The SET statement sets values of indexes associated with table
  elements.  It can also change the value of a conditional variable,
  change the status of an external switch, and store the address of a
  COBOL identifier reference at run time.

  Format 5 -

   SET { pointer-id } ... TO REFERENCE OF identifier

1  –  pointer-id

  is a data-name whose data description entry must contain the USAGE IS
  POINTER or POINTER-64 clause.

2  –  identifier

  is a data item in the File, Working-Storage, Linkage Section, or
  Sub-Schema Section.