497 1 c44449_497.htm
LIFECYCLE FUNDS
OF THE TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

SUPPLEMENT NO. 3
dated October 3, 2006
to the February 1, 2006 Statement of Additional Information (SAI)

Changes to the Board of Trustees

Effective October 1, 2006, Dr. Ahmed Zewail retired from the Board of Trustees of TIAA-CREF Institutional Mutual Funds (the “Fund”). Therefore, he should be removed from the list of trustees in the Fund’s SAI.

Additionally, effective September 19, 2006, Mr. Forrest Berkley was appointed to the Board of Trustees of the Fund. The following information should be added to the list of trustees in the Fund’s SAI.

                Number of
Portfolios in
Fund Complex Overseen by Trustee 		   
                   
                  Other
Directorships
Held
by Trustee 
    Position(s)
Held with
Fund  		  Term of Office
and Length of
Time Served  		       
        Principal Occupation(s)
During Past 5 Years  		   
Name, Address and Age           
Forrest Berkley    Trustee    Indefinite Term.    Retired. Partner (1990-2006)    66    Director and former Chairman of the 
c/o Corporate Secretary        Trustee since    and Head of Global Product        Investment Committee (2002-2004), 
730 Third Avenue        2006.    Management (2003-2006),        Maine Community Foundation; 
New York, NY 10017-3206            GMO (formerly, Grantham,        Director and member of the 
Age: 52            Mayo, Van Otterloo & Co.)        Investment Committee, the Maine 
            (Investment management); and        Coast Heritage Trust, the Gulf of Maine 
            member of asset allocation        Research Institute and the Boston 
            portfolio management team,        Athenaeum; and Investment Committee 
            GMO (2003-2005).        member, Carnegie Endowment for 
                    International Peace. 

Mr. Berkley will serve as a member of the following Board committees: the Investment Committee and the Audit and Compliance Committee.

The following should be added to the table disclosing the trustees’ equity ownership in the Fund and the TIAA-CREF family of investment companies: 

         
    Dollar Range of Equity
Securities in Fund
(as of August 31, 2006)  		  Aggregate Dollar Range of Equity Securities in All Registered
Investment Companies Overseen by Trustee in Family of
Investment Companies (as of August 31, 2006) 
     
 Name of Trustee     
 
 Forrest Berkley    None    $0-$10,000 


A11283
10/06