TIAA-CREF FUNDS Institutional Advisor Premier Retail Retirement Global Fixed TIBDX TIBHX TIDPX TIORX TIDRX Income 87244W607 87245P718 87245M491 886315712 886315720

TIAA-CREF Core Fund As of 30 Jun 2021

The Fund outperformed its benchmark, the Bloomberg Barclays Portfolio review U.S. Aggregate Bond Index, during the quarter. A modest The Fund remained moderately positioned in terms of risk with large underweight to duration, which was concentrated in the 20 and allocations to spread products and out-of-index sectors tempered by 30 year segments of the Treasury curve, was the most significant increased exposure to short-dated Treasuries versus the prior contributor. Diversified exposure to various corporate asset quarter-end. We reduced investment grade corporate exposure by classes also aided performance. Additionally, a significant more than 5% given a significant tightening in spreads and the underweight in Treasuries benefited results. sector's longer duration attributes, which makes it more susceptible to rate volatility. We sold longer duration taxable muni bonds, which The economic outlook improved significantly as the combination appeared fully valued. We reallocated proceeds into emerging market of fewer COVID cases, impressive progress on vaccinations, (EM) corporates, preferred securities and high yield bonds to substantial fiscal stimulus and continued accommodation from maintain yield, keep income diversified and reduce rate exposure. At the Federal Reserve (Fed) boosted optimism. Risk assets rallied quarter end, below-investment grade exposure was close to the 10% and spread sectors generated positive excess returns over risk budget allowed. We increased exposure to shorter-maturity Treasuries, led by high yield, preferred securities and investment Treasuries, which became more attractive as rates rose. We grade credit. maintained a modestly short duration and positioning for a steeper curve.

CONTRIBUTORS DETRACTORS

The Treasury market sold off amid the acceleration in Given that spread products once again performed well during economic activity, which improved the outlook for growth and the quarter, the Fund had no categories that meaningfully inflation. In light of that backdrop, the Fund's modest underperformed on a relative basis versus the benchmark. underweight to duration, which was concentrated in the The Fund experienced a slight drag from its agency 20-year and 30-year segments of the Treasury curve, was the mortgage-backed securities (MBS) positions due to interest most significant contributor to performance during the rate volatility. Also, the Fund's slightly elevated cash quarter. This stance proved beneficial as rates rose sharply, weighting had a modestly negative impact on returns. and therefore prices fell, for longer maturity Treasuries while short rates remained anchored.

Diversified exposure to various corporate asset classes, both in terms of overweight positioning and out-of-index allocations, also aided performance. Specifically, the Fund benefited from exposures in investment grade credit, preferred securities, high yield bonds and loans, and EM corporates. All of these sectors produced returns in excess of Treasuries during the quarter. Additionally, most of the Fund's other spread sectors provided a modest degree of positive return including out-of-index exposure to taxable municipal bonds, as well as positions in asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). The Fund's significant underweight in Treasuries also helped.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE nuveen.com TIAA-CREF Core Bond 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 Jul 99 2.00 2.18 5.80 3.66 4.10 5.09 Institutional 0.30 0.30 Advisor 04 Dec 15 1.96 2.05 5.69 3.58 4.20 Advisor 0.43 0.43 Premier 30 Sep 09 1.96 1.93 5.64 3.50 3.93 4.16 Premier 0.45 0.45 Retail 31 Mar 06 1.89 1.88 5.50 3.36 3.78 4.40 Retail 0.59 0.59 Retirement 31 Mar 06 1.91 1.93 5.54 3.40 3.83 4.39 Retirement 0.55 0.55 Bloomberg Barclays U.S. Aggregate A contractual arrangement is in place that limits Bond Index 1.83 -0.33 5.34 3.03 3.39 4.86 certain fees and/or expenses. Had fees/expenses not been limited (“capped”), currently or in the past, Past performance is no guarantee of future results. Investment returns and principal value will fluctuate so that shares redeemed returns would have been lower. Expense cap may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. expiration date: 31 Jul 2021. Please see the Total returns for a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges prospectus for details. were included. Returns assume reinvestment of and capital gains. For performance, current to the most recent 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).

Credit quality (%) Fund description Fund net assets The Fund invests in a broad spectrum of , including U.S. U.S. Treasury / U.S. Agency (Including Agency MBS) 34.08 government, corporate bonds and asset-backed securities. The team AAA 6.49 aims to outperform by identifying undervalued bonds, using a AA 5.51 top-down framework to identify best value sectors and rigorous A 13.71 bottom-up analysis of individual bonds. BBB 27.66 BB 5.28 Portfolio management B 3.67 Below B 0.32 Joseph Higgins, CFA | 25 years industry experience Not Rated 2.16 John Cerra | 36 years industry experience Short Term Investments, Other Assets & Liabilities, Net 1.12 Ratings shown are given by one of the following national rating agencies: S&P, Moody's or Fitch. Credit ratings are Jason O'Brien, CFA | 28 years industry experience subject to change. If there are multiple ratings for a , the lowest rating is used unless ratings are provided by all three agencies, in which case the middle 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.

For more information contact: 800.752.8700 or of falling interest rates. Investments in below investment grade or high yield securities are subject visit nuveen.com to liquidity risk and heightened credit risk. The issuer of a debt security may be able to repay principal prior to the security’s maturity, known as prepayment (call) risk, because of an This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to improvement in its credit quality or falling interest rates. In this event, this principal may have to be buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information reinvested in securities with lower interest rates than the original securities, reducing the potential provided does not take into account the specific objectives or circumstances of any particular investor, or suggest for income. 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 risks are circumstances and in consultation with his or her financial professional. magnified in emerging markets. These and other risk considerations, such as active management, Glossary derivatives, extension, illiquid investments, issuer, and income volatility risks, are described in The Bloomberg Barclays U.S. Aggregate Bond Index tracks the performance of U.S. investment-grade bonds. detail in the Fund’s prospectus. It is not possible to invest direclty in an index. Before investing, carefully consider fund investment objectives, risks, charges and CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. expenses. For this and other information that should be read carefully, please A word on risk request a prospectus or summary prospectus from your financial professional or investing involves risk; principal loss is possible. There is no guarantee the Fund’s Nuveen at 800.752.8700 or visit nuveen.com. investment objectives will be achieved. Fixed-income securities may be susceptible to general The investment advisory services, strategies and expertise of TIAA Investments, a division of Nuveen, are movements in the and are subject to credit and interest rate risks. Credit risk arises provided by Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC. from an issuer’s ability to make interest and principal payments when due, as well as the prices of Nuveen Securities, LLC, member FINRA and SIPC. bonds declining when an issuer’s credit quality is expected to deteriorate. Interest rate risk occurs when interest rates rise causing bond prices to fall. The Fund’s income could decline during periods 800.752.8700 | nuveen.com MCM-1732708CR-Q0721P