<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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 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
015 D010301 CAYMAN ISLANDS
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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 A000401 BANK OF NEW YORK
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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
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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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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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015 A000801 BANK OF NEW YORK
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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SIGNATURE ANTHONY V. BETRO
TITLE ADM.DIRECTOR-FINANCE
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,492
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,970,010
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,435
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,398
<AVERAGE-NET-ASSETS> 5,850,558
<PER-SHARE-NAV-BEGIN> 56.904
<PER-SHARE-NII> .238
<PER-SHARE-GAIN-APPREC> 18.475
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 75.617
<EXPENSE-RATIO> .380
<AVG-DEBT-OUTSTANDING> 0
<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> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 4,838,167
<INVESTMENTS-AT-VALUE> 6,030,329
<RECEIVABLES> 50,778
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 41,445
<TOTAL-ASSETS> 6,122,552
<PAYABLE-FOR-SECURITIES> 24,659
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,964
<TOTAL-LIABILITIES> 71,623
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 81,825
<SHARES-COMMON-PRIOR> 84,645
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 6,050,929
<DIVIDEND-INCOME> 68,322
<INTEREST-INCOME> 10,012
<OTHER-INCOME> 0
<EXPENSES-NET> (23,248)
<NET-INVESTMENT-INCOME> 55,086
<REALIZED-GAINS-CURRENT> 417,277
<APPREC-INCREASE-CURRENT> 463,253
<NET-CHANGE-FROM-OPS> 935,616
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,907
<NUMBER-OF-SHARES-REDEEMED> (10,727)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 784,259
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,610
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,257
<AVERAGE-NET-ASSETS> 5,687,492
<PER-SHARE-NAV-BEGIN> 59.973
<PER-SHARE-NII> .634
<PER-SHARE-GAIN-APPREC> 10.508
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 71.115
<EXPENSE-RATIO> .410
<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> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 140,810
<INVESTMENTS-AT-VALUE> 139,736
<RECEIVABLES> 2,071
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 17
<TOTAL-ASSETS> 141,824
<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> 5,112
<SHARES-COMMON-PRIOR> 3,626
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 141,824
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,617
<OTHER-INCOME> 0
<EXPENSES-NET> (384)
<NET-INVESTMENT-INCOME> 5,233
<REALIZED-GAINS-CURRENT> (82)
<APPREC-INCREASE-CURRENT> (1,275)
<NET-CHANGE-FROM-OPS> 3,876
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,486
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 46,244
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 117
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 384
<AVERAGE-NET-ASSETS> 116,341
<PER-SHARE-NAV-BEGIN> 26.118
<PER-SHARE-NII> 1.170
<PER-SHARE-GAIN-APPREC> (.260)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 27.028
<EXPENSE-RATIO> .330
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
<SERIES>
<NUMBER> 2
<NAME> MONEY MARKET ACCOUNT
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 5,884,687
<INVESTMENTS-AT-VALUE> 5,884,850
<RECEIVABLES> 30,088
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,127
<TOTAL-ASSETS> 5,916,065
<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> 312,358
<SHARES-COMMON-PRIOR> 233,116
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 5,916,065
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 278,125
<OTHER-INCOME> 0
<EXPENSES-NET> (15,042)
<NET-INVESTMENT-INCOME> 263,083
<REALIZED-GAINS-CURRENT> (67)
<APPREC-INCREASE-CURRENT> 1,203
<NET-CHANGE-FROM-OPS> 264,219
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 79,242
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,714,609
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,080
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,042
<AVERAGE-NET-ASSETS> 4,991,960
<PER-SHARE-NAV-BEGIN> 17.402
<PER-SHARE-NII> .944
<PER-SHARE-GAIN-APPREC> .005
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.351
<EXPENSE-RATIO> .300
<AVG-DEBT-OUTSTANDING> 0
<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> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 2,682,498
<INVESTMENTS-AT-VALUE> 3,692,160
<RECEIVABLES> 239,293
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 591
<TOTAL-ASSETS> 3,932,044
<PAYABLE-FOR-SECURITIES> 396,391
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 192,646
<TOTAL-LIABILITIES> 589,037
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 37,211
<SHARES-COMMON-PRIOR> 30,554
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,343,007
<DIVIDEND-INCOME> 23,530
<INTEREST-INCOME> 69,794
<OTHER-INCOME> 0
<EXPENSES-NET> (8,674)
<NET-INVESTMENT-INCOME> 84,650
<REALIZED-GAINS-CURRENT> 57,952
<APPREC-INCREASE-CURRENT> 340,114
<NET-CHANGE-FROM-OPS> 482,716
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,657
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,025,019
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,087
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,675
<AVERAGE-NET-ASSETS> 2,754,369
<PER-SHARE-NAV-BEGIN> 73.016
<PER-SHARE-NII> 2.430
<PER-SHARE-GAIN-APPREC> 11.159
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 86.605
<EXPENSE-RATIO> .310
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS. ALL AMOUNTS ARE IN THOUSANDS, EXCEPT PER SHARE AMOUNTS.
</LEGEND>
<CIK> 0000777535
<NAME> COLLEGE RETIREMENT EQUITIES FUND
<SERIES>
<NUMBER> 1
<NAME> STOCK ACCOUNT
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 66,213,200
<INVESTMENTS-AT-VALUE> 117,889,780
<RECEIVABLES> 357,932
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 127,901
<TOTAL-ASSETS> 118,375,613
<PAYABLE-FOR-SECURITIES> 220,601
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,783,702
<TOTAL-LIABILITIES> 2,004,303
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 565,999
<SHARES-COMMON-PRIOR> 597,531
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 116,371,310
<DIVIDEND-INCOME> 1,583,771
<INTEREST-INCOME> 96,657
<OTHER-INCOME> 0
<EXPENSES-NET> (367,633)
<NET-INVESTMENT-INCOME> 1,312,795
<REALIZED-GAINS-CURRENT> 11,939,214
<APPREC-INCREASE-CURRENT> 8,818,714
<NET-CHANGE-FROM-OPS> 22,070,723
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,047
<NUMBER-OF-SHARES-REDEEMED> (48,579)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 16,821,908
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 111,046
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 367,641
<AVERAGE-NET-ASSETS> 106,901,685
<PER-SHARE-NAV-BEGIN> 138.017
<PER-SHARE-NII> 1.860
<PER-SHARE-GAIN-APPREC> 29.795
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 169.672
<EXPENSE-RATIO> .340
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
