<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
020 A000010 BERNSTEIN (SANFORD C.) & CO., INC.
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<PAGE> PAGE 4
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<PAGE> PAGE 5
055 A00AA00 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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<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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015 A000501 BANKERS TRUST COMPANY
015 B000501 C
015 C010501 NEW YORK
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<PAGE> PAGE 29
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<PAGE> PAGE 30
015 A000511 THE CHASE MANHATTAN BANK
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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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015 A000601 BANKERS TRUST COMPANY
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<PAGE> PAGE 37
015 A000603 THE CHASE MANHATTAN BANK, N.A.
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
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070 E020600 N
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070 F020600 Y
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070 H020600 N
070 I010600 N
070 I020600 N
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070 J020600 N
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070 K020600 N
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<PAGE> PAGE 40
070 O020600 N
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<PAGE> PAGE 41
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015 A000701 BANKERS TRUST COMPANY
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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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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<PAGE> PAGE 47
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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 ANNUAL
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STATEMENTS. ALL AMOUNTS ARE IN THOUSANDS, EXCEPT PER SHARE AMOUNTS.
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<NAME> COLLEGE RETIREMENT EQUITIES FUND
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</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> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,756,844
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<PER-SHARE-NAV-END> 73.016
<EXPENSE-RATIO> .300
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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> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 4,855,836
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<TOTAL-LIABILITIES> 360,243
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<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 84,645
<SHARES-COMMON-PRIOR> 80,016
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<NET-ASSETS> 5,266,670
<DIVIDEND-INCOME> 67,513
<INTEREST-INCOME> 9,773
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<EXPENSES-NET> (18,689)
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<PER-SHARE-NAV-BEGIN> 50.680
<PER-SHARE-NII> .643
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<PER-SHARE-NAV-END> 59.973
<EXPENSE-RATIO> .380
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
<SERIES>
<NUMBER> 6
<NAME> GROWTH ACCOUNT
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,825,057
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<TOTAL-LIABILITIES> 10,704
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 80,370
<SHARES-COMMON-PRIOR> 53,201
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<NET-ASSETS> 4,690,963
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<INTEREST-INCOME> 8,556
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<EXPENSES-NET> (12,546)
<NET-INVESTMENT-INCOME> 30,174
<REALIZED-GAINS-CURRENT> 374,778
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<PER-SHARE-NII> .372
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<PER-SHARE-NAV-END> 56.904
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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> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,583,659
<INVESTMENTS-AT-VALUE> 2,053,385
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<TOTAL-LIABILITIES> 15,669
<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 20,725
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<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,042,706
<DIVIDEND-INCOME> 24,212
<INTEREST-INCOME> 1,103
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<EXPENSES-NET> (4,328)
<NET-INVESTMENT-INCOME> 20,987
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<PER-SHARE-NAV-END> 56.191
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<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> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 93,524
<INVESTMENTS-AT-VALUE> 93,725
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<TOTAL-LIABILITIES> 344
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<SHARES-COMMON-STOCK> 3,626
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<NET-ASSETS> 95,580
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<EXPENSES-NET> (180)
<NET-INVESTMENT-INCOME> 2,575
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<PER-SHARE-NAV-END> 26.118
<EXPENSE-RATIO> .250
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
