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ScholarShare to force mutual fund reporting reforms

(April 11, 2004) - California's ScholarShare Investment Board has adopted new mutual fund protection principles for its ScholarShare 529 plan. The principles, first unveiled in January by California Treasurer Phil Angelides, North Carolina Treasurer Richard Moore, New York Comptroller Alan Hevesi, and New York State Attorney General Eliot Spitzer, would require that mutual funds adopt reforms with respect to its fee-setting practices and disclosure of fees and fund manager compensation. ScholarShare currently invests exclusively in TIAA-CREF mutual funds. The board has directed TIAA-CREF to report back on its compliance with the newly approved principles.

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