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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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0000930413-07-008973.txt : 20071126
0000930413-07-008973.hdr.sgml : 20071126
20071126172321
ACCESSION NUMBER: 0000930413-07-008973
CONFORMED SUBMISSION TYPE: 497
PUBLIC DOCUMENT COUNT: 2
FILED AS OF DATE: 20071126
DATE AS OF CHANGE: 20071126
EFFECTIVENESS DATE: 20071126
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: COLLEGE RETIREMENT EQUITIES FUND
CENTRAL INDEX KEY: 0000777535
IRS NUMBER: 136022042
STATE OF INCORPORATION: NY
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 497
SEC ACT: 1933 Act
SEC FILE NUMBER: 033-00480
FILM NUMBER: 071267125
BUSINESS ADDRESS:
STREET 1: 730 THIRD AVE
CITY: NEW YORK
STATE: NY
ZIP: 10017
BUSINESS PHONE: 2129164905
MAIL ADDRESS:
STREET 1: 730 THIRD AVE
CITY: NEW YORK
STATE: NY
ZIP: 10017
0000777535
S000005080
Stock Account
C000013867
Retirement Annuity
C000018661
Supplemental Retirement Annuity
C000018662
Retirement Select Plus II Annuity
C000018663
Retirement Choice Annuity
C000018664
Retirement Choice Plus Annuity
C000018665
Keogh Certificate
C000018666
Group Retirement Annuity
C000018667
Group Supplemental Retirement Annuity
C000018668
Group Annuity
C000018669
Individual Retirement Annuity
C000018670
Rollover Individual Retirement Annuity
C000018671
Roth Individual Retirement Annuity
C000018672
Retirement Select Annuity
C000018673
Retirement Select Plus Annuity
0000777535
S000005081
Global Equities Account
C000013868
Retirement Annuity
C000018818
Supplemental Retirement Annuity
C000018819
Rollover Individual Retirement Annuity
C000018820
Roth Individual Retirement Annuity
C000018821
Retirement Select Annuity
C000018822
Retirement Select Plus Annuity
C000018823
Retirement Select Plus II Annuity
C000018824
Retirement Choice Annuity
C000018825
Retirement Choice Plus Annuity
C000018826
Keogh Certificate
C000018827
Group Retirement Annuity
C000018828
Group Supplemental Retirement Annuity
C000018829
Group Annuity
C000018830
Individual Retirement Annuity
0000777535
S000005082
Growth Account
C000013869
Retirement Annuity
C000018833
Supplemental Retirement Annuity
C000018834
Rollover Individual Retirement Annuity
C000018835
Roth Individual Retirement Annuity
C000018836
Retirement Select Annuity
C000018837
Retirement Select Plus Annuity
C000018838
Retirement Select Plus II Annuity
C000018839
Retirement Choice Annuity
C000018840
Retirement Choice Plus Annuity
C000018841
Keogh Certificate
C000018842
Group Retirement Annuity
C000018843
Group Supplemental Retirement Annuity
C000018844
Group Annuity
C000018845
Individual Retirement Annuity
0000777535
S000005083
Equity Index Account
C000013870
Retirement Annuity
C000018850
Supplemental Retirement Annuity
C000018851
Group Retirement Annuity
C000018852
Group Supplemental Retirement Annuity
C000018853
Group Annuity
C000018854
Individual Retirement Annuity
C000018855
Rollover Individual Retirement Annuity
C000018856
Roth Individual Retirement Annuity
C000018857
Retirement Select Annuity
C000018858
Retirement Select Plus Annuity
C000018859
Retirement Select Plus II Annuity
C000018860
Retirement Choice Annuity
C000018861
Retirement Choice Plus Annuity
C000018862
Keogh Certificate
0000777535
S000005084
Bond Market Account
C000013871
Retirement Annuity
C000018878
Supplemental Retirement Annuity
C000018879
Rollover Individual Retirement Annuity
C000018880
Roth Individual Retirement Annuity
C000018881
Retirement Select Annuity
C000018882
Retirement Select Plus Annuity
C000018883
Retirement Select Plus II Annuity
C000018884
Retirement Choice Annuity
C000018885
Retirement Choice Plus Annuity
C000018886
Keogh Certificate
C000018887
Group Retirement Annuity
C000018888
Group Supplemental Retirement Annuity
C000018889
Group Annuity
C000018890
Individual Retirement Annuity
0000777535
S000005085
Inflation-Linked Bond Account
C000013872
Retirement Annuity
C000018891
Supplemental Retirement Annuity
C000018892
Rollover Individual Retirement Annuity
C000018893
Roth Individual Retirement Annuity
C000018894
Retirement Select Annuity
C000018895
Retirement Select Plus Annuity
C000018896
Retirement Select Plus II Annuity
C000018897
Retirement Choice Annuity
C000018898
Retirement Choice Plus Annuity
C000018899
Keogh Certificate
C000018900
Group Retirement Annuity
C000018901
Group Supplemental Retirement Annuity
C000018902
Group Annuity
C000018903
Individual Retirement Annuity
0000777535
S000005086
Social Choice Account
C000013873
Retirement Annuity
C000018914
Supplemental Retirement Annuity
C000018915
Rollover Individual Retirement Annuity
C000018916
Roth Individual Retirement Annuity
C000018917
Retirement Select Annuity
C000018918
Retirement Select Plus Annuity
C000018919
Retirement Select Plus II Annuity
C000018920
Retirement Choice Annuity
C000018921
Retirement Choice Plus Annuity
C000018922
Keogh Certificate
C000018923
Group Retirement Annuity
C000018924
Group Supplemental Retirement Annuity
C000018925
Group Annuity
C000018926
Individual Retirement Annuity
0000777535
S000005087
Money Market Account
C000013874
Retirement Annuity
C000018927
Supplemental Retirement Annuity
C000018928
Rollover Individual Retirement Annuity
C000018929
Roth Individual Retirement Annuity
C000018930
Retirement Select Annuity
C000018931
Retirement Select Plus Annuity
C000018932
Retirement Select Plus II Annuity
C000018933
Retirement Choice Annuity
C000018934
Retirement Choice Plus Annuity
C000018935
Keogh Certificate
C000018936
Group Retirement Annuity
C000018937
Group Supplemental Retirement Annuity
C000018938
Group Annuity
C000018939
Individual Retirement Annuity
497
1
c51380_497.htm
c51380_497.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
SUPPLEMENT NO. 4
dated November 26,
2007
to the May 1, 2007 Statement of Additional Information (SAI)
Revision to the Conflicts of Interest Section
The following disclosure should replace the existing section entitled Potential Conflicts of Interest of Advisors and Portfolio Managers on page B-30 of the SAI for CREF in its entirety:
POTENTIAL CONFLICTS OF INTEREST OF ADVISORS AND PORTFOLIO MANAGERS
Portfolio managers of CREFs investment accounts (the Accounts) may also manage other registered investment companies or unregistered investment pools and investment accounts, including accounts for
Teachers Insurance and Annuity Association (TIAA) or other proprietary accounts, which may raise potential con-flicts of interest. TIAA-CREF Investment Management, LLC (Investment Management) has put in place policies and
procedures designed to mitigate any such conflicts. Such conflicts and mitigating policies and procedures include the following:
Conflicting Positions. Investment decisions
made for the Accounts may differ from, and may conflict with, investment decisions made by Investment Management or its affiliated investment adviser, Teachers Advisors, Inc. (Advisors), for other client or proprietary accounts due to
differences in investment objectives, investment strategies, account benchmarks, client risk profiles and other factors. As a result of such differences, if an account were to sell a significant position in a security while a CREF Account maintained
its position in that security, the market price of such securities could decrease and adversely impact the Accounts performance. In the case of a short sale, the selling account would benefit from any decrease in price.
Allocation of Investment Opportunities. Even where accounts have similar investment mandates as a CREF Account, Advisors may determine that investment opportunities, strategies or
particular purchases or sales are appropriate for one or more other client or proprietary accounts, but not for the Account, or are appropriate for the Account but in different amounts, terms or timing than is appropriate for other client or
proprietary accounts. As a result, the amount, terms or timing of an investment by an Account may differ from, and performance may be lower than, investments and performance of other client or proprietary accounts.
Aggregation and Allocation of Orders. Investment Management may aggregate orders of the CREF Accounts and its other accounts (including proprietary accounts), and orders of client accounts managed by
Advisors. Although aggregating orders is a common means of reducing transaction costs for participating accounts, Investment Management may be perceived as causing one client account, such as a CREF Account, to participate in an aggregated
transaction in order to increase Investment Managements overall allocation of securities in that transaction or future transactions. Allocations of aggregated trades may also be perceived as creating an incentive for Investment Management to
disproportionately allocate securities expected to increase in value to certain client or proprietary accounts, at the expense of a CREF Account. In addition, an Account may bear the risk of potentially higher transaction costs if aggregated trades
are only partially filled or if orders are not aggregated at all.
Investment Management has adopted procedures designed to mitigate the foregoing conflicts of interest by treating each account, including the CREF Accounts, fairly and equitably over time in the allocation of investment
opportunities and the aggregation and allocation of orders. The procedures also are designed to mitigate conflicts in potentially inconsistent trading and provide guidelines for trading priority. Moreover, Investment
Managements trading activities are subject to supervisory review and compliance monitoring to help address and mitigate conflicts of interest and ensure that accounts are being treated fairly and equitably over time.
For example, in allocating investment opportunities, a portfolio manager considers an accounts investment objectives, investment restrictions, cash position, need for liquidity, sector concentration and other objective criteria. In addition,
orders for the same single security are generally aggregated with other orders for the same single security received at the same time. If aggregated orders are fully executed, each participating account is allocated its pro rata share on an average
price and trading cost basis. In the event the order is only partially filled, each participating account receives a pro rata share. Portfolio managers are also subject to restrictions on potentially inconsistent trading of single securities,
although a portfolio manager may sell a single security short if the security is included in an accounts benchmark and the portfolio manager is underweight in that security relative to the accounts benchmark. Moreover, the procedures set
forth guidelines for trading priority with long sales of single securities generally having priority over short sales of the same or closely related securities.
Investment Managements procedures also address basket trades (trades in a wide variety of securitieson average approximately 100 different issuers) used in quantitative strategies. However, basket trades are
generally not aggregated or subject to the same types of restrictions on potentially inconsistent trading as single security trades because basket trades are tailored to a particular index or model portfolio based on the risk profile of a particular
account pursuing a particular quantitative strategy. In addition, basket trades are not subject to the same trading priority guidelines as single security trades because an automated and systematic process is used to implement trades.
Research. Investment Management allocates brokerage commissions to brokers who provide execution and research services for the Accounts and some or all of Investment Managements
other clients. Such research services may not always be utilized in connection with the CREF Accounts or other client accounts that may have provided the commission or a portion of the commission paid to the broker providing the services. Investment
Management has adopted procedures with respect to these so-called soft dollar arrangements, including the use of brokerage commissions to pay for in-house and nonproprietary research, the process for allocating brokerage, and Investment
Managements practices regarding the use of third-party soft dollars.
IPO allocation. Investment Management has adopted procedures to ensure that it allocates initial
public offerings to the Accounts and Investment Managements other clients in a fair and equitable manner, consistent with its fiduciary obligations to its clients.
Compensation. The compensation paid to Investment Management for managing the Accounts, as well as certain other clients, is based on a percentage of assets under management (on an
at-cost basis). Investment Management is not paid performance-based fees for its management of the Accounts or any other client accounts. Nevertheless, Investment Management may be perceived as having an incentive to allocate securities that are
expected to increase in value to accounts in which Investment Management has a proprietary interest or to certain other accounts in which Investment Management receives a larger asset-based fee.
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