<PAGE> PAGE 1
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<PAGE> PAGE 2
008 C00AA01 801-38029
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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054 F00AA00 N
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<PAGE> PAGE 5
054 M00AA00 N
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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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015 A000303 BANK OF NEW YORK
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015 C020303 NY
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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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015 B000401 C
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015 C030401 10286
015 E010401 X
015 A000402 DELETE
015 A000403 BANKERS TRUST COMPANY
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015 C030403 10015
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015 C010404 LONDON
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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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015 A000501 BANKERS TRUST COMPANY
015 B000501 C
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<PAGE> PAGE 29
015 E010501 X
015 A000502 THE CHASE MANHATTAN BANK
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015 C010502 NEW YORK
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015 C030502 11245
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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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025 D000502 4776
025 A000503 MERRILL LYNCH & CO., INC.
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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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015 A000601 BANKERS TRUST COMPANY
015 B000601 C
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015 C030601 10015
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<PAGE> PAGE 37
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015 A000603 THE CHASE MANHATTAN BANK, N.A.
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015 C030603 11245
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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 47
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SIGNATURE ANTHONY V. BETRO
TITLE DIRECTOR, INV.ACCTG.
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
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<NAME> SOCIAL CHOICE ACCOUNT
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
<SERIES>
<NUMBER> 5
<NAME> GLOBAL EQUITIES ACCOUNT
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 4,548,579,840
<INVESTMENTS-AT-VALUE> 5,406,868,916
<RECEIVABLES> 82,017,909
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 80,015,913
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<NET-ASSETS> 5,097,495,563
<DIVIDEND-INCOME> 39,576,909
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<EXPENSES-NET> (8,298,401)
<NET-INVESTMENT-INCOME> 36,420,905
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<PER-SHARE-NII> .422
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
<SERIES>
<NUMBER> 6
<NAME> GROWTH ACCOUNT
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 2,880,426,061
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<PAID-IN-CAPITAL-COMMON> 0
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<SHARES-COMMON-PRIOR> 53,200,553
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
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<NET-ASSETS> 3,660,995,670
<DIVIDEND-INCOME> 15,338,564
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<NET-CHANGE-IN-ASSETS> 1,240,100,524
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 5,259,400
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<PER-SHARE-NII> .199
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 52.254
<EXPENSE-RATIO> .170
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
<SERIES>
<NUMBER> 7
<NAME> EQUITY INDEX ACCOUNT
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1,085,264,241
<INVESTMENTS-AT-VALUE> 1,405,079,848
<RECEIVABLES> 3,711,485
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 447,918
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<PAYABLE-FOR-SECURITIES> 7,053,822
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<TOTAL-LIABILITIES> 7,053,822
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<SHARES-COMMON-PRIOR> 20,724,711
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<NET-ASSETS> 1,402,185,429
<DIVIDEND-INCOME> 10,138,471
<INTEREST-INCOME> 362,157
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<NET-INVESTMENT-INCOME> 8,741,741
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<NUMBER-OF-SHARES-SOLD> 6,260,977
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<NET-CHANGE-IN-ASSETS> 480,260,344
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<GROSS-ADVISORY-FEES> 501,194
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,758,887
<AVERAGE-NET-ASSETS> 1,142,538,822
<PER-SHARE-NAV-BEGIN> 42.834
<PER-SHARE-NII> .330
<PER-SHARE-GAIN-APPREC> 7.150
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 50.314
<EXPENSE-RATIO> .150
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
<SERIES>
<NUMBER> 8
<NAME> INFLATION-LINKED BOND ACCOUNT
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 72,102,674
<INVESTMENTS-AT-VALUE> 71,944,345
<RECEIVABLES> 1,116,396
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 54,629
<TOTAL-ASSETS> 73,115,370
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2,865,475
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 73,115,370
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,155,749
<OTHER-INCOME> 0
<EXPENSES-NET> (44,545)
<NET-INVESTMENT-INCOME> 1,111,204
<REALIZED-GAINS-CURRENT> (16,920)
<APPREC-INCREASE-CURRENT> (158,329)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,865,475
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 73,115,370
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 44,545
<AVERAGE-NET-ASSETS> 54,067,424
<PER-SHARE-NAV-BEGIN> 25.000
<PER-SHARE-NII> .532
<PER-SHARE-GAIN-APPREC> (.034)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 25.498
<EXPENSE-RATIO> .080
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
