense waiver and reimbursement 0.22% 0.22% 0.07% Ratio of net investment income to average net assets 1.10% 1.02% 0.36% Portfolio turnover rate 49.56% 37.95% 10.95% ================================================================================ (a) The percentages shown for
86 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT See notes to financial statements FINANCIAL HIGHLIGHTS --------------------------------------------------------------------------------
INSTITUTIONAL EQUITY INDEX FUND INSTITUTIONAL SOCIAL CHOICE EQUITY FUND ------------------------------------------------- ------------------------------------------------- FOR THE PERIOD FOR THE PERIOD JUNE 14, 1999 JUNE 14, 1999 FOR THE YEAR FOR THE YEAR (COMMENCEMENT FOR THE YEAR FOR THE YEAR (COMMENCEMENT ENDED ENDED OF OPERATIONS) TO ENDED ENDED OF OPERATIONS) TO SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, 2001 2000 1999(a) 2001 2000 1999(a) --------------------------------------------------------------------------------------------------------- $11.37 $9.76 $10.00 $11.16 $9.86 $10.00 --------------------------------------------------------------------------------------------------------- 0.09 0.10 0.04 0.10 0.11 0.04 (3.20) 1.61 (0.28) (2.94) 1.25 (0.18) --------------------------------------------------------------------------------------------------------- (3.11) 1.71 (0.24) (2.84) 1.36 (0.14) --------------------------------------------------------------------------------------------------------- (0.10) (0.07) -- (0.11) (0.06) -- (0.10) (0.03) -- (0.18) -- -- --------------------------------------------------------------------------------------------------------- (0.20) (0.10) -- (0.29) (0.06) -- --------------------------------------------------------------------------------------------------------- $8.06 $ 11.37 $ 9.76 $ 8.03 $ 11.16 $ 9.86 ========================================================================================================= (27.71)% 17.49% (2.40)% (25.99)% 13.84% (1.40)% $101,247 $51,669 $25,064 $26,460 $29,307 $24,731 0.51% 0.71% 0.36% 0.97% 0.90% 0.37% 0.17% 0.17% 0.05% 0.18% 0.18% 0.05% 1.19% 1.04% 0.39% 1.12% 1.00% 0.37% 7.19% 11.58% 9.51% 4.96% 16.22% 0.06% ========================================================================================================= INSTITUTIONAL BOND FUND INSTITUTIONAL MONEY MARKET FUND ------------------------------------------------- ------------------------------------------------- FOR THE PERIOD FOR THE PERIOD JUNE 14, 1999 JUNE 14, 1999 FOR THE YEAR FOR THE YEAR (COMMENCEMENT FOR THE YEAR FOR THE YEAR (COMMENCEMENT ENDED ENDED OF OPERATIONS) TO ENDED ENDED OF OPERATIONS) TO SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, 2001 2000 1999(a) 2001 2000 1999(a) --- ----------------------------------------------------------------------------------------------------- $10.04 $9.97 $10.00 $1.00 $1.00 $1.00 --------------------------------------------------------------------------------------------------------- 0.61 0.61 0.17 0.05 0.06 0.02 0.67 0.07 (0.03) -- -- -- --------------------------------------------------------------------------------------------------------- 1.28 0.68 0.14 0.05 0.06 0.02 --------------------------------------------------------------------------------------------------------- (0.61) (0.61) (0.17) (0.05) (0.06) (0.02) (0.13) -- -- -- -- -- --------------------------------------------------------------------------------------------------------- (0.74) (0.61) (0.17) (0.05) (0.06) (0.02) --------------------------------------------------------------------------------------------------------- $ 10.58 $ 10.04 $ 9.97 $ 1.00 $ 1.00 $ 1.00 ========================================================================================================= 13.21% 7.07% 1.42% 5.16% 6.19% 1.51% $304,541 $151,697 $30,354 $35,037 $25,293 $25,378 0.30% 0.48% 0.35% 0.94% 0.91% 0.36% 0.19% 0.19% 0.06% 0.16% 0.16% 0.05% 5.99% 6.59% 1.77% 4.91% 6.00% 1.52% 266.50% 301.93% 173.31% n/a n/a n/a =========================================================================================================
See notes to financial statements 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 87 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- Notes to Financial Statements NOTE 1. ORGANIZATION 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. The Funds currently consist of seven series (each referred to as a "Fund"). The Funds commenced operations on June 14, 1999 with a seed money investment by Teachers Insurance and Annuity Association of America ("TIAA") of $25,000,000 in each Fund. During 1999, TIAA began to withdraw its seed money from the Funds. The following table summarizes the activity in the Fund shares owned by TIAA during the year ended September 30, 2001:
VALUE OF SHARES SHARES VALUE OF SHARES SHARES HELD AT HELD AT WITHDRAWN WITHDRAWN SEPTEMBER 30, 2001 SEPTEMBER 30, 2001 --------- --------------- ------------------ ------------------ Institutional Equity Index Fund 1,651,331 $18,000,833 -- $ -- Institutional Social Choice Equity Fund 89,976 928,000 2,094,467 16,818,570 Institutional Bond Fund 661,706 6,640,212 -- -- Institutional Money Market Fund 4,768,635 4,768,635 -- --
On July 1, 1999 the Funds began to offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. ("TPIS"), which is a wholly-owned, indirect subsidiary of TIAA. The Funds are offered to certain intermediaries affiliated with TIAA, such as TIAA-CREF Trust Company, FSB, or other persons, such as state-sponsored tuition savings plans, who have entered into a contract with an affiliate of TIAA. TPIS is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers, Inc. Teachers Advisors Inc. ("Advisors"), a wholly-owned indirect subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds. NOTE 2. SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements may require management to make estimates and assumptions that affect the financial statements. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds, which are in conformity with accounting principles generally accepted in the United States. VALUATION OF INVESTMENTS: Securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported, except for bonds which are valued at the most recent bid price or the equivalent quoted yield of such bonds. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For Funds other than the Institutional Money Market Fund, money market instruments are valued at fair market value, except for such instruments within 60 days to maturity, which are valued at amortized cost, which approximates market value. For the Institutional Money Market Fund, securities are valued using the amortized cost method, which approximates market value. The amortized cost method initially values securities at original cost and assumes a constant rate of amortization to maturity of any discount or premium. Portfolio securities for which market quotations are not readily available (including restricted securities) are valued at fair value, as determined in good faith under the direction of the Board of Trustees. ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the date the securities are purchased or sold (trade date). Realized gains and losses on securities transactions are based on the specific identification method for both financial statement and federal income tax purposes. Interest income is recognized on the accrual basis, and discounts and premiums are amortized using the effective yield method. Dividend income is recorded on the ex-dividend date, except for certain foreign dividends, which are recorded as the Funds are informed of the ex-dividend date. 88 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- Notes to Financial Statements -- (Continued) NOTE 2. SIGNIFICANT ACCOUNTING POLICIES -- (CONCLUDED) DOLLAR ROLL TRANSACTIONS: The Funds may enter into dollar rolls in which a Fund sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities (same issuer and interest rate and substantially similar maturity) on a specified future date. During the roll period a Fund forgoes principal and interest paid on the securities. The Funds record dollar rolls as financing transactions. Dollar rolls can enhance a Fund's return by earning a spread between the yield on the underlying securities and short-term interest rates. The use of dollar roll transactions by the Institutional Bond Fund results in borrowing by this Fund requiring the presentation of a statement of cash flows. Although not required under accounting principles generally accepted in the United States, a statement of cash flows for the other six Funds is also presented. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION: The records of the Funds are maintained in U.S. dollars. Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. FORWARD FOREIGN CURRENCY CONTRACTS: The Funds may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are "marked-to-market" at the end of each day's trading. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon maturity or if the counterparties do not perform in accordance with contractual provisions. SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Funds may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Funds to the risk that the transaction may not be consummated. The price and interest rate of such securities are fixed at trade date. For when-issued purchases, a Fund does not earn interest on such security until settlement date. RESTRICTED SECURITIES: Restricted securities held by the Funds, which are identified in the accompanying statements of investments, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded. DIVIDENDS TO SHAREHOLDERS: Dividends from net investment income, if any, for the Institutional International Equity, Institutional Growth Equity, Institutional Equity Index and Institutional Social Choice Equity Funds are declared and paid annually; for the Institutional Growth & Income Fund are declared and paid quarterly; for the Institutional Bond Fund are declared and paid monthly; and for the Institutional Money Market Fund are declared daily and paid monthly. Distributions from realized gains, if any, are declared and paid annually for each of the Funds. Undistributed net investment income and accumulated undistributed net realized gain (loss) on total investments may include temporary book and tax differences which will reverse in a subsequent period. Any permanent book and tax basis differences relating to shareholder distributions will result in reclassifications among the respective components of net assets. INCOME TAXES: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code ("Code") and will not be subject to income taxes to the extent that they distribute substantially all taxable income each year. At September 30, 2001, the Institutional International Equity, Institutional Growth & Income and Institutional Social Choice Equity Funds have capital loss carryovers of $243,300, $38,200 and $11,900, respectively, which will begin to expire in 2009. 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 89 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- Notes to Financial Statements -- (Continued) NOTE 3. MANAGEMENT AGREEMENT Under the terms of an Investment Management Agreement, each Fund pays Advisors a monthly fee for the management of the Fund's net assets, based on the average daily net assets of each Fund. Advisors has currently waived its right to receive a portion of its fee from each Fund at least until July 1, 2006. As a result, during such waiver period, Advisors will receive the following annual percentages of each Fund's average daily net assets:
INVESTMENT INVESTMENT MANAGEMENT FEE MANAGEMENT FEE BEFORE WAIVER WAIVER AFTER WAIVER -------------- ------ -------------- Institutional International Equity Fund 0.27% 0.09% 0.18% Institutional Growth Equity Fund 0.23% 0.07% 0.16% Institutional Growth & Income Fund 0.23% 0.07% 0.16% Institutional Equity Index Fund 0.18% 0.07% 0.11% Institutional Social Choice Equity Fund 0.19% 0.07% 0.12% Institutional Bond Fund 0.18% 0.05% 0.13% Institutional Money Market Fund 0.15% 0.05% 0.10%
Advisors has also entered into a reimbursement agreement with the Funds, which will remain in effect at least until July 1, 2006. Under the terms of the agreement, Advisors has agreed to reimburse the Funds so that the non-investment management fee expenses of the Funds do not exceed, on an annual basis, 0.06% of the average daily net assets of each of the Funds, with the exception of the Institutional International Equity Fund, where Advisors has agreed to reimburse the Fund so that its non-investment management fee expenses do not exceed, on an annual basis, 0.11% of the Fund's average daily net assets. NOTE 4. INVESTMENTS At September 30, 2001, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:
NET UNREALIZED GROSS UNREALIZED GROSS UNREALIZED APPRECIATION APPRECIATION DEPRECIATION (DEPRECIATION) ---------------- ---------------- -------------- Institutional International Equity Fund $1,371,349 $26,212,481 $(24,841,132) Institutional Growth Equity Fund 3,044,452 57,433,319 (54,388,867) Institutional Growth & Income Fund 3,718,168 27,571,050 (23,852,882) Institutional Equity Index Fund 3,896,959 25,359,151 (21,462,192) Institutional Social Choice Equity Fund 1,664,538 8,229,401 (6,564,863) Institutional Bond Fund 9,505,883 76,294 9,429,589
Purchases and sales of securities, other than short-term money market instruments, for the Funds, other than the Institutional Money Market Fund, for the year ended September 30, 2001, were as follows:
NON- NON- GOVERNMENT GOVERNMENT GOVERNMENT GOVERNMENT PURCHASES PURCHASES SALES SALES ------------ ------------ ----------- ------------ Institutional International Equity Fund $153,417,950 $ -- $77,397,412 $ -- Institutional Growth Equity Fund 157,454,492 1,896,204 49,330,994 42,945 Institutional Growth & Income Fund 204,121,573 2,283,748 60,024,732 271,809 Institutional Equity Index Fund 78,816,319 805,851 5,471,417 43,461 Institutional Social Choice Equity Fund 7,381,663 38,928 1,403,741 -- Institutional Bond Fund 91,794,170 641,133,071 56,047,217 530,271,469
90 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- Notes to Financial Statements -- (Concluded) NOTE 5. LINE OF CREDIT The Institutional International Equity, Institutional Growth Equity, Institutional Growth & Income, Institutional Equity Index, and Institutional Social Choice Equity Funds participate in a $2.25 billion unsecured revolving credit facility, for temporary or emergency purposes, including, without limitation, funding of shareholder redemptions that otherwise might require the untimely disposition of securities. Certain accounts/funds of College Retirement Equities Fund, TIAA-CREF Mutual Funds, TIAA-CREF Life Funds, and TIAA Separate Account VA-1, each of which are managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts/funds. Interest associated with any borrowing under the facility will be charged to the borrowing accounts/funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the year ended September 30, 2001, there were no borrowings under this credit facility by the Funds. In April, 2001, the Institutional Bond Fund established a letter of credit agreement in the amount of $1,000,000 for the purpose of facilitating the settlement of transactions in the mortgage backed securities market. For the year ended September 30, 2001, there were no borrowings under this agreement. 2001 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 91 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -------------------------------------------------------------------------------- Important Tax Information (Unaudited) The following TIAA-CREF Institutional Mutual Funds paid distributions which were designated as being from net long-term capital gains realized by the Funds during the year ended September 30, 2001:
AMOUNT PER AMOUNT SHARE ---------- -------- Institutional International Equity Fund $1,589,718 $0.205 Institutional Growth Equity Fund $3,294,941 $0.252 Institutional Growth & Income Fund $1,066,254 $0.128 Institutional Equity Index Fund $ 358,745 $0.074
The following TIAA-CREF Institutional Mutual Funds paid distributions during the year ended September 30, 2001 from ordinary income that in whole or in part qualify for the corporate dividends received deduction. The percentages that qualify are noted below: Institutional Growth Equity Fund 100.00% Institutional Growth & Income Fund 81.25% Institutional Equity Index Fund 86.92% Institutional Social Choice Equity Fund 45.37%
The Institutional International Equity Fund received income from foreign sources during the year ended September 30, 2001 of $1,776,935 ($0.119 per share) and paid taxes to foreign countries during the year ended September 30, 2001 of $209,776 ($0.014 per share). By early 2002, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor. 92 TIAA-CREF Institutional Mutual Funds 2001 ANNUAL REPORT [TIAA-CREF LOGO] 730 Third Avenue New York NY 10017-3206 TCIMFAR-11/2001 [RECYCLED PAPER LOGO] Printed on recycled paper