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COLLEGE RETIREMENT EQUITIES FUND
(CREF)

     SUPPLEMENT NO. 5
dated November 21, 2008
to the May 1, 2008 Statement of Additional Information (SAI)

UPDATE TO TRUSTEE AND OFFICER BIOGRAPHICAL INFORMATION

Certain biographical information for Bridget Macaskill and Jonathan Feigelson has been updated. Accordingly, the following information hereby replaces in its entirety the biographical information for Ms. Macaskill and Mr. Feigelson contained in the list of Trustees and the list of officers beginning on pages B-22 and B-23, respectively, of the SAI:

DISINTERESTED TRUSTEE          
         
        Number of
Portfolios in
Fund Complex
Overseen by
by Trustee
Name,
Address and
Date of Birth		 Position(s)
Held with
CREF		 Term of
Office and
Length of
Time Served		 Principal
Occupation(s)
During
Past 5 Years
Other Directorships
Held by Trustees
Bridget A. Macaskill
c/o Office of the
Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
DOB: 8/5/48		 Trustee One-year term.
Trustee since
2003.		 Principal and Founder
 BAM Consulting LLC
(since 2003); and
Independent Consultant
for Merrill Lynch
(since 2003). Formerly,
Chairman, Oppenheimer
Funds, Inc. (2000-2001);
and Chief Executive
Officer (1995-2001);
President (1991-2000);
and Chief Operating
Officer (1989-1995)
of that firm.		 61 Director, Prudential plc and International
Advisory Board, British-American Business
Council.
   
   
       
       
       
         
         
         

OFFICER      
 
Name,
Address and
Date of Birth		 Position(s)
Held with
CREF		 Term of Office
and Length of
Time Served		  
 
Principal Occupation(s) During Past 5 Years
Jonathan Feigelson
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 1/10/62		 Senior Vice President
and Acting General
Counsel		 One-year term.
Senior Vice President
and Acting General
Counsel since
October 2008.		 Senior Vice President and Acting General Counsel of TIAA, CREF, TIAA
Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds
(since October 2008); and Senior Vice President and Deputy General
Counsel of TIAA (since August 2006). Formerly, Managing Director and
General Counsel, ABN AMRO (2002—August 2006).
 
 


A11781 (11/08)