TIAA-CREF is introducing five new mutual funds - two equity and three bond. The new funds bring to 11 the number of offerings from TIAA-CREF mutual funds.
"We believe we are satisfying the tremendous need for a social investment option that is low-cost and has a clearly established, recognizable benchmark in the
S&P 500," said
Dennis Foley, vice president of the TIAA-CREF organization's investment products area. "Because of the well-defined, absolute investment screens used in the fund and the account, investors definitely know what type of companies will not be in their portfolios.
The five new mutual funds are the:
Social Choice Equity Fund, which excludes companies that do not pass certain social criteria screens. For instance, the fund will not invest in companies that: fail to adhere to sound environmental polices and practices; have significant involvement in weapons manufacturing; operate in
Northern Ireland without adopting the
MacBride Principles or complying with the
Fair Employment (Northern Ireland) Act of 1989; produce and market alcoholic beverages or
tobacco products; or produce nuclear energy. Annual expenses are 0.27%.
Equity Index Fund, which seeks a favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the US as represented by the
Russell 3000 Index. Annual expenses are 0.26%
High-Yield Bond Fund, which seeks high current income and, when consistent with its primary objective, capital appreciation. Its benchmark is the
Merrill Lynch Index of cash pay securities in the US domestic bond market that have composite credit ratings of BB or B. Annual expenses are 0.34%.
Tax-Exempt Bond Fund, which seeks a high level of current income that is free from regular federal income tax, consistent with preservation of
capital. Its benchmark is the
Lehman Brothers 10-Year Municipal Bond Index. Annual expenses are 0.30%.
Short-Term Bond Fund, which seeks high current income consistent with
preservation of capital. Its benchmark is the Lehman Brothers Mutual Fund Short (1-5 year) Government/Corporate Index. Annual expenses are 0.30%. 
Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE