22 Balance

I'll toss this in because it arrived yesterday. Balance, Spring 2004, is called the inaugural issue and premiere issue of TIAA-CREF's next generation--a new look, features and name for Participant. According to Herb Allison, the Chairman, President and CEO, it reflects the restructuring of the organization, new products and better delivery.

I've just received the CREF (that's stocks) 2003 Annual Report. Just in case you've been blaming the slump on the current administration, I point out the chart that shows the huge, almost 30%, drop in total returns in 1999 and 2000. Much more than 2001 and 2002. But 2003 looks like it was up over 50%, higher than any year in the 90s.

Balance; quarterly news and tools from TIAA-CREF
Spring 2004, Inaugural Issue, Premiere Issue
Subject: TIAA-CREF news and products
Publication schedule quarterly
Supercedes: Participant
Teachers Insurance and Annuity Association-College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
http://www.TIAA-CREF.org
Free to members
Managing editor: Tori Rosen
Chairman, President, CEO: Herb Allison