<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 4
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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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015 B000401 C
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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
<PAGE> PAGE 29
015 B000501 C
015 C010501 NEW YORK
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015 C030501 10015
015 E010501 X
015 A000502 THE CHASE MANHATTAN BANK
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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
015 A000527 BANKERS TRUST COMPANY
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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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015 A000601 BANKERS TRUST COMPANY
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015 C030603 11245
015 E010603 X
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015 E040605 X
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015 B000606 S
015 C010606 NASSAU
015 D010606 BAHAMAS
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025 C000602 D
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<PAGE> PAGE 38
025 A000604 JEFFERIES GROUP
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025 C000604 E
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<PAGE> PAGE 39
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066 C000600 N
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066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
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<PAGE> PAGE 40
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 Y
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 Y
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 Y
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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015 A000701 BANKERS TRUST COMPANY
015 B000701 C
015 C010701 NEW YORK
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015 C030701 10015
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015 A000702 BANKERS TRUST COMPANY
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015 C010702 LONDON
015 D010702 UNITED KINGDOM
015 D020702 EC2A 2HE
015 E040702 X
024 000700 Y
025 A000701 MORGAN (JP) & CO., INC.
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025 A000702 LEHMAN BROTHERS HLDGS., INC.
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025 A000703 DELETE
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
070 O010700 Y
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<PAGE> PAGE 46
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015 A000801 BANK OF NEW YORK
015 B000801 C
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015 C030801 10286
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015 A000802 BANK OF NEW YORK - GRAND CAYMAN BRANCH
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015 E040802 X
024 000800 N
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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SIGNATURE ANTHONY V. BETRO
TITLE ADM.DIRECTOR-FINANCE
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<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. ALL AMOUNTS ARE IN THOUSANDS, EXCEPT PER SHARE AMOUNTS.
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<NAME> COLLEGE RETIREMENT EQUITIES FUND
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
<SERIES>
<NUMBER> 4
<NAME> SOCIAL CHOICE ACCOUNT
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
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<PER-SHARE-NII> 1.201
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
<SERIES>
<NUMBER> 5
<NAME> GLOBAL EQUITIES ACCOUNT
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
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<INVESTMENTS-AT-COST> 5,440,325
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<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 85,019
<SHARES-COMMON-PRIOR> 84,645
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 6,170,080
<DIVIDEND-INCOME> 37,561
<INTEREST-INCOME> 4,305
<OTHER-INCOME> 0
<EXPENSES-NET> (11,678)
<NET-INVESTMENT-INCOME> 30,188
<REALIZED-GAINS-CURRENT> 271,341
<APPREC-INCREASE-CURRENT> 553,981
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<NUMBER-OF-SHARES-SOLD> 4,282
<NUMBER-OF-SHARES-REDEEMED> (3,908)
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<NET-CHANGE-IN-ASSETS> 903,410
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<GROSS-EXPENSE> 11,678
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<PER-SHARE-NII> .348
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<PER-SHARE-NAV-END> 69.896
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
<SERIES>
<NUMBER> 6
<NAME> GROWTH ACCOUNT
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 4,969,883
<INVESTMENTS-AT-VALUE> 6,261,426
<RECEIVABLES> 73,655
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<OTHER-ITEMS-ASSETS> 151
<TOTAL-ASSETS> 6,335,232
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<TOTAL-LIABILITIES> 122,685
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<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 90,279
<SHARES-COMMON-PRIOR> 80,370
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<NET-ASSETS> 6,212,547
<DIVIDEND-INCOME> 17,814
<INTEREST-INCOME> 4,854
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<EXPENSES-NET> (10,839)
<NET-INVESTMENT-INCOME> 11,829
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<GROSS-EXPENSE> 10,839
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<PER-SHARE-NII> .135
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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> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 2,166,382
<INVESTMENTS-AT-VALUE> 2,947,874
<RECEIVABLES> 6,761
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 24
<TOTAL-ASSETS> 2,954,659
<PAYABLE-FOR-SECURITIES> 17,009
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<TOTAL-LIABILITIES> 17,009
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 44,138
<SHARES-COMMON-PRIOR> 35,368
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,937,650
<DIVIDEND-INCOME> 18,216
<INTEREST-INCOME> 1,035
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<EXPENSES-NET> (4,056)
<NET-INVESTMENT-INCOME> 15,195
<REALIZED-GAINS-CURRENT> 8,173
<APPREC-INCREASE-CURRENT> 312,308
<NET-CHANGE-FROM-OPS> 335,676
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 8,770
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<GROSS-EXPENSE> 4,056
<AVERAGE-NET-ASSETS> 2,533,409
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<PER-SHARE-NII> .368
<PER-SHARE-GAIN-APPREC> 8.053
<PER-SHARE-DIVIDEND> 0
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 64.612
<EXPENSE-RATIO> .160
<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> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 112,188
<INVESTMENTS-AT-VALUE> 112,390
<RECEIVABLES> 1,613
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 53
<TOTAL-ASSETS> 114,056
<PAYABLE-FOR-SECURITIES> 0
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<SHARES-COMMON-PRIOR> 3,626
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 114,056
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,075
<OTHER-INCOME> 0
<EXPENSES-NET> (182)
<NET-INVESTMENT-INCOME> 1,893
<REALIZED-GAINS-CURRENT> (239)
<APPREC-INCREASE-CURRENT> 1
<NET-CHANGE-FROM-OPS> 1,655
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<SHARES-REINVESTED> 0
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<GROSS-EXPENSE> 182
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<PER-SHARE-NAV-BEGIN> 26.118
<PER-SHARE-NII> .480
<PER-SHARE-GAIN-APPREC> (.063)
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<PER-SHARE-NAV-END> 26.535
<EXPENSE-RATIO> .180
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
