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COLLEGE RETIREMENT EQUITIES FUND
(CREF)

SUPPLEMENT NO. 2

dated September 5, 2008

to the May 1, 2008 Statement of Additional Information (SAI)

CHANGES TO CREDIT FACILITY

CREF recently renegotiated the terms of its unsecured revolving credit facility. Accordingly, the following sentence hereby replaces in its entirety the first sentence under “Liquidity Facility — Borrowing and Lending Among Affiliates” on page B-8 in the SAI:

“Certain Accounts participate in an unsecured revolving credit facility for temporary or emergency purposes, including, without limitation, funding of participant redemptions that otherwise might require the untimely disposition of securities.”

CHANGES TO OFFICERS

Effective August 30, 2008, Gary Chinery will no longer serve as Vice President and Treasurer of CREF. In addition, effective August 30, 2008, the Board of Trustees appointed Phillip G. Goff as Treasurer of CREF. Also, certain biographical information for Maliz Beams, Scott Evans, Georganne Proctor, Bertram Scott and Edward Van Dolsen has been updated. Accordingly, all references to Gary Chinery as Vice President and Treasurer of CREF should be removed from, the following information regarding Mr. Goff should be added to, and the following information hereby replaces in its entirety the biographical information for Ms. Beams, Mr. Evans, Ms. Proctor and Messrs. Scott and Van Dolsen contained in the list of officers on pages B-23 through B-24 in the SAI:

Name,    Position(s)    Term of Office      
Address and    Held with    and Length of      
Date of Birth    CREF    Time Served     Principal Occupation(s) During Past 5 Years 
Mary (Maliz) E. Beams    Executive    One-year term.     Executive Vice President of Client Services of TIAA and of TIAA-CREF 
TIAA-CREF    Vice President    Executive Vice     Institutional Mutual Funds, CREF, TIAA-CREF Life Funds and TIAA Separate 
730 Third Avenue        President since     Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since August 
New York, NY 10017-3206        September 2007.     2008); Executive Vice President of Individual Client Services of TIAA and 
DOB: 3/29/56              the TIAA-CREF Fund Complex (2007-2008); President and Chief Execu- 
              tive Officer, TIAA-CREF Individual & Institutional Services, LLC (“Services”) 
              (since July 2007); and Senior Managing Director and Head of Wealth 
              Management Group, TIAA (since 2004). Formerly, Partner, Spyglass 
              Investments (2002-2003); Partner and Managing Director, President of 
              Global Business Development for the Mutual Fund Group and Head of 
              International Mutual Fund and Offshore Businesses of Zurich Scudder 
              Investments; and Head of U.S. Scudder Direct Retail Business and Chief 
              Executive Officer of Scudder Brokerage (1997-2003). 
Scott C. Evans    Executive    One-year term.     Principal Executive Officer and President of TIAA-CREF Institutional Mutual 
TIAA-CREF    Vice President    Executive Vice     Funds and TIAA-CREF Life Funds (since 2007); Executive Vice President 
730 Third Avenue        President since     (since 1999) of TIAA, CREF and TIAA Separate Account VA-1 and Head of 
New York, NY 10017-3206        1999.     Asset Management (since 2006) of TIAA; Director of TPIS (since 2006) 
DOB: 5/11/59              and Advisors (since 2004); President and Chief Executive Officer of 
              Investment Management and Advisors, and Manager of Investment 
              Management (since 2004); and Executive Vice President and Head of 
              Asset Management of the TIAA-CREF Mutual Funds (2006-2007). For- 
              merly, Manager of TIAA Realty Capital Management, LLC (2004-2006); 
              and Chief Investment Officer of TIAA (2004-2006) and the TIAA-CREF 
              Fund Complex (2003-2005). 


Name,    Position(s)    Term of Office      
Address and    Held with    and Length of      
Date of Birth    CREF    Time Served     Principal Occupation(s) During Past 5 Years 
Phillip G. Goff    Treasurer    One-year term.     Treasurer of CREF and TIAA Separate Account VA-1 (since August 2008); 
TIAA-CREF        Treasurer since     and Principal Financial Officer, Principal Accounting Officer and Treasurer 
730 Third Avenue        August 2008.     of the TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds 
New York, NY 10017-3206              (since 2007). Formerly, Chief Financial Officer, Van Kampen Funds 
DOB: 11/22/63              (2005-2006); and Vice President and Chief Financial Officer, Enterprise 
              Capital Management and the Enterprise Group of Funds (1995-2005). 
Georganne C. Proctor    Executive    One-year term.     Executive Vice President and Chief Financial Officer of TIAA, CREF and 
TIAA-CREF    Vice President    Executive Vice     TIAA Separate Account VA-1 (since 2006); Manager and Executive Vice 
730 Third Avenue    and Chief    President and     President of TCIM; and Director and Executive Vice President of Advisors. 
New York, NY 10017-3206    Financial Officer    Chief Financial     Formerly, Executive Vice President and Chief Financial Officer of TIAA- 
DOB: 10/25/56        Officer since 2006.     CREF Institutional Mutual Funds and TIAA-CREF Life Funds (2006- 
              2/2007); Executive Vice President, Finance, Golden West Financial 
              Corporation (2002-2006); and Senior Vice President, Chief Financial 
              Officer and Director, Bechtel Group, Inc. (1999-2002). 
Bertram L. Scott    Executive    One-year term.     Executive Vice President, Institutional Development and Sales of TIAA and 
TIAA-CREF    Vice President    Executive Vice     the TIAA-CREF Fund Complex (since August 2008); Executive Vice 
730 Third Avenue        President since     President, Strategy Implementation and Policy of TIAA and the TIAA-CREF 
New York, NY 10017-3206        2000.     Fund Complex (2006-2008); and Director and President of TIAA-CREF 
DOB: 3/26/51              Enterprises, Inc. (since 2000). Formerly, Executive Vice President, Product 
              Management of TIAA and the TIAA-CREF Fund Complex (2000-2005); 
              and President and Chief Executive Officer, Horizon Mercy (1996-2000). 
Edward D. Van Dolsen    Executive    One-year term.     Executive Vice President, Product Development and Management of TIAA 
TIAA-CREF    Vice President    Executive Vice     (since August 2008); Executive Vice President, Institutional Client 
730 Third Avenue        President since     Services (2006-2008); Director of Tuition Financing and Manager of 
New York, NY 10017-3206        2006.     Services (April 2006); and President and CEO, TIAA-CREF Redwood, LLC 
DOB: 4/21/58              (September 2006). Formerly, Senior Vice President, Pension Products 
              (2003-2006) and Vice President, Support Services (1998–2003) of TIAA 
              and the TIAA-CREF Fund Complex. 

CHANGES TO BOARD COMMITTEES

Effective July 1, 2008, members of several of the standing committees of the Board of Trustees changed. Accordingly, the following sentence hereby replaces in its entirety the next to last sentence of paragraph number “(1)” under “Board Committees” on page B-26 in the SAI:

“The current members of the Audit and Compliance Committee are Mr. Sloan (chair), Mr. Berkeley, Ms. Eckl and Prof. Poterba.”

The following sentence hereby replaces in its entirety the last sentence of paragraph number “(2)” under “Board Committees” on page B-26 in the SAI:

“The current members of the Investment Committee are Dr. Flood (chair), Mr. Berkley, Dr. Jacob, Ms. Macaskill, Prof. Poterba and Mr. Sloan.”

The following sentence hereby replaces in its entirety the last sentence of paragraph number “(5)” under “Board Committees” on page B-26 in the SAI:

“The current members of the Nominating and Governance Committee are Dr. Jacob (chair), Ms. Eckl, Mr. Sloan and Dr. Starks.”

The following sentence hereby replaces in its entirety the last sentence of paragraph number “(6)” under “Board Committees” on page B-26 in the SAI:

“The current members of the Operations Committee are Prof. Jackson (chair), Dr. Flood, Mr. Forrester, Dr. Jacob, Ms. Macaskill and Dr. Starks.”

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PORTFOLIO MANAGER CHANGES

The portfolio management teams of the Bond Market, Inflation-Linked Bond and Social Choice Accounts have changed. Therefore, the following information on the portfolio management teams for the Bond Market and Inflation-Linked Bond Accounts should replace the existing disclosure for these Accounts in its entirety within each Account’s section under “Additional Information Regarding Portfolio Managers” on page B-28 in the SAI:

  Number of Other   Total Assets In Accounts      
  Accounts Managed   Managed (millions)      
  Registered   Other Pooled   Registered   Other Pooled   Dollar Range of  
  Investment   Investment   Investment   Investment   Equity Securities  
 Name of Portfolio Manager  Companies   Vehicles   Companies   Vehicles   Owned in Fund  
BOND MARKET ACCOUNT                             
 Elizabeth (Lisa) D. Black, CFA  5 †    0 †    $14,534 *    $    0 *    $10,001-$50,000 *
 John M. Cerra  5     2     $  2,675     $121     $10,001-$50,000  
INFLATION-LINKED BOND ACCOUNT                             
 John M. Cerra  6 †    2 †    $18,397 *    $121 *    $0 * 
 
 † The information presented is as of August 13, 2008.                          
 * The information presented is as of June 30, 2008.                          

Additionally, Lisa Black has been added to the portfolio management team of the Social Choice Account. Accordingly, the following information should be added to the Account’s section under “Additional Information Regarding Portfolio Managers” on page B-28 in the SAI:

  Number of Other   Total Assets In Accounts      
  Accounts Managed   Managed (millions)      
  Registered   Other Pooled   Registered   Other Pooled   Dollar Range of   
  Investment   Investment   Investment   Investment   Equity Securities   
 Name of Portfolio Manager  Companies   Vehicles   Companies   Vehicles   Owned in Fund   
SOCIAL CHOICE ACCOUNT                             
 Elizabeth (Lisa) D. Black, CFA  5 †    0 †    $14,534 *   $0 *   $100,001-$500,000 * 
 
 † The information presented is as of August 13, 2008.                          
 * The information presented is as of June 30, 2008.                          

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