-----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, UFNctBRvoCYR/gWo24stE/h+IAkOAjAqRkYarxTvSi03sF/S3ujdhj20MLScdh0j suwuB8Z9esfmB0XhmX1qGQ== 0000930413-07-008974.txt : 20071126 0000930413-07-008974.hdr.sgml : 20071126 20071126172549 ACCESSION NUMBER: 0000930413-07-008974 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20071126 DATE AS OF CHANGE: 20071126 EFFECTIVENESS DATE: 20071126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIAA CREF INSTITUTIONAL MUTUAL FUNDS CENTRAL INDEX KEY: 0001084380 IRS NUMBER: 134055167 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-76651 FILM NUMBER: 071267155 BUSINESS ADDRESS: STREET 1: 730 THIRD AVE. CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129166746 MAIL ADDRESS: STREET 1: 730 THIRD AVE. CITY: NEW YORK STATE: NY ZIP: 10017 0001084380 S000005359 Growth Equity Fund C000014610 Institutional Class TIEQX 0001084380 S000005360 Equity Index Fund C000014611 Institutional Class TIEIX C000033987 Retirement Class TIQRX C000033988 Retail Class TINRX 0001084380 S000005361 S&P 500 Index Fund C000014612 Institutional Class TISPX C000014613 Retirement Class TRSPX 0001084380 S000005362 Mid-Cap Growth Index Fund C000014614 Institutional Class TIMGX C000014615 Retirement Class TRMGX 0001084380 S000005363 Mid-Cap Value Index Fund C000014616 Institutional Class TMVIX C000014617 Retirement Class TRVUX 0001084380 S000005364 Mid-Cap Blend Index Fund C000014618 Institutional Class TRBDX C000014619 Retirement Class TRMBX 0001084380 S000005365 Small-Cap Growth Index Fund C000014620 Institutional Class TISGX C000014621 Retirement Class TRCGX 0001084380 S000005366 Small-Cap Value Index Fund C000014622 Institutional Class TISVX C000014623 Retirement Class TRSVX 0001084380 S000005367 Small-Cap Blend Index Fund C000014624 Institutional Class TISBX C000014625 Retirement Class TRBIX 0001084380 S000005368 International Equity Index Fund C000014626 Institutional Class TCIEX C000014627 Retirement Class TRIEX 0001084380 S000005369 Real Estate Securities Fund C000014628 Institutional Class TIREX C000014629 Retail Class TCREX C000014630 Retirement Class TRRSX 0001084380 S000005370 Growth & Income Fund C000014631 Institutional Class TIGRX C000014632 Retirement Class TRGIX C000033989 Retail Class TIIRX 0001084380 S000005371 Social Choice Equity Fund C000014633 Institutional Class TISCX C000014634 Retirement Class TRSCX C000033990 Retail Class TICRX 0001084380 S000005372 Bond Fund C000014635 Institutional Class TIBDX C000033991 Retirement Class TIDRX C000033992 Retail Class TIORX 0001084380 S000005373 Inflation-Linked Bond Fund C000014636 Institutional Class TIILX C000014637 Retail Class TCILX C000033993 Retirement Class TIKRX 0001084380 S000005374 Money Market Fund C000014638 Institutional Class C000033994 Retirement Class TIEXX C000033995 Retail Class TIRXX 0001084380 S000005375 2010 Fund C000014639 Retirement Class TCLEX C000047972 Institutional Class TCTIX 0001084380 S000005376 2015 Fund C000014640 Retirement Class TCLIX C000047973 Institutional Class TCNIX 0001084380 S000005377 2020 Fund C000014641 Retirement Class TCLTX C000047974 Institutional Class TCWIX 0001084380 S000005378 2025 Fund C000014642 Retirement Class TCLFX C000047975 Institutional Class TCYIX 0001084380 S000005379 2030 Fund C000014643 Retirement Class TCLNX C000047976 Institutional Class TCRIX 0001084380 S000005380 2035 Fund C000014644 Retirement Class TCLRX C000047977 Institutional Class TCIIX 0001084380 S000005381 International Equity Fund C000014645 Institutional Class TIIEX C000014646 Retirement Class TRERX C000033996 Retail Class TIERX 0001084380 S000005382 2040 Fund C000014647 Retirement Class TCLOX C000047978 Institutional Class TCOIX 0001084380 S000005383 Large-Cap Value Fund C000014648 Institutional Class TRLIX C000014649 Retail Class TCLCX C000014650 Retirement Class TRLCX 0001084380 S000005384 Mid-Cap Growth Fund C000014651 Institutional Class TRPWX C000014652 Retail Class TCMGX C000014653 Retirement Class TRGMX 0001084380 S000005385 Mid-Cap Value Fund C000014654 Institutional Class TIMVX C000014655 Retail Class TCMVX C000014656 Retirement Class TRVRX 0001084380 S000005386 Small-Cap Equity Fund C000014657 Institutional Class TISEX C000014658 Retail Class TCSEX C000014659 Retirement Class TRSEX 0001084380 S000005387 Large-Cap Growth Index Fund C000014660 Institutional Class TILIX C000014661 Retirement Class TRIRX 0001084380 S000005388 Large-Cap Value Index Fund C000014662 Institutional Class TILVX C000014663 Retirement Class TRCVX 0001084380 S000012194 Managed Allocation Fund II C000033271 Retail Class TIMRX C000033272 Retirement Class TITRX C000033273 Institutional Class TIMIX 0001084380 S000012195 Short-Term Bond Fund II C000033274 Retail Class TCTRX C000033275 Retirement Class TISRX C000033276 Institutional Class TISIX 0001084380 S000012196 High-Yield Fund II C000033277 Retail Class TIYRX C000033278 Retirement Class TIHRX C000033279 Institutional Class TIHYX 0001084380 S000012197 Large-Cap Growth Fund C000033280 Retail Class TIRTX C000033281 Retirement Class TILRX C000033282 Institutional Class TILGX 0001084380 S000012198 Bond Plus Fund II C000033283 Retail Class TCBPX C000033284 Retirement Class TCBRX C000033285 Institutional Class TIBFX 0001084380 S000012199 Tax-Exempt Bond Fund II C000033286 Retail Class TIXRX C000033287 Institutional Class TITIX 497 1 c51382_497.htm c51382_497.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

SUPPLEMENT NO. 4

dated November 26, 2007
to the February 1, 2007 Statement of Additional Information (SAI)

Revision to the Conflicts of Interest Section

The following disclosure should replace the existing section entitled “Potential Conflicts of Interest of Advisors and Portfolio Managers” on page B-39 of the SAI for TIAA-CREF Institutional Mutual Funds (the “Trust”) in its entirety:

“POTENTIAL CONFLICTS OF INTEREST OF ADVISORS AND PORTFOLIO MANAGERS

Portfolio managers of series of the Trust (the “Funds”) may also manage other registered investment companies or unregistered investment pools and investment accounts, including accounts for Teachers Insurance and Annuity Association (“TIAA”) or other proprietary accounts, which may raise potential conflicts of interest. Teachers Advisors, Inc. (“Advisors”) has put in place policies and procedures designed to mitigate any such conflicts. Such conflicts and mitigating policies and procedures include the following:

Conflicting Positions. Investment decisions made for the Funds may differ from, and may conflict with, investment decisions made by Advisors or its affiliated investment adviser, TIAA-CREF Investment Management, LLC (“Investment Management”), for other client or proprietary accounts due to differences in investment objectives, investment strategies, account benchmarks, client risk profiles and other factors. As a result of such differences, if an account were to sell a significant position in a security while a Fund maintained its position in that security, the market price of such securities could decrease and adversely impact the Fund’s performance. In the case of a short sale, the selling account would benefit from any decrease in price.

Allocation of Investment Opportunities. Even where accounts have similar investment mandates as a Fund, Advisors may determine that investment opportunities, strategies or particular purchases or sales are appropriate for one or more other client or proprietary accounts, but not for the Fund, or are appropriate for the Fund but in different amounts, terms or timing than is appropriate for other client or proprietary accounts. As a result, the amount, terms or timing of an investment by a Fund may differ from, and performance may be lower than, investments and performance of other client or proprietary accounts.

Aggregation and Allocation of Orders. Advisors may aggregate orders of the Funds and its other accounts (including proprietary accounts), and orders of client accounts managed by Investment Management. Although aggregating orders is a common means of reducing transaction costs for participating accounts, Advisors may be perceived as causing one client account, such as a Fund, to participate in an aggregated transaction in order to increase Advisors’ overall allocation of securities in that transaction or future transactions. Allocations of aggregated trades may also be perceived as creating an incentive for Advisors to disproportionately allocate securities expected to increase in value to certain client or proprietary accounts, at the expense of a Fund. In addition, a Fund may bear the risk of potentially higher transaction costs if aggregated trades are only partially filled or if orders are not aggregated at all.

Advisors has adopted procedures designed to mitigate the foregoing conflicts of interest by treating each account, including the Funds, fairly and equitably over time in the allocation of investment opportunities and the aggregation and allocation of orders. The procedures also are designed to mitigate conflicts in potentially inconsistent trading and provide guidelines for trading priority. Moreover, Advisors’ trading activities are subject to supervisory review and compliance monitoring to help address and mitigate conflicts of interest and ensure that accounts are being treated fairly and equitably over time.

For example, in allocating investment opportunities, a portfolio manager considers an account’s investment objectives, investment restrictions, cash position, need for liquidity, sector concentration and other objective criteria. In addition, orders for the same single security are generally aggregated with other orders for the same single security received at the same time. If aggregated orders are fully executed, each participating account is allocated its pro rata share on an average price and trading cost basis. In the event the order is only partially filled, each participating account receives a pro rata share. Portfolio managers are also subject to restrictions on potentially inconsistent trading of single securities, although a portfolio manager may sell a single security short if the security is included in an account’s benchmark and the portfolio manager is underweight in that security relative to the account’s benchmark. Moreover, the procedures set forth guidelines for trading priority with long sales of single securities generally having priority over short sales of the same or closely related securities.

Advisors’ procedures also address basket trades (trades in a wide variety of securities—on average approximately 100 different issuers) used in quantitative strategies. However, basket trades are generally not aggregated or subject to the same types of restrictions on potentially inconsistent trading as single security trades because basket trades are tailored to a particular index or model portfolio based on the risk profile of a particular account pursuing a particular quantitative strategy. In addition, basket trades are not subject to the same trading priority guidelines as single security trades because an automated and systematic process is used to implement trades.

Research. Advisors allocates brokerage commissions to brokers who provide execution and research services for the Funds and some or all of Advisors’ other clients. Such research services may not always be utilized in connection with the Funds or other client accounts that may have provided the commission or a portion of the commission paid to the broker providing the services. Advisors has adopted procedures with respect to these so-called “soft dollar” arrangements, including the use of brokerage commissions to pay for in-house and nonproprietary research, the process for allocating brokerage, and Advisors’ practices regarding the use of third-party soft dollars.

IPO allocation. Advisors has adopted procedures to ensure that it allocates initial public offerings to the Funds and Advisors’ other clients in a fair and equitable manner, consistent with its fiduciary obligations to its clients.

Compensation. The compensation paid to Advisors for managing the Funds, as well as certain other clients, is based on a percentage of assets under management, whereas the compensation paid to Advisors for managing certain other clients is based on cost. However, no client currently pays Advisors a performance-based fee. Nevertheless, Advisors may be perceived as having an incentive to allocate securities that are expected to increase in value to accounts in which Advisors has a proprietary interest or to certain other accounts in which Advisors receives a larger asset-based fee.”

A11527
11/07

 



TIAA-CREF LIFECYCLE FUNDS
(series of TIAA-CREF Institutional Mutual Funds)

SUPPLEMENT NO. 3

     dated November 26, 2007
to the April 24, 2007 Statement of Additional Information (SAI)

Revision to the Conflicts of Interest Section

The following disclosure should replace the existing section entitled “Potential Conflicts of Interest of Advisors and Portfolio Managers” on page B-22 of the SAI for the TIAA-CREF Lifecycle Funds (“Lifecycle Funds”), in its entirety:

“POTENTIAL CONFLICTS OF INTEREST OF ADVISORS AND PORTFOLIO MANAGERS

Portfolio managers of the Lifecycle Funds may also manage other registered investment companies or unregistered investment pools and investment accounts, including accounts for Teachers Insurance and Annuity Association (“TIAA”) or other proprietary accounts, which may raise potential conflicts of interest. Teachers Advisors, Inc. (“Advisors”) has put in place policies and procedures designed to mitigate any such conflicts. Such conflicts and mitigating policies and procedures include the following:

Conflicting Positions. Investment decisions made for the Lifecycle Funds may differ from, and may conflict with, investment decisions made by Advisors or its affiliated investment adviser, TIAA-CREF Investment Management, LLC (“Investment Management”), for other client or proprietary accounts due to differences in investment objectives, investment strategies, account benchmarks, client risk profiles and other factors. As a result of such differences, if an account were to sell a significant position in a security while a Lifecycle Fund maintained its position in that security, the market price of such securities could decrease and adversely impact the Fund’s performance. In the case of a short sale, the selling account would benefit from any decrease in price.

Allocation of Investment Opportunities. Even where accounts have similar investment mandates as a Lifecycle Fund, Advisors may determine that investment opportunities, strategies or particular purchases or sales are appropriate for one or more other client or proprietary accounts, but not for the Fund, or are appropriate for the Fund but in different amounts, terms or timing than is appropriate for other client or proprietary accounts. As a result, the amount, terms or timing of an investment by a Lifecycle Fund may differ from, and performance may be lower than, investments and performance of other client or proprietary accounts.

Aggregation and Allocation of Orders. Advisors may aggregate orders of the Lifecycle Funds and its other accounts (including proprietary accounts), and orders of client accounts managed by Investment Management. Although aggregating orders is a common means of reducing transaction costs for participating accounts, Advisors may be perceived as causing one client account, such as a Lifecycle Fund, to participate in an aggregated transaction in order to increase Advisors’ overall allocation of securities in that transaction or future transactions. Allocations of aggregated trades may also be perceived as creating an incentive for Advisors to disproportionately allocate securities expected to increase in value to certain client or proprietary accounts, at the expense of a Lifecycle Fund. In addition, a Lifecycle Fund may bear the risk of potentially higher transaction costs if aggregated trades are only partially filled or if orders are not aggregated at all.

Advisors has adopted procedures designed to mitigate the foregoing conflicts of interest by treating each account, including the Lifecycle Funds, fairly and equitably over time in the allocation of investment opportunities and the aggregation and allocation of orders. The procedures also are designed to mitigate conflicts in

potentially inconsistent trading and provide guidelines for trading priority. Moreover, Advisors’ trading activities are subject to supervisory review and compliance monitoring to help address and mitigate conflicts of interest and ensure that accounts are being treated fairly and equitably over time.

For example, in allocating investment opportunities, a portfolio manager considers an account’s investment objectives, investment restrictions, cash position, need for liquidity, sector concentration and other objective criteria. In addition, orders for the same single security are generally aggregated with other orders for the same single security received at the same time. If aggregated orders are fully executed, each participating account is allocated its pro rata share on an average price and trading cost basis. In the event the order is only partially filled, each participating account receives a pro rata share. Portfolio managers are also subject to restrictions on potentially inconsistent trading of single securities, although a portfolio manager may sell a single security short if the security is included in an account’s benchmark and the portfolio manager is underweight in that security relative to the account’s benchmark. Moreover, the procedures set forth guidelines for trading priority with long sales of single securities generally having priority over short sales of the same or closely related securities.

Advisors’ procedures also address basket trades (trades in a wide variety of securities—on average approximately 100 different issuers) used in quantitative strategies. However, basket trades are generally not aggregated or subject to the same types of restrictions on potentially inconsistent trading as single security trades because basket trades are tailored to a particular index or model portfolio based on the risk profile of a particular account pursuing a particular quantitative strategy. In addition, basket trades are not subject to the same trading priority guidelines as single security trades because an automated and systematic process is used to implement trades.

Research. Advisors allocates brokerage commissions to brokers who provide execution and research services for the Lifecycle Funds and some or all of Advisors’ other clients. Such research services may not always be utilized in connection with the Lifecycle Funds or other client accounts that may have provided the commission or a portion of the commission paid to the broker providing the services. Advisors has adopted procedures with respect to these so-called “soft dollar” arrangements, including the use of brokerage commissions to pay for in-house and nonproprietary research, the process for allocating brokerage, and Advisors’ practices regarding the use of third-party soft dollars.

IPO allocation. Advisors has adopted procedures to ensure that it allocates initial public offerings to the Lifecycle Funds and Advisors’ other clients in a fair and equitable manner, consistent with its fiduciary obligations to its clients.

Compensation. The compensation paid to Advisors for managing the Lifecycle Funds, as well as certain other clients, is based on a percentage of assets under management, whereas the compensation paid to Advisors for managing certain other clients is based on cost. However, no client currently pays Advisors a performance-based fee. Nevertheless, Advisors may be perceived as having an incentive to allocate securities that are expected to increase in value to accounts in which Advisors has a proprietary interest or to certain other accounts in which Advisors receives a larger asset-based fee.”

A11528
11/07
  
     
     


 

 

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