TIAA-CREF has determined that its two eligible mutual funds, the TIAA-CREF Institutional Mutual Funds Money Market Fund and the TIAA-CREF Life Money Market Fund, will both participate in the U.S. Treasury Department Temporary Guarantee Program for Money Market Funds.

The CREF Money Market Account will not participate because it does not maintain a constant $1.00 share price, which is part of the federal program's requirements (See answer to Question 4 below.)

┬╖ To help support investor confidence in this time of market instability, TIAA-CREF is participating in the federal money market insurance program.

┬╖ Eligible funds will be covered by the new insurance program. The TIAA-CREF Institutional Money Market Fund and TIAA-CREF Life Money Market Fund are eligible to participate and will be covered by this insurance program.

┬╖ Because it does not seek to maintain a constant $1.00 share price, the CREF Money Market Account is not eligible to participate in this insurance program.

┬╖ We have confidence in all of our money market portfolios. We feel confident in the security of all of our money market funds and accounts because their portfolios:

┬╖ have steered clear of troubled companies

┬╖ invest in only high-quality holdings

┬╖ have experienced no defaults or downgrades.

┬╖ The cost of participating in this program will be paid by investors in each fund. The Treasury Department is charging one-one hundredth of a percent (or one basis point) of the total fund net assets as of September 19, 2008, the date when the guarantee begins.

┬╖ That means the cost for insuring a $1,000 investment in a money market fund is ten cents.

Background on the Federal Money Market Insurance Program The U.S. Treasury Department's Temporary Guarantee Program for Money Market Funds guarantees the $1.00 share price of participating money market funds. The guarantee will be triggered only if a participating fund liquidates its assets as a result of its net asset value falling below $.995, commonly referred to as "breaking the buck."

Under the program, coverage is provided to shareholders for amounts that they held in participating money market funds as of the close of business on September 19, 2008. Any increase in the number of shares held in an account after the close of business on September 19, 2008 will not be guaranteed.

However, say a participant owned 200 shares of ABC Money Market Fund on September 19, sold 100 on September 22, and purchased 50 on September 30. If the fund breaks the buck on October 10, all 150 of the participant's shares would be covered under the guarantee program'even though some of those shares were purchased after September 19. As long as it remains in effect, the guarantee program will protect investments in the ABC Money Market Fund up to the amount that was held as of September 19.

Investors cannot sign up for the guarantee themselves; the Treasury Department's guarantee arrangement is made with the funds. The plan is scheduled to be in place for three months'ending December 18, 2008'but can be extended up until September 18, 2009, at the discretion of the Department.

Frequently Asked Questions about the Federal Money Market Insurance Program:

1. Is TIAA-CREF participating in the Treasury's Temporary Guarantee Program for Money Market Funds? Yes. All of TIAA-CREF's eligible money market funds are participating in the program to help support investor confidence in this time of market instability.

2. Which TIAA-CREF money market funds and accounts are participating in the program? TIAA-CREF Institutional Money Market Fund and TIAA-CREF Life Money Market Fund are participating in the program. The CREF Money Market Account is not eligible to participate in the program.

3. What investments are eligible for coverage? Under the program, coverage is provided to shareholders for amounts that they held in participating money market funds as of the close of business on September 19, 2008. Any increase in the number of shares held in an account after the close of business on September 19, 2008 will not be guaranteed.

4. Why is the CREF Money Market Account not eligible to participant in the government's money market insurance program? The CREF Money Market Fund Account is not eligible to participate in the program because it does not seek to maintain a constant $1.00 share price, which is part of the federal program's requirements. The rules governing the federal program state that, in order to be eligible, a money market fund or account must maintain a stable share price of $1.00, which the CREF account does not.

5. How then is the CREF Money Market Account valued? The CREF Money Market Account does not maintain a constant unit price of $1.00, as it does not make distributions, and it values securities that are more than 60 days from maturity at market value.

6. If TIAA-CREF has full confidence in its money market portfolios, why participate in the government money market insurance program? TIAA-CREF is participating in the program to help support investor confidence in general during this time of unprecedented market instability. We believe that it is unlikely that we would ever need the guarantee offered by the program; however, we feel this additional protection will be reassuring to our participants.

7. How much does this program cost and who is covering the cost to participate in the program? The cost of participating in this program will be paid by investors in each fund. The Treasury Department is charging one-one hundredth of a percent (or one basis point) of each fund's total assets as of September 19, 2008, the date when the guarantee begins, to participate in the program. That means the cost for insuring a $1,000 investment in a money market fund is ten cents.

8. Can I join the federal money market insurance program on my own? Investors cannot sign up individually. Each money market fund decides whether to sign up for the program.

9. Where can I learn more about the U.S. Treasury Temporary Guarantee Program for Money Market Funds? For more details on the program, visit the U.S. Treasury site at: http://www.sec.gov/divisions/investment/mmtempguarantee.htm