CREF Variable Annuity

CREF Social Choice Account

Invest >

Unit Value


Day's Change


Portfolio Net Assets


Estimated Expense Charge

Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Historically, adjustments have been small.

Accumulations in mutual funds not managed by TIAA-CREF may be subject to administrative charges. These charges are subject to change. Please review current documents related to your plan.

The Account’s total annual expense deduction appears in the Account's prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details.

Overall Morningstar Rating

The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.

52 Week Range

1.1211 (0.57%)
$182.7489 - $199.9792
As of close 03/30/2015As of 02/28/2015
As of 02/28/2015
Based on risk adjusted returns

Hypothetical Growth of $10,000 
The chart illustrates the performance of a hypothetical $10,000 investment made on the date indicated. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs.

12/31/2011 - 12/31/2014

  • 3 Month
  • 6 Month
  • 1 Year
  • 3 Years
  • 5 Years
  • 10 Years

Portfolio Overview

  • Investment Strategy
  • Management Team
  • Video
  • Share Class

    Variable Annuity

  • Dividend Frequency


  • Redemption Fee


  • Inception Date


  • Ticker




This variable annuity account seeks a favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria. The account is balanced, with assets divided between domestic and foreign stocks and other equity securities (about 60%) and bonds and other fixed-income securities, including money market instruments (about 40%). The domestic equity portion of the account attempts to track the return of the U.S. stock market, as measured by the Russell 3000 Index, while the foreign equity portion attempts to match the return of developed foreign markets, as measured by the MSCI EAFE + Canada Index. The fixed-income portion seeks a favorable long-term total return consistent with preserving capital, primarily from investment-grade, fixed-income securities. The account invests only in companies that are suitable from a financial perspective and whose activities are consistent with the account's social criteria.

Jim Campagna, CFA

Senior Director, Equity Investments, Quantitative Portfolio Management

Stephen Liberatore, CFA

Managing Director, Global Public Markets

Lei Liao, CFA

Director, Equity Quantitative Portfolio Management

Performance Returns 
Average annual total return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative total return if performance had been constant over the entire period. Average annual total returns smooth out variation in performance; they are not the same as actual year-by-year results. Also, it is the average annual profit or loss realized by an investment at the end of a specified calendar period, stated as the percentage gained or lost per dollar invested.

  • Monthly
  • Quarterly

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units or shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance results would have been lower. Since Inception performance shown is cumulative for funds that have less than one year of performance history. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.

Portfolio Composition

Portfolio Composition provides details for the investments that constitute a particular fund.

Sector Weightings

As of 12/31/2014
% of
Net Assets
Common Stocks & Rights59.62%
Corporate Bonds11.38%
Mortgage-Backed Securities (Includes MPT & CMOS)8.17%
Foreign Government And Corporate Bonds Denominated In U.S. Dollars7.94%
U.S. Agency Securities4.30%
Municipal Bonds3.18%
U.S. Treasury Securities1.82%
Asset-Backed Securities1.34%
Bank Loan Obligations0.44%
Preferred Stock0.13%
Short-Term Investments, Other Assets & Liabilities, Net0.83%

Top 10 Holdings 
The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments and may exclude any temporary cash investments and equity index products. The holdings listed should not be considered a recommendation to buy or sell a particular security.

As of 12/31/2014
Market Value ($)% of
Net Assets
Johnson & Johnson120.5M0.84%
Berkshire Hathaway, Inc (Class B)114.2M0.80%
Procter & Gamble Co105.9M0.74%
FNMA 3.500%, 02/25/4588.4M0.62%
Verizon Communications, Inc87.3M0.61%
Intel Corp86.3M0.60%
Merck & Co, Inc81.2M0.57%
Oracle Corp76.8M0.53%
Cisco Systems, Inc76.1M0.53%
International Business Machines Corp75.7M0.53%

On April 24, 2015, additional classes of CREF Accounts are available with different eligibility requirements. Please visit the account’s prospectus at for more information.

The risks that the account is subject to include the risk of socially screened investing, market risk, company risk, small-cap risk, income volatility risk, credit risk, interest-rate risk, prepayment risk, extension risk and foreign investment risks.

1The Account's benchmark is a composite index composed of the Russell 3000® Index, Barclays U.S. Aggregate Bond Index and the MSCI EAFE+Canada. The Russell 3000 Index is an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization, and represents about 98% of the total market capitalization of the publicly traded U.S. equity market. The Barclays U.S. Aggregate Bond Index tracks the performance of the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-backed securities. These indices are weighted, meaning that the return of a larger security has a greater effect on the index's return than that of a smaller one. The MSCI EAFE® + Canada Index tracks the performance of the leading stocks in 21 MSCI developed countries outside of North America--in Europe, Australasia and the Far East, as well as in Canada. The MSCI EAFE® + Canada Index constructs indices country by country, and then assembles the country indices into regional indices. The MSCI EAFE® + Canada Index is primarily a large-capitalization index, with approximately 65% of its stocks falling in this category. Morgan Stanley determines the composition of the index based on a combination of factors including regional/country exposure, price, trading volume and significant owners, and can change its composition at any time. You cannot invest directly in these indices.

Morningstar is an independent service that rates mutual funds and variable annuities.

For each fund/account with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's/account's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Where applicable, Morningstar's performance rankings are based on linked performance that considers the differences in expense ratios, while actual performance data shown does not reflect such differences.

The top 10 percent of funds/accounts in a category receive five stars, the next 22.5 percent receive four stars, and the next 35 percent receive three stars, the next 22.5 percent receive two stars and the bottom 10 percent receive one star. (Each share class is counted as a fraction of one fund/account within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar proprietary ratings on U.S.-domiciled funds/accounts reflect historical risk-adjusted performance, are subject to change every month. They are derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Please note, Morningstar now rates group variable annuities within the open-end mutual fund universe.

The information contained in these reports is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. Additionally, Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from use of this information. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.


A research company that rates the performance of Mutual Funds and Variable Annuities.

Morningstar Rating

    OUT OF 786 FUNDS
  • 3 YEAR
    OUT OF 786 FUNDS
  • 5 YEAR
    OUT OF 698 FUNDS
  • 10 YEAR
    OUT OF 444 FUNDS

The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.

Morningstar Stylebox

  • MID

The Morningstar Style Box™ reveals a fund's investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).

Morningstar Category

Moderate Allocation

Morningstar Risk Measures

  • LOW
  • AVG
  • HIGH

Investment Risk

Investment risk is usually related to the performance of an investment—riskier investments offer potentially higher returns—but are more volatile in the short-term. Beta (past price fluctuations), R-Squared (performance against benchmark index), and Standard Deviation (past volatility) are all used to calculate the degree of risk associated with individual investments.

Level of risk is defined using the 3 Year Standard Deviation of the Investment.

Following risk measures below are based on a 3 Year period.

  • Standard Deviation

  • R-Squared

  • Sharpe Ratio

  • Beta


Recently Viewed Investments