[LOGO]         |COLLEGE RETIREMENT
               |EQUITIES FUND
               |730 Third Avenue
               |New York, NY 10017-3206



                                   SUPPLEMENT
                                DATED JUNE 1998
                      TO THE PROSPECTUS DATED MAY 1, 1998
                    FOR THE COLLEGE RETIREMENT EQUITIES FUND




There  was an error in the  table on the top of Page 27 of the  Prospectus.  The
correct   percentage  of  the  Global  Equities   Account  invested  in  foreign
investments as of December 31, 1997 was 46.15%.


<PAGE>


[LOGO]         |COLLEGE RETIREMENT
               |EQUITIES FUND
               |730 Third Avenue
               |New York, NY 10017-3206



                                   SUPPLEMENT
                                DATED JUNE 1998
                   TO THE STATEMENT OF ADDITIONAL INFORMATION
                                DATED MAY 1, 1998
                    FOR THE COLLEGE RETIREMENT EQUITIES FUND




There was an error in the table on the top of Page  B-44  of the  Statement  of
Additional  Information.  The correct  cumulative  change in basic  annuity unit
value for the Social  Choice  Account  for the five years  ended May 1, 1998 was
68.07%.

Also on Page B-44, the correct cumulative change in the basic annuity unit value
for the Inflation-Linked Bond Account since May 1, 1997 was -2.32%.



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