Mutual Fund Summary Prospectus (497k)
March 01 2013 - 6:02AM
Edgar (US Regulatory)
SUMMARY PROSPECTUS
MARCH
1, 2013
TIAA-CREF LARGE-CAP GROWTH FUND
of the TIAA-CREF Funds
Class
Ticker
: Retail
TIRTX
Retirement
TILRX
Premier
TILPX
Institutional
TILGX
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/tcflcg. 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 return,
mainly through capital appreciation, primarily from equity securities.
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
Large-Cap Growth 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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0.20%
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0.28%
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0.04%
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0.03%
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Total
Annual Fund Operating Expenses
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0.89%
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0.72%
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0.63%
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0.47%
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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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0.89%
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0.72%
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0.63%
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0.47%
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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) 0.91% of average daily net assets for Retail Class shares;
(ii) 0.77% of average daily net assets for Retirement Class shares; (iii) 0.67% of average daily net
assets for Premier Class shares; and (iv) 0.52% 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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91
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$
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74
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$
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64
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$
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48
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3
Years
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$
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284
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$
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230
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$
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202
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$
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151
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5
Years
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$
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493
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$
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401
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$
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351
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$
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263
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10 Years
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$
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1,096
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$
|
894
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$
|
786
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$
|
591
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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 Large-Cap Growth Fund
performance.
During the fiscal year ended October 31, 2012, the Funds portfolio turnover rate was 148% of the
average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Under normal circumstances,
the Fund invests at least 80% of its assets in large-cap equity securities. The Fund will invest primarily
in large-cap equity securities that Advisors believes present the opportunity for growth. For purposes
of the Funds 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. Generally, these equity securities will be those
of large capitalized companies in new and emerging areas of the economy and companies with distinctive
products or promising markets. Advisors looks for companies that it believes have the potential for strong
earnings and/or sales growth, or that appear to be mispriced based on current earnings, assets or growth
prospects. The Fund may invest in large, well-known, established companies, particularly when Advisors
believes that the companies offer new or innovative products, services or processes that may enhance
their future earnings. For purposes of the 80% investment policy, the term assets means net
assets, plus the amount of any borrowings for investment purposes.
The Fund also seeks to invest
in companies expected to benefit from prospective acquisitions, reorganizations, corporate restructurings
or other special situations. The Fund may invest up to 20% of its assets in foreign investments.
The
Funds benchmark index is the Russell 1000
®
Growth 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.
·
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.
·
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.
·
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 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.
·
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.
·
Special Situation Risk
Stocks
of companies involved in reorganizations, mergers and other special situations can involve the risk that
such situations may not materialize or may develop in unexpected ways. Consequently, those stocks can
involve more risk than ordinary securities.
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 since inception of the Institutional Class. 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 since inception of the Institutional Class. 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 Large-Cap Growth 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:
15.96%, for the quarter ended March 31, 2012. Worst quarter: -23.27%, for the quarter ended December
31, 2008.
TIAA-CREF Large-Cap Growth 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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Since Inception
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Institutional Class
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3/31/06
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$
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$
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Return Before Taxes
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16.95
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%
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1.38
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%
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4.31
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%
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Return After Taxes on Distributions
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16.41
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%
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1.19
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%
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4.01
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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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11.73
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%
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1.15
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%
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3.69
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%
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Retail Class
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3/31/06
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Return Before Taxes
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16.47
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%
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1.09
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%
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4.06
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%
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Retirement Class
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3/31/06
|
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Return Before Taxes
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16.62
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%
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1.12
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%
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4.05
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%
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Premier Class
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9/30/09
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Return Before Taxes
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16.91
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%
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1.30
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%*
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4.25
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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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%
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3.12
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%
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4.88
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%
|
Current performance of the Funds shares may be higher or lower
than that shown above.
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*
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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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Performance is calculated from
the inception date of the Institutional Class.
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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 Manager.
The following person manages the Fund on a day-to-day basis:
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Name:
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Susan Hirsch
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Title:
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Managing Director
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Experience
on Fund:
|
since 2006
|
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 Large-Cap Growth 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
Large-Cap Growth Fund
■
Summary Prospectus
7
SGS-SFICOC-US10/81462
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Printed on paper containing
recycled fiber
|
A11967 (3/13)
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