shareholders.
This may be done, in particular, when your transaction activity is deemed to be harmful to the Fund,
including if it is considered to be market-timing activity.
Make sure you understand
the investment objective, policies, strategies and risks disclosed in the prospectus of the fund into
which you exchange shares. The exchange option is not designed to allow you to time the market. It gives
you a convenient way to adjust the balance of your account so that it more closely matches your overall
investment objectives and risk tolerance level.
Eligible Investors can exchange Premier Class
shares in the Fund for Premier Class shares of any other fund or series of the Trust on any business
day, subject to the limitations described in the Funds Market Timing/Excessive Trading Policy below.
(An exchange is a simultaneous redemption of shares in one fund and a purchase of shares in another fund.)
Exchanges involving shares of the Fund held less than 60 days may be subject to the Redemption Fee (see
below).
If you hold shares through an intermediary, plan sponsor or other Eligible Investor,
contact the Eligible Investor for applicable exchange requirements.
Exchanges between accounts
can be made only if the accounts are registered in the same name(s), address and Social Security number
or taxpayer identification number. An exchange is considered a sale of securities and therefore may be
a taxable event.
The Fund reserves the right to reject any exchange request and
to modify, suspend or terminate the exchange privilege for any shareholder or class of shareholders.
This may be done, in particular, when your transaction activity is deemed to be harmful to the Fund,
including if it is considered to be market-timing activity.
Shareholders who hold shares
through an Eligible Investor like a plan or intermediary should contact the Eligible Investor for exchange
requests. Once made, an exchange request cannot be modified or canceled.
Make sure
you understand the investment objective, policies, strategies and risks disclosed in the prospectus of
the fund into which you exchange shares. The exchange option is not designed to allow you to time the
market. It gives you a convenient way to adjust the balance of your account so that it more closely matches
your overall investment objectives and risk tolerance level.
Institutional Class shares of the Fund are available for purchase by or through:
other non-affiliated
persons or intermediaries who have entered into a contract or arrangement that enables them to purchase
shares of the Fund, or other affiliates of TIAA-CREF, such as
state-sponsored tuition savings plans or prepaid plans,
insurance
company separate accounts,
employer-sponsored
employee benefit plans,
accounts
established by employers, or the trustees of plans sponsored by employers, in connection with certain
employee benefit plans, such as 401(a) (including 401(k) and Keogh plans), 403(a), 403(b) and 457 plans,
or through custody accounts established by individuals such as IRAs. Shareholders investing through such
a plan may have to pay additional expenses related to the administration of such plans, or
other accounts, entities and categories of shareholders as may
be approved by the Fund from time to time.
Definition of Eligible Investor
and Direct Purchaser
Collectively, investors that have contracted with the Trust or
its affiliates to offer Institutional Class shares of the Fund and entities that are affiliated with
the Trust, Advisors or TPIS are referred to as Eligible Investors in this Institutional
Class section of this Prospectus.
Under certain circumstances, Institutional
Class shares of the Fund may be offered directly to certain eligible individuals or institutions (each,
a Direct Purchaser).
Account MinimumsCertain
Eligible Investors
No minimum initial investment is required to purchase Institutional
Class shares of the Fund by or through the following categories of Eligible Investors:
·
Certain financial
intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly
or via their trading agent, including:
·
Financial intermediaries affiliated with Advisors;
·
Other
financial intermediaries, platforms and programs, including registered investment adviser (RIA)
programs, wrap programs and other advisory programs: (1) whose clients pay asset-based fees to such entities
for investment advisory, management or other services; and (2) which are not compensated by the Fund
for any services provided to clients who hold Fund shares through such entities;
·
Trust companies,
including both those affiliated with Advisors, such as TIAA-CREF Trust Company, FSB (the Trust
Company) and other trust companies that are not affiliated with Advisors;
·
Registered
investment companies advised by or affiliated with Advisors, including funds of funds;
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TIAA-CREF International Opportunities Fund
·
State-sponsored
tuition savings plans and healthcare savings accounts (HSAs) sponsored by Advisors or its
affiliates;
·
Insurance company separate accounts sponsored or administered
by an insurance company that is affiliated with Advisors;
·
Accounts established
by employers or the trustees of plans sponsored by employers in connection with certain employee benefit
plans, such as 401(a) (including 401(k) and Keogh plans), 403(a), 403(b) and 457 plans, profit-sharing
plans, defined benefit plans and non-qualified deferred compensation plans where: (1) such accounts are
established on a plan-level or omnibus basis; and (2) the plan, plan sponsor, any financial intermediary
or any other entity is not compensated by the Fund for any services provided to investors who hold Fund
shares through such entities; or
·
Other affiliates of Advisors or other persons or entities
that the Fund may approve from time to time.
Account MinimumsOther
Investors
With respect to the categories of investors listed below, a $2 million minimum initial
investment amount for purchases of Institutional Class shares of the Fund is applicable:
·
Individual
or institutional investors, including financial institutions, corporations, partnerships, foundations,
banks, trusts, endowments, government entities or other similar entities, that invest directly in the
Fund (such Direct Purchasers will be subject to a $1,000 minimum subsequent investment requirement);
·
Registered
investment companies, including funds of funds that are not advised or administered by Advisors or its
affiliates;
·
State-sponsored tuition savings plans and HSAs that are
not sponsored by an affiliate of Advisors;
·
Insurance company separate accounts that are sponsored
or administered by insurance companies that are not affiliated with Advisors;
·
Financial
intermediaries that have entered into an appropriate agreement with the Fund, Advisors and/or TPIS directly
or via their trading agent and which receive compensation from the Fund for services provided to investors
who hold Fund shares through such entities, including, but not limited to, shareholder servicing or sub-accounting
services;
·
Any
individual retirement plan or group retirement plan that is not held in an omnibus manner and for which
the plan sponsor, trustee, other financial intermediary or other entity receives compensation from the
Fund for services provided to investors who hold Fund shares through such entities, including, but not
limited to, shareholder servicing or sub-accounting services; or
·
Other persons,
accounts, entities and categories of shareholders as determined by the Fund from time to time.
TIAA-CREF
International Opportunities Fund
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49
Please note that the initial minimum investment requirement must be met at the time
of initial investment or, as approved by the Fund, over a reasonable period of time. At its sole discretion,
the Fund reserves the right to convert any Institutional Class shareholders shares to another class
of shares of the Fund for which the shareholder is otherwise eligible if the initial minimum investment
requirement is not met in a reasonable period of time. Please see the section entitled Conversion
of Shares below for more information on such mandatory conversions.
Investors
who do not hold their Institutional Class shares directly with the Fund may be subject to additional
expenses or eligibility requirements imposed by the financial intermediary, plan, platform, program or
other entity through which they hold their shares. Eligible Investors (like financial intermediaries
or employee benefit plans) may set different minimum investment requirements for their customers
investments in Institutional Class shares and investors purchasing Institutional Class shares through
Eligible Investors may purchase shares only in accordance with such requirements.
The Fund
reserves the right to waive or modify eligibility requirements for the Institutional Class at any time
for any investor or financial intermediary.
Purchasing Shares Institutional Class
Eligible
Investors and Direct Purchasers may invest directly in the Institutional Class shares of the Fund. All
other prospective investors should contact their intermediary or plan sponsor for applicable purchase
requirements. All purchases must be in U.S. dollars and all checks must be drawn on U.S. banks. The Fund
will only accept accounts with a U.S. address of record. The Fund will not accept a P.O. Box as the address
of record.
There may be circumstances when the Fund will not accept new investments in the
Fund. The Fund reserves the right to suspend or terminate the offering of its shares at any time without
prior notice. The Fund also reserves the right to reject any application or investment or any other specific
purchase request.
As described above, the Fund imposes minimum investment requirements
for certain Eligible Investors and Direct Purchasers. However, Eligible Investors (like financial intermediaries
or employee benefit plans) may purchase shares only in accordance with instructions and limitations pertaining
to their account at the intermediary or plan. These Eligible Investors may set different minimum investment
requirements for their customers investments in Institutional Class shares and investors purchasing
Institutional Class shares through Eligible Investors may purchase shares only in accordance with such
requirements. Please contact your intermediary or plan sponsor for more information.
The Fund
considers all purchase requests to be received when they are received in good order by the
Funds transfer agent (or other authorized Fund agent) (see below). The Fund will not accept third-party
checks. (The Fund considers any check not made payable directly to TIAA-CREF Funds as a third-party check.)
The Fund cannot accept checks made out to you or other parties and signed over to the Fund. The Fund
will not accept payment in the following
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TIAA-CREF International
Opportunities Fund
forms:
travelers checks, money orders, credit card convenience checks, cashiers checks, cash, counter
checks or starter checks. The Fund will not accept corporate checks for investment into non-corporate
accounts.
To open an account or purchase shares by wire (Direct Purchasers
and Eligible Investors):
Direct Purchasers should request an application from their Relationship
Manager, who can help a Direct Purchaser complete the application or answer any questions that a Direct
Purchaser may have about the application. A Direct Purchaser should send the Fund its application by
mail, then call its Relationship Manager or the Fund directly to confirm that its account has been established.
Or, the Direct Purchaser may forward its application and request for an account number directly to its
Relationship Manager.
Eligible Investors or Direct Purchasers should instruct their bank
to wire money to:
State Street Bank
225 Franklin Street
Boston, MA 02110
ABA
Number 011000028
DDA Number 99054546
Specify on the wire:
·
The TIAA-CREF FundsInstitutional Class;
·
Account registration
(names of registered owners), address and Social Security number or taxpayer identification number;
·
Indicate
if this is for a new or existing account (provide Fund account number if existing); and
·
The Fund and
amount to be invested.
To buy additional shares by wire, Direct Purchasers and Eligible
Investors should follow the instructions above for opening an account or purchasing shares by wire, except
that existing investors need not forward another account application.
To open
an account or purchase shares by mail (Direct Purchasers Only):
Send your check, made payable
to TIAA-CREF Funds, and application to:
First Class Mail:
The TIAA-CREF FundsInstitutional Class
c/o Boston Financial Data Services
P.O. Box 8009
Boston,
MA 02266-8009
Overnight Mail:
The
TIAA-CREF FundsInstitutional Class
c/o
Boston Financial Data Services
30 Dan Road
Canton, MA 02021-2809
TIAA-CREF International Opportunities
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To purchase additional shares by mail, send a check to either of the addresses listed
above with the registration of the account, Fund account number, and the amount to be invested in the
Fund.
Points to Remember for All PurchasesAll Investors:
·
Each
investment must be for a specified dollar amount. The Fund cannot accept purchase requests specifying
a certain price, date, or number of shares; such requests will be deemed to be not in good order
(see below) and the Fund will return these investments.
·
If you invest
in the Institutional Class of the Fund through an Eligible Investor, the Eligible Investor may charge
you a fee in connection with your investment (in addition to the fees and expenses deducted by the Fund).
Contact the Eligible Investor to learn whether there are any other conditions, such as a minimum investment
requirement, on your transactions. In addition, Eligible Investors that are not themselves affiliated
with TIAA-CREF may be charged a fee by their intermediary or plan sponsor (in addition to the fees and
expenses deducted by the Fund).
·
If your purchase check does not clear or payment on it
is stopped, or if the Fund does not receive good funds through wire transfer or electronic funds transfer,
the Fund will treat this as a redemption of the shares purchased. You will be responsible for any resulting
loss incurred by the Fund or Advisors and you may be subject to investment losses and tax consequences
on such a redemption. If you are already a shareholder, the Fund can redeem shares from any of your account(s)
as reimbursement for all losses. The Fund also reserves the right to restrict you from making future
purchases in the Fund. There is a $25 fee for all returned items, including checks and electronic funds
transfers. Please note that there is a 10-calendar-day hold on all purchases by check.
·
Federal law
requires the Fund to obtain, verify and record information that identifies each person who opens an account.
Until the Fund receives such information, the Fund may not be able to open an account or effect transactions
for you. Furthermore, if the Fund is unable to verify your identity, or that of another person authorized
to act on your behalf, or if it is believed potential criminal activity has been identified, the Fund
reserves the right to take such action as deemed appropriate, which may include closing your account.
·
An
investors ability to purchase shares may be restricted due to limitations on exchanges, including
limitations related to the Funds Market Timing/Excessive Trading Policy (see below).
·
The Fund is
not responsible for any losses due to unauthorized or fraudulent instructions so long as the Fund follows
reasonable security procedures to verify your identity. It is your responsibility to review and verify
the accuracy of your confirmation statements immediately after you receive them.
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TIAA-CREF International Opportunities Fund
In-Kind Purchases of Shares
Advisors, at its sole discretion,
may permit an Eligible Investor or Direct Purchaser to purchase Institutional Class shares with investment
securities (instead of cash) if: (1) Advisors believes the securities are appropriate investments for
the Fund; (2) the securities offered to the Fund are not subject to any restrictions upon their sale
by the Fund under the Securities Act of 1933, or otherwise; and (3) the securities are permissible holdings
under the Funds investment policies and restrictions. If the Fund accepts the securities, the Eligible
Investors or Direct Purchasers account will be credited with Fund shares equal in net asset
value to the market value of the securities received. Eligible Investors interested in making in-kind
purchases should contact the Fund or its intermediary or plan sponsor and Direct Purchasers interested
in making in-kind purchases should contact either their Relationship Manager or the Fund directly.
Redeeming Shares Institutional Class
Eligible
Investors and Direct Purchasers can redeem (sell) their Institutional Class shares on any business day.
Certain redemptions of shares of the Fund will be subject to the Redemption Fee (see the section entitled
Redemption or Exchange Fee below).
Redeeming SharesFor
Shares Held Through an Eligible Investor
If your shares are held through an Eligible
Investor, contact the Eligible Investor for applicable redemption requirements. Shares held through an
Eligible Investor must be redeemed by the Eligible Investor. For further information, contact your intermediary
or plan sponsor.
Redeeming SharesFor Shares Held By Direct
Purchasers
If you are a Direct Purchaser, either contact your Relationship Manager or send
your written request to one of the addresses listed in the To open an account or purchase shares
by mail (Direct Purchasers Only) section for applicable redemption requirements. Requests must
include: account number, transaction amount (in dollars or shares), signatures of all owners exactly
as registered on the account, Medallion Signature Guarantees of each owner on the account (if required),
and any other required supporting legal documentation.
Direct Purchasers wishing
to make redemption orders by telephone should call their Relationship Manager.
If you
request a redemption, we will send the proceeds (minus any applicable Redemption Fee)by check to the
address of record or by electronic funds transfer to the bank account on file. A letter of instruction
with a Medallion Signature Guarantee is required if the redemption is sent to a bank account not on file,
to an address other than the address of record, or to an address of record that has been changed within
the last 30 calendar days. You may obtain a Medallion Signature Guarantee from some commercial or savings
banks, credit
TIAA-CREF International Opportunities Fund
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53
unions,
trust companies, or member firms of a U.S. stock exchange. A notary public cannot provide Medallion Signature
Guarantee. Please contact the Fund for further information.
Points
to RememberFor All Redemptions
The Fund will only accept redemption requests
that specify a dollar amount or number of shares to be redeemed. All other requests, including those
specifying a certain price or date, will not be deemed to be in good order (see below) and
will be returned.
Redemption ProceedsAll Investors
Usually,
the Fund sends redemption proceeds (minus any applicable Redemption Fee) on the next business day after
the Fund receives a redemption request in good order by the Funds transfer agent (or
other authorized Fund agent) (see below), but not later than seven days afterwards. If a redemption is
requested shortly after a recent purchase by check, it may take 10 calendar days for your check to clear
and for your shares to be available for redemption.
The Fund can postpone payment
if: (a) the NYSE is closed for other than usual weekends or holidays, or trading on the NYSE is restricted;
(b) an emergency exists as defined by the SEC, or the SEC requires that trading be restricted; or (c)
the SEC permits a delay for the protection of investors.
We reserve the right to
require a signature guarantee on any redemption.
In-Kind
Redemptions of Shares
Certain large redemptions of Fund shares may be detrimental to
the Funds other shareholders because such redemptions can adversely affect a portfolio managers
ability to implement its investment strategy by causing premature sale of portfolio securities that would
otherwise be held. Consequently, if, in any 90-day period, an investor redeems (sells) shares in an amount
that exceeds the lesser of (i) $250,000 or (ii) 1% of the Funds assets, then the Fund, at its sole
discretion, has the right (without prior notice) to satisfy the difference between the redemption amount
and the lesser of the two previously mentioned figures with securities from the Funds portfolio
instead of cash (minus any applicable Redemption Fee). This is referred to as a distribution in-kind
redemption and the securities you receive in this manner represent a portion of the Fund's entire portfolio.
The securities you receive will be selected by the Fund in its discretion. The investor receiving the
securities will be responsible for disposing of the securities and bearing any associated costs.
Exchanging Shares Institutional Class
Investors
can exchange Institutional Class shares in the Fund for Institutional Class shares of any other fund
or series of the Trust on any business day, subject to the limitations described in the Funds Market
Timing/Excessive Trading Policy below. (An exchange is a simultaneous redemption of shares in the Fund
and a purchase of shares in another fund.)
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TIAA-CREF International
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Exchanges involving shares of the Fund
held less than 60 days may be subject to the Redemption Fee (see below).
Exchanging SharesEligible Investors
If you hold shares through
an intermediary, plan sponsor or other Eligible Investor, contact the Eligible Investor for applicable
exchange requirements. Eligible Investors can make an exchange through a telephone request by calling
their Relationship Manager.
Exchanging SharesDirect Purchasers
If
you are a Direct Purchaser and would like to make an exchange, you may either call your Relationship
Manager or send a letter of instruction to either of the addresses in the To open an account or
purchase shares by mail (Direct Purchasers Only) section. The letter must include your name, address,
and the Fund and/or accounts you want to exchange between.
Exchange
RequirementsAll Investors
Exchanges between accounts can be made only
if the accounts are registered in the same name(s), address and Social Security number or taxpayer identification
number. An exchange is considered a sale of securities, and therefore may be a taxable event. Any applicable
minimum investment amounts on purchases also apply to exchanges.
The Fund reserves the right
to reject any exchange request and to modify, suspend or terminate the exchange privilege for any shareholder
or class of shareholders. This may be done, in particular, when your transaction activity is deemed to
be harmful to the Fund, including if it is considered to be market-timing activity.
Once made,
an exchange request cannot be modified or canceled.
Make sure you understand
the investment objective, policies, strategies and risks disclosed in the prospectus of the fund into
which you exchange shares. The exchange option is not designed to allow you to time the market. It gives
you a convenient way to adjust the balance of your account so that it more closely matches your overall
investment objectives and risk tolerance level.
CONVERSION OF SHARES APPLICABLE TO ALL INVESTORS
A share
conversion is a transaction where shares of one class of the Fund are exchanged for shares of another
class of the Fund. Share conversions can occur between each share class of the Fund. Generally, share
conversions occur where a shareholder becomes eligible for another share class of the Fund or no longer
meets the eligibility of the share class they own (and another class exists for which they would be eligible).
Please note that a share conversion is generally a non-taxable event, but please consult with your personal
tax advisor on your particular circumstances.
TIAA-CREF International Opportunities Fund
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55
A request for a share conversion will not be processed until it is received in good
order (as defined below) by the Funds transfer agent (or other authorized Fund agent). Conversion
requests received in good order prior to the close of the NYSE (generally 4:00 p.m. Eastern
Time) on a day the NYSE is open will receive the NAV of the new class calculated that day. Please note
that, because the NAVs of each class of the Fund will generally vary due to differences in expenses,
you will receive a different number of shares in the new class than you held in the old class, but the
total value of your holdings will remain the same.
The Funds market timing
policies will not be applicable to share conversions. If you hold your shares through an Eligible Investor
like an intermediary or plan sponsor, please contact the Eligible Investor for more information on share
conversions. Please note that certain intermediaries or plan sponsors may not permit all types of share
conversions. The Fund reserves the right to terminate, suspend or modify the share conversion privilege
for any shareholder or group of shareholders.
Voluntary Conversions
If
you believe that you are eligible to convert your Fund shares to another class, you may place an order
for a share conversion by contacting your Relationship Manager. If you hold your shares through an Eligible
Investor like a plan or intermediary, please contact the Eligible Investor regarding conversions. Please
be sure to read the applicable sections of the prospectus for the new class in which you wish to convert
prior to such a conversion in order to learn more about its different features, performance and expenses.
Neither the Fund nor Advisors has any responsibility for reviewing accounts and/or contacting shareholders
to apprise them that they may qualify to request a voluntary conversion. Some Eligible Investors may
not allow investors who own Fund shares through them to make share conversions.
Mandatory
Conversions
The Fund reserves the right to automatically convert shareholders
from one class to another if they either no longer qualify as eligible for their existing class or if
they become eligible for another class. Such mandatory conversions may be as a result of a change in
value of an account due to market movements, exchanges or redemptions. The Fund will notify affected
shareholders in writing prior to any mandatory conversion.
IMPORTANT TRANSACTION INFORMATION
Good Order.
Purchase, redemption
and exchange requests are not processed until received in good order by the Funds transfer agent
at its processing center (or by another authorized Fund agent). Good order means actual receipt
of the order along with all information and supporting legal documentation necessary to effect the transaction
by the Funds transfer agent (or other authorized Fund agent). This information and documentation
generally includes the Fund
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TIAA-CREF International
Opportunities Fund
account
number, the transaction amount (in dollars or shares), signatures of all account owners exactly as registered
on the account and any other information or supporting documentation as the Fund, its transfer agent
or other authorized Fund agent may require. With respect to purchase requests, good order
also generally includes receipt of sufficient funds by the Funds transfer agent (or other authorized
Fund agent) to effect the purchase. The Fund, its transfer agent or any other authorized Fund agent may,
in their sole discretion, determine whether any particular transaction request is in good order and reserve
the right to change or waive any good order requirement at any time.
Financial
intermediaries or plan sponsors may have their own requirements for considering transaction requests
to be in good order. If you hold your shares through a financial intermediary or plan sponsor,
please contact them for their specific good order requirements.
Share Price.
If the Funds
transfer agent (or other authorized Fund agent) receives an order to purchase, redeem or exchange shares
that is in good order anytime before close of regular trading on the NYSE (usually 4:00 p.m. Eastern
Time), the transaction price will be the NAV per share for that day. If the Funds transfer agent
(or other authorized Fund agent) receives an order to purchase, redeem or exchange shares that is in
good order anytime after the NYSE closes, the
transaction
price
will be the
NAV per share calculated the next business day.
If you
hold Institutional, Premier and Retirement Class shares through an Eligible Investor, the Eligible Investor
may require you to communicate to it any purchase, redemption or exchange request by a specified deadline
earlier than 4:00 p.m. Eastern Time in order to receive that days NAV per share as the transaction
price.
If you hold Retail Class shares through a financial intermediary, the intermediary
may require you to communicate to it any purchase, redemption or exchange request by a specified deadline
earlier than 4:00 p.m. Eastern Time in order to receive that days NAV per share as the transaction
price.
Large RedemptionsApplicable
to All Investors.
Please contact the Fund before attempting to redeem a large dollar amount of
shares (including exchange requests since they include redemption transactions). Large redemptions of
Fund shares may be detrimental to the Funds other shareholders because such transactions can adversely
affect a portfolio managers ability to efficiently manage the Fund. By contacting the Fund before
you attempt to redeem a large dollar amount, you may avoid in-kind payment of your request.
Minimum
Account Size.
·
Retail
Class.
Due to the relatively high cost of maintaining smaller accounts, the Fund reserves the
right to redeem shares in any account if the value of that account drops below $1,500. You will be allowed
at least 60 days, after written notice, to make an additional investment to bring your account value
up to at least the specified minimum before the redemption is processed. The Fund reserves the right
to waive or reduce the minimum
TIAA-CREF International Opportunities Fund
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57
account size for the Fund account at any time. Additionally, the Fund may increase,
terminate or revise the terms of the minimum account size requirements at any time without advance notice
to shareholders.
·
Premier
and Retirement Class.
Except as noted above under Eligibility - Premier Class. there
is currently no minimum account size for Premier or Retirement Class shares. The Fund reserves the right,
without prior notice, to establish a minimum amount required to open, maintain or add to an account.
·
Institutional Class.
While there
is currently no minimum account size for maintaining an Institutional Class account, the Fund reserves
the right, without prior notice, to establish a minimum amount required to maintain an account.
Small Account Maintenance FeeRetail
Class.
The Fund charges an annual Small Account Maintenance Fee of $15.00 per Retail Class account
(applicable to both retirement and non-retirement accounts) in order to allocate shareholder servicing
costs equitably if your Fund balance falls below $2,000 (for any reason, including a decrease in market
value). Investors cannot pay this fee by any other means besides an automatic deduction of the fee from
their account.
The annual Small Account Maintenance Fee will not apply to the
following types of Retail Class Fund accounts: accounts held through retirement or employee benefit plans;
accounts held through intermediaries and their supermarkets and platforms (i.e., omnibus accounts); accounts
that are registered under a taxpayer identification number (or Social Security number) that have aggregated
non-retirement or non-employee benefit plan assets held in accounts for the Fund or other series of the
Trust of $25,000 or more; accounts currently enrolled in the Funds automatic investment plan (AIP);
and accounts held through tuition (529) programs. However, the annual Small Account Maintenance
Fee will apply to IRAs and Coverdell education savings accounts. The Fund reserves the right to waive
or reduce the annual Small Account Maintenance Fee for any Fund account at any time. Additionally, the
Fund may increase, terminate or revise the terms of the annual Small Account Maintenance Fee at any time
without advance notice to shareholders.
Taxpayer Identification Number.
Regardless of whether you hold your Fund shares
directly or through a financial intermediary, you must give the Fund your taxpayer identification number
(which, for most individuals, is your Social Security number) and tell the Fund whether or not you are
subject to back-up withholding. If you do not furnish your taxpayer identification number, redemptions
or exchanges of shares, as well as dividends and capital gains distributions, will be subject to back-up
tax withholding. In addition, if you hold Fund shares directly and do not furnish your taxpayer identification
number, then your account application will be rejected and returned.
Changing
Your Address.
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TIAA-CREF International Opportunities Fund
·
Retail Class.
To change the address on your account, please call the
Fund or send the Fund a written notification signed by all registered owners of your account. If you
hold your shares through a financial intermediary, please contact the intermediary to change your address.
·
Premier and Retirement Class.
To
change the address on an Eligible Investor account, please send the Fund a written notification.
·
Institutional Class.
To change
the address on an account, please contact your Relationship Manager (for Direct Purchasers) or send the
Fund a written notification.
Medallion
Signature Guarantee.
For some transaction requests (for example, when you are redeeming shares
within 30 days (for Retail shares) or 14 days (for Retirement, Premier and Institutional shares) of changing
your address, bank or bank account or adding certain new services to an existing account), the Fund may
require a Medallion Signature Guarantee of each owner of record of an account. This requirement is designed
to protect you and the Fund from fraud, and to comply with rules on stock transfers. A Medallion Signature
Guarantee is a written endorsement from an eligible guarantor institution that the signature(s) on the
written request is (are) valid. Certain commercial banks, trust companies, savings associations, credit
unions and members of U.S. stock exchanges participate in the Medallion Signature Guarantee program.
No other form of signature verification will be accepted. A notary public cannot provide a signature
guarantee. For more information about when a Medallion Signature Guarantee may be required, please contact
the Fund or your Relationship Manager (for Direct Purchasers).
Transferring Shares.
For certain share classes, you can
transfer ownership of your account to another person or organization that also qualifies to own the class
of shares or change the name on your account by sending the Fund written instructions. Generally, each
registered owner of the account must sign the request and provide Medallion Signature Guarantees. When
you change the name on an account, shares in that account are transferred to a new account.
Limitations.
Federal laws designed
to counter terrorism and prevent money laundering might, in certain circumstances, require the Fund to
block an account owners ability to make certain transactions and thereby refuse to accept a purchase
order or any request for transfers or withdrawals, until instructions are received from the appropriate
regulator. The Fund may also be required to provide additional information about you and your account
to government regulators.
Advice
About Your AccountDirect Purchasers Only.
TPIS, a TIAA subsidiary, is the principal underwriter
for the Fund, and Services, a TIAA subsidiary, has entered into an agreement with TPIS to sell Fund shares.
TPIS representatives are only authorized to recommend securities of investment companies or other pooled
investment vehicles managed by TIAA or its affiliates. Neither TPIS nor Services receives commissions
for these recommendations.
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Customer Complaints.
Customer complaints may be directed to TIAA-CREF Funds, 730 Third Avenue, New York, NY 10017-3206, Mail
Stop 730/06/03, Attention: Director, Distribution Operation Services.
Transfer On DeathRetail Class.
If you live in certain states and hold Retail Class shares, you can designate one or more persons (beneficiaries)
to whom your Fund shares can be transferred upon death. You can set up your account with a Transfer On
Death (TOD) registration upon request. (Call us to get the necessary forms.) A TOD registration
avoids probate if the beneficiary(ies) survives all shareholders. You maintain total control over your
account during your lifetime.
TIAA-CREF
Web Center and Telephone Transactions.
The Fund is not liable for losses from unauthorized TIAA-CREF
Web Center and telephone transactions so long as reasonable procedures designed to verify the identity
of the person effecting the transaction are followed. The Fund requires the use of personal identification
numbers, codes and other procedures designed to reasonably confirm that instructions given through TIAA-CREFs
Web Center or by telephone are genuine. The Fund also tape records telephone instructions and provides
written confirmations of such instructions. The Fund accepts all telephone instructions that are reasonably
believed to be genuine and accurate. However, you should verify the accuracy of your confirmation statements
immediately after you receive them. The Fund may suspend or terminate Internet or telephone transaction
facilities at any time, for any reason. If you do not want to be able to effect transactions over the
telephone, call the Fund for instructions.
MARKET TIMING/EXCESSIVE TRADING
POLICY
APPLICABLE TO ALL INVESTORS
There are shareholders who may try to profit
from making transactions back and forth among the Fund and other funds in an effort to time
the market. As money is shifted in and out of the Fund, the Fund may incur transaction costs, including,
among other things, expenses for buying and selling securities. These costs are borne by all Fund shareholders,
including long-term investors who do not generate these costs. In addition, market timing can interfere
with efficient portfolio management and cause dilution, if timers are able to take advantage of pricing
inefficiencies. Consequently, the Fund is not appropriate for such market timing and you should not invest
in the Fund if you want to engage in market timing activity.
The Board of Trustees has
adopted policies and procedures to discourage this market timing activity. Under these policies and procedures,
if, within a 60-calendar-day period, a shareholder redeems or exchanges any monies out of the Fund, subsequently
purchases or exchanges any monies back into the Fund and then redeems or exchanges any monies out of
the Fund, the shareholder will not be permitted to transfer back into the Fund through a purchase or
exchange for 90 calendar days. The Fund will charge a Redemption Fee on redemptions of
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shares
occurring within 60-calendar days of the initial purchase date of the shares. The Fee is intended to
defray the brokerage commissions, market impact and other costs of liquidating a shareholders investment
in the Fund and to discourage short-term trading of Fund shares. See the section entitled Redemption
or Exchange Fee for additional information on the Redemption Fee.
These
market timing policies and procedures will not be applied to certain types of transactions like reinvestments
of dividends and capital gains distributions, systematic withdrawals, systematic purchases, automatic
rebalancings, death and hardship withdrawals, certain transactions made within a retirement or employee
benefit plan, such as contributions, mandatory distributions, loans and plan sponsor-initiated transactions,
and other types of transactions specified by the Fund. In addition, the market timing policies and procedures
will not apply to certain tuition (529) programs, funds of funds, wrap programs, asset allocation programs
and other similar programs that are approved by the Fund. The Fund may also waive the market timing policies
and procedures when it is believed that such waiver is in the Funds best interests, including but
not limited to when it is determined that enforcement of these policies and procedures is not necessary
to protect the Fund from the effects of short-term trading.
The Fund also reserves the
right to reject any purchase or exchange request, including when it is believed that a request would
be disruptive to the Funds efficient portfolio management. The Fund also may suspend or terminate
your ability to transact by telephone, fax or Internet for any reason, including the prevention of market
timing. A purchase or exchange request could be rejected or electronic trading privileges could be suspended
because of the timing or amount of the investment or because of a history of excessive trading by the
investor. Because the Fund has discretion in applying this policy, it is possible that similar transaction
activity could be handled differently because of the surrounding circumstances.
The Funds
portfolio securities are fair valued, as necessary (most frequently with respect to international holdings),
to help ensure that a portfolio securitys true value is reflected in the Funds NAV, thereby
minimizing any potential stale price arbitrage.
The Fund seeks to apply its specifically defined
market timing policies and procedures uniformly to all shareholders, and not to make exceptions with
respect to these policies and procedures (beyond the exemptions noted above). The Fund makes reasonable
efforts to apply these policies and procedures to shareholders who own shares through omnibus accounts.
However, an intermediarys omnibus accounts, by their nature, do not initially identify their individual
investors to the Fund, thereby making it more difficult for the Fund to identify market timing by such
individual investors. At times, the Fund may agree to defer to an intermediarys market timing policy
if the Fund believes that the intermediarys policy provides comparable protection of Fund
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shareholders
interests. The Fund has the right to modify its market timing policies and procedures at any time without
advance notice. These efforts may include requesting transaction data from intermediaries from time to
time to verify whether the Funds policies are being followed and/or to instruct intermediaries
to take action against shareholders who have violated the Funds market timing policies.
The Fund
is not appropriate for market timing. You should not invest in the Fund if you want to engage in market
timing activity.
Shareholders seeking to engage in market timing may deploy a variety
of strategies to avoid detection, and, despite efforts to discourage market timing, there is no guarantee
that the Fund or its agents will be able to identify such shareholders or curtail their trading practices.
If
you invest in the Fund through an intermediary, including through a retirement or employee benefit plan,
you may be subject to additional market timing or excessive trading policies implemented by the intermediary
or plan. Please contact your intermediary or plan sponsor for more details.
REDEMPTION OR EXCHANGE FEE
The
Fund charges a Redemption Fee of 2.00% of the amount redeemed on redemptions or exchanges out of Fund
shares occurring within 60 calendar days of the initial purchase date for the shares.
The Redemption
Fee applies to all investors in the Fund, regardless of whether they purchase shares of the Fund through
an omnibus account maintained by an intermediary (such as a broker-dealer or retirement plan administrator)
or directly. The Redemption Fee is not a deferred sales charge, commission or fee to finance sales of
Fund shares; rather, the Fee is paid to the Fund to defray the brokerage commissions, market impact and
other costs of liquidating a shareholders investment in the Fund and to discourage short-term trading
of Fund shares.
In determining whether the Redemption Fee is applicable to a particular
redemption, the Fund will use the first-in, first-out (FIFO) method to determine the 60-day
holding period, such that shares with the longest holding period will be treated as being redeemed first,
and shares with the shortest holding period will be treated as being redeemed last. Under this method,
the date of redemption or exchange will be compared to the earliest purchase date of shares held in the
Fund by a shareholder. If this holding period is 60 calendar days or less, then the Redemption Fee will
be charged, except as provided below.
The Fund will not apply the Redemption Fee
to reinvestments of dividends and capital gains distributions, systematic withdrawals, systematic purchases,
automatic rebalancings, death and hardship withdrawals, certain transactions made within a retirement
or employee benefit plan, such as contributions, mandatory distributions, loans and plan sponsor-initiated
transactions and other types of transactions specified by the Fund. In addition, the Redemption Fee will
not apply to certain tuition (529) programs, funds of funds, wrap
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programs,
asset allocation programs and other similar programs that are approved by the Fund.
The Redemption
Fee may be waived under certain circumstances involving involuntary redemption imposed by an insurance
company or a plan sponsor. Contact your insurance company or plan sponsor or refer to your plan documents
for more information on whether the Redemption Fee is applied to your shares. In addition to the circumstances
noted above, management for the Fund reserves the right to waive the Redemption Fee at its discretion
where it is believed such waiver is in the Funds best interests, including but not limited to when
it is determined that imposition of the Redemption Fee is not necessary to protect the Fund from the
effects of short-term trading. In addition, the Fund reserves the right to modify or eliminate the Redemption
Fee or waivers thereof at any time. If there is a material change to the Redemption Fee, the Fund will
notify you prior to the effective date of the change.
If shares of the Fund are
held and subsequently redeemed through an omnibus account maintained by an intermediary, then the intermediary
that places the trade with the Fund will be responsible for determining the amount of the Redemption
Fee for each respective redemption of Fund shares and for the collection of the Fee, if any. However,
there can be no assurance that all intermediaries will apply the Redemption Fee, or will apply the Fee
in an accurate or uniform manner, and at times the manner in which the intermediary tracks and/or calculates
the Redemption Fee may differ from the Funds method of doing so.
ELECTRONIC PROSPECTUSES
If you
received this Prospectus electronically and would like a paper copy, please contact the Fund and one
will be sent to you.
GLOSSARY
Code:
The Internal Revenue Code of 1986, as amended, including
any applicable regulations and Revenue Rulings.
Equity Investments:
Primarily, common stock, preferred stock
and securities convertible or exchangeable into common stock, including convertible debt securities,
convertible preferred stock and warrants or rights to acquire common stock.
Fixed-Income or Fixed-Income Investments:
Primarily, bonds and notes (such as corporate and government debt obligations), mortgage-backed securities,
asset-backed securities, and structured securities that generally pay fixed or variable rates of interest;
debt obligations issued at a discount from face value (i.e., that have an imputed rate of interest);
non-interest-bearing debt securities (i.e., zero coupon bonds); and other non-equity securities that
pay dividends.
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Foreign
Investments:
Foreign investments may include securities of foreign issuers, securities or contracts
traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or
denominated in non-U.S. currencies. Obligations issued by U.S. companies in non-U.S. currencies are not
considered to be foreign investments.
Foreign Issuers:
Foreign issuers generally include (1) companies
whose securities are principally traded outside of the United States, (2) companies having their principal
business operations outside of the United States,
(3) companies organized outside the United States,
and (4) foreign governments and agencies or instrumentalities of foreign governments.
U.S. Government Securities:
Securities
issued or guaranteed by the U.S. Government or its agencies or instrumentalities.