SUPPLEMENT NO. 3
dated September 30, 1999
to the Prospectus dated April 1, 1999
for the TIAA-CREF Mutual Funds
Teachers Advisors, Inc. ("Advisors"), the investment advisor for the
funds, has agreed to extend the period during which it is waiving a portion of
its fee for managing the funds. The waiver will now remain in effect until July
1, 2003. This means that until that time, the net current fees for each fund
will remain as follows:
International Equity Fund 0.49%
Growth Equity Fund 0.45%
Growth & Income Fund 0.43%
Managed Allocation Fund(1) 0.39%
Bond Plus Fund 0.30%
Money Market Fund 0.29%
For more information about the funds' expenses, including maximum
possible expense charges, see page 11 of the prospectus.
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(1)Teachers Advisors doesn't receive a management fee for its services to
the Managed Allocation Fund. However, shareholders in that fund indirectly bear
their pro rata share of the fees and expenses incurred by the funds in which the
Managed Allocation Fund invests. The expense charge for this fund is based on a
typical asset mix for the fund: 24% Growth Equity Fund, 24% Growth & Income
Fund, 12% International Equity Fund and 40% Bond Plus Fund.
