[TIAA-CREF LOGO] MUTUAL FUNDS
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SUPPLEMENT
DATED SEPTEMBER 30, 1997
TO THE PROSPECTUS DATED SEPTEMBER 2, 1997
FOR THE TIAA-CREF MUTUAL FUNDS
See "Fund Managers", pages 29-30 of the Prospectus:
Jeffrey Siegel has succeeded Scott Evans as manager of the Growth Equity
Fund and Mr. Evans has assumed the position of manager of all investment
activities for Teachers Advisors, Inc. and TIAA-CREF Investment Management, Inc.
Mr. Siegel is a Managing Director of Teachers Advisors. He joined TIAA-CREF in
1988. Mr. Siegel is also responsible for managing the investments of the CREF
Growth Account and the CREF Global Equities Account.