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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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015 A000501 BANKERS TRUST COMPANY
015 B000501 C
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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015 A000701 BANKERS TRUST COMPANY
015 B000701 C
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024 000700 Y
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025 B000701 13-3160926
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<PAGE> PAGE 44
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SIGNATURE ANTHONY V. BETRO
TITLE DIRECTOR, INV.ACCTG.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
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<CIK> 0000777535
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<SERIES>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000777535
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<SERIES>
<NUMBER> 4
<NAME> SOCIAL CHOICE ACCOUNT
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<TABLE> <S> <C>
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<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
<SERIES>
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<S> <C>
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