-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I0KL01ro60u8yECF988k5txAfca3GAyIV65/mmvps2U8pxNn2topD1o/Tc20IUH0 /7bAdzJLg0wT9YfDlPiw+w== 0000950123-99-010624.txt : 19991202 0000950123-99-010624.hdr.sgml : 19991202 ACCESSION NUMBER: 0000950123-99-010624 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIAA CREF INSTITUTIONAL MUTUAL FUNDS CENTRAL INDEX KEY: 0001084380 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 134054536 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-09301 FILM NUMBER: 99767313 BUSINESS ADDRESS: STREET 1: 730 THIRD AVE. CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2124909000 N-30D 1 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 1 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 99 ANNUAL REPORT 1999 Audited financial statements including statements of investments September 30, 1999 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] 2 TIAA-CREF Institutional Mutual Funds CONTENTS 1999 ANNUAL REPORT FUND PERFORMANCE 5 Institutional International Equity Fund 6 Institutional Growth Equity Fund 7 Institutional Growth & Income Fund 8 Institutional Equity Index Fund 9 Institutional Social Choice Equity Fund 10 Institutional Bond Fund 11 Institutional Money Market Fund FINANCIAL STATEMENTS 12 Report of Management Responsibility 13 Report of Independent Auditors 14 Statements of Assets and Liabilities 15 Statements of Operations 16 Statements of Changes in Net Assets 17 Financial Highlights 18 Notes to Financial Statements STATEMENTS OF INVESTMENTS 22 Institutional International Equity Fund 30 Institutional Growth Equity Fund 41 Institutional Growth & Income Fund 48 Institutional Equity Index Fund 66 Institutional Social Choice Equity Fund 71 Institutional Bond Fund 74 Institutional Money Market Fund 74 Tax Information Institutional FUND MANAGEMENT INSTITUTIONAL INTERNATIONAL EQUITY FUND CHRIS SEMENUK, Director, Global Portfolio Management, Teachers Advisors Mr. Semenuk joined TIAA-CREF in 1993. He is a member of the management group responsible for managing the TIAA-CREF International Equity Mutual Fund and the international component of the CREF Global Equities Account. INSTITUTIONAL GROWTH EQUITY FUND GROWTH PORTFOLIO MANAGEMENT GROUP, Teachers Advisors The Institutional Growth Equity Fund is managed by the Growth Portfolio Management Group of Teachers Advisors, whose members are responsible for the day-to-day management of the fund's stock portfolio, and use the same investment approach as the TIAA-CREF Growth Equity Mutual Fund. A team of individuals from the Teachers Advisors quantitative investment unit manages the "Enhanced Index" subportfolio. INSTITUTIONAL GROWTH & INCOME FUND CARLTON N. MARTIN, Managing Director, Global Research, Teachers Advisors Mr. Martin joined TIAA-CREF in 1980. He is responsible for the actively managed component of the TIAA-CREF Growth & Income Fund. He is also a member of the management group responsible for the actively managed component of the CREF Global Equities Account. INSTITUTIONAL EQUITY INDEX FUND AND INSTITUTIONAL SOCIAL CHOICE EQUITY FUND QUANTITATIVE PORTFOLIO MANAGEMENT GROUP, Teachers Advisors The Institutional Equity Index Fund and the Institutional Social Choice Equity Fund are managed by Teachers Advisors, Inc.'s quantitative portfolio management group, whose members are jointly responsible for the day-to-day management of the Funds. INSTITUTIONAL BOND FUND ELIZABETH BLACK, Managing Director, Portfolio Management, Teachers Advisors Ms. Black has been with TIAA-CREF for twelve years, and is responsible for managing the investments in the TIAA-CREF Bond Plus Mutual Fund. She is also responsible for managing the investments in CREF's Bond Market Account ($3.0 billion in assets) and the fixed-income portion of CREF's Social Choice Account ($1.5 billion in assets). INSTITUTIONAL MONEY MARKET FUND STEVEN TRAUM, Managing Director, Teachers Advisors Mr. Traum joined TIAA-CREF in 1983. He has been responsible for managing the TIAA-CREF Money Market Mutual Fund since its inception in 1997, the CREF Money Market Account since its inception in 1988, and the CREF Inflation-Linked Bond Account since its inception in 1997. 3 [PHOTO] A LETTER FROM THE CHAIRMAN This is the first annual report of the TIAA-CREF Institutional Mutual Funds. We began offering the funds on July 1, 1999. We saw a need to extend our full service, low cost, and investment management expertise to institutional mutual fund investors. Our institutional mutual funds are available to all clients of our newly established TIAA-CREF Trust Services Company, FSB. The TIAA-CREF Institutional Mutual Funds are also available to fund the state-sponsored college savings programs that we currently administer. TIAA-CREF AND ITS MISSION: TIAA-CREF was founded in 1918 by the Carnegie Foundation for the Advancement of Teaching, exclusively to help colleges and their employees by creating a viable retirement system. The system and related insurance products are offered at the lowest possible cost to employers and participants. CREF, a companion organization, was created in 1952 to offer the first variable annuity. The TIAA-CREF system now provides retirement and insurance plans at over 9,300 institutions, benefiting more than two million participants. LOW OPERATING COSTS: TIAA-CREF Institutional Mutual Funds are managed to be low-cost, like all the other retirement and insurance products that we offer. In fact, with no account maintenance, transaction, or 12b-1 fees, our funds' expenses are truly among the lowest in the mutual fund industry. These Institutional Mutual Funds are the result of many years of investment management experience; a tradition of prudence, consistency, and focus on performance; and our unceasing efforts to expand the range of products and services we provide to help achieve your financial goals. /s/ JOHN H. BIGGS JOHN H. BIGGS Chairman of the Board 1999 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 3 4 [PHOTO] A MESSAGE FROM THE CHIEF INVESTMENT OFFICER We are fortunate to have received praise from the financial press for our tradition of excellent service and low expenses. These hallmarks have earned us distinction for making quality investment decisions in our highly regarded financial products. The launch of our TIAA-CREF Institutional Mutual Funds on July 1, 1999 is a part of this tradition. While some companies focus on short-term returns, TIAA-CREF invests for the long term. Of course, past investment performance does not guarantee future returns, and since the start-up of our institutional mutual funds is so recent, the TIAA-CREF Institutional Mutual Funds' future performance could be significantly different from their performance to date. The TIAA-CREF Institutional Mutual Funds draw on our traditional principles of flexible and consistent investment strategies. As a part of this tradition, several of TIAA-CREF's Institutional Equity Mutual Funds utilize our Dual Investment Management Strategy(SM) In this strategy, each equity fund consists of two separate subportfolios. One subportfolio is an actively managed Stock Selection component, while the other is a quantitative, Enhanced Index subportfolio. The Stock Selection subportfolio holds a relatively small number of stocks that the fund's management believes offer superior returns. The Enhanced Index subportfolio utilizes the quantitative strategy in order to outperform the fund's benchmark index, while limiting the possibility of underperforming that benchmark. We feel that this approach enables the funds to remain fully invested even when a fund's management cannot find attractive, undervalued investment opportunities for the Stock Selection subportfolio. In the first three months of their operation, the TIAA-CREF Institutional Mutual Funds generally had mixed results against their respective benchmarks, but outperformed their peer competition. In the third quarter of 1999, when the TIAA-CREF Institutional Mutual Funds were launched, the broad domestic stock indices lost ground, as they were challenged by the Federal Reserve Board's moves to raise interest rates. Market leaders were reduced to a narrow field of technology, energy, and communications services stocks (particularly wireless companies). However, the setback in the large indices masked more severe corrections in many sectors, particularly in interest-rate sensitive groups. These market conditions persist going into the fourth quarter. Inflation fears, particularly related to wage pressures, rising commodity prices, strong consumer spending, and a weakening dollar, have prompted the Federal Reserve Board to assume a continued bias toward tightening interest rates. Y2K anxiety is another element weighing on market sentiment. Against these concerns the positive outlook for corporate profits continued. We believe that our innovative and traditional investment strategies, combined with our commitment to low expenses, allows us to provide enhanced investment performance to our investors. Also, we are pleased to say that we are waiving a portion of management fees for the funds and limiting certain other expenses until 2002. /s/ MARTIN L. LEIBOWITZ MARTIN L. LEIBOWITZ Vice Chairman and Chief Investment Officer 4 TIAA-CREF Institutional Mutual Funds 1999 ANNUAL REPORT 5 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, the Morgan Stanley Europe, Australasia, Far East (EAFE) Index. - - Actively managed (50 percent as of 9/30/99) part is comprised of international stocks of companies we believe have strong management and excellent prospects for growth. $10,000 OVER LIFE OF FUND
INSTITUTIONAL INTERNATIONAL MORGAN STANLEY LIPPER INTERNATIONAL EQUITY FUND EAFE INDEX FUND INDEX July 1, 1999 10000 10000 10000 July 31, 1999 10576 10297 10223 August 31, 1999 10606 10335 10304 September 30, 1999 10786 10439 10337
PERFORMANCE AT A GLANCE AS OF 9/30/99
Total Return(1) Expense Net Assets since inception(2) Ratio in millions INSTITUTIONAL INTERNATIONAL EQUITY FUND 7.68% 0.29%(3) $27.5 - --------------------------------------------------------------------------------- Morgan Stanley EAFE Index 4.39 -- -- - --------------------------------------------------------------------------------- Lipper International Fund Index 3.37 -- -- - ---------------------------------------------------------------------------------
PERFORMANCE IN 1999 During the third quarter of 1999, the Institutional International Equity Fund had a return of 7.68 percent, soundly beating its benchmark, the Morgan Stanley EAFE Index, by 3.29 percent. Also at the end of the third quarter, the fund was 4.31 percent ahead of the 3.37 percent return of the Lipper International Fund Index. Stock selection was the primary driver of the fund's performance during the third quarter. Especially strong were our investments in the Asia-Pacific region. Four of the fund's top performing stocks for the third quarter were headquartered in Japan. Names such as Ryohin Keikaku, the innovative Japanese retailer, and NTT Mobile Communications, the leading Japanese mobile telecommunications company, posted strong gains. In addition, our investments in Nissan Motors and the electrical components company Murata Manufacturing continued to perform well throughout the quarter. Our investments in the European mobile telecommunications industry--in particular, the German company Mannesmann and the British company Vodafone Airtouch--performed strongly during the quarter. There have been some disappointments as well. The British tour operator Airtours, a strong performer in the first half of the year, did poorly during the third quarter--the result of government disapproval of a recent acquisition. We continue to believe in the company's future growth prospects. Our investment in Freeserve, Europe's largest Internet service provider, detracted from the fund's performance, since sentiment in the sector waned worldwide. TEN LARGEST HOLDINGS AS OF 9/30/99
Company Country Shares Market Value (000) Vodafone Airtouch PLC United Kingdom 35,600 $843 Mannesmann AG. Germany 5,050 807 Invensys PLC United Kingdom 156,700 764 Murata Manufacturing Co Ltd Japan 5,372 540 ST Microelectronics NV Netherlands 6,000 468 Hays PLC United Kingdom 42,500 460 Colt Telecom Group PLC United Kingdom 19,050 453 Renault S.A. France 7,800 431 Sakura Bank Ltd Japan 56,000 421 Nissan Motor Co Ltd Japan 68,000 412
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Institutional International Equity Fund. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (2) Inception date of the Institutional International Equity Fund was 7/1/99. (3) The annualized expense ratio (and performance return) of the fund reflect contractual agreements in place through July 1, 2002 to waive a portion of the fund's management fee and limit the fund's other expenses. 1999 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 5 6 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 exceed the fund's benchmark, the Russell 3000(R) Growth Index, with low volatility. - - Actively managed part of the fund (62 percent as of 9/30/99) 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. $10,000 OVER LIFE OF FUND
INSTITUTIONAL GROWTH EQUITY RUSSELL 3000(R) LIPPER GROWTH FUND GROWTH INDEX FUND INDEX July 1, 1999 10000 10000 10000 July 31, 1999 9684 9683 9753 August 31, 1999 9809 9803 9643 September 30, 1999 9703 9624 9482
PERFORMANCE AT A GLANCE AS OF 9/30/99
Total Return(1) Expense Net Assets since inception(2) Ratio in millions INSTITUTIONAL GROWTH EQUITY FUND -2.97% 0.22%(3) $30.5 - -------------------------------------------------------------------------------- Russell 3000(R) Growth Index -3.76 -- -- - -------------------------------------------------------------------------------- Lipper Growth Fund Index -5.18 -- -- - --------------------------------------------------------------------------------
PERFORMANCE IN 1999 While equity markets lost ground during the third quarter of 1999, the Institutional Growth Equity Fund had a return of -2.97 percent, outperforming the -3.76 percent return of its benchmark, the Russell 3000(R) Growth Index, by 0.79 percent. The fund was clearly ahead of the competition, as it exceeded the - -5.18 percent return of the Lipper Growth Fund Index. Our stock selection in technology with an emphasis on software stocks such as Oracle provided substantial gains. Tyco International, one of our largest positions, continued to gain ground, as did the fund's large exposure to broadcasting and communications stocks. Omnipoint, a wireless communications stock, stood out as a strong contributor in the third quarter. Another positive performance feature resulted from the Institutional Growth Equity Fund's low exposure to consumer staples stocks, an expensive group with many companies experiencing a disappointing earnings trend. The fund's performance also benefited from being underweight in the financial services group. On the negative side, our exposure to the waste industry through Waste Management and Republic Industries was a major setback. TEN LARGEST HOLDINGS AS OF 9/30/99
Company Shares Market Value (000) Microsoft Corp 19,568 $1,772 General Electric Co 13,342 1,582 Tyco International Ltd 14,377 1,484 Intel Corp 18,731 1,392 Cisco Systems, Inc 16,032 1,099 Lucent Technologies, Inc 11,874 770 Merck & Co, Inc 10,405 674 Oracle Corp 14,724 670 MCI Worldcom, Inc 8,719 627 EMC Corp 8,420 602
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Institutional Growth Equity Fund. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (2) Inception date of the Institutional Growth Equity Fund was 7/1/99. (3) The annualized expense ratio (and performance return) of the fund reflect contractual agreements in place through July 1, 2002 to waive a portion of the fund's management fee and limit the fund's other expenses. 6 TIAA-CREF Institutional Mutual Funds 1999 ANNUAL REPORT 7 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 (40 percent as of 9/30/99) buys stocks when priced fairly or at a discount to growth potential and asset values. - - Occasionally acquires stocks of foreign-based companies not in the benchmark. $10,000 OVER LIFE OF FUND
INSTITUTIONAL GROWTH & INCOME S&P 500 LIPPER GROWTH & FUND INDEX INCOME FUND INDEX July 1, 1999 10000 10000 10000 July 31, 1999 9733 9688 9713 August 31, 1999 9561 9640 9498 September 30, 1999 9330 9376 9200
PERFORMANCE A LANCE AS OF 9/30/99
Total Return(1) Expense Net Assets since inception(2) Ratio in millions INSTITUTIONAL GROWTH & INCOME FUND -6.69% 0.22%(3) $25.2 - ------------------------------------------------------------------------------------ S&P 500 Index -6.24 -- -- - ------------------------------------------------------------------------------------ Lipper Growth & Income Fund Index -8.00 -- -- - ------------------------------------------------------------------------------------
PERFORMANCE IN 1999 While equity markets lost ground during the third quarter of 1999, the Institutional Growth & Income Fund had a return of -6.69 percent, underperforming the -6.24 percent return of its benchmark S&P 500 Index by 45 basis points, or less than half of a percentage point. The fund was up 1.3 percent over the Lipper Growth & Income Fund Index, which showed a return of -8 percent. Stock selection was the main driver behind our underperformance for the quarter. The market values of Viatel, Office Depot, Republic Services, and Capital Reinsurance declined significantly due to disappointing earnings announcements coupled with concerns over interest rate hikes. We took action by selling Office Depot and Republic Services, while adding more to companies that have delivered consistent results (e.g., Tyco and Cisco). The stocks in the Institutional Growth & Income Fund exhibiting the best results in the third quarter included Omnipoint, Banc One, Swatch Group, and Oracle. The fund continues to emphasize both telecommunication services companies (AT&T, AOL, MCI Worldcom, and SBC Communications) and telecommunication technology companies (Lucent, Nokia, and Cisco). TEN LARGEST HOLDINGS AS OF 9/30/99
Company Shares Market Value (000) Microsoft Corp 12,434 $1,126 General Electric Co 7,698 913 Wal-Mart Stores, Inc 12,339 587 IBM Corp 4,510 547 Lucent Technologies, Inc 8,418 546 Intel Corp 7,240 538 Cisco Systems, Inc 7,746 531 Exxon Corp 6,929 526 Tyco International Ltd 4,349 449 AT&T Corp 10,020 436
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Institutional Growth & Income Fund. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (2) Inception date of the Institutional Growth & Income Fund was 7/1/99. (3) The annualized expense ratio (and performance return) of the fund reflect contractual agreements in place through July 1, 2002 to waive a portion of the fund's management fee and limit the fund's other expenses. 1999 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 7 8 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 U.S. - - Benchmarked to the Russell 3000(R) Index. - - Uses a sampling approach to create a portfolio that closely matches the investment characteristics of the Russell 3000(R) Index without actually investing in all 3000 stocks in the index. $10,000 OVER LIFE OF FUND
INSTITUTIONAL EQUITY INDEX RUSSELL 3000(R) FUND INDEX July 1, 1999 10000 10000 July 31, 1999 9684 9697 August 31, 1999 9589 9587 September 30, 1999 9340 9342
PERFORMANCE AT A GLANCE AS OF 9/30/99
Total Return(1) Expense Net Assets since inception(2) Ratio in millions INSTITUTIONAL EQUITY INDEX FUND -6.60% 0.17%(3) $25.1 - ----------------------------------------------------------------------------- Russell 3000(R) Index -6.58 -- -- - -----------------------------------------------------------------------------
PERFORMANCE IN 1999 While equity markets lost ground during the third quarter of 1999, the Institutional Equity Index Fund returned -6.60 percent, underperforming its unmanaged benchmark, the Russell 3000(R) Index, with a return of -6.58 percent, by 2 basis points (0.02 percent). The negative returns of the Institutional Equity Index Fund and the Russell 3000(R) Index were attributed to weakness in interest-rate-sensitive stocks during the third quarter, after the Federal Reserve Board moved to raise rates. Positive performance factors included strength in the software and communications sector. TEN LARGEST HOLDINGS AS OF 9/30/99
Company Shares Market Value (000) General Electric Co 7,100 $842 Microsoft Corp 8,100 734 Intel Corp 7,386 549 IBM Corp 4,000 486 Cisco Systems, Inc 7,000 480 Lucent Technologies, Inc 6,625 430 Exxon Corp 5,300 402 Merck & Co, Inc 5,200 337 Citigroup, Inc 7,400 326 MCI Worldcom, Inc 4,200 302
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Institutional Equity Index Fund. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (2) Inception date of the Institutional Equity Index Fund was 7/1/99. (3) The annualized expense ratio (and performance return) of the fund reflect contractual agreements in place through July 1, 2002 to waive a portion of the fund's management fee and limit the fund's other expenses. 8 TIAA-CREF Institutional Mutual Funds 1999 ANNUAL REPORT 9 Institutional SOCIAL CHOICE EQUITY FUND INVESTMENT OBJECTIVE The 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 excludes investing in companies that do damage to the natural environment, have significant business in weapons production, produce or market alcohol or tobacco products, or 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). $10,000 OVER LIFE OF FUND
INSTITUTIONAL SOCIAL CHOICE S&P 500 LIPPER GROWTH & EQUITY FUND INDEX INCOME FUND INDEX July 1, 1999 10000 10000 10000 July 31, 1999 9725 9688 9713 August 31, 1999 9677 9640 9498 September 30, 1999 9364 9376 9200
PERFORMANCE AT A GLANCE AS OF 9/30/99
Total Return(1) Expense Net Assets since inception(2) Ratio in millions INSTITUTIONAL SOCIAL CHOICE EQUITY FUND -6.36% 0.18%(3) $24.7 - ------------------------------------------------------------------------------------ S&P 500 Index -6.24 -- -- - ------------------------------------------------------------------------------------ Lipper Growth & Income Fund Index -8.00 -- -- - ------------------------------------------------------------------------------------
PERFORMANCE IN 1999 While equity markets lost ground during the third quarter of 1999, the Institutional Social Choice Equity Fund showed a return of -6.36 percent. The fund marginally underperformed its benchmark S&P 500 Index return of -6.24 percent by 12 basis points (0.12 percent). The fund surpassed the Lipper Growth & Income Fund Index return of -8 percent by 1.64 percent. The Institutional Social Choice Account attempts to match the performance of the S&P 500 Index. But a number of stocks in this benchmark cannot be held in the account because they do not pass the social screens. Our overexposure to the technology sector clearly helped the fund's performance against the S&P 500, since technology stocks were up by over 5 percent during the quarter. The fund also benefited from not holding any aerospace or defense stocks, as defense stocks fell by 10 percent. However, a more than 15 percent decline in the financial services sector, in which we were overweight, negatively affected the fund's overall performance. As for individual stocks, we increased our holdings in Procter & Gamble, which was up 5 percent for the quarter. The positive effect of this overweight position partially offset the negative effect of being seriously underweight in (i.e., not owning) General Electric (GE), which was also up by over 5 percent during the quarter, and is the second largest stock in the S&P 500. All factors seemed to even out at the quarter's end. The fund nearly matched the S&P 500, coming in just 0.12 percentage points short of the benchmark, with 0.04 percentage points of that margin due to the expense charge. TEN LARGEST HOLDINGS AS OF 9/30/99
Company Shares Market Value (000) Microsoft Corp 13,500 $1,223 Intel Corp 9,200 684 IBM Corp 5,400 655 Wal-Mart Stores, Inc 12,900 614 Cisco Systems, Inc 8,800 603 Lucent Technologies, Inc 7,600 493 Merck & Co, Inc 7,500 486 Procter & Gamble Co 5,000 469 Bristol-Myers Squibb Co 6,500 439 Johnson & Johnson Co 4,700 432
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Institutional Social Choice Equity Fund. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (2) Inception date of the Institutional Social Choice Equity Fund was 7/1/99. (3) The annualized expense ratio (and performance return) of the fund reflect contractual agreements in place through July 1, 2002 to waive a portion of the fund's management fee and limit the fund's other expenses. 1999 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 9 10 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. $10,000 OVER LIFE OF FUND
INSTITUTIONAL LEHMAN BROTHERS LIPPER INTERMEDIATE BOND FUND AGGREGATE BOND INDEX INVESTMENT GRADE DEBT INDEX July 1, 1999 10000 10000 10000 July 31, 1999 9949 9957 9965 August 31, 1999 9958 9952 9954 September 30, 1999 10067 10068 10064
PERFORMANCE AT A GLANCE AS OF 9/30/99
Total Return(1) Expense Net Assets since inception(2) Ratio in millions INSTITUTIONAL BOND FUND 0.67% 0.19%(3) $30.4 - -------------------------------------------------------------------------------- Lehman Brothers Aggregate Bond Index 0.68 -- -- - -------------------------------------------------------------------------------- Lipper Intermediate Investment Grade Debt Index 0.64 -- -- - --------------------------------------------------------------------------------
PERFORMANCE IN 1999 During the third quarter of 1999, the Institutional Bond Fund had a return of 0.67 percent, in line with its benchmark, the Lehman Brothers Aggregate Bond Index, which posted a return of 0.68 percent. As of 9/30/99, the fund held a 3-basis point (0.03 percent) advantage over its competition, as measured by the Lipper Intermediate Investment Grade Debt Index. The performance of the fund in the third quarter reflects the fact that the fund was closely aligned to its benchmark in terms of overall risk characteristics. In the first few months of the fund's existence, we purchased securities in the major asset classes found in the benchmark index. These securities were U.S. Treasury and Agency securities, mortgage- and asset-backed securities and corporate securities. INSTITUTIONAL BOND FUND VS. BENCHMARK: RISK CHARACTERISTICS
Measure* Average Life Option-Adjusted Duration (in years) 9/30/99 (in years) 9/30/99 Institutional Bond Fund 8.58 4.82 - --------------------------------------------------------------------------- Lehman Brothers Aggregate Bond Index 8.53 4.87 - ---------------------------------------------------------------------------
* As calculated using an analytical model developed by BARRA, a widely recognized investment research firm that created the first multiple-factor bond risk model.
TOP FIVE MARKET SECTORS 9/30/99 Mortgage-backed securities* 43% - --------------------------------------------------------------------- U.S. government securities 29 - --------------------------------------------------------------------- Corporate bonds 21 - --------------------------------------------------------------------- Money market instruments 4 - --------------------------------------------------------------------- Yankees** 3 - ---------------------------------------------------------------------
* Includes government-backed and private-label securities and asset-backed securities ** Foreign government and corporate bonds denominated in U.S. dollars (1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Institutional Bond Fund. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. (2) Inception date of the Institutional Bond Fund was 7/1/99. (3) The annualized expense ratio (and performance return) of the fund reflect contractual agreements in place through July 1, 2002 to waive a portion of the fund's management fee and limit the fund's other expenses. 10 TIAA-CREF Institutional Mutual Funds 1999 ANNUAL REPORT 11 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. $10,000 OVER LIFE OF FUND
INSTITUTIONAL MONEY IBC'S MONEY FUND REPORT LIPPER MONEY MARKET FUND AVERAGE(TM)--ALL TAXABLE MARKET FUNDS AVERAGE July 1, 1999 10000 10000 10000 July 31, 1999 10043 10038 10036 August 31, 1999 10086 10077 10073 September 30, 1999 10128 10116 10110
PERFORMANCE IN 1999 Since its inception on July 1, 1999, the TIAA-CREF Institutional Money Market Fund showed a return of 1.28 percent. The fund significantly exceeded the 1.15 percent return of its benchmark, the IBC Money Fund Report Average(TM)--All Taxable, by a wide margin of 13 basis points. Since the Institutional Money Market Fund began on July 1, it was successful in taking advantage of the most recent move by the Federal Reserve Board to raise short-term interest rates. The 25-basis point increase on June 30th allowed the fund to invest its assets at higher interest rates than some of our competitors with established portfolios. As a result, the weighted average maturity of the Institutional Money Market Fund varied from a low of 36 days to a high of 60 days, as compared with a range of 56 days to 59 days for the IBC Money Fund Report Average(TM)--All Taxable. At the end of the quarter, the weighted average maturity for the fund was 48 days versus 57 days for the benchmark. Our goal during the fourth quarter is to have a similar weighted average maturity as the benchmark. As of 9/30/99, 66 percent of the Institutional Money Market Fund's assets were invested in commercial paper, while the fund's other assets were invested in U.S. government agency securities. ASSET ALLOCATION AS OF 9/30/99 Commercial paper 66% U.S. government agency securities 34% PERFORMANCE AT A GLANCE AS OF 9/30/99
Total Return(1) Expense Average Maturity Net Assets since inception(2) Ratio (days) as of 9/28/99 in millions INSTITUTIONAL MONEY MARKET FUND 1.28% 0.16%(3) 48 $25.4 - ------------------------------------------------------------------------------------------------------------------------ IBC's Money Fund Report Average(TM)--All Taxable 1.15 0.49 57 -- - ------------------------------------------------------------------------------------------------------------------------ Lipper Money Market Funds Average 1.10 -- -- -- - ------------------------------------------------------------------------------------------------------------------------
Net Annualized Yield for the 7 days ending 9/28/99 CURRENT EFFECTIVE INSTITUTIONAL MONEY MARKET FUND 5.19% 5.32% - ---------------------------------------------------------------------- IBC's Money Fund Report Average(TM)--All Taxable 4.71 4.82 - ---------------------------------------------------------------------- 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, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. 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 Mutual Fund's current earnings than does the total return. (2) Inception date of the Institutional Money Market Fund was 7/1/99. (3) The annualized expense ratio (and performance return) of the fund reflect contractual agreements in place through July 1, 2002 to waive a portion of the fund's management fee and limit the fund's other expenses. 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. 1999 ANNUAL REPORT TIAA-CREF Institutional Mutual Funds 11 12 [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 generally accepted accounting principles 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. The independent auditor's report, which appears on the 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 will perform periodic examinations of the Funds' operations. [SIG] -------------------------------- President [SIG] -------------------------------- Executive Vice President and Principal Accounting Officer 12 1999 ANNUAL REPORT 13 [ERNST & YOUNG LLP LETTERHEAD] 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) as of September 30, 1999, and the related statements of operations and changes in net assets and financial highlights for the period from June 14, 1999 (commencement of operations) to September 30, 1999. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. We conducted our audit in accordance with generally accepted auditing standards. 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, 1999 by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds constituting TIAA-CREF Institutional Mutual Funds as of September 30, 1999, and the results of their operations, the changes in their net assets and the financial highlights for the period from June 14, 1999 to September 30, 1999, in conformity with generally accepted accounting principles. /S/ ERNST & YOUNG LLP November 5, 1999 Ernst & Young LLP is a member of Ernst & Young International, Ltd. 1999 ANNUAL REPORT 13 14 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF ASSETS AND LIABILITIES - -------------------------------------------------------------------------------- September 30, 1999
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE BOND EQUITY FUND FUND INCOME FUND FUND EQUITY FUND FUND - ------------------------------------------------------------------------------------------------------------------------ ASSETS Portfolio investments, at cost $25,678,816 $30,080,664 $26,398,167 $25,653,494 $25,411,809 $35,485,265 Net unrealized appreciation (depreciation) of portfolio investments 1,495,011 958,967 (616,992) (766,375) (443,676) (60,307) - ------------------------------------------------------------------------------------------------------------------------ Portfolio investments, at value 27,173,827 31,039,631 25,781,175 24,887,119 24,968,133 35,424,958 Cash 276,145 4,384 6,529 173,686 1,405 7,074 Dividends and interest receivable 58,352 20,183 26,486 28,842 23,565 320,262 Receivable from securities transactions 577,969 113,188 137,868 1,800 -- 5,971,432 Receivable for Fund shares sold 180,000 -- -- 125,000 -- 75,000 - ------------------------------------------------------------------------------------------------------------------------ TOTAL ASSETS 28,266,293 31,177,386 25,952,058 25,216,447 24,993,103 41,798,726 - ------------------------------------------------------------------------------------------------------------------------ LIABILITIES Accrued expenses 46,219 46,799 46,137 46,146 46,153 46,419 Payable for securities transactions 674,470 76,396 704,184 98,728 208,116 10,856,026 Payable for Fund shares redeemed 60,000 510,000 -- -- -- 500,000 Income distribution payable -- -- 18,561 -- -- 33,769 Due to investment advisor 13,441 9,520 8,929 7,891 8,087 8,652 - ------------------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES 794,130 642,715 777,811 152,765 262,356 11,444,866 - ------------------------------------------------------------------------------------------------------------------------ NET ASSETS $27,472,163 $30,534,671 $25,174,247 $25,063,682 $24,730,747 $30,353,860 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ NET ASSETS CONSIST OF: Paid-in capital $25,801,641 $30,045,963 $25,804,223 $25,675,150 $25,085,650 $30,419,874 Accumulated undistributed net investment income 93,742 55,696 2,396 98,672 94,101 403 Accumulated undistributed net realized gain (loss) on total investments 81,935 (525,955) (15,032) 56,235 (5,328) (6,110) Accumulated net unrealized appreciation (depreciation) on total investments 1,494,845 958,967 (617,340) (766,375) (443,676) (60,307) - ------------------------------------------------------------------------------------------------------------------------ NET ASSETS $27,472,163 $30,534,671 $25,174,247 $25,063,682 $24,730,747 $30,353,860 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ Outstanding shares of beneficial interest, unlimited number of shares authorized ($.0001 par value) 2,576,163 3,010,648 2,580,060 2,567,842 2,508,015 3,043,968 NET ASSET VALUE, PER SHARE $10.66 $10.14 $9.76 $9.76 $9.86 $9.97 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ INSTITUTIONAL MONEY MARKET FUND - ------------------------- ------------- ASSETS Portfolio investments, at cost $25,426,861 Net unrealized appreciation (depreciation) of portfolio investments -- - ------------------------------------------------------ Portfolio investments, at value 25,426,861 Cash 4,975 Dividends and interest receivable -- Receivable from securities transactions -- Receivable for Fund shares sold -- - -------------------------------------------------------------------- TOTAL ASSETS 25,431,836 - ---------------------------------------------------------------------------------- LIABILITIES Accrued expenses 45,978 Payable for securities transactions -- Payable for Fund shares redeemed -- Income distribution payable -- Due to investment advisor 7,693 - ------------------------------------------------------------------------------------------------ TOTAL LIABILITIES 53,671 - -------------------------------------------------------------------------------------------------------------- NET ASSETS $25,378,165 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ NET ASSETS CONSIST OF: Paid-in capital $25,378,165 Accumulated undistributed net investment income -- Accumulated undistributed net realized gain (loss) on total investments -- Accumulated net unrealized appreciation (depreciation) on total investments -- - ------------------------------------------------------------------------------------------------------------------------ NET ASSETS $25,378,165 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ Outstanding shares of beneficial interest, unlimited number of shares authorized ($.0001 par value) 25,378,165 NET ASSET VALUE, PER SHARE $1.00 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------
14 1999 ANNUAL REPORT See notes to financial statements 15 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF OPERATIONS - -------------------------------------------------------------------------------- For the Period June 14, 1999 (commencement of operations) to September 30, 1999
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 $ 33,757 $ 28,172 $ 22,811 $ 16,925 $ 16,469 $486,594 Dividends 116,054 46,202 86,986 94,842 91,519 -- Foreign taxes withheld (12,145) -- (1,027) -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Total income 137,666 74,374 108,770 111,767 107,988 486,594 - ----------------------------------------------------------------------------------------------------------------------------------- EXPENSES Investment management fees 21,048 19,527 17,716 13,865 14,659 14,462 Custody and administration 42,000 42,000 42,000 42,000 42,000 42,000 Audit and legal 25,424 25,424 25,424 25,424 25,424 25,424 Shareholder servicing 5,250 5,250 5,250 5,250 5,250 5,250 Printing 2,837 3,092 2,803 2,803 2,808 2,925 Registration 1,241 1,353 1,226 1,226 1,228 1,280 Trustee fees and expenses 1,055 1,149 1,042 1,042 1,044 1,087 Other 1,325 1,445 1,310 1,310 1,312 1,366 - ----------------------------------------------------------------------------------------------------------------------------------- Total expenses before fee waiver and expense reimbursement 100,180 99,240 96,771 92,920 93,725 93,794 Less investment management fees waived by the investment advisor (see Note 3) 7,016 5,943 5,392 5,392 5,401 4,017 Less expenses reimbursed by the investment advisor (see Note 3) 70,557 74,619 74,433 74,433 74,437 74,512 - ----------------------------------------------------------------------------------------------------------------------------------- Net expenses 22,607 18,678 16,946 13,095 13,887 15,265 - ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 115,059 55,696 91,824 98,672 94,101 471,329 - ----------------------------------------------------------------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS Realized gain (loss) on: Portfolio investments 81,935 (525,955) (15,032) 56,235 (5,328) (6,110) Foreign currency transactions (21,317) -- 128 -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Net realized gain (loss) on total investments 60,618 (525,955) (14,904) 56,235 (5,328) (6,110) - ----------------------------------------------------------------------------------------------------------------------------------- Change in unrealized appreciation (depreciation) on: Portfolio investments 1,495,011 958,967 (616,992) (766,375) (443,676) (60,307) Translations of assets (other than portfolio investments) and liabilities denominated in foreign currencies (166) -- (348) -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation (depreciation) on total investments 1,494,845 958,967 (617,340) (766,375) (443,676) (60,307) - ----------------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) on total investments 1,555,463 433,012 (632,244) (710,140) (449,004) (66,417) - ----------------------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $1,670,522 $488,708 $(540,420) $(611,468) $(354,903) $404,912 =================================================================================================================================== INSTITUTIONAL MONEY MARKET FUND - ----------------------------------------------------- INVESTMENT INCOME Interest $390,078 Dividends -- Foreign taxes withheld -- - ----------------------------------------------------- Total income 390,078 - ----------------------------------------------------- EXPENSES Investment management fees 11,262 Custody and administration 42,000 Audit and legal 25,424 Shareholder servicing 5,250 Printing 2,731 Registration 1,195 Trustee fees and expenses 1,015 Other 1,277 - ----------------------------------------------------- Total expenses before fee waiver and expense reimbursement 90,154 Less investment management fees waived by the investment advisor (see Note 3) 3,754 Less expenses reimbursed by the investment advisor (see Note 3) 74,387 - ----------------------------------------------------- Net expenses 12,013 - ----------------------------------------------------- Net investment income 378,065 - ----------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS Realized gain (loss) on: Portfolio investments -- Foreign currency transactions -- - ----------------------------------------------------- Net realized gain (loss) on total investments -- - ----------------------------------------------------- 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 -- - ----------------------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $378,065 =====================================================
See notes to financial statements 1999 ANNUAL REPORT 15 16 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS STATEMENTS OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------- For the Period June 14, 1999 (commencement of operations) to September 30, 1999
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE EQUITY FUND FUND INCOME FUND FUND EQUITY FUND - ------------------------------------------------------------------------------------------------------------------------ INCREASE IN NET ASSETS OPERATIONS: Net investment income $ 115,059 $ 55,696 $ 91,824 $ 98,672 $ 94,101 Net realized gain (loss) on total investments 60,618 (525,955) (14,904) 56,235 (5,328) Net change in unrealized appreciation (depreciation) on total investments 1,494,845 958,967 (617,340) (766,375) (443,676) - ------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from operations 1,670,522 488,708 (540,420) (611,468) (354,903) - ------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS: From net investment income -- -- (89,556) -- -- - ------------------------------------------------------------------------------------------------------------------------ Total distributions -- -- (89,556) -- -- - ------------------------------------------------------------------------------------------------------------------------ SHARE TRANSACTIONS: Seed money subscriptions 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 Seed money redemptions (705,000) (3,866,000) (5,960,000) (295,000) (722,000) Subscriptions 1,506,641 8,911,963 6,693,228 970,150 807,650 Reinvestment of distributions -- -- 70,995 -- -- Exchanges among the Funds, net -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------ Net increase from share transactions 25,801,641 30,045,963 25,804,223 25,675,150 25,085,650 - ------------------------------------------------------------------------------------------------------------------------ NET ASSETS End of period $27,472,163 $30,534,671 $25,174,247 $25,063,682 $24,730,747 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ CHANGE IN FUND SHARES: Seed shares sold 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 Seed shares redeemed (68,391) (376,791) (586,384) (28,967) (70,218) Shares sold 144,554 887,439 659,292 96,809 78,233 Shares issued in reinvestment of distributions -- -- 7,152 -- -- Shares exchanged among the Funds, net -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------ Shares outstanding, end of period 2,576,163 3,010,648 2,580,060 2,567,842 2,508,015 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ INSTITUTIONAL INSTITUTIONAL BOND MONEY MARKET FUND FUND - ----------------------------------------- ----------------------------- INCREASE IN NET ASSETS OPERATIONS: Net investment income $ 471,329 $ 378,065 Net realized gain (loss) on total investments (6,110) -- Net change in unrealized appreciation (depreciation) on total investments (60,307) -- - ------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from operations 404,912 378,065 - ------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS: From net investment income (470,926) (378,065) - ------------------------------------------------------------------------------------------------------------------------ Total distributions (470,926) (378,065) - ------------------------------------------------------------------------------------------------------------------------ SHARE TRANSACTIONS: Seed money subscriptions 25,000,000 25,000,000 Seed money redemptions (1,944,000) -- Subscriptions 6,596,006 350,575 Reinvestment of distributions 417,443 378,015 Exchanges among the Funds, net 350,425 (350,425) - ------------------------------------------------------------------------------------------------------------------------ Net increase from share transactions 30,419,874 25,378,165 - ------------------------------------------------------------------------------------------------------------------------ NET ASSETS End of period $30,353,860 $25,378,165 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------ CHANGE IN FUND SHARES: Seed shares sold 2,500,000 25,000,000 Seed shares redeemed (194,145) -- Shares sold 661,187 350,575 Shares issued in reinvestment of distributions 41,918 378,015 Shares exchanged among the Funds, net 35,008 (350,425) - ------------------------------------------------------------------------------------------------------------------------ Shares outstanding, end of period 3,043,968 25,378,165 - ------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------
16 1999 ANNUAL REPORT See notes to financial statements 17 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS FINANCIAL HIGHLIGHTS - -------------------------------------------------------------------------------- For the Period June 14, 1999 (commencement of operations) to September 30, 1999
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INTERNATIONAL GROWTH EQUITY GROWTH & EQUITY INDEX SOCIAL CHOICE BOND EQUITY FUND FUND INCOME FUND FUND EQUITY FUND FUND - --------------------------------------------------------------------------------------------------------------------------------- SELECTED PER SHARE DATA Net asset value, beginning of period $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 - --------------------------------------------------------------------------------------------------------------------------------- Gain (loss) from operations: Net investment income 0.04 0.02 0.04 0.04 0.04 0.17 Net realized and unrealized gain (loss) on investments 0.62 0.12 (0.25) (0.28) (0.18) (0.03) - --------------------------------------------------------------------------------------------------------------------------------- Total gain (loss) from operations 0.66 0.14 (0.21) (0.24) (0.14) 0.14 - --------------------------------------------------------------------------------------------------------------------------------- Less distributions from: Net investment income -- -- (0.03) -- -- (0.17) - --------------------------------------------------------------------------------------------------------------------------------- Total distributions -- -- (0.03) -- -- (0.17) - --------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $10.66 $10.14 $9.76 $9.76 $9.86 $9.97 ================================================================================================================================= TOTAL RETURN 6.60% 1.40% (2.05)% (2.40)% (1.40)% 1.42% RATIOS AND SUPPLEMENTAL DATA Net assets at end of period (in thousands) $27,472 $30,535 $25,174 $25,064 $24,731 $30,354 Ratio of expenses to average net assets before fee waiver and expense reimbursement 0.39% 0.35% 0.38% 0.36% 0.37% 0.35% Ratio of expenses to average net assets after fee waiver and expense reimbursement 0.09% 0.07% 0.07% 0.05% 0.05% 0.06% Ratio of net investment income to average net assets 0.45% 0.20% 0.36% 0.39% 0.37% 1.77% Portfolio turnover rate 21.35% 21.08% 10.95% 9.51% 0.06% 173.31% The percentages shown above are not annualized. ================================================================================================================================= INSTITUTIONAL MONEY MARKET FUND - --------------------------------------------------- SELECTED PER SHARE DATA Net asset value, beginning of period $1.00 - --------------------------------------------------- Gain (loss) from operations: Net investment income 0.02 Net realized and unrealized gain (loss) on investments -- - --------------------------------------------------- Total gain (loss) from operations 0.02 - --------------------------------------------------- Less distributions from: Net investment income (0.02) - --------------------------------------------------- Total distributions (0.02) - --------------------------------------------------- Net asset value, end of period $1.00 =================================================== TOTAL RETURN 1.51% RATIOS AND SUPPLEMENTAL DATA Net assets at end of period (in thousands) $25,378 Ratio of expenses to average net assets before fee waiver and expense reimbursement 0.36% Ratio of expenses to average net assets after fee waiver and expense reimbursement 0.05% Ratio of net investment income to average net assets 1.52% Portfolio turnover rate n/a The percentages shown above are not annualized. ===================================================
See notes to financial statements 1999 ANNUAL REPORT 17 18 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - -------------------------------------------------------------------------------- Notes to Financial Statements September 30, 1999 NOTE 1. ORGANIZATION TIAA-CREF Institutional Mutual Funds ("the Funds") is a Delaware business trust that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission ("Commission") under the Investment Company Act of 1940 as an open-end management investment company. The Funds currently consist of seven series (each referred to as a "Fund"): the Institutional International Equity Fund which invests primarily in a broadly diversified portfolio of foreign equity investments; the Institutional Growth Equity Fund which invests primarily in a diversified portfolio of common stocks that present the opportunity for exceptional growth; the Institutional Growth & Income Fund which invests primarily in a broadly diversified portfolio of common stocks selected for their investment potential; the Institutional Equity Index Fund which invests primarily in a diversified portfolio selected to track the overall market for common stocks publicly traded in the U.S., as represented by a broad stock market index; the Institutional Social Choice Equity Fund which invests primarily in a diversified set of common stocks, while investing only in companies whose activities are consistent with the Fund's social criteria; the Institutional Bond Fund which invests primarily in a broad range of debt securities and the Institutional Money Market Fund which invests primarily in high quality short-term money market instruments. The Funds commenced operations on June 14, 1999 with an investment by Teachers Insurance and Annuity Association of America ("TIAA") of $25,000,000 in each Fund. 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, to certain intermediaries affiliated with TIAA or other persons, such as state-sponsored tuition savings plans, who have entered into a contract with an intermediary of TIAA. TPIS is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers, Inc. During the period ended September 30, 1999, TIAA redeemed 68,391 shares from the Institutional International Equity Fund totaling $705,000; 376,791 shares from Institutional Growth Equity Fund totaling $3,866,000; 586,384 shares from Institutional Growth & Income Fund totaling $5,960,000; 28,967 shares from Institutional Equity Index Fund totaling $295,000; 70,218 shares from Institutional Social Choice Equity Fund totaling $722,000 and 194,145 shares from Institutional Bond Fund totaling $1,944,000. At September 30, 1999, TIAA owned 2,431,609 shares in the Institutional International Equity Fund with a value of $25,920,953; 2,123,209 shares in the Institutional Growth Equity Fund with a value of $21,529,335; 1,920,768 shares in the Institutional Growth & Income Fund with a value of $18,746,695; 2,471,033 shares in the Institutional Equity Index Fund with a value of $24,117,278; 2,429,782 shares in the Institutional Social Choice Equity Fund with a value of $23,957,655; 2,336,036 shares in the Institutional Bond Fund with a value of $23,290,275 and 25,378,014 shares in the Institutional Money Market Fund with a value of $25,378,014. NOTE 2. SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements may require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and related disclosures. Actual results may differ from those estimates. The following is a summary of the significant accounting policies followed by the Funds, which are in conformity with generally accepted accounting principles. 18 1999 ANNUAL REPORT 19 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - -------------------------------------------------------------------------------- Notes to Financial Statements -- (Continued) September 30, 1999 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES -- (CONTINUED) VALUATION OF INVESTMENTS: Securities listed or traded on any United States national securities exchange are valued at the last sales price as of the close of the principal securities exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and asked prices on such exchange. Securities traded only in the over-the-counter market and quoted in the NASDAQ National Market System are valued at the last sales price, or at the mean of the last bid and asked prices if no sale is reported. Short-term money market instruments maturing within 60 days are valued by each Fund, except the Institutional Money Market Fund, at amortized cost which approximates fair value. The Institutional Money Market Fund values all of its securities using the amortized cost method. The amortized cost method initially values securities at original cost and assumes a constant amortization to maturity of any discount or premium. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Board of Trustees. ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the date the securities are purchased or sold (trade date). Realized gains and losses are based on the specific identification method for both financial statement and federal income tax purposes. Interest income is recorded as earned and, for short-term money market instruments, includes accrual of discount and amortization of premium. Dividend income is recorded on the ex-dividend date. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION: Foreign investments, bank deposits and forward foreign currency contracts are valued in U.S. dollars, based on the exchange rate each business day. Investments traded in foreign currencies are translated at exchange rates prevailing on the respective dates traded. Income is translated at approximate rates prevailing when earned. Asset and liability accounts that are denominated in a foreign currency are adjusted to reflect the exchange rate each business day. The cumulative impact of changes in foreign exchange rates on portfolio investments sold during the period is reflected in the net realized gain (loss) on portfolio investments. The cumulative impact of changes in foreign exchange rates on portfolio investments held at the end of each business day is reflected in the net change in unrealized appreciation (depreciation) on portfolio investments. Currency gains and losses arising from the settlement of forward foreign currency contracts, changes in exchange rates between the trade and settlement dates of portfolio investment transactions, and changes in exchange rates between the accrual and receipt dates for dividend and interest income are recorded as net realized gains (losses) on foreign currency transactions. For assets (other than portfolio investments) and liabilities, changes in foreign exchange rates are reflected in the net change in unrealized appreciation (depreciation) on translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies. FORWARD FOREIGN CURRENCY CONTRACTS: The Funds may enter into forward foreign currency contracts to purchase or sell foreign currency to accommodate foreign investment transactions. Forward foreign currency contracts are "marked-to- market" at the end of each day's trading. Daily changes in the value of such contracts are reflected in the net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies. When the contract is closed, payment is received or made and a realized gain or loss on foreign currency transactions is recognized, equal to the difference between the cost of the closing transaction and the basis in the contract. A Fund may also enter into a forward foreign currency contract to offset an existing contract. Forward foreign currency contracts are entered into directly with a counterparty and a Fund is exposed to the risk of default of such counterparty. The maximum potential loss from such risk is the aggregate face value in U.S. dollars at the time the contract is opened. There is no daily margin requirement for such contracts. SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Funds may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Funds to the risk that the transaction may not be consummated. The price and interest rate of such securities are fixed at trade date. For when-issued purchases, a Fund does not earn interest on such security until settlement date. 1999 ANNUAL REPORT 19 20 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - -------------------------------------------------------------------------------- Notes to Financial Statements -- (Continued) September 30, 1999 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES -- (CONCLUDED) RESTRICTED SECURITIES: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded. DIVIDENDS TO SHAREHOLDERS: Dividends from net investment income, if any, for the Institutional International Equity, Institutional Growth Equity, Institutional Equity Index and 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 to paid-in capital. INCOME TAXES: The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code ("Code"), and accordingly will not be subject to income taxes to the extent that they distribute substantially all taxable income each year. At September 30, 1999, the Institutional Growth Equity and the Institutional Social Choice Equity Funds had net capital loss carryforwards of $375,159 and $5,328, respectively. These carryforward losses are available to reduce future net capital gains to the extent provided in the Code, and will expire, if not used, on September 30, 2007. NOTE 3. MANAGEMENT AGREEMENT Under the terms of an Investment Management Agreement, each Fund pays Teachers Advisors, Inc. ("Advisors"), a wholly-owned, indirect subsidiary of TIAA, a monthly fee for the management of the Fund's net assets, based on the average daily net assets of each Fund. Advisors is registered as an investment adviser with the Commission under the Investment Advisers Act of 1940. Advisors has currently waived its right to receive a portion of its fee from each Fund until July 1, 2002. 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 until July 1, 2002. 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. 20 1999 ANNUAL REPORT 21 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - -------------------------------------------------------------------------------- Notes to Financial Statements -- (Concluded) September 30, 1999 NOTE 4. INVESTMENTS At September 30, 1999, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:
NET UNREALIZED GROSS UNREALIZED GROSS UNREALIZED APPRECIATION APPRECIATION DEPRECIATION (DEPRECIATION) ---------------- ---------------- -------------- Institutional International Equity Fund $2,373,513 $ 878,502 $1,495,011 Institutional Growth Equity Fund 2,530,462 1,571,495 958,967 Institutional Growth & Income Fund 1,284,786 1,901,778 (616,992) Institutional Equity Index Fund 1,422,284 2,188,659 (766,375) Institutional Social Choice Equity Fund 1,422,552 1,866,228 (443,676) Institutional Bond Fund 28,773 89,080 (60,307)
The above amounts are not materially different from such amounts on a federal income tax basis. Purchases and sales of securities, other than short-term money market instruments, for the Funds, other than the Institutional Money Market Fund, for the period June 14, 1999 (commencement of operations) to September 30, 1999, were as follows:
NON- NON- GOVERNMENT GOVERNMENT GOVERNMENT GOVERNMENT PURCHASES PURCHASES SALES SALES ----------- ----------- ---------- ----------- Institutional International Equity Fund $31,776,951 $ -- $6,180,001 $ -- Institutional Growth Equity Fund 35,770,796 148,450 5,861,522 76,104 Institutional Growth & Income Fund 28,281,334 233,715 2,916,519 85,331 Institutional Equity Index Fund 27,961,308 265,174 2,589,780 37,543 Institutional Social Choice Equity Fund 24,684,067 462,312 14,241 -- Institutional Bond Fund 9,419,814 56,822,453 -- 36,745,693
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 $2.5 billion unsecured revolving credit facility, for temporary or emergency purposes, including, without limitation, funding of shareholder redemptions that otherwise might require the untimely disposition of securities. College Retirement Equities Fund ("CREF") and TIAA-CREF Mutual Funds, both of which are managed by Advisors, or an affiliate of Advisors, also participate in this credit facility. An annual commitment fee for the credit is borne by the participants. Interest associated with any borrowing under the facility will be charged to the borrowing Funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the period ended September 30, 1999, there were no borrowings under the credit facility. 1999 ANNUAL REPORT 21 22 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
VALUE % PREFERRED STOCK BUSINESS SERVICES $ 336,270 1.22% ----------- ------ TOTAL PREFERRED STOCK (Cost $340,605) 336,270 1.22 ----------- ------ COMMON STOCK AMUSEMENT AND RECREATION SERVICES 27,404 0.10 APPAREL AND ACCESSORY STORES 49,120 0.18 APPAREL AND OTHER TEXTILE PRODUCTS 8,491 0.03 BUILDING MATERIALS AND GARDEN SUPPLIES 29,728 0.11 BUSINESS SERVICES 1,380,635 5.03 CHEMICALS AND ALLIED PRODUCTS 1,552,018 5.65 COMMUNICATIONS 3,739,591 13.61 DEPOSITORY INSTITUTIONS 3,634,594 13.23 EATING AND DRINKING PLACES 287,285 1.05 ELECTRIC, GAS, AND SANITARY SERVICES 577,470 2.10 ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 2,720,817 9.90 ENGINEERING AND MANAGEMENT SERVICES 7,316 0.03 FABRICATED METAL PRODUCTS 11,176 0.04 FOOD AND KINDRED PRODUCTS 471,557 1.72 FOOD STORES 607,645 2.21 FURNITURE AND FIXTURES 15,527 0.06 GENERAL BUILDING CONTRACTORS 29,527 0.11 GENERAL MERCHANDISE STORES 520,877 1.90 HEAVY CONSTRUCTION, EXCEPT BUILDING 381,862 1.39 HOLDING AND OTHER INVESTMENT OFFICES 112,262 0.41 HOTELS AND OTHER LODGING PLACES 32,694 0.12 INDUSTRIAL MACHINERY AND EQUIPMENT 446,981 1.63 INSTRUMENTS AND RELATED PRODUCTS 1,234,493 4.49 INSURANCE AGENTS, BROKERS AND SERVICE 32,588 0.12 INSURANCE CARRIERS 829,950 3.02 LOCAL AND INTERURBAN PASSENGER TRANSIT 403,426 1.47
VALUE % LUMBER AND WOOD PRODUCTS $ 25,403 0.09% METAL MINING 72,796 0.26 MISCELLANEOUS RETAIL 33,699 0.12 NONDEPOSITORY INSTITUTIONS 534,002 1.94 OIL AND GAS EXTRACTION 587,949 2.14 PAPER AND ALLIED PRODUCTS 53,671 0.20 PETROLEUM AND COAL PRODUCTS 812,398 2.96 PRIMARY METAL INDUSTRIES 1,231,779 4.48 PRINTING AND PUBLISHING 709,789 2.58 RAILROAD TRANSPORTATION 88,485 0.32 REAL ESTATE 158,752 0.58 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 227,307 0.83 SECURITY AND COMMODITY BROKERS 169,401 0.62 SPECIAL TRADE CONTRACTORS 26,635 0.10 STONE, CLAY, AND GLASS PRODUCTS 900,271 3.28 TEXTILE MILL PRODUCTS 6,132 0.02 TOBACCO PRODUCTS 39,143 0.14 TRANSPORTATION BY AIR 94,608 0.34 TRANSPORTATION EQUIPMENT 1,435,118 5.22 TRANSPORTATION SERVICES 361,377 1.31 TRUCKING AND WAREHOUSING 26,996 0.10 WATER TRANSPORTATION 31,349 0.11 WHOLESALE TRADE-NONDURABLE GOODS 65,463 0.24 ----------- ------ TOTAL COMMON STOCK (Cost $25,338,211) 26,837,557 97.69 ----------- ------ TOTAL PORTFOLIO (Cost $25,678,816) 27,173,827 98.91 OTHER ASSETS & LIABILITIES, NET 298,336 1.09 ----------- ------ NET ASSETS $27,472,163 100.00% =========== ======
22 1999 ANNUAL REPORT See notes to financial statements 23 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS SUMMARY BY COUNTRY September 30, 1999
- ------------------------------------------------------------- VALUE % - ------------------------------------------------------------- FOREIGN AUSTRALIA $ 502,684 1.85% AUSTRIA 25,609 0.09 BELGIUM 137,179 0.50 DENMARK 86,655 0.32 FINLAND 251,891 0.93 FRANCE 2,026,892 7.46 GERMANY 2,409,551 8.87 HONG KONG 502,074 1.85 INDIA 159,600 0.59 IRELAND 727,794 2.68 ITALY 499,870 1.84 JAPAN 8,022,233 29.52 NETHERLANDS 2,134,036 7.85 NEW ZEALAND 18,585 0.07 NORWAY 255,125 0.94 PORTUGAL 68,021 0.25 SINGAPORE 363,897 1.34 SPAIN 320,298 1.18 SWEDEN 450,348 1.66 SWITZERLAND 1,090,857 4.01 THAILAND 65,463 0.24 UNITED KINGDOM 7,055,165 25.96 ----------- ------ TOTAL FOREIGN 27,173,827 100.00 ----------- ------ TOTAL PORTFOLIO $27,173,827 100.00% =========== ======
See notes to financial statements 1999 ANNUAL REPORT 23 24 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND STATEMENT OF INVESTMENTS September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE PREFERRED STOCK -- 1.22% BUSINESS SERVICES -- 1.22% 750 - SAP AG. $ 336,270 ----------- TOTAL PREFERRED STOCK (Cost $340,605) 336,270 ----------- COMMON STOCK -- 97.69% AMUSEMENT AND RECREATION SERVICES -- 0.10% 3,200 GRANADA GROUP LTD (CLASS A) 27,404 ----------- APPAREL AND ACCESSORY STORES -- 0.18% 1,950 HENNES & MAURITZ AB SERIES B 49,120 ----------- APPAREL AND OTHER TEXTILE PRODUCTS -- 0.03% 177 - AOYAMA TRADING CO LTD 5,984 1,000 GUNZE LTD 2,507 ----------- 8,491 ----------- BUILDING MATERIALS AND GARDEN SUPPLIES -- 0.11% 900 CRH PLC 17,233 1,800 WOLSELEY PLC 12,495 ----------- 29,728 ----------- BUSINESS SERVICES -- 5.03% 23 - ADECCO S.A. (REGD) 12,859 100 - CAP GEMINI S.A. 15,761 82 CSK CORP 2,849 49,500 - FREESERVE PLC 119,225 200 GETRONICS NV 10,788 42,500 HAYS PLC 459,855 23,900 LOGICA PLC 316,068 1,100 MEITEC CORP 41,224 5,000 RENTOKIL INITIAL PLC 17,704 1,500 REUTERS GROUP PLC 16,934 200 SAP AG. 77,105 100 - SOFTBANK CORP 38,040 65,000 - SOLUTION 6 HOLDINGS LTD 232,210 3,000 TOKYU CORP 8,453 4,000 WHARF HOLDINGS LTD 11,560 ----------- 1,380,635 ----------- CHEMICALS AND ALLIED PRODUCTS -- 5.65% 500 AKZO NOBEL NV 21,193 3,000 ASAHI CHEMICAL INDUSTRY CO LTD 16,709 2,500 - ASTRAZENECA PLC 104,866 891 BASF AG. 37,956 1,000 BAYER AG. 39,883 81 BEIERSDORF AG. 5,650 1,000 BOC GROUP PLC 20,849 316 CHUGAI PHARMACEUTICAL CO LTD 3,813 871 DAICEL CHEMICAL INDUSTRIES LTD 3,190 248 EISAI CO LTD 6,289 3,400 ELAN CORP PLC ADR 114,112 4,200 GLAXO WELLCOME PLC 109,565
SHARES VALUE 1,400 IMPERIAL CHEMICAL INDUSTRY PLC $ 15,528 1,000 KANEKA CORP 12,867 1,000 KANSAI PAINT CO LTD 2,817 4,000 KAO CORP 113,086 1,000 KUREHA CHEMICAL INDUSTRY CO LTD 3,118 1,000 - KYOWA HAKKO KOGYO 7,626 100 LAIR LIQUIDE 15,868 100 LOREAL S.A. 63,846 144 MERCK & CO KGAA 5,214 2,000 MITSUBISHI CHEMICAL CORP 7,645 90 NOVARTIS AG. (REGD) 133,508 187 NOVO NORDISK AS (CLASS B) 22,236 500 RHONE-POULENC S.A. (CLASS A) 25,826 27 ROCHE HOLDINGS AG. (GENUSSCHEINE) 312,449 514 SANKYO CO LTD 15,448 900 - SANOFI-SYNTHELABO S.A. 38,339 100 SCHERING AG. 10,916 1,250 SEKISUI CHEMICAL CO LTD 7,056 2,000 SHOWA DENKO K.K. 3,155 7,000 SMITHKLINE BEECHAM/BECKMAN LTD 80,525 100 SOLVAY ET CIE S.A. 7,124 5,000 SUMITOMO CHEMICAL CO LTD 25,453 377 TAISHO PHARMACEUTICAL CO LTD 15,863 1,000 TAKEDA CHEMICAL INDUSTRIES LTD 54,007 2,000 TORAY INDUSTRIES, INC 10,331 1,286 UBE INDUSTRIES LTD 3,140 200 UCB S.A. 8,083 1,000 YAMANOUCHI PHARMACEUTICAL CO LTD 46,869 ----------- 1,552,018 ----------- COMMUNICATIONS -- 13.61% 300 ALCATEL 41,342 2,400 BRITISH SKY BROADCASTING GROUP PLC 23,221 8,578 BRITISH TELECOMMUNICATIONS PLC 129,898 22,000 - CABLE & WIRELESS HKT LTD 48,290 21,500 CABLE & WIRELESS PLC 234,049 135 CANAL PLUS S.A. 8,065 19,050 - COLT TELECOM GROUP PLC 453,032 4,037 DEUTSCHE TELEKOM AG. 165,525 67,100 - EIRCOM PLC 292,989 9,449 ERICSSON TELEFON (LM) AB SERIES B 292,768 1,300 FRANCE TELECOM S.A. 114,081 800 KONINKLIJKE KPN NV 35,187 2,000 MEDIASET S.P.A. 20,426 19 NIPPON TELEGRAPH & TELEPHONE CORP 233,781 19 - NTT MOBILE COMMUNICATIONS 374,764 400 PORTUGAL TELECOM S.A. 16,647 12,000 - SINGAPORE TELECOMMUNICATIONS LTD 21,876 586 SONERA GROUP OYJ 16,975 100 SWISSCOM AG. (REGD) 31,188 10,420 TELECOM ITALIA MOBILE S.P.A. 64,807 700 TELE DANMARK AS 41,719 4,000 TELECOM CORP OF NEW ZEALAND 15,760 5,800 TELECOM ITALIA 50,403 4,400 - TELEFONICA DE ESPANA S.A. 70,429
24 1999 ANNUAL REPORT See notes to financial statements 25 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE COMMUNICATIONS -- (CONTINUED) 9,000 TELSTRA CORP $ 46,648 252 - TOKYO BROADCASTING SYSTEMS, INC 5,077 35,600 VODAFONE AIRTOUCH PLC 843,094 200 - VODAFONE AIRTOUCH PLC ADR 47,550 ----------- 3,739,591 ----------- DEPOSITORY INSTITUTIONS -- 13.23% 2,000 ABBEY NATIONAL PLC 35,507 2,029 ABN-AMRO HOLDINGS NV 45,594 2,000 ALLIED IRISH BANK PLC 24,005 800 ARGENTARIA, CAJA POSTAL Y BANCO HIPOTECA 17,602 36,000 ASAHI BANK LTD 258,672 3,000 BANCA COMMERCIALE ITALIANA S.P.A. 20,703 4,100 BANCA INTESA S.P.A. 17,160 3,400 BANCO BILBAO VIZCAYA S.A. (REGD) 44,827 400 BANCO COMERCIAL PORTUGUES S.A. (REGD) 10,777 159 BANCO ESPIRITO SANTO E COMERCIAL 3,991 6,600 BANCO SANTANDER CENTRAL HISPANO S.A. 68,250 151 BANK AUSTRIA AG. 7,518 2,000 BANK OF EAST ASIA LTD 4,338 1,000 BANK OF FUKUOKA LTD 6,264 21,000 BANK OF TOKYO MITSUBISHI LTD 322,494 3,000 BANK OF YOKOHAMA LTD 10,510 300 BANQUE NATIONALE DE PARIS 23,946 7,393 BARCLAYS PLC 217,089 500 BAYERISCHE HYPO-UND VEREINSBANK AG. 29,180 200 BPI-SGPS S.A. (REGD) 4,085 1,000 CHRISTIANIA BANK OG KREDITKASSE 5,366 400 CREDIT SUISSE GROUP (REGD) 73,305 2,000 DAIWA BANK LTD 6,668 1,163 - DBS GROUP HOLDINGS LTD 12,994 71 - DEN DANSKE BANK AF 1871 8,086 866 DEN NORSKE BANK ASA 3,418 844 DEUTSCHE BANK AG. (REGD) 56,492 800 DRESDNER BANK AG. 37,658 1,000 FORENINGSSPARBANKEN AB 16,223 8,158 FUJI BANK LTD 99,152 2,000 HANG SENG BANK LTD 21,177 1,000 HIGO FAMILY BANK LTD 4,179 2,000 HOKURIKU BANK LTD 4,564 9,700 HSBC HOLDINGS PLC (U.K.) 111,185 7,000 INDUSTRIAL BANK OF JAPAN LTD 86,064 1,000 JOYO BANK 4,226 500 KBC BANCASSURANCE HOLDINGS NV 25,426 6,900 LLOYDS TSB GROUP PLC 85,795 1,125 MERITA LTD 6,326 3,000 MITSUBISHI TRUST & BANKING CORP 36,631 2,000 MITSUI TRUST & BANKING CO LTD 4,095 2,000 NATIONAL AUSTRALIA BANK LTD 29,278 2,000 OVERSEAS-CHINESE BANKING CORP LTD (FR) 15,525 300 PARIBAS S.A. 33,355
SHARES VALUE 1,400 ROYAL BANK OF SCOTLAND PLC $ 30,042 56,000 SAKURA BANK LTD 420,788 2,300 SAN PAOLO-IMI S.P.A. 29,883 22,000 SANWA BANK LTD 294,458 1,000 SHIZUOKA BANK LTD 12,013 1,000 SKANDINAVISKA ENSKILDA BANKEN SERIES A 10,185 200 SOCIETE GENERALE S.A. 41,215 20,661 SUMITOMO BANK LTD 310,496 1,000 SVENSKA HANDELSBANKEN SERIES A 13,967 5,000 TOKAI BANK LTD 36,114 1,000 UBS AG. (REGD) 281,891 8,100 UNCREDITO ITALIANO S.P.A. 39,595 100 UNI BANKDANMARK AS (CLASS A) 6,776 17,000 UNITED OVERSEAS BANK LTD (FR) 128,964 3,000 WESTPAC BANKING CORP 18,507 ----------- 3,634,594 ----------- EATING AND DRINKING PLACES -- 1.05% 24,500 COMPASS GROUP PLC 240,278 4,600 - DIAGEO PLC (CLASS A) 47,007 ----------- 287,285 ----------- ELECTRIC, GAS, AND SANITARY SERVICES -- 2.10% 223 AGUAS DE BARCELONA S.A. 3,735 4,000 CLP HOLDINGS LTD 18,796 1,100 EDISON S.P.A. 9,676 100 ELECTRABEL NV 34,654 1,400 ELECTRICIDADE DE PORTUGAL S.A. 22,096 1,600 ENDESA S.A. 30,399 600 GAS NATURAL SDG S.A. 12,831 6,012 HONG KONG & CHINA GAS CO LTD 8,088 1,500 IBERDROLA S.A. 22,236 1,200 ITALGAS S.P.A. 5,188 2,000 KANSAI ELECTRIC POWER CO, INC 38,697 3,900 NATIONAL GRID GROUP PLC 26,992 175 NATIONAL POWER PLC 1,364 5,000 OSAKA GAS CO LTD 16,671 100 - OESTERREICHISCHE ELEKTRIZITAETSWIRSCHAFTS AG. 14,754 700 - RHEIN-WESTFALEN ELECTRIC AG. (STAMM) 29,036 1,944 SCOTTISH & SOUTHERN ENERGY PLC 18,136 1,400 SCOTTISH POWER PLC 12,865 200 - SUEZ LYONNAISE DES EAUX S.A. 32,375 1,000 TOHOKU ELECTRIC POWER CO, INC 15,591 2,172 TOKYO ELECTRIC POWER CO, INC 50,185 1,000 TOKYO GAS CO LTD 2,395 100 - TRACTEBEL NV 17,721 454 UNION ELECTRICA FENOSA S.A. 6,812 1,369 UNITED UTILITIES PLC 14,981 700 VEBA AG. 38,355 1,023 VIAG AG. 19,392 761 VIVENDI S.A. 53,449 ----------- 577,470 -----------
See notes to financial statements 1999 ANNUAL REPORT 25 26 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- 9.90% 159 - ABB LTD $ 16,312 225 - ABB LTD (SWITZERLAND) 23,241 113 ADVANTEST CORP 16,345 5,081 ALPS ELECTRIC CO LTD 106,185 17 BARCO INDUSTRIES NV 2,145 1,000 BROTHERS INDUSTRIES LTD 3,071 489 ELECTROLUX AB SERIES B 9,126 13,000 FUJITSU LTD 405,384 1,000 FURUKAWA ELECTRIC CO LTD 5,964 4,100 GENERAL ELECTRIC CO (UNITED KINGDOM) 39,365 4,461 HITACHI LTD 49,442 46,000 - JOHNSON ELECTRIC HOLDINGS LTD 223,261 500 KONINKLIJKE PHILIPS ELECTRONICS NV 50,320 5,000 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD 106,371 3,000 MITSUBISHI ELECTRIC CORP 17,132 5,372 MURATA MANUFACTURING CO LTD 539,890 3,000 NIPPON ELECTRIC CORP 60,441 2,400 - NOKIA OYJ 214,957 4,000 SANYO ELECTRIC CO LTD 19,348 3,000 SHARP CORP 48,071 520 SONY CORP 77,706 6,000 ST MICROELECTRONICS NV 467,744 1,000 SUMITOMO ELECTRIC INDUSTRIES CO 13,713 247 TOKYO ELECTRON CO LTD 21,459 24,000 TOSHIBA CORP 178,759 542 YAMAHA CORP 5,065 ----------- 2,720,817 ----------- ENGINEERING AND MANAGEMENT SERVICES -- 0.03% 2,000 SEMBCORP INDUSTRIES LTD 2,305 3,927 SINGAPORE TECHNOLOGIES ENGINEERING LTD 5,011 ----------- 7,316 ----------- FABRICATED METAL PRODUCTS -- 0.04% 700 GKN PLC 11,176 ----------- FOOD AND KINDRED PRODUCTS -- 1.72% 2,000 AJINOMOTO CO LTD 23,387 1,000 ASAHI BREWERIES LTD 15,300 2,300 BASS PLC 27,746 8 BONGRAIN S.A. 3,068 4,000 CADBURY SCHWEPPES LTD 27,783 100 - CARLSBERG BREWERIES AS (CLASS A) 3,653 1,011 COCA COLA AMATIL LTD 3,549 100 DANISCO AS 4,183 100 DANONE GROUP 24,335 18 - ERIDANIA BEGHIN-SAY S.A. 2,181 3,000 FOSTERS BREWING GROUP LTD 8,458 500 HEINEKEN NV 24,867 187 HOUSE FOODS CORP 2,731 232 KERRY GROUP (CLASS A) 2,940 2,000 KIRIN BREWERY CO LTD 23,951 137 LVMH MOET HENNESSY LOUIS VUITTON 41,071 1,000 MEIJI SEIKA KAISHA LTD 7,645
SHARES VALUE 56 NESTLE S.A. (REGD) $ 105,239 211 ORKLA AS SERIES A 3,198 63 PERNOD-RICARD S.A. 4,233 1,000 SOUTHCORP LTD 3,648 235 - TAKARA SHUZO CO LTD 3,498 1,600 UNIGATE PLC 8,168 3,800 UNILEVER LTD 35,765 900 UNILEVER NV CERT 60,960 ----------- 471,557 ----------- FOOD STORES -- 2.21% 400 CARREFOUR SUPERMARCHE S.A. 64,027 100 CASINO GUICHARD-PERRACHON S.A. 11,501 100 DELHAIZE FRERES NV 7,987 540 ITO-YOKADO CO LTD 44,633 127 JERONIMO MARTINS SGPS S.A. 3,597 11,049 KONINKLIJKE AHOLD NV 363,602 23 PROMODES S.A. 20,342 3,700 SAFEWAY PLC 13,481 1,700 SAINSBURY (J) PLC 10,610 20,600 TESCO PLC 64,374 1,000 WOOLWORTHS LTD 3,491 ----------- 607,645 ----------- FURNITURE AND FIXTURES -- 0.06% 7,200 - OLIVETTI GROUP S.P.A. 15,527 ----------- GENERAL BUILDING CONTRACTORS -- 0.11% 300 BARRATT DEVELOPMENTS LTD 1,294 1,000 DAIWA HOUSE INDUSTRY CO LTD 9,890 1,000 OBAYASHI CORP 6,039 1,000 - SHIMIZU CORP 4,423 152 SKANSKA AB SERIES B FREE 5,655 1,000 TAISEI CORP 2,226 ----------- 29,527 ----------- GENERAL MERCHANDISE STORES -- 1.90% 2,000 COLES MYER LTD 10,452 200 HAGEMEYER NV 4,803 225 JUSCO CO LTD 4,237 2,500 KINGFISHER PLC 26,803 3,200 MARKS & SPENCER PLC 16,627 354 MARUI CO LTD 6,610 336 - METRO AG. 17,498 1,000 - MITSUKOSHI LTD 6,001 1,000 MYCAL CORP 6,246 200 PINAULT-PRINTEMPS-REDOUTE S.A. 37,913 1,900 RYOHIN KEIKAKU CO LTD 383,687 ----------- 520,877 ----------- HEAVY CONSTRUCTION, EXCEPT BUILDING -- 1.39% 301 AUTOPISTAS CONCESIONARIA ESPANOLA S.A. 3,321 100 BRISA-AUTO ESTRADAS DE PORTUGAL S.A. 3,820 289 DRAGADOS Y CONSTRUCCIONES S.A. 3,324 1,100 GROUPE GTM 121,600
26 1999 ANNUAL REPORT See notes to financial statements 27 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE HEAVY CONSTRUCTION, EXCEPT BUILDING -- (CONTINUED) 2,000 KAJIMA CORP $ 8,002 4,800 SOCIETE GENERALE D'ENTREPRISES S.A. 241,795 ----------- 381,862 ----------- HOLDING AND OTHER INVESTMENT OFFICES -- 0.41% 2,400 ALLIED ZURICH PLC 28,181 154 DROTT AB SERIES B 1,427 5,119 HUTCHINSON WHAMPOA LTD 47,614 900 LAND SECURITIES PLC 12,124 100 PROMISE CO LTD 8,049 1,000 SUMITOMO CORP 7,354 6,278 UNIONE IMMOBILIARE S.P.A. 3,336 2,069 WESTFIELD TRUST (UNITS) 4,177 ----------- 112,262 ----------- HOTELS AND OTHER LODGING PLACES -- 0.12% 100 ACCOR S.A. 23,312 2,700 HILTON GROUP PLC 9,382 ----------- 32,694 ----------- INDUSTRIAL MACHINERY AND EQUIPMENT -- 1.63% 588 AMADA CO LTD 4,103 1,000 KEPPEL CORP 2,916 13,000 KOMATSU LTD 86,205 2,000 KUBOTA CORP 7,063 204 MAKITA CORP 2,299 53,000 MITSUBISHI HEAVY INDUSTRIES LTD 204,101 26 NIDEC CORP 4,920 829 NSK LTD 6,011 25 SIDEL S.A. 2,545 4,300 THK CO LTD 126,818 ----------- 446,981 ----------- INSTRUMENTS AND RELATED PRODUCTS -- 4.49% 1,000 CANON, INC 29,117 1,000 FUJI PHOTO FILM CO LTD 34,282 156,700 INVENSYS PLC 763,885 800 KEYENCE CORP 214,151 470 NIKON CORP 9,049 10,000 RICOH CO LTD 173,763 584 WILLIAMS PLC 3,108 1,000 YOKOGAWA ELECTRIC CORP 7,138 ----------- 1,234,493 ----------- INSURANCE AGENTS, BROKERS AND SERVICE -- 0.12% 1,000 FORTIS B 32,588 ----------- INSURANCE CARRIERS -- 3.02% 3,318 AEGON NV 285,517 334 - ALLIANZ AG. (REGD) 96,254 2,000 AMP LTD 18,628 2,000 ASSICURAZIONI GENERALI S.P.A. 66,455 500 AXA 63,260 1,500 CGU PLC 23,159
SHARES VALUE 2,031 COLONIAL LTD $ 7,369 6,600 INSTITUTO NAZIONALE DELLE ASSICURAZION 21,508 1,000 MITSUI TAISHO MARINE & FIRE CO LTD 5,306 226 - MUENCHENER RUECKVER A.G. (REGD) 45,658 1,000 NICHIDO FIRE & MARINE INSURANCE CO LTD 4,931 1,000 NIPPON FIRE & MARINE INSURANCE CO LTD 3,324 2,300 PRUDENTIAL CORP PLC 35,340 1,000 RAS S.P.A. 9,989 1,500 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 11,832 1,000 SKANDIA FORSAKRINGS AB 20,859 20 - SWISS REINSURANCE 39,917 3,000 TOKIO MARINE & FIRE INSURANCE CO LTD 35,504 63 ZURICH ALLIED AG. 35,140 ----------- 829,950 ----------- LOCAL AND INTERURBAN PASSENGER TRANSIT -- 1.47% 29 EAST JAPAN RAILWAY CO 184,677 70,000 STAGECOACH HOLDINGS PLC 218,749 ----------- 403,426 ----------- LUMBER AND WOOD PRODUCTS -- 0.09% 2,347 CARTER HOLT HARVEY LTD 2,824 2,000 SEKISUI HOUSE LTD 22,579 ----------- 25,403 ----------- METAL MINING -- 0.26% 10 ALUSUISSE LONZA HOLDINGS AG. (REGD) 11,515 3,000 MITSUBISHI MATERIALS CORP 8,876 1,000 MITSUI MINING & SMELTING CO LTD 5,353 2,000 NIPPON LIGHT METAL CO LTD 2,498 1,000 NORTH LTD 2,121 248 RIO TINTO LTD 4,205 1,534 RIO TINTO PLC (REGD) 26,602 35 UNION MINIERE GROUP S.A. 1,446 2,000 WMC LTD 10,180 ----------- 72,796 ----------- MISCELLANEOUS RETAIL -- 0.12% 1,400 BOOTS CO LTD 15,597 2,400 GREAT UNIVERSAL STORES PLC 18,102 ----------- 33,699 ----------- NONDEPOSITORY INSTITUTIONS -- 1.94% 3,900 HALIFAX PLC 49,038 13,300 - ICICI LTD SPONS ADR 159,600 1,318 ING GROEP NV 71,586 378 IRISH LIFE AND PERMANENT PLC 4,247 1,000 MEDIOBANCA S.P.A. 11,065 600 SCHROEDERS LTD 12,509 258 SHOHKOH FUND & CO 192,651 200 TAKEFUJI CORP 33,306 ----------- 534,002 -----------
See notes to financial statements 1999 ANNUAL REPORT 27 28 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE OIL AND GAS EXTRACTION -- 2.14% 6,200 IHC CALAND NV $ 307,036 1,142 LONDON & SCOTTISH MARINE OIL PLC 2,656 36 OMV AKTIENGESELLS AG. 3,337 11,300 - PETROLEUM GEO-SERVICES AS 212,086 500 - TOTAL FINA S.A. 62,834 ----------- 587,949 ----------- PAPER AND ALLIED PRODUCTS -- 0.20% 1,000 AMCOR LTD 4,796 573 ARJO WIGGINS APPLETON PLC 1,866 1,464 JEFFERSON SMURFIT GROUP PLC 4,334 2,000 MITSUBISHI PAPER MILLS LTD 3,926 1,198 NIPPON PAPER INDUSTRIES CO 8,461 93 NORD-EST SA 2,623 1,000 OJI PAPER CO LTD 7,025 263 SCA AB SERIES B 7,009 400 UPM-KYMMENE OY 13,631 ----------- 53,671 ----------- PETROLEUM AND COAL PRODUCTS -- 2.96% 5,600 BG PLC 32,187 19,600 BP AMOCO PLC 357,977 3,000 BROKEN HILL PROPRIETARY CO LTD 34,556 2,000 COSMO OIL CO LTD 3,174 400 ELF AQUITANE S.A. 69,863 11,000 ENTE NAZIONALE IDROCARBURI S.P.A. 69,000 3,000 NIPPON MITSUBISHI OIL CO 12,313 734 NORSK HYDRO AS 31,055 1,575 REPSOL S.A. 30,846 2,900 ROYAL DUTCH PETROLEUM CO 168,630 1,000 SANTOS LTD 2,797 ----------- 812,398 ----------- PRIMARY METAL INDUSTRIES -- 4.48% 1,000 DAIDO STEEL CO LTD 1,793 4,000 KAWASAKI STEEL CORP 9,279 5,050 MANNESMANN AG. (REGD) 806,729 17,000 NIPPON STEEL CORP 46,145 9,000 - NKK CORP 8,368 6,605 - PREUSSAG AKTIEGESELLSCHAFT AG. 332,720 820 SUMITOMO HEAVY INDUSTRIES LTD 2,264 7,000 - SUMITOMO METAL INDUSTRIES LTD 7,889 700 - THYSSEN KRUPP AG. 14,052 180 USINOR 2,540 ----------- 1,231,779 ----------- PRINTING AND PUBLISHING -- 2.58% 2,000 DAI NIPPON PRINTING CO LTD 37,175 17,400 ELSEVIER UTIGEVERSMIJ NV 178,822 6,000 NEWS CORP LTD 42,102 18,600 PEARSON PLC 399,139 1,700 REED INTERNATIONAL PLC 10,233 2,000 TOPPAN PRINTING CO LTD 25,172 500 WOLTERS KLUWER NV 17,146 ----------- 709,789 -----------
SHARES VALUE RAILROAD TRANSPORTATION -- 0.32% 1,000 KEIHIN ELECTRIC EXPRESS RAILWAY $ 3,785 2,000 KINKI NIPPON RAILWAY CO LTD 10,669 1,000 NANKAI ELECTRIC RAILWAY CO 3,944 1,179 NIPPON EXPRESS CO LTD 7,906 1,000 ODAKYU ELECTRIC RAILWAY CO LTD 3,249 2,800 RAILTRACK GROUP PLC 58,932 ----------- 88,485 ----------- REAL ESTATE -- 0.58% 4,000 CHEUNG KONG HOLDINGS LTD 33,343 1,000 CITY DEVELOPMENT LTD 5,086 1,589 DBS LAND LTD 2,952 3,000 GENERAL PROPERTY TRUST 5,070 2,000 HANG LUNG DEVELOPMENT CO LTD 2,265 3,000 MITSUBISHI ESTATE CO LTD 30,460 2,061 MITSUI FUDOSAN CO LTD 16,531 2,639 NEW WORLD DEVELOPMENT CO LTD 5,792 5,721 SINO LAND CO 2,798 7,139 SUN HUNG KAI PROPERTIES LTD 54,455 ----------- 158,752 ----------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS -- 0.83% 36 ADIDAS SALOMON AG. 3,061 2,000 BRIDGESTONE CORP 55,979 300 MICHELIN S.A. (CLASS B) 14,160 138,000 OMNI INDUSTRIES LTD 146,077 3,300 PIRELLI S.P.A. 8,030 ----------- 227,307 ----------- SECURITY AND COMMODITY BROKERS -- 0.62% 4,000 DAIWA SECURITIES GROUP, INC 36,443 1,946 ITOCHU CORP 6,415 4,000 MARUBENI CORP 10,369 4,000 MITSUBISHI CORP 33,061 2,000 MITSUI & CO LTD 15,140 4,386 NOMURA SECURITIES CO LTD 67,973 ----------- 169,401 ----------- SPECIAL TRADE CONTRACTORS -- 0.10% 567 KINDEN CORP 4,686 300 SCHNEIDER ELECTRIC S.A. 21,949 ----------- 26,635 ----------- STONE, CLAY, AND GLASS PRODUCTS -- 3.28% 2,000 ASAHI GLASS CO LTD 13,844 2,000 BORAL LTD 3,062 182 CIMENTOS DE PORTUGAL 3,004 14,000 CRH PLC 267,932 2,000 CSR LTD 5,052 34,500 HANSON PLC 265,908 11 HOLDERBANK FINANCIERE GLARUS AG. (BR) 14,287 172 HOYA CORP 10,404 1,000 INAX CORP 7,326 300 ITALCEMENTI S.P.A. 4,105 200 LAFARGE S.A. (BR) 22,109
28 1999 ANNUAL REPORT See notes to financial statements 29 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL INTERNATIONAL EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE STONE, CLAY, AND GLASS PRODUCTS -- (CONTINUED) 1,000 PIONEER INTERNATIONAL LTD $ 2,472 4,400 RMC GROUP PLC 67,970 1,132 ST. GOBAIN S.A. 210,974 1,000 SUMITOMO OSAKA CEMENT CO LTD 1,822 ----------- 900,271 ----------- TEXTILE MILL PRODUCTS -- 0.02% 1,000 NISSHINBO INDUSTRY, INC 4,931 561 NITTO BOSEKI CO LTD 1,201 ----------- 6,132 ----------- TOBACCO PRODUCTS -- 0.14% 3,900 BRITISH AMERICAN TOBACCO PLC 33,463 300 TABACALERA S.A. SERIES A (REGD) 5,680 ----------- 39,143 ----------- TRANSPORTATION BY AIR -- 0.34% 2,600 ALITALIA S.P.A. 7,337 2,100 BRITISH AIRPORT AUTHORITIES PLC 21,269 6,000 CATHAY PACIFIC AIRWAYS LTD 10,814 800 DEUTSCHE LUFTHANSA AG. (REGD) 14,637 3,000 JAPAN AIRLINES CO LTD 11,552 2,000 - SINGAPORE INTERNATONAL AIRLINES LTD (LR) 19,524 2,000 SWIRE PACIFIC LTD (CLASS A) 9,475 ----------- 94,608 ----------- TRANSPORTATION EQUIPMENT -- 5.22% 2,100 BRITISH AEROSPACE PLC 13,842 1,200 DAIMLERCHRYSLER AG. 82,685 2,000 DENSO CORP 42,360 770 FIAT S.P.A. 25,667 2,000 HONDA MOTOR CO LTD 83,781 2,000 - MITSUI ENGINEERING & SHIP BUILDING CO LTD 2,010
SHARES VALUE 68,000 NISSAN MOTOR CO LTD $ 411,959 1,000 ORIENT CORP 3,569 100 PEUGEOT S.A. 20,043 7,800 - RENAULT S.A. 431,129 3,200 ROLLS ROYCE LTD 11,106 830 SIEMENS AG. (REGD) 68,549 1,548 TI GROUP PLC 11,319 5,000 TOYOTA MOTOR CORP 164,033 700 VOLKSWAGEN AG. 39,063 850 VOLVO AB SERIES B FREE 24,003 ----------- 1,435,118 ----------- TRANSPORTATION SERVICES -- 1.31% 56,700 AIRTOURS PLC 361,377 ----------- TRUCKING AND WAREHOUSING -- 0.10% 1,000 SEINO TRANSPORTATION CO LTD 6,762 800 TNT POST GROUP NV 20,234 ----------- 26,996 ----------- WATER TRANSPORTATION -- 0.11% 2,000 MITSUI OSK LINES LTD 3,738 3,000 NIPPON YUSEN KABUSHIKI KAISHA 11,017 1,100 PENINSULAR & ORIENTAL STEAM NAVIGATION CO 16,594 ----------- 31,349 ----------- WHOLESALE TRADE-NONDURABLE GOODS -- 0.24% 19,000 - THAI UNION FROZEN PRODUCTS (FR) 65,463 ----------- TOTAL COMMON STOCK (Cost $25,338,211) 26,837,557 ----------- TOTAL PORTFOLIO (Cost $25,678,816) $27,173,827 ===========
- --------------- - - Non-income producing See notes to financial statements 1999 ANNUAL REPORT 29 30 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
VALUE % COMMON STOCK AGRICULTURAL PRODUCTION-CROPS $ 2,587 0.01% AGRICULTURAL SERVICES 956 0.00 AMUSEMENT AND RECREATION SERVICES 503,037 1.65 APPAREL AND ACCESSORY STORES 113,250 0.37 APPAREL AND OTHER TEXTILE PRODUCTS 12,062 0.04 AUTOMOTIVE DEALERS AND SERVICE STATIONS 16,255 0.05 BUILDING MATERIALS AND GARDEN SUPPLIES 292,912 0.96 BUSINESS SERVICES 5,016,403 16.43 CHEMICALS AND ALLIED PRODUCTS 4,566,740 14.96 COMMUNICATIONS 4,105,597 13.45 DEPOSITORY INSTITUTIONS 226,903 0.74 EATING AND DRINKING PLACES 105,961 0.35 EDUCATIONAL SERVICES 9,349 0.03 ELECTRIC, GAS, AND SANITARY SERVICES 82,782 0.27 ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 4,511,421 14.77 ENGINEERING AND MANAGEMENT SERVICES 34,849 0.11 FABRICATED METAL PRODUCTS 120,481 0.39 FOOD AND KINDRED PRODUCTS 621,731 2.04 FOOD STORES 297,888 0.98 FURNITURE AND FIXTURES 10,623 0.03 FURNITURE AND HOMEFURNISHINGS STORES 237,430 0.78 GENERAL BUILDING CONTRACTORS 11,962 0.04 GENERAL MERCHANDISE STORES 473,812 1.55 HEALTH SERVICES 35,781 0.12 HEAVY CONSTRUCTION, EXCEPT BUILDING 6,718 0.02 HOLDING AND OTHER INVESTMENT OFFICES 15,891 0.05 HOTELS AND OTHER LODGING PLACES 9,892 0.03 INDUSTRIAL MACHINERY AND EQUIPMENT 5,123,688 16.78 INSTRUMENTS AND RELATED PRODUCTS 603,452 1.98 INSURANCE AGENTS, BROKERS AND SERVICE 3,674 0.01 INSURANCE CARRIERS 235,619 0.77 LEATHER AND LEATHER PRODUCTS 700 0.00 LEGAL SERVICES 3,937 0.01 LUMBER AND WOOD PRODUCTS 6,981 0.02 METAL MINING 9,337 0.03 MISCELLANEOUS MANUFACTURING INDUSTRIES 18,398 0.06 MISCELLANEOUS RETAIL 197,359 0.65
VALUE % MOTION PICTURES $ 199,768 0.65% NONDEPOSITORY INSTITUTIONS 341,144 1.12 NONMETALLIC MINERALS, EXCEPT FUELS 5,900 0.02 OIL AND GAS EXTRACTION 70,314 0.23 PAPER AND ALLIED PRODUCTS 64,310 0.21 PERSONAL SERVICES 18,735 0.06 PETROLEUM AND COAL PRODUCTS 8,446 0.03 PRIMARY METAL INDUSTRIES 11,667 0.04 PRINTING AND PUBLISHING 38,335 0.13 RAILROAD TRANSPORTATION 9,287 0.03 REAL ESTATE 5,205 0.02 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 213,918 0.70 SECURITY AND COMMODITY BROKERS 110,172 0.36 SPECIAL TRADE CONTRACTORS 2,931 0.01 STONE, CLAY, AND GLASS PRODUCTS 47,805 0.16 TEXTILE MILL PRODUCTS 2,362 0.01 TOBACCO PRODUCTS 163,164 0.53 TRANSPORTATION BY AIR 6,965 0.02 TRANSPORTATION EQUIPMENT 753,835 2.47 TRANSPORTATION SERVICES 13,621 0.04 TRUCKING AND WAREHOUSING 4,868 0.02 WATER TRANSPORTATION 231,103 0.76 WHOLESALE TRADE-DURABLE GOODS 18,421 0.06 WHOLESALE TRADE-NONDURABLE GOODS 425,937 1.39 ----------- ------ TOTAL COMMON STOCK (Cost $29,455,664) 30,414,631 99.60 ----------- ------ SHORT TERM INVESTMENT U.S. GOVERNMENT AGENCY 625,000 2.05 ----------- ------ TOTAL SHORT TERM INVESTMENT (Cost $625,000) 625,000 2.05 ----------- ------ TOTAL PORTFOLIO (Cost $30,080,664) 31,039,631 101.65 OTHER ASSETS & LIABILITIES, NET (504,960) (1.65) ----------- ------ NET ASSETS $30,534,671 100.00% =========== ======
30 1999 ANNUAL REPORT See notes to financial statements 31 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND STATEMENT OF INVESTMENTS September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE COMMON STOCK -- 99.60% AGRICULTURAL PRODUCTION-CROPS -- 0.01% 100 DELTA & PINE LAND CO $ 2,587 ----------- AGRICULTURAL SERVICES -- 0.00% 100 CADIZ, INC 956 ----------- AMUSEMENT AND RECREATION SERVICES -- 1.65% 100 - ANCHOR GAMING CO 5,950 100 - ARGOSY GAMING CORP 1,325 8,488 - PREMIER PARKS, INC 246,152 8,036 - SFX ENTERTAINMENT, INC (CLASS A) 245,098 100 - WESTWOOD ONE, INC 4,512 ----------- 503,037 ----------- APPAREL AND ACCESSORY STORES -- 0.37% 200 - ABERCROMBIE & FITCH CO (CLASS A) 6,812 100 - AMERICAN EAGLE OUTFITTERS, INC 4,843 100 BURLINGTON COAT FACTORY WAREHOUSE CORP 1,975 100 CLAIRES STORES, INC 1,656 1,700 GAP, INC 54,400 100 - GENESCO, INC 1,250 100 INTIMATE BRANDS, INC (CLASS A) 3,893 100 - MENS WAREHOUSE, INC 2,150 100 - PACIFIC SUNWEAR CALIFORNIA, INC 2,803 200 ROSS STORES, INC 4,025 100 - SHOE CARNIVAL, INC 1,106 200 - STEIN MART, INC 1,425 900 TJX COS, INC 25,256 100 - WET SEAL, INC (CLASS A) 1,656 ----------- 113,250 ----------- APPAREL AND OTHER TEXTILE PRODUCTS -- 0.04% 300 - JONES APPAREL GROUP, INC 8,625 100 - NAUTICA ENTERPRISES, INC 1,612 100 WARNACO GROUP, INC (CLASS A) 1,825 ----------- 12,062 ----------- AUTOMOTIVE DEALERS AND SERVICE STATIONS -- 0.05% 500 - AUTONATION, INC 6,281 200 - AUTOZONE, INC 5,612 200 - CSK AUTO CORP 4,362 ----------- 16,255 ----------- BUILDING MATERIALS AND GARDEN SUPPLIES -- 0.96% 3,700 HOME DEPOT, INC 253,912 800 LOWES COS, INC 39,000 ----------- 292,912 ----------- BUSINESS SERVICES -- 16.43% 100 AARON RENTS, INC 1,725 100 - ACCLAIM ENTERTAINMENT, INC 759 200 - ACNEILSEN CORP 4,537 200 - ACXIOM CORP 3,931 200 ADOBE SYSTEMS, INC 22,700 100 - ADVO, INC 1,993
SHARES VALUE 100 - AFFILIATED COMPUTER SERVICES, INC (CLASS A) $ 4,062 3,572 AMERICA ONLINE, INC 371,488 200 - AMERICAN MANAGEMENT SYSTEMS, INC 5,131 100 ANALYSTS INTERNATIONAL CORP 1,037 200 - ANSWERTHINK CONSULTING GROUP 1,925 100 - ARDENT SOFTWARE, INC 2,693 100 - ASPECT DEVELOPMENT, INC 2,531 200 - ASPEN TECHNOLOGY, INC 1,950 100 - AUTOBYTEL.COM, INC 1,175 1,400 AUTOMATIC DATA PROCESSING, INC 62,475 100 - AXENT TECHNOLOGIES, INC 1,293 100 - BARRA, INC 2,100 200 - BEA SYSTEMS, INC 7,062 100 - BEST SOFTWARE, INC 1,975 100 - BEYOND.COM CORP 1,225 100 - BILLING CONCEPTS CORP 500 100 - BINDVIEW DEVELOPMENT CORP 1,968 100 - BISYS GROUP, INC 4,690 5,903 - BMC SOFTWARE, INC 422,433 100 - CACI INTERNATIONAL, INC (CLASS A) 2,131 400 - CADENCE DESIGN SYSTEMS, INC 5,300 100 - CAMBRIDGE TECHNOLOGY PARTNERS, INC 1,450 200 - CATAPULT COMMUNICATIONS CORP 3,100 100 - CCC INFORMATION SERVICES GROUP, INC 1,318 100 - CDI CORP 2,731 1,000 - CENDANT CORP 17,750 200 - CENTURY BUSINESS SERVICES, INC 2,325 3,940 - CERIDIAN CORP 98,007 100 - CERNER CORP 1,525 100 - CHECKFREE HOLDINGS CORP 4,112 100 - CIBER, INC 1,531 200 - CITRIX SYSTEMS, INC 12,387 200 - CMGI, INC 20,500 100 - CNET, INC 5,600 100 - COMPLETE BUSINESS SOLUTIONS, INC 1,368 1,100 COMPUTER ASSOCIATES INTERNATIONAL, INC 67,375 100 - COMPUTER HORIZONS CORP 1,162 100 - COMPUTER NETWORK TECHNOLOGY CORP 931 300 - COMPUTER SCIENCES CORP 21,093 5,207 - COMPUWARE CORP 135,707 100 - CONCORD COMMUNICATIONS, INC 3,975 200 - CONVERGYS CORP 3,962 200 - CSG SYSTEMS INTERNATIONAL, INC 5,481 100 - DATA BROADCASTING CORP 756 200 - DATASTREAM SYSTEMS, INC 2,625 100 - DOUBLECLICK, INC 11,912 100 - EARTHLINK NETWORK, INC 4,293 100 - EBAY, INC 14,106 200 - ECHELON CORP 1,525 100 - ECLIPSYS CORP 1,437 200 - ELECTRONIC ARTS, INC 14,475 2,509 ELECTRONIC DATA SYSTEMS CORP 132,820 100 - ELECTRONICS FOR IMAGING, INC 5,140 100 - ENGINEERING ANIMATION, INC 1,581 100 - EPICOR SOFTWARE CORP 575
See notes to financial statements 1999 ANNUAL REPORT 31 32 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE BUSINESS SERVICES -- (CONTINUED) 400 EQUIFAX, INC $ 11,250 100 - EXCHANGE APPLICATIONS 2,906 300 - EXCITE AT HOME 12,431 100 - FILENET CORP 1,068 300 FIRST DATA CORP 13,162 300 - FISERV, INC 9,750 39 - GARTNER GROUP, INC (CLASS B) 650 100 - GO2NET, INC 6,475 100 - GT INTERACTIVE SOFTWARE CORP 290 100 - GTECH HOLDINGS CORP 2,143 200 - HARBINGER CORP 3,375 100 - HNC SOFTWARE 3,968 100 - HYPERION SOLUTIONS CORP 2,200 100 - I2 TECHNOLOGIES, INC 3,881 900 IMS HEALTH, INC 20,531 100 - INFOCURE CORP 1,887 500 - INFORMIX CORP 3,968 100 - INFOSEEK CORP 3,087 100 - INFOSPACE COM, INC 4,112 100 - INFOUSA, INC (CLASS B) 687 100 - INKTOMI CORP 12,003 100 - INTERIM SERVICES, INC 1,637 100 - INTERNATIONAL NETWORK SERVICES 5,437 200 - INTERNATIONAL TELECOMMUNICATIONS 1,687 600 INTERPUBLIC GROUP OF COS, INC 24,675 100 - INTUIT, INC 8,765 100 - J.D. EDWARDS & CO 2,071 100 - KEANE, INC 2,281 100 - LABOR READY, INC 1,006 100 - LAMAR ADVERTISING CO (CLASS A) 4,950 200 - LEARN2.COM, INC 581 200 - LEGATO SYSTEMS, INC 8,718 100 - LHS GROUP, INC 2,943 200 - LYCOS, INC 10,025 100 - MACROMEDIA, INC 4,087 100 - MAPICS, INC 868 100 - MASTECH CORP 1,350 100 - MEDQUIST, INC 3,343 100 - MERCURY INTERACTIVE CORP 6,456 500 - MESSAGEMEDIA, INC 5,375 19,568 - MICROSOFT CORP 1,772,127 100 - MICROSTRATEGY, INC 5,606 100 - MIDWAY GAMES, INC 1,575 100 - MINDSPRING ENTERPRISES, INC 2,768 200 - MODIS PROFESSIONAL SERVICES 2,650 100 NATIONAL COMPUTER SYSTEMS, INC 3,834 100 NATIONAL DATA CORP 2,600 100 - NCO GROUP, INC 4,700 100 - NEON SYSTEMS, INC 2,693 100 - NET PERCEPTIONS, INC 1,712 100 - NETOBJECTS, INC 562 200 - NETWORK APPLIANCE, INC 14,325 100 - NETWORK PERIPHERALS, INC 1,825 200 - NETWORKS ASSOCIATES, INC 3,825 100 - NEW ERA OF NETWORKS, INC 2,162 100 - NIELSEN MEDIA RESEARCH 3,718
SHARES VALUE 200 - NOVA CORP (GEORGIA) $ 5,000 800 - NOVELL, INC 16,550 300 - OMEGA RESEARCH, INC 1,162 2,671 OMNICOM GROUP, INC 211,509 100 - ONEMAIN.COM, INC 1,643 100 - OPEN MARKET, INC 1,312 14,724 - ORACLE CORP 669,942 300 - OUTDOOR SYSTEMS, INC 10,725 700 - PARAMETRIC TECHNOLOGY CORP 9,450 600 PAYCHEX, INC 20,475 400 - PEOPLESOFT, INC 6,775 200 - PER SE TECHNOLOGIES, INC 687 100 - PEREGRINE SYSTEMS, INC 4,075 200 - PEROT SYSTEMS CORP (CLASS A) 3,737 100 - POLICY MANAGEMENT SYSTEMS CORP 3,162 100 - PRICELINE.COM, INC 6,450 100 - PRIVATE BUSINESS, INC 475 100 - PRODIGY COMMUNICATIONS CORP 1,775 100 - PROGRESS SOFTWARE CORP 3,137 100 - PSINET, INC 3,596 100 - RARE MEDIUM GROUP, INC 1,056 200 - RATIONAL SOFTWARE CORP 5,856 100 - REALNETWORKS, INC 10,456 100 - REMEDY CORP 2,837 200 - RENT WAY, INC 3,800 200 - RENT-A-CENTER, INC 3,725 200 - ROBERT HALF INTERNATIONAL, INC 4,800 100 ROLLINS, INC 1,543 100 - RSA SECURITY, INC 2,656 100 - SABRE HOLDINGS CORP 4,300 100 - SAGA SYSTEMS, INC 1,443 100 - SAGENT TECHNOLOGY, INC 943 100 - SALESLOGIX CORP 2,000 500 - SANTA CRUZ OPERATION, INC 5,968 100 - SECURITY FIRST TECHNOLOGIES CORP 3,887 100 SEI INVESTMENT CO 8,928 100 SHARED MEDICAL SYSTEMS CORP 4,675 200 - SIEBEL SYSTEMS, INC 13,325 200 - SITEL CORP 850 100 - SNYDER COMMUNICATIONS, INC 1,518 100 SOTHEBYS HOLDINGS, INC (CLASS A) 2,581 100 - SPSS, INC 1,943 200 - STERLING COMMERCE, INC 3,712 100 - STERLING SOFTWARE, INC 2,000 100 - STRUCTURAL DYNAMICS RESEARCH CORP 1,503 1,900 - SUN MICROSYSTEMS, INC 176,700 300 - SUNGARD DATA SYSTEMS, INC 7,893 100 - SYBASE, INC 1,181 100 - SYMANTEC CORP 3,596 100 - SYNOPSYS, INC 5,615 100 - SYSTEMS & COMPUTER TECHNOLOGY CORP 1,256 100 - THQ, INC 4,312 100 - TMP WORLDWIDE, INC 6,087 100 TOTAL SYSTEM SERVICES, INC 1,600 100 - TRANSACTION SYSTEM ARCHITECTURE 2,693 100 TRUE NORTH COMMUNICATIONS, INC 3,637 100 - TSI INTERNATIONAL SOFTWARE LTD 2,713
32 1999 ANNUAL REPORT See notes to financial statements 33 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE BUSINESS SERVICES -- (CONTINUED) 100 - TYLER TECHNOLOGIES, INC $ 443 100 - UNITED RENTALS, INC 2,175 200 - USWEB CORP 6,862 100 - VALASSIS COMMUNICATIONS, INC 4,393 200 - VANTIVE CORP 1,737 200 - VERIO, INC 6,200 100 - VERISIGN, INC 10,650 400 - VERITAS SOFTWARE CORP 30,375 100 - VERTICALNET, INC 3,700 100 - VISIO CORP 3,925 100 - WAVE SYSTEMS CORP (CLASS A) 1,075 100 - WEST TELESERVICES CORP 1,037 100 - WIND RIVER SYSTEMS, INC 1,900 277 - YAHOO, INC 49,721 200 - YOUNG & RUBICAM, INC 8,800 ----------- 5,016,403 ----------- CHEMICALS AND ALLIED PRODUCTS -- 14.96% 3,426 ABBOTT LABORATORIES CO 125,905 100 - ALKERMES, INC 2,881 200 ALLERGAN, INC 22,000 100 ALPHARMA, INC (CLASS A) 3,531 200 - ALZA CORP 8,562 6,641 AMERICAN HOME PRODUCTS CORP 275,601 1,300 - AMGEN, INC 105,950 100 - ANDRX CORP 5,853 700 AVON PRODUCTS, INC 17,368 100 - BIO-TECHNOLOGY GENERAL CORP 959 400 - BIOGEN, INC 31,525 7,298 BRISTOL-MYERS SQUIBB CO 492,615 100 CABOT CORP 2,375 400 - CAREMARK RX, INC 2,250 100 - CELL PATHWAYS, INC 962 200 - CENTOCOR, INC 11,712 100 - CEPHALON, INC 1,796 100 - CHIREX, INC 2,581 100 - CHIRON CORP 2,768 100 CHURCH & DWIGHT CO, INC 2,500 100 CK WITCO CORP 1,456 600 CLOROX CO 22,950 1,500 COLGATE PALMOLIVE CO 68,625 100 - CYGNUS, INC 1,121 100 DIAGNOSTIC PRODUCTS CORP 2,681 200 DIAL CORP 5,100 200 ECOLAB, INC 6,825 10,008 - ELAN CORP PLC ADR 335,893 100 - ENZON, INC 3,050 100 FERRO CORP 2,131 200 - FOREST LABORATORIES, INC 8,425 100 - GENZYME CORP (GENERAL DIVISION) 4,506 17 - GENZYME SURGICAL PRODUCTS 95 100 - GILEAD SCIENCES, INC 6,418 300 - GRACE W.R. & CO 4,818 3,595 - GUILFORD PHARMACEUTICALS, INC 54,823 100 ICN PHARMACEUTICALS, INC 1,718 100 - ICOS CORP 2,950
SHARES VALUE 100 - IDEC PHARMACEUTICALS CORP $ 9,403 100 - IMCLONE SYSTEMS, INC 3,325 200 - IMMUNEX CORP 8,675 100 - IVAX CORP 1,650 3,692 JOHNSON & JOHNSON CO 339,202 100 JONES PHARMACEUTICAL, INC 3,296 100 - KING PHARMACEUTICALS, INC 3,500 200 LAUDER (ESTEE) CO (CLASS A) 7,812 100 - LIGAND PHARMACEUTICALS CO (CLASS A) 762 4,476 LILLY (ELI) & CO 286,464 100 - LIPOSOME CO, INC 760 100 - MEDCO RESEARCH, INC 2,493 100 - MEDICIS PHARMACEUTICAL CORP (CLASS A) 2,850 100 - MEDIMMUNE, INC 9,965 10,405 MERCK & CO, INC 674,374 100 - MILLENNIUM PHARMACEUTICALS, INC 6,500 1,600 MONSANTO CO 57,100 200 MYLAN LABORATORIES, INC 3,675 100 - ORGANOGENESIS, INC 743 11,468 PFIZER, INC 412,131 4,071 PROCTER & GAMBLE CO 381,656 100 - REXALL SUNDOWN, INC 1,231 100 - SAFESCIENCE, INC 1,587 200 - SCHEIN PHARMACEUTICAL, INC 1,875 9,597 SCHERING-PLOUGH CORP 418,669 100 - SCOTTS CO (CLASS A) 3,462 100 - SEPRACOR, INC 7,550 100 - TECHNE CORP 3,137 100 - THERAGENICS CORP 1,275 100 - TRANSKARYOTIC THERAPIES, INC 5,137 100 - TRIANGLE PHARMACEUTICALS, INC 1,925 100 - TWINLAB CORP 887 100 VALSPAR CORP 3,268 33 - VENTIV HEALTH, INC 325 3,569 WARNER-LAMBERT CO 236,892 200 - WATSON PHARMACEUTICALS, INC 6,112 100 WEST PHARMACEUTICAL SERVICES 3,793 ----------- 4,566,740 ----------- COMMUNICATIONS -- 13.45% 224 - ACME COMMUNICATIONS, INC 6,944 100 - ADELPHIA COMMUNICATIONS CORP (CLASS A) 5,881 100 - ADVANCED RADIO TELECOM CORP 1,262 100 ALLEGIANCE TELECOM, INC 5,262 300 ALLTEL CORP 21,112 5,845 - AMFM, INC 355,814 4,288 AT & T CORP 186,528 6,300 - AT & T CORP-LIBERTY MEDIA GROUP (CLASS A) 233,887 200 - CABLEVISION SYSTEMS CORP (CLASS A) 14,550 100 - CAPROCK COMMUNICATIONS CORP 2,325 9,482 - CBS CORP 438,542 300 CINCINNATI BELL, INC 5,831 5,914 - CLEAR CHANNEL COMMUNICATIONS, INC 472,380 1,900 COMCAST CORP (CLASS A) SPECIAL 75,762 100 - CONCENTRIC NETWORK CORP 2,031
See notes to financial statements 1999 ANNUAL REPORT 33 34 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE COMMUNICATIONS -- (CONTINUED) 100 - COVAD COMMUNICATIONS GROUP $ 4,359 46 - COX COMMUNICATIONS, INC (CLASS A) 1,920 100 - CUMULUS MEDIA, INC 3,268 100 - E.SPIRE COMMUNICATIONS, INC 725 4,210 ERICSSON TELEFON (LM) SERIES B ADR 131,562 200 - EXODUS COMMUNICATIONS, INC 14,412 300 - FOX ENTERTAINMENT GROUP, INC 6,337 820 - GLOBAL CROSSING LTD 21,730 400 - GLOBAL TELESYSTEMS GROUP, INC 7,887 100 - HEARST-ARGYLE TELEVISION, INC 2,150 100 - HISPANIC BROADCASTING CORP 7,612 100 - ICG COMMUNICATIONS, INC 1,556 500 - INFINITY BROADCASTING CORP (CLASS A) 14,656 100 - INTERMEDIA COMMUNICATIONS, INC 2,175 100 - INTERNATIONAL FIBERCOM, INC 525 100 - ITC DELTACOM, INC 2,750 100 - IXC COMMUNICATIONS, INC 3,943 100 - LATITUDE COMMUNICATIONS, INC 2,918 700 - LEVEL 3 COMMUNICATIONS, INC 36,553 11,874 LUCENT TECHNOLOGIES, INC 770,325 8,719 - MCI WORLDCOM, INC 626,678 200 - MCLEODUSA, INC (CLASS A) 8,512 200 - MEDIA ONE GROUP, INC 13,662 217 - METROMEDIA FIBER NETWORK (CLASS A) 5,316 100 - NETWORK EVENT THEATER, INC 2,237 400 - NEXTEL COMMUNICATIONS, INC (CLASS A) 27,125 200 - NEXTLINK COMMUNICATIONS, INC 10,368 100 NORTH PITTSBURGH SYSTEMS, INC 1,825 200 - NTL, INC 19,218 1,782 - OMNIPOINT CORP 99,569 100 - PAGEMART WIRELESS, INC (CLASS A) 600 500 - PAGING NETWORK, INC 515 100 - POWERTEL, INC 5,506 100 - PREMIERE TECHNOLOGIES, INC 593 100 - PRICE COMMUNICATIONS CORP 2,506 100 - PRIMUS TELECOMMUNICATIONS GROUP, INC 2,100 300 - QWEST COMMUNICATIONS INTERNATIONAL, INC 8,868 100 - RCN CORP 4,100 200 - RHYTHMS NETCONNECTIONS, INC 6,900 100 - SAGA COMMUNICATIONS, INC (CLASS A) 2,300 4,343 SBC COMMUNICATIONS, INC 221,764 200 - SKYTEL COMMUNICATIONS, INC 3,662 100 - SPRINT CORP (PCS GROUP) 7,456 100 - STAR TELECOMMUNICATIONS, INC 540 100 - TALK.COM, INC 1,290 100 - TELIGENT, INC 4,968 210 - TIVO, INC 6,286 100 - TV GUIDE, INC 3,912 700 - U.S. WEST, INC 39,943 100 - UNITEDGLOBALCOM, INC (CLASS A) 7,162 200 - UNIVISION COMMUNICATIONS, INC 16,275 700 - VIACOM, INC (CLASS B) 29,575 1,200 - VIATEL, INC 35,475 100 - WAVO CORP 443
SHARES VALUE 200 - WESTERN WIRELESS CORP (CLASS A) $ 8,968 100 - WINSTAR COMMUNICATIONS, INC 3,906 ----------- 4,105,597 ----------- DEPOSITORY INSTITUTIONS -- 0.74% 400 CAPITOL FEDERAL FINANCIAL 3,987 200 CHITTENDEN CORP 5,700 100 COMMUNITY FIRST BANKSHARES, INC 1,687 450 - CONCORD EFS, INC 9,281 500 FIFTH THIRD BANCORP 30,421 1,600 FIRSTAR CORP 41,000 400 HUDSON UNITED BANCORP 12,325 100 INDEPENDENCE COMMUNITY BANK CORP 1,193 2,000 MBNA CORP 45,625 100 - NETBANK, INC 2,212 400 PROVIDIAN FINANCIAL CORP 31,675 100 SHORELINE FINANCIAL CORP 2,068 200 SKY FINANCIAL GROUP, INC 4,700 100 STATE STREET CORP 6,462 100 SYNOVUS FINANCIAL CORP 1,868 100 - TELEBANC FINANCIAL CORP 2,300 100 TEXAS REGIONAL BANCSHARES, INC (CLASS A) 2,475 100 U.S. TRUST CORP 8,037 100 UNITED NATIONAL BANCORP 2,325 200 WESTAMERICA BANCORP 6,050 100 ZIONS BANCORP 5,512 ----------- 226,903 ----------- EATING AND DRINKING PLACES -- 0.35% 100 - APPLEBEES INTERNATIONAL, INC 3,368 150 - CEC ENTERTAINMENT, INC 5,381 100 - FOODMAKER, INC 2,493 100 MARRIOTT INTERNATIONAL (CLASS A) 3,268 1,600 MCDONALD'S CORP 68,800 100 - OUTBACK STEAKHOUSE, INC 2,546 100 - PAPA JOHNS INTERNATIONAL, INC 4,125 100 - SONIC CORP 3,043 200 - TRICON GLOBAL RESTAURANTS, INC 8,187 100 - U.S. FOODSERVICE, INC 1,800 100 VIAD CORP 2,950 ----------- 105,961 ----------- EDUCATIONAL SERVICES -- 0.03% 100 - APOLLO GROUP, INC (CLASS A) 2,112 300 - DEVRY, INC 6,000 100 - EDUCATION MANAGEMENT CORP 1,237 ----------- 9,349 ----------- ELECTRIC, GAS, AND SANITARY SERVICES -- 0.27% 300 - AES CORP 17,700 400 - ALLIED WASTE INDUSTRIES, INC 4,675 100 BLACK HILLS CORP 2,331 100 - CASELLA WASTE SYSTEMS, INC (CLASS A) 1,668 100 - NEWPARK RESOURCES, INC 775 71 - REPUBLIC SERVICES, INC (CLASS A) 772 100 SEMCO ENERGY, INC 1,393
34 1999 ANNUAL REPORT See notes to financial statements 35 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE ELECTRIC, GAS, AND SANITARY SERVICES -- (CONTINUED) 200 - STERICYCLE, INC $ 2,937 100 - WASTE INDUSTRIES, INC 1,331 1,000 - WASTE MANAGEMENT, INC 19,250 800 WILLIAMS COS, INC 29,950 ----------- 82,782 ----------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- 14.77% 100 - ACTEL CORP 1,900 100 - ACTV, INC 1,393 400 - ADC TELECOMMUNICATIONS, INC 16,775 200 - ADVANCED FIBRE COMMUNICATIONS 4,450 100 - AEROFLEX, INC 1,218 400 - ALTERA CORP 17,350 200 - AMERICAN POWER CONVERSION CORP 3,800 200 - AMERICAN SUPERCONDUCTOR CORP 3,075 100 - AMERICAN TOWER SYSTEMS (CLASS A) 1,956 200 AMETEK, INC 3,962 300 - AMKOR TECHNOLOGY, INC 4,837 100 - AMPHENOL CORP (CLASS A) 4,956 100 - ANADIGICS, INC 2,812 3,759 - ANALOG DEVICES, INC 192,648 100 - ANCOR COMMUNICATIONS, INC 2,425 200 - ANDREW CORP 3,475 100 - APPLIED MICRO CIRCUITS CORP 5,700 100 - ARTESYN TECHNOLOGIES, INC 1,896 100 - ASPECT TELECOMMUNICATIONS CORP 1,696 100 - ATMEL CORP 3,381 200 BMC INDUSTRIES, INC 2,462 100 - BROADCOM CORP (CLASS A) 10,900 100 - BURR BROWN CORP 3,950 100 - C-COR.NET CORP 3,037 100 - CELLNET DATA SYSTEMS, INC 393 300 - CIENA CORP 10,950 100 - COMMSCOPE, INC 3,250 200 - COMVERSE TECHNOLOGY, INC 18,862 200 - CONEXANT SYSTEMS, INC 14,531 100 - CREE RESEARCH, INC 3,393 100 CTS CORP 5,750 100 - CYPRESS SEMICONDUCTOR CORP 2,150 100 DALLAS SEMICONDUCTOR CORP 5,343 100 - DIGITAL MICROWAVE CORP 1,568 100 - DII GROUP, INC 3,518 100 - DSP COMMUNICATIONS, INC 1,900 100 - E-TEK DYNAMICS, INC 5,425 100 - ECHOSTAR COMMUNICATIONS CORP (CLASS A) 9,081 100 - EMCORE CORP 1,387 100 - EXECUTONE INFORMATION SYSTEMS, INC 300 13,342 GENERAL ELECTRIC CO 1,581,860 300 - GENERAL INSTRUMENT CORP 14,437 100 HELIX TECHNOLOGY CORP 3,325 18,731 INTEL CORP 1,391,947 100 INTER-TEL, INC 1,775 200 - INTERDIGITAL COMMUNICATIONS CORP 1,100
SHARES VALUE 100 - INTERNATIONAL RECTIFIER CORP $ 1,525 100 - INTERVOICE-BRITE, INC 1,106 100 - JABIL CIRCUIT, INC 4,950 200 - JDS UNIPHASE CORP 22,762 100 - KOMAG, INC 300 100 - KOPIN CORP 2,775 100 - L-3 COMMUNICATIONS HOLDINGS, INC 3,775 200 - LATTICE SEMICONDUCTOR CORP 5,937 590 LINEAR TECHNOLOGY CO 34,680 100 - LITTLEFUSE, INC 2,225 100 LSI INDUSTRIES, INC 2,287 856 - LSI LOGIC CORP 44,084 300 - MAXIM INTEGRATED PRODUCTS 18,928 100 - MAXWELL TECHNOLOGIES, INC 1,313 300 MAYTAG CO 9,993 100 METHODE ELECTRONICS, INC (CLASS A) 1,887 100 - MICREL, INC 4,337 100 - MICROCHIP TECHNOLOGY, INC 5,137 100 - MICRON TECHNOLOGY, INC 6,656 100 - MMC NETWORKS, INC 3,118 500 MOTOROLA, INC 44,000 100 - NEOMAGIC CORP 775 1,188 - NOKIA OYJ ADR 106,697 100 - NVIDIA CORP 1,925 100 - PAIRGAIN TECHNOLOGIES, INC 1,275 100 - PARKERVISION, INC 2,412 100 PITTWAY CORP (CLASS A) 3,150 100 - PLANTRONICS, INC 4,975 200 - PMC-SIERRA, INC 18,500 100 - QLOGIC CORP 6,987 400 - QUALCOMM, INC 75,675 100 - RAYOVAC CORP 2,162 100 - READ RITE CORP 440 100 - RF MICRO DEVICES, INC 4,575 100 - S3, INC 1,043 100 - SANMINA CORP 7,737 100 - SAWTEK, INC 3,500 100 - SCI SYSTEMS, INC 4,443 200 SCIENTIFIC-ATLANTA, INC 9,912 100 - SEMTECH CORP 3,662 100 - SIPEX CORP 1,431 100 - SMART MODULAR TECHNOLOGIES, INC 3,406 500 - SOLECTRON CORP 35,906 100 TECHNITROL, INC 3,525 100 - TEKELEC 1,381 800 - TELLABS, INC 45,550 5,071 TEXAS INSTRUMENTS, INC 417,089 100 - TITAN CORP 1,437 100 - TRANSWITCH CORP 5,700 100 - TRIQUINT SEMICONDUCTOR, INC 5,718 100 - VICOR CORP 2,268 200 - VITESSE SEMICONDUCTOR CORP 17,075 100 - WORLD ACCESS, INC 1,118 1,616 - XILINX, INC 105,898 ----------- 4,511,421 -----------
See notes to financial statements 1999 ANNUAL REPORT 35 36 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE ENGINEERING AND MANAGEMENT SERVICES -- 0.11% 100 - CATALYTICA, INC $ 1,500 100 - COVANCE, INC 968 100 - GARTNER GROUP, INC (CLASS A) 1,593 100 - NAVIGANT CONSULTING CO 4,637 150 - PROFIT RECOVERY GROUP INTERNATIONAL, INC 6,694 200 - QUINTILES TRANSNATIONAL CORP 3,806 600 SERVICEMASTER CO 9,637 100 - TETRA TECH, INC 1,668 100 - VALENCE TECHNOLOGY, INC 468 100 - WHITTMAN HART, INC 3,878 ----------- 34,849 ----------- FABRICATED METAL PRODUCTS -- 0.39% 100 CHART INDUSTRIES, INC 493 3,417 GILLETTE CO 115,964 100 - TOWER AUTOMOTIVE, INC 1,981 100 - U.S. CAN CORP 2,043 ----------- 120,481 ----------- FOOD AND KINDRED PRODUCTS -- 2.04% 300 ANHEUSER BUSCH COS, INC 21,018 300 BESTFOODS, INC 14,550 300 CAMPBELL SOUP CO 11,737 6,568 COCA COLA CO 315,674 600 COCA COLA ENTERPRISES, INC 13,537 100 - DEL MONTE FOODS CO 1,412 100 EARTHGRAINS CO 2,212 100 FLOWERS INDUSTRIES, INC 1,356 200 GENERAL MILLS, INC 16,225 200 HEINZ (H.J.) CO 8,600 300 - INTERNATIONAL HOME FOODS, INC 5,250 200 - KEEBLER FOODS CO 5,975 200 KELLOGG CO 7,487 100 LANCE, INC 1,306 400 PEPSI BOTTLING GROUP, INC 6,825 3,800 PEPSICO, INC 114,950 200 QUAKER OATS CO 12,375 2,200 SARA LEE CORP 51,562 100 - SMITHFIELD FOODS, INC 2,675 100 TOOTSIE ROLL INDUSTRIES, INC 3,287 100 - UNIVERSAL FOODS CORP 2,293 100 WHITMAN CORP 1,425 ----------- 621,731 ----------- FOOD STORES -- 0.98% 100 ALBERTSONS, INC 3,956 2,100 - KROGER CO 46,331 6,055 - SAFEWAY, INC 230,468 400 - STARBUCKS CORP 9,912 100 - WHOLE FOODS MARKET, INC 3,271 100 - WILD OATS MARKETS, INC 3,950 ----------- 297,888 -----------
SHARES VALUE FURNITURE AND FIXTURES -- 0.03% 100 ETHAN ALLEN INTERIORS, INC $ 3,181 100 - FURNITURE BRANDS INTERNATIONAL, INC 1,968 200 MILLER (HERMAN), INC 4,781 100 - SELECT COMFORT CORP 693 ----------- 10,623 ----------- FURNITURE AND HOMEFURNISHINGS STORES -- 0.78% 300 - BED BATH & BEYOND, INC 10,481 400 - BEST BUY, INC 24,825 100 - CDNOW, INC 1,243 400 CIRCUIT CITY STORES-CIRCUIT CITY GROUP 16,875 100 - COMPUSA, INC 612 100 - EGGHEAD.COM, INC 700 100 - LINENS N THINGS, INC 3,375 100 - MUSICLAND STORES CORP 875 200 PIER 1 IMPORTS, INC 1,350 3,260 TANDY CORP 168,501 100 - TWEETER HOME ENTERTAINMENT GROUP, INC 3,737 100 - WILLIAMS-SONOMA, INC 4,856 ----------- 237,430 ----------- GENERAL BUILDING CONTRACTORS -- 0.04% 100 CENTEX CORP 2,956 100 - NVR, INC 5,050 200 STANDARD-PACIFIC CORP 2,050 100 - TOLL BROTHERS, INC 1,906 ----------- 11,962 ----------- GENERAL MERCHANDISE STORES -- 1.55% 100 - AMES DEPARTMENT STORES, INC 3,187 100 CASEYS GENERAL STORES, INC 1,340 100 - CONSOLIDATED STORES CORP 2,206 400 - COSTCO WHOLESALE CORP 28,800 900 DAYTON HUDSON CORP 54,056 300 DOLLAR GENERAL CORP 9,262 200 - DOLLAR TREE STORES, INC 7,987 100 - FACTORY 2-U STORES, INC 2,988 300 FAMILY DOLLAR STORES, INC 6,337 400 - KOHLS CORP 26,450 100 - SAKS, INC 1,518 100 - VALUE CITY DEPARTMENT STORES, INC 1,500 6,900 WAL-MART STORES, INC 328,181 ----------- 473,812 ----------- HEALTH SERVICES -- 0.12% 200 - CAREMATRIX CORP 1,037 100 - EXPRESS SCRIPTS, INC 7,825 775 - HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) NEW 5,715 600 - HEALTHSOUTH CORP 3,637 100 HOOPER HOLMES, INC 2,562 100 - LASER VISION CENTERS, INC 1,403 100 - LCA-VISION, INC 531 100 - LIFEPOINT HOSPITALS, INC 868 100 - LINCARE HOLDINGS, INC 2,665
36 1999 ANNUAL REPORT See notes to financial statements 37 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE HEALTH SERVICES -- (CONTINUED) 100 - ORTHODONTIC CENTERS OF AMERICA, INC $ 1,750 200 - PHYCOR, INC 875 100 - RENAL CARE GROUP, INC 2,190 200 - TOTAL RENAL CARE HOLDINGS, INC 1,487 100 - UNILAB CORP 568 100 - UNITED PAYORS & UNITED PROVIDERS, INC 1,762 100 - US ONCOLOGY, INC 906 ----------- 35,781 ----------- HEAVY CONSTRUCTION, EXCEPT BUILDING -- 0.02% 100 - DYCOM INDUSTRIES, INC 4,218 100 - INSITUFORM TECHNOLOGIES, INC (CLASS A) 2,500 ----------- 6,718 ----------- HOLDING AND OTHER INVESTMENT OFFICES -- 0.05% 100 BOSTON PROPERTIES, INC 3,068 100 COUSINS PROPERTIES, INC 3,393 100 GETTY REALTY HOLDINGS CORP 1,350 400 MEDITRUST CORP PAIRED 3,400 100 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 1,887 100 STARWOOD FINANCIAL TRUST 2,793 ----------- 15,891 ----------- HOTELS AND OTHER LODGING PLACES -- 0.03% 100 - CHOICE HOTELS INTERNATIONAL, INC 1,712 200 - EXTENDED STAY AMERICA, INC 1,800 300 HILTON HOTELS CORP 2,962 100 STARWOOD HOTELS & RESORTS WORLDWIDE 2,231 100 - SUNTERRA CORP 1,187 ----------- 9,892 ----------- INDUSTRIAL MACHINERY AND EQUIPMENT -- 16.78% 600 - 3COM CORP 17,250 200 - 3DFX INTERACTIVE, INC 1,650 200 - A S V, INC 2,925 200 - ADAPTEC, INC 7,937 1,000 - APPLIED MATERIALS, INC 77,875 100 APPLIED POWER, INC (CLASS A) 3,037 100 - ATMI, INC 3,731 200 BLACK & DECKER CORP 9,137 100 - C-CUBE MICROSYSTEMS, INC 4,350 16,032 - CISCO SYSTEMS, INC 1,099,194 6,846 COMPAQ COMPUTER CORP 157,030 100 - CONCURRENT COMPUTER CORP 681 100 - CYBEX COMPUTER PRODUCTS CORP 3,337 11,316 - DELL COMPUTER CORP 473,150 100 - DRIL-QUIP, INC 2,556 100 - ELECTRO SCIENTIFIC INDUSTRIES, INC 5,328 100 - ELECTROGLAS, INC 2,337 8,420 - EMC CORP 601,503 100 - ETEC SYSTEMS, INC 3,762 100 - EXTREME NETWORKS, INC 6,331 100 - FSI INTERNATIONAL, INC 825 400 - GATEWAY, INC 17,775 100 - GLOBAL IMAGING SYSTEMS, INC 1,488
SHARES VALUE 100 GRACO, INC $ 3,281 2,710 HEWLETT-PACKARD CO 249,320 3,700 INTERNATIONAL BUSINESS MACHINES CORP 449,087 600 - IOMEGA CORP 2,025 100 - KRONOS, INC 3,668 100 - LAM RESEARCH CORP 6,100 300 - LEXMARK INTERNATIONAL GROUP (CLASS A) 24,150 200 - MAXTOR CORP 1,318 100 - MICROS SYSTEMS, INC 4,050 100 - MTI TECHNOLOGY CORP 2,306 100 - NATIONAL INSTRUMENTS CORP 3,534 2,000 - NOVELLUS SYSTEMS, INC 134,875 600 PITNEY BOWES, INC 36,562 50 - QUANTUM CORP -HARD DISK DRIVE 371 100 ROPER INDUSTRIES, INC 3,825 100 - SANDISK CORP 6,518 100 - SEAGATE TECHNOLOGY, INC 3,081 200 - SILICON VALLEY GROUP, INC 2,362 100 - SMITH INTERNATIONAL, INC 4,050 100 - SPECIALTY EQUIPMENT COS, INC 2,525 200 SYMBOL TECHNOLOGIES, INC 6,725 100 - TEREX CORP 3,150 14,377 TYCO INTERNATIONAL LTD 1,484,425 3,856 - UNISYS CORP 174,002 100 - WESTERN DIGITAL CORP 375 100 - XIRCOM, INC 4,268 100 - ZEBRA TECHNOLOGY CORP 4,546 ----------- 5,123,688 ----------- INSTRUMENTS AND RELATED PRODUCTS -- 1.98% 200 BAXTER INTERNATIONAL, INC 12,050 100 BECKMAN COULTER, INC 4,512 400 BECTON DICKINSON & CO 11,225 300 - BIOMET, INC 7,893 700 - BOSTON SCIENTIFIC CORP 17,281 300 - BRITESMILE, INC 2,906 100 - COGNEX CORP 3,018 100 COOPER COS, INC 3,087 100 - CREDENCE SYSTEMS CORP 4,487 100 - CYMER, INC 3,468 100 DENTSPLY INTERNATIONAL, INC 2,275 100 - FOSSIL, INC 2,706 100 - GENRAD, INC 1,912 1,571 - GUIDANT CORP 84,244 100 - KLA-TENCOR CORP 6,500 100 - LTX CORP 1,368 100 - MECHANICAL TECHNOLOGY, INC 3,556 6,064 MEDTRONIC, INC 215,272 100 MENTOR CORP 2,850 100 - METTLER-TOLEDO INTERNATIONAL, INC 2,962 100 MILLIPORE CORP 3,756 100 - MOLECULAR DEVICES CORP 2,750 100 - NOVOSTE CORP 1,784 200 PE CORP-PE BIOSYSTEMS GROUP 14,450 200 - SABRATEK CORP 562 100 - SCOTT TECHNOLOGIES, INC 1,975 100 - ST. JUDE MEDICAL, INC 3,150
See notes to financial statements 1999 ANNUAL REPORT 37 38 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE INSTRUMENTS AND RELATED PRODUCTS -- (CONTINUED) 100 - STERIS CORP $ 1,375 100 - STRYKER CORP 5,112 100 - SUMMIT TECHNOLOGY, INC 1,831 100 - SUNRISE TECHNOLOGY INTERNATIONAL INC 471 200 - SYBRON INTERNATIONAL CORP 5,375 400 - TERADYNE, INC 14,100 100 - TRIMBLE NAVIGATION LTD 1,068 100 - VISX, INC 7,909 100 - WATERS CORP 6,056 100 - WESLEY JESSEN VISIONCARE, INC 3,118 3,220 XEROX CORP 135,038 ----------- 603,452 ----------- INSURANCE AGENTS, BROKERS AND SERVICE -- 0.01% 100 - CRAWFORD & CO (CLASS B) 1,431 100 - FIRST HEALTH GROUP CORP 2,243 ----------- 3,674 ----------- INSURANCE CARRIERS -- 0.77% 100 AFLAC, INC 4,187 450 AMERICAN INTERNATIONAL GROUP, INC 39,121 3,927 CITIGROUP, INC 172,788 100 HARTFORD LIFE, INC (CLASS A) 4,925 300 - OXFORD HEALTH PLANS, INC 3,750 100 RADIAN GROUP, INC 4,293 100 - TRIAD GUARANTY, INC 1,687 100 UNITED HEALTHCARE CORP 4,868 ----------- 235,619 ----------- LEATHER AND LEATHER PRODUCTS -- 0.00% 100 STRIDE RITE CORP 700 ----------- LEGAL SERVICES -- 0.01% 100 - PREPAID LEGAL SERVICES, INC 3,937 ----------- LUMBER AND WOOD PRODUCTS -- 0.02% 100 - CHAMPION ENTERPRISES, INC 900 700 CLAYTON HOMES, INC 6,081 ----------- 6,981 ----------- METAL MINING -- 0.03% 600 - FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) 9,337 ----------- MISCELLANEOUS MANUFACTURING INDUSTRIES -- 0.06% 100 - BLYTH INDUSTRIES, INC 2,806 100 CALLAWAY GOLF CO 1,218 100 INTERNATIONAL GAME TECHNOLOGY CO 1,800 100 JOSTENS, INC 1,912 500 MATTEL, INC 9,500 100 - WMS INDUSTRIES, INC 1,162 ----------- 18,398 -----------
SHARES VALUE MISCELLANEOUS RETAIL -- 0.65% 400 - AMAZON.COM, INC $ 31,900 100 - BARNES & NOBLE, INC 2,600 100 - BORDERS GROUP, INC 1,468 100 - CDW COMPUTER CENTERS, INC 4,887 1,000 CVS CORP 40,812 100 - FATBRAIN.COM, INC 1,493 200 - HANOVER DIRECT, INC 512 100 - INSIGHT ENTERPRISES, INC 3,250 100 - MICHAELS STORES, INC 2,950 700 - OFFICE DEPOT, INC 7,131 100 - OFFICEMAX, INC 581 100 OMNICARE, INC 962 100 - PETSMART, INC 371 100 - SCHEIN (HENRY), INC 1,425 1,100 - STAPLES, INC 23,993 100 - SUNGLASS HUT INTERNATIONAL, INC 1,056 100 TIFFANY & CO 5,993 2,600 WALGREEN CO 65,975 ----------- 197,359 ----------- MOTION PICTURES -- 0.65% 100 - AMC ENTERTAINMENT, INC 1,393 800 - DISNEY (WALT) CO 20,700 100 - HOLLYWOOD ENTERTAINMENT CORP 1,500 2,900 TIME WARNER, INC 176,175 ----------- 199,768 ----------- NONDEPOSITORY INSTITUTIONS -- 1.12% 600 AMERICAN EXPRESS CO 80,775 200 - AMERICREDIT CORP 2,987 3,975 ASSOCIATES FIRST CAPITAL CORP 143,100 500 CAPITAL ONE FINANCIAL CORP 19,500 100 DORAL FINANCIAL CORP 1,337 200 FEDERAL NATIONAL MORTGAGE ASSOCIATION 12,537 300 - FINET.COM, INC 909 1,100 FREDDIE MAC 57,200 100 HOUSEHOLD INTERNATIONAL, INC 4,012 200 METRIS COS, INC 5,887 300 SLM HOLDINGS CORP 12,900 ----------- 341,144 ----------- NONMETALLIC MINERALS, EXCEPT FUELS -- 0.02% 400 AMCOL INTERNATIONAL CORP 5,900 ----------- OIL AND GAS EXTRACTION -- 0.23% 100 ANADARKO PETROLEUM CORP 3,056 100 APACHE CORP 4,318 100 BERRY PETROLEUM CO (CLASS A) 1,356 100 - BROWN (TOM), INC 1,475 400 CHESAPEAKE ENERGY CORP 1,550 200 CROSS TIMBERS OIL CO 2,700 100 - DEVON ENERGY CORP (NEW) 4,143 100 DIAMOND OFFSHORE DRILLING, INC 3,337 100 ENSCO INTERNATIONAL, INC 1,806 200 - EVERGREEN RESOURCES, INC 4,813 100 - FOREST OIL CORP 1,706
38 1999 ANNUAL REPORT See notes to financial statements 39 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE OIL AND GAS EXTRACTION -- (CONTINUED) 100 - GLOBAL INDUSTRIES LTD $ 812 200 - GLOBAL MARINE, INC 3,287 200 - GREY WOLF, INC 600 500 HALLIBURTON CO 20,500 100 - MERIDIAN RESOURCE CORP 475 200 - NOBLE DRILLING CORP 4,375 100 POGO PRODUCING CO 2,075 100 - R & B FALCON CORP 1,312 100 - SYNTROLEUM CORP 706 100 - TRANSMONTAIGNE, INC 1,500 100 TRANSOCEAN OFFSHORE, INC 3,062 100 - VINTAGE PETROLEUM, INC 1,350 ----------- 70,314 ----------- PAPER AND ALLIED PRODUCTS -- 0.21% 200 AVERY DENNISON CORP 10,550 100 - BUCKEYE TECHNOLOGIES, INC 1,568 500 FORT JAMES CORP 13,343 100 - GAYLORD CONTAINER CO 712 700 KIMBERLY-CLARK CORP 36,750 100 - MAIL-WELL, INC 1,387 ----------- 64,310 ----------- PERSONAL SERVICES -- 0.06% 100 BLOCK (H&R), INC 4,343 100 - CARRIAGE SERVICES, INC (CLASS A) 843 200 CINTAS CORP 11,562 200 - COINSTAR, INC 1,987 ----------- 18,735 ----------- PETROLEUM AND COAL PRODUCTS -- 0.03% 100 ELCOR CORP 2,500 100 - FRONTIER OIL CORP 681 100 USX-MARATHON GROUP, INC 2,925 100 WD-40 CO 2,340 ----------- 8,446 ----------- PRIMARY METAL INDUSTRIES -- 0.04% 200 - ALPINE GROUP, INC 2,587 100 - ARMCO, INC 700 100 BELDEN, INC 2,050 200 - OPTICAL CABLE CORP 2,200 100 - QUANEX CORP 2,562 100 - STEEL DYNAMICS, INC 1,568 ----------- 11,667 ----------- PRINTING AND PUBLISHING -- 0.13% 100 CENTRAL NEWSPAPERS, INC (CLASS A) 4,450 100 DOW JONES & CO, INC 5,337 100 HARLAND (JOHN H.) CO 1,943 100 - JOURNAL REGISTER CO 1,375 200 LEE ENTERPRISES, INC 5,475 100 MEREDITH CORP 3,631 100 NEW ENGLAND BUSINESS SERVICES, INC 2,856 200 - PRIMEDIA, INC 2,800 100 TIMES MIRROR CO SERIES A 6,581
SHARES VALUE 100 - TOPPS, INC $ 750 200 WILEY (JOHN) & SONS, INC (CLASS A) 3,137 ----------- 38,335 ----------- RAILROAD TRANSPORTATION -- 0.03% 200 KANSAS CITY SOUTHERN INDUSTRIES, INC 9,287 ----------- REAL ESTATE -- 0.02% 100 - CATELLUS DEVELOPMENT CORP 1,175 100 - FAIRFIELD COMMUNITIES, INC 1,093 100 - JONES LANG LA SALLE 1,612 100 - TRAMMELL CROW CO 1,325 ----------- 5,205 ----------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS -- 0.70% 100 FURON CO 2,493 400 ILLINOIS TOOL WORKS, INC 29,825 2,422 NIKE, INC (CLASS B) 137,751 100 - SAFESKIN CORP 821 200 - SEALED AIR CORP 10,262 1,557 TUPPERWARE CORP 31,529 100 - US PLASTIC LUMBER CORP 1,237 ----------- 213,918 ----------- SECURITY AND COMMODITY BROKERS -- 0.36% 100 - AFFILIATED MANAGERS GROUP, INC 2,725 100 - AMERITRADE HOLDINGS CORP (CLASS A) 1,837 400 - E TRADE GROUP, INC 9,400 200 FEDERATED INVESTMENTS, INC 3,450 400 FRANKLIN RESOURCES, INC 12,300 200 - FRIEDMAN, BILLINGS, RAMSEY GROUP, INC 1,387 100 INVESTMENT TECHNOLOGY GROUP, INC 2,300 200 - KNIGHT/TRIMARK GROUP, INC 5,925 200 PRICE (T. ROWE) ASSOCIATES, INC 5,487 100 RAYMOND JAMES FINANCIAL CORP 1,993 1,700 SCHWAB (CHARLES) CORP 57,268 100 THE GOLDMAN SACHS GROUP, INC 6,100 ----------- 110,172 ----------- SPECIAL TRADE CONTRACTORS -- 0.01% 100 - QUANTA SERVICES, INC 2,931 ----------- STONE, CLAY, AND GLASS PRODUCTS -- 0.16% 100 CENTEX CONSTRUCTION PRODUCTS, INC 3,712 600 CORNING, INC 41,137 100 LIBBEY, INC 2,956 ----------- 47,805 ----------- TEXTILE MILL PRODUCTS -- 0.01% 100 WESTPOINT STEVENS, INC 2,362 ----------- TOBACCO PRODUCTS -- 0.53% 105 BROOKE GROUP LTD 1,745 4,545 PHILIP MORRIS COS, INC 155,382 200 UST, INC 6,037 ----------- 163,164 -----------
See notes to financial statements 1999 ANNUAL REPORT 39 40 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE TRANSPORTATION BY AIR -- 0.02% 100 - AIRTRAN HOLDINGS, INC $ 503 200 COMAIR HOLDINGS, INC 3,337 100 - FRONTIER AIRLINES, INC 950 100 - MESABA HOLDINGS, INC 1,175 100 - OGDEN CORP 1,000 ----------- 6,965 ----------- TRANSPORTATION EQUIPMENT -- 2.47% 3,481 ALLIED SIGNAL, INC 208,642 100 - BE AEROSPACE, INC 1,193 400 BOEING CO 17,050 100 CORDANT TECHNOLOGIES, INC 3,043 200 DANAHER CORP 10,537 100 - DELCO REMY INTERNATIONAL, INC (CLASS A) 900 100 GENERAL DYNAMICS CORP 6,243 3,255 - GENERAL MOTORS CORP (CLASS H) 186,348 100 - GENTEX CORP 2,065 100 - HALTER MARINE GROUP, INC 543 1,500 HARLEY DAVIDSON, INC 75,093 100 - HAYES LEMMERZ INTERNATIONAL, INC 2,325 100 - KELLSTROM INDUSTRIES, INC 978 100 MERITOR AUTOMOTIVE, INC 2,087 100 - MOTIVEPOWER INDUSTRIES, INC 1,100 100 - NATIONAL R.V. HOLDINGS, INC 1,975 100 POLARIS INDUSTRIES, INC 3,462 100 - SPX CORP 9,075 3,729 UNITED TECHNOLOGIES CORP 221,176 ----------- 753,835 ----------- TRANSPORTATION SERVICES -- 0.04% 100 EXPEDITORS INTERNATIONAL OF WASHINGTON 3,209 100 - FORWARD AIR CORP 2,362 200 GALILEO INTERNATIONAL, INC 8,050 ----------- 13,621 ----------- TRUCKING AND WAREHOUSING -- 0.02% 200 - KNIGHT TRANSPORTATION, INC 2,900 100 - SWIFT TRANSPORTATION CO, INC 1,968 ----------- 4,868 ----------- WATER TRANSPORTATION -- 0.76% 100 AMERICAN CLASSIC VOYAGES CO 2,293 5,260 CARNIVAL CORP (CLASS A) 228,810 ----------- 231,103 -----------
SHARES/PRINCIPAL VALUE WHOLESALE TRADE-DURABLE GOODS -- 0.06% 100 - ANICOM, INC $ 531 200 - BRIGHTPOINT, INC 1,456 100 - CELLSTAR CORP 750 100 IKON OFFICE SOLUTIONS, INC 1,068 100 - INGRAM MICRO, INC (CLASS A) 1,287 400 - JLK DIRECT DISTRIBUTION, INC (CLASS A) 2,800 100 - MSC INDUSTRIAL DIRECT CO (CLASS A) 918 100 - PATTERSON DENTAL CO 4,956 100 - PSS WORLD MEDICAL, INC 893 100 - SCP POOL CORP 2,350 100 - WESCO INTERNATIONAL, INC 1,412 ----------- 18,421 ----------- WHOLESALE TRADE-NONDURABLE GOODS -- 1.39% 100 - AIRGAS, INC 1,162 100 - AMERISOURCE HEALTH CORP (CLASS A) 2,368 100 - BARNETT RESOURCES CORP 3,693 200 BERGEN BRUNSWIG CORP (CLASS A) 2,075 7,006 CARDINAL HEALTH, INC 380,359 300 MCKESSON HBOC, INC 8,700 100 - NU SKIN ENTERPRISES, INC (CLASS A) 1,350 100 - SCHOOL SPECIALTY, INC 1,687 700 SYSCO CORP 24,543 ----------- 425,937 ----------- TOTAL COMMON STOCK (Cost $29,455,664) 30,414,631 ----------- SHORT TERM INVESTMENT -- 2.05% U.S. GOVERNMENT AGENCY -- 2.05% FEDERAL NATIONAL MORTGAGE ASSOCIATION $625,000 5.180%, 10/01/99 625,000 ----------- TOTAL SHORT TERM INVESTMENT (Cost $625,000) 625,000 ----------- TOTAL PORTFOLIO (Cost $30,080,664) $31,039,631 ===========
- --------------- - - Non-income producing 40 1999 ANNUAL REPORT See notes to financial statements 41 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
VALUE % COMMON STOCK AMUSEMENT AND RECREATION SERVICES $ 19,537 0.08% APPAREL AND ACCESSORY STORES 57,068 0.23 APPAREL AND OTHER TEXTILE PRODUCTS 83,926 0.33 AUTO REPAIR, SERVICES AND PARKING 4,075 0.02 AUTOMOTIVE DEALERS AND SERVICE STATIONS 12,712 0.05 BUILDING MATERIALS AND GARDEN SUPPLIES 363,573 1.44 BUSINESS SERVICES 2,211,079 8.78 CHEMICALS AND ALLIED PRODUCTS 2,997,548 11.91 COMMUNICATIONS 3,096,298 12.30 DEPOSITORY INSTITUTIONS 1,515,127 6.02 EATING AND DRINKING PLACES 115,293 0.46 ELECTRIC, GAS, AND SANITARY SERVICES 413,041 1.64 ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 2,135,597 8.48 ENGINEERING AND MANAGEMENT SERVICES 3,981 0.01 FABRICATED METAL PRODUCTS 233,304 0.93 FOOD AND KINDRED PRODUCTS 739,455 2.94 FOOD STORES 159,651 0.63 FURNITURE AND FIXTURES 11,425 0.04 FURNITURE AND HOMEFURNISHINGS STORES 28,249 0.11 GENERAL BUILDING CONTRACTORS 12,212 0.05 GENERAL MERCHANDISE STORES 852,602 3.39 HEALTH SERVICES 176,908 0.70 HEAVY CONSTRUCTION, EXCEPT BUILDING 12,100 0.05 HOTELS AND OTHER LODGING PLACES 987 0.00 INDUSTRIAL MACHINERY AND EQUIPMENT 2,459,148 9.77 INSTRUMENTS AND RELATED PRODUCTS 611,181 2.43 INSURANCE AGENTS, BROKERS AND SERVICE 198,018 0.79 INSURANCE CARRIERS 1,148,858 4.56 LOCAL AND INTERURBAN PASSENGER TRANSIT 1,350 0.01 LUMBER AND WOOD PRODUCTS 138,520 0.55 METAL MINING 42,393 0.17 MISCELLANEOUS MANUFACTURING INDUSTRIES 73,430 0.29
VALUE % MISCELLANEOUS RETAIL $ 251,518 1.00% MOTION PICTURES 267,767 1.06 NONDEPOSITORY INSTITUTIONS 381,010 1.51 OIL AND GAS EXTRACTION 646,218 2.57 PAPER AND ALLIED PRODUCTS 166,305 0.66 PERSONAL SERVICES 14,087 0.06 PETROLEUM AND COAL PRODUCTS 1,123,180 4.46 PRIMARY METAL INDUSTRIES 185,039 0.73 PRINTING AND PUBLISHING 223,675 0.89 RAILROAD TRANSPORTATION 68,080 0.27 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 69,592 0.28 SECURITY AND COMMODITY BROKERS 250,584 1.00 STONE, CLAY, AND GLASS PRODUCTS 41,668 0.16 TOBACCO PRODUCTS 130,930 0.52 TRANSPORTATION BY AIR 118,604 0.47 TRANSPORTATION EQUIPMENT 679,690 2.70 WATER TRANSPORTATION 43,500 0.17 WHOLESALE TRADE-DURABLE GOODS 14,418 0.06 WHOLESALE TRADE-NONDURABLE GOODS 276,664 1.10 ----------- ------ TOTAL COMMON STOCK (Cost $25,498,167) 24,881,175 98.83 ----------- ------ SHORT TERM INVESTMENT U.S. GOVERNMENT AGENCY 900,000 3.58 ----------- ------ TOTAL SHORT TERM INVESTMENT (Cost $900,000) 900,000 3.58 ----------- ------ TOTAL PORTFOLIO (Cost $26,398,167) 25,781,175 102.41 OTHER ASSETS & LIABILITIES, NET (606,928) (2.41) ----------- ------ NET ASSETS $25,174,247 100.00% =========== ======
See notes to financial statements 1999 ANNUAL REPORT 41 42 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND STATEMENT OF INVESTMENTS September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE COMMON STOCK -- 98.83% AMUSEMENT AND RECREATION SERVICES -- 0.08% 400 - HARRAH'S ENTERTAINMENT, INC $ 11,100 600 - MIRAGE RESORTS, INC 8,437 ----------- 19,537 ----------- APPAREL AND ACCESSORY STORES -- 0.23% 1,050 GAP, INC 33,600 100 LIMITED, INC 3,825 700 TJX COS, INC 19,643 ----------- 57,068 ----------- APPAREL AND OTHER TEXTILE PRODUCTS -- 0.33% 100 - FRUIT OF THE LOOM LTD (CLASS A) 331 2,692 - JONES APPAREL GROUP, INC 77,395 200 LIZ CLAIBORNE, INC 6,200 ----------- 83,926 ----------- AUTO REPAIR, SERVICES AND PARKING -- 0.02% 200 RYDER SYSTEM, INC 4,075 ----------- AUTOMOTIVE DEALERS AND SERVICE STATIONS -- 0.05% 400 - AUTOZONE, INC 11,225 100 PEP BOYS MANNY, MOE, & JACK CO 1,487 ----------- 12,712 ----------- BUILDING MATERIALS AND GARDEN SUPPLIES -- 1.44% 2,200 HOME DEPOT, INC 150,975 4,361 LOWES COS, INC 212,598 ----------- 363,573 ----------- BUSINESS SERVICES -- 8.78% 2,575 AMERICA ONLINE, INC 267,800 1,000 AUTOMATIC DATA PROCESSING, INC 44,625 1,536 - BMC SOFTWARE, INC 109,920 500 - CENDANT CORP 8,875 100 - CERIDIAN CORP 2,487 800 COMPUTER ASSOCIATES INTERNATIONAL, INC 49,000 300 - COMPUTER SCIENCES CORP 21,093 400 - COMPUWARE CORP 10,425 700 ELECTRONIC DATA SYSTEMS CORP 37,056 700 FIRST DATA CORP 30,712 200 IMS HEALTH, INC 4,562 400 INTERPUBLIC GROUP OF COS, INC 16,450 12,434 - MICROSOFT CORP 1,126,054 400 - NOVELL, INC 8,275 300 OMNICOM GROUP, INC 23,756 5,575 - ORACLE CORP 253,662 500 PAYCHEX, INC 17,062 300 - PEOPLESOFT, INC 5,081 1,610 - PSINET, INC 57,909 100 SHARED MEDICAL SYSTEMS CORP 4,675 1,200 - SUN MICROSYSTEMS, INC 111,600 ----------- 2,211,079 -----------
SHARES VALUE CHEMICALS AND ALLIED PRODUCTS -- 11.91% 2,500 ABBOTT LABORATORIES CO $ 91,875 400 AIR PRODUCTS & CHEMICALS, INC 11,625 200 ALLERGAN, INC 22,000 200 - ALZA CORP 8,562 5,169 AMERICAN HOME PRODUCTS CORP 214,513 600 - AMGEN, INC 48,900 400 AVON PRODUCTS, INC 9,925 4,984 BRISTOL-MYERS SQUIBB CO 336,420 400 CLOROX CO 15,300 3,134 COLGATE PALMOLIVE CO 143,380 1,584 DOW CHEMICAL CO 179,982 2,462 DU PONT (E.I.) DE NEMOURS & CO 149,874 200 EASTMAN CHEMICAL CO 8,000 100 - FMC CORP 4,825 200 GREAT LAKES CHEMICAL CORP 7,612 500 HERCULES, INC 14,312 2,000 JOHNSON & JOHNSON CO 183,750 1,600 LILLY (ELI) & CO 102,400 500 MALLINCKRODT, INC 15,093 5,563 MERCK & CO, INC 360,551 1,000 MONSANTO CO 35,687 200 NALCO CHEMICAL CORP 10,100 9,130 PFIZER, INC 328,109 800 PHARMACIA & UPJOHN, INC 39,700 300 PPG INDUSTRIES, INC 18,000 200 PRAXAIR, INC 9,200 3,123 PROCTER & GAMBLE CO 292,781 300 ROHM & HAAS CO 10,837 4,505 SCHERING-PLOUGH CORP 196,530 300 SIGMA ALDRICH CORP 9,525 400 UNION CARBIDE CORP 22,725 1,300 WARNER-LAMBERT CO 86,287 300 - WATSON PHARMACEUTICALS, INC 9,168 ----------- 2,997,548 ----------- COMMUNICATIONS -- 12.30% 200 ALLTEL CORP 14,075 1,700 AMERITECH CORP 114,218 10,020 AT & T CORP 435,870 2,500 BELL ATLANTIC CORP 168,281 2,800 BELLSOUTH CORP 126,000 12,200 CABLE & WIRELESS PLC 132,809 1,000 - CBS CORP 46,250 1,967 - CLEAR CHANNEL COMMUNICATIONS, INC 157,114 1,200 COMCAST CORP (CLASS A) SPECIAL 47,850 615 - GLOBAL CROSSING LTD 16,297 1,500 GTE CORP 115,312 8,418 LUCENT TECHNOLOGIES, INC 546,117 4,259 - MCI WORLDCOM, INC 306,115 210 - NETWORK PLUS CORP 2,900 500 - NEXTEL COMMUNICATIONS, INC (CLASS A) 33,906 1,226 - OMNIPOINT CORP 68,502 1,278 - RCN CORP 52,398 7,336 SBC COMMUNICATIONS, INC 374,594 1,400 SPRINT CORP (FON GROUP) 75,950 700 - SPRINT CORP (PCS GROUP) 52,193
42 1999 ANNUAL REPORT See notes to financial statements 43 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE COMMUNICATIONS -- (CONTINUED) 900 U.S. WEST, INC $ 51,356 1,100 - VIACOM, INC (CLASS B) 46,475 3,779 - VIATEL, INC 111,716 ----------- 3,096,298 ----------- DEPOSITORY INSTITUTIONS -- 6.02% 600 AMSOUTH BANCORP 14,062 5,875 BANK OF AMERICA CORP 327,164 1,100 BANK OF NEW YORK CO, INC 36,781 1,700 BANK ONE CORP 59,181 2,231 BANKBOSTON CORP 96,769 500 BB&T CORP 16,187 2,896 CHASE MANHATTAN CORP 218,286 200 COMERICA, INC 10,125 100 FIFTH THIRD BANCORP 6,084 1,600 FIRST UNION CORP 56,900 2,145 FIRSTAR CORP 54,965 600 FLEET FINANCIAL GROUP, INC 21,975 3,012 - GOLDEN STATE BANCORP, INC 54,027 770 HUNTINGTON BANCSHARES, INC 20,453 600 KEYCORP 15,487 1,300 MBNA CORP 29,656 2,704 MELLON BANK CORP 91,260 100 MORGAN (J.P.) & CO, INC 11,425 1,200 NATIONAL CITY CORP 32,025 200 NORTHERN TRUST CORP 16,700 400 PNC BANK CORP 21,075 200 PROVIDIAN FINANCIAL CORP 15,837 300 REPUBLIC NEW YORK CORP 18,431 500 SOUTHTRUST CORP 17,937 200 STATE STREET CORP 12,925 500 SUMMIT BANCORP 16,218 500 SUNTRUST BANKS, INC 32,875 800 SYNOVUS FINANCIAL CORP 14,950 500 U.S. BANCORP 15,093 400 UNION PLANTERS CORP 16,300 300 WACHOVIA CORP 23,587 1,000 WASHINGTON MUTUAL, INC 29,250 2,300 WELLS FARGO CO 91,137 ----------- 1,515,127 ----------- EATING AND DRINKING PLACES -- 0.46% 400 DARDEN RESTAURANTS, INC 7,825 400 MARRIOTT INTERNATIONAL (CLASS A) 13,075 2,100 MCDONALD'S CORP 90,300 100 - TRICON GLOBAL RESTAURANTS, INC 4,093 ----------- 115,293 ----------- ELECTRIC, GAS, AND SANITARY SERVICES -- 1.64% 300 - AES CORP 17,700 500 - ALLIED WASTE INDUSTRIES, INC 5,843 700 CENTRAL & SOUTH WEST CORP 14,787 500 CINERGY CORP 14,156 200 COLUMBIA ENERGY GROUP 11,075 300 CONSOLIDATED EDISON CO OF N.Y., INC 12,450 500 CONSTELLATION ENERGY GROUP 14,062
SHARES VALUE 500 DOMINION RESOURCES, INC $ 22,562 700 DUKE ENERGY CORP 38,587 400 ENTERGY CORP 11,575 700 FIRSTENERGY CORP 17,850 300 FPL GROUP, INC 15,112 400 GPU, INC 13,050 100 NEW CENTURY ENERGIES, INC 3,343 600 - NIAGARA MOHAWK HOLDINGS, INC 9,262 100 NICOR, INC 3,718 500 NORTHERN STATES POWER CO 10,781 100 PEOPLES ENERGY CORP 3,518 500 PP&L RESOURCES, INC 13,531 300 PUBLIC SERVICE ENTERPRISE GROUP, INC 11,587 500 RELIANT ENERGY, INC 13,531 800 SEMPRA ENERGY 16,650 300 SONAT, INC 11,906 1,000 SOUTHERN CO 25,750 500 TEXAS UTILITIES CO 18,656 500 UNICOM CORP 18,468 900 WASTE MANAGEMENT, INC 17,325 700 WILLIAMS COS, INC 26,206 ----------- 413,041 ----------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- 8.48% 500 - ADVANCED MICRO DEVICES, INC 8,593 200 ALLEGHENY TELEDYNE, INC 3,375 300 COOPER INDUSTRIES, INC 14,025 800 EMERSON ELECTRIC CO 50,550 7,698 GENERAL ELECTRIC CO 912,694 100 - GENERAL INSTRUMENT CORP 4,812 7,240 INTEL CORP 538,022 400 - LSI LOGIC CORP 20,600 200 MAYTAG CO 6,662 400 - MICRON TECHNOLOGY, INC 26,625 900 MOTOROLA, INC 79,200 500 - NATIONAL SEMICONDUCTOR CORP 15,250 3,160 - NEWBRIDGE NETWORKS CORP 82,357 1,093 - NOKIA OYJ ADR 98,165 2,100 NORTEL NETWORKS CORP (U.S.) 107,100 200 - QUALCOMM, INC 37,837 300 - SOLECTRON CORP 21,543 600 - TELLABS, INC 34,162 900 TEXAS INSTRUMENTS, INC 74,025 ----------- 2,135,597 ----------- ENGINEERING AND MANAGEMENT SERVICES -- 0.01% 100 EG & G, INC 3,981 ----------- FABRICATED METAL PRODUCTS -- 0.93% 6,000 AMERICAN NATIONAL CAN GROUP, INC 94,875 100 BALL CORP 4,406 200 CRANE CO 4,487 400 CROWN CORK & SEAL CO, INC 9,700 1,800 GILLETTE CO 61,087 500 MASCO CORP 15,500 300 PARKER-HANNIFIN CORP 13,443 300 ROCKWELL INTERNATIONAL CORP 15,750
See notes to financial statements 1999 ANNUAL REPORT 43 44 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE FABRICATED METAL PRODUCTS -- (CONTINUED) 200 SNAP-ON, INC $ 6,500 300 STANLEY WORKS CO 7,556 ----------- 233,304 ----------- FOOD AND KINDRED PRODUCTS -- 2.94% 2,151 ANHEUSER BUSCH COS, INC 150,704 400 ARCHER DANIELS MIDLAND CO 4,875 100 BESTFOODS, INC 4,850 200 CAMPBELL SOUP CO 7,825 3,800 COCA COLA CO 182,637 600 COCA COLA ENTERPRISES, INC 13,537 1,000 CONAGRA, INC 22,562 200 GENERAL MILLS, INC 16,225 600 HEINZ (H.J.) CO 25,800 600 KELLOGG CO 22,462 500 NABISCO GROUP HOLDINGS 7,500 4,308 PEPSICO, INC 130,317 200 QUAKER OATS CO 12,375 500 RALSTON PURINA CO 13,906 1,500 SARA LEE CORP 35,156 300 SEAGRAMS CO LTD (U.S.) 13,650 900 UNILEVER NV (N.Y.) SHS 61,312 200 WRIGLEY (WM) JR CO 13,762 ----------- 739,455 ----------- FOOD STORES -- 0.63% 441 ALBERTSONS, INC 17,447 100 GREAT ATLANTIC & PACIFIC TEA CO, INC 3,031 1,400 - KROGER CO 30,887 2,767 - SAFEWAY, INC 105,318 100 WINN DIXIE STORES, INC 2,968 ----------- 159,651 ----------- FURNITURE AND FIXTURES -- 0.04% 400 NEWELL RUBBERMAID, INC 11,425 ----------- FURNITURE AND HOMEFURNISHINGS STORES -- 0.11% 100 - BEST BUY, INC 6,206 400 CIRCUIT CITY STORES-CIRCUIT CITY GROUP 16,875 100 TANDY CORP 5,168 ----------- 28,249 ----------- GENERAL BUILDING CONTRACTORS -- 0.05% 200 CENTEX CORP 5,912 200 KAUFMAN & BROAD HOME CORP 4,125 100 PULTE CORP 2,175 ----------- 12,212 ----------- GENERAL MERCHANDISE STORES -- 3.39% 300 - CONSOLIDATED STORES CORP 6,618 400 - COSTCO WHOLESALE CORP 28,800 2,112 DAYTON HUDSON CORP 126,852 300 DILLARDS, INC (CLASS A) 6,093 500 DOLLAR GENERAL CORP 15,437 400 - FEDERATED DEPARTMENT STORES, INC 17,475 200 HARCOURT GENERAL, INC 8,325
SHARES VALUE 500 - K MART CORP $ 5,843 300 - KOHLS CORP 19,837 200 MAY DEPARTMENT STORES CO 7,287 400 PENNEY, (J.C.) CO, INC 13,750 300 SEARS ROEBUCK & CO 9,412 12,339 WAL-MART STORES, INC 586,873 ----------- 852,602 ----------- HEALTH SERVICES -- 0.70% 400 COLUMBIA/HCA HEALTHCARE CORP 8,475 5,561 - HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) NEW 41,012 1,300 - HEALTHSOUTH CORP 7,881 300 - MANOR CARE, INC 5,156 6,513 - TENET HEALTHCARE CORP 114,384 ----------- 176,908 ----------- HEAVY CONSTRUCTION, EXCEPT BUILDING -- 0.05% 200 FLUOR CORP 8,050 200 MCDERMOTT INTERNATIONAL, INC 4,050 ----------- 12,100 ----------- HOTELS AND OTHER LODGING PLACES -- 0.00% 100 HILTON HOTELS CORP 987 ----------- INDUSTRIAL MACHINERY AND EQUIPMENT -- 9.77% 296 - 3COM CORP 8,510 200 - APPLE COMPUTER, INC 12,662 600 - APPLIED MATERIALS, INC 46,725 700 BAKER HUGHES, INC 20,300 200 BLACK & DECKER CORP 9,137 300 BRUNSWICK CORP 7,462 200 CASE CORP 9,962 400 CATERPILLAR, INC 21,925 7,746 - CISCO SYSTEMS, INC 531,085 6,850 COMPAQ COMPUTER CORP 157,121 400 DEERE & CO 15,475 6,199 - DELL COMPUTER CORP 259,195 100 DOVER CORP 4,087 1,500 - EMC CORP 107,156 300 - GATEWAY, INC 13,331 1,600 HEWLETT-PACKARD CO 147,200 300 INGERSOLL-RAND CO 16,481 4,510 INTERNATIONAL BUSINESS MACHINES CORP 547,401 100 - LEXMARK INTERNATIONAL GROUP (CLASS A) 8,050 100 MILACRON, INC 1,775 400 PALL CORP 9,275 400 PITNEY BOWES, INC 24,375 200 - SEAGATE TECHNOLOGY, INC 6,162 500 TENNECO, INC 8,500 200 TIMKEN CO 3,225 4,349 TYCO INTERNATIONAL LTD 449,034 300 - UNISYS CORP 13,537 ----------- 2,459,148 -----------
44 1999 ANNUAL REPORT See notes to financial statements 45 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE INSTRUMENTS AND RELATED PRODUCTS -- 2.43% 100 BARD (C.R.), INC $ 4,706 2,665 BAXTER INTERNATIONAL, INC 160,566 700 - BOSTON SCIENTIFIC CORP 17,281 600 EASTMAN KODAK CO 45,262 500 - GUIDANT CORP 26,812 200 HONEYWELL, INC 22,262 200 - KLA-TENCOR CORP 13,000 1,800 MEDTRONIC, INC 63,900 100 PE CORP-PE BIOSYSTEMS GROUP 7,225 100 POLAROID CORP 2,600 400 RAYTHEON CO (CLASS B) 19,850 100 - ST. JUDE MEDICAL, INC 3,150 155 THE SWATCH GROUP AG. (BR) 120,646 2,478 XEROX CORP 103,921 ----------- 611,181 ----------- INSURANCE AGENTS, BROKERS AND SERVICE -- 0.79% 400 MARSH & MCLENNAN COS, INC 27,400 80,000 - OLD MUTUAL PLC 170,618 ----------- 198,018 ----------- INSURANCE CARRIERS -- 4.56% 200 AETNA, INC 9,850 400 AFLAC, INC 16,750 1,874 ALLSTATE CORP 46,732 400 AMERICAN GENERAL CORP 25,275 2,400 AMERICAN INTERNATIONAL GROUP, INC 208,650 400 AON CORP 11,825 9,330 CAPITAL RE CORP 93,300 100 CHUBB CORP 4,981 300 CIGNA CORP 23,325 9,906 CITIGROUP, INC 435,864 800 CONSECO, INC 15,450 100 HARTFORD FINANCIAL SERVICES GROUP, INC 4,087 500 - HUMANA, INC 3,437 200 LINCOLN NATIONAL CORP 7,512 400 LOEWS CORP 28,075 7,000 - MANULIFE FINANCIAL CORP 83,124 200 MBIA, INC 9,325 300 MGIC INVESTMENT CORP 14,325 200 ST. PAUL COS, INC 5,500 300 UNITED HEALTHCARE CORP 14,606 292 UNUMPROVIDENT CORP 8,595 200 - WELLPOINT HEALTH NETWORKS, INC 11,400 1,486 XL CAPITAL LTD 66,870 ----------- 1,148,858 ----------- LOCAL AND INTERURBAN PASSENGER TRANSIT -- 0.01% 200 LAIDLAW, INC 1,350 ----------- LUMBER AND WOOD PRODUCTS -- 0.55% 300 GEORGIA-PACIFIC CORP (PACKING GROUP) 12,150 300 LOUISIANA PACIFIC CORP 4,687
SHARES VALUE 6,670 MACMILLAN BLOEDEL LTD $ 104,396 300 WEYERHAEUSER CO 17,287 ----------- 138,520 ----------- METAL MINING -- 0.17% 500 BARRICK GOLD CORP 10,875 300 CYPRUS AMAX MINERALS CO 5,887 500 - FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) 7,781 1,200 PLACER DOME, INC 17,850 ----------- 42,393 ----------- MISCELLANEOUS MANUFACTURING INDUSTRIES -- 0.29% 200 HASBRO, INC 4,287 100 MATTEL, INC 1,900 700 MINNESOTA MINING & MANUFACTURING CO 67,243 ----------- 73,430 ----------- MISCELLANEOUS RETAIL -- 1.00% 4,587 CVS CORP 187,206 100 LONGS DRUG STORES CORP 2,987 400 - STAPLES, INC 8,725 800 - TOYS R US, INC 12,000 1,600 WALGREEN CO 40,600 ----------- 251,518 ----------- MOTION PICTURES -- 1.06% 3,200 - DISNEY (WALT) CO 82,800 100 - KING WORLD PRODUCTIONS, INC 3,750 2,983 TIME WARNER, INC 181,217 ----------- 267,767 ----------- NONDEPOSITORY INSTITUTIONS -- 1.51% 700 AMERICAN EXPRESS CO 94,237 2,301 ASSOCIATES FIRST CAPITAL CORP 82,836 400 CAPITAL ONE FINANCIAL CORP 15,600 400 COUNTRYWIDE CREDIT INDUSTRIES, INC 12,900 1,600 FEDERAL NATIONAL MORTGAGE ASSOCIATION 100,300 800 FREDDIE MAC 41,600 300 HOUSEHOLD INTERNATIONAL, INC 12,037 500 SLM HOLDINGS CORP 21,500 ----------- 381,010 ----------- OIL AND GAS EXTRACTION -- 2.57% 3,041 APACHE CORP 131,333 55,000 - BRITISH-BORNEO OIL & GAS PLC 153,985 3,498 CONOCO, INC (CLASS B) 95,757 700 HALLIBURTON CO 28,700 100 KERR-MCGEE CORP 5,506 300 - ROWAN COS, INC 4,875 3,300 ROYAL DUTCH PETROLEUM CO (NY REGD) ADR 194,906 500 SCHLUMBERGER LTD 31,156 ----------- 646,218 -----------
See notes to financial statements 1999 ANNUAL REPORT 45 46 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE PAPER AND ALLIED PRODUCTS -- 0.66% 200 CHAMPION INTERNATIONAL CORP $ 10,275 2,800 FORT JAMES CORP 74,725 700 INTERNATIONAL PAPER CO 33,643 400 KIMBERLY-CLARK CORP 21,000 200 MEAD CORP 6,875 200 TEMPLE-INLAND, INC 12,100 300 WESTVACO CORP 7,687 ----------- 166,305 ----------- PERSONAL SERVICES -- 0.06% 300 BLOCK (H&R), INC 13,031 100 SERVICE CORP INTERNATIONAL 1,056 ----------- 14,087 ----------- PETROLEUM AND COAL PRODUCTS -- 4.46% 100 AMERADA HESS CORP 6,125 200 ASHLAND, INC 6,725 300 - ATLANTIC RICHFIELD CO 26,587 775 BP AMOCO PLC (SPONS ADR) 85,879 1,000 CHEVRON CORP 88,750 6,929 EXXON CORP 526,170 1,818 MOBIL CORP 183,163 400 PHILLIPS PETROLEUM CO 19,500 300 SUNOCO, INC 8,212 2,491 TEXACO, INC 157,244 400 UNOCAL CORP 14,825 ----------- 1,123,180 ----------- PRIMARY METAL INDUSTRIES -- 0.73% 2,595 ALCOA, INC 161,052 400 - BETHLEHEM STEEL CORP 2,950 400 ENGELHARD CORP 7,275 100 REYNOLDS METALS CO 6,037 300 USX-US STEEL GROUP, INC 7,725 ----------- 185,039 ----------- PRINTING AND PUBLISHING -- 0.89% 200 DELUXE CORP 6,800 400 DONNELLEY (R.R.) & SONS CO 11,550 400 GANNETT CO, INC 27,675 200 KNIGHT-RIDDER, INC 10,975 300 MCGRAW HILL COS, INC 14,512 200 TIMES MIRROR CO SERIES A 13,162 2,794 TRIBUNE CO 139,001 ----------- 223,675 ----------- RAILROAD TRANSPORTATION -- 0.27% 700 BURLINGTON NORTHERN SANTA FE CORP 19,250 300 CSX CORP 12,712 100 KANSAS CITY SOUTHERN INDUSTRIES, INC 4,643 500 NORFOLK SOUTHERN CORP 12,250 400 UNION PACIFIC CORP 19,225 ----------- 68,080 -----------
SHARES VALUE RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS -- 0.28% 400 ILLINOIS TOOL WORKS, INC $ 29,825 500 NIKE, INC (CLASS B) 28,437 100 - REEBOK INTERNATIONAL LTD 1,068 200 - SEALED AIR CORP 10,262 ----------- 69,592 ----------- SECURITY AND COMMODITY BROKERS -- 1.00% 700 FRANKLIN RESOURCES, INC 21,525 100 LEHMAN BROTHERS HOLDINGS, INC 5,831 500 MERRILL LYNCH & CO, INC 33,593 1,673 MORGAN STANLEY, DEAN WITTER, & CO 149,210 1,200 SCHWAB (CHARLES) CORP 40,425 ----------- 250,584 ----------- STONE, CLAY, AND GLASS PRODUCTS -- 0.16% 400 CORNING, INC 27,425 200 OWENS CORNING CO 4,337 500 - OWENS ILLINOIS, INC 9,906 ----------- 41,668 ----------- TOBACCO PRODUCTS -- 0.52% 3,300 PHILIP MORRIS COS, INC 112,818 600 UST, INC 18,112 ----------- 130,930 ----------- TRANSPORTATION BY AIR -- 0.47% 300 - AMR CORP 16,350 819 - CONTINENTAL AIRLINES, INC (CLASS B) 26,822 300 DELTA AIRLINES, INC 14,550 500 - FDX CORP 19,375 2,733 SOUTHWEST AIRLINES CO 41,507 ----------- 118,604 ----------- TRANSPORTATION EQUIPMENT -- 2.70% 2,725 ALLIED SIGNAL, INC 163,329 1,300 BOEING CO 55,412 1,005 DAIMLERCHRYSLER (U.S.A.) 69,784 200 DANAHER CORP 10,537 900 DELPHI AUTOMOTIVE SYSTEMS CORP 14,456 100 EATON CORP 8,631 1,900 FORD MOTOR CO 95,356 400 GENERAL DYNAMICS CORP 24,975 1,000 GENERAL MOTORS CORP 62,937 1,206 - GENERAL MOTORS CORP (CLASS H) 69,043 400 GOODRICH (B.F.) CO 11,600 200 ITT INDUSTRIES, INC 6,362 200 - NAVISTAR INTERNATIONAL CORP 9,300 200 PACCAR, INC 10,175 300 TEXTRON, INC 23,212 300 TRW, INC 14,925 500 UNITED TECHNOLOGIES CORP 29,656 ----------- 679,690 ----------- WATER TRANSPORTATION -- 0.17% 1,000 CARNIVAL CORP (CLASS A) 43,500 -----------
46 1999 ANNUAL REPORT See notes to financial statements 47 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL GROWTH AND INCOME FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE WHOLESALE TRADE-DURABLE GOODS -- 0.06% 300 GRAINGER (W.W.), INC $ 14,418 ----------- WHOLESALE TRADE-NONDURABLE GOODS -- 1.10% 3,249 CARDINAL HEALTH, INC 177,683 1,200 ENRON CORP 49,500 500 MCKESSON HBOC, INC 14,500 800 SUPERVALU, INC 17,450 500 SYSCO CORP 17,531 ----------- 276,664 ----------- TOTAL COMMON STOCK (Cost $25,498,167) 24,881,175 -----------
PRINCIPAL VALUE - --------- ----- SHORT TERM INVESTMENT -- 3.58% U.S. GOVERNMENT AGENCY -- 3.58% $ 900,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION 5.180% 10/01/99 $ 900,000 ----------- TOTAL SHORT TERM INVESTMENT (Cost $900,000) 900,000 ----------- TOTAL PORTFOLIO (Cost $26,398,167) $25,781,175 ===========
- --------------- - - Non-income producing See notes to financial statements 1999 ANNUAL REPORT 47 48 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
VALUE % COMMON STOCK AGRICULTURAL PRODUCTION-CROPS $ 2,587 0.01% AGRICULTURAL SERVICES 3,243 0.01 AMUSEMENT AND RECREATION SERVICES 19,062 0.08 APPAREL AND ACCESSORY STORES 122,651 0.49 APPAREL AND OTHER TEXTILE PRODUCTS 26,848 0.11 AUTO REPAIR, SERVICES AND PARKING 8,567 0.03 AUTOMOTIVE DEALERS AND SERVICE STATIONS 27,760 0.11 BUILDING MATERIALS AND GARDEN SUPPLIES 263,312 1.05 BUSINESS SERVICES 2,293,115 9.15 CHEMICALS AND ALLIED PRODUCTS 2,949,866 11.77 COMMUNICATIONS 3,019,704 12.05 DEPOSITORY INSTITUTIONS 1,772,448 7.07 EATING AND DRINKING PLACES 207,301 0.83 EDUCATIONAL SERVICES 12,492 0.05 ELECTRIC, GAS, AND SANITARY SERVICES 828,480 3.31 ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 2,417,756 9.65 ENGINEERING AND MANAGEMENT SERVICES 55,348 0.22 FABRICATED METAL PRODUCTS 175,696 0.70 FOOD AND KINDRED PRODUCTS 780,010 3.11 FOOD STORES 153,785 0.61 FORESTRY 4,575 0.02 FURNITURE AND FIXTURES 54,421 0.22 FURNITURE AND HOMEFURNISHINGS STORES 79,003 0.32 GENERAL BUILDING CONTRACTORS 18,640 0.07 GENERAL MERCHANDISE STORES 550,701 2.20 HEALTH SERVICES 84,723 0.34 HEAVY CONSTRUCTION, EXCEPT BUILDING 14,505 0.06 HOLDING AND OTHER INVESTMENT OFFICES 223,986 0.89 HOTELS AND OTHER LODGING PLACES 39,242 0.16 INDUSTRIAL MACHINERY AND EQUIPMENT 2,112,711 8.43 INSTRUMENTS AND RELATED PRODUCTS 549,060 2.19 INSURANCE AGENTS, BROKERS AND SERVICE 43,343 0.17 INSURANCE CARRIERS 1,071,452 4.27 LEATHER AND LEATHER PRODUCTS 1,837 0.01 LOCAL AND INTERURBAN PASSENGER TRANSIT 2,500 0.01 LUMBER AND WOOD PRODUCTS 54,161 0.22
VALUE % METAL MINING $ 29,048 0.12% MISCELLANEOUS MANUFACTURING INDUSTRIES 124,947 0.50 MISCELLANEOUS RETAIL 207,895 0.83 MOTION PICTURES 282,637 1.13 NONDEPOSITORY INSTITUTIONS 504,664 2.01 NONMETALLIC MINERALS, EXCEPT FUELS 12,793 0.05 OIL AND GAS EXTRACTION 257,239 1.03 PAPER AND ALLIED PRODUCTS 206,430 0.82 PERSONAL SERVICES 30,729 0.12 PETROLEUM AND COAL PRODUCTS 954,312 3.81 PRIMARY METAL INDUSTRIES 100,439 0.40 PRINTING AND PUBLISHING 205,780 0.82 RAILROAD TRANSPORTATION 100,823 0.40 REAL ESTATE 20,816 0.08 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 109,049 0.44 SECURITY AND COMMODITY BROKERS 311,263 1.24 SOCIAL SERVICES 4,143 0.02 SPECIAL TRADE CONTRACTORS 8,677 0.03 STONE, CLAY, AND GLASS PRODUCTS 58,966 0.24 TEXTILE MILL PRODUCTS 16,097 0.06 TOBACCO PRODUCTS 201,720 0.80 TRANSPORTATION BY AIR 98,319 0.39 TRANSPORTATION EQUIPMENT 717,568 2.86 TRANSPORTATION SERVICES 18,175 0.07 TRUCKING AND WAREHOUSING 17,597 0.07 WATER TRANSPORTATION 4,093 0.02 WHOLESALE TRADE-DURABLE GOODS 68,361 0.27 WHOLESALE TRADE-NONDURABLE GOODS 169,648 0.68 ----------- ------ TOTAL COMMON STOCK (Cost $25,653,494) 24,887,119 99.30 ----------- ------ TOTAL PORTFOLIO (Cost $25,653,494) 24,887,119 99.30 OTHER ASSETS & LIABILITIES, NET 176,563 0.70 ----------- ------ NET ASSETS $25,063,682 100.00% =========== ======
48 1999 ANNUAL REPORT See notes to financial statements 49 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND STATEMENT OF INVESTMENTS September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE COMMON STOCK -- 99.30% AGRICULTURAL PRODUCTION-CROPS -- 0.01% 100 DELTA & PINE LAND CO $ 2,587 ----------- AGRICULTURAL SERVICES -- 0.01% 100 CADIZ, INC 956 200 - VETERINARY CENTERS OF AMERICA, INC 2,287 ----------- 3,243 ----------- AMUSEMENT AND RECREATION SERVICES -- 0.08% 100 - ARGOSY GAMING CORP 1,325 100 - BOCA RESORTS, INC (CLASS A) 1,050 200 - BOYD GAMING CORP 1,200 300 - HARRAH'S ENTERTAINMENT, INC 8,325 100 - HOLLYWOOD PARK, INC 1,537 400 - MIRAGE RESORT, INC 5,625 ----------- 19,062 ----------- APPAREL AND ACCESSORY STORES -- 0.49% 200 - ABERCROMBIE & FITCH CO (CLASS A) 6,812 100 - AMERICAN EAGLE OUTFITTERS, INC 4,843 100 CATO CORP (CLASS A) 1,409 200 - CHARMING SHOPPES, INC 1,025 100 CLAIRES STORES, INC 1,656 100 - FINISH LINE, INC (CLASS A) 875 100 - FOOTSTAR, INC 3,525 1,400 GAP, INC 44,800 100 - GENESCO, INC 1,250 105 INTIMATE BRANDS, INC (CLASS A) 4,088 200 - JUST FOR FEET, INC 412 300 LIMITED, INC 11,475 200 NORDSTROM, INC 5,400 100 - PACIFIC SUNWEAR CALIFORNIA, INC 2,803 100 - PAYLESS SHOESOURCE, INC 5,050 200 ROSS STORES, INC 4,025 800 TJX COS, INC 22,450 42 - TOO, INC 753 ----------- 122,651 ----------- APPAREL AND OTHER TEXTILE PRODUCTS -- 0.11% 100 AUTHENTIC FITNESS CORP 1,756 200 - JONES APPAREL GROUP, INC 5,750 100 KELLWOOD CO 2,200 100 LIZ CLAIBORNE, INC 3,100 100 - NAUTICA ENTERPRISES, INC 1,612 100 PILLOWTEX CORP 750 100 - POLO RALPH LAUREN CORP 1,793 100 - TROPICAL SPORTSWEAR INTERNATIONAL CORP 1,862 200 VF CORP 6,200 100 WARNACO GROUP, INC (CLASS A) 1,825 ----------- 26,848 ----------- AUTO REPAIR, SERVICES AND PARKING -- 0.03% 200 - BUDGET GROUP, INC 1,412 100 - DOLLAR THRIFTY AUTOMOTIVE GROUP, INC 2,068
SHARES VALUE 100 ROLLINS TRUCK LEASING CORP $ 1,012 200 RYDER SYSTEM, INC 4,075 ----------- 8,567 ----------- AUTOMOTIVE DEALERS AND SERVICE STATIONS -- 0.11% 900 - AUTONATION, INC 11,306 300 - AUTOZONE, INC 8,418 100 - CSK AUTO CORP 2,181 100 - GROUP 1 AUTOMOTIVE, INC 1,831 100 PEP BOYS MANNY, MOE, & JACK CO 1,487 200 - UNITED AUTO GROUP, INC 2,537 ----------- 27,760 ----------- BUILDING MATERIALS AND GARDEN SUPPLIES -- 1.05% 100 FASTENAL CO 4,712 3,200 HOME DEPOT, INC 219,600 800 LOWES COS, INC 39,000 ----------- 263,312 ----------- BUSINESS SERVICES -- 9.15% 100 AARON RENTS, INC 1,725 100 - ACCLAIM ENTERTAINMENT, INC 759 100 - ACNEILSEN CORP 2,268 100 - ACXIOM CORP 1,965 100 ADOBE SYSTEMS, INC 11,350 100 - AFFILIATED COMPUTER SERVICES, INC (CLASS A) 4,062 2,400 - AMERICA ONLINE, INC 249,600 100 - AMERICAN MANAGEMENT SYSTEMS, INC 2,565 100 ANALYSTS INTERNATIONAL CORP 1,037 100 - ANSWERTHINK CONSULTING GROUP 962 100 - ASPECT DEVELOPMENT, INC 2,531 100 - ASPEN TECHNOLOGY, INC 975 100 AUTODESK, INC 2,187 1,300 AUTOMATIC DATA PROCESSING, INC 58,012 100 - AVANT CORP 1,784 200 - BEA SYSTEMS, INC 7,062 100 - BILLING CONCEPTS CORP 500 500 - BMC SOFTWARE, INC 35,781 100 - BRIO TECHNOLOGY, INC 2,225 200 - BUILDING ONE SERVICES CORP 2,437 500 - CADENCE DESIGN SYSTEMS, INC 6,625 100 - CAMBRIDGE TECHNOLOGY PARTNERS, INC 1,450 1,700 - CENDANT CORP 30,175 100 - CENTURY BUSINESS SERVICES, INC 1,162 300 - CERIDIAN CORP 7,462 100 - CHECKFREE HOLDINGS CORP 4,112 100 - CIBER, INC 1,531 200 - CITRIX SYSTEMS, INC 12,387 200 - CMGI, INC 20,500 100 - CNET, INC 5,600 200 COMDISCO, INC 3,862 100 - COMPLETE BUSINESS SOLUTIONS, INC 1,368 900 COMPUTER ASSOCIATES INTERNATIONAL, INC 55,125 100 - COMPUTER HORIZONS CORP 1,162 300 - COMPUTER SCIENCES CORP 21,093 800 - COMPUWARE CORP 20,850
See notes to financial statements 1999 ANNUAL REPORT 49 50 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE BUSINESS SERVICES -- (CONTINUED) 300 - CONVERGYS CORP $ 5,943 200 - COTELLIGENT, INC 712 100 - CSG SYSTEMS INTERNATIONAL, INC 2,740 100 - DATA BROADCASTING CORP 756 100 - DATASTREAM SYSTEMS, INC 1,312 100 - DOUBLECLICK, INC 11,912 100 - DST SYSTEMS, INC 5,687 100 - EBAY, INC 14,106 100 - ECLIPSYS CORP 1,437 100 - ELECTRONIC ARTS, INC 7,237 800 ELECTRONIC DATA SYSTEMS CORP 42,350 100 - ELECTRONICS FOR IMAGING, INC 5,140 100 - EPICOR SOFTWARE CORP 575 300 EQUIFAX, INC 8,437 100 - EXCALIBUR TECHNOLOGIES CORP 825 200 - EXCITE AT HOME 8,287 100 - FILENET CORP 1,068 1,000 FIRST DATA CORP 43,875 300 - FISERV, INC 9,750 104 - GARTNER GROUP, INC (CLASS B) 1,735 100 - GETTY IMAGES, INC 2,412 700 - GT INTERACTIVE SOFTWARE CORP 2,034 100 - GTECH HOLDINGS CORP 2,143 100 - HARBINGER CORP 1,687 100 - HYPERION SOLUTIONS CORP 2,200 100 - I2 TECHNOLOGIES, INC 3,881 100 - IMATION CORP 3,100 800 IMS HEALTH, INC 18,250 100 - INACOM CORP 918 100 - INFOCURE CORP 1,887 400 - INFORMIX CORP 3,175 100 - INFOSEEK CORP 3,087 100 - INKTOMI CORP 12,003 100 - INTEGRATED SYSTEMS, INC 1,018 100 - INTERIM SERVICES, INC 1,637 100 - INTERNATIONAL NETWORK SERVICES 5,437 100 - INTERNATIONAL TELECOMMUNICATIONS 843 10 - INTERNET CAPITAL GROUP, INC 878 100 INTERPOOL, INC 762 600 INTERPUBLIC GROUP OF COS, INC 24,675 100 - INTUIT, INC 8,765 100 - J.D. EDWARDS & CO 2,071 100 - JDA SOFTWARE GROUP, INC 1,168 100 - KEANE, INC 2,281 100 - KORN FERRY INTERNATIONAL 2,306 150 - LABOR READY, INC 1,509 100 - LAMAR ADVERTISING CO (CLASS A) 4,950 200 - LEGATO SYSTEMS, INC 8,718 200 - LYCOS, INC 10,025 100 - MACROMEDIA, INC 4,087 100 - MANHATTAN ASSOCIATES, INC 550 200 MANPOWER, INC 5,825 100 - MASTECH CORP 1,350 100 MCGRATH RENTCORP 1,800 100 - MEDQUIST, INC 3,343 100 - MENTOR GRAPHICS CORP 856
SHARES VALUE 100 - MERCURY INTERACTIVE CORP $ 6,456 100 - METAMOR WORLDWIDE, INC 1,775 8,100 - MICROSOFT CORP 733,556 100 - MICROSTRATEGY, INC 5,606 100 - MIDWAY GAMES, INC 1,575 100 - MINDSPRING ENTERPRISES, INC 2,768 200 - MODIS PROFESSIONAL SERVICES 2,650 100 NATIONAL COMPUTER SYSTEMS, INC 3,834 100 NATIONAL DATA CORP 2,600 200 - NATIONAL EQUIPMENT SERVICES, INC 2,037 400 - NATIONSRENT, INC 3,100 100 - NETWORK APPLIANCE, INC 7,162 300 - NETWORKS ASSOCIATES, INC 5,737 100 - NIELSEN MEDIA RESEARCH 3,718 200 - NOVA CORP (GEORGIA) 5,000 700 - NOVELL, INC 14,481 200 OLSTEN CORP 2,087 400 OMNICOM GROUP, INC 31,675 100 - OPEN MARKET, INC 1,312 2,400 - ORACLE CORP 109,200 200 - OUTDOOR SYSTEMS, INC 7,150 600 - PARAMETRIC TECHNOLOGY CORP 8,100 500 PAYCHEX, INC 17,062 400 - PEOPLESOFT, INC 6,775 200 - PER SE TECHNOLOGIES, INC 687 100 - PEROT SYSTEMS CORP (CLASS A) 1,868 200 - PERSONNEL GROUP OF AMERICA, INC 1,250 100 - PERVASIVE SOFTWARE, INC 3,450 100 - PHOENIX TECHNOLOGIES LTD 1,118 100 PITTSTON BRINKS GROUP CO 2,318 100 - POLICY MANAGEMENT SYSTEMS CORP 3,162 100 - PRICELINE.COM, INC 6,450 200 - PROTECTION ONE, INC 800 100 - PROXYMED, INC 1,256 100 - PSINET, INC 3,596 100 - RADIANT SYSTEMS, INC 1,618 100 - RARE MEDIUM GROUP, INC 1,056 200 - RATIONAL SOFTWARE CORP 5,856 100 - REALNETWORKS, INC 10,456 100 - RENT WAY, INC 1,900 100 - RENT-A-CENTER, INC 1,862 200 - ROBERT HALF INTERNATIONAL, INC 4,800 100 ROLLINS, INC 1,543 200 - ROMAC INTERNATIONAL, INC 1,656 100 - RSA SECURITY, INC 2,656 100 - RWD TECHNOLOGIES, INC 787 100 - SABRE HOLDINGS CORP 4,300 100 - SAFETY-KLEEN CORP 1,206 100 - SAGA SYSTEMS, INC 1,443 200 - SANTA CRUZ OPERATION, INC 2,387 100 - SERENA SOFTWARE, INC 1,712 100 SHARED MEDICAL SYSTEMS CORP 4,675 100 - SIEBEL SYSTEMS, INC 6,662 400 - SITEL CORP 1,700 100 - SNYDER COMMUNICATIONS, INC 1,518 100 SOTHEBYS HOLDINGS, INC (CLASS A) 2,581 200 - SS&C TECHNOLOGIES, INC 1,100
50 1999 ANNUAL REPORT See notes to financial statements 51 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE BUSINESS SERVICES -- (CONTINUED) 100 - STAFFMARK, INC $ 793 200 - STERLING COMMERCE, INC 3,712 100 - STERLING SOFTWARE, INC 2,000 100 - STRUCTURAL DYNAMICS RESEARCH CORP 1,503 1,700 - SUN MICROSYSTEMS, INC 158,100 200 - SUNGARD DATA SYSTEMS, INC 5,262 100 - SVI HOLDINGS, INC 893 200 - SYBASE, INC 2,362 100 - SYMANTEC CORP 3,596 100 - SYNOPSYS, INC 5,615 100 - SYSTEMS & COMPUTER TECHNOLOGY CORP 1,256 100 - TECHNOLOGY SOLUTIONS CO 1,412 100 - TELETECH HOLDINGS, INC 1,425 100 - TRANSACTION SYSTEM ARCHITECTURE 2,693 100 TRUE NORTH COMMUNICATIONS, INC 3,637 100 - UNIGRAPHICS SOLUTIONS, INC 2,712 5 - US INTERACTIVE, INC 110 200 - USWEB CORP 6,862 100 - VALASSIS COMMUNICATIONS, INC 4,393 200 - VANTIVE CORP 1,737 200 - VERIO, INC 6,200 100 - VERISIGN, INC 10,650 300 - VERITAS SOFTWARE CORP 22,781 100 WACKENHUT CORP SERIES A 1,975 100 - WAVE SYSTEMS CORP (CLASS A) 1,075 100 - WIND RIVER SYSTEMS, INC 1,900 300 - YAHOO, INC 53,850 ----------- 2,293,115 ----------- CHEMICALS AND ALLIED PRODUCTS -- 11.77% 3,300 ABBOTT LABORATORIES CO 121,275 500 AIR PRODUCTS & CHEMICALS, INC 14,531 100 ALBERTO CULVER CO (CLASS B) 2,312 200 ALLERGAN, INC 22,000 100 ALPHARMA, INC (CLASS A) 3,531 200 - ALZA CORP 8,562 2,800 AMERICAN HOME PRODUCTS CORP 116,200 1,100 - AMGEN, INC 89,650 500 AVON PRODUCTS, INC 12,406 100 - BIO-TECHNOLOGY GENERAL CORP 959 300 - BIOGEN, INC 23,643 4,400 BRISTOL-MYERS SQUIBB CO 297,000 200 CABOT CORP 4,750 400 - CAREMARK RX, INC 2,250 100 CARTER WALLACE, INC 1,787 100 - CENTOCOR, INC 5,856 200 - CHIRON CORP 5,537 100 CHURCH & DWIGHT CO, INC 2,500 192 CK WITCO CORP 2,796 400 CLOROX CO 15,300 1,300 - COLGATE PALMOLIVE CO 59,475 100 - CYTEC INDUSTRIES, INC 2,400 100 - DIAGNOSTIC PRODUCTS CORP 2,681 200 DIAL CORP 5,100 500 DOW CHEMICAL CO 56,812 1,942 DU PONT (E.I.) DE NEMOURS & CO 118,219
SHARES VALUE 100 - DURA PHARMACEUTICALS, INC $ 1,393 200 EASTMAN CHEMICAL CO 8,000 200 ECOLAB, INC 6,825 100 - ENZON, INC 3,050 100 FERRO CORP 2,131 100 - FMC CORP 4,825 200 - FOREST LABORATORIES, INC 8,425 300 GENERAL CHEMICAL GROUP, INC 1,031 200 - GENZYME CORP (GENERAL DIVISION) 9,012 35 - GENZYME SURGICAL PRODUCTS 197 100 - GILEAD SCIENCES, INC 6,418 200 - GRACE W.R. & CO 3,212 100 GREAT LAKES CHEMICAL CORP 3,806 100 HANNA (M.A.) CO 1,137 300 HERCULES, INC 8,587 200 ICN PHARMACEUTICALS, INC 3,437 100 - ICOS CORP 2,950 100 - IDEXX LABORATORIES, INC 1,721 200 - IMC GLOBAL, INC 2,912 200 - IMMUNEX CORP 8,675 200 INTERNATIONAL FLAVORS & FRAGRANCES, INC 6,900 200 - IVAX CORP 3,300 2,900 JOHNSON & JOHNSON CO 266,437 100 JONES PHARMACEUTICAL, INC 3,296 200 LAUDER (ESTEE) CO (CLASS A) 7,812 100 - LIGAND PHARMACEUTICALS CO (CLASS A) 762 2,000 LILLY (ELI) & CO 128,000 100 - LIPOSOME CO, INC 760 200 LUBRIZOL CORP 5,137 100 LYONDELL CHEMICAL CO 1,337 200 MALLINCKRODT, INC 6,037 100 - MEDCO RESEARCH, INC 2,493 100 - MEDICIS PHARMACEUTICAL CORP (CLASS A) 2,850 100 - MEDIMMUNE, INC 9,965 5,200 MERCK & CO, INC 337,025 200 MILLENNIUM CHEMICAL, INC 4,087 100 - MILLENNIUM PHARMACEUTICALS, INC 6,500 100 MISSISSIPPI CHEMICAL CORP 700 1,400 MONSANTO CO 49,962 300 MYLAN LABORATORIES, INC 5,512 100 NALCO CHEMICAL CORP 5,050 100 - NBTY, INC 762 200 NL INDUSTRIES, INC 2,525 100 - OCTEL CORP 1,125 100 - ORGANOGENESIS, INC 743 100 - PERRIGO CO 787 8,400 PFIZER, INC 301,875 1,100 PHARMACIA & UPJOHN, INC 54,587 400 - PPG INDUSTRIES, INC 24,000 400 PRAXAIR, INC 18,400 2,900 PROCTER & GAMBLE CO 271,875 100 - REXALL SUNDOWN, INC 1,231 100 - ROBERTS PHARMACEUTICAL CORP 3,025 200 - ROHM & HAAS CO 7,225 200 RPM, INC 2,437
See notes to financial statements 1999 ANNUAL REPORT 51 52 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE CHEMICALS AND ALLIED PRODUCTS -- (CONTINUED) 3,200 SCHERING-PLOUGH CORP $ 139,600 100 - SCOTTS CO (CLASS A) 3,462 100 - SEPRACOR, INC 7,550 300 SHERWIN-WILLIAMS CO 6,281 200 - SICOR, INC 793 200 - SIGMA ALDRICH CORP 6,350 100 - TECHNE CORP 3,137 100 - THERAGENICS CORP 1,275 100 - TRIANGLE PHARMACEUTICALS, INC 1,925 200 USEC, INC 2,050 100 - U.S. BIOSCIENCE, INC 1,425 300 UNION CARBIDE CORP 17,043 100 VALSPAR CORP 3,268 33 - VENTIV HEALTH, INC 325 1,800 WARNER-LAMBERT CO 119,475 200 - WATSON PHARMACEUTICALS, INC 6,112 ----------- 2,949,866 ----------- COMMUNICATIONS -- 12.05% 100 - ADELPHIA COMMUNICATIONS CORP (CLASS A) 5,881 100 - ALLEGIANCE TELECOM, INC 5,262 667 ALLTEL CORP 46,940 2,400 AMERITECH CORP 161,250 300 - AMFM, INC 18,262 100 - ASCENT ENTERTAINMENT GROUP, INC 1,375 100 - ASSOCIATED GROUP, INC (CLASS A) 6,050 6,900 AT & T CORP 300,150 2,500 - AT & T CORP - LIBERTY MEDIA GROUP (CLASS A) 92,812 3,400 BELL ATLANTIC CORP 228,862 4,200 BELLSOUTH CORP 189,000 300 - CABLEVISION SYSTEMS CORP (CLASS A) 21,825 1,500 - CBS CORP 69,375 300 CENTURYTEL, INC 12,187 300 CINCINNATI BELL, INC 5,831 600 - CLEAR CHANNEL COMMUNICATIONS, INC 47,925 1,600 COMCAST CORP (CLASS A) SPECIAL 63,800 100 - CONCENTRIC NETWORK CORP 2,031 100 - COVAD COMMUNICATIONS GROUP 4,359 346 - COX COMMUNICATIONS, INC (CLASS A) 14,445 100 - CROWN CASTLE INTERNATIONAL CORP 1,871 100 - E.SPIRE COMMUNICATIONS, INC 725 200 - EXODUS COMMUNICATIONS, INC 14,412 300 - FOX ENTERTAINMENT GROUP, INC 6,337 100 - GENERAL COMMUNICATION (CLASS A) 521 820 - GLOBAL CROSSING LTD 21,730 400 - GLOBAL TELESYSTEMS GROUP, INC 7,887 2,100 GTE CORP 161,437 100 - HISPANIC BROADCASTING CORP 7,612 100 - ICG COMMUNICATIONS, INC 1,556 400 - INFINITY BROADCASTING CORP (CLASS A) 11,725 100 - INTERMEDIA COMMUNICATIONS, INC 2,175 200 - INTERNATIONAL FIBERCOM, INC 1,050 100 - ITC DELTACOM, INC 2,750 100 - IXC COMMUNICATIONS, INC 3,943
SHARES VALUE 600 - LEVEL 3 COMMUNICATIONS, INC $ 31,331 6,625 LUCENT TECHNOLOGIES, INC 429,796 4,200 - MCI WORLDCOM, INC 301,875 200 - MCLEODUSA, INC (CLASS A) 8,512 1,300 - MEDIA ONE GROUP, INC 88,806 200 - METROMEDIA FIBER NETWORK (CLASS A) 4,900 300 - NEXTEL COMMUNICATIONS, INC (CLASS A) 20,343 300 - NEXTLINK COMMUNICATIONS, INC 15,553 100 NORTH PITTSBURGH SYSTEMS, INC 1,825 200 - NTL, INC 19,218 200 - PAGING NETWORK, INC 206 100 - PANAMSAT CORP 3,612 100 - PAXSON COMMUNICATIONS CORP 1,225 100 - PREMIERE TECHNOLOGIES, INC 593 100 - PRICE COMMUNICATIONS CORP 2,506 100 - PRIMUS TELECOMMUNICATIONS GROUP, INC 2,100 200 - QWEST COMMUNICATIONS INTERNATIONAL , INC 5,912 100 - RCN CORP 4,100 100 - RHYTHMS NETCONNECTIONS, INC 3,450 4,400 SBC COMMUNICATIONS, INC 224,675 100 - SKYTEL COMMUNICATIONS, INC 1,831 1,500 SPRINT CORP (FON GROUP) 81,375 500 - SPRINT CORP (PCS GROUP) 37,281 100 - STAR TELECOMMUNICATIONS, INC 540 100 - TALK.COM, INC 1,290 100 TELEPHONE & DATA SYSTEMS, INC 8,881 100 - TV GUIDE, INC 3,912 1,100 U.S. WEST, INC 62,768 200 - U.S.A. NETWORKS, INC 7,750 100 - UNITEDGLOBALCOM, INC (CLASS A) 7,162 100 - UNIVISION COMMUNICATIONS, INC 8,137 1,200 - VIACOM, INC (CLASS B) 50,700 200 - VOICESTREAM WIRELESS CORP 12,343 400 - WESTERN WIRELESS CORP (CLASS A) 17,937 100 - WINSTAR COMMUNICATIONS, INC 3,906 ----------- 3,019,704 ----------- DEPOSITORY INSTITUTIONS -- 7.07% 400 AMSOUTH BANCORP 9,375 100 ASSOCIATED BANC-CORP 3,618 100 ASTORIA FINANCIAL CORP 3,075 3,800 BANK OF AMERICA CORP 211,612 1,600 BANK OF NEW YORK CO, INC 53,500 2,600 BANK ONE CORP 90,512 100 BANK UNITED CORP (CLASS A) 3,237 100 BANKATLANTIC BANCORP, INC (CLASS B) 634 700 BANKBOSTON CORP 30,362 700 BB&T CORP 22,662 100 CAPITOL FEDERAL FINANCIAL 996 100 CCB FINANCIAL CORP 4,162 100 CENTURA BANKS, INC 4,137 420 CHARTER ONE FINANCIAL, INC 9,712 1,900 CHASE MANHATTAN CORP 143,212 100 CHITTENDEN CORP 2,850 100 CITY NATIONAL CORP 3,356 100 CNB BANCSHARES, INC 5,300
52 1999 ANNUAL REPORT See notes to financial statements 53 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE DEPOSITORY INSTITUTIONS -- (CONTINUED) 200 - COLONIAL BANCGROUP, INC $ 2,237 300 COMERICA, INC 15,187 100 COMMERCE BANCSHARES, INC 3,537 200 COMMERCIAL FEDERAL CORP 3,925 100 COMMUNITY FIRST BANKSHARES, INC 1,687 100 COMMUNITY TRUST BANCORP, INC 2,168 200 COMPASS BANCSHARES, INC 5,000 450 - CONCORD EFS, INC 9,281 200 CULLEN FROST BANKERS, INC 5,000 200 DIME BANCORP, INC 3,500 100 DOWNEY FINANCIAL CORP 2,012 500 FIFTH THIRD BANCORP 30,421 200 FIRST AMERICAN CORP 8,575 100 FIRST FEDERAL CAPITAL CORP 1,550 400 FIRST SECURITY CORP 9,512 300 FIRST TENNESSEE NATIONAL CORP 8,437 2,200 FIRST UNION CORP 78,237 100 FIRST VIRGINIA BANKS, INC 4,356 2,127 FIRSTAR CORP 54,504 100 - FIRSTFED FINANCIAL CORP 1,737 200 FIRSTMERIT CORP 5,075 100 FLAGSTAR BANCORP, INC 1,537 1,400 FLEET FINANCIAL GROUP, INC 51,275 100 FULTON FINANCIAL CORP 1,875 300 - GOLDEN STATE BANCORP, INC 5,381 100 GOLDEN WEST FINANCIAL CORP 9,825 200 GREENPOINT FINANCIAL CORP 5,312 300 HIBERNIA CORP (CLASS A) 3,487 200 HUDSON UNITED BANCORP 6,162 550 HUNTINGTON BANCSHARES, INC 14,609 100 INDEPENDENCE COMMUNITY BANK CORP 1,193 1,100 KEYCORP 28,393 100 KEYSTONE FINANCIAL, INC 2,375 200 - LOCAL FINANCIAL CORP 1,850 300 MARSHALL & ILSLEY CORP 17,118 1,500 MBNA CORP 34,218 1,200 MELLON BANK CORP 40,500 100 MERCANTILE BANKSHARES CORP 3,093 400 MORGAN (J.P.) & CO, INC 45,700 1,600 NATIONAL CITY CORP 42,700 200 NATIONAL COMMERCE BANCORP 4,393 400 NORTH FORK BANCORP, INC 7,800 200 NORTHERN TRUST CORP 16,700 200 - OCWEN FINANCIAL CORP 1,337 210 OLD KENT FINANCIAL CORP 7,796 100 OLD NATIONAL BANCORP 2,887 100 ONE VALLEY BANCORP, INC 3,450 200 PACIFIC CENTURY FINANCIAL CORP 4,087 100 PEOPLES BANK OF BRIDGEPORT CO 2,362 200 PEOPLES HERITAGE FINANCIAL GROUP, INC 3,325 700 PNC BANK CORP 36,881 300 POPULAR, INC 8,325 100 PROVIDENT FINANCIAL GROUP 3,656 300 PROVIDIAN FINANCIAL CORP 23,756
SHARES VALUE 500 REGIONS FINANCIAL CORP $ 15,000 100 REPUBLIC BANCORP, INC 1,156 300 REPUBLIC NEW YORK CORP 18,431 200 REPUBLIC SECURITY FINANCIAL CORP 1,737 100 ROSLYN BANCORP, INC 1,787 100 SEACOAST FINANCIAL SERVICES CORP 1,000 100 - SILICON VALLEY BANCSHARES 2,412 100 SKY FINANCIAL GROUP, INC 2,350 400 SOUTHTRUST CORP 14,350 300 SOVEREIGN BANCORP, INC 2,728 300 STATE STREET CORP 19,387 100 STATEN ISLAND BANCORP, INC 1,881 400 SUMMIT BANCORP 12,975 700 SUNTRUST BANKS, INC 46,025 500 SYNOVUS FINANCIAL CORP 9,343 200 TCF FINANCIAL CORP 5,712 100 - TELEBANC FINANCIAL CORP 2,300 100 TRIANGLE BANCORP, INC 1,850 100 TRUSTMARK CORP 2,250 1,600 U.S. BANCORP 48,300 300 UNION PLANTERS CORP 12,225 100 UNIONBANCAL CORP 3,625 100 VALLEY NATIONAL BANCORP 2,487 400 WACHOVIA CORP 31,450 100 WASHINGTON FEDERAL, INC 2,318 1,400 WASHINGTON MUTUAL, INC 40,950 100 WEBSTER FINANCIAL CORP 2,550 3,600 WELLS FARGO CO 142,650 100 WESTAMERICA BANCORP 3,025 100 WESTCORP 1,493 100 WESTERNBANK PUERTO RICO 1,212 100 WILMINGTON TRUST CORP 4,856 200 ZIONS BANCORP 11,025 ----------- 1,772,448 ----------- EATING AND DRINKING PLACES -- 0.83% 100 - APPLEBEES INTERNATIONAL, INC 3,368 100 BOB EVANS FARMS, INC 2,037 100 - BRINKER INTERNATIONAL, INC 2,712 100 CBRL GROUP, INC 1,550 100 - CEC ENTERTAINMENT, INC 3,587 100 CKE RESTAURANTS, INC 725 300 DARDEN RESTAURANTS, INC 5,868 100 - FOODMAKER, INC 2,493 200 HOST MARRIOTT CORP (NEW) 1,900 100 - IHOP CORP (NEW) 2,025 100 - LANDRYS SEAFOOD RESTAURANTS, INC 800 100 - LONE STAR STEAKHOUSE & SALOON, INC 768 400 MARRIOTT INTERNATIONAL (CLASS A) 13,075 2,900 MCDONALD'S CORP 124,700 100 - NPC INTERNATIONAL, INC 1,125 100 - O CHARLEYS, INC 1,475 200 - OUTBACK STEAKHOUSE, INC 5,093 100 RUBY TUESDAY, INC 1,950 100 - RYANS FAMILY STEAK HOUSES, INC 900
See notes to financial statements 1999 ANNUAL REPORT 53 54 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE EATING AND DRINKING PLACES -- (CONTINUED) 400 - TRICON GLOBAL RESTAURANTS, INC $ 16,375 200 - U.S. FOODSERVICE, INC 3,600 200 VIAD CORP 5,900 200 WENDYS INTERNATIONAL, INC 5,275 ----------- 207,301 ----------- EDUCATIONAL SERVICES -- 0.05% 100 - APOLLO GROUP, INC (CLASS A) 2,112 100 - CAREER EDUCATION CORP 2,900 100 - CORINTHIAN COLLEGES INC 1,887 100 - DEVRY, INC 2,000 100 - LEARNING TREE INTERNATIONAL, INC 1,656 100 - SYLVAN LEARNING SYSTEMS, INC 1,937 ----------- 12,492 ----------- ELECTRIC, GAS, AND SANITARY SERVICES -- 3.31% 300 - AES CORP 17,700 200 AGL RESOURCES, INC 3,250 300 ALLEGHENY ENERGY, INC 9,543 200 ALLIANT ENERGY CORP 5,537 300 - ALLIED WASTE INDUSTRIES, INC 3,506 300 AMEREN CORP 11,343 300 AMERICAN ELECTRIC POWER CO, INC 10,237 100 AMERICAN WATER WORKS CO, INC 2,893 100 AVISTA CORP 1,756 100 - CALPINE CORP 8,506 300 CAROLINA POWER & LIGHT CO 10,612 100 CASCADE NATURAL GAS CORP 1,787 500 CENTRAL & SOUTH WEST CORP 10,562 300 CINERGY CORP 8,493 100 - CITIZENS UTILITIES CO (CLASS B) 1,131 200 CMS ENERGY CORP 6,787 400 COASTAL CORP 16,375 200 COLUMBIA ENERGY GROUP 11,075 200 CONECTIV, INC 3,925 600 CONSOLIDATED EDISON CO OF N.Y., INC 24,900 200 CONSOLIDATED NATURAL GAS CO 12,475 300 CONSTELLATION ENERGY GROUP 8,437 500 DOMINION RESOURCES, INC 22,562 300 DPL, INC 5,287 200 DQE, INC 7,825 400 DTE ENERGY CO 14,450 800 DUKE ENERGY CORP 44,100 800 EDISON INTERNATIONAL CO 19,450 200 EL PASO ENERGY CORP 7,962 200 ENERGEN CORP 4,050 400 ENERGY EAST CORP 9,500 500 ENTERGY CORP 14,468 100 EQUITABLE RESOURCES, INC 3,781 500 FIRSTENERGY CORP 12,750 200 FLORIDA PROGRESS CORP 9,250 400 FPL GROUP, INC 20,150 300 GPU, INC 9,787 100 HAWAIIAN ELECTRIC INDUSTRIES, INC 3,518 100 ILLINOVA CORP 2,806 100 INDIANA ENERGY, INC 2,006
SHARES VALUE 100 IPALCO ENTERPRISES, INC $ 1,943 100 KANSAS CITY POWER & LIGHT CO 2,418 300 KEYSPAN CORP 8,587 100 KN ENERGY, INC 2,243 300 LOUISVILLE GAS & ELECTRIC ENERGY CORP 6,375 200 MCN ENERGY GROUP, INC 3,437 200 MINNESOTA POWER, INC 3,512 200 MONTANA POWER CO 6,087 100 NATIONAL FUEL GAS CO 4,718 200 NEW CENTURY ENERGIES, INC 6,687 100 NEW ENGLAND ELECTRIC SYSTEMS CO 5,187 100 - NEWPARK RESOURCES, INC 775 400 - NIAGARA MOHAWK HOLDINGS, INC 6,175 100 NICOR, INC 3,718 300 NISOURCE, INC 6,637 300 - NORTHEAST UTILITIES CO 5,512 300 NORTHERN STATES POWER CO 6,468 100 NORTHWEST NATURAL GAS CO 2,581 200 OGE ENERGY CORP 4,450 600 PACIFICORP 12,075 500 PECO ENERGY CO 18,750 100 PEOPLES ENERGY CORP 3,518 800 PG&E CORP 20,700 100 PIEDMONT NATURAL GAS CO, INC 3,031 200 PINNACLE WEST CAPITAL CORP 7,275 300 POTOMAC ELECTRIC POWER CO 7,631 300 PP&L RESOURCES, INC 8,118 500 PUBLIC SERVICE ENTERPRISE GROUP, INC 19,312 200 PUGET SOUND ENERGY, INC 4,487 400 QUESTAR CORP 7,250 600 RELIANT ENERGY, INC 16,237 100 - REPUBLIC SERVICES, INC (CLASS A) 1,087 200 RGS ENERGY GROUP, INC 4,900 200 SCANA CORP 4,837 700 SEMPRA ENERGY 14,568 100 SIERRA PACIFIC RESOURCES (NEW) 2,225 100 SIG CORP, INC 2,550 200 SONAT, INC 7,937 1,500 SOUTHERN CO 38,625 100 SOUTHWESTERN ENERGY CO 906 100 - STERICYCLE, INC 1,468 300 TECO ENERGY, INC 6,337 700 TEXAS UTILITIES CO 26,118 100 - U.S. LIQUIDS, INC 700 500 UNICOM CORP 18,468 200 UTILICORP UNITED, INC 4,212 100 WASHINGTON GAS LIGHT CO 2,712 100 - WASTE CONNECTIONS, INC 2,056 1,300 - WASTE MANAGEMENT, INC 25,025 100 WESTERN RESOURCES, INC 2,137 900 WILLIAMS COS, INC 33,693 200 WISCONSIN ENERGY CORP 4,687 100 WPS RESOURCES CORP 2,806 ----------- 828,480 ----------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- 9.65% 300 - ADC TELECOMMUNICATIONS, INC 12,581
54 1999 ANNUAL REPORT See notes to financial statements 55 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- (CONTINUED) 200 - ADVANCED FIBRE COMMUNICATIONS $ 4,450 300 - ADVANCED MICRO DEVICES, INC 5,156 100 - AEROFLEX, INC 1,218 300 ALLEGHENY TELEDYNE, INC 5,062 100 - ALLEN TELECOM, INC 975 100 - ALLIANCE SEMICONDUCTOR CORP 1,062 400 - ALTERA CORP 17,350 300 - AMERICAN POWER CONVERSION CORP 5,700 300 - AMERICAN TOWER SYSTEMS (CLASS A) 5,868 100 AMETEK, INC 1,981 200 - AMKOR TECHNOLOGY, INC 3,225 100 - AMPEX CORP (CLASS A) 293 400 - ANALOG DEVICES, INC 20,500 100 - ANCOR COMMUNICATIONS, INC 2,425 200 - ANDREW CORP 3,475 200 - APPLIED MICRO CIRUCUITS CORP 11,400 100 - ARTESYN TECHNOLOGIES, INC 1,896 100 - ASPECT TELECOMMUNICATIONS CORP 1,696 200 - ATMEL CORP 6,762 100 BALDOR ELECTRIC CO 1,893 100 BMC INDUSTRIES, INC 1,231 100 - BROADCOM CORP (CLASS A) 10,900 100 - CELLNET DATA SYSTEMS, INC 393 200 - CHECKPOINT SYSTEMS, INC 1,862 300 - CIENA CORP 10,950 100 - COMMSCOPE, INC 3,250 100 - COMVERSE TECHNOLOGY, INC 9,431 200 - CONEXANT SYSTEMS, INC 14,531 200 COOPER INDUSTRIES, INC 9,350 200 CTS CORP 11,500 200 - CYPRESS SEMICONDUCTOR CORP 4,300 100 DALLAS SEMICONDUCTOR CORP 5,343 200 - DIGITAL MICROWAVE CORP 3,137 100 - DII GROUP, INC 3,518 100 - DSP COMMUNICATIONS, INC 1,900 100 - E-TEK DYNAMICS, INC 5,425 100 - ECHOSTAR COMMUNICATIONS CORP (CLASS A) 9,081 900 EMERSON ELECTRIC CO 56,868 100 - ESS TECHNOLOGY 1,325 100 - EXECUTONE INFORMATION SYSTEMS, INC 300 100 EXIDE CORP 956 7,100 GENERAL ELECTRIC CO 841,793 300 - GENERAL INSTRUMENT CORP 14,437 500 - GLENAYRE TECHNOLOGIES, INC 1,500 200 HARRIS CORP 5,525 100 HUBBELL, INC (CLASS B) 3,187 100 INNOVEX, INC 900 200 - INTEGRATED DEVICE TECHNOLOGY, INC 3,700 7,386 INTEL CORP 548,872 300 - INTERDIGITAL COMMUNICATIONS CORP 1,650 100 - INTERNATIONAL RECTIFIER CORP 1,525 100 - INTERVOICE-BRITE, INC 1,106 100 - JABIL CIRCUIT, INC 4,950
SHARES VALUE 200 - JDS UNIPHASE CORP $ 22,762 100 - KEMET CORP 3,196 300 - KOMAG, INC 900 200 - LATTICE SEMICONDUCTOR CORP 5,937 400 LINEAR TECHNOLOGY CO 23,512 100 - LSI INDUSTRIES, INC 2,287 300 - LSI LOGIC CORP 15,450 200 - MAGNETEK, INC 1,787 300 - MAXIM INTEGRATED PRODUCTS 18,928 100 MAXWELL TECHNOLOGIES, INC 1,313 200 MAYTAG CO 6,662 100 - MELITA INTERNATIONAL CORP 781 100 - MEMC ELECTRONIC MATERIALS, INC 1,375 100 METHODE ELECTRONICS, INC (CLASS A) 1,887 200 - MICREL, INC 8,675 100 - MICROCHIP TECHNOLOGY, INC 5,137 500 - MICRON TECHNOLOGY, INC 33,281 100 - MMC NETWORKS, INC 3,118 200 MOLEX, INC 7,275 1,300 MOTOROLA, INC 114,400 100 - MRV COMMUNICATIONS, INC 2,368 300 - NATIONAL SEMICONDUCTOR CORP 9,150 100 NATIONAL SERVICE INDUSTRIES, INC 3,150 100 - P-COM, INC 700 100 - PAIRGAIN TECHNOLOGIES, INC 1,275 100 - PICTURETEL CORP 425 100 PITTWAY CORP (CLASS A) 3,150 100 - PLANTRONICS, INC 4,975 100 - PMC-SIERRA, INC 9,250 100 - QLOGIC CORP 6,987 300 - QUALCOMM, INC 56,756 100 - RAYOVAC CORP 2,162 100 - READ RITE CORP 440 100 - REMEC, INC 1,375 100 - RF MICRO DEVICES, INC 4,575 100 - S3, INC 1,043 100 - SANMINA CORP 7,737 200 - SCI SYSTEMS, INC 8,887 200 SCIENTIFIC-ATLANTA, INC 9,912 100 - SDL, INC 7,631 100 - SENSORMATIC ELECTRONICS CORP 1,268 500 - SOLECTRON CORP 35,906 100 - TEKELEC 1,381 700 - TELLABS, INC 39,856 1,700 TEXAS INSTRUMENTS, INC 139,825 100 THOMAS & BETTS CORP 5,100 200 - TITAN CORP 2,875 100 - TRANSWITCH CORP 5,700 100 - UCAR INTERNATIONAL, INC 2,281 100 - VISHAY INTERTECHNOLOGY, INC 2,375 200 - VITESSE SEMICONDUCTOR CORP 17,075 200 WHIRLPOOL CORP 13,062 100 - WORLD ACCESS, INC 1,118 300 - XILINX, INC 19,659 ----------- 2,417,756 -----------
See notes to financial statements 1999 ANNUAL REPORT 55 56 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE ENGINEERING AND MANAGEMENT SERVICES -- 0.22% 200 - CATALYTICA, INC $ 3,000 200 - CORNELL CORRECTIONS, INC 3,275 100 - COVANCE, INC 968 300 - DUN & BRADSTREET CORP 8,962 100 EG & G, INC 3,981 100 - FIRST CONSULTING GROUP, INC 1,000 100 - GARTNER GROUP, INC (CLASS A) 1,593 100 - IT GROUP, INC 956 100 - NAVIGANT CONSULTING CO 4,637 100 - NFO WORLDWIDE, INC 1,275 100 - PAREXEL INTERNATIONAL CORP 912 100 - PROFIT RECOVERY GROUP INTERNATIONAL, INC 4,463 200 - QUINTILES TRANSNATIONAL CORP 3,806 600 SERVICEMASTER CO 9,637 100 - TETRA TECH, INC 1,668 100 - WACKENHUT CORRECTIONS CORP 1,337 100 - WHITTMAN HART, INC 3,878 ----------- 55,348 ----------- FABRICATED METAL PRODUCTS -- 0.70% 100 BALL CORP 4,406 100 CRANE CO 2,243 200 CROWN CORK & SEAL CO, INC 4,850 400 FORTUNE BRANDS, INC 12,900 2,400 GILLETTE CO 81,450 100 HARSCO CORP 2,762 100 MARK IV INDUSTRIES, INC 1,975 800 MASCO CORP 24,800 100 - NCI BUILDING SYSTEMS, INC 1,656 200 PARKER-HANNIFIN CORP 8,962 300 ROCKWELL INTERNATIONAL CORP 15,750 200 SNAP-ON, INC 6,500 100 STANLEY WORKS CO 2,518 100 STRUM, RUGER & CO, INC 900 100 - TOWER AUTOMOTIVE, INC 1,981 100 - U.S. CAN CORP 2,043 ----------- 175,696 ----------- FOOD AND KINDRED PRODUCTS -- 3.11% 200 - AGRIBIOTECH, INC 812 1,100 ANHEUSER BUSCH COS, INC 77,068 1,365 ARCHER DANIELS MIDLAND CO 16,635 600 BESTFOODS, INC 29,100 100 BROWN FORMAN, INC (CLASS B) 6,237 700 CAMPBELL SOUP CO 27,387 4,800 COCA COLA CO 230,700 500 COCA COLA ENTERPRISES, INC 11,281 1,200 CONAGRA, INC 27,075 100 CORN PRODUCTS INTERNATIONAL, INC 3,043 100 DEAN FOODS CO 4,356 200 - DEL MONTE FOODS CO 2,825 100 DOLE FOOD, INC 1,900 100 EARTHGRAINS CO 2,212 200 FLOWERS INDUSTRIES, INC 2,712
SHARES VALUE 400 GENERAL MILLS, INC $ 32,450 700 HEINZ (H.J.) CO 30,100 200 HERSHEY FOODS CORP 9,737 200 IBP, INC 4,937 200 IMPERIAL SUGAR CO 1,225 100 - INTERNATIONAL HOME FOODS, INC 1,750 100 - KEEBLER FOODS CO 2,987 500 KELLOGG CO 18,718 100 LANCASTER COLONY CORP 3,200 100 LANCE, INC 1,306 100 MCCORMICK & CO, INC (NON-VOTE) 3,306 700 NABISCO GROUP HOLDINGS 10,500 100 NABISCO HOLDINGS CORP (CLASS A) 3,456 200 PEPSI BOTTLING GROUP, INC 3,412 3,100 PEPSICO, INC 93,775 300 QUAKER OATS CO 18,562 200 - RALCORP HOLDINGS, INC 3,537 700 RALSTON PURINA CO 19,468 2,100 SARA LEE CORP 49,218 100 - SMITHFIELD FOODS, INC 2,675 100 - SUIZA FOODS CORP 3,750 100 TOOTSIE ROLL INDUSTRIES, INC 3,287 200 TYSON FOODS, INC 3,287 100 - UNIVERSAL FOODS CORP 2,293 200 WHITMAN CORP 2,850 100 - WRIGLEY (WM) JR CO 6,881 ----------- 780,010 ----------- FOOD STORES -- 0.61% 941 ALBERTSONS, INC 37,228 266 DELHAIZE AMERICA, INC (CLASS B) 6,018 100 - GRAND UNION CO 1,365 100 GREAT ATLANTIC & PACIFIC TEA CO, INC 3,031 100 HANNAFORD BROTHERS, INC 7,043 1,900 - KROGER CO 41,918 1,000 - SAFEWAY, INC 38,062 400 - STARBUCKS CORP 9,912 100 - WHOLE FOODS MARKET, INC 3,271 200 WINN DIXIE STORES, INC 5,937 ----------- 153,785 ----------- FORESTRY -- 0.02% 200 GEORGIA-PACIFIC CORP (TIMBER GROUP) 4,575 ----------- FURNITURE AND FIXTURES -- 0.22% 100 BUSH INDUSTRIES, INC (CLASS A) 1,306 100 ETHAN ALLEN INTERIORS, INC 3,181 100 - FURNITURE BRANDS INTERNATIONAL, INC 1,968 100 HON INDUSTRIES, INC 1,925 100 KIMBALL INTERNATIONAL, INC (CLASS B) 1,925 100 LA-Z-BOY, INC 1,906 100 - LEAR CORP 3,518 400 LEGGETT & PLATT, INC 7,875 200 MILLER (HERMAN), INC 4,781 600 NEWELL RUBBERMAID, INC 17,137
56 1999 ANNUAL REPORT See notes to financial statements 57 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE FURNITURE AND FIXTURES -- (CONTINUED) 200 - SELECT COMFORT CORP $ 1,387 200 STEELCASE, INC 2,787 300 U.S. INDUSTRIES, INC 4,725 ----------- 54,421 ----------- FURNITURE AND HOMEFURNISHINGS STORES -- 0.32% 200 - BED BATH & BEYOND, INC 6,987 300 - BEST BUY, INC 18,618 100 - BOMBAY, INC 506 400 CIRCUIT CITY STORES-CIRCUIT CITY GROUP 16,875 200 - COMPUSA, INC 1,225 100 - GUITAR CENTER, INC 943 100 HAVERTY FURNITURE COS, INC 1,450 100 - LINENS N THINGS, INC 3,375 100 - MUSICLAND STORES CORP 875 200 PIER 1 IMPORTS, INC 1,350 400 TANDY CORP 20,675 100 - TRANS WORLD ENTERTAINMENT CORP 1,268 100 - WILLIAMS-SONOMA, INC 4,856 ----------- 79,003 ----------- GENERAL BUILDING CONTRACTORS -- 0.07% 100 CENTEX CORP 2,956 100 HILLENBRAND INDUSTRIES, INC 2,637 100 HORTON (D.R.), INC 1,293 100 KAUFMAN & BROAD HOME CORP 2,062 100 LENNAR CORP 1,593 100 MDC HOLDINGS, INC 1,618 100 STANDARD-PACIFIC CORP 1,025 100 - TOLL BROTHERS, INC 1,906 100 - WALTER INDUSTRIES, INC 1,350 100 - WEBB (DEL) CORP 2,200 ----------- 18,640 ----------- GENERAL MERCHANDISE STORES -- 2.20% 100 - BJS WHOLESALE CLUB, INC 2,956 100 CASEYS GENERAL STORES, INC 1,340 200 - CONSOLIDATED STORES CORP 4,412 500 - COSTCO WHOLESALE CORP 36,000 1,000 DAYTON HUDSON CORP 60,062 200 DILLARDS, INC (CLASS A) 4,062 300 DOLLAR GENERAL CORP 9,262 100 - DOLLAR TREE STORES, INC 3,993 300 FAMILY DOLLAR STORES, INC 6,337 500 - FEDERATED DEPARTMENT STORES, INC 21,843 100 HARCOURT GENERAL, INC 4,162 1,100 - K MART CORP 12,856 300 - KOHLS CORP 19,837 800 MAY DEPARTMENT STORES CO 29,150 500 PENNEY, (J.C.) CO, INC 17,187 300 - SAKS, INC 4,556 800 SEARS ROEBUCK & CO 25,100
SHARES VALUE 100 - SHOPKO STORES, INC $ 2,900 100 - VALUE CITY DEPARTMENT STORES, INC 1,500 300 - VENATOR GROUP, INC 2,568 5,900 WAL-MART STORES, INC 280,618 ----------- 550,701 ----------- HEALTH SERVICES -- 0.34% 100 - ADVANCE PARADIGM, INC 5,475 100 - APPLIED ANALYTICAL INDUSTRIES, INC 1,125 100 - APRIA HEALTHCARE GROUP, INC 1,675 100 - BEVERLY ENTERPRISES, INC 425 100 - CAREMATRIX CORP 518 1,200 COLUMBIA/HCA HEALTHCARE CORP 25,425 100 - ENZO BIOCHEMICAL, INC 2,837 100 - EXPRESS SCRIPTS, INC 7,825 500 - HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) NEW 3,687 900 - HEALTHSOUTH CORP 5,456 200 - INTEGRATED HEALTH SERVICES, INC 312 100 - LASER VISION CENTERS, INC 1,403 100 - LCA-VISION, INC 531 100 - LIFEPOINT HOSPITALS, INC 868 100 - LINCARE HOLDINGS, INC 2,665 200 - MANOR CARE, INC 3,437 100 - MATRIA HEALTHCARE, INC 587 100 - ORTHODONTIC CENTERS OF AMERICA, INC 1,750 200 - PHYCOR, INC 875 100 - QUORUM HEALTH GROUP, INC 703 100 - RENAL CARE GROUP, INC 2,190 700 - TENET HEALTHCARE CORP 12,293 100 - TOTAL RENAL CARE HOLDINGS, INC 743 100 - TRIAD HOSPITALS, INC 1,012 100 - U.S. ONCOLOGY, INC 906 ----------- 84,723 ----------- HEAVY CONSTRUCTION, EXCEPT BUILDING -- 0.06% 100 - DYCOM INDUSTRIES, INC 4,218 200 FLUOR CORP 8,050 100 FOSTER WHEELER CORP 1,206 100 - MORRSION KNUDSEN CORP 1,031 ----------- 14,505 ----------- HOLDING AND OTHER INVESTMENT OFFICES -- 0.89% 100 ALEXANDRIA REAL ESTATE EQUITIES, INC 2,943 100 AMB PROPERTY CORP 2,118 100 - AMERCO 2,856 100 AMERICAN INDUSTRIAL PROPERTIES REIT 1,331 100 AMLI RESIDENTIAL PROPERTIES TRUST 2,100 100 APARTMENT INVESTMENT & MANAGEMENT CO 3,825 200 ARCHSTONE COMMUNITIES TRUST 3,862 100 ASSOCIATED ESTATES REALTY CORP 918 100 AVALONBAY COMMUNITIES, INC 3,387 100 BEDFORD PROPERTY INVESTORS, INC 1,687 100 BOSTON PROPERTIES, INC 3,068 100 BRADLEY REAL ESTATE, INC 1,837 100 BRANDYWINE REALTY TRUST 1,625
See notes to financial statements 1999 ANNUAL REPORT 57 58 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE HOLDING AND OTHER INVESTMENT OFFICES -- (CONTINUED) 100 BRE PROPERTIES, INC (CLASS A) $ 2,393 100 BURNHAM PACIFIC PROPERTIES, INC 1,056 100 CAPITAL AUTOMOTIVE REIT 1,237 100 CAPSTEAD MORTGAGE CORP 400 100 CARRAMERICA REALTY CORP 2,193 200 CENTER TRUST, INC 2,225 100 CENTERPOINT PROPERTIES CORP 3,306 200 COMMERCIAL NET LEASE REALTY, INC 2,125 200 CORNERSTONE PROPERTIES, INC 3,050 200 CORNERSTONE REALTY INCOME TRUST, INC 1,800 100 COUSINS PROPERTIES, INC 3,393 200 CRESCENT REAL ESTATE EQUITIES CO 3,600 200 DUKE-WEEKS REALTY CORP 3,900 100 EASTGROUP PROPERTIES, INC 1,812 100 EQUITY INNS, INC 850 600 EQUITY OFFICE PROPERTIES TRUST 13,950 300 EQUITY RESIDENTIAL PROPERTIES TRUST CO 12,712 100 FELCOR LODGING TRUST, INC 1,750 100 FRANCHISE FINANCE CORP OF AMERICA 2,337 100 GABLES RESIDENTIAL TRUST 2,400 100 GENERAL GROWTH PROPERTIES, INC 3,150 200 GLENBOROUGH REALTY TRUST, INC 3,300 100 GREAT LAKES REIT, INC 1,506 100 HEALTHCARE REALTY TRUST, INC 1,868 100 HIGHWOODS PROPERTIES, INC 2,587 100 HOME PROPERTIES OF NEW YORK, INC 2,668 300 HRPT PROPERTIES TRUST 3,487 200 INDYMAC MORTGAGE HOLDINGS, INC 3,000 300 INNKEEPERS U.S.A. TRUST 2,493 100 JDN REALTY CORP 2,050 100 JP REALTY, INC 1,712 100 KILROY REALTY CORP 2,112 100 KIMCO REALTY CORP 3,575 100 KOGER EQUITY, INC 1,600 100 LASALLE HOTEL PROPERTIES 1,293 100 LEXINGTON CORPORATE PROPERTIES TRUST 1,118 100 LIBERTY PROPERTY TRUST CO 2,268 100 MACERICH CO (THE) 2,312 100 MACK-CALI REALTY CORP 2,681 100 MANUFACTURED HOME COMMUNITIES, INC 2,337 100 MERISTAR HOSPITALITY CORP 1,525 100 MGI PROPERTIES, INC 900 100 MID-AMERICA APARTMENT COMMUNITIES, INC 2,150 100 NATIONWIDE HEALTH PROPERTIES, INC 1,662 200 NEW PLAN EXCEL REALTY TRUST 3,562 100 OMEGA HEALTHCARE INVESTORS, INC 2,100 100 PACIFIC GULF PROPERTIES, INC 1,993 100 PAN PACIFIC RETAIL PROPERTIES, INC 1,706 100 PARKWAY PROPERTIES, INC 3,225 100 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 1,887 100 POST PROPERTIES, INC 3,931 100 PRENTISS PROPERTIES TRUST 2,218 100 PRIME GROUP REALTY TRUST 1,500
SHARES VALUE 300 PRIME RETAIL, INC $ 2,212 200 PRISON REALTY TRUST, INC 2,150 100 PROLOGIS TRUST 1,887 200 PUBLIC STORAGE, INC 5,037 100 RECKSON ASSOCIATES REALTY CORP 2,081 100 RFS HOTEL INVESTORS, INC 1,150 200 SIMON PROPERTY GROUP, INC 4,487 100 SL GREEN REALTY CORP 1,987 100 SOVRAN SELF STORAGE, INC 2,275 100 SPIEKER PROPERTIES, INC 3,468 200 STARWOOD FINANCIAL TRUST 5,587 100 STORAGE U.S.A., INC 2,750 100 SUN COMMUNITIES, INC 3,306 100 TAUBMAN CENTERS, INC 1,150 300 VENTAS, INC 1,425 100 VORNADO REALTY TRUST 3,250 100 WASHINGTON REAL ESTATE INVESTMENT TRUST 1,575 100 WEINGARTEN REALTY INVESTORS, INC 3,737 100 - WELLSFORD REAL PROPERTIES, INC 950 ----------- 223,986 ----------- HOTELS AND OTHER LODGING PLACES -- 0.16% 100 - AZTAR CORP 1,025 100 - CHOICE HOTELS INTERNATIONAL, INC 1,712 100 - CRESTLINE CAPITAL CORP 2,056 200 - EXTENDED STAY AMERICA, INC 1,800 400 HILTON HOTELS CORP 3,950 200 - LODGIAN, INC 750 200 - MANDALAY RESORT GROUP 3,950 100 MARCUS CORP 1,206 500 - PARK PLACE ENTERTAINMENT 6,250 200 - PRIME HOSPITALITY CORP 1,600 100 - PROMUS HOTEL CORP 3,256 400 STARWOOD HOTELS & RESORTS WORLDWIDE 8,925 100 - SUNTERRA CORP 1,187 600 - WYNDHAM INTERNATIONAL, INC 1,575 ----------- 39,242 ----------- INDUSTRIAL MACHINERY AND EQUIPMENT -- 8.43% 800 - 3COM CORP 23,000 100 - 3DFX INTERACTIVE, INC 825 100 - A S V, INC 1,462 200 - ADAPTEC, INC 7,937 100 AGCO CORP 1,300 200 - AMERICAN STANDARD COS, INC 7,675 300 - APPLE COMPUTER, INC 18,993 800 - APPLIED MATERIALS, INC 62,300 100 APPLIED POWER, INC (CLASS A) 3,037 100 - AUSPEX SYSTEMS, INC 887 700 BAKER HUGHES, INC 20,300 200 BLACK & DECKER CORP 9,137 200 BRUNSWICK CORP 4,975 100 - C-CUBE MICROSYSTEMS, INC 4,350 300 - CABLETRON SYSTEMS, INC 4,706 200 CASE CORP 9,962 800 CATERPILLAR, INC 43,850
58 1999 ANNUAL REPORT See notes to financial statements 59 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE INDUSTRIAL MACHINERY AND EQUIPMENT -- (CONTINUED) 100 - CIRRUS LOGIC, INC $ 1,100 7,000 - CISCO SYSTEMS, INC 479,937 100 CMI CORP 700 3,800 COMPAQ COMPUTER CORP 87,162 100 - COOPER CAMERON CORP 3,775 100 CUMMINS ENGINE CO, INC 4,981 100 - DATA GENERAL CORP 2,106 500 DEERE & CO 19,343 4,500 - DELL COMPUTER CORP 188,156 100 DIEBOLD, INC 2,312 100 DONALDSON CO, INC 2,318 500 DOVER CORP 20,437 100 - EFAX.COM INC 768 2,200 - EMC CORP 157,162 100 - EXTREME NETWORKS, INC 6,331 400 FEDDERS CORP 2,400 100 FLOWSERVE CORP 1,662 100 - GARDNER DENVER, INC 1,512 400 - GATEWAY, INC 17,775 1,900 HEWLETT-PACKARD CO 174,800 100 HUSSMANN INTERNATIONAL, INC 1,700 100 IDEX CORP 2,831 100 - IN FOCUS SYSTEMS, INC 1,675 400 INGERSOLL-RAND CO 21,975 4,000 INTERNATIONAL BUSINESS MACHINES CORP 485,500 500 - IOMEGA CORP 1,687 100 JLG INDUSTRIES, INC 1,518 100 KAYDON CORP 2,487 100 - KRONOS, INC 3,668 100 - LAM RESEARCH CORP 6,100 300 - LEXMARK INTERNATIONAL GROUP (CLASS A) 24,150 100 - MAXTOR CORP 659 100 - MICRON ELECTRONICS, INC 1,050 100 MILACRON, INC 1,775 100 - MTI TECHNOLOGY CORP 2,306 100 - NOVELLUS SYSTEMS, INC 6,743 300 PALL CORP 6,956 100 PENTAIR, INC 4,012 600 PITNEY BOWES, INC 36,562 400 - QUANTUM CORP-DLT & STORAGE 5,625 200 - QUANTUM CORP-HARD DISK DRIVE 1,487 100 ROPER INDUSTRIES, INC 3,825 500 - SEAGATE TECHNOLOGY, INC 15,406 400 - SILICON GRAPHICS, INC 4,375 100 - SILICON VALLEY GROUP, INC 1,181 100 - SMITH INTERNATIONAL, INC 4,050 100 - SPEEDFAM-IPEC, INC 1,200 200 - STORAGE TECHNOLOGY CORP 3,850 200 SYMBOL TECHNOLOGIES, INC 6,725 400 TENNECO, INC 6,800 100 - TEREX CORP 3,150 100 TIMKEN CO 1,612 100 - ULTRATECH STEPPER, INC 1,275 600 - UNISYS CORP 27,075 100 - UNOVA, INC 1,337
SHARES VALUE 200 - VARCO INTERNATIONAL, INC $ 2,437 100 - WESTERN DIGITAL CORP 375 100 YORK INTERNATIONAL CORP 3,593 100 - ZEBRA TECHNOLOGY CORP 4,546 ----------- 2,112,711 ----------- INSTRUMENTS AND RELATED PRODUCTS -- 2.19% 100 - AVID TECHNOLOGIES, INC 1,312 100 BARD (C.R.), INC 4,706 100 BAUSCH & LOMB, INC 6,593 700 BAXTER INTERNATIONAL, INC 42,175 100 BECKMAN COULTER, INC 4,512 600 BECTON DICKINSON & CO 16,837 200 - BIOMET, INC 5,262 600 - BOSTON SCIENTIFIC CORP 14,812 100 - COGNEX CORP 3,018 100 - CYMER, INC 3,468 100 - CYTYC CORP 3,868 100 DENTSPLY INTERNATIONAL, INC 2,275 700 EASTMAN KODAK CO 52,806 100 - GENRAD, INC 1,912 700 - GUIDANT CORP 37,537 100 - HANGER ORTHOPEDIC GROUP, INC 1,450 300 HONEYWELL, INC 33,393 100 - INPUT/OUTPUT, INC 662 200 JOHNSON CONTROLS, INC 13,262 200 - KLA-TENCOR CORP 13,000 100 - LITTON INDUSTRIES, INC 5,475 100 - LTX CORP 1,368 2,400 MEDTRONIC, INC 85,200 100 - METTLER-TOLEDO INTERNATIONAL, INC 2,962 100 MILLIPORE CORP 3,756 100 MTS SYSTEMS CORP 1,037 100 - PE CORP-CELERA GENOMICS GROUP 4,025 200 PE CORP-PE BIOSYSTEMS GROUP 14,450 100 POLAROID CORP 2,600 700 RAYTHEON CO (CLASS B) 34,737 100 - RESPIRONICS, INC 825 100 - SCOTT TECHNOLOGIES, INC 1,975 200 - ST. JUDE MEDICAL, INC 6,300 100 - STERIS CORP 1,375 200 - STRYKER CORP 10,225 100 - SUMMIT TECHNOLOGY, INC 1,831 200 - SUNRISE MEDICAL, INC 1,200 100 - SUNRISE TECHNOLOGY INTERNATIONAL INC 471 200 - SYBRON INTERNATIONAL CORP 5,375 100 TEKTRONIX, INC 3,350 100 TELEFLEX, INC 3,950 400 - TERADYNE, INC 14,100 100 - THERMO BIOANALYSIS CORP 1,837 300 - THERMO ELECTRON CORP 4,031 100 - TRIMBLE NAVIGATION LTD 1,068 100 - VISX, INC 7,909 100 - WATERS CORP 6,056 1,400 XEROX CORP 58,712 ----------- 549,060 -----------
See notes to financial statements 1999 ANNUAL REPORT 59 60 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE INSURANCE AGENTS, BROKERS AND SERVICE -- 0.17% 100 - FIRST HEALTH GROUP CORP $ 2,243 600 MARSH & MCLENNAN COS, INC 41,100 ----------- 43,343 ----------- INSURANCE CARRIERS -- 4.27% 200 20TH CENTURY INDUSTRIES 3,875 100 - ACCEPTANCE INSURANCE COS, INC 1,275 300 AETNA, INC 14,775 600 AFLAC, INC 25,125 100 ALFA CORP 1,625 100 - ALLMERICA FINANCIAL CORP 4,762 1,700 ALLSTATE CORP 42,393 100 AMBAC FINANCIAL GROUP, INC 4,737 100 AMERICAN FINANCIAL GROUP, INC 2,806 500 AMERICAN GENERAL CORP 31,593 2,750 AMERICAN INTERNATIONAL GROUP, INC 239,078 100 AMERUS LIFE HOLDINGS, INC (CLASS A) 2,118 500 AON CORP 14,781 100 ARM FINANCIAL GROUP, INC (CLASS A) 9 200 AXA FINANCIAL, INC 11,162 300 CHUBB CORP 14,943 400 CIGNA CORP 31,100 300 CINCINNATI FINANCIAL CORP 11,259 7,400 CITIGROUP, INC 325,600 800 CONSECO, INC 15,450 100 ERIE INDEMNITY CO (CLASS A) 3,293 100 FBL FINANCIAL GROUP, INC (CLASS A) 2,062 100 FIDELITY NATIONAL FINANCIAL, INC 1,518 100 FINANCIAL SECURITY ASSURANCE HOLDINGS LTD 5,168 100 FIRST AMERICAN FINANCIAL CORP 1,337 100 FOREMOST CORP OF AMERICA 2,400 200 - FOUNDATION HEALTH SYSTEMS (CLASS A) 1,887 100 - FPIC INSURANCE GROUP, INC 1,506 100 FREMONT GENERAL CORP 950 100 FRONTIER INSURANCE GROUP, INC 875 100 GUARANTEE LIFE COS, INC 3,056 100 HARLEYSVILLE GROUP, INC 1,406 500 HARTFORD FINANCIAL SERVICES GROUP, INC 20,437 100 HARTFORD LIFE, INC (CLASS A) 4,925 100 HCC INSURANCE HOLDINGS, INC 1,681 100 HORACE MANN EDUCATORS CORP 2,581 100 HSB GROUP, INC 3,518 300 - HUMANA, INC 2,062 300 JEFFERSON-PILOT CORP 18,956 100 LANDAMERICA FINANCIAL GROUP, INC 1,975 400 LINCOLN NATIONAL CORP 15,025 100 LOEWS CORP 7,018 200 MBIA, INC 9,325 100 - MEDICAL ASSURANCE, INC 2,506 100 MERCURY GENERAL CORP 2,756 300 MGIC INVESTMENT CORP 14,325 100 - MID ATLANTIC MEDICAL SERVICES, INC 893 100 MIDLAND CO 2,100 100 MMI COS, INC 1,093 100 MONY GROUP, INC 2,887
SHARES VALUE 100 NATIONWIDE FINANCIAL SERVICES, INC (CLASS A) $ 3,537 300 OLD REPUBLIC INTERNATIONAL CORP 4,331 200 - OXFORD HEALTH PLANS, INC 2,500 100 - PACIFICARE HEALTH SYSTEMS, INC (CLASS A) 4,325 100 - PHILADELPHIA CONSOLIDATED HOLDINGS CORP 1,350 100 PMA CAPITAL CORP (CLASS A) 2,000 100 PMI GROUP, INC 4,087 100 - PROFESSIONALS GROUP, INC 2,500 100 PROGRESSIVE CORP 8,168 100 PROTECTIVE LIFE CORP 2,900 100 PXRE CORP 1,456 100 RADIAN GROUP, INC 4,293 200 RELIANCE GROUP HOLDINGS, INC 887 200 RELIASTAR FINANCIAL CORP 6,650 100 - RISK CAPITAL HOLDINGS, INC 1,562 200 SAFECO CORP 5,600 100 SELECTIVE INSURANCE GROUP, INC 1,887 100 - SIERRA HEALTH SERVICES, INC 1,012 500 ST. PAUL COS, INC 13,750 100 STATE AUTO FINANCIAL CORP 1,025 100 STEWART INFORMATION SERVICES CORP 1,831 100 - SUPERIOR NATIONAL INSURANCE GROUP, INC 1,406 300 TORCHMARK CORP 7,762 100 TRAVELERS PROPERTY CASUALTY CORP 2,950 100 TRENWICK GROUP, INC 1,656 100 - TRIAD GUARANTY, INC 1,687 100 - TRIGON HEALTHCARE, INC 2,887 100 - UICI 2,556 300 UNITED HEALTHCARE CORP 14,606 100 UNITRIN, INC 3,475 446 UNUMPROVIDENT CORP 13,129 100 - WELLPOINT HEALTH NETWORKS, INC 5,700 ----------- 1,071,452 ----------- LEATHER AND LEATHER PRODUCTS -- 0.01% 100 STRIDE RITE CORP 700 100 WOLVERINE WORLD WIDE, INC 1,137 ----------- 1,837 ----------- LOCAL AND INTERURBAN PASSENGER TRANSIT -- 0.01% 100 - CAREY INTERNATIONAL, INC 2,500 ----------- LUMBER AND WOOD PRODUCTS -- 0.22% 100 - CHAMPION ENTERPRISES, INC 900 200 CLAYTON HOMES, INC 1,737 400 GEORGIA-PACIFIC CORP (PACKING GROUP) 16,200 300 LOUISIANA PACIFIC CORP 4,687 100 OAKWOOD HOMES CORP 450 100 - PALM HARBOR HOMES, INC 1,375 500 WEYERHAEUSER CO 28,812 ----------- 54,161 -----------
60 1999 ANNUAL REPORT See notes to financial statements 61 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE METAL MINING -- 0.12% 600 - BATTLE MOUNTAIN GOLD CO $ 1,950 200 CYPRUS AMAX MINERALS CO 3,925 500 - FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) 7,781 600 HOMESTAKE MINING CO 5,512 100 PHELPS DODGE CORP 5,506 100 SOUTHERN PERU COPPER CORP 1,687 100 - STILLWATER MINING CO 2,687 ----------- 29,048 ----------- MISCELLANEOUS MANUFACTURING INDUSTRIES -- 0.50% 100 - BLYTH INDUSTRIES, INC 2,806 100 CALLAWAY GOLF CO 1,218 400 HASBRO, INC 8,575 200 INTERNATIONAL GAME TECHNOLOGY CO 3,600 100 JOSTENS, INC 1,912 100 - LYDALL, INC 1,031 200 - MARVEL ENTERPRISES 1,087 900 MATTEL, INC 17,100 900 MINNESOTA MINING & MANUFACTURING CO 86,456 100 - WMS INDUSTRIES, INC 1,162 ----------- 124,947 ----------- MISCELLANEOUS RETAIL -- 0.83% 400 - AMAZON.COM, INC 31,900 100 - BARNES & NOBLE, INC 2,600 200 - BORDERS GROUP, INC 2,937 300 - CORPORATE EXPRESS, INC 2,821 900 CVS CORP 36,731 300 - HANOVER DIRECT, INC 768 100 - JO-ANN STORES, INC (CLASS A) 1,243 100 - MICHAELS STORES, INC 2,950 100 - MICRO WAREHOUSE, INC 1,206 900 - OFFICE DEPOT, INC 9,168 100 - OFFICEMAX, INC 581 200 OMNICARE, INC 1,925 100 - PETCO ANIMAL SUPPLIES, INC 1,187 200 - PETSMART, INC 743 600 RITE AID CORP 8,287 1,000 - STAPLES, INC 21,812 100 - SUNGLASS HUT INTERNATIONAL, INC 1,056 100 - SYSTEMAX, INC 837 200 TIFFANY & CO 11,987 500 - TOYS R US, INC 7,500 2,200 WALGREEN CO 55,825 100 - ZALE CORP 3,831 ----------- 207,895 ----------- MOTION PICTURES -- 1.13% 4,600 - DISNEY (WALT) CO 119,025 100 - HOLLYWOOD ENTERTAINMENT CORP 1,500
SHARES VALUE 100 - KING WORLD PRODUCTIONS, INC $ 3,750 100 - METROMEDIA INTERNATIONAL GROUP, INC 412 2,600 TIME WARNER, INC 157,950 ----------- 282,637 ----------- NONDEPOSITORY INSTITUTIONS -- 2.01% 1,000 AMERICAN EXPRESS CO 134,625 100 - AMERICREDIT CORP 1,493 100 - AMRESCO, INC 300 100 - ARCADIA FINANCIAL LTD 431 1,700 ASSOCIATES FIRST CAPITAL CORP 61,200 400 CAPITAL ONE FINANCIAL CORP 15,600 200 COUNTRYWIDE CREDIT INDUSTRIES, INC 6,450 100 DORAL FINANCIAL CORP 1,337 2,200 FEDERAL NATIONAL MORTGAGE ASSOCIATION 137,912 100 - FINET.COM, INC 303 100 FINOVA GROUP, INC 3,650 1,500 FREDDIE MAC 78,000 100 HELLER FINANCIAL, INC 2,250 1,100 HOUSEHOLD INTERNATIONAL, INC 44,137 100 METRIS COS, INC 2,943 100 RESOURCE BANCSHARES MORTGAGE GROUP, INC 496 300 SLM HOLDINGS CORP 12,900 200 - UNICAPITAL CORP 637 ----------- 504,664 ----------- NONMETALLIC MINERALS, EXCEPT FUELS -- 0.05% 100 AMCOL INTERNATIONAL CORP 1,475 100 MARTIN MARIETTA MATERIALS, INC 3,993 200 VULCAN MATERIALS CO 7,325 ----------- 12,793 ----------- OIL AND GAS EXTRACTION -- 1.03% 200 ANADARKO PETROLEUM CORP 6,112 200 APACHE CORP 8,637 200 BERRY PETROLEUM CO (CLASS A) 2,712 200 - BJ SERVICES CO 6,362 100 - BROWN (TOM), INC 1,475 400 BURLINGTON RESOURCES, INC 14,700 100 CABOT OIL & GAS CORP (CLASS A) 1,725 100 - CHESAPEAKE ENERGY CORP 387 1,226 CONOCO, INC (CLASS B) 33,561 100 CROSS TIMBERS OIL CO 1,350 144 DEVON ENERGY CORP (NEW) 5,967 100 DIAMOND OFFSHORE DRILLING, INC 3,337 100 - EEX CORP 293 300 ENSCO INTERNATIONAL, INC 5,418 100 EOG RESOURCES, INC 2,125 100 - FOREST OIL CORP 1,706 200 - GLOBAL INDUSTRIES LTD 1,625 300 - GLOBAL MARINE, INC 4,931 300 - GREY WOLF, INC 900 1,000 HALLIBURTON CO 41,000 100 - HANOVER COMPRESSOR CO 3,181 100 HELMERICH & PAYNE, INC 2,531
See notes to financial statements 1999 ANNUAL REPORT 61 62 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE OIL AND GAS EXTRACTION -- (CONTINUED) 100 - HS RESOURCES, INC $ 1,637 200 KERR-MCGEE CORP 11,012 300 - KEY ENERGY SERVICES, INC 1,481 100 - LOUIS DREYFUS NATURAL GAS CORP 2,143 100 - MARINE DRILLING CO, INC 1,581 100 - MCMORAN EXPLORATION CO 2,150 100 - MERIDIAN RESOURCE CORP 475 100 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) 2,443 200 - NABORS INDUSTRIES, INC 5,000 100 NOBLE AFFILIATES, INC 2,900 300 - NOBLE DRILLING CORP 6,562 800 OCCIDENTAL PETROLEUM CORP 18,500 400 - OCEAN ENERGY, INC (NEW) 4,075 100 - OCEANEERING INTERNATIONAL, INC 1,681 600 - PARKER DRILLING CO 2,662 100 - PATTERSON ENERGY, INC 1,518 200 - PIONEER NATURAL RESOURCES CO 2,125 100 POGO PRODUCING CO 2,075 100 - PRIDE INTERNATIONAL, INC 1,418 300 - R & B FALCON CORP 3,937 100 - ROWAN COS, INC 1,625 100 RPC, INC 693 400 - SANTA FE SNYDER CORP 3,600 100 - SWIFT ENERGY CO 1,262 100 - TRANSMONTAIGNE, INC 1,500 200 TRANSOCEAN OFFSHORE, INC 6,125 100 - TUBOSCOPE, INC 1,243 500 UNION PACIFIC RESOURCES GROUP, INC 8,031 100 - VINTAGE PETROLEUM, INC 1,350 200 - WEATHERFORD INTERNATIONAL 6,400 ----------- 257,239 ----------- PAPER AND ALLIED PRODUCTS -- 0.82% 200 AVERY DENNISON CORP 10,550 100 BEMIS, INC 3,387 100 BOISE CASCADE CORP 3,643 100 BOWATER, INC 5,250 100 - BUCKEYE TECHNOLOGIES, INC 1,568 200 CHAMPION INTERNATIONAL CORP 10,275 100 CONSOLIDATED PAPERS, INC 2,687 500 FORT JAMES CORP 13,343 100 - GAYLORD CONTAINER CO 712 200 GLATFELTER (P.H.) CO 3,287 900 INTERNATIONAL PAPER CO 43,256 100 - IVEX PACKAGING CORP 1,000 1,200 KIMBERLY-CLARK CORP 63,000 100 LONGVIEW FIBRE CO 1,243 100 - MAIL-WELL, INC 1,387 200 MEAD CORP 6,875 100 POTLATCH CORP 4,118 300 - SMURFIT-STONE CONTAINER CORP 6,487 200 SONOCO PRODUCTS CO 4,562 100 TEMPLE-INLAND, INC 6,050
SHARES VALUE 200 WESTVACO CORP $ 5,125 200 WILLAMETTE INDUSTRIES, INC 8,625 ----------- 206,430 ----------- PERSONAL SERVICES -- 0.12% 200 BLOCK (H&R), INC 8,687 100 - CARRIAGE SERVICES, INC (CLASS A) 843 200 CINTAS CORP 11,562 100 REGIS CORP 1,925 600 SERVICE CORP INTERNATIONAL 6,337 100 UNIFIRST CORP 1,375 ----------- 30,729 ----------- PETROLEUM AND COAL PRODUCTS -- 3.81% 200 AMERADA HESS CORP 12,250 100 ASHLAND, INC 3,362 700 - ATLANTIC RICHFIELD CO 62,037 1,400 CHEVRON CORP 124,250 5,300 EXXON CORP 402,468 1,700 MOBIL CORP 171,275 100 MURPHY OIL CORP 5,406 100 PENNZOIL-QUAKER STATE CO 1,262 500 PHILLIPS PETROLEUM CO 24,375 200 SUNOCO, INC 5,475 100 - TESORO PETROLEUM CORP 1,650 1,200 TEXACO, INC 75,750 300 TOSCO CORP 7,575 400 ULTRAMAR DIAMOND SHAMROCK CORP 10,200 600 UNOCAL CORP 22,237 700 USX-MARATHON GROUP, INC 20,475 100 VALERO ENERGY CORP 1,925 100 WD-40 CO 2,340 ----------- 954,312 ----------- PRIMARY METAL INDUSTRIES -- 0.40% 100 AK STEEL HOLDINGS CORP 1,825 800 ALCOA, INC 49,650 100 - ALPINE GROUP, INC 1,293 200 - ARMCO, INC 1,400 100 BELDEN, INC 2,050 200 - BETHLEHEM STEEL CORP 1,475 100 - CABLE DESIGN TECHNOLOGIES CO 2,281 200 ENGELHARD CORP 3,637 100 GENERAL CABLE CORP 1,200 100 IMCO RECYCLING, INC 1,500 100 LTV CORP 543 100 - MUELLER INDUSTRIES, INC 2,968 200 NUCOR CORP 9,525 100 PRECISION CAST PARTS CORP 3,050 100 QUANEX CORP 2,562 100 REYNOLDS METALS CO 6,037 100 - STEEL DYNAMICS, INC 1,568 100 TITAN INTERNATIONAL, INC 1,025 200 USX-US STEEL GROUP, INC 5,150 100 WORTHINGTON INDUSTRIES, INC 1,700 ----------- 100,439 -----------
62 1999 ANNUAL REPORT See notes to financial statements 63 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE PRINTING AND PUBLISHING -- 0.82% 100 AMERICAN GREETINGS CORP (CLASS A) $ 2,575 100 - APPLIED GRAPHICS TECHNOLOGIES, INC 862 100 BANTA CORP 2,231 200 BELO (A.H.) CORP SERIES A 3,825 100 BOWNE & CO, INC 1,206 100 CENTRAL NEWSPAPERS, INC (CLASS A) 4,450 200 DELUXE CORP 6,800 300 DONNELLEY (R.R.) & SONS CO 8,662 100 DOW JONES & CO, INC 5,337 200 - FRANKLIN COVEY CO 1,537 700 GANNETT CO, INC 48,431 100 HARLAND (JOHN H.) CO 1,943 100 HARTE-HANKS, INC 2,518 100 HOUGHTON MIFFLIN CO 4,062 100 - JOURNAL REGISTER CO 1,375 200 KNIGHT-RIDDER, INC 10,975 100 LEE ENTERPRISES, INC 2,737 100 MCCLATCHY CO (CLASS A) 3,575 500 MCGRAW HILL COS, INC 24,187 100 MEREDITH CORP 3,631 400 NEW YORK TIMES CO (CLASS A) 15,000 300 - PRIMEDIA, INC 4,200 200 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) 5,850 200 REYNOLDS & REYNOLDS CO (CLASS A) 4,075 100 SCRIPPS (E.W.) CO (CLASS A) 4,912 100 TIMES MIRROR CO SERIES A 6,581 100 - TOPPS, INC 750 400 TRIBUNE CO 19,900 100 WALLACE COMPUTER SERVICES, INC 2,025 100 WILEY (JOHN) & SONS, INC (CLASS A) 1,568 ----------- 205,780 ----------- RAILROAD TRANSPORTATION -- 0.40% 1,100 BURLINGTON NORTHERN SANTA FE CORP 30,250 500 CSX CORP 21,187 200 KANSAS CITY SOUTHERN INDUSTRIES, INC 9,287 600 NORFOLK SOUTHERN CORP 14,700 500 UNION PACIFIC CORP 24,031 100 - WISCONSIN CENTRAL TRANSIT CORP 1,368 ----------- 100,823 ----------- REAL ESTATE -- 0.08% 100 ARDEN REALTY GROUP, INC 2,175 100 - CASTLE & COOKE, INC 1,537 200 - CATELLUS DEVELOPMENT CORP 2,350 100 - CB RICHARD ELLIS SERVICES GROUP, INC 1,512 100 - FAIRFIELD COMMUNITIES, INC 1,093 100 FOREST CITY ENTERPRISES, INC (CLASS A) 2,231 100 - JONES LANG LA SALLE 1,612 200 LNR PROPERTY CORP 4,075 100 ROUSE CO 2,300 100 STEWART ENTERPRISES, INC (CLASS A) 606 100 - TRAMMELL CROW CO 1,325 ----------- 20,816 -----------
SHARES VALUE RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS -- 0.44% 100 APTARGROUP, INC $ 2,675 100 ARMSTRONG WORLD INDUSTRIES, INC 4,493 100 BANDAG, INC 3,200 100 CARLISLE COS, INC 3,950 100 COOPER TIRE & RUBBER CO 1,762 300 GOODYEAR TIRE & RUBBER CO 14,437 500 ILLINOIS TOOL WORKS, INC 37,281 200 NIKE, INC (CLASS B) 11,375 200 PREMARK INTERNATIONAL, INC 10,100 100 - REEBOK INTERNATIONAL LTD 1,068 100 - SAFESKIN CORP 821 200 - SEALED AIR CORP 10,262 200 SOLUTIA, INC 3,575 200 TUPPERWARE CORP 4,050 ----------- 109,049 ----------- SECURITY AND COMMODITY BROKERS -- 1.24% 100 - AFFILIATED MANAGERS GROUP, INC 2,725 100 - AMERITRADE HOLDINGS CORP (CLASS A) 1,837 200 BEAR STEARNS COS, INC 7,687 100 DONALDSON, LUFKIN & JENRETTE, INC 3,956 400 - E TRADE GROUP, INC 9,400 100 EATON VANCE CORP 3,200 200 EDWARDS (A.G.), INC 5,275 100 FEDERATED INVESTMENTS, INC 1,725 400 FRANKLIN RESOURCES, INC 12,300 100 - KNIGHT/TRIMARK GROUP, INC 2,962 100 LEGG MASON, INC 3,831 300 LEHMAN BROTHERS HOLDINGS, INC 17,493 800 MERRILL LYNCH & CO, INC 53,750 1,200 MORGAN STANLEY, DEAN WITTER, & CO 107,025 300 PAINE WEBBER GROUP, INC 10,875 100 PHOENIX INVESTMENT PARTNERS LTD 837 100 - PIONEER GROUP, INC 1,500 200 PRICE (T. ROWE) ASSOCIATES, INC 5,487 100 RAYMOND JAMES FINANCIAL CORP 1,993 1,400 SCHWAB (CHARLES) CORP 47,162 100 THE GOLDMAN SACHS GROUP, INC 6,100 100 UNITED ASSET MANAGEMENT CORP 1,925 100 WADDELL & REED FINANCIAL INC (CLASS A) 2,218 ----------- 311,263 ----------- SOCIAL SERVICES -- 0.02% 200 - ALTERRA HEALTHCARE CORP 1,775 100 - CAPITAL SENIOR LIVING CORP 756 100 - PROVANT, INC 1,612 ----------- 4,143 ----------- SPECIAL TRADE CONTRACTORS -- 0.03% 100 APOGEE ENTERPRISES, INC 703 100 - COMFORT SYSTEMS U.S.A., INC 1,175 100 - GROUP MAINTENANCE AMERICA CORP 1,250 100 - INTEGRATED ELECTRICAL SERVICES, INC 1,581
See notes to financial statements 1999 ANNUAL REPORT 63 64 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE SPECIAL TRADE CONTRACTORS -- (CONTINUED) 100 - QUANTA SERVICES, INC $ 2,931 100 - SERVICE EXPERTS, INC 1,037 ----------- 8,677 ----------- STONE, CLAY, AND GLASS PRODUCTS -- 0.24% 100 CENTEX CONSTRUCTION PRODUCTS, INC 3,712 500 CORNING, INC 34,281 200 - DAL-TILE INTERNATIONAL, INC 1,587 100 MIKASA, INC 1,175 100 OWENS CORNING CO 2,168 300 - OWENS ILLINOIS, INC 5,943 100 SOUTHDOWN, INC 5,350 100 USG CORP 4,750 ----------- 58,966 ----------- TEXTILE MILL PRODUCTS -- 0.06% 200 - BURLINGTON INDUSTRIES, INC 887 300 COLLINS & AIKMAN CORP 2,100 100 - MOHAWK INDUSTRIES, INC 1,993 100 - POLYMER GROUP, INC 1,475 100 RUSSELL CORP 1,418 300 - SHAW INDUSTRIES, INC 4,762 100 - UNIFI, INC 1,100 100 WESTPOINT STEVENS, INC 2,362 ----------- 16,097 ----------- TOBACCO PRODUCTS -- 0.80% 105 BROOKE GROUP LTD 1,745 300 - GENERAL CIGAR HOLDINGS, INC (CLASS A) 2,025 5,200 PHILIP MORRIS COS, INC 177,775 300 - RJR REYNOLDS TOBACCO HOLDINGS, INC 8,100 400 UST, INC 12,075 ----------- 201,720 ----------- TRANSPORTATION BY AIR -- 0.39% 100 AIRBORNE FREIGHT CORP 2,106 100 - ALASKA AIR GROUP, INC 4,068 100 - AMERICA WEST HOLDINGS CORP (CLASS B) 1,731 300 - AMR CORP 16,350 200 COMAIR HOLDINGS, INC 3,337 100 - CONTINENTAL AIRLINES, INC (CLASS B) 3,275 300 DELTA AIRLINES, INC 14,550 700 - FDX CORP 27,125 100 - NORTHWEST AIRLINES CORP (CLASS A) 2,550 100 - OFFSHORE LOGISTICS, INC 1,031 100 OGDEN CORP 1,000 1,050 SOUTHWEST AIRLINES CO 15,946 200 - U.S. AIRWAYS GROUP, INC 5,250 ----------- 98,319 ----------- TRANSPORTATION EQUIPMENT -- 2.86% 1,100 ALLIED SIGNAL, INC 65,931 100 ARVIN INDUSTRIES, INC 3,093 200 AUTOLIV, INC 7,525 2,100 BOEING CO 89,512 100 BORG-WARNER AUTOMOTIVE, INC 4,300 100 CLARCOR, INC 1,681 100 CORDANT TECHNOLOGIES, INC 3,043
SHARES VALUE 400 DANA CORP $ 14,850 200 DANAHER CORP 10,537 100 - DELCO REMY INTERNATIONAL , INC (CLASS A) 900 1,400 DELPHI AUTOMOTIVE SYSTEMS CORP 22,487 200 EATON CORP 17,262 200 FEDERAL SIGNAL CORP 3,975 200 FEDERAL-MOGUL CORP 5,512 2,500 FORD MOTOR CO 125,468 400 GENERAL DYNAMICS CORP 24,975 1,400 GENERAL MOTORS CORP 88,112 200 - GENERAL MOTORS CORP (CLASS H) 11,450 200 - GENTEX CORP 4,131 300 GOODRICH (B.F.) CO 8,700 100 - HALTER MARINE GROUP, INC 543 300 HARLEY DAVIDSON, INC 15,018 200 ITT INDUSTRIES, INC 6,362 800 LOCKHEED MARTIN CORP 26,150 200 MASCOTECH, INC 3,237 100 MERITOR AUTOMOTIVE, INC 2,087 300 - MILLER INDUSTRIES, INC 843 100 - MOTIVEPOWER INDUSTRIES, INC 1,100 100 - NAVISTAR INTERNATIONAL CORP 4,650 100 NORTHROP GRUMMAN CORP 6,356 100 - ORBITAL SCIENCES CORP 1,750 200 PACCAR, INC 10,175 100 POLARIS INDUSTRIES, INC 3,462 100 REGAL-BELOIT CORP 2,075 100 - SEQUA CORP (CLASS A) 6,300 100 SMITH (A.O.) CORP 3,025 100 - SPX CORP 9,075 100 - STONERIDGE, INC 1,737 100 SUPERIOR INDUSTRIES INTERNATIONAL, INC 2,800 300 TEXTRON, INC 23,212 100 TRINITY INDUSTRIES, INC 3,087 200 TRW, INC 9,950 1,000 UNITED TECHNOLOGIES CORP 59,312 100 WESTINGHOUSE AIR BRAKE CO 1,818 ----------- 717,568 ----------- TRANSPORTATION SERVICES -- 0.07% 100 AIR EXPRESS INTERNATIONAL CORP 2,268 100 C.H. ROBINSON WORLDWIDE, INC 3,368 100 EXPEDITORS INTERNATIONAL OF WASHINGTON 3,209 100 - FRITZ COS, INC 1,037 100 GALILEO INTERNATIONAL, INC 4,025 100 GATX CORP 3,106 200 - U.S. EXPRESS ENTERPRISES, INC (CLASS A) 1,162 ----------- 18,175 ----------- TRUCKING AND WAREHOUSING -- 0.07% 100 - AMERICAN FREIGHTWAYS CORP 1,818 100 CNF TRANSPORTATION, INC 3,725 100 - CONSOLIDATED FREIGHTWAYS CORP 987 100 - COVENANT TRANSPORT, INC (CLASS A) 1,525
64 1999 ANNUAL REPORT See notes to financial statements 65 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL EQUITY INDEX FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE TRUCKING AND WAREHOUSING -- (CONTINUED) 100 HUNT (J.B.) TRANSPORT SERVICES, INC $ 1,387 100 USFREIGHTWAYS CORP 4,737 100 WERNER ENTERPRISES, INC 1,762 100 - YELLOW CORP 1,656 ----------- 17,597 ----------- WATER TRANSPORTATION -- 0.02% 100 OVERSEAS SHIPHOLDING GROUP, INC 1,543 100 TIDEWATER, INC 2,550 ----------- 4,093 ----------- WHOLESALE TRADE-DURABLE GOODS -- 0.27% 200 - ANICOM, INC 1,062 100 - ANIXTER INTERNATIONAL, INC 2,325 100 APPLIED INDUSTRIAL TECHNOLOGIES, INC 1,800 200 - ARROW ELECTRONICS, INC 3,525 100 AVNET, INC 4,200 100 - BOYDS COLLECTION LTD 1,225 200 - BRIGHTPOINT, INC 1,456 100 - CELLSTAR CORP 750 400 - CHS ELECTRONICS, INC 575 100 COMMERCIAL METALS CO 2,875 300 - COMPUCOM SYSTEMS, INC 1,120 100 - FAIRCHILD CORP (CLASS A) 1,025 100 - FISHER SCIENTIFIC INTERNATIONAL, INC 2,150 400 GENUINE PARTS CO 10,625 200 GRAINGER (W.W.), INC 9,612 100 HUGHES SUPPLY, INC 2,175 300 IKON OFFICE SOLUTIONS, INC 3,206 100 - INGRAM MICRO, INC (CLASS A) 1,287 500 - MERISEL, INC 812 200 - METALS U.S.A., INC 2,037 100 - NATIONAL-OILWELL, INC 1,643
SHARES VALUE 100 PIONEER-STANDARD ELECTRONICS, INC $ 1,443 100 - PSS WORLD MEDICAL, INC 893 100 - SAFEGUARD SCIENTIFICS, INC 6,800 100 - TECH DATA CORP 2,328 100 - WESCO INTERNATIONAL, INC 1,412 ----------- 68,361 ----------- WHOLESALE TRADE-NONDURABLE GOODS -- 0.68% 100 - AIRGAS, INC 1,162 100 - AMERISOURCE HEALTH CORP (CLASS A) 2,368 300 BERGEN BRUNSWIG CORP (CLASS A) 3,112 100 BINDLEY WESTERN INDUSTRIES, INC 1,431 600 CARDINAL HEALTH, INC 32,700 300 DIMON, INC 1,162 1,500 ENRON CORP 62,400 100 INTERNATIONAL MULTIFOODS CORP 2,300 600 MCKESSON HBOC, INC 17,400 200 - NCS HEALTHCARE, INC (CLASS A) 525 100 - NU SKIN ENTERPRISES, INC (CLASS A) 1,350 382 SUPERVALU, INC 8,332 800 SYSCO CORP 28,050 100 - UNITED STATIONERS, INC 2,131 200 - UNIVERSAL CORP 5,225 ----------- 169,648 ----------- TOTAL COMMON STOCK (Cost $25,653,494) 24,887,119 ----------- TOTAL PORTFOLIO (Cost $25,653,494) $24,887,119 ===========
- --------------- - - Non-income producing See notes to financial statements 1999 ANNUAL REPORT 65 66 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
VALUE % COMMON STOCK APPAREL AND ACCESSORY STORES $ 72,000 0.29% APPAREL AND OTHER TEXTILE PRODUCTS 24,800 0.10 AUTO REPAIR, SERVICES AND PARKING 2,037 0.01 BUILDING MATERIALS AND GARDEN SUPPLIES 348,712 1.41 BUSINESS SERVICES 2,251,435 9.10 CHEMICALS AND ALLIED PRODUCTS 3,443,964 13.93 COMMUNICATIONS 2,948,529 11.92 DEPOSITORY INSTITUTIONS 1,892,884 7.65 EATING AND DRINKING PLACES 229,468 0.93 ELECTRIC, GAS, AND SANITARY SERVICES 970,377 3.92 ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 1,320,997 5.34 FABRICATED METAL PRODUCTS 139,143 0.56 FOOD AND KINDRED PRODUCTS 984,216 3.98 FOOD STORES 168,687 0.68 FURNITURE AND FIXTURES 34,275 0.14 FURNITURE AND HOMEFURNISHINGS STORES 31,012 0.13 GENERAL BUILDING CONTRACTORS 12,725 0.05 GENERAL MERCHANDISE STORES 807,261 3.26 HEALTH SERVICES 72,593 0.29 HOLDING AND OTHER INVESTMENT OFFICES 44,631 0.18 INDUSTRIAL MACHINERY AND EQUIPMENT 2,499,861 10.11 INSTRUMENTS AND RELATED PRODUCTS 507,624 2.05 INSURANCE AGENTS, BROKERS AND SERVICE 102,750 0.42 INSURANCE CARRIERS 1,181,893 4.78 MISCELLANEOUS MANUFACTURING INDUSTRIES 309,061 1.25 MISCELLANEOUS RETAIL 135,600 0.55
VALUE % MOTION PICTURES $ 425,925 1.72% NONDEPOSITORY INSTITUTIONS 957,130 3.87 OIL AND GAS EXTRACTION 703,842 2.85 PAPER AND ALLIED PRODUCTS 127,231 0.52 PETROLEUM AND COAL PRODUCTS 151,375 0.61 PRIMARY METAL INDUSTRIES 155,624 0.63 PRINTING AND PUBLISHING 329,073 1.33 RAILROAD TRANSPORTATION 110,250 0.45 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 201,406 0.81 SECURITY AND COMMODITY BROKERS 322,012 1.30 STONE, CLAY, AND GLASS PRODUCTS 82,275 0.33 TRANSPORTATION BY AIR 139,890 0.57 TRANSPORTATION EQUIPMENT 23,961 0.10 WHOLESALE TRADE-DURABLE GOODS 116,087 0.47 WHOLESALE TRADE-NONDURABLE GOODS 300,517 1.22 ----------- ------ TOTAL COMMON STOCK (Cost $25,126,809) 24,683,133 99.81 ----------- ------ SHORT TERM INVESTMENT U.S. GOVERNMENT AGENCY 285,000 1.15 ----------- ------ TOTAL SHORT TERM INVESTMENT (Cost $285,000) 285,000 1.15 ----------- ------ TOTAL PORTFOLIO (Cost $25,411,809) 24,968,133 100.96 OTHER ASSETS & LIABILITIES, NET (237,386) (0.96) ----------- ------ NET ASSETS $24,730,747 100.00% =========== ======
66 1999 ANNUAL REPORT See notes to financial statements 67 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND STATEMENT OF INVESTMENTS September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE COMMON STOCK -- 99.81% APPAREL AND ACCESSORY STORES -- 0.29% 2,250 GAP, INC $ 72,000 ----------- APPAREL AND OTHER TEXTILE PRODUCTS -- 0.10% 200 LIZ CLAIBORNE, INC 6,200 600 VF CORP 18,600 ----------- 24,800 ----------- AUTO REPAIR, SERVICES AND PARKING -- 0.01% 100 RYDER SYSTEM, INC 2,037 ----------- BUILDING MATERIALS AND GARDEN SUPPLIES -- 1.41% 4,300 HOME DEPOT, INC 295,087 1,100 LOWES COS, INC 53,625 ----------- 348,712 ----------- BUSINESS SERVICES -- 9.10% 2,700 - AMERICA ONLINE, INC 280,800 2,900 AUTOMATIC DATA PROCESSING, INC 129,412 1,400 COMPUTER ASSOCIATES INTERNATIONAL, INC 85,750 2,100 ELECTRONIC DATA SYSTEMS CORP 111,168 130 - GARTNER GROUP, INC (CLASS B) 2,169 1,000 IMS HEALTH, INC 22,812 13,500 - MICROSOFT CORP 1,222,593 700 - NOVELL, INC 14,481 3,700 - ORACLE CORP 168,350 2,300 - SUN MICROSYSTEMS, INC 213,900 ----------- 2,251,435 ----------- CHEMICALS AND ALLIED PRODUCTS -- 13.93% 1,800 AIR PRODUCTS & CHEMICALS, INC 52,312 100 ALLERGAN, INC 11,000 100 - ALZA CORP 4,281 1,500 - AMGEN, INC 122,250 1,000 AVON PRODUCTS, INC 24,812 6,500 BRISTOL-MYERS SQUIBB CO 438,750 1,000 CABOT CORP 23,750 1,000 CLOROX CO 38,250 2,600 - COLGATE PALMOLIVE CO 118,950 1,200 HANNA (M.A.) CO 13,650 500 INTERNATIONAL FLAVORS & FRAGRANCES, INC 17,250 4,700 JOHNSON & JOHNSON CO 431,812 3,300 LILLY (ELI) & CO 211,200 300 MALLINCKRODT, INC 9,056 7,500 MERCK & CO, INC 486,093 1,400 NALCO CHEMICAL CORP 70,700 11,700 PFIZER, INC 420,468 1,700 PHARMACIA & UPJOHN, INC 84,362 2,100 - PPG INDUSTRIES, INC 126,000 1,200 PRAXAIR, INC 55,200 5,000 PROCTER & GAMBLE CO 468,750 4,500 SCHERING-PLOUGH CORP 196,312 900 SCHULMAN (A.), INC 15,581 100 - SIGMA ALDRICH CORP 3,175 ----------- 3,443,964 -----------
SHARES VALUE COMMUNICATIONS -- 11.92% 800 ALLTEL CORP $ 56,300 3,400 AMERITECH CORP 228,437 8,800 AT & T CORP 382,800 1,000 - AT & T CORP - LIBERTY MEDIA GROUP (CLASS A) 37,125 4,600 BELL ATLANTIC CORP 309,637 6,000 BELLSOUTH CORP 270,000 2,400 COMCAST CORP (CLASS A) SPECIAL 95,700 500 - COX COMMUNICATIONS, INC (CLASS A) 20,875 7,600 LUCENT TECHNOLOGIES, INC 493,050 4,700 - MCI WORLDCOM, INC 337,812 5,600 SBC COMMUNICATIONS, INC 285,950 2,800 SPRINT CORP (FON GROUP) 151,900 1,100 - SPRINT CORP (PCS GROUP) 82,018 1,600 U.S. WEST, INC 91,300 2,500 - VIACOM, INC (CLASS B) 105,625 ----------- 2,948,529 ----------- DEPOSITORY INSTITUTIONS -- 7.65% 5,500 BANK OF AMERICA CORP 306,281 2,700 BANK OF NEW YORK CO, INC 90,281 4,100 BANK ONE CORP 142,731 2,800 CHASE MANHATTAN CORP 211,050 800 FIFTH THIRD BANCORP 48,675 3,800 FIRST UNION CORP 135,137 2,300 FLEET FINANCIAL GROUP, INC 84,237 1,700 KEYCORP 43,881 3,400 MBNA CORP 77,562 2,200 MELLON BANK CORP 74,250 700 MORGAN (J.P.) & CO, INC 79,975 2,400 NATIONAL CITY CORP 64,050 1,100 PNC BANK CORP 57,956 1,200 SUNTRUST BANKS, INC 78,900 2,300 U.S. BANCORP 69,431 800 WACHOVIA CORP 62,900 1,900 WASHINGTON MUTUAL, INC 55,575 5,300 WELLS FARGO CO 210,012 ----------- 1,892,884 ----------- EATING AND DRINKING PLACES -- 0.93% 300 DARDEN RESTAURANTS, INC 5,868 5,200 MCDONALD'S CORP 223,600 ----------- 229,468 ----------- ELECTRIC, GAS, AND SANITARY SERVICES -- 3.92% 1,200 COLUMBIA ENERGY GROUP 66,450 1,900 CONSOLIDATED NATURAL GAS CO 118,512 900 EL PASO ENERGY CORP 35,831 1,300 EQUITABLE RESOURCES, INC 49,156 1,100 IDACORP, INC 33,137 2,300 KEYSPAN CORP 65,837 2,200 LOUISVILLE GAS & ELECTRIC ENERGY CORP 46,750 2,200 MCN ENERGY GROUP, INC 37,812 1,000 NICOR, INC 37,187 1,000 NISOURCE, INC 22,125 1,900 OGE ENERGY CORP 42,275
See notes to financial statements 1999 ANNUAL REPORT 67 68 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE ELECTRIC, GAS, AND SANITARY SERVICES -- (CONTINUED) 4,400 PACIFICORP $ 88,550 1,000 PEOPLES ENERGY CORP 35,187 2,400 POTOMAC ELECTRIC POWER CO 61,050 2,000 PUGET SOUND ENERGY, INC 44,875 800 SONAT, INC 31,750 2,500 TECO ENERGY, INC 52,812 2,700 WILLIAMS COS, INC 101,081 ----------- 970,377 ----------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT -- 5.34% 500 - ADVANCED MICRO DEVICES, INC 8,594 300 BALDOR ELECTRIC CO 5,681 3,200 EMERSON ELECTRIC CO 202,200 100 - GLENAYRE TECHNOLOGIES, INC 300 9,200 INTEL CORP 683,675 700 - MICRON TECHNOLOGY, INC 46,593 500 MOLEX, INC 18,187 600 - NATIONAL SEMICONDUCTOR CORP 18,300 1,300 - TELLABS, INC 74,018 2,600 TEXAS INSTRUMENTS, INC 213,850 600 THOMAS & BETTS CORP 30,600 250 - VISHAY INTERTECHNOLOGY, INC 5,937 200 WHIRLPOOL CORP 13,062 ----------- 1,320,997 ----------- FABRICATED METAL PRODUCTS -- 0.56% 4,100 GILLETTE CO 139,143 ----------- FOOD AND KINDRED PRODUCTS -- 3.98% 1,000 BESTFOODS, INC 48,500 7,900 COCA COLA CO 379,693 1,300 COCA COLA ENTERPRISES, INC 29,331 600 GENERAL MILLS, INC 48,675 1,500 HEINZ (H.J.) CO 64,500 400 HERSHEY FOODS CORP 19,475 900 KELLOGG CO 33,693 4,800 PEPSICO, INC 145,200 500 QUAKER OATS CO 30,937 2,300 - UNILEVER NV (N.Y.) SHS 156,687 400 - WRIGLEY (WM) JR CO 27,525 ----------- 984,216 ----------- FOOD STORES -- 0.68% 1,467 ALBERTSONS, INC 58,038 2,600 - KROGER CO 57,362 1,400 - SAFEWAY, INC 53,287 ----------- 168,687 ----------- FURNITURE AND FIXTURES -- 0.14% 1,200 NEWELL RUBBERMAID, INC 34,275 ----------- FURNITURE AND HOMEFURNISHINGS STORES -- 0.13% 600 TANDY CORP 31,012 -----------
SHARES VALUE GENERAL BUILDING CONTRACTORS -- 0.05% 400 HILLENBRAND INDUSTRIES, INC $ 10,550 100 PULTE CORP 2,175 ----------- 12,725 ----------- GENERAL MERCHANDISE STORES -- 3.26% 1,200 DAYTON HUDSON CORP 72,075 400 - FEDERATED DEPARTMENT STORES, INC 17,475 800 - K MART CORP 9,350 900 MAY DEPARTMENT STORES CO 32,793 800 PENNEY, (J.C.) CO, INC 27,500 1,100 SEARS ROEBUCK & CO 34,512 12,900 WAL-MART STORES, INC 613,556 ----------- 807,261 ----------- HEALTH SERVICES -- 0.29% 2,100 COLUMBIA/HCA HEALTHCARE CORP 44,493 1,600 - TENET HEALTHCARE CORP 28,100 ----------- 72,593 ----------- HOLDING AND OTHER INVESTMENT OFFICES -- 0.18% 500 CRESCENT REAL ESTATE EQUITIES CO 9,000 400 DUKE-WEEKS REALTY CORP 7,800 100 FIRST INDUSTRIAL REALTY TRUST, INC 2,475 300 SPIEKER PROPERTIES, INC 10,406 400 WEINGARTEN REALTY INVESTORS, INC 14,950 ----------- 44,631 ----------- INDUSTRIAL MACHINERY AND EQUIPMENT -- 10.11% 500 - APPLE COMPUTER, INC 31,656 1,100 - APPLIED MATERIALS, INC 85,662 8,800 - CISCO SYSTEMS, INC 603,350 5,000 COMPAQ COMPUTER CORP 114,687 400 CUMMINS ENGINE CO, INC 19,925 1,500 DEERE & CO 58,031 6,700 - DELL COMPUTER CORP 280,143 2,800 - EMC CORP 200,025 200 GRACO, INC 6,562 3,200 HEWLETT-PACKARD CO 294,400 5,400 INTERNATIONAL BUSINESS MACHINES CORP 655,425 300 NORDSON CORP 14,700 1,200 PITNEY BOWES, INC 73,125 600 - SMITH INTERNATIONAL, INC 24,300 1,100 TIMKEN CO 17,737 195 TYCO INTERNATIONAL LTD 20,133 ----------- 2,499,861 ----------- INSTRUMENTS AND RELATED PRODUCTS -- 2.05% 300 BAUSCH & LOMB, INC 19,781 1,500 BAXTER INTERNATIONAL, INC 90,375 1,300 BECTON DICKINSON & CO 36,481 400 - BIOMET, INC 10,525 1,100 - BOSTON SCIENTIFIC CORP 27,156 1,200 GUIDANT CORP 64,350 4,400 MEDTRONIC, INC 156,200
68 1999 ANNUAL REPORT See notes to financial statements 69 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE INSTRUMENTS AND RELATED PRODUCTS -- (CONTINUED) 200 - ST. JUDE MEDICAL, INC $ 6,300 2,300 XEROX CORP 96,456 ----------- 507,624 ----------- INSURANCE AGENTS, BROKERS AND SERVICE -- 0.42% 1,500 MARSH & MCLENNAN COS, INC 102,750 ----------- INSURANCE CARRIERS -- 4.78% 600 AETNA, INC 29,550 2,700 ALLSTATE CORP 67,331 1,600 AMERICAN GENERAL CORP 101,100 4,875 AMERICAN INTERNATIONAL GROUP, INC 423,820 500 CHUBB CORP 24,906 800 CIGNA CORP 62,200 9,400 CITIGROUP, INC 413,600 700 CONSECO, INC 13,518 700 - HUMANA, INC 4,812 300 JEFFERSON-PILOT CORP 18,956 200 SAFECO CORP 5,600 600 ST. PAUL COS, INC 16,500 ----------- 1,181,893 ----------- MISCELLANEOUS MANUFACTURING INDUSTRIES -- 1.25% 900 HASBRO, INC 19,293 1,600 MATTEL, INC 30,400 2,700 MINNESOTA MINING & MANUFACTURING CO 259,368 ----------- 309,061 ----------- MISCELLANEOUS RETAIL -- 0.55% 1,200 CVS CORP 48,975 700 - TOYS R US, INC 10,500 3,000 WALGREEN CO 76,125 ----------- 135,600 ----------- MOTION PICTURES -- 1.72% 6,600 DISNEY (WALT) CO 170,775 4,200 TIME WARNER, INC 255,150 ----------- 425,925 ----------- NONDEPOSITORY INSTITUTIONS -- 3.87% 2,000 AMERICAN EXPRESS CO 269,250 3,300 ASSOCIATES FIRST CAPITAL CORP 118,800 4,500 FEDERAL NATIONAL MORTGAGE ASSOCIATION 282,093 3,000 FREDDIE MAC 156,000 2,300 HOUSEHOLD INTERNATIONAL, INC 92,287 900 SLM HOLDINGS CORP 38,700 ----------- 957,130 ----------- OIL AND GAS EXTRACTION -- 2.85% 2,200 ANADARKO PETROLEUM CORP 67,237 1,900 APACHE CORP 82,056 800 - BJ SERVICES CO 25,450 2,800 BURLINGTON RESOURCES, INC 102,900 2,000 HELMERICH & PAYNE, INC 50,625 1,500 - NABORS INDUSTRIES, INC 37,500
SHARES VALUE 1,400 NOBLE AFFILIATES, INC $ 40,600 1,400 - NOBLE DRILLING CORP 30,625 1,700 - ROWAN COS, INC 27,625 4,800 - SANTA FE SNYDER CORP 43,200 3,400 UNION PACIFIC RESOURCES GROUP, INC 54,612 1,800 VASTAR RESOURCES, INC 112,612 900 - WEATHERFORD INTERNATIONAL 28,800 ----------- 703,842 ----------- PAPER AND ALLIED PRODUCTS -- 0.52% 1,300 AVERY DENNISON CORP 68,575 400 CONSOLIDATED PAPERS, INC 10,750 2,100 SONOCO PRODUCTS CO 47,906 ----------- 127,231 ----------- PETROLEUM AND COAL PRODUCTS -- 0.61% 2,800 MURPHY OIL CORP 151,375 ----------- PRIMARY METAL INDUSTRIES -- 0.63% 1,900 BIRMINGHAM STEEL CORP 14,487 1,500 NUCOR CORP 71,437 4,100 WORTHINGTON INDUSTRIES, INC 69,700 ----------- 155,624 ----------- PRINTING AND PUBLISHING -- 1.33% 800 DELUXE CORP 27,200 700 DOW JONES & CO, INC 37,362 1,500 GANNETT CO, INC 103,781 500 KNIGHT-RIDDER, INC 27,437 1,300 MCGRAW HILL COS, INC 62,887 1,000 NEW YORK TIMES CO (CLASS A) 37,500 500 TIMES MIRROR CO SERIES A 32,906 ----------- 329,073 ----------- RAILROAD TRANSPORTATION -- 0.45% 4,500 NORFOLK SOUTHERN CORP 110,250 ----------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS -- 0.81% 200 BANDAG, INC 6,400 1,700 ILLINOIS TOOL WORKS, INC 126,756 1,200 NIKE, INC (CLASS B) 68,250 ----------- 201,406 ----------- SECURITY AND COMMODITY BROKERS -- 1.30% 1,200 MERRILL LYNCH & CO, INC 80,625 1,800 MORGAN STANLEY, DEAN WITTER, & CO 160,537 2,400 SCHWAB (CHARLES) CORP 80,850 ----------- 322,012 ----------- STONE, CLAY, AND GLASS PRODUCTS -- 0.33% 1,200 CORNING, INC 82,275 ----------- TRANSPORTATION BY AIR -- 0.57% 700 - AMR CORP 38,150 500 DELTA AIRLINES, INC 24,250 1,100 - FDX CORP 42,625
See notes to financial statements 1999 ANNUAL REPORT 69 70 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL SOCIAL CHOICE EQUITY FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
SHARES VALUE TRANSPORTATION BY AIR -- (CONTINUED) 1,950 SOUTHWEST AIRLINES CO $ 29,615 200 - U.S. AIRWAYS GROUP, INC 5,250 ----------- 139,890 ----------- TRANSPORTATION EQUIPMENT -- 0.10% 300 FEDERAL-MOGUL CORP 8,268 200 FLEETWOOD ENTERPRISES, INC 4,037 500 MODINE MANUFACTURING CO 11,656 ----------- 23,961 ----------- WHOLESALE TRADE-DURABLE GOODS -- 0.47% 2,400 GENUINE PARTS CO 63,750 1,000 GRAINGER (W.W.), INC 48,062 400 IKON OFFICE SOLUTIONS, INC 4,275 ----------- 116,087 ----------- WHOLESALE TRADE-NONDURABLE GOODS -- 1.22% 800 CARDINAL HEALTH, INC 43,600 4,800 ENRON CORP 198,049 700 MCKESSON HBOC, INC 20,300 1,100 SYSCO CORP 38,568 ----------- 300,517 ----------- TOTAL COMMON STOCK (Cost $25,126,809) $24,683,133 -----------
PRINCIPAL VALUE SHORT TERM INVESTMENT -- 1.15% U.S. GOVERNMENT AGENCY -- 1.15% FEDERAL NATIONAL MORTGAGE ASSOCIATION $285,000 5.180%, 10/01/99 $285,000 ----------- TOTAL SHORT TERM INVESTMENT (Cost $285,000) 285,000 ----------- TOTAL PORTFOLIO (Cost $25,411,809) $24,968,133 ===========
- --------------- - - Non-income producing 70 1999 ANNUAL REPORT See notes to financial statements 71 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
VALUE % BONDS CORPORATE BONDS ASSET BACKED $ 1,481,242 4.88% COMMUNICATIONS 940,465 3.10 DEPOSITORY INSTITUTIONS 445,530 1.47 ELECTRIC, GAS, AND SANITARY SERVICES 494,955 1.63 FOOD AND KINDRED PRODUCTS 498,095 1.64 GENERAL MERCHANDISE STORES 300,555 0.99 INDUSTRIAL MACHINERY AND EQUIPMENT 499,634 1.65 INSTRUMENTS AND RELATED PRODUCTS 698,598 2.30 NONDEPOSITORY INSTITUTIONS 967,350 3.19 OTHER MORTGAGE BACKED SECURITIES 604,703 1.99 PETROLEUM AND COAL PRODUCTS 475,290 1.56 TRANSPORTATION EQUIPMENT 1,490,222 4.91 ----------- ------ TOTAL CORPORATE BONDS (Cost $8,920,534) 8,896,639 29.31 ----------- ------ GOVERNMENT BONDS AGENCY SECURITIES 3,045,178 10.03 FOREIGN GOVERNMENT BONDS 501,025 1.65
VALUE % MORTGAGE BACKED SECURITIES $11,069,411 36.47% U.S. TREASURY SECURITIES 5,872,804 19.35 ----------- ------ TOTAL GOVERNMENT BONDS (Cost $20,524,830) 20,488,418 67.50 ----------- ------ TOTAL BONDS (Cost $29,445,364) 29,385,057 96.81 ----------- ------ SHORT TERM INVESTMENTS COMMERCIAL PAPER 3,717,629 12.25 U.S. GOVERNMENT & AGENCIES 2,322,272 7.65 ----------- ------ TOTAL SHORT TERM INVESTMENTS (Cost $6,039,901) 6,039,901 19.90 ----------- ------ TOTAL PORTFOLIO (Cost $35,485,265) 35,424,958 116.71 OTHER ASSETS & LIABILITIES, NET (5,071,098) (16.71) ----------- ------ NET ASSETS $30,353,860 100.00% =========== ======
See notes to financial statements 1999 ANNUAL REPORT 71 72 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND STATEMENT OF INVESTMENTS September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
PRINCIPAL RATING+ VALUE BONDS -- 96.81% CORPORATE BONDS -- 29.31% ASSET BACKED -- 4.88% AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST SERIES 1999-1 (CLASS A) $ 500,000 5.600%, 11/15/06 AAA $ 480,310 MBNA MASTER CREDIT CARD TRUST SERIES 1999-1 (CLASS A) 500,000 6.400%, 01/18/05 AAA 499,840 RESIDENTIAL ASSET SECURITIES CORP SERIES 1999-KS3 (CLASS A13) 500,000 7.180%, 01/25/25 AAA 501,092 ----------- 1,481,242 ----------- COMMUNICATIONS -- 3.10% AT&T CORP NOTE 500,000 6.500%, 3/15/29 A1 441,150 US WEST CAPITAL FUNDING, INC (GUARANTEE NOTE) 500,000 6.875%, 8/15/01 BAA1 499,315 ----------- 940,465 ----------- DEPOSITORY INSTITUTIONS -- 1.47% FLEET NATIONAL BANK (SUB NOTE) 500,000 5.750%, 01/15/09 A2 445,530 ----------- ELECTRIC, GAS, AND SANITARY SERVICES -- 1.63% ILLINOIS POWER (FIRST MORTGAGE) 500,000 7.500%, 06/15/09 BAA1 494,955 ----------- FOOD AND KINDRED PRODUCTS -- 1.64% DIAGEO CAPITAL PLC NOTE 500,000 6.625%, 06/24/04 A1 498,095 ----------- GENERAL MERCHANDISE STORES -- 0.99% WAL-MART STORES (SR NOTE) 300,000 6.875%, 08/10/09 AA2 300,555 ----------- INDUSTRIAL MACHINERY AND EQUIPMENT -- 1.65% TYCO INTERNATIONAL GROUP S.A. NOTE 500,000 ++ 6.875%, 09/05/02 BAA1 499,634 ----------- INSTRUMENTS AND RELATED PRODUCTS -- 2.30% EASTMAN KODAK CO (MEDIUM TERM NOTE) 700,000 6.500%, 08/15/01 A2 698,598 -----------
PRINCIPAL RATING+ VALUE NONDEPOSITORY INSTITUTIONS -- 3.19% ASSOCIATES CORP NA DEB $ 500,000 6.950%, 11/01/18 AA3 $ 467,700 GENERAL MOTORS ACCEPTANCE CORP (MEDIUM TERM NOTE) 500,000 6.850%, 06/17/04 A2 499,650 ----------- 967,350 ----------- OTHER MORTGAGE BACKED SECURITIES -- 1.99% FIRST UNION COMMERCIAL MORTGAGE TRUST SERIES 1999-C1 (CLASS A2) 650,000 6.070%, 10/15/08 AAA 604,703 ----------- PETROLEUM AND COAL PRODUCTS -- 1.56% CONOCO, INC (SR NOTE) 500,000 6.350%, 04/15/09 A3 475,290 ----------- TRANSPORTATION EQUIPMENT -- 4.91% FORD MOTOR CO NOTE 500,000 7.450%, 07/16/31 A1 492,980 TRW, INC (SR NOTE) 500,000 ++ 6.500%, 06/01/02 BAA1 494,332 UNITED TECHNOLOGY CORP DEB 500,000 7.500%, 09/15/29 A2 502,910 ----------- 1,490,222 ----------- TOTAL CORPORATE BONDS (Cost $8,920,534) 8,896,639 ----------- GOVERNMENT BONDS -- 67.50% AGENCY SECURITIES -- 10.03% FEDERAL HOME LOAN MORTGAGE CORP 1,500,000 (FHLMC) 5.000%, 01/15/04 1,422,060 1,000,000 5.750%, 04/15/08 941,870 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 500,000 5.250%, 01/15/03 485,310 200,000 6.375%, 06/15/09 195,938 ----------- 3,045,178 ----------- FOREIGN GOVERNMENT BONDS -- 1.65% QUEBEC PROVINCE CANADA 500,000 7.000%, 01/30/07 A2 501,025 ----------- MORTGAGE BACKED SECURITIES -- 36.47% FEDERAL HOME LOAN MORTGAGE CORP GOLD (FGLMC) 1,996,757 6.500%, 07/01/29 1,916,407 2,100,000 -- 7.000%, 10/25/29 2,064,552 300,000 -- 7.500%, 12/25/29 299,818 250,000 -- 8.000%, 12/25/29 254,336
- --------------- + As provided by Moody's Investors Services (unaudited). 72 1999 ANNUAL REPORT See notes to financial statements 73 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL BOND FUND - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
PRINCIPAL VALUE MORTGAGE BACKED SECURITIES -- (CONTINUED) FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) $ 495,444 6.000%, 06/01/14 $ 476,775 495,446 6.500%, 07/01/14 486,453 494,097 7.000%, 07/01/14 494,003 493,779 6.500%, 04/01/29 473,598 748,146 6.000%, 07/01/29 697,863 499,177 6.500%, 07/01/29 478,775 748,712 7.500%, 07/01/29 751,250 500,000 -- 6.500%, 10/25/29 479,375 500,000 -- 7.000%, 10/25/29 491,250 150,000 -- 7.500%, 10/25/29 150,421 700,000 -- 8.000%, 11/25/29 714,217 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) 499,246 7.000%, 07/15/29 489,725 349,503 7.500%, 07/15/29 350,593 ----------- 11,069,411 ----------- U.S. TREASURY SECURITIES -- 19.35% U.S. TREASURY BOND 1,250,000 8.875%, 08/15/17 1,565,825 500,000 8.875%, 02/15/19 631,640 U.S. TREASURY NOTE 2,500,000 7.500%, 11/15/01 2,589,450 200,000 7.250%, 08/15/04 211,218 700,000 11.750%, 02/15/10 874,671 ----------- 5,872,804 ----------- TOTAL GOVERNMENT BONDS (Cost $20,524,830) 20,488,418 ----------- TOTAL BONDS (Cost $29,445,364) 29,385,057 ----------- SHORT TERM INVESTMENTS -- 19.90% COMMERCIAL PAPER -- 12.25% COX COMMUNICATIONS, INC 1,000,000 *- 5.500%, 10/14/99 998,014 NATIONAL FUEL GAS CO 1,000,000 * 5.420%, 10/14/99 998,042 PENNEY (J.C.) FUNDING CORP 725,000 * 5.550%, 10/14/99 723,546
PRINCIPAL VALUE RAYTHEON CO $1,000,000 *- 5.470%, 10/14/99 $ 998,027 ----------- 3,717,629 ----------- U.S. GOVERNMENT & AGENCIES -- 7.65% FEDERAL HOME LOAN MORTGAGE CORP 165,000 * 5.250%, 10/14/99 164,687 370,000 * 5.220%, 11/15/99 367,585 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1,790,000 * 5.180%, 10/01/99 1,790,000 ----------- 2,322,272 ----------- TOTAL SHORT TERM INVESTMENTS (Cost $6,039,901) 6,039,901 ----------- TOTAL PORTFOLIO (Cost $35,485,265) $35,424,958 ===========
- --------------- - - Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. ++ Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended and may be resold in transactions exempt from registration normally to qualified institutional buyers. At September 30, 1999, the value of these securities amounted to $993,966 or 3.27% of net assets. * All or a portion of these securities have been segregated by the Custodian to cover securities purchased on a delayed delivery basis. - -- These securities were purchased on a delayed delivery basis.
- --------------- 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 25.21% BAA 6.77%
U.S. Government obligations represent 68.02% of the long-term debt portfolio value and are not reflected in the above ratings. See notes to financial statements 1999 ANNUAL REPORT 73 74 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INSTITUTIONAL MONEY MARKET FUND STATEMENT OF INVESTMENTS SUMMARY BY INDUSTRY September 30, 1999 ------------------------------------------------------------ ------------------------------------------------------------
VALUE % SHORT TERM INVESTMENTS COMMERCIAL PAPER $16,759,125 66.04% U.S. GOVERNMENT & AGENCIES 8,667,736 34.15 ----------- ------ TOTAL SHORT TERM INVESTMENTS (Cost $25,426,861) 25,426,861 100.19 ----------- ------ TOTAL PORTFOLIO (Cost $25,426,861) 25,426,861 100.19 OTHER ASSETS & LIABILITIES, NET (48,696) (0.19) ----------- ------ NET ASSETS $25,378,165 100.00% =========== ======
STATEMENT OF INVESTMENTS September 30, 1999 - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
PRINCIPAL VALUE SHORT TERM INVESTMENTS -- 100.19% COMMERCIAL PAPER -- 66.04% CAMPBELL SOUP CO $1,000,000 5.270%, 11/04/99 $ 995,023 CANADIAN WHEAT BOARD (THE) 1,050,000 5.130%, 11/23/99 1,042,069 CIT GROUP HOLDINGS, INC 1,000,000 5.140%, 10/14/99 998,143 CORPORATE ASSET FUNDING CORP, INC 1,000,000 - 5.820%, 01/18/00 982,378 DUPONT (E.I.) DE NEMOURS & CO 1,000,000 5.110%, 11/02/99 995,457 EASTMAN KODAK CO 1,000,000 5.050%, 10/19/99 997,496 EQUILON ENTERPRISES LLC 1,000,000 5.750%, 02/10/00 978,916 GENERAL ELECTRIC CAPITAL CORP 1,000,000 5.290%, 10/25/99 996,473 GOLDMAN SACHS GROUP, LP 1,000,000 5.300%, 11/24/99 992,049 HEWLETT PACKARD CO 650,000 5.300%, 11/24/99 644,832 JOHNSON & JOHNSON CO 1,075,000 - 5.100%, 11/01/99 1,070,279 LUCENT TECHNOLOGIES, INC 1,000,000 5.290%, 11/29/99 991,330 MCCORMICK & CO, INC 100,000 5.280%, 11/02/99 99,530 MCGRAW-HILL, INC 1,000,000 5.290%, 11/18/99 992,946
PRINCIPAL VALUE PROCTOR & GAMBLE CO $1,000,000 5.310%, 12/03/99 $ 990,707 SBC COMMUNICATIONS, INC 1,000,000 - 5.100%, 10/13/99 998,300 THE STANLEY WORKS 1,000,000 - 5.320%, 11/12/99 993,793 WAL-MART STORES, INC 1,000,000 - 5.280%, 10/05/99 999,404 ----------- 16,759,125 ----------- U.S. GOVERNMENT & AGENCIES -- 34.15% FEDERAL HOME LOAN MORTGAGE CORP 2,125,000 5.050%, 10/06/99 2,123,509 1,000,000 5.140%, 01/27/00 983,151 FEDERAL NATIONAL MORTGAGE ASSOCIATION 1,050,000 5.060%, 10/04/99 1,049,557 2,090,000 5.260%, 12/02/99 2,071,066 365,000 5.250%, 12/03/99 361,646 1,050,000 5.260%, 12/08/99 1,039,567 1,050,000 5.270%, 12/10/99 1,039,240 ----------- 8,667,736 ----------- TOTAL SHORT TERM INVESTMENTS (Cost $25,426,861) 25,426,861 ----------- TOTAL PORTFOLIO (Cost $25,426,861) $25,426,861 ===========
- --------------- - - Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. IMPORTANT TAX INFORMATION (UNAUDITED) THE INSTITUTIONAL GROWTH & INCOME FUND PAID DISTRIBUTIONS DURING 1999 FROM ORDINARY INCOME OF WHICH 73.48% QUALIFIES FOR THE CORPORATE DIVIDENDS RECEIVED DEDUCTION. THE INSTITUTIONAL INTERNATIONAL EQUITY FUND RECEIVED INCOME FROM FOREIGN SOURCES DURING 1999 OF $116,152 AND PAID TAXES TO FOREIGN COUNTRIES DURING 1999 OF $12,145. BY EARLY 2000, SHAREHOLDERS SHOULD RECEIVE THEIR FORM 1099-DIV AND TAX INFORMATION LETTER FROM THE FUNDS. FOR YOUR SPECIFIC SITUATION, WE RECOMMEND THAT YOU CONSULT A PROFESSIONAL TAX ADVISOR. 74 1999 ANNUAL REPORT See notes to financial statements 75 [TIAA CREF Logo] 730 Third Avenue New York, NY 10017-3206 (LOGO) Printed on recycled paper TCIMFAR-9/99 -----END PRIVACY-ENHANCED MESSAGE-----