Mutual Fund Summary Prospectus (497k)
March 01 2013 - 6:02AM
Edgar (US Regulatory)
SUMMARY PROSPECTUS
MARCH
1, 2013
TIAA-CREF MID-CAP VALUE FUND
of the TIAA-CREF Funds
Class
Ticker
: Retail
TCMVX
Retirement
TRVRX
Premier
TRVPX
Institutional
TIMVX
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/tcfmcv. 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 March 1, 2013, as subsequently
supplemented, and the sections of the Funds shareholder report dated October 31, 2012 from Summary
Portfolio of Investments through Notes to Financial Statements, 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 medium-sized domestic
companies.
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
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0%
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0%
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0%
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0%
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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
Mid-Cap Value 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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0.44%
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0.44%
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0.44%
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0.44%
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Distribution (Rule 12b-1) Fees
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0.25%
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0.15%
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Other Expenses
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0.12%
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0.27%
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0.02%
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0.02%
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Total
Annual Fund Operating Expenses
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0.81%
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0.71%
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0.61%
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0.46%
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Waivers and Expense Reimbursements
1
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Total Annual Fund Operating
Expenses After Fee Waiver and/or Expense Reimbursement
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0.81%
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0.71%
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0.61%
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0.46%
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1
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Under the Funds expense
reimbursement arrangements, the Funds investment adviser, Teachers Advisors, Inc. ("Advisors"),
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) 0.94% of average daily net assets for Retail Class shares;
(ii) 0.80% of average daily net assets for Retirement Class shares; (iii) 0.70% of average daily net
assets for Premier Class shares; and (iv) 0.55% of average daily net assets for Institutional Class shares
of the Fund. These expense reimbursement arrangements will continue through at least February 28, 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 $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end
of those periods. The example also assumes that your investment has a 5% return each year and that the
Funds operating expenses, before expense reimbursements, remain the same. The example assumes that
the Funds expense reimbursement agreement will remain in place through February 28, 2014, but that
there will be no waiver or expense reimbursement agreement in effect thereafter. Although your actual
costs may be higher or lower, based on these assumptions your costs would be:
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Retail
Class
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Retirement Class
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Premier
Class
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Institutional Class
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1 Year
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$
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83
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$
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73
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$
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62
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$
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47
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3
Years
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$
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259
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$
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227
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$
|
195
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$
|
148
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5
Years
|
$
|
450
|
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$
|
395
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$
|
340
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$
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258
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10 Years
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$
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1,002
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$
|
883
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$
|
762
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$
|
579
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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 Mid-Cap Value Fund
performance.
During the fiscal year ended October 31, 2012, the Funds portfolio turnover rate was 33% of the
average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Under normal circumstances,
the Fund invests at least 80% of its assets in mid-cap equity securities. The Fund will invest primarily
in equity securities of medium-sized domestic companies, as defined by the Funds benchmark index
(the Russell Midcap
®
Value Index), that Advisors believes appear undervalued by the market
based on an evaluation of their potential worth. In particular, the Fund invests in equity securities
of companies that Advisors believes may represent high growth industries or rapidly evolving areas of
the economy. For purposes of the 80% investment policy, the term assets means net assets,
plus the amount of any borrowings for investment purposes.
Advisors uses a variety
of comparative valuation criteria to determine whether shares of a particular company might be undervalued,
including analyses of historical valuations of the same security; valuations of comparable securities
in the same sector or the overall market; various financial ratios such as stock price-to-earnings, stock
price-to-book value, free cash flow, debt-to-capital and, to a lesser extent, dividend yield.
The Fund
may invest up to 20% of its assets in foreign investments.
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.
·
Mid-Cap Risk
The risk that the stocks of mid-capitalization
companies often experience greater price volatility, lower trading volume and less liquidity than the
stocks of larger, more established companies.
·
Small-Cap
Risk
The risk that
the stocks of small-capitalization
companies often experience greater price volatility than large-
or mid-sized companies because small-cap companies are often newer or less established than larger companies
and are likely to have more limited resources, products and markets. Securities of small-cap companies
are often less liquid than securities of larger companies as a result of there being a smaller market
for their securities.
TIAA-CREF Mid-Cap Value Fund
■
Summary Prospectus
3
·
Style Risk
The risk that use
of a particular investing style (such as growth or value
investing) may fall out of favor in the marketplace for various periods of
time and result in underperformance relative to the broader market sector or significant declines in
the value of the Funds portfolio investments.
·
Risks of Value Investing
Securities believed to be undervalued
are subject to the risks that the issuers potential business prospects are not realized, its potential
value is never recognized by the market or they were appropriately priced when acquired. As a result,
value stocks can be overpriced when acquired and may not perform as anticipated.
·
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 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.
Please
see the non-summary portion of the prospectus for more detailed information about the risks described
above.
PAST PERFORMANCE
The
following chart and table help illustrate some of the risks of investing in the Fund by showing changes
in the Funds performance from year to year. The bar chart shows the annual total returns of the
Institutional Class of the Fund, before taxes, in each full calendar year for the last ten years. Because
the expenses vary across share classes, the performance of the Institutional Class may vary from the
other share classes. Below the bar chart are the best and worst returns of the Institutional Class of
the Fund for a calendar quarter during the preceding ten-year period. The performance table following
the bar chart shows the Funds average annual total returns for the Institutional Class, Retirement
Class, Premier Class and Retail Class over the one-year, five-year, ten year and since-inception periods
(where applicable) ended December 31, 2012, and how those returns compare to those of the Funds
benchmark index. After-tax performance is shown only for Institutional Class shares, and after-tax returns
for the other Classes of shares will vary from the after-tax returns presented for Institutional Class
shares.
The returns shown below reflect previous agreements by Advisors to waive or reimburse
the Fund for certain fees and expenses. Without these waivers and reimbursements, the returns of the
Fund would have been lower. Past performance of the Fund (before and after taxes) is not necessarily
an indication
4
Summary
Prospectus
■
TIAA-CREF Mid-Cap
Value Fund
of
how it will perform in the future. The benchmark index listed below is unmanaged, and you cannot invest
directly in the benchmark index. The returns for the benchmark index reflect no deduction for fees, expenses
or taxes.
For current
performance information of each share class, including performance to the most recent month-end, please
visit www.tiaa-cref.org.
ANNUAL TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)
Best quarter:
20.46%, for the quarter ended June 30, 2009. Worst quarter: -26.96%, for the quarter ended December 31,
2008.
TIAA-CREF Mid-Cap Value Fund
■
Summary Prospectus
5
AVERAGE
ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2012
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Inception Date
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One Year
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Five Years
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Ten Years
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Institutional Class
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10/1/02
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$
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$
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$
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Return Before Taxes
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16.60
|
%
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2.45
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%
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11.19
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%
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Return After Taxes on Distributions
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15.95
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%
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2.11
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%
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10.19
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%
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Return After Taxes on Distributions
and Sale of
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Fund Shares
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11.53
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%
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2.01
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%
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9.57
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%
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Retail Class
|
10/1/02
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Return Before Taxes
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16.16
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%
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2.22
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%
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10.93
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%
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Retirement Class
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10/1/02
|
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Return Before Taxes
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16.32
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%
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2.19
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%
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10.89
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%
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Premier Class
|
9/30/09
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Return
Before Taxes
|
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16.46
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%
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2.35
|
%*
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11.14
|
%*
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Russell Mid-Cap
®
Value Index
|
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(reflects
no deductions for fees, expenses or taxes)
|
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18.51
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%
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3.79
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%
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10.63
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%
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|
Current performance of the Funds shares may be higher or lower
than that shown above.
|
*
|
The performance shown for the Premier Class that is prior to its inception date is based
on performance of the Funds Institutional Class. The performance for these periods has not been
restated to reflect higher expenses of the Premier Class. If those expenses had been reflected, the performance
would have been lower.
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After-tax returns are calculated using the historical highest individual
federal marginal income tax rates in effect during the periods shown and do not reflect the impact of
state and local taxes. Actual after-tax returns depend on the investors tax situation and may differ
from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares
through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts
(IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will
vary.
|
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PORTFOLIO
MANAGEMENT
Investment
Adviser.
The Funds investment adviser is Teachers Advisors, Inc.
Portfolio Managers.
The following
persons manage the Fund on a day-to-day basis:
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Name:
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Athanasios (Tom) Kolefas, CFA
|
Richard Cutler
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Title:
|
Managing
Director
|
Managing
Director
|
Experience on Fund:
|
since
2004
|
since 2002
|
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
6
Summary Prospectus
■
TIAA-CREF Mid-Cap Value Fund
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.
·
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.
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
Mid-Cap Value Fund
■
Summary Prospectus
7
SGS-SFICOC-US10/81462
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Printed on paper containing
recycled fiber
|
A11972 (3/13)
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