TIAA-CREF FUNDS Institutional Advisor Premier Retail Retirement Equities | TSMWX TSMNX TSMMX TSMEX TSMOX Domestic 87245P585 87245P577 87245P569 87245P544 87245P551

TIAA-CREF Quant Small/Mid-Cap Equity Fund As of 30 Jun 2021

The Fund outperformed its benchmark, the Russell 2500 Index, Portfolio review during the quarter. The Fund's quantitative investment process monitored a range of market factors to drive stock selection within the small- and mid-cap Global equity markets were broadly positive in the second universe, with a focus on traditional data such as company quarter, but it wasn't an entirely smooth ride. Economic growth fundamentals and fundamental mispricing, as well as trend and rates were largely dependent on vaccination progress and the sentiment-related market data. To execute this process, the portfolio ability of governments to contain COVID-19, including new and management team used a conditional stock selection model based on more contagious variants of the virus. Central banks were in the the risk profile of the stocks in the investable universe. spotlight as inflation pressures mounted due to base effects and global supply chain shortages in the face of powerful pent-up Stocks across the three risk groups -- high, medium and low -- all demand. While these factors sparked occasional volatility, most contributed to the Fund's outperformance. non-U.S. markets ended the period on steady and higher ground. Ten of the Russell 2500's 11 sectors posted gains, led by energy, communication services and real estate. Utilities, consumer staples and financials lagged.

CONTRIBUTORS DETRACTORS

Among sectors, consumer discretionary, health care and In terms of sectors, the lone detractor during the period was consumer staples contributed the most to the Fund's communication services, due primarily to unfavorable stock second-quarter outperformance, reflecting favorable stock selection. selection within those sectors. From a quantitative model perspective, stocks with strong As identified by the Fund's quantitative model, stocks with company fundamentals detracted from Fund performance in positive broker-related sentiment lifted results across the the medium-risk group. high-, medium- and low-risk groups. Stocks determined to have positive -related sentiment were beneficial in Individual positions that hurt performance included an the medium- and high-risk groups. underweight in movie theatre chain AMC Entertainment Holdings, the largest detractor. Its shares surged, mainly Regarding company-specific contributions, shares of because of a short squeeze. (Short squeezes occur when a hydrocarbon exploration company SM Energy Co. rose on rapid run-up in a stock's price -- often driven by speculative strong demand for commodities. Additionally, biotechnology trading -- puts pressure on investors who have "shorted" the company Intellia Therapeutics, Inc. saw its stock rally stock, i.e., bet that its price would go down.) To limit their following positive clinical trial data. Rounding out the top losses, these short sellers end up buying shares of the stock, three contributors was shoemaker Crocs, Inc., which posted boosting its price even more. After AMC, an underweight in hefty gains thanks to positive earnings and guidance. oncology treatment specialist Novocure Ltd. detracted as the company rallied on positive clinical trial news. The next-largest detractor was online media company Magnite, Inc., whose stock fell following a significant run-up in the first quarter of 2021.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE nuveen.com TIAA-CREF Quant Small/Mid-Cap Equity Fund As of 30 Jun 2021

Average annualized total returns (%) Inception Since Expense ratios date QTD 1 year 3 years inception Gross Net Institutional 05 Aug 16 7.60 64.79 17.39 17.86 Institutional 0.50 0.50 Advisor 05 Aug 16 7.58 64.68 17.37 17.83 Advisor 0.58 0.58 Premier 05 Aug 16 7.55 64.55 17.24 17.68 Premier 0.68 0.68 Retail 05 Aug 16 7.45 64.18 16.96 17.40 Retail 0.89 0.89 Retirement 05 Aug 16 7.57 64.55 17.12 17.56 Retirement 0.75 0.75 Russell 2500® Index 5.44 57.79 15.24 15.41 A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not Past performance is no guarantee of future results. Investment returns and principal value will fluctuate so that shares redeemed been limited (“capped”), currently or in the past, may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. returns would have been lower. Expense cap Total returns for a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges expiration date: 28 Feb 2022. Please see the were included. Returns assume reinvestment of dividends and capital gains. For performance, current to the most recent prospectus for details. month-end visit nuveen.com. Performance shown for benchmark since inception is as of the Fund's oldest share class. Retail Class shares are available for purchase through certain financial intermediaries or by contacting the Fund directly at 800-752-8700 or nuveen.com. Retirement Class and Premier Class shares are generally available for purchase through employee benefit plans or other types of savings plans or accounts. Advisor Class shares are available for purchase through certain financial intermediaries and employee benefit plans. Institutional Class shares are available for purchase directly from the Fund by certain eligible investors (which include employee benefit plans and financial intermediaries).

Top 10 positions (%) Fund description Fund net assets The Fund seeks a favorable long-term total return, mainly through Charles River Laboratories International Inc 0.68 capital appreciation. It normally invests at least 80% of its assets in LPL Financial Holdings Inc 0.65 small-cap and mid-cap equity securities. The Fund seeks to invest in Molina Healthcare Inc 0.63 companies across a wide range of sectors, growth rates and SM Energy Co 0.61 valuations. The Fund's management team seeks to add incremental UFP Industries Inc 0.60 returns over its stated benchmark index, while also managing the Pool Corp 0.59 relative risk of the Fund versus its benchmark index. The Fund’s management team uses proprietary quantitative models based on Atkore Inc 0.56 financial and investment theories to evaluate and score a broad Nuance Communications Inc 0.55 universe of stocks in which the Fund invests. The Fund will invest Avery Dennison Corp 0.53 primarily in securities within the capitalization range of companies RH 0.51 included in the Russell 2500™ Index. Positions are subject to change. The positions listed are not recommendations to buy or sell. Portfolio management Effective 01 Oct 2020, Adam Cao is no longer a portfolio manager on the strategy.

Max Kozlov, CFA | 24 years industry experience

For more information contact: 800.752.8700 or movements, and to wider fluctuations than stock prices of larger, more established companies or visit nuveen.com the market averages in general. Investments in mid-cap companies are subject to greater volatility than those of larger companies, but may be less volatile than investments in smaller companies. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to Holdings selected by quantitative analysis may perform differently from the market as a whole buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information based on the factors used in the analysis, the weighting of each factor, and how the factors have provided does not take into account the specific objectives or circumstances of any particular investor, or suggest changed over time. Non-U.S. investments involve risks such as currency fluctuation, political and any specific course of action. Investment decisions should be made based on an investor's objectives and economic instability, lack of liquidity and differing legal and accounting standards. These and other circumstances and in consultation with his or her financial professional. risk considerations, such as , issuer, and mid-cap risks, are described in detail Glossary in the Fund’s prospectus. The Russell 2500TM Index measures the performance of the 2,500 smallest companies in the Russell 3000® Before investing, carefully consider fund investment objectives, risks, charges and Index. It is not possible to invest directly in an index. expenses. For this and other information that should be read carefully, please CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute. request a prospectus or summary prospectus from your financial professional or A word on risk Nuveen at 800.752.8700 or visit nuveen.com. investing involves risk; principal loss is possible. There is no guarantee the Fund’s The investment advisory services, strategies and expertise of TIAA Investments, a division of Nuveen, are investment objectives will be achieved. Prices of equity securities may decline significantly over provided by Teachers Advisors, LLC and TIAA-CREF , LLC. short or extended periods of time. Small-cap stocks involve substantial risk and potential Nuveen Securities, LLC, member FINRA and SIPC. increased price volatility as prices of small-cap stocks may be subject to more abrupt or erratic 800.752.8700 | nuveen.com MCM-1733354PR-Q0721P