Shareholders of several TIAA-CREF funds have rejected a proposal to raise advisory fees for the funds, reports the Dow Jones Newswires.

The funds include: TIAA-CREF’s Growth Equity, International Equity, Small-Cap Equity, Large-Cap Value, Real Estate Securities, Social Choice Equity, Bond, Inflation-Linked Bond, and Money Market Funds.

Meanwhile, shareholders for the Growth & Income and Mid-Cap Value funds approved the measures. Not enough votes were cast for to make a decision for the TIAA-CREF Mid-Cap Growth Fund. A decision may be reached for the fund in September, a spokeswoman told Dow Jones.

Teachers Advisors, the investment advisor to the TIAA-CREF funds, had proposed the fee hike because it stated that it was losing money on the funds.

"[I]t has become clear that the extremely low fees currently charged by the advisor are insufficient to cover the costs of providing services to the Funds while continuing to provide high-quality services to shareholders. The advisor has informed us that it has consistently incurred losses and cannot continue as an effective investment manager for the Funds under the current fee structure," officials wrote in a proxy statement.

The fund boards will now consider whether to liquidate, close or merge some of the funds, according to Dow Jones. 

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