TIAA-CREF FUNDS Institutional Advisor Premier Retail Retirement Global Fixed TIHYX TIHHX TIHPX TIYRX TIHRX Income 886315795 87245P676 87245M467 886315811 886315787

TIAA-CREF High-Yield Fund As of 30 Jun 2021

Average annualized total returns (%) Calendar year returns (%) Inception 1 3 5 10 Since 2021 date year years years years inception 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Institutional 31 Mar 06 13.16 5.99 6.37 5.94 6.70 Institutional 14.35 6.16 2.48 -3.72 16.45 5.65 -2.66 16.21 2.23 3.06 Advisor 04 Dec 15 13.06 5.88 6.27 6.52 Advisor 16.24 5.51 -2.74 16.10 2.12 3.01 Premier 30 Sep 09 12.99 5.84 6.23 5.79 6.89 Premier 14.18 6.00 2.43 -3.96 16.40 5.39 -2.71 16.03 2.08 2.98 Retail 31 Mar 06 12.80 5.69 6.07 5.65 6.47 Retail 13.97 5.86 2.32 -4.04 16.09 5.37 -2.90 15.85 1.94 2.91 Retirement 31 Mar 06 12.88 5.73 6.10 5.68 6.43 Retirement 14.07 5.89 2.33 -4.06 16.16 5.39 -2.91 15.93 1.97 2.93 ICE BofA BB-B U.S. Cash Pay High Yield ICE BofA BB-B U.S. Cash Pay Constrained Index 13.40 7.39 7.00 6.43 6.89 High Yield Constrained Index 14.58 6.29 3.48 -2.82 14.76 6.98 -2.04 15.09 6.32 2.86 Morningstar High Yield Bond Average 14.69 6.16 6.21 5.48 Morningstar High Yield Bond Average 14.67 6.90 1.11 -4.01 13.30 6.47 -2.59 12.62 4.91 3.62 Past performance is no guarantee of future results. Investment returns and principal value will fluctuate so that shares redeemed may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for Expense ratios (%) Institutional Advisor Premier Retail Retirement a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges were included. Returns assume reinvestment of dividends and capital Gross 0.36 0.47 0.51 0.64 0.61 gains. For performance current to the most recent month-end visit nuveen.com. Net 0.36 0.47 0.51 0.64 0.61 Performance shown for benchmark since inception is as of the Fund's oldest share class. Institutional Class shares are available for purchase directly from the Fund by certain eligible investors (which A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been include employee benefit plans and financial intermediaries). Advisor Class shares are available for purchase limited (“capped”), currently or in the past, returns would have been lower. Expense cap expiration date: 31 Jul through certain financial intermediaries and employee benefit plans. Premier Class and Retirement Class shares 2021. Please see the prospectus for details. are generally available for purchase through employee benefit plans or other types of savings plans or accounts. Retail Class shares are available for purchase through certain financial intermediaries or by contacting the Fund directly at 800.752.8700 or nuveen.com.

Overall Morningstar Credit Quality (%)1 Sector allocation (%)2 SEC 30-day yield (%) Ratings™ Fund net Institutional 3.74 investments assets Category: 634 High Yield Bond Advisor 3.64 funds BBB 0.75 U.S. High Yield Corporates 72.72 Premier 3.59 BB 46.04 Senior Loans 13.83 INSTITUTIONAL H H H H Retail 3.45 B 45.16 Non-U.S. DM High Yield Corporates 6.09 Retirement 3.49 Morningstar ratings may vary among share Below B 0.81 Investment Grade Corporates 1.63 classes and are based on historical The SEC 30-day yield is computed under an SEC risk-adjusted total returns, which are not Not Rated 3.01 Emerging Market Debt 1.02 standardized formula and is based on the maximum indicative of future results. Short Term Investments, Other Assets Preferred 0.48 offer price per share. & Liabilities, Net 4.23 Other 0.00 1 Ratings shown are given by one of the following Short-Term Investments, Other Assets national rating agencies: S&P, Moody's or Fitch. & Liabilities, Net 4.23 Credit ratings are subject to change. If there are two or three ratings for a security, the simple average of those ratings is used. If only one of the agencies rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. U.S. government and agency mortgage-backed securities, if owned by the Fund, are included in the U.S. Treasury/Agency category (included only if applicable). Holdings designated NR are not rated by these national rating agencies and, where applicable, include net derivative positions. 2 Sector allocation tables include exposures achieved through credit default swaps. Such exposures are reflected based on the notional value (rather than the market value) of the swaps, with exposures weighted negatively when the Fund has purchased credit protection and positively when the Fund has sold credit protection. Other reflects an offset to (i.e. the inverse of) such notional amounts, and any sectors not specifically identified. Negative sector weightings may result from the use of derivatives and from unsettled trade positions. Positions are subject to change.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE nuveen.com TIAA-CREF High-Yield Fund As of 30 Jun 2021

Fund description Morningstar rankings and percentiles Morningstar rankings and The Fund seeks high current income with at least an 80% allocation Morningstar High Yield Bond Category percentiles (under normal circumstances) to lower-rated, higher-yielding fixed 1 Year 3 Years 5 Years 10 Years Morningstar High Yield Bond Category income securities including bonds from U.S. and non-U.S. issuers, bank Rank % Rank % Rank % Rank % loans, convertibles and preferred securities. 1 Year Institutional 510/683 72 408/634 62 287/556 51 98/361 30 Rank % Advisor 515/683 72 424/634 64 305/556 54 – – Institutional 510/683 72 Portfolio management Premier 521/683 73 434/634 66 314/556 55 123/361 37 Advisor 515/683 72 Retail 529/683 74 456/634 69 349/556 60 161/361 47 Premier 521/683 73 Kevin Lorenz, CFA | 33 years industry experience Retirement 527/683 74 450/634 68 343/556 59 154/361 46 Retail 529/683 74 Morningstar ranking/number of funds in category displays the Fund's actual rank within its Morningstar Category Retirement 527/683 74 Jean Lin, CFA | 27 years industry experience based on average annual total return and number of funds in that Category. The returns assume reinvestment of dividends and do not reflect any applicable sales charge. Absent expense limitation, total return would be less. Morningstar ranking/number of funds in category displays the Fund's Morningstar percentile rankings are the Fund's total return rank relative to all the funds in the same Morningstar actual rank within its Morningstar Category based on average annual Category, where 1 is the highest percentile rank and 100 is the lowest percentile rank. total return and number of funds in that Category. The returns assume reinvestment of dividends and do not reflect any applicable sales charge. Absent expense limitation, total return would be less. Morningstar percentile rankings are the Fund's total return rank relative Portfolio statistics to all the funds in the same Morningstar Category, where 1 is the Fund Benchmark highest percentile rank and 100 is the lowest percentile rank. Portfolio net assets $3.61 Billion – Number of positions 388 – Option-adjusted duration 3.59 years 4.15 years Average maturity 6.21 years 6.84 years Turnover ratio (as of 31 Mar 20) 42% – This data relates to the portfolio and the underlying securities held in the portfolio. It should not be construed as a measure of performance for the Fund itself. The portfolio turnover rate shown may be inflated due to the inclusion of mortgage dollar roll transactions. Please consult the most current prospectus for more information.

For more information contact: 800.752.8700 or visit nuveen.com

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to Glossary buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information Average maturity refers to the average time to maturity (the date a principal amount of a security becomes due provided does not take into account the specific objectives or circumstances of any particular investor, or suggest or payable) of all the debt securities held in a portfolio. Option-adjusted duration estimates how much the value any specific course of action. Investment decisions should be made based on an investor's objectives and of a bond portfolio would be affected by a change in prevailing interest rates. It takes into account options circumstances and in consultation with his or her financial professional. embedded in the individual securities that might result in early repayment of principal, thereby shortening their For the period ended 30 Jun 2021, Morningstar rated this Fund’s Institutional shares, for the overall, duration. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. Turnover ratio is three-, five-, and 10-year periods (if applicable). The Institutional shares received 4, 3, 3 and 4 stars calculated by dividing the lesser of purchases or sales by the average value of portfolio assets during a period. among 634, 634, 556, and 361 High Yield Bond Funds, respectively. Rankings for other share classes may Turnover is based on the portfolio’s fiscal year end and is not annualized if the reporting period covers less than vary. Investment performance reflects applicable fee waivers. Without such waivers, total returns would 12 months. be reduced and ratings could be lower. For the most current ratings, please visit nuveen.com. ICE BofA BB-B U.S. Cash Pay High Yield Constrained Index is a market-weighted index that measures the The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, performance of interest-paying bonds that have a credit rating of BB or B. It is not possible to invest directly in variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate an index. accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more A word on risk emphasis on downward variations and rewarding consistent performance. The top 10% of products in each investing involves risk; principal loss is possible. There is no guarantee the Fund’s product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% investment objectives will be achieved. Credit risk arises from an issuer’s ability to make interest and receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if expected to deteriorate. Investments in below investment grade or high yield securities are subject to applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total liquidity risk and heightened credit risk. Interest rate risk occurs when interest rates rise causing bond returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year prices to fall. The Fund’s income could decline during periods of falling interest rates. Non-U.S. rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year investments involve risks such as currency fluctuation, political and economic instability, lack of overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. actually has the greatest impact because it is included in all three rating periods. ©2021 Morningstar, Inc. All These and other risk considerations, such as , call, derivatives, illiquid investments, Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; issuer, and income volatility risks, are described in detail in the Fund’s prospectus. (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this Before investing, carefully consider fund investment objectives, risks, charges and expenses. For information. this and other information that should be read carefully, please request a prospectus or summary prospectus from your financial professional or Nuveen at 800.752.8700 or visit nuveen.com. The investment advisory services, strategies and expertise of TIAA Investments, a division of Nuveen, are provided by Teachers Advisors, LLC and TIAA-CREF , LLC. Nuveen Securities, LLC, member FINRA and SIPC.

800.257.8787 | nuveen.com MFS-1732766CR-Q0721P_IHY2 MFS-ZIHY2-0621P