SCHEDULE 14A
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
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Securities Exchange Act of 1934
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[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Rule 14a-12
----------
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
(Name of Registrant as Specified in its Charter)
----------
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[TIAA CREF LOGO] 730 Third Avenue
New York NY 10017-3206
TIAA-CREF MUTUAL FUNDS
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
NOTICE OF SPECIAL MEETINGS OF SHAREHOLDERS -- DECEMBER 15, 2003
This notice is being given to the shareholders of the TIAA-CREF Mutual Funds
and the TIAA-CREF Institutional Mutual Funds (the "Funds").
The TIAA-CREF Mutual Funds and the TIAA-CREF Institutional Mutual Funds will
each hold a special meeting of their respective shareholders at 730 Third
Avenue, New York, New York, on December 15, 2003, on the 17th floor. The
special meeting of the TIAA-CREF Mutual Funds will take place at 3:00 p.m., and
the special meeting of the TIAA-CREF Institutional Mutual Funds will take place
at 3:15 p.m. The agenda for each meeting is:
1. To elect three Trustees to serve until their successors are elected
and qualified; and
2. To address any other business that may properly come before the
meeting.
The Boards of Trustees of the Funds have set October 31, 2003, as the record
date for determining the number of votes entitled to be cast at each meeting.
You may vote at the special meeting(s) only if you were a shareholder of the
TIAA-CREF Mutual Funds or the TIAA-CREF Institutional Mutual Funds, as
applicable, as of October 31, 2003.
By order of the Boards of Trustees of the Funds,
/s/ E. Laverne Jones
E. Laverne Jones
Secretary
Please vote as soon as possible before the special meeting(s), even if you plan
to attend the meeting(s). You can vote quickly and easily over the Internet, by
telephone, or by mail. Just follow the simple instructions that appear on your
enclosed proxy card(s). Since we can't hold the meeting unless a quorum is
reached, please help the Funds avoid the expense of a follow-up mailing by
voting today!
If you plan to attend one or both of the meetings, please call 1 800 842-2733
ext. 6654 to obtain an admission pass.
November 10, 2003
TIAA-CREF Mutual Funds
TIAA-CREF Institutional Mutual Funds
Proxy Statement for Special Meetings
to be Held on December 15, 2003
The Boards of Trustees of the TIAA-CREF Mutual Funds and the TIAA-CREF
Institutional Mutual Funds (the "Funds") have sent you this proxy statement to
ask for your vote to elect three Trustees of the Boards of Trustees of the
Funds.
The accompanying proxy(ies) will be voted at two separate special meetings of
the shareholders of the Funds being held on December 15, 2003, at 730 Third
Avenue, New York, New York. The special meeting of the TIAA-CREF Mutual Funds
will take place at 3:00 p.m., and the special meeting of the TIAA-CREF
Institutional Mutual Funds will take place at 3:15 p.m. This proxy statement
was mailed to shareholders starting on or about November 10, 2003.
How Do I Vote?
Please follow the voting instructions on the enclosed proxy or instruction
card.
Can I Cancel or Change My Vote?
You can change or cancel your vote at any time up until voting results are
announced at the special meetings. You can do this by simply voting again--by
executing and returning later-dated proxy card(s), voting through the Internet,
or by voting in person at the meetings. (Note that votes cast by Internet or
proxy cards must be received by 12:00 noon (eastern time) on December 15,
2003.)
How Does a Proxy Work?
When you vote by proxy, you are instructing the agents named on the proxy card
how to vote on your behalf at the meeting. If you don't specifically instruct
them otherwise, they will vote FOR the election of the three nominees for
Trustees of the Fund(s). At this time, we don't know of any other matters being
presented at the meetings. If other matters are brought before the meetings,
the proxy agents will vote the proxies using their own best judgment, as
allowed by the proxy.
Who May Vote; How Many Votes Do I Get?
Shareholders of each of the Funds as of October 31, 2003 will be eligible to
vote at their respective meetings on each item on the proxy ballot.
1
On October 20, 2003, there were issued and outstanding 959,663,459 shares of
the TIAA-CREF Mutual Funds, consisting of the following number of shares of the
following funds:
TIAA-CREF MUTUAL FUNDS
International Equity Fund 29,720,509 shares
- ------------------------------------------------
Growth Equity Fund 62,977,240 shares
- ------------------------------------------------
Growth & Income Fund 48,346,296 shares
- ------------------------------------------------
Equity Index Fund 38,578,819 shares
- ------------------------------------------------
Social Choice Equity Fund 8,439,465 shares
- ------------------------------------------------
Managed Allocation Fund 35,888,518 shares
- ------------------------------------------------
Bond Plus Fund 39,242,211 shares
- ------------------------------------------------
Short-Term Bond Fund 18,481,243 shares
- ------------------------------------------------
High-Yield Bond Fund 20,512,034 shares
- ------------------------------------------------
Tax-Exempt Bond Fund 14,756,737 shares
- ------------------------------------------------
Money Market Fund 642,720,387 shares
- ------------------------------------------------
On October 20, 2003, there were issued and outstanding 733,163,111 shares of
the TIAA-CREF Institutional Mutual Funds, consisting of the following number of
shares of each of the classes of the following funds:
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
Fund Retail Class Institutional Class Retirement Class
- ----------------------------------------------------------------------------------------------
Growth & Income Fund -- 70,831,642 shares 1,281,650 shares
- ----------------------------------------------------------------------------------------------
International Equity Fund -- 43,542,777 shares 1,583,515 shares
- ----------------------------------------------------------------------------------------------
Large-Cap Value Fund 7,516,675 shares 1,346,098 shares 1,063,883 shares
- ----------------------------------------------------------------------------------------------
Mid-Cap Growth Fund 1,888,421 shares 149,513 shares 2,287,958 shares
- ----------------------------------------------------------------------------------------------
Mid-Cap Value Fund 950,318 shares 343,718 shares 1,575,489 shares
- ----------------------------------------------------------------------------------------------
Small-Cap Equity Fund 2,396,606 shares 1,748,030 shares 2,706,321 shares
- ----------------------------------------------------------------------------------------------
Large-Cap Growth Index Fund -- 2,969,798 shares 17,335 shares
- ----------------------------------------------------------------------------------------------
Large-Cap Value Index Fund -- 7,792,103 shares 14,420 shares
- ----------------------------------------------------------------------------------------------
Mid-Cap Growth Index Fund -- 1,660,667 shares 23,800 shares
- ----------------------------------------------------------------------------------------------
Mid-Cap Value Index Fund -- 2,518,814 shares 11,935 shares
- ----------------------------------------------------------------------------------------------
Mid-Cap Blend Index Fund -- 3,209,660 shares 21,275 shares
- ----------------------------------------------------------------------------------------------
Small-Cap Growth Index Fund -- 4,598,703 shares 13,477 shares
- ----------------------------------------------------------------------------------------------
Small-Cap Value Index Fund -- 4,267,825 shares 11,162 shares
- ----------------------------------------------------------------------------------------------
2
Fund Retail Class Institutional Class Retirement Class
- --------------------------------------------------------------------------------------------------
Small-Cap Blend Index Fund -- 8,194,911 shares 15,037 shares
- --------------------------------------------------------------------------------------------------
International Equity Index Fund -- 5,568,671 shares 10,045 shares
- --------------------------------------------------------------------------------------------------
Real Estate Securities Fund 3,782,216 shares 8,404,773 shares 1,427,848 shares
- --------------------------------------------------------------------------------------------------
Social Choice Equity Fund -- 6,497,129 shares 1,223,041 shares
- --------------------------------------------------------------------------------------------------
S&P 500 Index Fund -- 6,811,192 shares 1,280,443 shares
- --------------------------------------------------------------------------------------------------
Inflation-Linked Bond Fund 1,951,859 shares 21,949,591 shares --
- --------------------------------------------------------------------------------------------------
Growth Equity Fund -- 16,209,183 shares --
- --------------------------------------------------------------------------------------------------
Equity Index Fund -- 169,653,416 shares --
- --------------------------------------------------------------------------------------------------
Bond Fund -- 135,305,667 shares --
- --------------------------------------------------------------------------------------------------
Money Market Fund -- 176,534,501 shares --
- --------------------------------------------------------------------------------------------------
The number of votes you have at the special meeting(s) equals the dollar amount
you own in each of the Fund(s) on October 31, 2003. We will count fractional
votes. All shareholders of record on October 31, 2003 are entitled to elect
trustees.
How Many Shares Must be Represented for a Quorum or to Pass a Vote?
We will have a quorum for a meeting if 10 percent of the eligible votes are
represented in person or by proxy. Abstentions are counted in determining
whether a quorum has been reached. The outcome of the elections of trustees
will be decided by a plurality of the eligible shares present in person or
represented by proxy at each special meeting.
3
I. ELECTION OF TRUSTEES
Under law, the Board of Trustees (the "Board") cannot fill a vacancy on the
Board if, in doing so, less than two-thirds of the Trustees would have been
elected by shareholders. We are holding this meeting in order to ensure that a
sufficient number of Trustees have been elected by shareholders so that the
Board may fill future vacancies. At the special meetings of the shareholders of
the TIAA-CREF Mutual Funds and the TIAA-CREF Institutional Mutual Funds, you
will be asked to elect the three nominees as members of each board to serve
until their successors are elected and qualified.
Below is information about the nominees. In addition to the information listed,
each of the nominees either serves on the board of trustees or currently are
nominees to serve as trustees of the College Retirement Equities Fund ("CREF"),
TIAA Separate Account VA-1, and the TIAA-CREF Life Funds.
NOMINEES FOR BOARDS OF TRUSTEES
[PHOTO] Willard T. Carleton, 69, has been the Donald R. Diamond
Professor of Finance Emeritus at the College of Business and
Public Administration of the University of Arizona since July
2001. From July 1999 to June 2001 he was the Donald R. Diamond
Professor of Finance, and from 1984 to June 1999 he was the
Karl L. Eller Professor of Finance at the University of
Arizona. Dr. Carleton earned an A.B. and M.B.A. at Dartmouth
College and an M.A. and Ph.D. from the University of Wisconsin.
He served as a trustee of CREF from 1980 to 1984 and as a
trustee of TIAA from 1984 to August 2003.
[PHOTO] Martin J. Gruber, 66, has been Nomura Professor of Finance at
the New York University Stern School of Business since 1987 and
served as chairman of its Department of Finance from 1989 to
September 1997. He served as a trustee of TIAA from 1996 to
2000. Dr. Gruber is a past president of the American Finance
Association. He also serves on the boards of Scudder
Investments (New York) Funds, the Japan Equity Fund, Inc., the
Singapore Equity Fund, Inc., and the Thai Equity Fund, Inc. He
received an S.B. from the Massachusetts Institute of Technology
and an M.B.A. and Ph. D. from the Columbia University Graduate
School of Business.
4
NOMINEES FOR BOARDS OF TRUSTEES continued
[PHOTO] Bridget A. Macaskill, 55, is former Chairman and Chief
Executive Officer of Oppenheimer Funds, Inc. She joined
Oppenheimer Funds, Inc. in 1983 and served in various
capacities at that firm, being appointed Chief Operating
Officer in 1989, President in 1991, Chief Executive Officer in
1995 and Chairman in 2000. Ms. Macaskill serves on the boards
of directors of J Sainsbury plc and Prudential plc, and on the
International Advisory Board of the British-American Business
Council (BABC). She received a B.Sc with honors from the
University of Edinburgh.
Each of the nominees has consented to serve if elected. If any nominee is
unavailable to serve when the meeting is held, the proxy agents may cast their
votes for a substitute at their discretion.
CONTINUING MEMBERS OF THE BOARD OF TRUSTEES
[PHOTO] Nancy L. Jacob, 60, is president and managing principal of
Windermere Investment Associates. She was previously chairman
and chief executive officer of CTC Consulting, Inc. and
executive vice president, U.S. Trust of the Pacific Northwest.
Dr. Jacob received a B.A. from the University of Washington and
a Ph.D. from the University of California, Irvine.
[PHOTO] Bevis Longstreth, 69, is a retired partner of the law firm of
Debevoise & Plimpton. Until 1994, he was a partner of the same
firm, and thereafter he was of counsel to that firm. Mr.
Longstreth has served as a commissioner of the U.S. Securities
and Exchange Commission, and as an adjunct professor at
Columbia University School of Law. Mr. Longstreth is a member
of the board of directors of AMVESCAP, PLC. He is also chairman
of the finance committee of the Rockefeller Family Fund and
chairman of the investment committee of the Nathan Cummings
Foundation. He serves as a trustee of the New School University
and a member of the Advisory Board of the Center for Public
Integrity. Mr. Longstreth received a B.S.E. from Princeton
University and a J.D. from Harvard University.
5
CONTINUING MEMBERS OF THE BOARD OF TRUSTEES continued
[PHOTO] Stephen A. Ross, 59, has been the Franco Modigliani Professor
of Finance and Economics at the Sloan School of Management at
the Massachusetts Institute of Technology since July 1998. He
was previously the Sterling Professor of Economics and Finance
at the Yale School of Management at Yale University. Dr. Ross
is also co-chairman of Roll & Ross Asset Management Corp., a
director of Freddie Mac and Algorithmics, Incorporated, a
trustee of the California Institute of Technology, and a
principal of IV Capital, Ltd. He received a B.S. from the
California Institute of Technology and a Ph.D. from Harvard
University.
[PHOTO] Maceo K. Sloan, 54, has been the Chairman, President and CEO of
Sloan Financial Group, Inc. and Chairman and CEO of NCM Capital
Management Group, Inc., since 1991. Mr. Sloan is a director of
SCANA Corporation and M&F Bancorp, Inc. Mr. Sloan received a
B.A. from Morehouse College, an M.B.A. from Georgia State
University, and a J.D. from North Carolina Central University
School of Law.
[PHOTO] Robert W. Vishny, 44, is the Eric J. Gleacher Distinguished
Service Professor of Finance at the University of Chicago
Graduate School of Business where he has taught since 1985. He
is also a founding partner of LSV Asset Management, an
investment management firm. He is the former director of the
program in corporate finance at the National Bureau of Economic
Research. Dr. Vishny received an A.B. from The University of
Michigan and a Ph.D. from the Massachusetts Institute of
Technology.
In addition, it is anticipated that Martin L. Leibowitz will retire from the
Board shortly after this meeting.
6
Current Trustees and Executive Officers of the TIAA-CREF Mutual Funds and the
TIAA-CREF Institutional Mutual Funds
The following table includes certain information about the current Trustees and
officers of the TIAA-CREF Mutual Funds ("TCMF") and the TIAA-CREF Institutional
Mutual Funds ("TCIMF" and together with TCMF, the "Funds"), including positions
currently held with the Funds, the length of office and time served, and
principal occupations in the last five years. The table also includes the
number of portfolios in the fund complex overseen by each Trustee and certain
directorships held by each of them. The first table includes information about
the Funds' disinterested Trustees and the second table includes information
about the Funds' interested Trustees and officers.
DISINTERESTED TRUSTEES
Number of
Portfolios
Principal in Fund Other
Positions(s) Term of Office Occupations(s) Complex Directorships
Held with and Length of During Past Overseen Held by
Name, Address and Age Fund Time Served 5 Years by Trustee Trustees
- ----------------------------------------------------------------------------------------------------------------------------
Willard T. Carleton Trustee Indefinite term. Donald R. Diamond 53 None
Department of Finance Trustee of Professor of Finance
and Real Estate both Funds Emeritus, University of
College of Business and since 2000. Arizona, College of
Public Administration Business and Public
University of Arizona Administration. Formerly,
4915 Camino Antonio Donald R. Diamond
Tucson, AZ 85718-6005 Professor of Finance,
Age: 69 University of Arizona,
1999 - 2001, and
Karl L. Eller Professor of
Finance, University of
Arizona, 1984 - 1999.
Trustee of TIAA,
1984 - 2003.
Martin J. Gruber Trustee Indefinite term. Nomura Professor of 53 Director,
New York University Trustee of Finance, New York Scudder
Stern School of Business both Funds University, Stern School Investments
Henry Kaufman since 2000. of Business. Formerly, (New York) Funds,
Management Chairman, Department Japan Equity
Education Center of Finance, New York Fund, Inc., the
44 West 4th Street, University, Stern School Singapore Equity
Suite 988 of Business, and Trustee Fund, Inc. and
New York, NY 10012 of TIAA, 1996 - 2000. the Thai Equity
Age: 66 Fund, Inc.
7
DISINTERESTED TRUSTEES continued
Number of
Portfolios
Principal in Fund Other
Positions(s) Term of Office Occupations(s) Complex Directorships
Held with and Length of During Past Overseen Held by
Name, Address and Age Fund Time Served 5 Years by Trustee Trustees
- ----------------------------------------------------------------------------------------------------------------------------
Nancy L. Jacob Trustee Indefinite term. President and Managing 53 None
Windermere Investment TCMF Trustee Principal, Windermere
Associates since 1997. Investment Associates.
121 S.W. Morrison Street TCIMF Trustee Formerly, Chairman and
Suite 925 since 1999 Chief Executive Officer,
Portland, OR 97204 CTC Consulting, Inc.,
Age: 60 and Executive Vice
President, U.S. Trust of
the Pacific Northwest.
Bevis Longstreth Trustee Indefinite term. Retired Partner, 53 Member of the
Debevoise & Plimpton TCMF Trustee Debevoise & Plimpton. Board of Directors
919 Third Avenue since 1997. Formerly, Partner and Of of AMVESCAP,
New York, NY 10022-6225 TCIMF Trustee Counsel, Debevoise & PLC and Chairman
Age: 69 since 1999 Plimpton, Adjunct of the Finance
Professor at Columbia Committee of
University School of the Rockefeller
Law and Commissioner Family Fund
of the U.S. Securities
and Exchange
Commission.
Bridget A. Macaskill Nominee N/A Formerly, Chairman and N/A Director, J
160 E. 81st Street Chief Executive Officer, Sainsbury plc and
New York, NY 10028 Oppenheimer Funds, Prudential plc
Age: 55 Inc., 2000-2001. Chief
Executive Officer,
Oppenheimer Funds,
Inc., 1995-2000.
Stephen A. Ross Trustee Indefinite term. Franco Modigliani 53 Director, Freddie
Sloan School of TCMF Trustee Professor of Finance Mac; Co-
Management since 1997. and Economics, Sloan Chairman, Roll &
Massachusetts Institute TCIMF Trustee School of Management, Ross Asset
of Technology since 1999 Massachusetts Institute Management
77 Massachusetts Avenue of Technology, Co- Corp.; and
Cambridge, MA 02139 Chairman, Roll & Ross Principal, IV
Age: 59 Asset Management Capital, Ltd.
Corp. Formerly, Sterling
Professor of Economics
and Finance, Yale
School of Management,
Yale University.
8
DISINTERESTED TRUSTEES continued
Number of
Portfolios
Principal in Fund Other
Positions(s) Term of Office Occupations(s) Complex Directorships
Held with and Length of During Past Overseen Held by
Name, Address and Age Fund Time Served 5 Years by Trustee Trustees
- ----------------------------------------------------------------------------------------------------------------------------
Maceo K. Sloan Trustee Indefinite term. Chairman, President and 53 Director, SCANA
NCM Capital Management TCMF Trustee Chief Executive Officer, Corporation and
Group, Inc. since 1997. Sloan Financial Group, M&F Bancorp, Inc.
103 West Main Street, TCIMF Trustee Inc., and Chairman and
Suite 400 since 1999. Chief Executive Officer,
Durham, NC 27701-3638 NCM Capital
Age: 54 Management Group,
Inc., since 1991.
Robert W. Vishny Trustee Indefinite term. Eric J. Gleacher 53 None
University of Chicago TCMF Trustee Distinguished Service
Graduate School of Business since 1997. Professor of Finance,
1101 East 58th Street TCIMF Trustee University of Chicago,
Chicago, IL 60637 since 1999 Graduate School of
Age: 44 Business. Founding
Partner, LSV Asset
Management.
9
INTERESTED TRUSTEES AND OFFICERS
Number of
Portfolios
Principal in Fund Other
Positions(s) Term of Office Occupations(s) Complex Directorships
Held with and Length of During Past Overseen Held by
Name, Address and Age Fund Time Served 5 Years by Trustee Trustees
- ----------------------------------------------------------------------------------------------------------------------------
Martin L. Leibowitz(1,2) Trustee, Indefinite term Chairman and Chief 53 Director,
TIAA-CREF Chairman as Trustee Investment Officer of Freddie Mac
730 Third Avenue and Chief TCMF Trustee CREF, TIAA-CREF Mutual
New York, NY 10017-3206 Investment since 1997. Funds, TIAA-CREF
Age: 67 Officer TCIMF Trustee Institutional Mutual
since 1999. Funds, TIAA-CREF
Chairman and Life Funds and TIAA
Chief Investment Separate Account VA-1
Officer since (these funds are
2002. collectively referred
Indefinite term to as the "TIAA-CREF
as officer. Funds"). Vice Chairman
and Chief Investment
Officer of TIAA. Member
of Board of Managers
and President of
TIAA-CREF Investment
Management, LLC
("Investment
Management"). Director
and President of
Teachers Advisors, Inc.
("Advisors"). Director
of TIAA-CREF Life
Insurance Company
("TIAA-CREF Life").
Herbert M. Allison, Jr.(1) President Indefinite term. Chairman, President N/A Member of
TIAA-CREF and Chief President and and Chief Executive the Board of
730 Third Avenue Executive Chief Executive Officer of TIAA. Directors of the
New York, NY 10017-3206 Officer Officer for President and Chief New York Stock
Age: 60 both Funds Executive Officer of Exchange
since 2002. the TIAA-CREF Funds.
Formerly, President and
Chief Executive Officer
of Alliance for LifeLong
Learning, Inc., 2000 -
2002. President, Chief
Operating Officer and
Member of the Board
of Directors of Merrill
Lynch & Co., Inc.,
1997 - 1999.
10
INTERESTED TRUSTEES AND OFFICERS continued
Number of
Portfolios
Principal in Fund Other
Positions(s) Term of Office Occupations(s) Complex Directorships
Held with and Length of During Past Overseen Held by
Name, Address and Age Fund Time Served 5 Years by Trustee Trustees
- ----------------------------------------------------------------------------------------------------------------------------
Richard J. Adamski(1) Vice Indefinite term. Vice President and N/A N/A
TIAA-CREF President Vice President Treasurer of TIAA and
730 Third Avenue and and Treasurer the TIAA-CREF Funds.
New York, NY 10017-3206 Treasurer since 1997 for Vice President
Age: 62 TCMF and 1999 and Treasurer of
for TCIMF. TIAA-CREF Investment
Management, LLC
("Investment
Management"),
TIAA-CREF Individual
and Institutional
Services, Inc.
("Services"), Teachers
Personal Investors
Services, Inc. ("TPIS"),
Advisors, TIAA-CREF
Life, and TIAA-CREF
Tuition Financing, Inc.
("Tuition Financing").
Scott C. Evans(1) Executive Indefinite term. Executive Vice N/A N/A
TIAA-CREF Vice Executive Vice President of TIAA and
730 Third Avenue President President since the TIAA-CREF Funds.
New York, NY 10017-3206 1998 for TCMF Executive Vice President
Age: 44 and 1999 of Investment
for TCIMF. Management and
Advisors and Director
of TIAA-CREF Life.
11
INTERESTED TRUSTEES AND OFFICERS continued
Number of
Portfolios
Principal in Fund Other
Positions(s) Term of Office Occupations(s) Complex Directorships
Held with and Length of During Past Overseen Held by
Name, Address and Age Fund Time Served 5 Years by Trustee Trustees
- ----------------------------------------------------------------------------------------------------------------------------
I. Steven Goldstein(1) Executive Indefinite term. Executive Vice N/A N/A
TIAA-CREF Vice Executive Vice President, Public
730 Third Avenue President President for Affairs, of TIAA and
New York, NY 10017-3206 both Funds the TIAA-CREF Funds.
Age: 51 since 2003. Formerly, advisor for
McKinsey & Company,
2003; Vice President,
Corporate
Communications for
Dow Jones & Co. and
The Wall Street Journal,
2001 - 2002; and
Senior Vice President
and Chief
Communications
Officer for Insurance
Information Institute,
1993 - 2001.
E. Laverne Jones(1) Vice Indefinite term. Vice President and N/A N/A
TIAA-CREF President Vice President Corporate Secretary
730 Third Avenue and and Corporate of TIAA and the
New York, NY 10017-3206 Corporate Secretary since TIAA-CREF Funds.
Age: 54 Secretary 1998 for TCMF
and 1999
for TCIMF
Susan S. Kozik(1) Executive Indefinite term. Executive Vice N/A N/A
TIAA-CREF Vice Executive Vice President and Chief
730 Third Avenue President President for Technology Officer of
New York, NY 10017-3206 both Funds TIAA and the TIAA-CREF
Age: 46 since 2003. Funds. Formerly, Vice
President of IT
Operations and
Services, Lucent
Technologies, 2000 -
2003; and Senior Vice
President and Chief
Technology Officer, Penn
Mutual Life Insurance
Company, 1997 - 2000.
12
INTERESTED TRUSTEES AND OFFICERS continued
Number of
Portfolios
Principal in Fund Other
Positions(s) Term of Office Occupations(s) Complex Directorships
Held with and Length of During Past Overseen Held by
Name, Address and Age Fund Time Served 5 Years by Trustee Trustees
- ----------------------------------------------------------------------------------------------------------------------------
George W. Madison(1) Executive Indefinite term. Executive Vice N/A N/A
TIAA-CREF Vice Executive Vice President and General
730 Third Avenue President President for Counsel of TIAA and
New York, NY 10017-3206 both Funds the TIAA-CREF Funds.
Age: 50 since 2003. Formerly, Executive Vice
President, Corporate
Secretary, and General
Counsel of Comerica
Incorporated.
Erwin W. Martens(1) Executive Indefinite term. Executive Vice N/A N/A
TIAA-CREF Vice Executive Vice President, Risk
730 Third Avenue President President for Management,
New York, NY 10017-3206 both Funds of TIAA and the
Age: 47 since 2003. TIAA-CREF Funds.
Formerly, Managing
Director and Chief
Risk Officer, Putnam
Investments, 1999 -
2003; and Head and
Deputy Head of
Global Market Risk
Management,
1997 - 1999.
Elizabeth A. Monrad(1) Executive Indefinite term. Executive Vice N/A N/A
TIAA-CREF Vice Executive Vice President and Chief
730 Third Avenue President President for Financial Officer of
New York, NY 10017-3206 both Funds TIAA and the TIAA-CREF
Age: 49 since 2003. Funds. Formerly, Chief
Financial Officer and
Senior Vice President of
GeneralCologne Re
(2000 - 2003), Vice
President, Corporate
Controller, Corporate
Treasurer and Chief
Financial Officer of its
North American
Reinsurance Operations
(1997 - 2000).
13
INTERESTED TRUSTEES AND OFFICERS continued
Number of
Portfolios
Principal in Fund Other
Positions(s) Term of Office Occupations(s) Complex Directorships
Held with and Length of During Past Overseen Held by
Name, Address and Age Fund Time Served 5 Years by Trustee Trustees
- ----------------------------------------------------------------------------------------------------------------------------
Frances Nolan(1) Executive Indefinite term. Executive Vice N/A N/A
TIAA-CREF Vice Executive Vice President, Client
730 Third Avenue President President for Services, of TIAA and
New York, NY 10017-3206 both Funds the TIAA-CREF Funds.
Age: 46 since 2000. Formerly, Vice President,
Retirement Services,
CREF and TIAA.
Dermot J. O'Brien(1) Executive Indefinite term. Executive Vice N/A N/A
TIAA-CREF Vice Executive Vice President, Human
730 Third Avenue President President for Resources, of TIAA
New York, NY 10017-3206 both Funds and the TIAA-CREF
Age: 37 since 2003. Funds. Formerly, First
Vice President and head
of Human Resources,
International Private
Client Division, Merrill
Lynch & Co., 1999 -
Feb. 2003; and Vice
President and Head of
Human Resources -
Japan Morgan Stanley,
1998 - 1999.
Bertram L. Scott(1) Executive Indefinite term. Executive Vice N/A N/A
TIAA-CREF Vice Executive Vice President, Product
730 Third Avenue President President for Management, of TIAA
New York, NY 10017-3206 both Funds and the TIAA-CREF
Age: 52 since 2000. Funds. Chairman of the
Board, President and
Chief Executive Officer
of TIAA-CREF Life.
Formerly, President and
Chief Executive Officer,
Horizon Mercy
14
INTERESTED TRUSTEES AND OFFICERS continued
Number of
Portfolios
Principal in Fund Other
Positions(s) Term of Office Occupations(s) Complex Directorships
Held with and Length of During Past Overseen Held by
Name, Address and Age Fund Time Served 5 Years by Trustee Trustees
- ----------------------------------------------------------------------------------------------------------------------------
John A. Somers(1) Executive Indefinite term. Executive Vice N/A N/A
TIAA-CREF Vice Executive Vice President of TIAA
730 Third Avenue President President since and the TIAA-CREF
New York, NY 10017-3206 1997 for TCMF Funds. Executive Vice
Age: 59 and 1999 President of Investment
for TCIMF. Management and
Advisors and Director
of TIAA-CREF Life.
(1) The following individuals are "interested persons" under the 1940 Act
because they are officers of the Funds: Mses. Jones, Kozik, Monrad and
Nolan; and Messrs. Adamski, Allison, Evans, Goldstein, Leibowitz, Madison,
Martens, O'Brien, Scott and Somers.
(2) We anticipate that Mr. Leibowitz will retire from the Boards shortly after
the meeting.
Equity Ownership of Trustees
The following table includes information relating to equity securities
beneficially owned by all current Trustees in the Funds and in all registered
investment companies in the same "family of investment companies" as the Funds
as of October 20, 2003. This family of investment companies includes TIAA
Separate Account VA-1, CREF, TIAA-CREF Life Funds, TIAA-CREF Mutual Funds, and
TIAA-CREF Institutional Mutual Funds.
DISINTERESTED TRUSTEES
Aggregate Dollar Range
of Equity Securities
Dollar Range of in All Registered
Dollar Range of Equity Securities Investment Companies
Equity Securities in TIAA-CREF Overseen by Trustee
in TIAA-CREF Institutional in Family of
Name Mutual Funds Mutual Funds Investment Companies
- ----------------------------------------------------------------------------------------------
Willard T. Carleton None None Over $100,000
- ----------------------------------------------------------------------------------------------
Martin J. Gruber None None Over $100,000
- ----------------------------------------------------------------------------------------------
Nancy L. Jacob None None Over $100,000
- ----------------------------------------------------------------------------------------------
Bevis Longstreth None International Equity Over $100,000
Fund - Retirement
Class - Over $100,000
- ----------------------------------------------------------------------------------------------
Stephen A. Ross None None Over $100,000
- ----------------------------------------------------------------------------------------------
Maceo K. Sloan None None $50,001 - $100,000
- ----------------------------------------------------------------------------------------------
Robert W. Vishny None None $50,001 - $100,000
- ----------------------------------------------------------------------------------------------
15
INTERESTED TRUSTEES
Aggregate Dollar Range
of Equity Securities
Dollar Range of in All Registered
Dollar Range of Equity Securities Investment Companies
Equity Securities in TIAA-CREF Overseen by Trustee
in TIAA-CREF Institutional in Family of
Name Mutual Funds Mutual Funds Investment Companies
- --------------------------------------------------------------------------------------------------------
Martin L. Leibowitz International Equity Fund - None Over $100,000
$50,001 - $100,000;
Growth & Income Fund -
$50,001 - $100,000
Managed Allocation Fund -
$50,001 - $100,000
Bond Plus Fund - Over $100,000
Money Market Fund -
$50,001 - $100,000
- --------------------------------------------------------------------------------------------------------
Trustee Compensation
The following table sets forth the compensation paid to the Trustees for their
service to the TIAA-CREF Mutual Funds and the TIAA-CREF Fund Complex for the
year ended December 31, 2002. Trustees who are active officers of CREF or TIAA
did not receive any compensation for their services as Trustees.
(3)
(2) Pension or Retirement (4)
(1) Aggregate Compensation Benefits Accrued As Total Compensation
Name of Person TIAA-CREF Mutual Funds Part of Fund Expenses From Fund Complex
- -----------------------------------------------------------------------------------------------
Willard T. Carleton N/A N/A N/A
- -----------------------------------------------------------------------------------------------
Martin J. Gruber $1,432 $754 $66,500
- -----------------------------------------------------------------------------------------------
Nancy L. Jacob $1,238 $754 $57,500
- -----------------------------------------------------------------------------------------------
Bevis Longstreth* $1,399 $754 $65,000
- -----------------------------------------------------------------------------------------------
Stephen A. Ross* $1,798 $754 $83,500
- -----------------------------------------------------------------------------------------------
Nestor Santiago* $1,303 $754 $60,500
- -----------------------------------------------------------------------------------------------
Maceo K. Sloan $1,378 $754 $64,000
- -----------------------------------------------------------------------------------------------
Robert W. Vishny $1,335 $754 $62,000
- -----------------------------------------------------------------------------------------------
* This compensation, or a portion of it, was not actually paid based on prior
election of Trustee to defer receipt of payment in accordance with the
provisions of deferred compensation plan for non-officer Trustees.
Excluding this year's deferrals, a total of $2,028,278.58 earned across the
fund complex has been deferred for prior years' service, including interest
through year-end 2002, for all current Trustees who had elected to defer
their compensation.
16
The following table sets forth the compensation paid to the Trustees for
their service to the TIAA-CREF Institutional Mutual Funds and the TIAA-CREF
Fund Complex for the fiscal year ended September 30, 2003. Trustees who are
active officers of CREF or TIAA did not receive any compensation for their
services as Trustees.
(2) (3)
Aggregate Compensation Pension or Retirement (4)
(1) TIAA-CREF Institutional Benefits Accrued As Total Compensation
Name of Person Mutual Funds Part of Fund Expenses From Fund Complex
- ------------------------------------------------------------------------------------------------
Willard T. Carleton $ 158.02 $ -- $ 4,500.00
- ------------------------------------------------------------------------------------------------
Martin J. Gruber 3,243.39 1,071.85 104,500.00
- ------------------------------------------------------------------------------------------------
Nancy L. Jacob 3,680.44 1,071.85 116,500.00
- ------------------------------------------------------------------------------------------------
Bevis Longstreth* 3,318.39 1,071.85 106,750.00
- ------------------------------------------------------------------------------------------------
Stephen A. Ross* 3,950.09 1,071.85 124,250.00
- ------------------------------------------------------------------------------------------------
Nestor V. Santiago 2,234.52 764.59 76,500.00
- ------------------------------------------------------------------------------------------------
Maceo K. Sloan 3,499.16 1,071.85 112,500.00
- ------------------------------------------------------------------------------------------------
David K. Storrs 5,093.37 4,835.26 162,000.00
- ------------------------------------------------------------------------------------------------
Robert W. Vishny 3,289.58 1,071.85 106,000.00
- ------------------------------------------------------------------------------------------------
* This compensation, or a portion of it, was not actually paid based on prior
election of Trustee to defer receipt of payment in accordance with the
provisions of deferred compensation plan for non-officer Trustees.
Excluding this year's deferrals, a total of $1,157,767.10 earned across the
fund complex has been deferred for prior years' service, including interest
through September 30, 2003, for all current Trustees who had elected to
defer their compensation.
The Funds have a long-term compensation plan for non-employee trustees. Under
this unfunded plan, annual contributions equal to the amount of the basic
annual trustee stipend are allocated to notional CREF and TIAA annuity accounts
chosen by the individual trustee. Benefits will be paid after the trustee
leaves the board in a lump sum or in annual installments over 5 to 20 years, as
requested by the trustee. Pursuant to a separate deferred compensation plan,
non-employee trustees also have the option to defer payment of their basic
stipend, additional stipends, and/or meeting fees and allocate these amounts to
notional TIAA and CREF accounts chosen by the individual trustee. Benefits
under that plan are also paid in a lump sum or annual installments over 5 to 20
years, as requested by the trustee, after the trustee leaves the board.
17
Committees
The Boards appoint certain committees with specific responsibilities for
aspects of the Funds operations. Currently, the Boards may have the following
committees:
(1) An Audit Committee, consisting solely of independent Trustees who are not
officers of the Funds, which audits and examines the records and affairs of
the Funds as it deems necessary, using independent auditors or others. The
Audit Committee has adopted a formal written charter which is available
upon request. During 2002, the Audit Committee held six meetings. The
current members of the Audit Committee are Mr. Sloan (chair), Dr. Gruber
and Dr. Jacob.
(2) A Finance Committee, which oversees the management of the Funds investments
subject to appropriate oversight by the full Board. During 2002, the
Finance Committee held four meetings. The current members of the Finance
Committee are Mr. Leibowitz (chair), Dr. Carleton, Dr. Gruber, Dr. Jacob,
Mr. Longstreth, Dr. Ross, Mr. Sloan and Dr. Vishny.
(3) A Corporate Governance and Social Responsibility Committee, consisting
solely of Trustees who are not officers of the Funds, which addresses all
corporate social responsibility and corporate governance issues including
the voting of the Funds' shareholdings and the initiation of appropriate
shareholder resolutions. During 2002, the Corporate Governance and Social
Responsibility Committee held five meetings. The current members of the
Corporate Governance and Social Responsibility Committee are Mr. Longstreth
(chair), Dr. Carleton and Dr. Vishny.
(4) An Executive Committee, which generally is vested with full Board powers
between full Board meetings on matters not specifically addressed by the
full Board. During 2002, the Executive Committee held five meetings. The
current members of the Executive Committee are Mr. Leibowitz (chair), Dr.
Gruber and Dr. Ross.
(5) A Nominating and Personnel Committee, consisting solely of independent
Trustees who are not officers of the Funds, which nominates certain Fund
officers and the standing committees of the Board, and recommends
candidates for election as Trustees. During 2002, the Nominating and
Personnel Committee held eight meetings. The current members of the
Nominating and Personnel Committee are Dr. Ross (chair), Dr. Jacob and Dr.
Vishny.
(6) A Products and Services Committee, formed in November 2002, which reviews
and oversees the design, development, improvement, and marketing of new and
existing products and services. During 2002, the Products and Services
Committee held no meetings. The current members of the Products and
Services Committee are Mr. Leibowitz (chair), Dr. Gruber and Dr. Ross.
18
Shareholders can recommend nominees by writing to the Secretary of the Funds,
730 Third Avenue, New York, New York 10017-3206. Shareholders can also
recommend nominees when casting votes for this special meeting by writing in
the name of the individual in the space provided on the proxy card(s), or, if
voting through the Internet, by noting their recommended nominee in the
"Comments" section. (No recommendations may be made through our telephone
voting facility.)
Meetings
There were six meetings of the Boards of Trustees of the Funds during 2002 and
an additional six meetings of the Boards of Trustees through September 30,
2003. All current trustees attended at least 75% of the meetings of the Boards
of Trustees and the board committees on which they served.
II. THE INDEPENDENT AUDITORS
Ernst & Young LLP (Ernst & Young) served as independent auditors to the
TIAA-CREF Mutual Funds for the fiscal year ended December 31, 2002 and to the
TIAA-CREF Institutional Mutual Funds for the fiscal year ended September 30,
2003. At a meeting held on August 20, 2003, the Boards of Trustees, including a
majority of non-officer Trustees, ratified the selection of Ernst & Young by
the audit committee to serve as independent auditors for each of the Funds for
the fiscal years ending December 31, 2003 and September 30, 2004. Ernst & Young
performs independent audits of each Funds' financial statements. To maintain
auditor independence and avoid even the appearance of conflicts of interest,
the Funds, as a policy, do not engage Ernst & Young for management advisory or
consulting services.
Representatives of Ernst & Young will be available at the special meeting to
respond to questions.
Audit Fees
Ernst & Young's fees for professional services rendered for the audit of
TIAA-CREF Mutual Funds' annual financial statements for the years ended
December 31, 2002 and December 31, 2001 were $201,075 and $155,400,
respectively. Ernst & Young's fees for professional services rendered for the
audit of TIAA-CREF Institutional Mutual Funds' annual financial statements for
the fiscal years ended September 30, 2003 and September 30, 2002 were $335,903
and $428,505, respectively.
Tax Services
Ernst & Young's fees for tax services rendered to TIAA-CREF Mutual Funds for
the years ended December 31, 2002 and December 31, 2001 were $69,809 and
$60,524, respectively. Ernst & Young's fees for tax services rendered to
TIAA-CREF Institutional
19
Mutual Funds for the fiscal year ended September 30, 2003 is expected to be
$120,958 and for the fiscal year ended September 30, 2002 was $107,407.
Other Fees
Ernst & Young had no additional fees with respect to the TIAA-CREF Mutual Funds
for the years ended December 31, 2002 and 2001. Ernst & Young's only additional
fees with respect to the TIAA-CREF Institutional Mutual Funds for the fiscal
years ended September 30, 2003 and September 30, 2002 were $4,875 and $8,500,
respectively, for audit-related activities.
Preapproval Policy
In June of 2003, the Audit Committee of each Fund's Board ("Audit Committee")
adopted a Preapproval Policy for External Audit Firm Services ("Policy"). The
Policy describes the types of services that may be provided by the independent
auditor to the Funds without impairing the auditor's independence. Under the
Policy, the Audit Committee is required to preapprove services to be performed
by the Funds' independent auditor in order to ensure that such services do not
impair the auditor's independence.
The Policy requires the Audit Committee to: (i) appoint the independent auditor
to perform the financial statement audit for the Funds and certain of their
subsidiaries and affiliates, including approving the terms of the engagement
and (ii) preapprove the audit, audit-related and tax services to be provided by
the independent auditor and the fees to be charged for provision of such
services from year to year.
Auditor Fees for Related Entities
The aggregate non-audit fees billed by Ernst & Young for services rendered to
the TIAA-CREF Mutual Funds and its adviser or affiliates of the adviser
performing on-going services to the Funds, including TIAA (Service Providers)
for the years ended December 31, 2002 and December 31, 2001 were $234,659 and
$307,691, respectively. The equivalent figures for TIAA-CREF Institutional
Mutual Funds and their Service Providers for the fiscal years ended September
30, 2003 and September 30, 2002 were $290,708 and $280,757, respectively.
Ernst & Young's aggregate fees for professional services rendered in connection
with the audit of financial statements for TIAA and CREF and their affiliated
entities were $3,167,680 for the year ended December 31, 2002 and $2,020,000
for the year ended December 31, 2001. Ernst & Young's aggregate fees for
audit-related services provided to TIAA and CREF and their affiliated entities
were $159,000 for the year ended December 31, 2002 and $211,875 for the year
ended December 31, 2001. Ernst & Young's aggregate fees for tax services
provided to TIAA and CREF and their affiliated entities were $212,625 for the
year ended December 31, 2002 and $128,067 for the year ended December 31, 2001.
Ernst & Young's aggregate fees for all other services provided to TIAA and CREF
and their affiliated entities were $22,850 for the year ended December 31, 2002
and $0 for the year ended December 31, 2001.
20
III. ADDITIONAL INFORMATION
Beneficial Ownership
TIAA-CREF Mutual Funds:
As of October 20, 2003, the following persons owned beneficially or of record
5% or more of the outstanding shares of the following funds of the TIAA-CREF
Mutual Funds:
TIAA-CREF Trust Company, FSB(1,2)
One Metropolitan Square
211 North Broadway, Suite 1000
St. Louis, MO 63102
Percent Number
of of
Fund Shares Shares
- ---------------------------------------------------
Tax-Exempt Bond 14.84% 2,190,108
- ---------------------------------------------------
High-Yield Bond 29.04% 5,957,083
- ---------------------------------------------------
Short-Term Bond 43.01% 7,948,931
- ---------------------------------------------------
The University of Chicago(1)
450 North Cityfront Plaza Drive
Chicago, IL 60611
Percent Number
of of
Fund Shares Shares
- ---------------------------------------------------
International Equity 22.20% 6,599,344
- ---------------------------------------------------
TIAA-CREF Managed Allocation Fund
730 Third Avenue
New York, NY 10017
Percent Number
of of
Fund Shares Shares
- ---------------------------------------------------
International Equity 16.18% 4,807,589
- ---------------------------------------------------
Growth Equity 15.30% 9,638,616
- ---------------------------------------------------
Bond Plus 30.87% 12,114,866
- ---------------------------------------------------
High-Yield Bond 5.72% 1,172,485
- ---------------------------------------------------
(1) Held for the benefit of the shareholder by:
SEI Private Trust Company
One Freedom Valley Drive
Oaks, PA 19456
(2) The Trust Company, a federal savings bank, holds these shares in a
fiduciary capacity for its clients. The Trust Company has investment
discretion over these shares.
Charles Schwab & Co., Inc.
101 Montgomery Street
San Francisco, CA 94104
Percent Number
of of
Fund Shares Shares
- ---------------------------------------------------
International Equity 6.64% 1,972,722
- ---------------------------------------------------
Growth & Income 7.14% 3,454,108
- ---------------------------------------------------
Short-Term Bond 6.10% 1,126,809
- ---------------------------------------------------
High-Yield Bond 14.34% 2,940,503
- ---------------------------------------------------
Social Choice Equity 12.62% 1,064,777
- ---------------------------------------------------
Equity Index 21.18% 8,171,204
- ---------------------------------------------------
National Financial Services LLC
For the Exclusive Benefit of our Customers
One World Financial Center
200 Liberty Street, 5th Floor
New York, NY 10281
Percent Number
of of
Fund Shares Shares
- ---------------------------------------------------
High-Yield Bond 8.68% 1,780,384
- ---------------------------------------------------
Equity Index 7.24% 2,793,670
- ---------------------------------------------------
Teachers Insurance and Annuity Association of America(3)
730 Third Avenue
New York, NY 10017
Percent Number
of of
Fund Shares Shares
- ---------------------------------------------------
Social Choice Equity 15.25% 1,287,129
- ---------------------------------------------------
(3) TIAA, a New York State chartered insurance company, holds these shares in
exchange for providing the initial seed capital to these Funds.
21
Bryn Mawr Presbyterian Church Foundation(4)
138 Hunters Run
Newtown Square, PA 19073
Percent Number
of of
Fund Shares Shares
- ---------------------------------------------------
TIAA-CREF Social Choice
Equity 11.14% 940,266
- ---------------------------------------------------
SEI Private Trust Company(5)
One Freedom Valley Drive
Oaks, PA 19456
Percent Number
of of
Fund Shares Shares
- ---------------------------------------------------
Tax-Exempt Bond 15.33% 2,261,498
- ---------------------------------------------------
High-Yield Bond 30.02% 6,158,690
- ---------------------------------------------------
Short-Term Bond 43.07% 7,960,694
- ---------------------------------------------------
International Equity 22.30% 6,628,814
- ---------------------------------------------------
(4) Held for the benefit of the shareholder by:
Vanguard National Trust Company
PO Box 709
Valley Forge, PA 19482
(5) Held for the benefit of customers of TIAA-CREF Trust Company, FSB
22
As of October 20, 2003: (1) none of the current trustees or nominees owned as
much as 1% of the outstanding voting securities of any of the TIAA-CREF Mutual
Funds; and (2) the current trustees and officers, as a group, did not own more
than 1% of the outstanding voting securities of any of the TIAA-CREF Mutual
Funds.
TIAA-CREF Institutional Mutual Funds:
As of October 20, 2003, the following persons are known by the Fund to hold
beneficially 5% or more of the outstanding shares of the following classes of
Funds:
SEI Private Trust Company(1)
One Freedom Valley Drive
Oaks, PA 19456
Percent Number
of of
Fund Shares Shares
- ----------------------------------------------------------
Institutional Class
- ----------------------------------------------------------
International Equity 38.15% 16,610,336
- ----------------------------------------------------------
Growth Equity 54.10% 8,768,889
- ----------------------------------------------------------
Social Choice Equity 64.28% 4,176,308
- ----------------------------------------------------------
Growth & Income 31.84% 22,553,532
- ----------------------------------------------------------
Inflation-Linked Bond 7.38% 1,619,215
- ----------------------------------------------------------
Equity Index 9.39% 15,923,410
- ----------------------------------------------------------
Bond 24.61% 33,292,890
- ----------------------------------------------------------
Small-Cap Equity 100.00% 1,748,022
- ----------------------------------------------------------
Mid-Cap Value 100.00% 343,710
- ----------------------------------------------------------
Mid-Cap Growth 99.99% 149,505
- ----------------------------------------------------------
Real Estate Securities 41.54% 3,490,997
- ----------------------------------------------------------
Large-Cap Value 100.00% 1,346,091
- ----------------------------------------------------------
S&P 500 Index 70.04% 4,770,417
- ----------------------------------------------------------
International Equity Index 13.22% 736,339
- ----------------------------------------------------------
Large-Cap Value Index 9.64% 751,480
- ----------------------------------------------------------
Large-Cap Growth Index 19.31% 573,430
- ----------------------------------------------------------
Mid-Cap Blend Index 40.86% 1,311,455
- ----------------------------------------------------------
Mid-Cap Value Index 5.16% 130,016
- ----------------------------------------------------------
Small-Cap Value Index 8.28% 353,423
- ----------------------------------------------------------
Small-Cap Blend Index 13.28% 1,088,580
- ----------------------------------------------------------
Money Market 7.84% 13,838,000
- ----------------------------------------------------------
(1) Held for the benefit of customers of TIAA-CREF Trust Company, FSB
California Golden State Scholarshare College Savings Trust(2)
CA State Treasurer Office
915 Capitol Mall, Room 110
Sacramento, CA 95814
Percent Number
of of
Fund Shares Shares
- -----------------------------------------------------
Institutional Class
- -----------------------------------------------------
Bond 14.09% 19,058,404
- -----------------------------------------------------
Equity Index 6.88% 11,680,147
- -----------------------------------------------------
Growth & Income 32.85% 23,271,113
- -----------------------------------------------------
Growth Equity 19.44% 3,151,761
- -----------------------------------------------------
International Equity 21.61% 9,409,361
- -----------------------------------------------------
Large-Cap Value Index 24.10% 1,878,045
- -----------------------------------------------------
Money Market 13.95% 24,628,703
- -----------------------------------------------------
Small-Cap Blend Index 15.50% 1,270,480
- -----------------------------------------------------
Social Choice Equity 35.72% 2,320,818
- -----------------------------------------------------
CHET(2)
Office of the Treasurer
55 Elm Street
Hartford, CT 06106
Percent Number
of of
Fund Shares Shares
- -----------------------------------------------------
Institutional Class
- -----------------------------------------------------
Bond 8.14% 11,008,787
- -----------------------------------------------------
Equity Index 6.91% 11,728,759
- -----------------------------------------------------
Growth & Income 7.35% 5,203,283
- -----------------------------------------------------
International Equity 6.94% 3,019,954
- -----------------------------------------------------
Money Market 9.76% 17,225,631
- -----------------------------------------------------
(2) Held for the benefit of customers of each State's 529 plan
23
Georgia Higher Education Savings Plan(3)
Suite 1202, West Tower
200 Piedmont Avenue
Atlanta, GA 30334
Percent Number
of of
Fund Shares Shares
- -----------------------------------------------------
Institutional Class
- -----------------------------------------------------
Inflation-Linked Bond 6.14% 1,346,966
- -----------------------------------------------------
Minnesota College Savings Plan(3)
Manager Public Programs
MN State Board of Investment
60 Empire Drive, Suite 355
St. Paul, MN 55103
Percent Number
of of
Fund Shares Shares
- -----------------------------------------------------
Institutional Class
- -----------------------------------------------------
Inflation-Linked Bond 11.42% 2,505,938
- -----------------------------------------------------
Large-Cap Value Index 5.85% 455,527
- -----------------------------------------------------
Real Estate Securities 7.86% 660,445
- -----------------------------------------------------
Michigan Education Savings Program(3)
Executive Director -- Met
Director of Treasury
PO Box 30198
Lansing, MI 48909
Percent Number
of of
Fund Shares Shares
- -----------------------------------------------------
Institutional Class
- -----------------------------------------------------
Equity Index 5.32% 9,020,611
- -----------------------------------------------------
Growth & Income 9.48% 6,713,794
- -----------------------------------------------------
Growth Equity 14.59% 2,365,498
- -----------------------------------------------------
Inflation-Linked Bond 35.34% 7,757,287
- -----------------------------------------------------
International Equity 12.52% 5,451,165
- -----------------------------------------------------
Large-Cap Value Index 18.38% 1,432,382
- -----------------------------------------------------
Money Market 8.67% 15,307,870
- -----------------------------------------------------
Real Estate Securities 23.02% 1,934,522
- -----------------------------------------------------
Small-Cap Blend Index 11.12% 911,242
- -----------------------------------------------------
Missouri Saving for Tuition(3)
Missouri's State Treasurer's Office
Capitol Building, Room 229
201 West Capitol Avenue
Jefferson City, MO 65101
Percent Number
of of
Fund Shares Shares
- -----------------------------------------------------
Institutional Class
- -----------------------------------------------------
Growth & Income 7.09% 5,025,218
- -----------------------------------------------------
Growth Equity 5.12% 829,100
- -----------------------------------------------------
Inflation-Linked Bond 26.06% 5,720,679
- -----------------------------------------------------
International Equity 8.74% 3,806,411
- -----------------------------------------------------
Large-Cap Value Index 14.58% 1,135,840
- -----------------------------------------------------
Money Market 7.55% 13,333,655
- -----------------------------------------------------
Real Estate Securities 15.96% 1,341,148
- -----------------------------------------------------
Small-Cap Blend Index 10.51% 861,473
- -----------------------------------------------------
New York's College Savings Program(3)
Office of the State Comptroller
110 State Street
Albany, NY 12207
Percent Number
of of
Fund Shares Shares
- -----------------------------------------------------
Institutional Class
- -----------------------------------------------------
Bond 44.81% 60,636,991
- -----------------------------------------------------
Equity Index 61.37% 104,109,675
- -----------------------------------------------------
Money Market 43.40% 76,619,609
- -----------------------------------------------------
(3) Held for the benefit of customers of each State's 529 plan
24
Teachers Insurance and Annuity Association of America(4)
730 Third Avenue
New York, NY 10017
Percent Number
of of
Fund Shares Shares
- --------------------------------------------------------
Real Estate Securities
(Retail Class) 22.07% 834,907
- --------------------------------------------------------
S&P 500 Index
(Institutional Class) 28.92% 1,970,137
- --------------------------------------------------------
Large-Cap Growth Index
(Institutional Class) 80.69% 2,396,360
- --------------------------------------------------------
Large-Cap Growth Index
(Retirement Class) 57.85% 10,027
- --------------------------------------------------------
Large-Cap Value Index
(Institutional Class) 18.81% 1,466,059
- --------------------------------------------------------
Large-Cap Value Index
(Retirement Class) 69.84% 10,071
- --------------------------------------------------------
Mid-Cap Blend Index
(Institutional Class) 59.14% 1,898,197
- --------------------------------------------------------
Mid-Cap Blend Index
(Retirement Class) 47.21% 10,043
- --------------------------------------------------------
Mid-Cap Growth Index
(Institutional Class) 96.25% 1,598,350
- --------------------------------------------------------
Mid-Cap Growth Index
(Retirement Class) 42.04% 10,004
- --------------------------------------------------------
Mid-Cap Value Index
(Institutional Class) 94.84% 2,388,790
- --------------------------------------------------------
Mid-Cap Value Index
(Retirement Class) 84.38% 10,070
- --------------------------------------------------------
Small-Cap Blend Index
(Institutional Class) 39.93% 3,271,979
- --------------------------------------------------------
Small-Cap Blend Index
(Retirement Class) 66.76% 10,039
- --------------------------------------------------------
Small-Cap Growth Index
(Institutional Class) 95.83% 4,407,001
- --------------------------------------------------------
Small-Cap Growth Index
(Retirement Class) 74.32% 10,016
- --------------------------------------------------------
Small-Cap Value Index
(Institutional Class) 91.72% 3,914,394
- --------------------------------------------------------
Small-Cap Value Index
(Retirement Class) 90.16% 10,063
- --------------------------------------------------------
International Equity Index
(Institutional Class) 86.78% 4,832,324
- --------------------------------------------------------
International Equity Index
(Retirement Class) 99.92% 10,037
- --------------------------------------------------------
(4) TIAA, a New York State chartered insurance company, holds these shares in
exchange for providing the initial seed capital to these Funds.
TIAA-CREF Trust Company, FSB(5,6)
One Metropolitan Square
211 North Broadway, Suite 1000
St. Louis, MO 63102
Percent Number
of of
Fund Shares Shares
- -----------------------------------------------------------
Institutional Class
- -----------------------------------------------------------
International Equity 24.49% 10,665,170
- -----------------------------------------------------------
Growth Equity 30.38% 4,924,981
- -----------------------------------------------------------
Social Choice Equity 20.78% 1,350,136
- -----------------------------------------------------------
Growth & Income 24.31% 17,219,972
- -----------------------------------------------------------
Inflation-Linked Bond 7.36% 1,615,647
- -----------------------------------------------------------
Equity Index 6.05% 10,269,981
- -----------------------------------------------------------
Bond 14.99% 20,287,350
- -----------------------------------------------------------
Small-Cap Equity 83.83% 1,465,365
- -----------------------------------------------------------
Mid-Cap Value 59.06% 202,991
- -----------------------------------------------------------
Mid-Cap Growth 59.16% 88,451
- -----------------------------------------------------------
Real Estate Securities 35.71% 3,001,455
- -----------------------------------------------------------
Large-Cap Value 91.91% 1,237,201
- -----------------------------------------------------------
S&P 500 Index 44.02% 2,998,496
- -----------------------------------------------------------
International Equity Index 13.18% 734,065
- -----------------------------------------------------------
Large-Cap Value Index 9.64% 751,479
- -----------------------------------------------------------
Large-Cap Growth Index 19.31% 573,430
- -----------------------------------------------------------
Mid-Cap Blend Index 40.74% 1,307,702
- -----------------------------------------------------------
Mid-Cap Value Index 5.16% 130,051
- -----------------------------------------------------------
Small-Cap Value Index 8.21% 350,185
- -----------------------------------------------------------
Small-Cap Blend Index 13.28% 1,088,580
- -----------------------------------------------------------
TIAA-CREF Managed Allocation Fund
730 Third Avenue
New York, NY 10017
Percent Number
of of
Fund Shares Shares
- ------------------------------------------------------
Retail Class
- ------------------------------------------------------
Small-Cap Equity 40.46% 969,615
- ------------------------------------------------------
Real Estate Securities 7.42% 280,712
- ------------------------------------------------------
Large-Cap Value 90.07% 6,770,312
- ------------------------------------------------------
(5) Held for the benefit of the shareholder by:
SEI Private Trust Company
One Freedom Valley Drive
Oaks, PA 19456
(6) The Trust Company, a federal savings bank, holds these shares in a
fiduciary capacity for its clients. The Trust Company has investment
discretion over these shares.
25
National Financial Services LLC
For the Exclusive Benefit of our Customers
One World Financial Center
200 Liberty Street, 5th Floor
New York, NY 10281
Percent Number
of of
Fund Shares Shares
- ---------------------------------------
Retail Class
- ---------------------------------------
Mid-Cap Growth 9.12% 172,197
- ---------------------------------------
Mid-Cap Value 6.47% 61,519
- ---------------------------------------
James S. McDonnell Foundation I/A(7)
1034 South Brentwood Boulevard, Suite 1860
St. Louis, MO 63117
Percent Number
of of
Fund Shares Shares
- -------------------------------------------------
Institutional Class
- -------------------------------------------------
International Equity 10.04% 4,371,674
- -------------------------------------------------
Community Funds, Inc(7)
2 Park Avenue
New York, NY 10016
Percent Number
of of
Fund Shares Shares
- ----------------------------------------------------
Institutional Class
- ----------------------------------------------------
Growth Equity 21.51% 3,486,564
- ----------------------------------------------------
Growth & Income 6.82% 4,831,085
- ----------------------------------------------------
Real Estate Securities 5.77% 485,123
- ----------------------------------------------------
International Centre for Diarrhoeal(7)
Disease Research, Bangladesh/
Centre for Health & Population
Research Endowment Fund
10630 Little Patuxent Parkway
Century Plaza, Suite 126
Columbia, MD 21044
Percent Number
of of
Fund Shares Shares
- ---------------------------------------------
Institutional Class
- ---------------------------------------------
Social Choice Equity 6.92% 449,760
- ---------------------------------------------
The Church of the Nazarene(7)
6401 The Paseo
Kansas City, MO 64131
Percent Number
of of
Fund Shares Shares
- ---------------------------------------------
Institutional Class
- ---------------------------------------------
Social Choice Equity 7.77% 505,012
- ---------------------------------------------
Fleet National Bank(7)
159 East Main Street
Rochester, NY 14638
Percent Number
of of
Fund Shares Shares
- -------------------------------------------------
Institutional Class
- -------------------------------------------------
Social Choice Equity 17.16% 1,114,810
- -------------------------------------------------
Kentucky Foundation for Women(7)
1215 Heyburn Building --
322 West Broadway
Louisville, KY 40202
Percent Number
of of
Fund Shares Shares
- -------------------------------------------------
Institutional Class
- -------------------------------------------------
Social Choice Equity 11.79% 766,313
- -------------------------------------------------
The Danforth Foundation(7)
211 North Broadway Suite 2390
St. Louis, MO 63102
Percent Number
of of
Fund Shares Shares
- -------------------------------------------------
Institutional Class
- -------------------------------------------------
Bond 5.97% 8,074,423
- -------------------------------------------------
Money Market 7.22% 12,743,000
- -------------------------------------------------
(7) Held for the benefit of the shareholder by:
SEI Private Trust Company
One Freedom Valley Drive
Oaks, PA 19456
26
Berea College(8)
CPO 2206
Berea, KY 40404
Percent Number
of of
Fund Shares Shares
- ----------------------------------------------
Institutional Class
- ----------------------------------------------
Small-Cap Equity 7.10% 124,068
- ----------------------------------------------
Optical Gaging Products(8)
850 Hudson Avenue
Rochester NY 14621-4896
Percent Number
of of
Fund Shares Shares
- ----------------------------------------------
Institutional Class
- ----------------------------------------------
Small-Cap Equity 9.09% 158,809
- ----------------------------------------------
University of Cincinnati(8)
PO Box 19970
Cincinnati, OH 45219-0970
Percent Number
of of
Fund Shares Shares
- ------------------------------------------------
Institutional Class
- ------------------------------------------------
Mid-Cap Value 27.73% 95,309
- ------------------------------------------------
Large-Cap Value 7.03% 94,610
- ------------------------------------------------
Arkansas State University(8)
PO Box 1990
State University AR 72467
Percent Number
of of
Fund Shares Shares
- ------------------------------------------------
Institutional Class
- ------------------------------------------------
Mid-Cap Value 7.73% 26,559
- ------------------------------------------------
Mid-Cap Growth 16.31% 24,388
- ------------------------------------------------
Sparks Health System(8)
PO Box 17030
Fort Smith, AR 72917-7006
Percent Number
of of
Fund Shares Shares
- ------------------------------------------------
Institutional Class
- ------------------------------------------------
Mid-Cap Value 5.23% 17,989
- ------------------------------------------------
Mid-Cap Growth 11.13% 16,638
- ------------------------------------------------
Ivan George Smith(8)
701 East 8th Street
Houston, TX 77007
Percent Number
of of
Fund Shares Shares
- ------------------------------------------------
Institutional Class
- ------------------------------------------------
Mid-Cap Growth 6.84% 10,221
- ------------------------------------------------
Gemological Institute of America(8)
5345 Armada Drive
Carlsbad, CA 92008
Percent Number
of of
Fund Shares Shares
- ------------------------------------------------
Institutional Class
- ------------------------------------------------
S&P 500 Index 16.20% 1,103,738
- ------------------------------------------------
John Walter Sheffield, Jr(8)
4570 Tall Pines Drive NW
Atlanta, GA 30327
Percent Number
of of
Fund Shares Shares
- ------------------------------------------------
Institutional Class
- ------------------------------------------------
Mid-Cap Growth 6.56% 9,805
- ------------------------------------------------
Iowa State University(8)
2505 Elwood Drive
Ames, IA 50010-8644
Percent Number
of of
Fund Shares Shares
- ------------------------------------------------
Institutional Class
- ------------------------------------------------
S&P 500 Index 6.90% 469,651
- ------------------------------------------------
(8) Held for the benefit of the shareholder by:
SEI Private Trust Company
One Freedom Valley Drive
Oaks, PA 19456
27
TIAA-CREF Individual & Institutional Services, Inc.(9)
For the Exclusive Benefit of Customers
730 Third Avenue
New York, NY 10017
Percent Number
of of
Fund Shares Shares
- ----------------------------------------------------
Retirement Class
- ----------------------------------------------------
Growth & Income 100.00% 1,281,639
- ----------------------------------------------------
International Equity 100.00% 1,583,505
- ----------------------------------------------------
Large-Cap Value 100.00% 1,063,875
- ----------------------------------------------------
Mid-Cap Value 100.00% 1,575,481
- ----------------------------------------------------
Mid-Cap Growth 100.00% 2,287,949
- ----------------------------------------------------
Small-Cap Equity 100.00% 2,706,313
- ----------------------------------------------------
Real Estate Securities 99.28% 1,417,555
- ----------------------------------------------------
Social Choice Equity 100.00% 1,223,030
- ----------------------------------------------------
S&P 500 Index 100.00% 1,280,435
- ----------------------------------------------------
Large-Cap Growth Index 42.11% 7,299
- ----------------------------------------------------
Large-Cap Value Index 30.11% 4,341
- ----------------------------------------------------
Mid-Cap Growth Index 57.93% 13,787
- ----------------------------------------------------
Mid-Cap Value Index 15.56% 1,856
- ----------------------------------------------------
Mid-Cap Blend Index 52.76% 11,224
- ----------------------------------------------------
Small-Cap Growth Index 25.62% 3,453
- ----------------------------------------------------
Small-Cap Value Index 9.77% 1,090
- ----------------------------------------------------
Small-Cap Blend Index 33.18% 4,989
- ----------------------------------------------------
(9) Held for the benefit of customers of TIAA-CREF Individual & Institutional
Services, Inc. Eleven of these customers own over 5% of certain classes in
certain funds. However, none of these shareholders own over 1% of the fund
as a whole.
28
As of October 20, 2003: (1) none of the current trustees or nominees owned as
much as 1% of the outstanding voting securities of any class of any of the
TIAA-CREF Institutional Mutual Funds; and (2) the current trustees and
officers, as a group, did not own more than 1% of the outstanding voting
securities of any class of any of the TIAA-CREF Institutional Mutual Funds.
Any person owning more than 25% of each Fund's shares may be considered a
"controlling person" of that Fund. A controlling person's vote could have a
more significant effect on matters presented to shareholders for approval than
the vote of other Fund shareholders.
29
Investment Advisory and Distribution Arrangements
Teachers Advisors, Inc. (Teachers Advisors) manages the assets of the Funds. It
is a subsidiary of TIAA that is registered as an investment adviser under the
Investment Advisers Act of 1940.
The shares of the Funds are distributed by Teachers Personal Investors
Services, Inc. (TPIS), a subsidiary of TIAA that is registered as a
broker-dealer and is a member of the National Association of Securities
Dealers, Inc. The TIAA Board of Overseers, a New York membership corporation,
owns all of the stock of TIAA.
The address for Teachers Advisors and TPIS is 730 Third Avenue, New York, New
York 10017-3206.
IV. OTHER MATTERS
Means of Soliciting Proxies
This proxy solicitation will be conducted mainly by mail, telephone, and the
Internet, but it may also be by any other method of electronic communication,
or by personal interview. The Funds bear all their own expenses connected with
soliciting proxies; the expenses are included in the administrative expenses
that are paid for from the Funds' net assets.
Proposals of Persons with Voting Rights
Any contractowner proposals to be included in the proxy statement for the
Funds' next annual or special meeting must be received by the Funds within a
reasonable period of time prior to that meeting. Neither Fund has current plans
to hold an annual or special meeting in 2004.
Annual Reports
If you would like to see the most recent semi-annual and annual reports, you
can visit the TIAA-CREF Web site www.tiaa-cref.org or use our on-line request
form to order print versions electronically. Or, you can call 1 877 518-9161 or
write to us at 730 Third Avenue, New York, New York 10017-3206.
IMFMF A30716 (11/03)
[TIAA CREF LOGO] P.O. BOX 9132
HINGHAM, MA 02043-9132
*** CONTROL NUMBER: 999 999 999 999 99 ***
THREE EASY WAYS TO VOTE YOUR PROXY.
- -------------------------- -------------------------- --------------------------
To vote by Telephone To vote by Internet To vote by Mail
1) Read the Proxy 1) Read the Proxy 1) Read the Proxy
Statement and have this Statement and have this Statement.
Proxy card at hand. Proxy card at hand.
2) Check the appropriate
2) Call 1 888 221-0697. 2) Go to Website box on the reverse
www.proxyweb.com/ side.
3) Enter the 14-digit TIAA-CREF
number below and follow 3) Sign and date the Proxy
the simple 3) Enter the 14-digit card.
instructions. number below and follow
the simple 4) Return the Proxy card
instructions. in the envelope
provided.
- -------------------------- -------------------------- --------------------------
IF YOU VOTE BY TELEPHONE OR INTERNET, DO NOT MAIL YOUR CARD.
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS PROXY
SOLICITED BY THE BOARD OF TRUSTEES
By signing this form, I authorize Stephen A. Ross, E. Laverne Jones, and Stewart
P. Greene, singly or together, with power of substitution in each, to represent
me and cast my vote at the TIAA-CREF Institutional Mutual Funds' special meeting
to be held on December 15, 2003 at 3:15 p.m. at 730 Third Avenue, New York, New
York, and any adjournment or postponement thereof. They will vote as I instruct.
If no directions are given, or if the instructions are contradictory, the
proxies will vote (i) FOR the election of all listed nominees; and (ii) at their
discretion on any other matters that may properly come before the special
meeting or if a nominee is not available for election.
Date _______________________, 2003
----------------------------------------
----------------------------------------
Signature (Sign in the Box)
When signing as attorney, executor,
administrator, trustee, guardian, or
corporate officer, please indicate your
full name and title.
TC Inst'l JL
Please fill in box(es) as shown using black or blue ink or number 2 pencil. |X|
PLEASE DO NOT USE FINE POINT PENS.
Unless you have voted by Internet or telephone, please sign and date this ballot
on the reverse side and return it in the enclosed postage-paid envelope to MIS,
TIAA-CREF's tabulator at 60 Research Road, Hingham, MA 02043. MIS has been
engaged to tabulate ballots returned by mail to preserve the confidentiality of
your ballot. If you vote by Internet or Phone, your vote authorizes the proxies
named on the front of your proxy card to cast your votes in the same manner as
if you marked, signed, and returned your card. All votes cast by Internet,
phone, or proxy card must be received by 12:00 noon (eastern time) on December
15, 2003. If you vote via the Internet or phone, please do NOT mail back your
proxy card.
The Board of Trustees Recommends a Vote FOR the FOR WITHHOLD FOR ALL
election of ALL Nominees. ALL ALL EXCEPT*
1. (01) Willard T. Carleton (02) Martin J. Gruber |_| |_| |_|
(03) Bridget A. Macaskill
*(INSTRUCTION: To withhold authority to vote for any
individual nominee(s), mark the box "FOR ALL EXCEPT"
and write the number(s) of the nominee(s) on the
line provided below.)
- -------------------------------------------------------
PLEASE SIGN AND DATE ON THE REVERSE SIDE.
TC Inst'l JL
[TIAA CREF LOGO] Internet Proxy Voting Service
Proxy Voting Form
TIAA-CREF Institutional Mutual
Funds Proxy
By submitting this form online, I authorize Stephen A. Ross, E. Laverne Jones,
and Stewart P. Greene, singly or together, with power of substitution in each,
to represent me and cast my vote at the TIAA-CREF Institutional Mutual Funds'
special meeting to be held on December 15, 2003 at 3:15 p.m. at 730 Third
Avenue, New York, New York, and any adjournment or postponement thereof. They
will vote as I instruct. If no directions are given, or if the instructions are
contradictory, the proxies will vote (i) FOR the election of all listed
nominees; and (ii) at their discretion on any other matters that may properly
come before the special meeting or if a nominee is not available for election.
To review the election materials please click Proxy Statement
Proposal I. The Board of Trustees Recommends a Vote FOR the election of ALL
Nominees.
[o] FOR all nominees [o] WITHHOLD ALL
[o] FOR all nominees (Except as indicated)
(01) [_] Willard T. Carleton (02) [_] Martin J. Gruber
(03) [_] Bridget A. Macaskill
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
To receive an optional email confirmation, enter your email address here:
___________
[___________]
Press this button to [Submit] your Proxy Vote.
(C) 2000, 2001 ADP Financial Information Services, Inc. The MIS logo is a
service mark of Automatic Data Processing, Inc.
The ADP logo is a registered trademark of ADP of North America, Inc. Terms and
Conditions. Privacy Statement.
MANAGEMENT INFORMATION SERVICES
TOUCH TONE VOTING SCRIPT
DIRECTOR PROPOSAL ONLY
(888) 221-0697
OPENING:
When connected to the toll-free number, shareholder will hear:
- --------------------------------------------------------------------------------
"Welcome. Please enter the control number located on the upper portion of your
proxy card."
- --------------------------------------------------------------------------------
When shareholder enters the control number, he/she will hear:
- --------------------------------------------------------------------------------
"Please enter the last 4 digits of your social security number"
- --------------------------------------------------------------------------------
When shareholder enters the last 4 digits of their social security number,
he/she will hear:
- --------------------------------------------------------------------------------
"To vote as the ** Board recommends, press 1 now. To vote otherwise, press 0
now."
- --------------------------------------------------------------------------------
OPTION 1: VOTING AS MANAGEMENT RECOMMENDS
If shareholder elects to vote as management recommends on all proposals, he/she
will hear:
- --------------------------------------------------------------------------------
"You have voted as the Board recommended. If this is correct, press 1. If
incorrect, press 0."
- --------------------------------------------------------------------------------
If the shareholder presses 1, he/she will hear:
- --------------------------------------------------------------------------------
"If you have received more than one proxy card, you must vote each card
separately. If you would like to vote another proxy, press 1 now. To end this
call, press 0 now."
- --------------------------------------------------------------------------------
If shareholder presses 0 to indicate an incorrect vote, he/she will hear:
- --------------------------------------------------------------------------------
"To vote as the ** Board recommends, press 1 now. To vote otherwise, press 0
now."
- --------------------------------------------------------------------------------
If shareholder elects to vote another proxy, he/she is returned to the "Please
enter the control number" speech (above). If shareholder elects to end the call,
he/she will hear:
- --------------------------------------------------------------------------------
"Thank you for voting."
- --------------------------------------------------------------------------------
Call is terminated.
MANAGEMENT INFORMATION SERVICES
11/12/2003
OPTION 2: VOTING OTHERWISE
If shareholder elects to vote the proposal separately, he/she will hear:
- --------------------------------------------------------------------------------
"Proposal 1: To vote FOR all nominees, press 1. To WITHHOLD from all nominees,
press 9. To WITHHOLD from an individual nominee, press 0. Make your selection
now."
- --------------------------------------------------------------------------------
If the shareholder votes FOR all nominees or WITHHOLDS from all nominees, the
script moves to Proposal 2. If the shareholder elects to withhold from a
specific nominee, he/she will hear:
- --------------------------------------------------------------------------------
"Enter the two-digit number that appears in front of the nominee's name you DO
NOT wish to vote for."
- --------------------------------------------------------------------------------
And then,
- --------------------------------------------------------------------------------
"Press 1 to withhold from another nominee or Press 0 if you have completed
voting on nominees."
- --------------------------------------------------------------------------------
When the shareholder has finished voting on Proposal 1, he/she will hear:
- --------------------------------------------------------------------------------
"Your vote has been cast as follows (vote is given). If this is correct, press
1. If incorrect, press 0."
- --------------------------------------------------------------------------------
If the shareholder presses 1, he/she will hear:
- --------------------------------------------------------------------------------
"If you have received more than one proxy card, you must vote each card
separately. If you would like to vote another proxy, press 1 now. To end this
call, press 0 now."
- --------------------------------------------------------------------------------
If shareholder presses 0 to indicate an incorrect vote, he/she will hear:
- --------------------------------------------------------------------------------
"To vote as the ** Board recommends, press 1 now. To vote otherwise, press 0
now."
- --------------------------------------------------------------------------------
If shareholder elects to vote another proxy, he/she is returned to the "Please
enter the control number" speech (above). If shareholder elects to end the call,
he/she will hear:
- --------------------------------------------------------------------------------
"Thank you for voting."
- --------------------------------------------------------------------------------
Call is terminated.
MANAGEMENT INFORMATION SERVICES
11/12/2003