COLLEGE RETIREMENT EQUITIES FUND
(CREF)

SUPPLEMENT NO. 3
dated October 1, 2008
to the May 1, 2008 Statement of Additional Information (SAI)

CHANGES TO TRUSTEE INFORMATION

The following information hereby replaces in its entirety the biographical information for Bridget Macaskill and James Poterba contained on page B-23 of the SAI:

				Number of
				Portfolios
				in Fund
	Position(s)	Term of Office		Complex
Name, Address and	Held with	and Length of	Principal Occupation(s)	Overseen	Other Directorships
Date of Birth	CREF	Time Served	During Past 5 Years	by Trustee	Held by Trustees
Bridget A. Macaskill	Trustee	One-year term.	Principal and Founder BAM	61	Director, Prudential plc;
c/o Office of the		Trustee since	Consulting LLC (since 2003);		Scottish & Newcastle plc
Corporate Secretary		2003.	and Independent Consultant		(brewer); and International
730 Third Avenue			for Merrill Lynch (since		Advisory Board, British-
New York, NY 10017-3206			2003). Formerly, Chairman,		American Business Council
DOB: 8/5/48			Oppenheimer Funds, Inc.
			(2000-2001); and Chief
			Executive Officer (1995-2001);
			President (1991-2000); and
			Chief Operating Officer
			(1989-1995) of that firm.
James M. Poterba	Trustee	One-year term.	President and CEO, National	61	Director, The Jeffrey
c/o Office of the		Trustee since	Bureau of Economic Research		Company and Jeflion Company
Corporate Secretary		2006.	(since 2008); Head (2006-2008)		(unregistered investment
730 Third Avenue			and Associate Head (1994-2000		companies); and National
New York, NY 10017-3206			and 2001-2006), Economics		Bureau of Economic Research
DOB: 7/13/58			Department, Massachusetts
			Institute of Technology (MIT);
			Mitsui Professor of Economics,
			MIT (since 1996); and Program
			Director, National Bureau of
			Economic Research (1990-2008).

RESIGNATION OF OFFICER

Effective September 30, 2008, George W. Madison resigned from his position as Executive Vice President and General Counsel of CREF. Consequently, Mr. Madison should be removed from the list of officers on page B-24 of the SAI.

APPOINTMENT OF NEW OFFICER

Effective October 1, 2008, Jonathan Feigelson will be appointed as Senior Vice President and Acting General Counsel of CREF. Below is the biographical information related to Mr. Feigelson that should be added to the list of officers beginning on page B-23 of the SAI.

	Position(s)	Term of Office
Name, Address and	Held with	and Length of
Date of Birth	CREF	Time Served	Principal Occupation(s) During Past 5 Years
Jonathan Feigelson	Senior Vice President	One-year term.	Senior Vice President and Acting General Counsel of TIAA, CREF,
TIAA-CREF	and Acting General	Senior Vice President	TIAA Separate Account VA-1, TIAA-CREF Institutional Mutual Funds
730 Third Avenue	Counsel	and Acting General	and TIAA-CREF Life Funds (since October 2008); and Senior Vice President
New York, NY 10017-3206		Counsel since	and Deputy General Counsel of TIAA (since August 2006).
DOB: 1/10/62		October 2008.

A11700 (10/08)