Mutual Fund Summary Prospectus (497k)
12 4월 2013 - 10:49PM
Edgar (US Regulatory)
SUMMARY PROSPECTUS
APRIL
12, 2013
TIAA-CREF INTERNATIONAL OPPORTUNITIES FUND
of the TIAA-CREF Funds
Class
Ticker
: Retail
TIOSX
Retirement
TIOTX
Premier
TIOPX
Institutional
TIOIX
Before you invest, you may want to review the Funds prospectus, which contains
more information about the Fund and its risks. You can find the Funds prospectus and other information
about the Fund online at www.tiaa-cref.org/tcfio. You can also get this information at no cost by calling
800 223-1200 or by sending an e-mail request to disclosure@tiaa-cref.org. The Funds prospectus
and Statement of Additional Information (SAI), each dated April 12, 2013, as subsequently
supplemented, are incorporated into this Summary Prospectus by reference and may be obtained free of
charge at the website, phone number or e-mail address noted above.
INVESTMENT OBJECTIVE
The Fund seeks a favorable long-term total
return, mainly through capital appreciation, primarily from equity securities of foreign issuers.
FEES AND
EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund:
SHAREHOLDER FEES
(deducted directly from gross amount of transaction)
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Retail
Class
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Retirement
Class
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Premier
Class
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Institutional
Class
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Maximum Sales Charge Imposed on Purchases
(percentage
of offering price)
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0%
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0%
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0%
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0%
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Maximum
Deferred Sales Charge
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0%
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0%
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0%
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0%
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Maximum
Sales Charge Imposed on Reinvested
Dividends and Other Distributions
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0%
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0%
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0%
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0%
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Redemption or Exchange Fee (on shares held
less than 60 days)
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2.00%
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2.00%
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2.00%
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2.00%
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Account
Maintenance Fee
(annual fee on accounts under $2,000)
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$15.00
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0%
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0%
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0%
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TIAA-CREF International Opportunities
Fund
■
Summary Prospectus
1
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
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Retail
Class
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Retirement Class
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Premier Class
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Institutional
Class
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Management Fees
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0.60%
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0.60%
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0.60%
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0.60%
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Distribution (Rule 12b-1) Fees
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0.25%
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0.00%
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0.15%
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Other
Expenses
1
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0.29%
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0.40%
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0.15%
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0.15%
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Total
Annual Fund Operating Expenses
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1.14%
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1.00%
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0.90%
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0.75%
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Waivers and Expense Reimbursements
2
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(0.05)%
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(0.05)%
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(0.05)%
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(0.05)%
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Total Annual Fund Operating
Expenses After Fee Waiver and/or Expense Reimbursement
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1.09%
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0.95%
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0.85%
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0.70%
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1
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Other Expenses (and, accordingly,
Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or
Expense Reimbursement) are estimates for the current fiscal year because the Fund is newly operational.
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2
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Under the Funds expense reimbursement arrangements, the Funds investment
adviser, Teachers Advisors, Inc., has contractually agreed to reimburse the Fund for any Total Annual
Fund Operating Expenses (excluding interest, taxes, brokerage commissions or other transactional expenses,
Acquired Fund Fees and Expenses and extraordinary expenses) that exceed: (i) 1.09% of average daily net
assets for Retail Class shares; (ii) 0.95% of average daily net assets for Retirement Class shares; (iii)
0.85% of average daily net assets for Premier Class shares; and (iv) 0.70% of average daily net assets
for Institutional Class shares of the Fund. These expense reimbursement arrangements will continue through
at least April 11, 2014, unless changed with approval of the Board of Trustees.
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Example
This example is intended
to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual
funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then
redeem all your shares at the end of those periods. The example also assumes that your investment has
a 5% return each year and that the Funds operating expenses, before expense reimbursements, remain
the same. The example assumes that the Funds expense reimbursement agreement will remain in place
through April 11, 2014, but that there will be no waiver or expense reimbursement agreement in effect
thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs
would be:
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Retail Class
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Retirement
Class
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Premier Class
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Institutional
Class
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1 Year
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$
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111
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$
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97
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$
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87
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$
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72
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3
Years
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$
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357
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$
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313
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$
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282
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$
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235
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PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,
affect the Funds
2
Summary
Prospectus
■
TIAA-CREF International
Opportunities Fund
performance.
The Fund has no annual portfolio turnover rate because the Fund is newly operational.
PRINCIPAL
INVESTMENT STRATEGIES
The Fund primarily invests in equity securities of issuers in developed
and emerging markets located around the world but outside the United States. The Fund anticipates investing
in a number of foreign markets, but at a minimum it will invest in at least three countries outside the
United States. The Funds investment manager, Teachers Advisors, Inc. (Advisors), selects
individual stocks, and lets the Funds country and regional asset allocations evolve from this stock
selection. The Fund may invest in companies of all sizes.
Advisors typically invests
in companies that it believes can demonstrate positive and sustainable structural change. In addition,
Advisors looks for companies in the early stages of a structural growth opportunity driven by differentiated
products and/or services that maintain strong barriers to entry, continue to outgrow peers and demonstrate
accelerating top-line growth with margin expansion. Advisors will typically invest in these types of
companies when Advisors believes that their stock prices do not fully reflect the stocks potential
value, based on current earnings, assets and long-term growth prospects.
The Fund
is actively-managed; however, Advisors regularly reviews the Funds sector and country exposure
against the Funds benchmark index, the Morgan Stanley Capital International ACWI (All Country World
Index) ex-USA Index (the MSCI ACWI ex-USA
®
Index), to seek to control risk.
PRINCIPAL
INVESTMENT RISKS
You could lose money over short or long periods by investing in this Fund. An investment
in the Fund, due to the nature of the Funds portfolio holdings, typically is subject to the following
principal investment risks:
·
Market
Risk
The risk that market prices of portfolio investments held by the Fund may fall rapidly
or unpredictably due to a variety of factors, including changing economic, political or market conditions.
Market risk may affect a single issuer, industry or sector of the economy, or it may affect the market
as a whole.
·
Issuer
Risk
(often called
Financial
Risk
)The risk that an issuers earnings prospects and overall financial position will
deteriorate, causing a decline in the value of the issuers financial instruments over short or
extended periods of time.
·
Active
Management Risk
The risk that Advisors strategy, investment selection or trading execution
may cause the Fund to underperform relative to the benchmark index or mutual funds with similar investment
objectives.
·
Foreign
Investment Risk
Foreign markets can be more volatile than the U.S. market due to increased
risks of adverse issuer, political, regulatory, currency, market or economic developments and can result
in greater price
TIAA-CREF International Opportunities Fund
■
Summary Prospectus
3
volatility and perform differently from financial instruments of U.S. issuers. This
risk may be heightened in emerging or developing markets. Foreign investments may also be less liquid
and more difficult to value than investments in U.S. issuers.
·
Emerging Markets Risk
The risk of foreign investment
often increases in countries with emerging markets. For example, these countries may have more unstable
governments than developed countries, and their economies may be based on only a few industries. Because
their financial markets may be very small, share prices of financial instruments in emerging markets
countries may be volatile and difficult to determine. Financial instruments of issuers in these countries
may be less liquid than those of issuers in more developed countries. In addition, foreign investors
such as the Fund are subject to a variety of special restrictions in many emerging markets countries.
Please
see the non-summary portion of the prospectus for more detailed information about the risks described
above.
PAST PERFORMANCE
Performance
information is not available for the Fund for the most recently-completed calendar year because the Fund
is newly operational.
For current performance information of each share class, including
performance to the most recent month-end, please visit www.tiaa-cref.org.
PORTFOLIO MANAGEMENT
Investment Adviser.
The Funds
investment adviser is Teachers Advisors, Inc.
Portfolio Manager.
The following person manages the Fund on a day-to-day basis:
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Name:
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Jason Campbell
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Title:
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Managing Director
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Experience on Fund:
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Since
inception in 2013
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PURCHASE AND SALE OF FUND SHARES
Retail Class shares are
available for purchase through certain financial intermediaries or by contacting the Fund directly at
800 223-1200 or www.tiaa-cref.org. Retirement Class and Premier Class shares are generally available
for purchase through employee benefit plans or other types of savings plans or accounts. Institutional
Class shares are available for purchase directly from the Fund by certain eligible investors or through
financial intermediaries.
·
The minimum initial investment for Retail Class shares
is $2,000 for Traditional IRA, Roth IRA and Coverdell accounts and $2,500 for all other account types.
Subsequent investments for all account types must be at least $100.
4
Summary Prospectus
■
TIAA-CREF International Opportunities Fund
·
There
is no minimum initial or subsequent investment for Retirement Class shares. Retirement Class shares are
primarily offered through employer-sponsored employee benefit plans.
·
There is a
$100 million aggregate plan size and $1 million initial minimum plan-level investment requirement for
Premier Class shares. Premier Class shares are primarily offered through certain financial intermediaries
and employer-sponsored employee benefit plans.
·
The minimum initial investment is $2 million and the
minimum subsequent investment is $1,000 for Institutional Class shares, unless an investor purchases
shares by or through financial intermediaries that have entered into an appropriate agreement with the
Fund or its affiliates.
Redeeming
or Exchanging Shares.
You can redeem (sell) or exchange your shares of the Fund on any day that
the New York Stock Exchange (NYSE) is open for business. Exchanges may be made for shares
of the same share class of other funds offered by the Trust. If your shares are held through a third
party, please contact that entity for applicable redemption or exchange requirements. If your shares
are held directly with the Fund, contact the Fund directly in writing or by telephone. Redemptions or
exchanges involving shares of the Fund held less than 60 calendar days may be subject to the Redemption
Fee, addressed in Fees and Expenses above.
TAX INFORMATION
The Fund intends to make distributions to shareholders
that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders
or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax
in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
PAYMENTS
TO BROKER-DEALERS AND OTHER
FINANCIAL INTERMEDIARY COMPENSATION
If you purchase the Fund
through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related
companies may pay the intermediary for the sale of Fund shares and related services or for other investor
services. These payments may create a conflict of interest by influencing the broker-dealer or
other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson
or visit your financial intermediarys website for more information.
TIAA-CREF International Opportunities
Fund
■
Summary Prospectus
5
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Printed
on paper containing recycled fiber
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A13795
(4/13)
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