Mutual Fund Summary Prospectus (497k)
March 01 2013 - 6:02AM
Edgar (US Regulatory)
SUMMARY PROSPECTUS
MARCH
1, 2013
TIAA-CREF LARGE-CAP GROWTH INDEX FUND
of the TIAA-CREF Funds
Class
Ticker
: Retirement
TRIRX
Institutional
TILIX
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/tcfxlcg.
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, by investing primarily
in a portfolio of equity securities of large domestic growth companies based on a market index.
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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Retirement
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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Maximum
Deferred Sales Charge
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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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Redemption or Exchange Fee
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0%
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0%
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Maximum Account Fee
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0%
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0%
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TIAA-CREF Large-Cap Growth
Index 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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Retirement
Class
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Institutional
Class
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Management Fees
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0.04%
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0.04%
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Other Expenses
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0.28%
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0.03%
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Total
Annual Fund Operating Expenses
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0.32%
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0.07%
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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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0.32%
|
|
0.07%
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|
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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) 0.34% of average daily net assets for Retirement Class
shares; and (ii) 0.09% 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 $10,000 in the Fund for the time periods indicated and then
redeem all your shares at the end of those periods. The example also assumes that your investment has
a 5% return each year and that the Funds operating expenses, before expense reimbursements, remain
the same. The example assumes that the Funds expense reimbursement agreement will remain in place
through February 28, 2014, but that there will be no waiver or expense reimbursement agreement in effect
thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs
would be:
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Retirement Class
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Institutional
Class
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1 Year
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$
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33
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$
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7
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3 Years
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$
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103
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$
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23
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5
Years
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$
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180
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$
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40
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10 Years
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$
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406
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$
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90
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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 performance.
During the fiscal year ended October 31, 2012, the Funds portfolio turnover rate was 24% of the
average value of its portfolio.
2
Summary Prospectus
■
TIAA-CREF Large-Cap
Growth Index Fund
PRINCIPAL INVESTMENT STRATEGIES
Under normal circumstances, the Fund invests
at least 80% of its assets in securities of its benchmark index (Russell 1000
®
Growth
Index). For purposes of the 80% investment policy, large-cap securities are securities of
issuers with a capitalization equal to or greater than the top 80% of issuers by capitalization within
the Russell 1000
®
Index at the time of purchase. The Fund buys most, but not necessarily
all, of the stocks in its benchmark index, and will attempt to closely match the overall investment characteristics
of its benchmark index. For purposes of the 80% investment policy, the term assets means
net assets, plus the amount of any borrowings for investment purposes.
The Fund
is designed to track various U.S. equity markets as a whole or a segment of these markets. The Fund primarily
invests its assets in equity securities selected to track a designated stock market index. Because the
return of an index is not reduced by investment and other operating expenses, the Funds ability
to match its index is negatively affected by the costs of buying and selling securities as well as other
expenses. The use of a particular index by the Fund is not a fundamental policy and may be changed without
shareholder approval. The portfolio management team will attempt to build a portfolio that generally
matches the market weighted investment characteristics of the Funds benchmark index.
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.
·
Index Risk
The risk that the Funds performance
will not correspond to its benchmark index for any period of time and may underperform such index or
the overall stock market.
Additionally,
to the extent that the Funds investments vary from the composition of its benchmark index,
the
Funds performance
could potentially vary from the indexs performance to a greater extent than if
the
Fund merely attempted
to replicate the index.
·
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.
·
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
TIAA-CREF Large-Cap Growth Index Fund
■
Summary Prospectus
3
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 Growth Investing
Due to their relatively high
valuations, growth stocks are typically more volatile than value stocks and may experience a larger decline
on a forecast of lower earnings, or a negative event or market development, than would a value stock.
·
Large-Cap Risk
The risk that
large-capitalization companies are more mature and may grow more slowly than the economy as a whole and
tend to go in and out of favor based on market and economic conditions.
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 will 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 and Retirement
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 Retirement Class shares will
vary from the after-tax returns presented for the 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 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.
4
Summary Prospectus
■
TIAA-CREF Large-Cap Growth Index Fund
ANNUAL
TOTAL RETURNS FOR THE INSTITUTIONAL CLASS SHARES (%)
Best quarter: 16.41%, for the quarter ended June 30, 2009. Worst
quarter: -22.74%, for the quarter ended December 31, 2008.
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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|
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15.22
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%
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3.06
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%
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7.41
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%
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Return After Taxes on Distributions
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14.90
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%
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2.82
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%
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6.76
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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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|
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10.31
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%
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2.57
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%
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6.29
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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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14.90
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%
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2.80
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%
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7.10
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%
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Russell
1000
®
Growth Index
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(reflects no deductions for fees, expenses or
taxes)
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15.26
|
%
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|
3.12
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%
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7.52
|
%
|
|
Current performance of the Funds
shares may be higher or lower than that shown above.
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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:
TIAA-CREF
Large-Cap Growth Index Fund
■
Summary Prospectus
5
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Name:
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Philip James (Jim) Campagna, CFA
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Anne Sapp, CFA
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Title:
|
Director
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Managing Director
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Experience
on Fund:
|
since 2005
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since
2004
|
PURCHASE AND SALE OF FUND SHARES
Retirement 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.
·
There is no minimum initial or subsequent investment
for Retirement Class shares. Retirement Class shares are primarily offered through employer-sponsored
employee benefit plans.
·
The minimum initial investment is $10 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.
6
Summary Prospectus
■
TIAA-CREF Large-Cap Growth Index Fund
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SGS-SFICOC-US10/81462
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Printed on paper containing
recycled fiber
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A11977 (3/13)
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