[LOGO] | TEACHERS INSURANCE AND ANNUITY ASSOCIATION
| COLLEGE RETIREMENT EQUITIES FUND
|
| 730 Third Avenue
| New York, NY 10017-3206
SUPPLEMENT
DATED MAY 21, 1999
TO THE PROSPECTUS DATED APRIL 1, 1999
FOR THE TIAA-CREF MUTUAL FUNDS
The example table on page 12 of the prospectus was incorrect. It should be
replaced with the following:
1 3 5 10
Year Years Years Years
International Equity Fund $50 $239 $473 $1,143
Growth Equity Fund $46 $226 $451 $1,096
Growth & Income Fund $44 $220 $440 $1,073
Managed Allocation Fund (1) $40 $207 $418 $1,026
Bond PLUS Fund $31 $179 $369 $919
Money Market Fund $30 $176 $363 $907
(1) The Managed Allocation Fund itself has no expense charges. However,
shareholders in the Managed Allocation Fund will indirectly bear their pro rata
share of the fees and expenses incurred by the funds in which the Managed
Allocation Fund invests. The expenses in the table are based on a typical asset
mix for the Managed Allocation Fund: 24% Growth Equity Fund, 24% Growth & Income
Fund, 12% International Equity Fund and 40% Bond Plus Fund.
TCMFPROSS
