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TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

SUPPLEMENT NO. 4

dated September 5, 2008

to the February 1, 2008 Statement of Additional Information (SAI)

CHANGES TO CREDIT FACILITY

The TIAA-CREF Institutional Mutual Funds recently renegotiated the terms of its unsecured revolving credit facility. Accordingly, the following sentence hereby replaces in its entirety the first sentence under “Credit Facility” on page B-3 in the SAI:

“The Funds participate in an 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.”

CHANGES TO OFFICERS

Certain biographical information for Maliz Beams, Phillip Goff, Bertram Scott and Edward Van Dolsen has been updated. Accordingly, the following information hereby replaces in its entirety the biographical information for Ms. Beams and Messrs. Goff, Scott and Van Dolsen contained in the list of officers on pages B-23 through B-24 in the SAI:

Name,  Position(s)  Term of Office    
Address and  Held with  and Length of    
Date of Birth  Fund  Time Served   Principal Occupation(s) During Past 5 Years 
Mary (Maliz) E. Beams  Executive  One-year term.   Executive Vice President of Client Services of TIAA and of TIAA-CREF 
TIAA-CREF  Vice President  Executive Vice   Institutional Mutual Funds, CREF, TIAA-CREF Life Funds and TIAA Separate 
730 Third Avenue    President since   Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since August 
New York, NY 10017-3206    September 2007.   2008); Executive Vice President of Individual Client Services of TIAA and 
DOB: 3/29/56        the TIAA-CREF Fund Complex (2007-2008); President and Chief Execu- 
        tive Officer, TIAA-CREF Individual & Institutional Services, LLC (“Services”) 
        (since July 2007); and Senior Managing Director and Head of Wealth 
        Management Group, TIAA (since 2004). Formerly, Partner, Spyglass In- 
        vestments (2002-2003); Partner and Managing Director, President of 
        Global Business Development for the Mutual Fund Group and Head of In- 
        ternational Mutual Fund and Offshore Businesses of Zurich Scudder In- 
        vestments; and Head of U.S. Scudder Direct Retail Business and Chief 
        Executive Officer of Scudder Brokerage (1997-2003). 
Phillip G. Goff  Principal Financial  One-year term.   Principal Financial Officer, Principal Accounting Officer and Treasurer of 
TIAA-CREF  Officer, Principal  Principal Financial Officer,   the TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds (since 
730 Third Avenue  Accounting Officer  Principal Accounting   2007); and Treasurer of CREF and TIAA Separate Account VA-1 (since 
New York, NY 10017-3206  and Treasurer  Officer and Treasurer   August 2008). Formerly, Chief Financial Officer, Van Kampen Funds 
DOB: 11/22/63    since 2007.   (2005-2006); and Vice President and Chief Financial Officer, Enterprise 
        Capital Management and the Enterprise Group of Funds (1995-2005). 
Bertram L. Scott  Executive  One-year term.   Executive Vice President, Institutional Development and Sales of TIAA and 
TIAA-CREF  Vice President  Executive Vice   the TIAA-CREF Fund Complex (since August 2008); Executive Vice 
730 Third Avenue    President since   President, Strategy Implementation and Policy of TIAA and the TIAA-CREF 
New York, NY 10017-3206    2000.   Fund Complex (2006-2008); and Director and President of TIAA-CREF 
DOB: 3/26/51        Enterprises, Inc. (since 2000). Formerly, Executive Vice President, Product 
        Management of TIAA and the TIAA-CREF Fund Complex (2000-2005); 
        and President and Chief Executive Officer, Horizon Mercy (1996-2000). 
Edward D. Van Dolsen  Executive  One-year term.   Executive Vice President, Product Development and Management of 
TIAA-CREF  Vice President  Executive Vice   TIAA (since August 2008); Executive Vice President, Institutional Client 
730 Third Avenue    President   Services (2006-2008); Director of Tuition Financing and Manager of 
New York, NY 10017-3206    since 2006.   Services (April 2006); and President and CEO, TIAA-CREF Redwood, LLC 
DOB: 4/21/58        (September 2006). Formerly, Senior Vice President, Pension Products 
        (2003-2006) and Vice President, Support Services (1998-2003) of TIAA 
        and the TIAA-CREF Fund Complex. 


CHANGES TO BOARD COMMITTEES

Effective July 1, 2008, members of several of the standing committees of the Board of Trustees changed. Accordingly, the following sentence hereby replaces in its entirety the next to last sentence of paragraph number “(1)” under “Board Committees” on page B-26 in the SAI:

“The current members of the Audit and Compliance Committee are Mr. Sloan (chair), Mr. Berkeley, Ms. Eckl and Prof. Poterba.”

The following sentence hereby replaces in its entirety the last sentence of paragraph number “(2)” under “Board Committees” on page B-26 in the SAI:

“The current members of the Investment Committee are Dr. Flood (chair), Mr. Berkley, Dr. Jacob, Ms. Macaskill, Prof. Poterba and Mr. Sloan.”

The following sentence hereby replaces in its entirety the last sentence of paragraph number “(5)” under “Board Committees” on page B-26 in the SAI:

“The current members of the Nominating and Governance Committee are Dr. Jacob (chair), Ms. Eckl, Mr. Sloan and Dr. Starks.”

The following sentence hereby replaces in its entirety the last sentence of paragraph number “(6)” under “Board Committees” on page B-26 in the SAI:

“The current members of the Operations Committee are Prof. Jackson (chair), Dr. Flood, Mr. Forrester, Dr. Jacob, Ms. Macaskill and Dr. Starks.”

PORTFOLIO MANAGER CHANGES

The portfolio management teams of the Bond Fund, Bond Plus Fund II, Short-Term Bond Fund II, High-Yield Fund II and Inflation-Linked Bond Fund have changed. Therefore, the following information for these Funds’ portfolio management teams should replace the existing disclosure for the indicated Funds in its entirety within the “Additional Information Regarding Portfolio Managers” section on page B-35 in the SAI:

  Number of Other   Total Assets In Accounts        
  Accounts Managed   Managed (millions)        
  Registered Other Pooled   Registered   Other Pooled   Dollar Range of  
  Investment Investment   Investment   Investment   Equity Securities  
 Name of Portfolio Manager  Companies Vehicles   Companies   Vehicles   Owned in Fund   
BOND FUND                         
BOND PLUS FUND II                         
SHORT-TERM BOND FUND II                         
 Elizabeth (Lisa) D. Black, CFA  5 †  0 †    $ 14,534 *  $ 0 *  $ 0 * 
 John M. Cerra  4   2     $ 9,791   $ 119   $ 0  
HIGH-YIELD FUND II                         
 Kevin R. Lorenz, CFA  0   1     $ 388   $ 118   $ 1-$10,000  
INFLATION-LINKED BOND FUND                         
 John M. Cerra  6 †  2 †    $ 18,397 *  $ 121 *  $ 1-$10,000 *
† The information presented is as of August 13, 2008.                      
* The information presented is as of June 30, 2008.                         


Logo   A11671 (9/08)


 



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

SUPPLEMENT NO. 3
dated September 5, 2008
to the February 1, 2008 Statement of Additional Information (SAI)

CHANGES TO CREDIT FACILITY

The TIAA-CREF Lifecycle Funds recently renegotiated the terms of their unsecured revolving credit facility. Accordingly, the following sentence hereby replaces in its entirety the first sentence under “Credit Facility” on page B-3 in the SAI:

“The Underlying Funds and the Lifecycle Funds participate in an 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.”

CHANGES TO OFFICERS

Certain biographical information for Maliz Beams, Phillip Goff, Bertram Scott and Edward Van Dolsen has been updated. Accordingly, the following information hereby replaces in its entirety the biographical information for Ms. Beams and Messrs. Goff, Scott and Van Dolsen contained in the list of officers on pages B-19 through B-20 in the SAI:

Name,
Address and
Date of Birth

Position(s)
Held with
Funds

Term of Office
and Length of
Time Served

   Principal Occupation(s) During Past 5 Years 

Mary (Maliz) E. Beams
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 3/29/56

Executive
Vice President

One-year term.
Executive Vice
President since
September 2007.

Executive Vice President of Client Services of TIAA and of TIAA-CREF
Institutional Mutual Funds, CREF, TIAA-CREF Life Funds and TIAA Separate
Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since August
2008); Executive Vice President of Individual Client Services of TIAA and
the TIAA-CREF Fund Complex (2007-2008); President and Chief Execu-
tive Officer, TIAA-CREF Individual & Institutional Services, LLC (“Services”)
(since July 2007); and Senior Managing Director and Head of Wealth
Management Group, TIAA (since 2004). Formerly, Partner, Spyglass In-
vestments (2002-2003); Partner and Managing Director, President of
Global Business Development for the Mutual Fund Group and Head of In-
ternational Mutual Fund and Offshore Businesses of Zurich Scudder In-
vestments; and Head of U.S. Scudder Direct Retail Business and Chief
Executive Officer of Scudder Brokerage (1997-2003).

Phillip G. Goff
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 11/22/63

Principal Financial
Officer, Principal
Accounting Officer
and Treasurer

One-year term.
Principal Financial Officer,
Principal Accounting
Officer and Treasurer
since 2007.

Principal Financial Officer, Principal Accounting Officer and Treasurer of
the TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds (since
2007); and Treasurer of CREF and TIAA Separate Account VA-1 (since
August 2008). Formerly, Chief Financial Officer, Van Kampen Funds
(2005-2006); and Vice President and Chief Financial Officer, Enterprise
Capital Management and the Enterprise Group of Funds (1995-2005).

Bertram L. Scott
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 3/26/51

Executive
Vice President

One-year term.
Executive Vice
President since
2000.

Executive Vice President, Institutional Development and Sales of TIAA and
the TIAA-CREF Fund Complex (since August 2008); Executive Vice
President, Strategy Implementation and Policy of TIAA and the TIAA-CREF
Fund Complex (2006-2008); and Director and President of TIAA-CREF
Enterprises, Inc. (since 2000). Formerly, Executive Vice President, Product
Management of TIAA and the TIAA-CREF Fund Complex (2000-2005);
and President and Chief Executive Officer, Horizon Mercy (1996-2000).

Edward D. Van Dolsen
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 4/21/58

Executive
Vice President

One-year term.
Executive Vice
President
since 2006.

Executive Vice President, Product Development and Management of
TIAA (since August 2008); Executive Vice President, Institutional Client
Services (2006-2008); Director of Tuition Financing and Manager of
Services (April 2006); and President and CEO, TIAA-CREF Redwood, LLC
(September 2006). Formerly, Senior Vice President, Pension Products
(2003-2006) and Vice President, Support Services (1998-2003) of TIAA
and the TIAA-CREF Fund Complex.

CHANGES TO BOARD COMMITTEES

Effective July 1, 2008, members of several of the standing committees of the Board of Trustees changed. Accordingly, the following sentence hereby replaces in its entirety the next to last sentence of paragraph number “(1)” under “Board Committees” on page B-21 in the SAI:

“The current members of the Audit and Compliance Committee are Mr. Sloan (chair), Mr. Berkeley, Ms. Eckl and Prof. Poterba.”

The following sentence hereby replaces in its entirety the last sentence of paragraph number “(2)” under “Board Committees” on page B-21 in the SAI:

“The current members of the Investment Committee are Dr. Flood (chair), Mr. Berkley, Dr. Jacob, Ms. Macaskill, Prof. Poterba and Mr. Sloan.”

The following sentence hereby replaces in its entirety the last sentence of paragraph number “(5)” under “Board Committees” on page B-22 in the SAI:

“The current members of the Nominating and Governance Committee are Dr. Jacob (chair), Ms. Eckl, Mr. Sloan and Dr. Starks.”

The following sentence hereby replaces in its entirety the last sentence of paragraph number “(6)” under “Board Committees” on page B-22 in the SAI:

“The current members of the Operations Committee are Prof. Jackson (chair), Dr. Flood, Mr. Forrester, Dr. Jacob, Ms. Macaskill and Dr. Starks.”





   

A11679 (9/08)