November 20, 1998

CREF Participants Vote to Keep Tobacco Stocks in Portfolio

By KIT LIVELY

For the fifth consecutive year, participants in the College Retirement Equities Fund have voted to continue allowing the pension fund to invest in tobacco companies. The vote was taken last week at CREF's annual meeting.

Only 24.9 per cent of the votes were cast in favor of a proposal to divest CREF of tobacco stocks, while 68.1 per cent were against it. Seven per cent abstained. The results mean that tobacco

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