TIAA-CREF FUNDS Institutional Advisor Premier Retail Retirement Equities | TISEX TSCHX TSRPX TCSEX TRSEX Domestic 87244W839 87245R136 87245M533 87244W813 87244W821

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

The Fund outperformed its benchmark, the Russell 2000 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 cap universe, Global equity markets were broadly positive in the second with a focus on sentiment-based data, as well as traditional data such quarter, but it wasn't an entirely smooth ride. Economic growth as company fundamentals and fundamental mispricing. rates were largely dependent on vaccination progress and the ability of governments to contain COVID-19, including new and The model's sentiment-based signals fared better than the more more contagious variants of the virus. Central banks were in the traditional data during the second quarter. However, several spotlight as inflation pressures mounted due to base effects and traditional factors contributed as well. global supply chain shortages in the face of powerful pent-up demand. While these factors sparked occasional volatility, most non-U.S. markets ended the period on steady and higher ground. Ten of the Russell 2000's 11 sectors posted gains, led by communication services, energy and real estate.

CONTRIBUTORS DETRACTORS

In terms of sectors, consumer discretionary, health care and On a sector basis, communications services and financials information technology contributed the most to the Fund's detracted the most from the Fund's relative performance in second-quarter outperformance, reflecting strong stock the period, primarily the result of unfavorable stock selection. selection within those sectors. An overweight in industrials also hurt returns.

As identified by the Fund's quantitative model, stocks with As for quantitative model factors, companies identified as positive -related sentiment outperformed, having positive earnings-related sentiment lagged. Those particularly in May. Companies identified as having positive determined to be fundamentally mispriced detracted in May executive-related sentiment also added value. and June.

Among individual names, the Fund's top contributor was an From a company-specific perspective, an underweight in overweight position in biopharmaceutical company Cassava movie theatre chain AMC Entertainment Holdings was the Sciences, Inc. The company's stock continued to climb on largest detractor. Its shares surged, due largely to a short promising news for Simufilam, its Alzheimer's drug candidate. squeeze. (Short squeezes occur when a rapid run-up in a stock's price -- often driven by speculative trading -- puts The second- and third-largest contributors were an pressure on investors who have "shorted" the stock, i.e., bet underweight in casino and racetrack operator Penn National that its price would go down.) To limit their losses, these short Gaming, Inc. and an overweight in department store chain sellers end up buying shares of the stock, boosting its price Dillard's. Shares of Penn National slumped following a even more. massive rally off of its pandemic lows, while Dillard's rose on robust earnings. An underweight in biotechnology company Intellia Therapeutics, Inc. also detracted, as its shares rose sharply on positive clinical trial data. An overweight in mattress company Sleep Number Corp hurt relative results as well, with supply-chain concerns weighing on its stock price.

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

Average annualized total returns (%) Inception Since Expense ratios date QTD 1 year 3 years 5 years 10 years inception Gross Net Institutional 01 Oct 02 5.57 67.19 12.96 16.06 12.23 11.70 Institutional 0.43 0.43 Advisor 04 Dec 15 5.57 67.19 12.89 15.99 13.10 Advisor 0.51 0.51 Premier 30 Sep 09 5.56 66.93 12.80 15.89 12.06 13.57 Premier 0.58 0.58 Retail 01 Oct 02 5.49 66.80 12.67 15.73 11.88 11.42 Retail 0.74 0.74 Retirement 01 Oct 02 5.51 66.82 12.68 15.76 11.95 11.40 Retirement 0.68 0.68 Russell 2000® Index 4.29 62.03 13.52 16.47 12.34 11.77 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 Upwork Inc 0.77 capital appreciation, primarily from equity securities of smaller BJ's Wholesale Club Holdings Inc 0.73 domestic companies. It normally invests at least 80% of its assets in Digital Turbine Inc 0.65 small-cap equity securities across a wide range of sectors, growth Comfort Systems USA Inc 0.59 rates and valuations that management believes appear to have National Storage Affiliates Trust 0.59 favorable prospects for significant long-term capital appreciation. United Community Banks Inc 0.58 Management employs proprietary quantitative models that typically weigh many different variables, including the valuation of a stock Rent-A-Center Inc 0.58 versus the market or its peers, future earnings and sustainable PS Business Parks Inc 0.58 growth prospects, and the price and volume trends of the stock. The Crocs Inc 0.57 Fund seeks to generate a favorable long-term return while also Lattice Semiconductor Corp 0.56 managing its relative risk versus the 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 increased price volatility as prices of small-cap stocks may be subject to more abrupt or erratic visit nuveen.com movements, and to wider fluctuations than stock prices of larger, more established companies or the market averages in general. Holdings selected by quantitative analysis may perform differently This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to from the market as a whole based on the factors used in the analysis, the weighting of each factor, buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information and how the factors have changed over time. Non-U.S. investments involve risks such as currency provided does not take into account the specific objectives or circumstances of any particular investor, or suggest fluctuation, political and economic instability, lack of liquidity and differing legal and accounting any specific course of action. Investment decisions should be made based on an investor's objectives and standards. These and other risk considerations, such as , issuer, and mid-cap circumstances and in consultation with his or her financial professional. risks, are described in detail in the Fund’s prospectus. Glossary Before investing, carefully consider fund investment objectives, risks, charges and The Russell 2000® Index measures the performance of the small cap segment of the U.S. equity universe which expenses. For this and other information that should be read carefully, please includes approximately 2000 of the largest securities based on a contribution of their market cap and current index measurement. It is not possible to invest direclty in an index. request a prospectus or summary prospectus from your financial professional or CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute. Nuveen at 800.752.8700 or visit nuveen.com. The investment advisory services, strategies and expertise of TIAA Investments, a division of Nuveen, are A word on risk provided by Teachers Advisors, LLC and TIAA-CREF , LLC. investing involves risk; principal loss is possible. There is no guarantee the Fund’s Nuveen Securities, LLC, member FINRA and SIPC. investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Small-cap stocks involve substantial risk and potential 800.752.8700 | nuveen.com MCM-1733360PR-Q0721P