SCHEDULE 14A INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, For Use of the Commission [ ] Definitive Proxy Statement Only (as permitted by Rule 14a-6(e)(2)) [X] Definitive Additional Materials [ ] Soliciting Material Pursuant to Rule 14a-12 ---------- TIAA - CREF Institutional Mutual Funds (Name of Registrant as Specified in its Charter) ---------- Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: Lipper Peer Groups The following is a listing of the comparative peer groups developed by Lipper, Inc. that were used to help the Board of Trustees of the TIAA-CREF Institutional Mutual Funds evaluate the proposed total expenses for certain of the TIAA-CREF Institutional Mutual Funds, as referenced in the Definitive Proxy Statement. The listings show the lowest priced funds at the top of the chart and the highest priced funds at the bottom, and the TIAA-CREF fund as proposed to be repriced. TIAA-CREF Institutional Growth Equity Fund - -------------------------------------------------------------------------------- Vanguard Growth Index; Inst TIAA-CREF Inst: Growth Equity; Inst Baird Large Cap; Inst Delaware Diversified Growth ;Inst American Aadvantage: Large Cap Growth; Inst Hartford: Growth HLS;IA MassMutual Select: Aggressive Growth; Y ING: Growth; I Morgan Stanley Inst: Focused Equity: A Goldman: Concentrated Growth; Ins Enterprise: Capital Appreciation; Y Managers II:20;Y Dreyfus/Founders: Equity Growth; R Strategic Partners Opp: FG; Z Lord Abbett Large Cap Growth; Y - -------------------------------------------------------------------------------- TIAA-CREF Institutional Growth & Income Fund - -------------------------------------------------------------------------------- Vanguard TM Growth & Income JP Morgan: Disc Equity; Ult Schroder Cap: N AM Equity TIAA-CREF Inst: Growth & Income; Inst GE Funds: US Equity; Y Strong Growth & Income: Inst F Russell: Equity 1:1 Goldman: Core Equity; Ins J Hancock Large Cap Equity; I Vantagepoint Growth & Income MassMutual Select: LCV; Y Fidelity Adv Large Cap; Ins First Funds: Core Equity; I Fifth: QI Growth; Inst Evergreen Fund; I - -------------------------------------------------------------------------------- 1 Lipper Peer Groups TIAA-CREF Institutional Large-Cap Value Fund - -------------------------------------------------------------------------------- TIAA-CREF Inst: Large Cap Value; Inst Goldman: Core Large Cap Value; Ins Hartford HLS: Value Opp; IA BlackRock: Large Cap Value; Inst MassMutual Select: Value Equity Y MainStay All Cap VI;I Harris Ins: Equity; Inst F Russell: Select Value; I Dreyfus Prem Strategic Value; R Fidelity Adv Equity Value; Inst SunAmerica Equity: Value; Z Munder: Large Cap Value: Y Strategic Partners Opp: MCV; Z Fifth: Multi-Cap Value; Inst Kobren Insight: Delph; Ins - -------------------------------------------------------------------------------- TIAA-CREF Institutional Mid-Cap Growth Fund - -------------------------------------------------------------------------------- TIAA-CREF Inst: Mid Cap Growth; Inst HSBC Inv: Mid-Cap; Y Delaware Pooled: Small Cap Growth Equity BB&T: Mid Cap Growth; Inst J Hancock Mid Cap Growth; I Rainier: S/M Cap Equity: Inst MFS New Endeavor; I Phoenix-Snca: MC EDG;X ING: Mid Cap Opptys; Inst Baird Mid Cap; Inst AIM Equity: Mid Cap Growth; Inst BlackRock: Mid Cap Growth; Inst Munder: Mid Cap Select; Y Nich-App Growth Equity; Z Dreyfus/Founders: Mid Cap Growth; R - -------------------------------------------------------------------------------- 2 Lipper Peer Groups TIAA-CREF Institutional Mid-Cap Value Fund - -------------------------------------------------------------------------------- TIAA-CREF Inst: MCV; Inst Hartford: Mid Cap Value: I First American Mid Cap Value; Y BB&T Mid Cap Val; Inst BlackRock: Mid Cap Val: Inst Putnam Mid Cap Val; Y MFS Mid Cap Value; I MainStay: Mid Cap Val; I Nations: Mid Cap Val; Prm A Morgan Stanley Sm-Md Sp V;D Merrill Mid Cap Value Oppty; I Synovus Mid Cap Value; Inst Fidelity Adv Leveraged Co; Ins STI Classic: Mid Cap Value Equity; T Quaker Inv: Mid Cap Value; I - -------------------------------------------------------------------------------- TIAA-CREF Institutional Small-Cap Equity Fund - -------------------------------------------------------------------------------- Vanguard TM Small Cap; Inst TIAA-CREF Inst: Small Cap Equity; Inst JP Morgan: Small Cap Core; Sel Harbor: Small Cap Val: Inst Goldman: Core Small Cap Equity; Ins Harris Ins: Small Cap Val; Inst Fidelity Adv Small Cap; Ins GE Funds: Small Cap Val Equity; Y Dreyfus Prem Future Leaders: R Lord Abbett Small Cap Blend; Y Mercantile: Cap Opp; Inst Phoenix-Kayne: S/M Cp; X Pac Cap: Small Cap; Y Forward: Hoov SCE; Inst Munder: Micro-Cap Equity; Y - -------------------------------------------------------------------------------- 3 Lipper Peer Groups TIAA-CREF Institutional Social Choice Equity Fund - -------------------------------------------------------------------------------- Vanguard TM Cp App; Ins TIAA-CREF Inst: Soc; Inst BlackRock: Large Cap Growth; Inst Fidelity Adv Fifty; Ins Strong Adv Large Co Cre; K Scudder Flg Eq Prt; Inst Laudus Ro US Large Cap; Inst AHA Inv: Diversified Equity; I MFS Core Equity; I Morgan Stanley Tot Return; D Hartford: Cap Op HLS; IA STI Classic: SQ Equity; T Stratus: Growth; Instl Strategic Partners AA: Hi Gr; Z Wisdom Fund; Inst - -------------------------------------------------------------------------------- TIAA-CREF Institutional Real Estate Securities Fund - -------------------------------------------------------------------------------- TIAA-CREF Inst: Real Estate; Inst Scudder RREEF Real Estate Sec; I Franklin Real Estate; Adv Davis: Real Estate; Y Delaware Pooled: Real Estate II ING: Real Estate; Inst First American: Real Estate; Y Ell Realty Secs; Inst Mercantile: Div Real Estate; Inst Goldman: Real Estate Sec; Ins Pioneer Real Estate; Y Fidelity Adv RI Estate; Ins Munder: Real Estate; Y CDC Nvest AEW RI Estate; Y Strategic Partners Real Estate; Z - -------------------------------------------------------------------------------- 4 Lipper Peer Groups TIAA-CREF Institutional International Equity Fund - -------------------------------------------------------------------------------- Vanguard TM Intl; Inst TIAA-CREF Inst: International Equity: Inst Glenmede: Instl International Fidelity Adv Overseas; I Thornburg International Value; I Causeway: International Value; Inst Goldman: Cre International Equity: Ins W & R Adv: International Growth; Y Merrill International Value; I Nations: International Equity; Primary A WellsFargo: International Equity; I Morgan Stanley International Value; D First American: International; Y Strategic Partners International Value; Z Delaware International Value Equity: I - -------------------------------------------------------------------------------- TIAA-CREF Institutional Inflation-Linked Bond Fund - -------------------------------------------------------------------------------- Western Asset Inflation-Indexed+; I AIM Inv: Ltd Treasury; Inst TIAA-CREF Inst: Inflation-Linked; Inst FFTW: US Inflation Index JP Morgan: Treasury & Agency; Select BBH: Inflation -Index; I Fidelity Adv Inflation; Ins Hartford: Inflation Plus; Y STI Classic: S-T Tr; T - -------------------------------------------------------------------------------- 5 Lipper Peer Groups TIAA-CREF Institutional Bond Fund - -------------------------------------------------------------------------------- Vanguard Tot Bond; Inst TIAA-CREF Inst: Bond; Inst F Russell: Fixed Inc 1;1 JP Morgan: Bond; Ult Thrivent Funds: Cre Bond; Inst Scudder Fixed Inc; Inst Oppenheimer Core Bond; Y Fidelity Adv Inv Grade; I BlackRock: Managed Inc; Inst Dreyfus Prem Core Bd, R Merrill Bond: Intmdt: I Fifth: Intmdt Bd; Inst BNY Hamilton: Int Inv; Inst STI Classic: Inv Grade; T JennisonDryden Dryden Total Return Bond; Z - -------------------------------------------------------------------------------- TIAA-CREF Institutional Money Market Fund - -------------------------------------------------------------------------------- Vanguard Prime Money Market; Inst TIAA-CREF Inst: Money Market; Inst Fidelity IMM: Money Market; I Instl Daily Inc; Money Market; B Amer Perform: Instl Cash Calvert Cash Reserve: Inst Prime First Funds: Cash Reserve; I Pax World Money Market; Inst CIGNA: Money Market; Inst Legacy Funds: Fed Money; Trust North Track: Cash; Y Signal Money Market; I Thrivent Funds: Money Market; Inst Vintage Mutual: Liquid Asset; I ING: Aeltus Money Market; I - -------------------------------------------------------------------------------- 6