"TIAA-CREF is the nationwide retirement and financial services
system for people who work at colleges, universities, independent
schools, and other nonprofit education and research institutions
throughout the United States. A nonprofit organization, TIAA-CREF
is really two companies working together as one. TIAA is the Teachers
Insurance and Annuity Association, an insurance company founded
in 1918 by the Carnegie Foundation for the Advancement of Teaching.
CREF is the College Retirement Equities Fund, first set up in
1952 and now registered with the SEC as an open-end, diversified
management company under the federal Investment Company Act of
1940."
"The CREF Social Choice Account is a balanced fund, holding
stocks, bonds, and money-market investments that meet certain
social criteria or "screens." The screens are developed
and monitored by the CREF trustees and are based on concerns expressed
by our participants.
Invested Assets as of 09/30/97: $2.1 billion
Total Returns for Standard Reporting Periods*
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Returns: The Social Choice Account seeks to reflect the
overall performance of the financial markets. The stock portion
of the account attempts to track the performance of the U.S. stock
market, while returns on bond investments are similar to those
of the CREF Bond Market Account. Money market investments take
advantage of attractive opportunities and preserve the account's
liquidity. However, since investments are based in part on social
criteria, returns may be lower or higher than those of funds that
select investments for purely financial reasons."
