Supplement
dated September 15, 1999
to the Prospectus dated May 1, 1999
for the College Retirement Equities Fund
Tax Consequences of Allocating to the CREF Inflation-Linked Bond Account under a
CREF Annuity for Self-Remitted Non-Qualified Funds
If you have a CREF certificate which was set up only to receive self-remitted
non-qualified funds (e.g., money that is not part of a pension plan that you
remit to us directly) and you allocate any such funds to the CREF
Inflation-Linked Bond Account, then earnings, if any, on your total accumulation
under the certificate are not eligible for tax-deferral. You may therefore be
required to pay taxes on such earnings in any year in which you allocated funds
under the certificate to the Inflation-Linked Bond Account.
If you any questions on this Supplement or if you would like to discuss this
matter in more detail, please telephone our counseling center at 1 800 842-2776.
