Material Structural Aspects of Variable Annuities Vs ...€¦ · The Russell 3000 Index kicked off the first quarter by extending its robust 2019 gains (+31%), rising 5.1% though

1

1. Guarantees provided under fixed annuities are subject to the issuing company’s claims-paying ability. 2. Income from variable annuities will fluctuate based on the performance of the underlying investments. 3. Keep in mind, there are risks associated with investing in securities, including possible loss of principal. 4. Withdrawal/Transfer charges may apply based on the type of annuity contract. 5. Dependent on annuity contract. 6. TIAA Traditional income can only be transferred into one of the Five (5) CREF Equity investments which includes CREF Stock, CREF Social Choice, CREF Global Equities, CREF Equity Index, and the CREF Growth. Transfers to CREF are over a 5-year period and may be stopped at any time. **There are risks associated with investing in securities including possible loss of principal. Guarantees are subject to the claims-paying ability of the issuing company. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

The net expense ratio represents expenses after reimbursement and waivers, if applicable, and is what participants actually pay; while the gross expense ratio represents the expense ratio before consideration for reimbursements and/or waivers are applied. CREF is an at-cost product, which means its net and gross expenses are the same. Due to CREF being an at-cost product, CREF’s expense ratios increase/decrease depending on changes in net assets and/or total expenses. Total annual expense deductions, which include investment advisory, administrative, and distribution (12b-1) expenses, and mortality and expense risk charges, are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Historically, adjustments have been small. The Account’s total annual expense deduction appears in the Account's prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details.

There are material differences between mutual funds and CREF variable accounts. Mutual fund capital-gain distributions or dividends paid are added to the number of shares owned (number of shares increase). CREF account capital-gain distributions or dividends are added to the unit value (number of units stay constant). Our mutual fund and variable annuity products are subject to various fees and expenses, including but not limited to management, administrative, and distribution fees; our variable annuity products have an additional mortality and expense (M&E) risk charge. A variable annuity is an insurance contract and includes underlying investments whose value, similar to a mutual fund, is tied to market performance.** When markets are up, you can capture the gains, but you may also experience losses when markets are down. When you retire, you can choose to receive lifetime income payments for you and/or your partner or spouse, if so desired. The amount of each payment can go up or down based on the performance of the underlying account. CREF also provides the opportunity for income through systematic withdrawals or a lump-sum withdrawal. A mutual fund pools money from many investors to purchase a collection of stocks, bonds or other securities which are managed in one fund. When markets are up, you can capture the gains, but you may also experience losses when markets are down. Some or all of your assets can be transferred among funds or converted to cash at retirement with ease.

Material Structural Aspects of Variable Annuities Vs. Mutual Funds

CREF Equity Index Account Investment Product Commentary

Account Performance HighlightsIn the first quarter of 2020, the CREF Equity Index Account produced returns that were in line with those of its benchmark, the Russell 3000® Index. (Results varied by share class.) Performance deviations from the index were due primarily to the effects of expenses. The Account has a risk profile similar to that of the Russell 3000 Index.

The U.S. economy continued its steady expansion in January and February, supported by solid employment data, resilient consumer spending and a housing market poised for its best spring selling season in years. But with much of the country in lockdown mode in March amid the coronavirus outbreak, first-time unemployment claims spiked to 6.6 million, employers shed 700,000 payrolls and the economy ground to a halt.

The Federal Reserve’s January decision to hold the line on interest rates was all but forgotten by the time Chair Jerome Powell and his colleagues launched their “bazooka” of monetary stimulus in March.

The Fed first slashed interest rates to zero, announced it would buy $700 billion of U.S. Treasuries and commercial mortgage-backed securities as part of quantitative easing (QE) and revived a series of financial crisis-era programs. But when those moves failed to loosen ultra-tight liquidity conditions or dampen extreme volatility in stock and fixed-income markets, Fed policymakers delivered even more firepower by committing to open-ended QE purchases. They also expanded the scope of QE by pledging to purchase investment-grade corporate bonds in both the new-issue and secondary markets, including through ETFs.

The Russell 3000 Index kicked off the first quarter by extending its robust 2019 gains (+31%), rising 5.1% though February 19 en route to hitting another all-time high. Bulls were in charge, betting that damage from the coronavirus would stay relatively contained and that central banks would unleash stimulus in the event of

any virus-driven economic slowdowns. That optimism vanished rapidly. New coronavirus cases rose faster outside of China than within, dashing hopes that the outbreak’s reach would be limited and sparking fears of a global recession. In response, the Russell 3000 fell almost 13% over the last seven trading days in February and a further 13.8% in March. For the period as a whole, the index plunged 20.9%—its worst quarter since 2008.

All of the Russell 3000’s 11 sectors posted double-digit losses. Information Technology, Health Care and Consumer Staples were relative outperformers. Energy, which fell more than 50% amid plunging oil prices, fared the worst by far, followed by Financials and Materials. Based on respective Russell indexes, small caps (-30.6%) lagged both mid caps (-27.1%) and large caps (-20.2%). Growth stocks (-14.9%) struggled but continued to outperform value (-27.3%).

PositioningThe CREF Equity Index Account seeks to replicate the Russell 3000 Index to create a portfolio that closely matches the overall investment characteristics of that index.

For the quarter-to-date ending March 31, 2020

The sectors referenced in the relative performance commentary above are based on the Global Industry Classification Standard (GICS®). The Global Industry Classification Standard (GICS) was developed by MSCI, a premier independent provider of global indexes and benchmark-related products and services, and Standard & Poor’s (S&P), an independent international financial data and investment services company and a leading provider of global equity indexes. You cannot invest directly in any index. Unlike mutual funds, index returns do not reflect a deduction for fees or expenses.

1153424

CREF Equity Index Account Investment Product Commentary

Top 10 Holdings

Issuer % of Net Assets

Microsoft Corp. 4.74%

Apple Inc. 4.17%

Amazon.com Inc. 3.24%

Alphabet Inc. 2.77%

Facebook Inc. 1.58%

Berkshire Hathaway Inc. 1.42%

Johnson & Johnson 1.39%

JPMorgan Chase & Co. 1.11%

Visa Inc. 1.10%

The Procter & Gamble Co. 1.06%


Average Annual Return1

TickerEstimated Gross

Annual Expenses³ InceptionLatest

Quarter 1 Year 3 Year 5 Year 10 YearSince

Inception

CREF Equity Index Account – R1 QCEQRX 0.47% 4/29/1994 -20.91% -9.44% 3.56% 5.25% 9.67% 8.57%

CREF Equity Index Account – R22 QCEQPX 0.27% 4/24/2015 -20.88% -9.26% 3.77% N/A N/A 5.10%

CREF Equity Index Account – R32 QCEQIX 0.22% 4/24/2015 -20.87% -9.21% 3.83% N/A N/A 5.17%

Russell 3000® Index -20.91% -9.44% 3.56% 5.25% 9.67% N/A

1 The performance data quoted represents past performance and is no guarantee of future results. Your returns and the principal value of your investments will fluctuate so that your shares or accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance current to the most recent month-end, visit TIAA.org or call 877-518-9161.

2 Effective April 24, 2015, additional classes are available with different eligibility requirements. The performance shown that is prior to the inception date for Class R2 and Class R3 is based on the Account’s Class R1. The inception date of the Account’s Class R1 is shown in the table above. The performance for these periods has not been restated to reflect the lower expenses of Class R2 and Class R3. If these lower expenses had been reflected, the performance of Class R2 and Class R3 for these periods would have been higher. Please visit the account’s prospectus at TIAA.org for more information.

3 Total annual expense deductions, which include investment advisory, administrative, and distribution (12b-1) expenses, and mortality and expense risk charges, are estimated each year based on projected expense and asset levels. Please visit the account’s prospectus at TIAA.org for more information.

The Account is subject to market, company risk, index risk, large-cap risk and small- and mid-cap risk. Please consider all risks carefully prior to investing.

Top ten holdings are subject to change and may not be representative of the Account’s current or future investments. The holdings listed only include the Account’s long-term investments. Money market instruments and/or futures contracts, and index products used for cash management or to provide temporary exposure to a particular stock or country, as applicable, are excluded. The holdings may not include the Account’s entire investment portfolio and should not be considered a recommendation to buy or sell a particular security.

TIAA-CREF Individual & Institutional Services, LLC, Nuveen Securities, LLC, Member FINRA, distributes securities products.

This variable annuity is issued by College Retirement Equities Fund (CREF), New York, NY. Each TIAA entity is solely responsible for its own financial condition and contractual obligations.

Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or go to TIAA.org for an Account prospectus that contains this and other information. Please read the prospectuses carefully before investing.This material is for informational or educational purposes only and does not constitute investment advice under ERISA. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.

©2020 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

(04/20)

CREF Global Equities Account Investment Product Commentary

Account Performance HighlightsIn the first quarter of 2020, the CREF Global Equities Account underperformed its benchmark, the MSCI All-Country World Index. Fair valuing had a negative effect on the Account’s return during the quarter.1

U.S. equities began the quarter on an upbeat note, with the Russell 3000® Index advancing 5.1% through February 19. But with much of the country in lockdown mode in March amid the coronavirus outbreak, economic activity ground to a halt. The spread of COVID-19 became a pandemic, sparking fears of a global recession. Against this backdrop, the Russell 3000 fell almost 13% over the last seven trading days in February and a further 13.8% in March. For the period as a whole, the index plunged 20.9%—its worst quarter since 2008.

Non-U.S. equities also endured large losses. Based on MSCI indexes, developed-market international stocks returned -22.8% and emerging-market (EM) stocks -23.6%. Eurozone equities (-27.0%) plunged as the pace of business activity in the region fell to an all-time low. Asian markets generally fared better than their European counterparts. China (-10.2%) was among the most resilient, and some other “first-in” markets (those exposed to the virus very early on) were also relative outperformers, including Japan (-16.8%) and Hong Kong (-17.3%). (All returns in U.S. dollar terms.)

The CREF Global Equities Account consists of five independently operated substrategies, including three global and two regional (international and U.S.) mandates. The Account’s main actively managed global strategy, which accounts for approximately one-third of overall AUM, outperformed in the first quarter of 2020. The Account’s global research portfolio also outperformed, while the other actively managed global and regional U.S. substrategies underperformed. The regional international developed substrategy was relatively flat for the quarter.

On a sector basis, Financials, Industrials and Energy were the main detractors from the Account’s first-quarter relative performance, due mainly to unfavorable stock selection within those sectors. Consumer Discretionary and Information Technology were the biggest contributors, driven by strong stock picking. An overweight in Information Technology also helped.

PositioningThe CREF Global Equities Account is an actively managed, globally diversified equity variable annuity. Using a multi-manager approach, the Account seeks to generate multiple sources of excess return by leveraging the skills and experience of fundamental portfolio managers and equity research analysts.

Looking ahead, we expect second-quarter U.S. GDP to contract sharply, reflecting fallout from COVID-19. The eurozone is in a similar situation, but as a more cyclical and open economy than the U.S., the region may fare worse in the global downturn yet snap back with greater resilience once trade resumes worldwide. Although China’s economy likely bottomed hard in the first quarter, signs of a manufacturing recovery appeared in March.

The Account’s individual substrategies are managed independently; however, the general theme across mandates is to maintain a balanced approach. We believe the Account’s multimanager approach enhances our ability to find distinct, compelling investment opportunities globally, while providing diversification across investment styles.


1 The Account’s return may sometimes diverge from the return of its benchmark index more than would be expected. This may be the result of a fair-value pricing adjustment. Many foreign exchanges close before the Account’s daily unit value is calculated (generally 4 p.m. (ET)). In the intervening hours, the value of foreign securities can change, and these changes are not reflected immediately in the Account’s benchmark index. They may, however, be reflected in the calculation of the Account’s unit value for that day.

The sectors referenced in the relative performance commentary above are based on the Global Industry Classification Standard (GICS®). The Global Industry Classification Standard (GICS) was developed by MSCI, a premier independent provider of global indexes and benchmark-related products and services, and Standard & Poor’s (S&P), an independent international financial data and investment services company and a leading provider of global equity indexes.

1153412

CREF Global Equities Account Investment Product Commentary

Top 10 Holdings



Apple Inc. 2.73%


Alphabet Inc. 1.94%

Tencent Holdings Ltd. 1.38%

Alibaba Group Holding Ltd. 1.33%

Roche Holding AG 1.20%

Intel Corp. 1.12%


Taiwan Semiconductor Manufacturing Co. Ltd. 1.10%

Security Selection Effects on Account Performance

Top Contributing Securities

Lonza Group AG

Nintendo Co., Ltd.

Tencent Holdings Ltd.

Top Detracting Securities

ING Groep NV

Airbus SE

Lloyds Banking Group Plc


Sector Effects on Account Performance

Top Contributing Sectors n Consumer Staples

n Health Care

n Consumer Discretionary

n Energy

n Industrials

n Information Technology

n Materials

n Financials

n Communications Services

n Utilities

n Real Estate

Consumer Discretionary

Information Technology

Health Care

Top Detracting Sectors

Financials

Energy

Industrials

n Contribution n Detraction

Average Annual Returns2


Annual Expenses4 InceptionLatest


InceptionCREF Global Equities Account–R1 QCGLRX 0.53% 5/01/1992 -21.76% -11.75% 0.76% 1.95% 5.96% 6.68%CREF Global Equities Account–R23 QCGLPX 0.32% 4/24/2015 -21.73% -11.58% 0.97% N/A N/A 1.48%CREF Global Equities Account–R33 QCGLIX 0.27% 4/24/2015 -21.72% -11.53% 1.02% N/A N/A 1.56%MSCI All-Country World Index -21.05% -10.39% 1.92% 3.25% 6.57% N/AMorgan Stanley World Index -21.37% -11.26% 1.50% 2.85% 5.88% N/A


3 Effective April 24, 2015, additional classes are available with different eligibility requirements. The performance shown for Class R2 and Class R3 that is prior to its inception date is based on the Account’s Class R1. The inception date of the Account’s Class R1 is shown in the table above. The performance for these periods has not been restated to reflect the lower expenses of the Class R2 and Class R3. If these lower expenses had been reflected, the performance of the Class R2 and Class R3 for these periods would have been higher. Please visit the account’s prospectus at TIAA.org for more information.


The Account is subject to certain risks, such as market and investment style risk. Please consider all risks carefully prior to investing. Please note investments in foreign securities are subject to special risks, including currency fluctuation and political and economic instability.

Top ten holdings are subject to change and may not be representative of the account’s current or future investments. The holdings listed only include the account’s long-term investments. Money market instruments and/or futures contracts, and index products used for cash management or to provide temporary exposure to a particular stock or country, is applicable, are excluded. The holdings may not include the account’s entire investment portfolio and should not be considered a recommendation to buy or sell a particular security.

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products.

Diversification cannot ensure a profit nor eliminate market risk.





(04/20)

CREF Growth Account Investment Product Commentary

Account Performance HighlightsIn the first quarter of 2020, the CREF Growth Account outperformed its benchmark, the Russell 1000® Growth Index.


The Russell 1000 Growth Index kicked off the first quarter by extending its robust 2019 gains (+36.4%), rising 9.3% though February 19 en route to hitting another all-time high. Bulls were in charge, betting that damage from the coronavirus would stay relatively contained and that central banks would unleash stimulus in the event of any virus-driven economic slowdowns. That optimism vanished rapidly. New coronavirus cases rose faster outside of China than within, dashing hopes that the outbreak’s reach would be limited and sparking fears of a global recession. In response, the Russell 1000 Growth fell 12.8% over the last seven trading days in February and a further 9.8% in March. For the quarter as a whole, the index returned -14.1%.

Based on respective Russell indexes, large cap growth (-14.1%) outperformed large cap value (-26.7%) for the 12th time in the past 13 quarters. Within the Account’s benchmark, all 11 sectors posted double-digit losses. Of those, Information Technology, Consumer Discretionary, and Health Care were relative outperformers, while Utilities, Energy, and Industrials fared the worst.

Performance of the CREF Growth Account is driven by bottom-up stock selection in four portfolio “sleeves”: two fundamental actively managed strategies and two quantitative strategies. One fundamental and one quantitative sleeve outperformed the benchmark during the quarter, while the other fundamental and quantitative sleeves underperformed. The Account also includes a small sleeve managed using an index (pure passive) strategy, which provides liquidity.

During the period, Consumer Discretionary, Consumer Staples, and Financials were the top contributors, primarily due to strong security selection. These results were partially offset by unfavorable stock picking in Communication Services, Energy, and Materials.

PositioningThe CREF Growth Account is an actively managed, diversified U.S. large-cap equity variable annuity, emphasizing low relative risk. Using a multi-manager approach, the Account seeks to generate multiple sources of excess return by leveraging the skills and experience of fundamental and quantitative active portfolio managers.

The U.S. economy began the second quarter at a virtual standstill as business closures, shelter-in-place edicts and other aggressive strategies to mitigate or contain the spread of COVID-19 had begun to take hold. Consequently, we expect second-quarter GDP growth to contract at an annualized rate of 30% or more. In our view, the downturn will last until government officials, mainly at the state level, feel comfortable that the worst of the virus has passed. If that confidence starts to manifest in June—a major “if”—third- and fourth-quarter GDP could bounce considerably. At the same time, we doubt that any recovery will fully offset the plunge in growth experienced in the first half of the year.

While the CREF Growth Account’s individual strategies are managed independently, the Account continues to favor stable, higher-quality, higher-growth companies that generate high levels of free cash flow, are able to increase dividends and have strong balance sheets. We believe the Account’s multi-manager approach enhances our ability to find distinct, compelling investment opportunities domestically, while providing diversification across investment styles.



1153401

CREF Growth Account Investment Product Commentary

Top 10 Holdings




Alphabet Inc. 5.34%

Apple Inc. 4.57%

Facebook Inc. 3.73%

Visa Inc. 3.19%

salesforce.com Inc. 3.02%

PayPal Holdings Inc. 2.21%

Costco Wholesale Corp. 1.79%

S&P Global Inc. 1.67%

Security Selection Effects on Fund Performance


Amazon.com, Inc.

Tesla, Inc.

Boeing Company


Microsoft Corporation

Airbus SE

Expedia Group, Inc.


Sector Effects on Fund Performance


n Health Care


n Energy

n Industrials


n Materials

n Financials


n Utilities

n Real Estate


Consumer Staples

Financials


Communication Services

Energy

Materials






Inception

CREF Growth Account–R1 QCGRRX 0.49% 4/29/1994 -13.79% -3.10% 9.91% 8.61% 12.07% 8.40%

CREF Growth Account–R22 QCGRPX 0.29% 4/24/2015 -13.75% -2.92% 10.14% N/A N/A 8.34%

CREF Growth Account–R32 QCGRIX 0.24% 4/24/2015 -13.74% -2.86% 10.20% N/A N/A 8.42%

Russell 1000® Growth Index -14.10% 0.91% 11.32% 10.36% 12.97% N/A



³ Total annual expense deductions, which include investment advisory, administrative, and distribution (12b-1) expenses, and mortality and expense risk charges, are estimated each year based on projected expense and asset levels. Please visit the account’s prospectus at TIAA.org for more information.

The Account is subject to certain risks, such as market and investment style risk and risks of growth investing, which include potentially higher volatility than value stocks. Please consider all risks carefully prior to investing.




You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or go to TIAA.org for an Account prospectus that contains this and other information. Please read the prospectuses carefully before investing.Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.


This material is for informational or educational purposes only and does not constitute investment advice under ERISA. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.


(04/20)

CREF Social Choice Account Investment Product Commentary

Account Performance HighlightsIn the first quarter of 2020, the CREF Social Choice Account underperformed the -12.17% return of its weighted composite benchmark (42% Russell 3000® Index for U.S. equities; 18% MSCI EAFE+Canada Index for international equities; and 40% Bloomberg Barclays U.S. Aggregate Bond Index for U.S. investment-grade fixed income).

Driven by fears of a steep economic downturn in the face of the COVID-19 pandemic, the Russell 3000 Index returned -20.9% for the period, its worst quarter since 2008. The MSCI EAFE+Canada Index also posted a large loss (-23.3% in U.S. dollar terms), with eurozone stocks faring worse than Japanese equities. In U.S. fixed-income markets, the Bloomberg Barclays U.S. Aggregate Bond Index returned a healthy 3.1% amid falling interest rates.

For the quarter, the Account’s U.S and international equity sleeves outperformed their respective benchmarks, and the U.S. fixed-income sleeve lagged its benchmark.

In the U.S. equity sleeve, the Information Technology, Real Estate, and Communication Services sectors contributed the most to relative performance, reflecting strong stock selection. The Financials, Utilities, and Consumer Staples sectors, in contrast, detracted due to weak stock picks. The largest individual contributors were not owning Exxon Mobil, JPMorgan Chase & Co., and Boeing, while the largest detractors included Discover Financial Services and Schlumberger. Not owning Netflix also detracted.

In the international equity sleeve, Consumer Staples, Health Care, and Utilities were the largest contributors on a sector basis. Consumer Discretionary, Communication Services, and Materials hurt performance the most. As for individual names, not owning Royal Dutch Shell or Airbus made the largest contributions. A position in Chugai Pharmaceutical also helped. The biggest detractors were positions in Cenovus Energy and WFD Unibail-Rodamco, as well as not owning Novartis.

Underperformance by the Account’s fixed-income sleeve was driven by sector allocation, primarily an overweight in corporate credit, with municipal bonds and asset-backed securities also detracting. Yield-curve positioning and security selection helped mitigate these negative impacts.

PositioningThe CREF Social Choice Account is a balanced portfolio with equity and fixed-income components that incorporate environmental, social, and governance (ESG) criteria. The equity component uses a quantitative approach to attempt to match, to the extent possible given the eligible investment universe, the risk characteristics of its respective U.S. and international equity benchmarks. Some stocks that are included in the indexes are not part of the Account’s eligible universe. As a result, some individual securities in the eligible universe may be either overweighted or underweighted relative to the benchmark.

The entire fixed-income sleeve is actively managed and subject to ESG and impact criteria. This includes holdings identified through our proprietary impact framework. These are public fixed-income securities that seek competitive risk-adjusted returns along with direct and measureable social and environmental benefits in key thematic areas: Affordable Housing; Community & Economic Development; Renewable Energy & Climate Change; and Natural Resources. Most impact holdings are not in the Account’s benchmark.

We are comfortable with the fixed-income sleeve’s current strategy, slightly longer duration stance versus the benchmark and flatter positioning on the yield curve. Our continued overweight in spread products includes asset-backed and commercial mortgage-backed securities, corporate credit, and taxable municipals. This overweight is funded via underweights in U.S. Treasuries and agency mortgage-backed securities. We maintain an “up-in-quality” bias, reflecting concerns about global economic strength and overall valuations. As always, we monitor economic data in real time to determine when and if a change in strategy becomes prudent.



1153180

CREF Social Choice Account Investment Product Commentary

Top 10 Holdings



Apple Inc. 1.86%


Alphabet Inc. 1.32%

U.S. Treasury Bond 2.375%, 11/15/49 1.02%


Intel Corp. 0.56%

Verizon Communications Inc. 0.54%

Merck & Co Inc. 0.51%

UnitedHealth Group Inc. 0.49%






Inception

CREF Social Choice Account–R1 QCSCRX 0.50% 3/01/1990 -13.24% -3.80% 3.11% 3.39% 6.23% 7.71%

CREF Social Choice Account–R22 QCSCPX 0.29% 4/24/2015 -13.20% -3.61% 3.32% N/A N/A 3.36%

CREF Social Choice Account–R32 QCSCIX 0.24% 4/24/2015 -13.19% -3.56% 3.38% N/A N/A 3.43%

CREF Social Choice Account Composite Benchmark -12.17% -2.86% 3.56% 3.89% 6.72% N/A

Morningstar Moderate Target Risk Index -13.38% -5.13% 2.62% 3.44% 5.85% N/A


CREF Social Choice Domestic

CREF Social Choice International


Exxon Mobil Corporation Royal Dutch Shell Plc

JPMorgan Chase & Co. Airbus SE

Boeing Company Chugai Pharmaceutical Co., Ltd.


Discover Financial Services Cenovus Energy Inc.

Netflix, Inc. Novartis AG

Schlumberger N.V. (Schlumberger Limited) WFD Unibail-Rodamco N.V.




The Account is subject to certain risks, such as market and investment-style risks. Please consider all risks carefully prior to investing. Because its social screens exclude some investments, the account may not be able to take advantage of the same opportunities or market trends as accounts that do not use such criteria. Investments in small- to medium-sized corporations are more vulnerable to financial risks and other risks than larger corporations and may involve a higher degree of price volatility than investments in the general equity markets.Top ten holdings are subject to change and may not be representative of the account’s current or future investments. The holdings listed only include the account’s long-term investments. Money market instruments and/or futures contracts, and index products used for cash management or to provide temporary exposure to a particular stock or country, is applicable, are excluded. The holdings may not include the account’s entire investment portfolio and should not be considered a recommendation to buy or sell a particular security.TIAA-CREF Individual & Institutional Services, LLC, Nuveen Securities, LLC, Member FINRA, distributes securities products.Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.This variable annuity is issued by College Retirement Equities Fund (CREF), New York, NY. Each TIAA entity is solely responsible for its own financial condition and contractual obligations.

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or go to TIAA.org for an Account prospectus that contains this and other information. Please read the prospectuses carefully before investing.This material is for informational or educational purposes only and does not constitute investment advice under ERISA. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.©2020 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

(04/20)


CREF Social Choice Domestic

CREF Social Choice International

CREF Social Choice Fixed Income

Top Contributing Sectors

Information Technology Consumer Staples Govt Rel.–Agency

Real Estate Health Care Govt Rel.–Credit

Communication Services Utilities Municipals


Financials Consumer Discretionary Treasuries

Utilities Communication Services Corporates

Consumer Staples Materials MBS

CREF Stock Account Investment Product Commentary

Account Performance HighlightsIn the first quarter of 2020, the CREF Stock Account underperformed its composite benchmark, which consists of a 70% allocation to the Russell 3000® Index (U.S. markets) and a 30% allocation to the MSCI All-Country World ex-US Investable Market Index (non-U.S. developed and emerging markets). Fair valuing had a negative effect on the Account’s return during the quarter.1

U.S. equities began the quarter on an upbeat note, with the Russell 3000 Index advancing 5.1% through February 19. But with much of the country in lockdown mode in March amid the coronavirus outbreak, economic activity ground to a halt. The spread of COVID-19 became a pandemic, sparking fears of a global recession. Against this backdrop, the Russell 3000 fell almost 13% over the last seven trading days in February and a further 13.8% in March. For the period as a whole, the index plunged 20.9%—its worst quarter since 2008.

Non-U.S. equities also endured large losses. Based on MSCI indexes, developed-market international stocks returned -22.8% and emerging-market (EM) stocks -23.6%. Eurozone equities (-27.03%) plunged as the pace of business activity in the region fell to an all-time low. Asian markets generally fared better than their European counterparts. China (-10.2%) was among the most resilient, and some other “first-in” markets (those exposed to the virus very early on) were also relative outperformers, including Japan (-16.8%) and Hong Kong (-17.3%). (All returns in U.S. dollar terms.)

The CREF Stock Account allocates its assets across three main portfolio management disciplines: active fundamental; active research; and quantitative. In addition, it maintains a small index component for liquidity purposes. To provide broad diversification, each discipline offers a different investment style and approach in its stock selection process.

In the first quarter, outperformance by a U.S. actively managed large-cap growth and value mandate were offset by underperformance in aggregate by the remaining domestic large-cap strategies. The Account’s U.S. quantitatively managed portfolios also lagged, in aggregate.

The Account’s actively managed non-U.S. allocations underperformed as a whole, while performance from our quantitatively managed non-U.S. portfolios was mixed. Our active and quantitatively managed EM allocations trailed overall, while the active global portfolios were relatively flat. Lastly, the sector-neutral, research analyst portfolios outperformed their respective EM and global benchmarks but lagged in the U.S., Asia and Europe.

PositioningThe CREF Stock Account is a broadly diversified, global equity variable annuity emphasizing low relative risk versus the market. Intended as a complete equity holding, the Account provides exposure to all major equity market segments, including large-, mid-, and small-cap stocks, both domestically and within foreign developed and emerging markets. Secular, professional asset allocation takes a long-term view on portfolio positioning to assist participants in planning for retirement. The multi-manager approach leverages the skills and experience of fundamental active portfolio managers, active equity research analysts, and quantitative portfolio managers, to generate multiple, uncorrelated sources of excess return.

Looking ahead, we expect second-quarter U.S. GDP to contract sharply, reflecting fallout from COVID-19. The eurozone is in a similar situation, but as a more cyclical and open economy than the U.S., the region may fare worse in the global downturn yet snap back with greater resilience once trade resumes worldwide. Although China’s economy likely bottomed hard in the first quarter, signs of a manufacturing recovery appeared in March.

As always, we are committed to the CREF Stock Account’s investment approach: combining a high level of geographic diversification and a variety of distinctive investment styles to provide attractive long-term return potential without undue risk.


1 The Account’s return may sometimes diverge from the return of its benchmark index more than would be expected. This may be the result of a fair-value pricing adjustment. Many foreign exchanges close before the Account’s daily unit value is calculated (generally 4 p.m. ET)). In the intervening hours, the value of foreign securities can change, and these changes are not reflected immediately in the Account’s benchmark index. They may, however, be reflected in the calculation of the Account’s unit value for that day.


1153164

CREF Stock Account Investment Product Commentary

Top 10 Holdings



Apple Inc. 2.78%


Alphabet Inc. 1.97%

Facebook Inc. 1.16%

JPMorgan Chase & Co. 0.98%

Visa Inc. 0.85%

Berkshire Hathaway Inc. 0.84%

Intel Corp. 0.83%




Exxon Mobil Corporation

Amazon.com, Inc.

Lonza Group AG


Parsley Energy, Inc.

Microsoft Corporation

ING Groep NV




n Health Care


n Energy

n Industrials


n Materials

n Financials


n Utilities

n Real Estate

Real Estate



Industrials

Financials

Health Care






Inception

CREF Stock Account–R1 QCSTRX 0.56% 7/31/1952 -22.45% -12.87% 0.82% 2.75% 7.01% 9.37%

CREF Stock Account–R23 QCSTPX 0.35% 4/24/2015 -22.42% -12.71% 1.03% N/A N/A 2.31%

CREF Stock Account–R33 QCSTIX 0.30% 4/24/2015 -22.41% -12.66% 1.09% N/A N/A 2.39%

CREF Composite Benchmark -21.87% -11.31% 2.11% 3.86% 7.74% N/A

Morningstar Aggressive Target Risk Index -22.72% -13.30% 0.87% 2.93% 6.81% N/A




The Account is subject to certain risks, such as market and investment style risk. Please consider all risks carefully prior to investing, the account is subject to allocation risk and the risks of foreign investing.

Top ten holdings are subject to change and may not be representative of the account’s current or future investments. The holdings listed only include the account’s long-term investments. Money market instruments and/or futures contracts, and index products used for cash management or to provide temporary exposure to a particular stock or country, if applicable, are excluded. The holdings may not include the account’s entire investment portfolio and should not be considered a recommendation to buy or sell a particular security.



You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or go to TIAA.org for an Account prospectus that contains this and other information. Please read the prospectuses carefully before investing.Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.




(04/20)

CREF Bond Market Account Investment Product Commentary

Account Performance HighlightsThe CREF Bond Market Account underperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, in the first quarter of 2020.

The U.S. and global economy came to a screeching halt due to the widespread and devastating impact of the COVID-19 coronavirus. As the pandemic spread, health care systems were overwhelmed, supply chains were disrupted and consumer activity plunged. The health crisis grew into an economic and financial crisis that was exacerbated by a collapse in oil prices. The Federal Reserve (Fed) responded aggressively to unprecedented financial market dislocations and severely strained liquidity that impacted everything from Treasuries and short-term funding markets to global credit, currency and equity markets. Fiscal authorities around the world also responded quickly with record stimulus, including a $2.2 trillion package passed by Congress.

Fed policymakers made two emergency cuts in March, bringing the federal funds rate to 0%−0.25%, and launched a raft of other measures to stabilize markets. Rates fell sharply across all maturities and the yield curve steepened. The 10-year Treasury yield ended near its all-time low at 0.70%.

The Treasury market (+8.2%) handily outperformed all fixed income sectors in the flight to quality as spread sectors experienced record outflows. Investment grade credit spreads widened the most since October 2008 and quarterly performance (-3.1%) was the worst relative to Treasuries on record. Risk premiums spiked in high yield credit (-12.7%) with spreads peaking at 1,100 basis points before sharply retracing to end at 848 basis points. Emerging market (EM) debt (-9.5%) experienced heavy outflows, with local market returns hindered by the stronger U.S. dollar.

Even though we were conservatively positioned, Account performance was broadly hurt by a significant underweight in Treasuries and overweights in investment grade credit, asset-backed securities (ABS), and commercial and residential mortgage-backed securities (CMBS and MBS), as no segment escaped the liquidity crunch. Security selection also detracted within CMBS, ABS and MBS. Yield curve positioning hindered results due to an underweight in 30-year Treasuries.

Section was helpful in investment grade credit where the Account had more exposure to issuers with financial flexibility to better weather a recession.

PositioningWe expect a sharp global economic slowdown in second quarter, which will lead to declines in corporate earnings, rising downgrades and bankruptcies, and heightened volatility across markets. Global rates and inflation will likely remain low in 2020. Policymakers will continue to be aggressive in an attempt to soften the economic damage.

Despite the massive stimulus already announced, we are proceeding cautiously. We expect higher-quality sectors of the fixed income markets to stabilize more quickly. Investment grade credit, MBS and consumer-oriented ABS are benefiting from direct Fed intervention and strong fundamentals heading into the downturn. We expect the economic recovery to be gradual, which will lead to a slower recovery in high yield and EM.

We continued to underweight Treasuries and agency MBS and reduced exposure by about 2% and 4%, respectively, after the Fed’s intervention. We used the proceeds to increase the Account’s cash reserves to around 4% for liquidity purposes and to modestly increase the investment grade overweight by about 1%. Investment grade offered better value after spread widening, and will be supported by the Fed’s announced purchases in the shorter and higher- quality segments. We had increased the Account’s ABS overweight before the crisis by about 1.5% and maintained an overweight in mostly high-quality CMBS. Combined exposure to high yield and leveraged loans was modest at approximately 1.5% including hedges, while EM exposure remained around 3.2%. We shifted duration close to neutral, with an underweight at the long end of the curve.



1153438

CREF Bond Market Account Investment Product Commentary

Top 10 Holdings


FNMA 4.000%, 04/01/48 1.44%

FNMA 3.000%, 12/01/49 1.01%

U.S. Treasury Bond 3.375%, 11/15/48 0.98%

U.S. Treasury Bond 2.500%, 05/15/46 0.91%

U.S. Treasury Bond 3.000%, 08/15/48 0.85%

FNMA 3.000%, 02/25/48 0.84%

FNMA 3.500%, 01/01/47 0.83%

FGLMC 3.000%, 01/01/47 0.82%

U.S. Treasury Bond 2.875%, 08/15/45 0.77%

U.S. Treasury Bond 4.500%, 02/15/36 0.72%



Top Contributing Sectors n Treasuries

n Govt Rel.–Agency

n Govt Rel.–Credit

n Corporates

n MBS

n ABS

n CMBS

n Municipals

n Covered Bonds

n Cash

n Others

Municipals

Others

Covered Bonds


Treasuries

MBS

ABS




The Account is subject to certain risks, such as market and investment style risk. Please consider all risks carefully prior to investing. Fixed-income securities are subject to interest-rate risk. When interest rates rise, the value of fixed-income securities generally declines.











Inception

CREF Bond Market Account–R1 QCBMRX 0.53% 3/01/1990 0.13% 5.53% 3.68% 2.72% 3.55% 5.69%

CREF Bond Market Account–R22 QCBMPX 0.32% 4/24/2015 0.17% 5.73% 3.90% N/A N/A 2.93%

CREF Bond Market Account–R32 QCBMIX 0.27% 4/24/2015 0.19% 5.79% 3.96% N/A N/A 3.01%

Bloomberg Barclays U.S. Aggregate Bond Index 3.15% 8.93% 4.82% 3.36% 3.88% N/A

(04/20)

CREF Inflation-Linked Bond Account Investment Product Commentary

Account Performance HighlightsThe CREF Inflation-Linked Bond Account outperformed its benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index, in the first quarter of 2020.


The Federal Reserve’s January decision to hold the line on interest rates was all but forgotten by the time Chair Jerome Powell and his colleagues launched their “bazooka” of monetary stimulus in March.

The Fed first slashed interest rates to zero, announced it would buy $700 billion of U.S. Treasuries and commercial mortgage-backed securities as part of quantitative easing (QE) and revived a series of financial crisis-era programs. But when those moves failed to loosen ultra-tight liquidity conditions or dampen extreme volatility in stock and fixed-income markets, Fed policymakers delivered even more firepower by committing to open-ended QE purchases. They also expanded the scope of QE by pledging to purchase investment-grade corporate bonds in both the new-issue and secondary markets, including through ETFs.

In fixed-income markets, the yield on the bellwether 10-year note declined steadily from 1.92% at the beginning of the year to an all-time low of 0.54% on March 9. The drop was initially due to general concerns about U.S. growth and later fueled by fears that the coronavirus pandemic would drag the global economy into recession. In mid-March the 10-year yield briefly edged back up above 1% as frenzied trading conditions drained liquidity from the Treasury market, before finishing the period at 0.70%. Meanwhile, a late-quarter “dash for cash” caused yields on 4-week and 3-month Treasury bills—both of which are considered cash equivalents—to turn negative for the first time since 2015.

The Account’s TIPS benchmark posted a positive first-quarter return (+0.3%), underperforming the broad U.S. investment-grade market (+3.2%) and nominal Treasuries of similar duration. Inflation expectations fell during the period, due primarily to plunging oil prices. Consequently, breakeven inflation levels—the difference in yields on nominal Treasuries and TIPS of similar duration, and a gauge of expected future inflation rates—declined sharply. Five- and 10-year breakevens, for example, ended the period 119 and 90 basis points lower, respectively.

For the quarter, the Account’s exposure to out-of-benchmark nominal Treasuries, which outperformed their TIPS counterparts, contributed positively, as did its modestly longer duration posture in a declining interest-rate environment. These contributors were offset to a certain extent by the Account’s non-benchmark mortgage-backed securities, which lagged the broader TIPS market amid unprecedented volatility prior to the Fed’s intervention late in the period.

PositioningGiven the Account’s investment objective, its overall portfolio characteristics remain largely in line with the benchmark’s. Positioning reflects our expectation for a flatter yield curve. During the quarter we maintained the portfolio’s neutral-to-slightly-longer duration stance in anticipation of falling long-term yields. We also continued to hold modest exposures to out-of-index nominal Treasuries and government-related agency securities.

With the steep drop in breakevens, investor demand for TIPS collapsed in favor of nominal Treasuries during the period. Moreover, inflation expectations generally remained subdued despite the Fed’s plans for open-ended QE.

Over the long run, inflation remains a threat to preserving wealth, and TIPS provide a liquid, potentially effective means of protection against higher cost.



1153387

CREF Inflation-Linked Bond Account Investment Product Commentary

Top 10 Holdings


U.S. Treasury Inflation Indexed Bonds 0.125%, 01/15/22 5.37%















Inception

CREF Inflation-Linked Bond Account–R1 QCILRX 0.48% 5/01/1997 0.47% 4.16% 2.13% 1.55% 2.73% 4.71%

CREF Inflation-Linked Bond Account–R22 QCILPX 0.27% 4/24/2015 0.51% 4.36% 2.34% N/A N/A 1.58%

CREF Inflation-Linked Bond Account–R32 QCILIX 0.22% 4/24/2015 0.53% 4.42% 2.40% N/A N/A 1.65%

Bloomberg Barclays US TIPS 1–10 Years Index 0.31% 4.50% 2.54% 2.18% 2.52% N/A


2 Effective April 24, 2015, additional classes are available with different eligibility requirements. The performance shown that is prior to the inception date for Class R2 and Class R3 is based on the Account’s Class R1. The inception date of the Account’s Class R1 is shown in the table above. The performance for these periods has not been restated to reflect the lower expenses of Class R2 and Class R3. If these lower expenses had been reflected, the performance of Class R2 and Class R3 for these periods would have been higher. Please visit the account’s prospectus at TIAA.org for more information.


The Account is subject to certain risks, such as market and investment style risk. Please consider all risks carefully prior to investing. Fixed-income securities are subject to interest-rate risk. When interest rates rise, the value of fixed-income securities generally declines. Investments in inflation-linked securities can be affected by changes in investors’ inflation expectations or changes in real interest rates.

Top ten holdings are subject to change and may not be representative of the Account’s current or future investments. The holdings listed only include the Account’s long-term investments. Money market instruments and/or futures contracts, and index products used for cash management or to provide temporary exposure to a particular stock or country, is applicable, are excluded. The holdings may not include the Account’s entire investment portfolio and should not be considered a recommendation to buy or sell a particular security.




You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or go to TIAA.org for an Account prospectus that contains this and other information. Please read the prospectuses carefully before investing.This material is for informational or educational purposes only and does not constitute investment advice under ERISA. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances and in consultation with his or her advisors.


(04/20)

CREF Money Market Account Investment Product Commentary

Account Performance HighlightsThe CREF Money Market Account realized positive returns during the first quarter even as short-term interest rates declined.

The U.S. economy continued its steady expansion in January and February, supported by solid employment data, resilient consumer spending and a housing market poised for its best spring selling season in years. But with much of the country in lockdown mode in March amid the coronavirus outbreak, first-time unemployment claims spiked to 6.6 million, employers shed 700,000 payrolls and the economy ground to a halt. The unemployment rate, which had matched a 50-year low of 3.5% in February, jumped to 4.4%.

Against that somber backdrop, the Federal Reserve launched a “bazooka” of monetary stimulus in March. The Fed first slashed interest rates to zero, announced it would buy $700 billion of U.S. Treasuries and commercial mortgage-backed securities as part of quantitative easing (QE) and revived a series of financial crisis-era programs. But when those moves failed to loosen ultra-tight liquidity conditions or dampen extreme volatility in stock and fixed-income markets, Fed policymakers delivered even more firepower by committing to open-ended QE purchases. They also expanded the scope of QE by pledging to purchase investment-grade corporate bonds in both the new-issue and secondary markets, including through ETFs.

In fixed-income markets, the yield on the bellwether 10-year note declined steadily from 1.92% at the beginning of the year to an all-time low of 0.54% on March 9. The drop was initially due to general concerns about U.S. growth and later fueled by fears that the coronavirus pandemic would drag the global economy into recession. In mid-March, the 10-year yield briefly edged back up above 1% as frenzied trading conditions drained liquidity from the Treasury market, before finishing the period at 0.70%. Meanwhile, a late-quarter “dash for cash” caused yields on 4-week and 3-month Treasury bills—both of which are considered cash equivalents—to turn negative for the first time since 2015.

PositioningAs of March 31, 2020, 100% of the Account’s assets were invested exclusively in direct obligations of the U.S. Treasury or government-sponsored entities such as Fannie Mae (FNMA). Approximately 27% of the Account consisted of U.S. government agency floating-rate securities indexed to money market benchmarks such as SOFR (Secured Overnight Funding Rate), LIBOR and the fed funds rate. The floating-rate component is designed to enhance the portfolio’s overall yield.

The Account’s assets under management (AUM) jumped 20% during the quarter, to approximately $12 billion. We believe this surge in AUM reflects strong demand for the level of safety a government-only offering such as the CREF Money Market Account provides. At the same time, the asset increase forced us to invest rapidly into an ultra-low interest-rate environment, leading to a decline in the portfolio’s yield during the period. With the Fed likely to keep rates at or near zero for the foreseeable future, generating income will be challenging. Nonetheless, we remain confident that the Account’s conservative approach will serve our clients well during the turbulent times ahead.



CREF Money Market Account Investment Product Commentary






Inception

CREF Money Market Account–R1 QCMMRX 0.48% 4/01/1988 0.26% 1.46% 1.04% 0.62% 0.31% 3.07%

CREF Money Market Account–R22 QCMMPX 0.28% 4/24/2015 0.31% 1.75% 1.33% N/A N/A 0.83%

CREF Money Market Account–R32 QCMMIX 0.23% 4/24/2015 0.32% 1.80% 1.41% N/A N/A 0.90%

iMoneyNet Money Fund Averages™–All Government 0.34% 1.79% 1.22% 0.75% 0.38% N/A

7-day current annualized yield 0.49% as of 3/31/20 (R1)7-day effective annualized yield 0.49% as of 3/31/20 (R1)7-day current annualized yield 0.66% as of 3/31/20 (R2)7-day effective annualized yield 0.67% as of 3/31/20 (R2)7-day current annualized yield 0.73% as of 3/31/20 (R3)7-day effective annualized yield 0.73% as of 3/31/20 (R3)

1153369

You could lose money by investing in the Money Market Account. Because the accumulation unit value of the Account will fluctuate, the value of your investment may increase or decrease. An investment in the Account is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Account’s sponsor has no legal obligation to provide support to the Account, and you should not expect that the sponsor will provide financial support to the Account at any time.Money market annuity account investing involves risk; principal loss is possible. There is no guarantee the Account’s investment objectives will be achieved. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is expected to deteriorate. The Account’s income could decline during periods of falling interest rates. Interest rate risk occurs when interest rates rise causing bond prices to fall. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as types of market risk, are described in detail in the Account’s prospectus.1 The performance data quoted represents past performance and is no guarantee of future results. Your returns and the principal value of your investments will fluctuate so that your shares or accumulation units, when redeemed, may be

worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance current to the most recent month-end, visit TIAA.org or call 877-518-9161.2 Effective April 24, 2015, additional classes are available with different eligibility requirements. The performance shown that is prior to the inception date for Class R2 and Class R3 is based on the Account’s Class R1. The inception date of

the Account’s Class R1 is shown in the table above. The performance for these periods has not been restated to reflect the lower expenses of Class R2 and Class R3. If these lower expenses had been reflected, the performance of Class R2 and Class R3 for these periods would have been higher. Please visit the account’s prospectus at TIAA.org for more information.








(04/20)

TIAA Real Estate Account Investment Product Commentary

Account Performance HighlightsThe TIAA Real Estate Account returned 0.11% in the first quarter of 2020 and 3.84% for the 12 months ended March 31, 2020. For the quarter ended March 31, 2020, the Account’s directly held real estate assets generated a return of 1.10%.

The longest expansion in U.S. history ended during the first quarter. In March, most states enacted stay-at-home mandates and ordered nonessential businesses closed to stop the spread of the coronavirus. These steps fueled steep drops in consumer spending—the economy’s primary growth engine—and private investment, leading to a 4.8% decline in U.S. real gross domestic product (GDP), according to the advance estimate from the Bureau of Economic Analysis. This marked the first negative U.S. GDP reading in six years and worst three-month period since 2008. Looking ahead, Bloomberg Economics forecasts real GDP to contract 4.2% in 2020 before rebounding with 3.8% growth in 2021.

As of March 31, 2020, the TIAA Real Estate Account’s net assets totaled approximately $26.0 billion. The Account’s performance is driven primarily by its real estate property portfolio, representing approximately 79% of total net assets. The properties are diversified among the four major asset types: office (37%), multi-family (26%), retail (20%) and industrial (16%), with an additional allocation to self-storage facilities, land and a hotel in Dallas, Texas.

The Account’s allocation consists of properties within the continental United States, with approximately 31% located in the East, 40% in the West, 27% in the South and 2% in the Midwest.

In addition to directly owned real estate, the Account invests in an indexed portfolio of REITs (real estate investment trusts), making up approximately 3% of total net assets, loan receivables (about 6% of total net assets) and private-equity real estate funds (roughly 1% of total net assets). The remainder of the Account’s assets (approximately 11% of total net assets) is held in short-term marketable securities. In March, the Account experienced significant investor outflows that were funded by the sale of a portion of its short-term securities portfolio.

The Account acquired three wholly owned properties (totaling approximately $161.5 million) in the first quarter, bought its partner’s stake in two investments (totaling $217.8 million) and increased its commercial real estate loan holdings by two investments (totaling $106.0 million). The Account also made three dispositions (totaling about $344.5 million). At the end of the first quarter, the Account’s outstanding debt totaled $5.7 billion, approximately 17.9% of gross assets (below its 30% guideline).

PositioningBecause of the economic uncertainty generated by the coronavirus, real estate transactions are expected to slow considerably until the U.S. economy stabilizes and COVID-19’s long-term effects are better understood. The Account will continue to monitor the market to seek out attractive opportunities to either sell or purchase investments.

Overall, the extent of the pandemic’s impact on the Account’s business, results of operations, investments and cash flows will depend on future developments that are difficult to predict. At the same time, because we believe the root causes of the economy’s decline are not structural, we’re cautiously optimistic that activity may recover faster than it did after the 2008–09 global financial crisis.

Although commercial real estate market conditions will likely be challenging in the near term, we expect the Account to benefit from its ample liquidity resources, allowing it to weather the economic downturn without selling properties at sub-optimal pricing. The Account entered the first quarter with a low leverage position and low near-term debt maturities ($310.3 million in 2020 and $63.3 million in 2021) affording it the flexibility to manage potential cash flow disruptions resulting from the COVID-19 crisis.


1153154

TIAA Real Estate Account Investment Product Commentary

Top 10 Holdings

Real Estate Investments % of Total Investments 3

Fashion Show 3.3%

The Florida Mall 3.0%

Simpson Housing Portfolio 2.7%

1001 Pennsylvania Avenue 2.6%

Colorado Center 2.1%

99 High Street 1.9%

Ontario Industrial Portfolio 1.7%

701 Brickell Avenue 1.4%

Four Oaks Place 1.4%

Lincoln Centre 1.4%



Estimated Annual Expenses2 Inception Latest Quarter 1 Year 3 Year 5 Year 10 Year Since Inception

TIAA Real Estate Account 0.78% 10/2/1995 0.11% 3.84% 4.54% 5.00% 8.80% 6.19%

1 The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your annuity account accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org, or call 800-842-2252.

² Estimated Annual Expenses include Investment Advisory, Administrative and Distribution expenses as well as Mortality, Liquidity Fee and Expense Risk Charges. Please visit the account’s prospectus at TIAA.org for more information.3 Real estate fair value is presented gross of debt. Investments in joint ventures are presented at the Account’s ownership interest. Fashion Show is held in a joint venture with Brookfield Property Partners LP, in which the Account holds 50% interest, and is presented gross of

debt. As of March 31, 2020, this debt had a fair value of $417.9 million. The Florida Mall is held in a joint venture with Simon Property Group, L.P., in which the Account holds a 50% interest, and is presented gross of debt. As of March 31, 2020, this debt had a fair value of $155.8 million. Simpson Housing Portfolio is held in a joint venture with Simpson Housing LP, in which the Account holds an 80% interest, and is presented gross of debt. As of March 31, 2020, this debt had a fair value of $383.4 million. 1001 Pennsylvania Avenue is presented gross of debt. As of March 31, 2020, this debt had a fair value of $316.9 million. Colorado Center is held in a joint venture with EOP Operating LP, in which the Account holds a 50% interest, and is presented gross of debt. As of March 31, 2020, this debt had a fair value of $269.9 million. 99 High Street is presented gross of debt. As of March 31, 2020, this debt had a fair value of $278.2 million. 701 Brickell is presented gross of debt. As of March 31, 2020, this debt had a fair value of $179.1 million. Four Oaks Place is held in a joint venture with Allianz US Private REIT LP, in which the Account holds a 51% interest, and is presented gross of debt. As of March 31, 2020, this debt had a fair value of $81.8 million.

In general, the value of the TIAA Real Estate Account will fluctuate based on the underlying value of the direct real estate or real estate-related securities in which it invests. The risks associated with investing in the Real Estate Account include the risks associated with real estate ownership including among other things fluctuations in property values, higher expenses or lower income than expected, risks associated with borrowing and potential environmental problems and liability, as well as risks associated with participant flows and conflicts of interest. For a more complete discussion of these and other risks, please consult the prospectus.Top ten holdings are subject to change and may not be representative of the Account’s current or future investments. The holdings listed only include the account’s long-term commercial real estate investments. Futures contracts, and index products used for cash management or to provide temporary exposure to a particular stock or country, as applicable, are excluded. The holdings may not include the account’s entire investment portfolio and should not be considered a recommendation to buy or sell a particular security.The views and opinions expressed are for informational and educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as market or other conditions, legal and regulatory developments, additional risks and uncertainties and may not come to pass. This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition. Any changes to assumptions that may have been made in preparing this material could have a material impact on the information presented herein by way of example.

Portfolios within the commercial real estate and securities strategies are subject to certain risks such as market and investment style risk. Please consider all risks carefully prior to investing. You should consider the investment objectives, risks, charges and expenses carefully before investing. This commentary must be preceded or accompanied by a current prospectus. Please call 877-518-9161 or go to TIAA.org/pdf/prospectuses/realestate_prosp.pdf for additional copies that contain this and other information. Please read the prospectus carefully before investing.The TIAA Real Estate Account has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents that the TIAA Real Estate Account has filed with the Securities and Exchange Commission for more complete information about the TIAA Real Estate Account and this offering. You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov. Alternatively, the TIAA Real Estate Account, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request by calling toll-free 800-842-2776.


TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.


(05/20)

TIAA Traditional Annuity Product Commentary

Performance HighlightsThe TIAA Traditional Annuity (Retirement Annuity) is a guaranteed annuity contract that pays a contractual interest rate and offers the opportunity for additional amounts in excess of the guaranteed rate. These additional amounts, when declared by the TIAA Board of Trustees, remain in effect for the “declaration year” that begins each March 1 and are not guaranteed for future years. The rates of return for the contractual plus the additional amounts for the periods ended March 31, 2020, were: 0.92% for the first quarter of 2020; 3.74% for one year; 3.79% for three years; 3.87% for five years; and 3.98% for 10 years. TIAA Traditional guarantees principal and a 3% minimum annual interest rate for all premiums. More information, including the most current interest rates, is available by calling 800-842-2252.

Any guarantees under the TIAA Traditional Annuity are subject to the claims-paying ability of Teachers Insurance and Annuity Association of America (TIAA). For its stability, claims-paying ability, and overall financial strength, TIAA is a member of one of only three insurance groups in the United States to currently hold the highest rating available to U.S. insurers from three of the four leading insurance company rating agencies: A.M. Best (A++ as of 6/19), Fitch (AAA as of 5/19) and Standard & Poor’s (AA+ as of 12/19), and the second-highest possible rating from Moody’s Investors Service (Aa1 as of 8/19). There is no guarantee that current ratings will be maintained. The financial strength ratings represent a company’s ability to meet policyholders’ obligations and do not apply to variable annuities or any other product or service not fully backed by TIAA’s claims-paying ability. The ratings also do not apply to the safety or the performance of the variable accounts, which will fluctuate in value.


TIAA accumulations are credited with interest based on when contributions and transfers are received, and your performance will reflect your pattern of contributions. The returns shown reasonably represent what an individual making level monthly premiums would have historically earned over the time periods. Returns for different time periods are calculated in two steps: monthly performance returns are calculated from an accumulation created by a series of level monthly premiums over the prior 10 years (or the inception date of the product if later), and those monthly returns are linked together to determine historical performance for each of the return periods shown.

For Retirement Annuity (RA) contracts, TIAA Traditional guarantees your principal and a 3% minimum annual interest rate for all premiums remitted since 1979. The account also offers the opportunity for additional amounts in excess of the guaranteed rate. When declared, additional amounts remain in effect for the twelve-month period that begins each March 1.

For Retirement Annuity contracts, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers must be spread out in ten annual installments.

Annuity contracts contain terms for keeping them in force. Exclusions, restrictions, limitations and reductions in benefits will, in certain situations, apply to annuity contracts. Please note that TIAA has the right to contest the contract for misrepresentation by the applicant. For full details, including costs, call us at 800-842-2252.TIAA Traditional is a guaranteed insurance contract and not an investment for Federal Securities Law purposes. The TIAA Traditional Annuity provides a guarantee of principal and a specified interest rate. Interest credited to TIAA Traditional Annuity includes a guaranteed rate, plus additional amounts that are not guaranteed but may be established on a year-by-year basis.

TIAA Traditional is issued by TIAA (Teachers Insurance and Annuity Association of America), 730 Third Avenue, New York, NY 10017. Retirement Annuity (RA) contract form series 1000.24.This material is for informational or educational purposes only and does not constitute investment advice under ERISA. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.


1153141 TIAA-QC

TIAA-CREF Emerging Markets Equity FundAs of 31 Mar 2020

TIAA-CREFFUNDSEquities | Foreign

InstitutionalTEMLX87245M269

AdvisorTEMHX87245R375

PremierTEMPX87245M277

RetailTEMRX87245M293

RetirementTEMSX87245M285

CONTRIBUTORS DETRACTORS

Singapore-based digital entertainment company SeaLtd. was the single largest contributor to the Fund'sfirst-quarter performance. Sea benefited from theglobal shelter-in-place mandate as consumersincreasingly turned to online gaming platforms.

Chinese multinational e-commerce giant Alibaba GroupHolding Ltd. also contributed meaningfully to theFund's results. Alibaba proved relatively resilient in theface of the COVID-19 pandemic, likely due to thelockdown-driven increase in on-line retailing.

Not owning Brazilian banking and financial servicescompany Banco Bradesco SA aided returns as well.Brazil was the benchmark's worst-performing countryfor the quarter. Moreover, Banco Bradesco's bottomline suffered as interest rates fell in the wake of multipleeasing moves by Brazil's central bank.

Among individual position, Arcos Dorados Holdings,Inc., the world's biggest McDonald's franchisee andcontroller of the vast majority of the restaurant chain'sLatin American business, detracted the most. Despite astrong fourth-quarter earnings report, the company'sstock was hampered by its smaller market cap size andlow trading liquidity, which forced many investors tosell into volatile markets.

The second-largest detractor was Indian wealthmanager Edelweiss Financial Services Limited, anothervictim of the quarter's liquidity crunch. In addition tostruggling amid the headwinds facing the financialssector, Edelweiss reported slower loan growth anddeclining net interest income.

Tata Motors Limited, an Indian automotivemanufacturer and proprietor of the Jaguar-Land Roverbrand, was the third-largest detractor. Significantdeclines in Tata's year-over-year sales due to theCOVID-19 pandemic forced the firm to cut earningsguidance.

The Fund underperformed its benchmark, theMSCI Emerging Markets Index, during the quarter.

Non-U.S. equities endured significant losses for thequarter. Based on MSCI indexes in local currencyterms, emerging market stocks posted modestlybetter returns than their developed marketcounterparts. All 11 benchmark sectors fell sharply,with only communication services avoiding adouble-digit decline. Energy, financials andmaterials performed the worst.

Portfolio reviewThe Fund's top detractors and contributors varied acrosscountries and sectors. Detractors included stock selection inthe consumer discretionary and financials sectors. Thisunderperformance was partly offset by the positive impact ofan underweight in the industrials sector.

At the country level, India and Argentina detracted heavilydue to negative stock selection. An underweight in China, thebenchmark's top-performing country for the quarter, alsoweighed on returns. In contrast, favorable stock picking inBrazil added to results.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE nuveen.com

TIAA-CREF Emerging Markets Equity FundAs of 31 Mar 2020

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 buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her advisors.

GlossaryThe MSCI Emerging Markets Index is a free float adjusted market capitalization index that is designed to measure equity market performance in theglobal emerging markets. It is not possible to invest directly in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Non-U.S. investments involve risks such

as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Prices of equity securities may decline significantly over short or extended periods of time. These and other risk considerations, such as active management and issuer risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153393PR-Q0420P MQU-CEME-0320P

Average annualized total returns (%)Inceptiondate QTD 1 year 3 years 5 years

Sinceinception

Institutional 31 Aug 10 -28.45 -19.56 -1.98 -0.25 0.52Advisor 04 Dec 15 -28.53 -19.71 -2.06 2.96Premier 31 Aug 10 -28.56 -19.73 -2.16 -0.42 0.37Retail 31 Aug 10 -28.58 -19.94 -2.36 -0.65 0.13Retirement 31 Aug 10 -28.54 -19.74 -2.19 -0.48 0.28MSCI Emerging Markets Index -23.60 -17.69 -1.62 -0.37

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 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 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).

Expense ratiosGross Net

Institutional 0.90 0.90Advisor 0.98 0.98Premier 1.05 1.05Retail 1.27 1.27Retirement 1.15 1.15

A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited (“capped”), currently or in the past, returns would have been lower. Expense cap expiration date: 28 Feb 2021. Please see the prospectus for details.

Top 10 positions (%)Fund net assets

Alibaba Group Holding Ltd 7.73Tencent Holdings Ltd 6.34Samsung Electronics Co Ltd 5.39Taiwan Semiconductor Manufacturing Co Ltd 4.59Naspers Ltd 2.90Reliance Industries Ltd 2.68Arcos Dorados Holdings Inc 2.41Sberbank of Russia PJSC 2.26Housing Development Finance Corp Ltd 2.23Ping An Insurance Group Co of China Ltd 2.11

Positions are subject to change. The positions listed are not recommendations to buy or sell.

Fund description

The Fund seeks a favorable long-term total return, mainlythrough capital appreciation, by investing primarily in aportfolio of emerging market equity investments. It normallyinvests at least 80% of its assets in equity securities ofemerging market issuers or in instruments with economiccharacteristics similar to emerging market equity securities.The Fund's management team looks for companies of anycapitalization size that have sustainable earnings growth,focused management with successful track records, unique,easy-to-understand brands and stock prices that do not fullyreflect the company’s potential value based on currentearnings, assets and long-term growth prospects.

Portfolio management

Barton Grenning | 30 years industry experience

Lisa Wang | 16 years industry experience

TIAA-CREF Growth & Income FundAs of 31 Mar 2020

TIAA-CREFFUNDSEquities |Domestic

InstitutionalTIGRX87244W409

AdvisorTGIHX87245R185

PremierTRPGX87245M103

RetailTIIRX886315761

RetirementTRGIX87244W763


Not owning Exxon Mobil Corporation, Boeing Companyand Wells Fargo & Company contributed the most tothe Fund's first-quarter performance.

Exxon fell sharply along with the rest of the energysector, as a price war between Saudi Arabia and Russiaexacerbated a global oil supply glut just as demand wascollapsing due to the COVID-19 outbreak.

Boeing tumbled in tandem with the airline/travelindustry, which ground to a halt starting inmid-February as the coronavirus spread globally. Thestock also suffered because the pandemic delayed orcanceled aircraft orders and due to ongoing concernsover Boeing's ability to fix problems with its 737 Maxjet.

Wells Fargo & Company struggled amid the headwindsfacing the financial sector, which included the need forbanks to significantly increase reserves for potentialloan losses as a result of the coronavirus and itsrepercussions.

Among individual holdings, Royal Caribbean Cruisesdetracted the most from the Fund's first-quarterperformance. The travel industry, including cruise shipoperators, were disproportionately affected byshelter-in-place restrictions. Although none of thecompany's vessels were involved, negative headlinesabout cruise ships being forced to remain at seacarrying infected passengers also weighed on the stock.Moreover, there are concerns over the financial healthof the cruise industry if the overhang of the virus lastslonger than expected. The Fund exited Royal Caribbeanduring the quarter.

The next largest detractor was insurer AmericanInternational Group, Inc. Shares of companies whoselines of business include life, property and casualtyinsurance were hit hard during the quarter due to theprospect of disappointing earnings as a result of thevirus (from potentially higher mortality costs, deathclaims and business interruption claims, for example).

The third-largest detractor was specialty retailerChildren's Place, which slumped badly due to the sharpdecline in consumer discretionary spending brought onby the closing of non-essential businesses.

The Fund underperformed its benchmark, the S&P500 Index, during the quarter.

After rallying to a fresh record high in mid-February, the S&P 500 fell swiftly and sharply inthe face of the coronavirus pandemic, enduring itsworst quarter since 2008. All 11 benchmark sectorsposted double-digit losses. Information technology,health care and consumer staples were relativeoutperformers. Amid plunging oil prices, energyfared the worst by far, followed by financials andindustrials.

Portfolio reviewGlobal economies and financial markets were hit by thesudden shock of COVID-19 in March. The outbreak triggeredwidespread, panicked selling across nearly every industrysector.

We positioned the Fund more defensively in the first quarter,both before and after the onset of the coronavirus crisis. Thisentailed reducing allocations to the energy, materials, andfinancials sectors, while adding to utilities, industrials andconsumer staples. Technology remained an overweight for theFund. We also adjusted our sector weightings to be moretightly aligned with the benchmark's than they had been inrecent quarters. Lastly, we lowered the overall number ofFund holdings while adding names at the higher end of themarket-cap spectrum. Together, these moves helped relativeperformance.


TIAA-CREF Growth & Income FundAs of 31 Mar 2020



GlossaryThe S&P 500 is an unmanaged index generally considered representativeof the U.S. stock market. It is not possible to invest directly in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Growth stocks tend to be more volatile

than other equities and can experience sharp price declines. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, large-cap, mid-cap, and style risks of growth investing, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153417PR-Q0420P MQU-CGI-0320P

Average annualized total returns (%)Inceptiondate QTD 1 year 3 years 5 years 10 years

Sinceinception

Institutional 01 Jul 99 -21.52 -10.94 3.28 5.13 9.84 5.41Advisor 04 Dec 15 -21.52 -10.95 3.21 5.08Premier 30 Sep 09 -21.53 -11.03 3.14 5.00 9.68 10.11Retail 31 Mar 06 -21.54 -11.14 3.00 4.84 9.51 7.73Retirement 01 Oct 02 -21.56 -11.13 3.04 4.89 9.57 8.95S&P 500® Index -19.60 -6.98 5.10 6.73 10.53

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 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 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).





Microsoft Corp 5.99Apple Inc 5.02Amazon.com Inc 4.00Alphabet Inc 3.24JPMorgan Chase & Co 1.80Facebook Inc 1.61Procter & Gamble Co 1.59Mastercard Inc 1.38Home Depot Inc 1.37Pfizer Inc 1.26


Fund description

The Fund seeks a favorable long-term total return, throughboth capital appreciation and investment income, primarilyfrom income-producing equity securities. It normally investsat least 80% of its assets in equity securities. The Fund'smanagement team focuses on large-cap securities that appearto be attractively valued, show the potential to appreciatefaster than the overall market and return cash to shareholdersin the form of dividends, stock buybacks or both. Particularfocus is placed on companies that are leaders in theirrespective industries with sustainable competitive advantagesled by strong management teams. The Fund may invest up to20% of its assets in foreign issuers.


Susan Kempler, CPA | 33 years industry experience

TIAA-CREF International Equity FundAs of 31 Mar 2020


InstitutionalTIIEX87244W102

AdvisorTIEHX87245R342

PremierTREPX87245M582

RetailTIERX886315779

RetirementTRERX87244W748


Japanese consumer electronics and video gamecompany Nintendo Co. Ltd. contributed the most to theFund's relative performance in the first quarter.Nintendo became a quasi-defensive play, as consumersflocked to playing video games at home given themandatory shelter-in-place ordinances imposedworldwide.

Japanese pharmaceutical company Daiichi SankyoCompany, Limited, also contributed meaningfully.Daiichi's strong technological platform has proven to bean effective delivery mechanism for its proprietarypharmaceuticals.

Rounding out the top three contributors was Swissmultinational pharmaceutical company Lonza GroupAG. While many big health care firms are primarilyfocused on research and development, Lonza haspositioned itself as a global leader in contractmanufacturing of pharmaceuticals.

French aircraft manufacturer Airbus SE was the singlelargest detractor from the Fund's first-quarterperformance. Airbus was hurt by the global slowdownin air travel and sharp decline in aircraft purchasestriggered by the COVID-19 pandemic.

ING Groep NV, the Dutch multinational banking andfinancial services company, also detracted. Europe'sbanks were especially hard hit during the quarter asinterest rates fell, pressuring profit margins. Despiteunderperforming, ING remained in the portfoliobecause its diversified customer base and leading-edgetechnology provide needed stability in advance of thesector's eventual recovery.

The third-largest detractor was London-based LloydsBanking Group plc, which was not immune from thebroader decline in the financial services sector. Lloyd'sand other major U.K. lenders bowed to pressure fromthe Bank of England to suspend quarterly dividends inan effort to preserve capital during the coronaviruscrisis.

The Fund underperformed its benchmark, theMSCI EAFE Index, during the quarter.

Non-U.S. equities endured significant losses for thequarter. Based on MSCI indexes in local currencyterms, emerging markets stocks posted modestlybetter returns than their developed marketcounterparts. Eurozone equities plunged as thepace of business activity in the region fell to anall-time low. In Japan, stocks suffered as thecountry's economy, which was already on the brinkof recession, slipped further amid a drop inmanufacturing activity.

Portfolio reviewThe Fund's top detractors and contributors varied acrosscountries and sectors. Detractors included stock selection inthe financials and industrials sectors. This underperformancewas partly offset by the positive impact of security selectionand by overweights in both health care and informationtechnology.

At the country level, France and Germany were the largestdetractors from relative performance, driven by unfavorablestock selection. In contrast, outperforming securities inAustralia and the U.K. added to results.


TIAA-CREF International Equity FundAs of 31 Mar 2020



GlossaryThe MSCI EAFE Index is a freefloat-adjusted market capitalization weighted index designed to measure developed market equity performance,excluding the U.S. and Canada. It is not possible to invest directly in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Non-U.S. investments involve risks such

as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Prices of equity securities may decline significantly over short or extended periods of time. These and other risk considerations, such as active management and issuer risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1151818PR-Q0420P MQU-CIE-0320P


Sinceinception

Institutional 01 Jul 99 -24.85 -15.70 -4.79 -2.71 2.29 3.24Advisor 04 Dec 15 -24.83 -15.80 -4.91 -2.04Premier 30 Sep 09 -24.80 -15.77 -4.92 -2.85 2.14 2.73Retail 31 Mar 06 -24.90 -15.91 -5.10 -3.03 1.96 1.05Retirement 01 Oct 02 -24.87 -15.84 -5.02 -2.94 2.05 5.37MSCI EAFE® Index -22.83 -14.38 -1.82 -0.62 2.72






Roche Holding AG 3.94Nintendo Co Ltd 3.32Sony Corp 3.32Daiichi Sankyo Co Ltd 2.72AstraZeneca PLC 2.62Nestle SA 2.51Toyota Motor Corp 2.51Novo Nordisk A 2.33Siemens AG 2.21ASML Holding NV 2.16


Fund description

The Fund seeks a favorable long-term total return, mainlythrough capital appreciation, primarily from equity securitiesof foreign issuers. It normally invests at least 80% of its assetsin equity securities of foreign issuers. The Fund maintainsinvestments of equity securities of foreign issuers in at leastthree countries other than the United States. The Fund'smanagement team looks for companies of any capitalizationsize that demonstrate an ability to generate free cash flow andstrong market share. Particular emphasis is placed oncompanies with performance-oriented management teamsthat focus on growth through innovation, sustainable earningsgrowth and shareholder returns. The Fund may invest instocks of smaller companies and in emerging market securitiesdepending on the prevalence of opportunities.

Portfolio managementEffective 17 January 2020 John Tribolet and Gregory Mancini were added as portfolio managers for thestrategy; Chris Semenuk is no longer with the firm.

John Tribolet | 23 years industry experience

Gregory Mancini | 24 years industry experience

TIAA-CREF International Opportunities FundAs of 31 Mar 2020


InstitutionalTIOIX87245R631

AdvisorTIOHX87245R334

PremierTIOPX87245R649

RetailTIOSX87245R664

RetirementTIOTX87245R656


German meal-kit provider HelloFresh SE was thelargest single contributor to the Fund's first-quarteroutperformance. The company benefited from a surgein demand following global "stay at home" mandatesamid the COVID-19 pandemic. HelloFresh also revisedits 2020 guidance upward at a time when manycompanies were suspending their estimates.

Swiss multinational pharmaceutical company LonzaGroup AG also contributed significantly. While manymajor health care firms are primarily focused onresearch & development, Lonza has positioned itself asthe global leader in contract manufacturing ofpharmaceuticals.

The third-largest contributor was China-based datacenter developer and operator GDS Holdings Ltd. Theindustry's generally fixed costs helped GDS increaseprofits as big gaming companies and work-from-homerelated businesses required additional capacity duringthe COVID-19 crisis.

Aker BP ASA, a Norwegian exploration anddevelopment company and the Fund's largest energyholding, detracted the most from first-quarterperformance. Aker BP slumped as the March oil-pricewar between Russia and Saudi Arabia sent oil pricestumbling to multi-year lows.

Brazilian car rental company Localiza Rent A Car S.A.also detracted during the quarter. The company's stockprice declined as the coronavirus outbreak essentiallybrought the travel and tourism sector to a halt.

Sweden-based credit management services companyIntrum AB hampered Fund results as well. Intrum'sshares fell after the company suspended guidance forthe quarter and stopped purchasing new loans toreplace those from the 2011 European sovereign debtcrisis that had "rolled off" its books. However, the loansremaining in Intrum's overall portfolio are of higherquality, and we continued to own the stock.

The Fund outperformed its benchmark, the MSCIACWI ex-USA Index, during the quarter.

Non-U.S. equities endured significant losses for thequarter. Based on MSCI indexes in local currencyterms, emerging markets stocks posted modestlybetter returns than their developed marketcounterparts. Eurozone equities plunged as thepace of business activity in the region fell to anall-time low. In Japan, stocks suffered as thecountry's economy, which was already on the brinkof recession, slipped further amid a drop inmanufacturing activity.

Portfolio reviewThe Fund's top contributors and detractors varied acrosscountries and sectors. Contributors included strong stockselection in the industrials sector and an underweight in thefinancials sector. In contrast, unfavorable security selectionand an underweight in consumer staples detracted, as didnegative stock picking in the energy sector.

At the country level, Germany and France were the largestcontributors to relative performance, driven by favorablesecurity selection. In contrast, poor stock picks in Norway andSweden hurt results.


TIAA-CREF International Opportunities FundAs of 31 Mar 2020



GlossaryThe MSCI ACWI ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging market nations, excluding the United States. It is not possible to invest directly in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as active management and issuer risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153448PR-Q0420P MQU-CIO-0320P


Sinceinception

Institutional 12 Apr 13 -22.53 -12.58 1.27 1.44 2.35Advisor 04 Dec 15 -22.55 -12.63 1.19 2.07Premier 12 Apr 13 -22.55 -12.65 1.11 1.30 2.20Retail 12 Apr 13 -22.66 -12.94 0.83 1.03 1.93Retirement 12 Apr 13 -22.59 -12.65 1.04 1.22 2.11MSCI All Country World Index ex USA -23.36 -15.57 -1.96 -0.64






Tencent Holdings Ltd 2.77Roche Holding AG 2.30Lonza Group AG 2.24Teleperformance 2.14Novo Nordisk A 2.04Linde PLC 1.94ASML Holding NV 1.89Ashtead Group PLC 1.68HelloFresh SE 1.66MonotaRO Co Ltd 1.65


Fund description

The Fund seeks a favorable long-term total return, mainlythrough capital appreciation, primarily from equity securitiesof foreign issuers. It normally invests in equity securities ofissuers in developed and emerging markets located around theworld but outside of the United States. The Fund anticipatesinvesting in a number of foreign markets, but at a minimum itwill invest in at least three countries outside the United States.The Fund’s management team looks for companies of anycapitalization size that it believes can demonstrate positiveand sustainable structural change. Management also focuseson companies in the early stages of a structural growthopportunity driven by differentiated products and/or servicesthat maintain strong barriers to entry, continue to outgrowpeers and demonstrate accelerating top-line growth withmargin expansion.


Jason Campbell | 23 years industry experience

Dan Roberts | 25 years industry experience

TIAA-CREF Large-Cap Growth FundAs of 31 Mar 2020


InstitutionalTILGX87244W334

AdvisorTILHX87245R177

PremierTILPX87245M574

RetailTIRTX87244W342

RetirementTILRX87244W326


The single largest individual contributor to the Fund'sfirst-quarter outperformance was an overweightposition in electric car manufacturer Tesla, Inc. Strongprofitability, healthy cash flow and optimistic guidancecombined to propel the stock to all-time highs inmid-February before the spread of the coronavirustempered demand expectations for its cars in the latterhalf of the quarter.

Biotechnology company Regeneron Pharmaceuticalsrallied on progress in its development of amulti-antibody cocktail to prevent infection from thecoronavirus and to treat those already infected.Additionally, Regeneron joined biopharmaceutical firmSanofi to launch clinical trials to evaluate therheumatoid arthritis drug Kevzara for treatment ofpatients with severe cases of COVID-19.

Vertex Pharmaceuticals, another biotech firm, was thethird-largest contributor to relative performance. Itbenefited from strong sales of its cystic fibrosismedications.

The largest individual detractor from performance wasmedia conglomerate Walt Disney Company, whosetheme parks and cruise lines closed due to thecoronavirus outbreak. In addition, Disney's televisionad revenue from its media networks declined in the faceof the pandemic. However, the company's recentlylaunched direct-to-consumer business mitigated thestock's decline.

Auto parts supplier Aptiv Plc struggled due to thedevastating impact of shelter-at-home mandates onnon-essential businesses, including those in the autoindustry. We exited the position in Aptiv during thequarter.

An underweight in Microsoft also hurt results, as thecompany's recurring revenue streams, strong balancesheet and growing cloud computing business offeredgreat appeal during the period's market tumult.

The Fund outperformed its benchmark, the Russell1000 Growth Index, during the quarter.

Large cap growth stocks suffered theirsecond-worst quarter since the 2008-09 financialcrisis, fueled by fears that the coronaviruspandemic would drag the global economy intorecession. All benchmark sectors posteddouble-digit losses for the quarter. Informationtechnology and consumer discretionary wererelative outperformers, while utilities and energydeclined the most.

Portfolio reviewFund outperformance was driven by favorable stock selectionin the consumer discretionary, information technology andhealth care sectors. Partially offsetting this positive impactwas negative security selection in communication services,materials and energy.

Within health care, we increased exposure to biotechnologyand pharmaceuticals. The portfolio remained overweightconsumer discretionary (emphasizing e-commerce) andfinancials (focused on the payments industry).

The portfolio's underweight in information technology reflectsour concerns over data security and how that could affectvaluations. The Fund maintained its underweights inindustrials and consumer staples.


TIAA-CREF Large-Cap Growth FundAs of 31 Mar 2020



GlossaryThe Russell 1000® Index measures the performance of those Russell 1000® companies with higher price-to-bookratios and higher forecasted growth values. It is not possible to invest directly in an index.CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Large companies are more mature and

may grow more slowly than the overall market. Growth stocks tend to be more volatile than other equities and can experience sharp price declines. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, mid-cap, and style risks of growth investing, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153461PR-Q0420P MQU-CLCG-0320P


Sinceinception

Institutional 31 Mar 06 -11.85 -2.04 12.19 9.98 12.93 9.29Advisor 04 Dec 15 -11.90 -2.10 12.07 9.90Premier 30 Sep 09 -11.90 -2.19 12.02 9.81 12.76 13.36Retail 31 Mar 06 -11.96 -2.36 11.84 9.63 12.56 8.98Retirement 31 Mar 06 -11.92 -2.27 11.91 9.68 12.64 9.01Russell 1000® Growth Index -14.10 0.91 11.32 10.36 12.97






Amazon.com Inc 7.47Microsoft Corp 6.86Alphabet Inc 4.78Apple Inc 3.73salesforce.com Inc 3.13Facebook Inc 3.08Mastercard Inc 2.74Adobe Inc 2.49AstraZeneca PLC 2.41NVIDIA Corp 2.28


Fund description

The Fund seeks a favorable long-term return, mainly throughcapital appreciation, primarily from equity securities. Itnormally invests at least 80% of its assets in large-cap equitysecurities that the management team believes present theopportunity for growth. "Large-cap" securities are securities ofissuers with a capitalization equal to or greater than the top80% of issuers by capitalization within the Russell 1000®Index at the time of purchase. The Fund's management teamfocuses on large capitalized companies in new and emergingareas of the economy and those with distinctive products orpromising markets, and that have the potential, in the view offund management, for strong earnings and/or sales growth.The Fund also seeks to invest in companies expected to benefitfrom prospective acquisitions, reorganizations or other specialsituations. It may invest up to 20% of its assets in foreigninvestments.


Susan Hirsch | 44 years industry experience

Terrence Kontos, CFA | 16 years industry experience

TIAA-CREF Large-Cap Value FundAs of 31 Mar 2020


InstitutionalTRLIX87244W730

AdvisorTRLHX87245R169

PremierTRCPX87245M566

RetailTCLCX87244W466

RetirementTRLCX87244W722


The largest individual contributor to the Fund's relativeperformance was Microsoft Corporation, whichcontinued to deliver healthy quarterly earnings. Thecompany handily exceeded fourth-quarter forecasts fortop- and bottom-line growth, while also providingbetter-than-anticipated first-quarter revenue andmargin guidance. Microsoft's recurring revenuestreams, strong balance sheet and growing cloudcomputing business offered great appeal during theperiod's market tumult.

Energy had a positive impact on the Fund's relativeresults despite being the quarter's worst-performingsector in absolute terms.

A substantial underweight in Exxon Mobil Corporationand not owning oilfield services company SchlumbergerN.V. were the second- and third-largest individualcontributors, respectively, after Microsoft. Exxon'saggressive capital spending program had strained itsbalance sheet before oil prices plummeted in Marchamid a price war between Saudi Arabia and Russia thatexacerbated a global supply glut just as demand for oilwas collapsing due to the pandemic. Meanwhile, fearsof a pullback in drilling activity hurt Schlumberger'sshares.

Two of the largest individual detractors fromperformance came from the financials sector: Citigroup,Inc. and American International Group, Inc. (AIG).Both companies were hit by the quarter's declininginterest rates, which pressured Citigroup's loan marginsand AIG's investment yields. Additionally, thepandemic spurred losses in Citigroup's credit-cardbusiness and fanned concerns that AIG would facedramatically higher property and casualty claims.

Diamondback Energy also detracted considerably. Itsshares fell sharply during the quarter as oil and naturalgas prices hit multi-year lows. Moreover,Diamondback's Permian Basin-focused assets made itparticularly vulnerable to slumping oil prices due to thehigh cost of shale oil production in that region.

The Fund outperformed its benchmark, the Russell1000 Value Index, during the quarter.

Large cap value stocks suffered their worst quartersince the benchmark's 1978 inception, fueled byfears that the coronavirus pandemic would drag theglobal economy into recession.

All benchmark sectors posted double-digit lossesfor the quarter. Consumer staples, health care andutilities were relative outperformers, while energy,consumer discretionary and financials declined themost.

Portfolio reviewOn a sector basis, consumer discretionary and industrials weretwo of the three largest contributors to first-quarteroutperformance, reflecting strong stock selection. Anoverweight allocation to information technology also helpedreturns. These positive impacts were partially offset byunfavorable security selection in financials and health care,and by an underweight in utilities.

Overall, the Fund maintained a modestly cyclical tilt in itssector allocation via overweights in communication services,financials, health care, industrials and informationtechnology. Our underweight sectors at quarter-end wereconsumer discretionary, consumer staples, energy, materials,real estate and utilities.


TIAA-CREF Large-Cap Value FundAs of 31 Mar 2020



GlossaryThe Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Large companies are more mature and

may grow more slowly than the overall market. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, mid-cap, and style risks of value investing, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153455PR-Q0420P MQU-CLCV-0320P


Sinceinception

Institutional 01 Oct 02 -26.68 -15.63 -4.18 0.36 6.47 7.35Advisor 04 Dec 15 -26.70 -15.71 -4.23 1.01Premier 30 Sep 09 -26.71 -15.75 -4.32 0.22 6.31 6.96Retail 01 Oct 02 -26.72 -15.86 -4.47 0.06 6.14 7.08Retirement 01 Oct 02 -26.70 -15.84 -4.41 0.12 6.21 7.10Russell 1000® Value Index -26.73 -17.17 -2.18 1.90 7.67






JPMorgan Chase & Co 4.31Johnson & Johnson 3.80Bank of America Corp 3.22Procter & Gamble Co 2.86Pfizer Inc 2.60Citigroup Inc 2.48Verizon Communications Inc 2.37Walt Disney Co 2.29Intel Corp 2.25Berkshire Hathaway Inc 2.21


Fund description

The Fund seeks a favorable long-term total return, mainlythrough capital appreciation, primarily from equity securitiesof large domestic companies. It normally invests at least 80%of its assets in large-cap equity securities that the Fund'smanagement team believes appear undervalued based on anevaluation of their potential worth. The Fund's managementteam uses a variety of comparative valuation criteria todetermine whether a company might be undervalued,including numerous financial ratios such as stockprice-to-book value, stock price-to-earnings and dividendyield. Particular emphasis is focused on companies withnormalized earnings and high operating leverage. The Fundmay invest up to 20% of its assets in foreign securities.

Portfolio managementEffective 17 January 2020 Richard Cutler is no longer with the firm.

Charles Carr, CFA | 24 years industry experience

TIAA-CREF Lifecycle FundsAs of 31 Mar 2020

Mutual Fund


Underlying funds that contributed the most to theTIAA-CREF Lifecycle Funds' performance relative totheir respective composite benchmarks in the firstquarter:

TIAA-CREF Real Property Fund, LPTIAA-CREF Large-Cap Growth FundTIAA-CREF International Opportunities Fund

Underlying funds that detracted the most from theTIAA-CREF Lifecycle Funds' performance relative totheir respective composite benchmarks in the firstquarter:

TIAA-CREF Core Bond FundTIAA-CREF Core Plus Bond FundTIAA-CREF Emerging Markets Equity Fund

The TIAA-CREF Lifecycle Funds underperformedtheir respective composite benchmarks across allshare classes and target dates during the quarter.

After hitting an all-time high in mid-February, U.S.stocks plunged as the COVID-19 pandemic fueledfears of a global recession. The S&P 500 Indexsuffered its worst quarter since 2008. Overseas,both developed- and emerging-market (EM) stocksalso tumbled. In fixed income, the broad U.S.investment grade market posted a solid return. EMdebt and U.S. high yield corporate bonds struggled.

Portfolio reviewThe TIAA-CREF Lifecycle Funds are managed to provideappropriate investment allocations for investors with targetedretirement dates ranging from 2010 to 2060 and also includea retirement income option. Their target dates increase infive-year increments. These funds - representing a category ofasset allocation funds - are designed to meet a range of needs,including broad investment diversification, risk managementand asset allocation that becomes more conservative asemployees approach retirement.



Average annualized total returns (%)

Ticker Inception QTD1

year3

years5

years10

yearsSince

inceptionExpense ratiosGross Net

Lifecycle 2010 Fund–Institutional Class TCTIX 17 Jan 2007 -9.68 -2.46 2.86 3.26 5.74 4.58 0.50 0.37

Lifecycle 2010 Fund–Retirement Class TCLEX 15 Oct 2004 -9.69 -2.70 2.61 3.00 5.49 4.96 0.75 0.62

Lifecycle 2010 Fund–Premier Class TCTPX 30 Sep 2009 -9.69 -2.65 2.70 3.10 5.59 5.92 0.65 0.52

Lifecycle 2010 Fund–Advisor Class TCLHX 04 Dec 2015 -9.65 -2.29 2.94 N/A N/A 3.99 0.58 0.45

Lifecycle 2010 Fund Composite Index -7.82 0.03 3.73 3.65 5.82 5.31

S&P Target Date 2010 Index -7.74 -0.71 3.02 3.08 5.05 4.79

Lifecycle 2015 Fund–Institutional Class TCNIX 17 Jan 2007 -10.77 -3.27 2.79 3.30 6.01 4.59 0.50 0.38

Lifecycle 2015 Fund–Retirement Class TCLIX 15 Oct 2004 -10.87 -3.62 2.52 3.04 5.73 5.10 0.75 0.63

Lifecycle 2015 Fund–Premier Class TCFPX 30 Sep 2009 -10.82 -3.48 2.66 3.15 5.85 6.22 0.65 0.53

Lifecycle 2015 Fund–Advisor Class TCNHX 04 Dec 2015 -10.87 -3.41 2.76 N/A N/A 3.97 0.58 0.46

Lifecycle 2015 Fund Composite Index -9.01 -0.81 3.70 3.74 6.12 5.46


Lifecycle 2020 Fund–Institutional Class TCWIX 17 Jan 2007 -11.98 -4.26 2.78 3.41 6.37 4.59 0.51 0.39

Lifecycle 2020 Fund–Retirement Class TCLTX 15 Oct 2004 -12.00 -4.45 2.56 3.17 6.10 5.22 0.76 0.64

Lifecycle 2020 Fund–Premier Class TCWPX 30 Sep 2009 -12.01 -4.36 2.65 3.27 6.21 6.63 0.66 0.54

Lifecycle 2020 Fund–Advisor Class TCWHX 04 Dec 2015 -11.98 -4.18 2.76 N/A N/A 4.11 0.59 0.47



Lifecycle 2025 Fund–Institutional Class TCYIX 17 Jan 2007 -13.82 -5.62 2.60 3.41 6.65 4.58 0.52 0.41

Lifecycle 2025 Fund–Retirement Class TCLFX 15 Oct 2004 -13.85 -5.88 2.35 3.15 6.39 5.31 0.77 0.66

Lifecycle 2025 Fund–Premier Class TCQPX 30 Sep 2009 -13.87 -5.83 2.47 3.26 6.48 6.95 0.67 0.56

Lifecycle 2025 Fund–Advisor Class TCQHX 04 Dec 2015 -13.82 -5.65 2.59 N/A N/A 4.09 0.60 0.49



Lifecycle 2030 Fund–Institutional Class TCRIX 17 Jan 2007 -15.63 -7.08 2.42 3.40 6.91 4.52 0.53 0.42

Lifecycle 2030 Fund–Retirement Class TCLNX 15 Oct 2004 -15.66 -7.31 2.17 3.15 6.64 5.34 0.78 0.67

Lifecycle 2030 Fund–Premier Class TCHPX 30 Sep 2009 -15.69 -7.20 2.26 3.25 6.76 7.26 0.68 0.57

Lifecycle 2030 Fund–Advisor Class TCHHX 04 Dec 2015 -15.63 -7.12 2.38 N/A N/A 4.08 0.61 0.50



Lifecycle 2035 Fund–Institutional Class TCIIX 17 Jan 2007 -17.45 -8.52 2.20 3.37 7.11 4.60 0.54 0.43

Lifecycle 2035 Fund–Retirement Class TCLRX 15 Oct 2004 -17.52 -8.72 1.96 3.11 6.85 5.50 0.79 0.68

Lifecycle 2035 Fund–Premier Class TCYPX 30 Sep 2009 -17.58 -8.73 2.03 3.20 6.95 7.51 0.69 0.58

Lifecycle 2035 Fund–Advisor Class TCYHX 04 Dec 2015 -17.54 -8.57 2.13 N/A N/A 4.04 0.62 0.51



Lifecycle 2040 Fund–Institutional Class TCOIX 17 Jan 2007 -19.12 -9.88 1.93 3.30 7.24 4.73 0.55 0.44

Lifecycle 2040 Fund–Retirement Class TCLOX 15 Oct 2004 -19.23 -10.20 1.66 3.03 6.96 5.71 0.80 0.69

Lifecycle 2040 Fund–Premier Class TCZPX 30 Sep 2009 -19.25 -10.09 1.76 3.14 7.07 7.62 0.70 0.59

Lifecycle 2040 Fund–Advisor Class TCZHX 04 Dec 2015 -19.21 -10.02 1.86 N/A N/A 3.97 0.63 0.52



Lifecycle 2045 Fund–Institutional Class TTFIX 30 Nov 2007 -20.67 -11.26 1.54 3.13 7.12 4.09 0.56 0.45

Lifecycle 2045 Fund–Retirement Class TTFRX 30 Nov 2007 -20.73 -11.47 1.27 2.88 6.86 3.83 0.81 0.70

Lifecycle 2045 Fund–Premier Class TTFPX 30 Sep 2009 -20.67 -11.33 1.38 2.98 6.98 7.53 0.71 0.60

Lifecycle 2045 Fund–Advisor Class TTFHX 04 Dec 2015 -20.73 -11.28 1.50 N/A N/A 3.80 0.64 0.53





year3

years5

years10

yearsSince


Lifecycle 2050 Fund–Institutional Class TFTIX 30 Nov 2007 -20.91 -11.41 1.50 3.15 7.15 4.08 0.57 0.45

Lifecycle 2050 Fund–Retirement Class TLFRX 30 Nov 2007 -20.99 -11.70 1.23 2.89 6.88 3.81 0.82 0.70

Lifecycle 2050 Fund–Premier Class TCLPX 30 Sep 2009 -20.91 -11.56 1.34 3.01 6.99 7.54 0.72 0.60

Lifecycle 2050 Fund–Advisor Class TFTHX 04 Dec 2015 -20.91 -11.42 1.49 N/A N/A 3.84 0.65 0.53



Lifecycle 2055 Fund–Institutional Class TTRIX 29 Apr 2011 -21.14 -11.60 1.46 3.17 N/A 5.87 0.59 0.45

Lifecycle 2055 Fund–Retirement Class TTRLX 29 Apr 2011 -21.21 -11.84 1.21 2.91 N/A 5.61 0.84 0.70

Lifecycle 2055 Fund–Premier Class TTRPX 29 Apr 2011 -21.14 -11.75 1.31 3.01 N/A 5.71 0.74 0.60

Lifecycle 2055 Fund–Advisor Class TTRHX 04 Dec 2015 -21.14 -11.61 1.46 N/A N/A 3.85 0.67 0.53

Lifecycle 2055 Fund Composite Index -20.15 -9.79 2.43 3.95 N/A 6.47


Lifecycle 2060 Fund–Institutional Class TLXNX 26 Sep 2014 -21.32 -11.72 1.44 3.19 N/A 3.80 0.71 0.45

Lifecycle 2060 Fund–Retirement Class TLXRX 26 Sep 2014 -21.37 -11.92 1.20 2.94 N/A 3.54 0.96 0.70

Lifecycle 2060 Fund–Premier Class TLXPX 26 Sep 2014 -21.35 -11.93 1.28 3.04 N/A 3.64 0.86 0.60

Lifecycle 2060 Fund–Advisor Class TLXHX 04 Dec 2015 -21.34 -11.81 1.38 N/A N/A 3.84 0.79 0.53

Lifecycle 2060 Fund Composite Index -20.44 -10.05 2.38 3.97 N/A 4.35

S&P Target Date 2060+ Index -20.86 -11.40 1.24 3.11 N/A 3.60

Lifecycle Retirement Income Fund–Institutional Class TLRIX 30 Nov 2007 -9.67 -2.51 2.69 3.09 5.37 4.26 0.53 0.37

Lifecycle Retirement Income Fund–Retirement Class TLIRX 30 Nov 2007 -9.68 -2.77 2.47 2.84 5.12 4.01 0.78 0.62

Lifecycle Retirement Income Fund–Retail Class TLRRX 30 Nov 2007 -9.67 -2.77 2.47 2.84 5.13 4.05 0.81 0.62

Lifecycle Retirement Income Fund–Premier Class TPILX 30 Sep 2009 -9.64 -2.67 2.57 2.95 5.22 5.47 0.68 0.52

Lifecycle Retirement Income Fund–Advisor Class TLRHX 04 Dec 2015 -9.61 -2.60 2.67 N/A N/A 3.75 0.61 0.45

Lifecycle Retirement Income Fund Composite Index -7.74 0.07 3.60 3.50 5.45 4.49

S&P Target Date Retirement Income Index -6.69 0.17 3.06 2.89 4.52 3.54

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 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 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.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).

A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. Expense Cap Expiration Date: September 30, 2021. Please see the prospectuses for details.


This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

GlossaryA basis point is one one-hundredth of one percentage point, or 0.01%. For example, 25 basis points equals 0.25%. The Lifecycle Fund Composite Indexes are unmanaged benchmark indexes that represent the market sectors in which the Funds invest across the equity and fixed-income asset classes. The Composite Indexes change over time to correspond to changes in the Funds' target allocations, and provide a more relevant benchmark for the Funds' performance as compared to the Funds' unmanaged broad-based market indexes. The S&P Target Date® Series comprises twelve multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date. It is not possible to invest directly in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved and the target date is an approximate date when investors may begin withdrawing from the Fund. Target-date mutual funds are actively managed, so the asset allocation is subject to change and

may vary from that shown and after the target date has been reached, the Fund may be merged into another with a more stable asset allocation. The Fund is a fund of funds subject to the risks of its underlying funds in proportion to each Fund’s allocation. These risks include those of fixed-income underlying funds risks which may be susceptible to general movements in the bond market and are subject to credit and interest rate risks as well as those of equity underlying funds risks, such as foreign investment and issuer risks. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of 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 of falling interest rates. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These fixed-income underlying funds risks, such as call, extension, and income volatility risks as well as other risk considerations, such as active management risk, equity underlying funds risks and direct real estate risks, are described in detail in the Fund’s prospectus.The principal value of the fund(s) is not guaranteed at any time, including at the target-date.

Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1151800PR-Q0420P MQU-CLC-0320P

TIAA-CREF Lifecycle Index FundsAs of 31 Mar 2020

Mutual Fund


Underlying funds that contributed the most to theTIAA-CREF Lifecycle Index Funds' performancerelative to their respective composite benchmarks in thefirst quarter:

TIAA-CREF Bond Index FundTIAA-CREF Equity Index FundTIAA-CREF Inflation-Linked Bond Fund

Underlying funds that detracted the most from theTIAA-CREF Lifecycle Index Funds' performancerelative to their respective composite benchmarks in thefirst quarter:

TIAA-CREF International Equity Index FundTIAA-CREF Emerging Markets Equity Index Fund

The TIAA-CREF Lifecycle Index Funds tightlytracked their respective composite benchmarksacross all share classes and target dates during thequarter.

After hitting an all-time high in mid-February, U.S.stocks plunged as the COVID-19 pandemic fueledfears of a global recession. The S&P 500 Indexsuffered its worst quarter since 2008. Overseas,both developed- and emerging-market (EM) stocksalso tumbled. In fixed income, the broad U.S.investment grade market posted a solid return. EMdebt and U.S. high yield corporate bonds struggled.

Portfolio reviewThe Lifecycle Index Funds are managed to provideappropriate investment allocations for investors with targetedretirement dates ranging from 2010 to 2060 and also includea retirement income option. Their target dates increase infive-year increments. These funds – representing a category ofasset allocation funds – are designed to meet a range of needs,including broad investment diversification, risk managementand asset allocation that becomes more conservative asemployees approach retirement.





year3

years5

years10

yearsSince


Lifecycle Index 2010 Fund–Institutional Class TLTIX 30 Sep 2009 -7.62 -0.01 3.69 3.59 5.81 6.10 0.25 0.10

Lifecycle Index 2010 Fund–Retirement Class TLTRX 30 Sep 2009 -7.68 -0.24 3.44 3.33 5.55 5.84 0.50 0.35

Lifecycle Index 2010 Fund–Premier Class TLTPX 30 Sep 2009 -7.70 -0.15 3.53 3.42 5.66 5.94 0.40 0.25

Lifecycle Index 2010 Fund–Advisor Class TLTHX 04 Dec 2015 -7.68 -0.03 3.66 N/A N/A 4.36 0.33 0.18

Lifecycle Index 2010 Fund Composite Index -7.68 0.17 3.80 3.68 5.93 6.23


Lifecycle Index 2015 Fund–Institutional Class TLFIX 30 Sep 2009 -8.76 -0.78 3.70 3.71 6.10 6.44 0.23 0.10

Lifecycle Index 2015 Fund–Retirement Class TLGRX 30 Sep 2009 -8.87 -1.11 3.42 3.43 5.83 6.16 0.48 0.35

Lifecycle Index 2015 Fund–Premier Class TLFPX 30 Sep 2009 -8.85 -1.00 3.53 3.53 5.94 6.27 0.38 0.25

Lifecycle Index 2015 Fund–Advisor Class TLFAX 04 Dec 2015 -8.87 -0.95 3.63 N/A N/A 4.48 0.31 0.18

Lifecycle Index 2015 Fund Composite Index -8.85 -0.65 3.78 3.78 6.21 6.56


Lifecycle Index 2020 Fund–Institutional Class TLWIX 30 Sep 2009 -10.06 -1.69 3.72 3.85 6.48 6.85 0.21 0.10

Lifecycle Index 2020 Fund–Retirement Class TLWRX 30 Sep 2009 -10.08 -1.95 3.45 3.60 6.22 6.59 0.46 0.35

Lifecycle Index 2020 Fund–Premier Class TLWPX 30 Sep 2009 -10.04 -1.78 3.57 3.71 6.32 6.69 0.36 0.25

Lifecycle Index 2020 Fund–Advisor Class TLWHX 04 Dec 2015 -10.07 -1.80 3.62 N/A N/A 4.64 0.29 0.18



Lifecycle Index 2025 Fund–Institutional Class TLQIX 30 Sep 2009 -11.90 -3.11 3.58 3.96 6.83 7.24 0.21 0.10

Lifecycle Index 2025 Fund–Retirement Class TLQRX 30 Sep 2009 -11.94 -3.37 3.32 3.70 6.57 6.98 0.46 0.35

Lifecycle Index 2025 Fund–Premier Class TLVPX 30 Sep 2009 -11.95 -3.26 3.43 3.80 6.67 7.08 0.36 0.25

Lifecycle Index 2025 Fund–Advisor Class TLQHX 04 Dec 2015 -11.96 -3.23 3.50 N/A N/A 4.76 0.31 0.20



Lifecycle Index 2030 Fund–Institutional Class TLHIX 30 Sep 2009 -13.82 -4.60 3.45 4.04 7.17 7.62 0.20 0.10

Lifecycle Index 2030 Fund–Retirement Class TLHRX 30 Sep 2009 -13.84 -4.81 3.19 3.79 6.89 7.36 0.45 0.35

Lifecycle Index 2030 Fund–Premier Class TLHPX 30 Sep 2009 -13.84 -4.75 3.30 3.89 7.00 7.46 0.35 0.25

Lifecycle Index 2030 Fund–Advisor Class TLHHX 04 Dec 2015 -13.84 -4.66 3.34 N/A N/A 4.85 0.29 0.19



Lifecycle Index 2035 Fund–Institutional Class TLYIX 30 Sep 2009 -15.68 -6.07 3.26 4.08 7.46 7.96 0.19 0.10

Lifecycle Index 2035 Fund–Retirement Class TLYRX 30 Sep 2009 -15.71 -6.24 3.02 3.83 7.19 7.69 0.44 0.35

Lifecycle Index 2035 Fund–Premier Class TLYPX 30 Sep 2009 -15.70 -6.18 3.11 3.94 7.29 7.80 0.34 0.25

Lifecycle Index 2035 Fund–Advisor Class TLYHX 04 Dec 2015 -15.69 -6.13 3.21 N/A N/A 4.95 0.28 0.19



Lifecycle Index 2040 Fund–Institutional Class TLZIX 30 Sep 2009 -17.53 -7.65 3.01 4.09 7.63 8.12 0.19 0.10

Lifecycle Index 2040 Fund–Retirement Class TLZRX 30 Sep 2009 -17.58 -7.88 2.75 3.82 7.36 7.85 0.44 0.35

Lifecycle Index 2040 Fund–Premier Class TLPRX 30 Sep 2009 -17.57 -7.76 2.86 3.93 7.46 7.96 0.34 0.25

Lifecycle Index 2040 Fund–Advisor Class TLZHX 04 Dec 2015 -17.54 -7.71 2.94 N/A N/A 4.95 0.27 0.18



Lifecycle Index 2045 Fund–Institutional Class TLXIX 30 Sep 2009 -19.30 -9.18 2.59 3.92 7.54 8.04 0.19 0.10

Lifecycle Index 2045 Fund–Retirement Class TLMRX 30 Sep 2009 -19.36 -9.41 2.33 3.66 7.27 7.77 0.44 0.35

Lifecycle Index 2045 Fund–Premier Class TLMPX 30 Sep 2009 -19.33 -9.33 2.44 3.77 7.38 7.88 0.34 0.25

Lifecycle Index 2045 Fund–Advisor Class TLMHX 04 Dec 2015 -19.31 -9.29 2.48 N/A N/A 4.74 0.29 0.19





year3

years5

years10

yearsSince


Lifecycle Index 2050 Fund–Institutional Class TLLIX 30 Sep 2009 -19.56 -9.39 2.56 3.96 7.56 8.06 0.19 0.10

Lifecycle Index 2050 Fund–Retirement Class TLLRX 30 Sep 2009 -19.60 -9.63 2.30 3.70 7.30 7.79 0.44 0.35

Lifecycle Index 2050 Fund–Premier Class TLLPX 30 Sep 2009 -19.60 -9.55 2.41 3.80 7.40 7.90 0.34 0.25

Lifecycle Index 2050 Fund–Advisor Class TLLHX 04 Dec 2015 -19.58 -9.50 2.48 N/A N/A 4.79 0.28 0.18



Lifecycle Index 2055 Fund–Institutional Class TTIIX 29 Apr 2011 -19.92 -9.73 2.51 3.97 N/A 6.44 0.22 0.10

Lifecycle Index 2055 Fund–Retirement Class TTIRX 29 Apr 2011 -19.96 -9.91 2.24 3.71 N/A 6.18 0.46 0.35

Lifecycle Index 2055 Fund–Premier Class TTIPX 29 Apr 2011 -19.87 -9.80 2.36 3.83 N/A 6.29 0.36 0.25

Lifecycle Index 2055 Fund–Advisor Class TTIHX 04 Dec 2015 -19.89 -9.79 2.45 N/A N/A 4.83 0.30 0.18

Lifecycle Index 2055 Fund Composite Index -19.85 -9.48 2.60 4.05 N/A 6.55


Lifecycle Index 2060 Fund–Institutional Class TVIIX 26 Sep 2014 -20.07 -9.84 2.49 4.01 N/A 4.40 0.33 0.10

Lifecycle Index 2060 Fund–Retirement Class TVITX 26 Sep 2014 -20.13 -10.11 2.24 3.76 N/A 4.14 0.58 0.35

Lifecycle Index 2060 Fund–Premier Class TVIPX 26 Sep 2014 -20.16 -10.02 2.31 3.86 N/A 4.24 0.48 0.25

Lifecycle Index 2060 Fund–Advisor Class TVIHX 04 Dec 2015 -20.15 -10.04 2.42 N/A N/A 4.86 0.41 0.18

Lifecycle Index 2060 Fund Composite Index -20.14 -9.74 2.55 4.07 N/A 4.48

S&P Target Date 2060+ Index -20.86 -11.40 1.24 3.11 N/A 3.60

Lifecycle Index Retirement Income Fund–InstitutionalClass

TRILX 30 Sep 2009 -7.57 0.01 3.62 3.46 5.48 5.70 0.28 0.10

Lifecycle Index Retirement Income Fund–RetirementClass

TRCIX 30 Sep 2009 -7.65 -0.25 3.37 3.20 5.22 5.44 0.53 0.35

Lifecycle Index Retirement Income Fund–Premier Class TLIPX 30 Sep 2009 -7.55 -0.07 3.47 3.30 5.33 5.55 0.42 0.25

Lifecycle Index Retirement Income Fund–Advisor Class TLIHX 04 Dec 2015 -7.61 -0.08 3.56 N/A N/A 4.21 0.36 0.18

Lifecycle Index Retirement Income Fund CompositeIndex

-7.60 0.21 3.67 3.52 5.59 5.83

S&P Target Date Retirement Income Index -6.69 0.17 3.06 2.89 4.52 4.73

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 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 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.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).A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. Expense Cap Expiration Date: September 30, 2020. Please see the prospectuses for details.



GlossaryA basis point is one one-hundredth of one percentage point, or 0.01%. For example, 25 basis points equals 0.25%. The Lifecycle Index Fund Composite Indexes are composites of unmanaged benchmark indices that represent the market sectors in which the Funds invest across the equity and fixed-income asset classes. The Composite Indexes change over time to correspond to changes in the Funds' target allocations, and provide a more relevant benchmark for the Funds' performance as compared to the Funds' unmanaged broad-based market indices. The S&P Target Date® Series comprises twelve multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date. It is not possible to invest directly in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved and the target date is an approximate date when investors may begin withdrawing from the Fund. Target-date mutual funds are actively managed, so the asset allocation is subject to change and may vary from that shown and after the target date has been reached, the Fund may be merged into another with

a more stable asset allocation. A portfolio that tracks an index is subject to the risk that it may not fully track its index closely due to security selection and may underperform when factoring in fees, expenses, transaction costs, and the size and timing of shareholder purchases and redemptions. The Fund is a fund of funds subject to the risks of its underlying funds in proportion to each Fund’s allocation. These risks include those of fixed-income underlying funds risks which may be susceptible to general movements in the bond market and are subject to credit and interest rate risks as well as those of equity underlying funds risks, such as foreign investment and issuer risks. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of 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 of falling interest rates. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These fixed-income underlying funds risks, such as call, extension, and income volatility risks as well as other risk considerations, such as active management risk and equity underlying funds risks, are described in detail in the Fund’s prospectus.The principal value of the fund(s) is not guaranteed at any time, including at the target-date.


800.752.8700 | nuveen.com MCM-1151807PR-Q0420P MQU-CLCI-0320P

TIAA-CREF Lifestyle FundsAs of 31 Mar 2020

Mutual Fund


Underlying funds that contributed the most to theTIAA-CREF Lifestyle Funds' performance relative totheir respective composite benchmark in the firstquarter:

TIAA-CREF Large-Cap Growth FundTIAA-CREF International Opportunities FundTIAA-CREF Large-Cap Value Fund

Underlying funds that detracted the most from theTIAA-CREF Lifestyle Funds' Income and Conservativeportfolios relative to their respective compositebenchmark:

TIAA-CREF Core Plus Bond FundTIAA-CREF Short-Term Bond FundTIAA-CREF Core Bond Fund

Underlying funds that detracted the most from theTIAA-CREF Lifestyle Funds' Moderate and Growthportfolios relative to their respective compositebenchmark:

TIAA-CREF Core Plus Bond FundTIAA-CREF Emerging Markets Equity FundTIAA-CREF Growth & Income Fund

Underlying funds that detracted the most from theTIAA-CREF Lifestyle Fund's Aggressive Growthportfolio relative to its composite benchmark:

TIAA-CREF Emerging Markets Equity FundTIAA-CREF Growth & Income FundTIAA-CREF International Equity Fund

The TIAA-CREF Lifestyle Funds underperformedtheir respective composite benchmarks across allshare classes during the quarter.

After hitting an all-time high in mid-February, U.S.stocks plunged as the COVID-19 pandemic fueledfears of a global recession. The S&P 500 Indexsuffered its worst quarter since 2008. Outside theU.S., both developed and emerging (EM) stocksalso tumbled. In fixed income, the broad U.S.investment grade market posted a solid return. EMdebt and U.S. high yield corporate bonds struggled.

Portfolio reviewThe Lifestyle Funds provide extensive diversification and aspectrum of risk levels using a sophisticated asset allocationprocess. Each fund option has a targeted asset allocation,ranging from 20% in underlying equity funds and 80% inunderlying fixed income funds (for the most conservative ofthe five funds) to 100% in underlying equity funds and 0% infixed income funds (for the most aggressive of the five funds).Distinct investment mixes in the five Lifestyle Funds aredesigned to meet a broad range of investment needs and riskpreferences. The funds can serve as a stand-alone portfolio orcore holding among other investments.





year3

years5

years10

yearsSince


Lifestyle Aggressive Growth Fund–Institutional Class TSAIX 09 Dec 2011 -22.27 -12.59 1.13 2.89 N/A 8.15 0.75 0.57

Lifestyle Aggressive Growth Fund–Retirement Class TSARX 09 Dec 2011 -22.38 -12.89 0.85 2.63 N/A 7.87 0.99 0.82

Lifestyle Aggressive Growth Fund–Retail Class TSALX 09 Dec 2011 -22.36 -12.90 0.81 2.56 N/A 7.80 1.04 0.87

Lifestyle Aggressive Growth Fund–Premier Class TSAPX 09 Dec 2011 -22.37 -12.83 0.94 2.74 N/A 7.99 0.90 0.72

Lifestyle Aggressive Growth Fund–Advisor Class TSAHX 04 Dec 2015 -22.31 -12.75 1.07 N/A N/A 3.48 0.83 0.65

Lifestyle Aggressive Growth Fund Composite Index -21.87 -11.31 2.11 3.79 N/A 8.50

Morningstar Aggressive Target Risk Index -22.72 -13.30 0.87 2.93 6.81 7.27

Lifestyle Conservative Fund–Institutional Class TCSIX 09 Dec 2011 -10.29 -3.27 2.35 2.85 N/A 5.19 0.56 0.46

Lifestyle Conservative Fund–Retirement Class TSCTX 09 Dec 2011 -10.36 -3.50 2.10 2.60 N/A 4.93 0.80 0.71

Lifestyle Conservative Fund–Retail Class TSCLX 09 Dec 2011 -10.30 -3.46 2.11 2.57 N/A 4.90 0.82 0.73

Lifestyle Conservative Fund–Premier Class TLSPX 09 Dec 2011 -10.32 -3.41 2.20 2.69 N/A 5.03 0.71 0.61

Lifestyle Conservative Fund–Advisor Class TLSHX 04 Dec 2015 -10.32 -3.37 2.29 N/A N/A 3.36 0.63 0.54

Lifestyle Conservative Fund Composite Index -7.60 0.08 3.61 3.50 N/A 5.22

Morningstar Moderately Conservative Target Risk Index -8.16 -0.81 3.40 3.56 5.11 5.02

Lifestyle Growth Fund–Institutional Class TSGGX 09 Dec 2011 -18.64 -9.56 1.63 2.99 N/A 7.34 0.67 0.54

Lifestyle Growth Fund–Retirement Class TSGRX 09 Dec 2011 -18.64 -9.75 1.37 2.73 N/A 7.07 0.91 0.79

Lifestyle Growth Fund–Retail Class TSGLX 09 Dec 2011 -18.66 -9.78 1.34 2.70 N/A 7.02 0.94 0.82

Lifestyle Growth Fund–Premier Class TSGPX 09 Dec 2011 -18.64 -9.70 1.48 2.82 N/A 7.17 0.82 0.69

Lifestyle Growth Fund–Advisor Class TSGHX 04 Dec 2015 -18.65 -9.64 1.54 N/A N/A 3.57 0.75 0.62

Lifestyle Growth Fund Composite Index -17.18 -7.22 2.87 3.89 N/A 7.59

Morningstar Moderately Aggressive Target Risk Index -18.59 -9.60 1.76 3.23 6.43 6.74

Lifestyle Income Fund–Institutional Class TSITX 09 Dec 2011 -5.66 -0.13 2.49 2.58 N/A 3.85 0.68 0.42

Lifestyle Income Fund–Retirement Class TLSRX 09 Dec 2011 -5.73 -0.39 2.23 2.30 N/A 3.58 0.92 0.67

Lifestyle Income Fund–Retail Class TSILX 09 Dec 2011 -5.73 -0.42 2.21 2.28 N/A 3.54 0.95 0.70

Lifestyle Income Fund–Premier Class TSIPX 09 Dec 2011 -5.69 -0.27 2.34 2.43 N/A 3.69 0.83 0.57

Lifestyle Income Fund–Advisor Class TSIHX 04 Dec 2015 -5.67 -0.18 2.46 N/A N/A 3.04 0.75 0.50

Lifestyle Income Fund Composite Index -2.73 3.22 3.59 3.03 N/A 3.77

Morningstar Conservative Target Risk Index -3.37 2.68 3.67 3.21 4.02 3.70

Lifestyle Moderate Fund–Institutional Class TSIMX 09 Dec 2011 -14.65 -6.20 2.19 3.07 N/A 6.52 0.57 0.50

Lifestyle Moderate Fund–Retirement Class TSMTX 09 Dec 2011 -14.67 -6.45 1.94 2.82 N/A 6.25 0.82 0.75

Lifestyle Moderate Fund–Retail Class TSMLX 09 Dec 2011 -14.68 -6.48 1.89 2.79 N/A 6.21 0.83 0.77

Lifestyle Moderate Fund–Premier Class TSMPX 09 Dec 2011 -14.66 -6.34 2.02 2.92 N/A 6.36 0.72 0.65

Lifestyle Moderate Fund–Advisor Class TSMHX 04 Dec 2015 -14.62 -6.29 2.12 N/A N/A 3.67 0.65 0.58

Lifestyle Moderate Fund Composite Index -12.34 -3.14 3.52 3.89 N/A 6.61

Morningstar Moderate Target Risk Index -13.38 -5.13 2.62 3.44 5.85 5.94

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 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 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).A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. Expense Cap Expiration Date: September 30, 2019. Please see the prospectuses for details.




GlossaryThe Morningstar Target Risk Index series consists of five asset allocation indexes that span the risk spectrum from conservative to aggressive. The family of asset allocation indexes can serve as benchmarks to help with target-risk mutual fund selection and evaluation by offering an objective yardstick for performance comparison. All of the indexes are based on a well-established asset allocation methodology from Ibbotson Associates, a Morningstar company and a leader in the field of asset allocation theory. It is not possible to invest directly in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the funds’ investment objectives will be achieved and the advisors’ asset allocation and investment strategies may not perform as expected. These funds are fund of funds subject to the risks of their underlying funds in proportion to each fund’s allocation. Because the funds targets investments in a higher percentage of equity underlying funds, these risks

are expected to predominate. Prices of equity securities may decline significantly over short or extended periods of time. For the TIAA-CREF Lifestyle Conservative Fund, TIAA-CREF Lifestyle Growth Fund and TIAA-CREF Lifestyle Moderate Fund, these risks include those of fixed-income underlying funds risks which may be susceptible to general movements in the bond market and are subject to credit and interest rate risks. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of 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 funds’ income could decline during periods of falling interest rates. For all funds, non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These underlying fund risks, as well as other risk considerations are described in detail in the funds’ prospectuses.


800.752.8700 | nuveen.com MCM-1153470PR-Q0420P MQU-CLS-0320P

TIAA-CREF Mid-Cap Growth FundAs of 31 Mar 2020


InstitutionalTRPWX87244W805

AdvisorTCMHX87245R151

PremierTRGPX87245M558

RetailTCMGX87244W870

RetirementTRGMX87244W888


From a sector perspective, real estate and informationtechnology added the most value, reflecting favorablestock selection. A modest underweight in energy alsoproved beneficial.

The largest single contributor to the Fund's relativeperformance was cloud-based business communicationsoftware company Ring Central, Inc., which benefitedfrom the nation's shift to working from home during thecoronavirus outbreak.

DexCom, Inc., which develops, manufactures anddistributes glucose monitoring systems for diabetes,was the second-largest contributor to relative results.Widely viewed as a defensive holding, Dexcom ralliedamid the period's risk-off mood, fueled by resilientdemand for diabetes monitoring. As of quarter-end, thecompany remained poised to launch a highlyanticipated monitoring platform later in 2020.

Rounding out the top three contributors was scientificresearch analytics provider Clarivate Analytics Plc.Clarivate was supported by a business model thatrequires clients to pay for services up front. In addition,the company can provide its data, information andworkflow solutions remotely.

On a sector level, consumer discretionary, industrialsand health care detracted the most from the Fund'srelative performance, driven by unfavorable stockselection within those sectors.

Two of the three largest individual detractors wereout-of-benchmark holdings Penn National Gaming, Inc.and Wynn Resorts, Limited. With COVID-19 hitting theservice sector especially hard—consumer-facingindustries such as hotels, travel and restaurants, inparticular—both companies lagged the benchmarksignificantly.

Luxury apparel brand Capri Holdings Limited, anotherout-of-benchmark selection, also detracted heavily. LikePenn National and Wynn Resorts, Capri wasdisproportionately affected by the pandemic's forcedeconomic shutdown, as consumer discretionaryspending, especially on top-line brands, came to anabrupt end.

The Fund underperformed its benchmark, theRussell Midcap Growth Index, during the quarter.

Mid cap growth stocks suffered their worst quartersince 2008, fueled by fears that the coronaviruspandemic would drag the global economy intorecession. All benchmark sectors posted negativeresults, with only consumer staples avoiding adouble-digit loss. Health care and real estate alsooutperformed on a relative basis. In terms oflaggards, energy performed the worst by far amidplunging oil prices, followed by communicationservices and consumer discretionary.

Portfolio reviewOn January 17, 2020, Terry Kontos replaced Ted Scalise as theFund's lead portfolio manager. Adrian Almazan remained asco-portfolio manager. The new team trimmed the number ofFund holdings, leading to a slightly more concentratedportfolio.

Prior to the COVID-19 crisis, the portfolio managers focusedon mitigating risk, in large part by reducing exposure to stockswith higher volatility profiles. As the outbreak intensified,they further repositioned the Fund, choosing qualitycompanies within cyclical sectors—consumer discretionary inparticular—that were disproportionately affected by thepandemic. Additionally, they exited the energy sector in thewake of a Saudi Arabia/Russia oil price-war and the collapseof global demand for oil.


TIAA-CREF Mid-Cap Growth FundAs of 31 Mar 2020



GlossaryThe Russell Midcap Growth Index tracks the performance of companies within the Russell Midcap® with a greater-than-average growth orientation. It is not possible to invest directly in an index.CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. 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. Growth stocks tend to be more volatile than other

equities and can experience sharp price declines. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. These and other risk considerations, such as active management, issuer, small-cap, and style risks of growth investing, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1151815PR-Q0420P MQU-CMCG-0320P


Sinceinception

Institutional 01 Oct 02 -20.90 -13.46 4.15 3.23 9.29 9.95Advisor 04 Dec 15 -20.90 -13.51 4.09 4.52Premier 30 Sep 09 -20.95 -13.62 3.97 3.06 9.13 10.20Retail 01 Oct 02 -20.98 -13.72 3.83 2.91 8.96 9.64Retirement 01 Oct 02 -20.94 -13.66 3.88 2.97 9.02 9.66Russell Midcap® Growth Index -20.04 -9.45 6.53 5.61 10.89






Advanced Micro Devices Inc 2.64SBA Communications Corp 2.60Lululemon Athletica Inc 2.42Waste Connections Inc 2.18Lam Research Corp 2.14DexCom Inc 2.07Global Payments Inc 2.03Clarivate Analytics PLC 1.95Synopsys Inc 1.93Chipotle Mexican Grill Inc 1.89


Fund description

The Fund seeks a favorable long-term total return, mainlythrough capital appreciation, primarily from equity securitiesof medium-sized domestic companies. It normally invests atleast 80% of its assets in mid-cap equity securities. The Fund'smanagement team looks for companies it believes haveprospects for strong earnings or sales growth, focusing onthose that the team believes may represent high growthindustries or rapidly evolving areas of the economy, that havedistinctive products or services and that are growing fasterthan companies in the overall equity market. The Fund mayinvest up to 20% of its assets in foreign securities.

Portfolio managementEffective 17 January 2020 Terrence Kontos was added as portfolio manager for the strategy; George(Ted) Scalise is no longer with the firm.

Terrence Kontos, CFA | 16 years industry experience

Adrian Almazan | 13 years industry experience

TIAA-CREF Mid-Cap Value FundAs of 31 Mar 2020


InstitutionalTIMVX87244W862

AdvisorTRVHX87245R144

PremierTRVPX87245M541

RetailTCMVX87244W847

RetirementTRVRX87244W854


Among individual positions, the top contributor to theFund's relative performance was an overweight inmanaged health care provider Centene Corporation.Centene's stock was down for the quarter, but onlymoderately, far outperforming both the health caresector and the broader benchmark. The companycompleted a merger early in the quarter and benefitedfrom the prospect of expansion into Medicaid.

The second-largest contributor was out-of-benchmarkholding QTS Realty Trust, Inc., a data center REIT (realestate investment trust) that posted a solidly positivereturn for the quarter. An owner/operator of colocationdata centers, QTS gained amid increasing globalreliance on networking, remote connectivity andinternet service, all of which saw heightened demanddue to the impact of the coronavirus crisis.

Biotech holding United Therapeutics Corporation alsorose for the quarter thanks to the relative strength ofits pulmonary arterial hypertension (PAH) drug,Remodulin. In addition to its efficacy, the drug foundfavor as a non-invasive therapy given the broadsuspension of elective surgeries during the period.

The two largest individual detractors from relativeperformance were high-quality mortgage-servicingREITs Two Harbors Investment Corp. and StarwoodProperty Trust, Inc. These two companies sufferedoutsized losses—first on fears of strained liquidity incredit markets, then as the forced economic shutdowntook a tool on tenants' ability to pay rent.

Also detracting was WPX Energy, Inc., an oil andnatural gas E&P (exploration and production) company.WPX tumbled as the outlook for the energy sectorturned sharply negative on shocks to both supply anddemand. The COVID-19 outbreak all but haltedworldwide travel, while the collapse of OPEC's marketsupport agreement led to a glut of supply, driving downoil prices.

The Fund underperformed its benchmark, theRussell Midcap Value Index, during the quarter.

Mid cap value stocks suffered their worst quarteron record, fueled by fears that the coronaviruspandemic would drag the global economy intorecession.

All benchmark sectors posted double-digit losses.Utilities, health care and consumer staplesoutperformed on a relative basis. Energy performedthe worst by far amid plunging oil prices, followedby consumer discretionary and financials.

Portfolio reviewThe Fund underwent a change in portfolio managementduring the quarter, with David Chalupnik and Evan Staplesreplacing Richard Cutler on 17 January 2020. Several changeswere subsequently made to the Fund's portfolio, including areduction in the overall number of holdings and a greaterconcentration of assets in fewer, higher-conviction names.Prior to the coronavirus crisis, we adjusted the Fund'sexposure to certain risk factors, reducing beta while increasingquality. As the crisis unfolded in March, we positioned theFund more defensively by increasing exposure to utilities andconsumer staples, while reducing weightings in moreeconomically sensitive sectors such as industrials. The Fund'sexposure to energy was lowered to zero due to the massive oilsupply/demand dislocation caused by forced economicshutdowns and exacerbated by a Saudi/Russian oil price war.


TIAA-CREF Mid-Cap Value FundAs of 31 Mar 2020



GlossaryThe Russell Midcap Value Index tracks the performance of companies within the Russell Midcap® with a greater-than-average value orientation. It is not possible to invest directly in an index. CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. 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. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, small-cap, and style risks of value investing, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1152540PR-Q0420P MQU-CMCV-0320P


Sinceinception

Institutional 01 Oct 02 -34.38 -27.30 -8.37 -2.98 5.48 8.34Advisor 04 Dec 15 -34.39 -27.33 -8.46 -2.23Premier 30 Sep 09 -34.41 -27.40 -8.51 -3.13 5.32 6.17Retail 01 Oct 02 -34.45 -27.52 -8.65 -3.28 5.17 8.06Retirement 01 Oct 02 -34.38 -27.42 -8.58 -3.22 5.22 8.06Russell Midcap® Value Index -31.71 -24.13 -5.97 -0.76 7.22






Sempra Energy 2.59Willis Towers Watson PLC 2.33Centene Corp 2.20FirstEnergy Corp 2.09PPL Corp 2.09Zimmer Biomet Holdings Inc 2.00L3Harris Technologies Inc 1.99Newmont Corp 1.89Atmos Energy Corp 1.89Entergy Corp 1.88


Fund description

The Fund seeks a favorable long-term total return, mainlythrough capital appreciation, primarily from equity securitiesof medium-sized domestic companies. It normally invests atleast 80% of its assets in mid-cap equity securities that theFund's management team believes are undervalued based onan evaluation of their potential worth. Particular emphasis isplaced on a variety of comparative valuation criteria todetermine whether a company might be undervalued,including numerous financial ratios such as stockprice-to-book value, stock price-to-earnings, free cash flow,debt-to-capital and, to a lesser extent, dividend yield. TheFund may invest up to 20% of its assets in foreign securities.

Portfolio managementEffective 17 January 2020 David Chalupnik and Evan Staples were added as portfolio managers for thestrategy; Richard Cutler is no longer with the firm.

David Chalupnik, CFA | 36 years industry experience

Evan Staples, CFA | 15 years industry experience

TIAA-CREF Quant International Equity FundAs of 31 Mar 2020


InstitutionalTFIIX886315555

AdvisorTEIEX87245R367


On a sector basis, health care, financials andcommunication services were the largest contributors tothe Fund's relative performance in the first quarter,primarily due to good stock selection.

From a factor perspective, companies that exhibitedfavorable trends/technical indicators (such as growthand momentum metrics) contributed across each of thefour regions. Stocks with positive analyst sentimentaided returns in Europe (ex-U.K.), the U.K. and Pacific(ex-Japan). Companies that the model identified ashaving favorable quality fundamentals were positiveacross Europe (ex-U.K.), Pacific (ex-Japan) and Japan.

In terms of regions, the Fund's Europe (ex-U.K,) andPacific (ex-Japan) exposures contributed. Japan,Australia and Switzerland were the Fund'sbest-performing countries on a relative basis. As forindividual holdings, top contributors includedoverweights in Japanese drug manufacturer ChugaiPharmaceutical Co., Ltd. and smokeless tobaccomanufacturer Swedish Match AB. Both stocks realizedgains in the period. Underweighting Europeanmultinational aviation firm Airbus SE also helped. TheFund exited its position in Airbus during the quarter.

The sectors that detracted the most from the Fund'srelative results were industrials, energy and materials,in each case reflecting unfavorable security selection.

Among quantitative factors, companies that the modelidentified as being fundamentally mispriced were a dragon performance in the Europe (ex-U.K.) region. Thosedetermined to be of fundamentally high-qualityweighed on performance in the U.K.

With regard to country-specific returns, the largestdetractors in the portfolio were Germany, the U.K. andSpain.

Individual positions that hurt performance includedGerman aircraft engine manufacturer MTU AeroEngines AG, French bank Credit Agricole and U.K. assetmanager M&G Plc. The stocks of each of thesecompanies suffered steep declines in the quarter. TheFund exited Credit Agricole during the period.

The Fund performed in line with its benchmark,the MSCI EAFE Index, during the quarter. (Resultsvaried by share class.)

Non-U.S. equities endured steep losses for thequarter in the face of the global COVID-19 pan-demic. Based on MSCI indexes in local currencyterms, emerging markets stocks posted modestlybetter returns than developed market shares.Eurozone equities plunged as the pace of businessactivity in the region fell to an all-time low. InJapan, stocks suffered as the country's economyslipped further amid falling manufacturing activity.

Portfolio reviewThe Fund's quantitative investment process monitoreda range of market factors to drive stock selection withinthe international developed-market universe, with a focuson traditional data such as company fundamentals andfundamental mispricing, as well as trend and sentiment-related market data.

To implement this investment process, the portfoliomanagement team used various region-specific modelsthat included Europe (ex-U.K.), the U.K., Pacific (ex-Japan)and Japan.


TIAA-CREF Quant International Equity FundAs of 31 Mar 2020



GlossaryThe MSCI EAFE Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. It is not possible to invest directly in an index.CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. Prices of equity securities may decline significantly over short or extended periods of time. As an enhanced index fund, the Fund may also

underperform its benchmark index due to differences between the investments of the Fund and its benchmark index. The portfolio will generally reflect the performance of its target index even if the index does not perform well, and it may underperform the index after factoring in fees, expenses, transaction costs, and the size and timing of shareholder purchases and redemptions. Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. These and other risk considerations, such as derivatives and issuer risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153475PR-Q0420P MQU-CQIE-0320P


Sinceinception

Institutional 30 Nov 07 -22.94 -15.55 -2.66 -1.24 2.95 -0.46Advisor 04 Dec 15 -22.94 -15.49 -2.73 -0.59MSCI EAFE® Index -22.83 -14.38 -1.82 -0.62 2.72 -0.32

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 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 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.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).


Institutional 0.40 0.40Advisor 0.48 0.48



Roche Holding AG 2.63Nestle SA 2.26Novartis AG 2.21Toyota Motor Corp 1.76ASML Holding NV 1.63Royal Dutch Shell PLC 1.59GlaxoSmithKline PLC 1.40Novo Nordisk A 1.33British American Tobacco PLC 1.25Allianz SE 1.25


Fund description

The Fund seeks a favorable long-term total return, mainlythrough capital appreciation, primarily from equity securitiesof foreign issuers. Under normal circumstances, the Fundinvests at least 80% of its assets in equity securities of foreignissuers. The Fund will invest in securities believed to havefavorable prospects for long-term capital appreciation. TheFund may invest in equity securities of large companies acrossa wide range of sectors, growth rates and valuations. The Fundmaintains investments of equity securities of foreign issuers inat least three countries other than the United States.


Steve Rossiello, CFA | 29 years industry experience

Pablo Mitchell | 17 years industry experience

TIAA-CREF Quant International Small-Cap Equity FundAs of 31 Mar 2020


InstitutionalTIISX87245P478

AdvisorTAISX87245P460

PremierTPISX87245P452

RetailTLISX87245P437

RetirementTTISX87245P445


From a sector perspective, industrials was the Fund'stop performer for the quarter, primarily due to strongstock selection.

As for quantitative factors, stocks that our modelidentified as displaying positive sentimentoutperformed in Europe (ex-U.K.) and the Pacific(ex-Japan). Those identified as being fundamentallyhigh quality worked well across several regions,particularly in the Pacific (ex-Japan). The U.K. regionbenefited from stocks that exhibited positive pricemomentum trends.

On a country basis, Switzerland, India, Australia andthe Netherlands aided relative performance the mostduring the first quarter.

The Fund's largest individual contributors wereoverweight positions in Swiss pharmaceutical companyGalenica AG, U.K.-based water and waste infrastructurefirm Pennon Group PLC and Dutch semiconductormanufacturer ASM International N.V.

Among sectors, financials, information technology andenergy were the leading detractors, primarily reflectingunfavorable security selection.

Companies that the quantitative model identified asbeing fundamentally mispriced underperformed themost in Europe (ex-U.K.), and to a lesser extent in thePacific (ex-Japan) and the U.K. Stocks identified asbeing of fundamentally high quality lagged in Japanand the U.K. Those exhibiting positive price momentumtrends detracted in Europe (ex-U.K.).

The Fund underperformed its benchmark, theMSCI All Country World ex USA Small Cap Index,during the quarter.

Non-U.S. equities endured steep losses for thequarter in the face of the global COVID-19pandemic. Based on MSCI indexes in local currencyterms, emerging markets stocks posted modestlybetter returns than developed market shares.Eurozone equities plunged as the pace of businessactivity in the region fell to an all-time low. InJapan, stocks suffered as the country's economyslipped further amid falling manufacturing activity.

Portfolio reviewThe Fund's quantitative investment process monitored a rangeof market factors to drive stock selection within theinternational small cap universe, with a focus on traditionaldata such as company fundamentals and fundamentalmispricing, as well as trend and sentiment-related marketdata.

The portfolio management team used region-specific modelsto execute this investment process in seven geographic areas:Europe (ex-U.K.); the U.K.; the Pacific (ex-Japan); Japan; theMiddle East & Africa; Latin America; and Canada.


TIAA-CREF Quant International Small-Cap Equity FundAs of 31 Mar 2020



GlossaryThe MSCI AC World Index ex USA Small Cap Index is a free float-adjusted market capitalization weighted index that is designed to measure the small-cap equity market performance of developed and emerging market nations, excluding the United States. It is not possible to inveset directly in an index. CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.

Small-cap stocks involve substantial risk and potential increased price volatility as prices of small-cap stocks may be subject to more abrupt or erratic 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 from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. These and other risk considerations, such as illiquid investments and issuer risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153481PR-Q0420P MQU-CQISCE-0320P

Average annualized total returns (%)Inceptiondate QTD 1 year 3 years

Sinceinception

Institutional 09 Dec 16 -32.23 -25.54 -8.13 -5.14Advisor 09 Dec 16 -32.17 -25.58 -8.18 -5.19Premier 09 Dec 16 -32.18 -25.64 -8.20 -5.21Retail 09 Dec 16 -32.23 -25.82 -8.50 -5.52Retirement 09 Dec 16 -32.23 -25.66 -8.31 -5.34MSCI ACWI ex USA Small Cap Index -29.01 -21.18 -4.89

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 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 gains. For performance, current to the most recent month-end visit nuveen.com. 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).





ASM International NV 1.18PSP Swiss Property AG 1.12Avast PLC 1.11Haseko Corp 1.08Pennon Group PLC 1.04Ansell Ltd 0.98Rightmove PLC 0.92Simplo Technology Co Ltd 0.90Galenica AG 0.88Penta-Ocean Construction Co Ltd 0.85


Fund description

The Fund seeks a favorable long-term total return, mainlythrough capital appreciation. Under normal circumstances,The Fund invests at least 80% of its assets in small-cap equitysecurities of foreign issuers, primarily those believed to havefavorable prospects for long term capital appreciation. A smallcap equity security is a security within the capitalization rangeof companies included in its benchmark, the MSCI ACWI exUSA Small Cap Index. The Fund may invest in equitysecurities of small companies across a wide range of sectors,growth rates and valuations. The Fund maintains investmentsof equity securities of foreign issuers in at least three countriesother than the United States. The Fund's investment manageruses proprietary quantitative models to evaluate and score abroad universe of stocks in which the Fund invests.


Antonio Ramos | 23 years industry experience

Steve Rossiello, CFA | 29 years industry experience

TIAA-CREF Quant Large-Cap Growth FundAs of 31 Mar 2020


InstitutionalTLIIX886315548

AdvisorTECGX87245R193


On a sector basis, consumer discretionary andcommunication services were the largest contributors tothe Fund's relative performance versus its benchmarkduring the quarter, primarily due to favorable stockselection. Underweight allocations to utilities andenergy also aided returns.

From a quantitative model factor perspective, stockswith positive analyst sentiment, particularly related tocorporate earnings calls, performed best.

In terms of individual positions, an underweight inaerospace firm Boeing Company contributed the most.Boeing's stock suffered as the COVID-19 pandemictriggered a spike in canceled airplane orders. Continuedsafety concerns over the company's 737 Max aircraftalso hurt Boeing's shares.

Also adding significantly to results was an overweightposition in Americold Realty Trust, a provider oftemperature-controlled storage and distributionfacilities. Americold handily outperformed the marketduring the period. Not owning Marriott International,Inc. was beneficial as well. Mariott's stock plungedalong with hotel occupancy rates in the face of thecoronavirus outbreak.

Among sectors, financials, real estate and informationtechnology were the largest detractors from relativeperformance, mostly because of unfavorable stockselection.

Stocks that the quantitative model identified as beingfundamentally mispriced weighed on returns. Thosethat exhibited high-quality characteristics detractedmarginally.

As for individual names, the two largest detractors werepositions in payments services firm Discover FinancialServices and equipment rental company UnitedRentals, Inc. Shares of both firms fell sharply in the firstquarter.

An underweight in media services company Netflix, Inc.was the third-largest detractor. Netflix rallied thanks tostrong fourth-quarter results and the expectation ofincreased demand for its streaming services amid globalstay-at-home mandates.

The Fund underperformed its benchmark, theRussell 1000 Growth Index, during the quarter.

Large cap growth stocks suffered theirsecond-worst quarter since the 2008-09 financialcrisis, fueled by fears that the coronaviruspandemic would drag the global economy intorecession. All benchmark sectors posteddouble-digit losses for the quarter. Informationtechnology and consumer discretionary wererelative outperformers, while utilities and energydeclined the most.

Portfolio reviewThe Fund used a quantitative investment process thatmonitored a range of market factors to drive stock selectionacross the large cap growth universe, with a focus onsentiment-related signals as well as company fundamentalsand fundamental mispricing.

Due to a portfolio manager change during the quarter, theFund's quantitative stock selection model is now more heavilyweighted to sentiment-related signals and less exposed tofundamental-based components.


TIAA-CREF Quant Large-Cap Growth FundAs of 31 Mar 2020



GlossaryThe Russell 1000® Growth Index measures the performance of those Russell 1000® companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index.CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Large companies are more mature and may grow more slowly than the overall market. Growth stocks tend to be more volatile than other equities and can experience sharp price declines. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. As an enhanced index fund, the

Fund may also underperform its benchmark index due to differences between the investments of the Fund and its benchmark index. The portfolio will generally reflect the performance of its target index even if the index does not perform well, and it may underperform the index after factoring in fees, expenses, transaction costs, and the size and timing of shareholder purchases and redemptions. Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. These and other risk considerations, such as issuer, derivative, and style risks of growth investing, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153490PR-Q0420P MQU-CQLCG-0320P


Sinceinception

Institutional 30 Nov 07 -15.19 -2.06 9.00 9.31 11.97 8.53Advisor 04 Dec 15 -15.22 -2.13 8.94 9.59Russell 1000® Growth Index -14.10 0.91 11.32 10.36 12.97 9.26






Microsoft Corp 9.41Apple Inc 8.28Amazon.com Inc 6.57Alphabet Inc 5.08Facebook Inc 3.20UnitedHealth Group Inc 2.24Mastercard Inc 2.04Visa Inc 1.99Merck & Co Inc 1.89PepsiCo Inc 1.54


Fund description

The Fund seeks a favorable long-term total return, mainlythrough capital appreciation, primarily from equity securitiesof large domestic companies. Under normal circumstances,the Fund invests at least 80% of its assets in large-cap equitysecurities. The Fund will invest in securities believed topresent the opportunity for growth. "Large-cap" securities aresecurities of issuers with a capitalization equal to or greaterthan the top 80% of issuers by capitalization within theRussell 1000® Index at the time of purchase. The Fund mayinvest in equity securities of large companies across a widerange of sectors, growth rates and valuations.


James M. Johnson Jr., CFA | 30 years industry experience

Max Kozlov, CFA | 24 years industry experience

TIAA-CREF Quant Large-Cap Value FundAs of 31 Mar 2020


InstitutionalTEVIX886315530

AdvisorTELCX87245R219


On a sector basis, health care, information technologyand consumer discretionary added the most to theFund's first-quarter performance versus the bench-mark, reflecting both effective stock selection andallocation decisions.

Stocks that the quantitative model identified as havinghigh-quality company fundamentals and those withpositive corporate earnings call sentiment performedbest during the quarter.

As for individual positions, the top contributorsincluded underweights in two energy names, oilfieldservices provider Schlumberger N.V. and explorationand production company Occidental PetroleumCorporation. Shares of both firms posted outsizedlosses as oil prices collapsed.

Gilead Sciences, Inc. was the third-largest contributor.Gilead's stock price rose on positive sentiment from thecompany's reported acquisition of biotech firm FortySeven and from data suggesting that its antiviral drug,remdesivir, may be effective against COVID-19.

Among sectors, financials, industrials and consumerstaples detracted the most from the Fund's first-quarterrelative performance, mainly because of unfavorablestock selection.

Stocks that the quantitative model identified as beingfundamentally mispriced detracted the most. Bothcredit and options market sentiment fell sharply inMarch, resulting in negative performance for thequarter overall.

In terms of individual names, the largest detractorsincluded two energy holdings, Continental Resources,Inc. and Targa Resources Corp., as well as paymentscompany Discover Financial Services. All three stockssuffered steep declines in the quarter, and the Fundexited Continental Resources during the period.

The Fund underperformed its benchmark, theRussell 1000 Value Index, during the quarter.

Large cap value stocks suffered their worst quarteron record, fueled by fears that the coronaviruspandemic would drag the global economy intorecession. All benchmark sectors posted double-digit losses. Energy declined the most amidplunging oil prices. Consumer staples held upthe best, followed by health care and utilities.

Portfolio reviewThe Fund used a quantitative investment process thatmonitored a range of market factors to drive stock selectionacross the large cap value universe. This process focused onsentiment-related signals as well as company fundamentalsand fundamental mispricing.

Due to a portfolio manager change during the quarter, theFund's quantitative stock selection model is now more heavilyweighted to sentiment-related signals and less exposed tofundamental-based components.


TIAA-CREF Quant Large-Cap Value FundAs of 31 Mar 2020



GlossaryThe Russell 1000® Value Index measures the performance of those Russell 1000® companies with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index. CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Large companies are more mature and may grow more slowly than the overall market. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. As an enhanced index fund, the Fund may also

underperform its benchmark index due to differences between the investments of the Fund and its benchmark index. The portfolio will generally reflect the performance of its target index even if the index does not perform well, and it may underperform the index after factoring in fees, expenses, transaction costs, and the size and timing of shareholder purchases and redemptions. Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. These and other risk considerations, such as issuer, derivatives, and style risks of value investing, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153498PR-Q0420P MQU-CQLCV-0320P


Sinceinception

Institutional 30 Nov 07 -27.62 -19.58 -3.93 0.31 6.47 3.33Advisor 04 Dec 15 -27.66 -19.69 -4.10 0.44Russell 1000® Value Index -26.73 -17.17 -2.18 1.90 7.67 4.26






Berkshire Hathaway Inc 3.69Johnson & Johnson 3.31Intel Corp 2.68JPMorgan Chase & Co 2.66Verizon Communications Inc 2.61Procter & Gamble Co 2.48Pfizer Inc 2.23Exxon Mobil Corp 1.98Bank of America Corp 1.86Chevron Corp 1.75


Fund description

The Fund seeks a favorable long-term total return, mainlythrough capital appreciation, primarily from equity securitiesof large domestic companies. Under normal circumstances,the Fund invests at least 80% of its assets in large-cap equitysecurities. The Fund will invest in securities believed to beundervalued by the market based on an evaluation of theirpotential worth. "Large-cap" securities are securities of issuerswith a capitalization equal to or greater than the top 80% ofissuers by capitalization within the Russell 1000® Index atthe time of purchase. The Fund may invest in equity securitiesof large companies across a wide range of sectors, growth ratesand valuations.


James M. Johnson Jr., CFA | 30 years industry experience


TIAA-CREF Quant Small-Cap Equity FundAs of 31 Mar 2020


InstitutionalTISEX87244W839

AdvisorTSCHX87245R136

PremierTSRPX87245M533

RetailTCSEX87244W813

RetirementTRSEX87244W821


On a sector basis, real estate, industrials and materialscontributed the most to the Fund's relative results inthe first quarter, reflecting strong stock selection.

From a factor perspective, companies that the modelidentified as exhibiting high-quality characteristics, aswell as those with attractive profitability, were mosthelpful during the quarter.

Among individual holdings, the Fund's top threecontributors were overweights: Boston Beer Company,Inc., scientific research firm Exponent, Inc. andsemiconductor producer Inphi Corporation. Shares ofall three companies realized robust gains for the period.

In terms of sectors, financials, health care andconsumer discretionary were the leading detractorsfrom Fund performance, reflecting unfavorable securityselection.

Regarding model factors, companies identified asdemonstrating positive sentiment detracted the mostduring the quarter, particularly in March.Sentiment-related factors were mixed earlier in theperiod.

As for individual names, overweight positions in energycompany NexTier Oilfield Solutions, Inc. and hotel andentertainment REIT (real estate investment trust)Ryman Hospitality Properties, Inc. were among thelargest detractors. Shares of both companies sufferedsteep declines. We exited our position in Ryman duringthe quarter.

An underweight in virtual health care company TeladocHealth, Inc. also hurt results, as the stock rallied in theface of the pandemic.

The Fund underperformed its benchmark, theRussell 2000 Index, during the quarter.

After rallying through mid-February, U.S. equitiesfell swiftly and sharply in the face of the COVID-19pandemic, closing out the quarter with large losses.Small cap stocks lagged both mid and large caps.

All 11 Russell 2000 sectors posted double-digitdeclines. Utilities performed better than othersectors, while Energy suffered the most amidplunging oil prices.

Portfolio reviewThe Fund's quantitative investment process monitored a rangeof market factors to drive stock selection within the small capuniverse, with a focus on sentiment-based data, as well astraditional data such as company fundamentals andfundamental mispricing.

The tilt toward sentiment-based factors relative tofundamental signals drove the Fund's first-quarterunderperformance.


TIAA-CREF Quant Small-Cap Equity FundAs of 31 Mar 2020



GlossaryThe Russell 2000® Index measures the performance of the small cap segment of the U.S. equity universe which 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.CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s 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 increased price volatility as prices of small-cap stocks may

be subject to more abrupt or erratic 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 from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, and mid-cap risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153504PR-Q0420P MQU-CQSCE-0320P


Sinceinception

Institutional 01 Oct 02 -33.90 -28.96 -6.99 -1.09 6.68 7.93Advisor 04 Dec 15 -33.90 -29.03 -7.06 -1.18Premier 30 Sep 09 -33.92 -29.08 -7.13 -1.24 6.52 7.49Retail 01 Oct 02 -33.90 -29.11 -7.23 -1.36 6.36 7.67Retirement 01 Oct 02 -33.94 -29.12 -7.22 -1.33 6.42 7.65Russell 2000® Index -30.61 -23.99 -4.64 -0.25 6.90






Boston Beer Co Inc 1.09Exponent Inc 1.06PS Business Parks Inc 1.01Portland General Electric Co 1.00EastGroup Properties Inc 0.98Tetra Tech Inc 0.97Inphi Corp 0.94First Industrial Realty Trust Inc 0.91Rexnord Corp 0.88Lattice Semiconductor Corp 0.85


Fund description

The Fund seeks a favorable long-term total return, mainlythrough capital appreciation, primarily from equity securitiesof smaller domestic companies. It normally invests at least80% of its assets in small-cap equity securities across a widerange of sectors, growth rates and valuations thatmanagement believes appear to have favorable prospects forsignificant long-term capital appreciation. Managementemploys proprietary quantitative models that typically weighmany different variables, including the valuation of a stockversus the market or its peers, future earnings and sustainablegrowth prospects, and the price and volume trends of thestock. The Fund seeks to generate a favorable long-termreturn while also managing its relative risk versus the index.


Adam Cao, CFA | 23 years industry experience

Pei Chen | 30 years industry experience


TIAA-CREF Quant Small/Mid-Cap Equity FundAs of 31 Mar 2020


InstitutionalTSMWX87245P585

AdvisorTSMNX87245P577

PremierTSMMX87245P569

RetailTSMEX87245P544

RetirementTSMOX87245P551


On a sector basis, energy and real estate were the topcontributors to the Fund's relative results in the firstquarter, reflecting favorable stock selection. Anoverweight allocation to health care, coupled withpositive stock picks within the sector, also helped.

As identified by the Fund's quantitative model,companies with a medium-risk profile benefitedperformance. Stocks with positive broker-relatedsentiment helped returns in the medium-risk group.Those with positive trends aided results in the high-riskgroup.

Among individual names, the Fund's top threecontributors were overweights: cloud-centrictechnology companies RingCentral, Inc. and Five9, Inc.,and biotech firm Seattle Genetics, Inc. Each of theseholdings delivered positive returns that handilyoutperformed the benchmark.

In terms of sectors, information technology, industrialsand consumer staples were the biggest detractors fromFund performance, primarily due to unfavorablesecurity selection.

Companies with high- and low-risk profiles lagged.Those identified as having attractive fundamentalsdetracted in the high- and low-risk groups. Stocks in thelow-risk group with attractive sentiment alsounderperformed.

Regarding individual positions, gambling technologyprovider Everi Holdings, Inc., travel technologycompany Sabre Corp. and mortgage insurer NMIHoldings, Inc. were the Fund's top detractors. All threesuffered outsized losses during the first quarter. TheFund exited Everi during the period.

The Fund underperformed its benchmark, theRussell 2500 Index, during the quarter.

After rallying through mid-February, U.S. equitiesfell swiftly and sharply in the face of the COVID-19pandemic, closing out the quarter with large losses.Small caps lagged both mid and large caps.

All of the Russell 2500's 11 sectors posteddouble-digit declines for the period. Health careperformed better than other sectors, while energysuffered the steepest losses amid plunging oilprices.

Portfolio reviewThe Fund's quantitative investment process monitored a rangeof market factors to drive stock selection within the small- andmid-cap universe, with a focus on traditional data such ascompany fundamentals and fundamental mispricing, as wellas trend and sentiment-related market data. To execute thisprocess, the portfolio management team used a conditionalstock selection model based on the risk profile of the stocks inthe investable universe.

The Fund's incidental exposure to stocks with positivemomentum aided results, as did its exposure to less-liquidsecurities.


TIAA-CREF Quant Small/Mid-Cap Equity FundAs of 31 Mar 2020



GlossaryThe Russell 2500TM Index measures the performance of the 2,500 smallest companies in the Russell 3000® Index. It is not possible to invest directly in an index.CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s 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 increased price volatility as prices of small-cap stocks may be subject to more abrupt or erratic movements, and to wider fluctuations than stock

prices of larger, more established companies or 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. Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, and mid-cap risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153442PR-Q0420P MQU-CQSMCE-0320P


Sinceinception

Institutional 05 Aug 16 -31.11 -23.34 -1.60 1.78Advisor 05 Aug 16 -31.11 -23.28 -1.58 1.79Premier 05 Aug 16 -31.15 -23.44 -1.73 1.63Retail 05 Aug 16 -31.15 -23.62 -1.98 1.38Retirement 05 Aug 16 -31.18 -23.56 -1.87 1.51Russell 2500® Index -29.72 -22.47 -3.10






DexCom Inc 1.21RingCentral Inc 0.94Seattle Genetics Inc 0.92MarketAxess Holdings Inc 0.84Sun Communities Inc 0.77Teradyne Inc 0.73Encompass Health Corp 0.73Graco Inc 0.71Equity LifeStyle Properties Inc 0.71Molina Healthcare Inc 0.70


Fund description

The Fund seeks a favorable long-term total return, mainlythrough capital appreciation. It normally invests at least 80%of its assets in small-cap and mid-cap equity securities. TheFund seeks to invest in companies across a wide range ofsectors, growth rates and valuations. The Fund's managementteam seeks to add incremental returns over its statedbenchmark index, while also managing the relative risk of theFund versus its benchmark index. The Fund’s managementteam uses proprietary quantitative models based on financialand investment theories to evaluate and score a broaduniverse of stocks in which the Fund invests. The Fund willinvest primarily in securities within the capitalization range ofcompanies included in the Russell 2500™ Index.


Adam Cao, CFA | 23 years industry experience

Pei Chen | 30 years industry experience


TIAA-CREF Real Estate Securities FundAs of 31 Mar 2020


InstitutionalTIREX87244W797

AdvisorTIRHX87245P593

PremierTRRPX87245M327

RetailTCREX87244W771

RetirementTRRSX87244W789


Top contributors to the Fund's first-quarteroutperformance were in sectors that benefited from astay-at-home economy.

An out-of-benchmark stake in GDS Holdings, Ltd., aChina-based data center REIT, and QTS Realty Trust,Inc., an owner/operator of hyperscale data centers,were among the Fund's single largest contributors.Shares of both companies rallied in the face of theglobal pandemic given the increased need for internetconnectivity and cloud-computing solutions.

Industrial REIT Rexford Industrial Realty, Inc. handilyoutperformed the benchmark. Its portfolio ofhigh-quality assets located in the heart of greater LosAngeles have historically thrived due to growingdemand for "last-mile delivery" services. This trend wasmagnified as shelter-in-place mandates made onlineshopping a necessity for many consumers.

Among individual holdings, an underweight in datacenter REIT Digital Realty Trust, Inc.—one of thebenchmark's top performers during thequarter—detracted the most from the Fund's relativeresults. Like contributors GDS Holdings and QTSRealty, Digital Realty benefited from the heighteneddemand for services provided by data centers.

The second-largest detractor was strip center retailREIT SITE Centers Corp. The company slumped badlyalong with the broader retail property sector given thedevastating economic effects of orders closingnon-essential businesses.

Rounding out the Fund's three largest detractors washigh-quality mortgage-servicing REIT StarwoodProperty Trust, Inc. Starwood suffered outsized losses,first on fears of strained liquidity in credit markets,then due to the forced economic shutdown thatrendered many tenants unable to make mortgagepayments or pay rent.

The Fund outperformed its benchmark, the FTSENAREIT All Equity REIT Index, during the quarter.

After hitting all-time highs in mid-February, theFund's real estate investment trust (REIT)benchmark fell swiftly and sharply in the face of thecoronavirus pandemic, suffering its worst quartersince 2009. Sector performance depended largelyon the varying impact of "shelter-at-home"mandates, with lodging/resorts, retail and healthcare among the hardest hit, while data centers,industrial, and infrastructure REITs were relativeoutperformers.

Portfolio reviewDespite being a traditionally defensive sector, REITs were notimmune to the effects of the COVID-19 pandemic. Overall, theFund's first-quarter outperformance reflected ourlong-standing focus on long-term, high-qualitygrowth-oriented REITS with superior balance sheets, such asthose in manufactured housing, industrials, infrastructure(cell towers) and data centers—sectors that topped thebenchmark in the quarter. Conversely, sectors we havehistorically underweighted, including retail, lodging/resortsand health care, were disproportionately punished.

We continued to invest in high-quality companies whilelooking to prudently add to certain REITs within less-favoredproperty types that we believe can outperform in the currentenvironment.


TIAA-CREF Real Estate Securities FundAs of 31 Mar 2020



GlossaryThe FTSE Nareit All Equity REITs Index measures the performance of publicly traded real estate investment trusts in the United States that own, manage and lease investment-grade commercial real estate. It is not possible to invest direclty in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The real estate industry is greatly affected by economic downturns or by changes in real estate values, rents, property taxes, interest rates, tax treatment, regulations, or the legal structure of the REIT.

Concentrating assets in a particular industry, sector of the economy, or markets may increase volatility because the investment will be more susceptible to the impact of market, economic, regulatory, and other factors affecting that industry or sector compared with a more broadly diversified asset allocation. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, mid-cap, and small-cap risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153513PR-Q0420P MQU-CRES-0320P


Sinceinception

Institutional 01 Oct 02 -19.62 -10.16 3.39 3.35 9.32 9.35Advisor 04 Dec 15 -19.60 -10.27 3.25 4.39Premier 30 Sep 09 -19.66 -10.31 3.22 3.19 9.15 10.74Retail 01 Oct 02 -19.70 -10.41 3.05 3.03 8.98 9.09Retirement 01 Oct 02 -19.66 -10.39 3.12 3.09 9.04 9.12FTSE Nareit All Equity REITs Index -23.44 -15.93 0.06 1.99 8.58




A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited (“capped”), currently or in the past, returns would have been lower. Expense cap expiration date: 31 Jul 2020. Please see the prospectus for details.


American Tower Corp 10.09Prologis Inc 7.26Equinix Inc 6.60Crown Castle International Corp 4.88Sun Communities Inc 4.14Equity LifeStyle Properties Inc 3.86Rexford Industrial Realty Inc 3.70SBA Communications Corp 3.44Alexandria Real Estate Equities Inc 3.17Equity Residential 3.07


Fund description

The Fund seeks to obtain a favorable long-term total returnthrough both capital appreciation and current income, byinvesting primarily in equity securities of companiesprincipally engaged in or related to the real estate industry. Ittypically invests at least 80% of its assets in real estatesecurities, including those of companies that own significantreal estate assets, such as real estate investment trusts(REITs). The Fund is actively managed using aresearch-oriented investment process with a focus on cashflows and asset values. The Fund does not invest directly inreal estate. It may invest up to 15% of its assets in real estatesecurities of foreign issuers and up to 20% in equity (includingpreferred stock) and debt securities of issuers that are notengaged in or related to the real estate industry.


David Copp | 23 years industry experience

Brendan Lee | 21 years industry experience

TIAA-CREF Social Choice Equity FundAs of 31 Mar 2020


InstitutionalTISCX87244W300

AdvisorTICHX87245R128

PremierTRPSX87245M517

RetailTICRX886315738

RetirementTRSCX87244W755


The investment objective of the portfolio is to match theoverall risk characteristics and long-term performanceof the benchmark. The exclusion and overweighting ofcertain stocks, which are determined though quanti-tative modeling, produced varying effects on the Fund'sperformance versus its benchmark.

The three largest individual contributions to the Fund'srelative performance came from not owning ExxonMobil Corporation, JPMorgan Chase & Co. and BoeingCompany. All three companies are ineligible forinclusion in the Fund based on ESG criteria. While allthree significantly lagged the broad market in the firstquarter, Boeing performed the worst.

The investment objective of the portfolio is to match theoverall risk characteristics and long-term performanceof the benchmark. The exclusion and overweighting ofcertain stocks, which are determined though quanti-tative modeling, produced varying effects on the Fund'sperformance versus its benchmark.

Not owning Netflix, Inc., which posted double-digitgains and vastly outperformed the overall benchmark inthe first quarter, detracted the most from relativeperformance. The company is ineligible for inclusion inthe Fund based on ESG criteria.

Overweight positions in Schlumberger N.V. andDiscover Financial Services, both of which sufferedsteep declines, were also among the top detractors fromfirst-quarter results.

The Fund outperformed its benchmark, the Russell3000 Index, during the quarter.

After rallying through mid-February, U.S. equitiesfell swiftly and sharply to close out the quarter,posting large losses due to the COVID-19 outbreak.

On a sector basis, information technology, realestate and communication services contributed themost to the Fund's relative outperformance, drivenprimarily by beneficial stock selection. Thesecontributions were partly offset by negative stockpicks in utilities, financials and consumer staples.

Portfolio reviewThe Fund's portfolio managers use a quantitative approachto attempt to replicate, to the extent possible given the eligibleuniverse, the risk characteristics of its benchmark, the Russell3000 Index—a broad measure of the U.S. equity market whosecomposition is not subject to the environmental, social andgovernance (ESG) criteria that apply to the Fund.

All companies must meet ESG performance standards to beeligible for inclusion, favoring companies with leadership inESG performance relative to their peers. Additionally, theyare subject to an evaluation of certain controversial businessactivities and practices.


TIAA-CREF Social Choice Equity FundAs of 31 Mar 2020



GlossaryThe Russell 3000® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. It is not possible to invest directly in an index. CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The Fund will include only holdings deemed consistent with the applicable Environmental Social Governance (ESG) guidelines. As a result, the universe of investments available to the Fund will be more limited than other funds that do not apply such guidelines. ESG criteria risk is the risk that because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial

reasons, the Fund may forgo some market opportunities available to funds that don’t use these criteria. Prices of equity securities may decline significantly over short or extended periods of time. Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, mid-cap, and small-cap risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153516PR-Q0420P MQU-CSCE-0320P


Sinceinception

Institutional 01 Jul 99 -20.49 -8.25 4.36 5.60 9.48 5.13Advisor 04 Dec 15 -20.50 -8.31 4.31 6.64Premier 30 Sep 09 -20.51 -8.39 4.21 5.43 9.31 10.14Retail 31 Mar 06 -20.57 -8.52 4.07 5.30 9.17 6.53Retirement 01 Oct 02 -20.52 -8.47 4.11 5.33 9.21 8.41Russell 3000® Index -20.90 -9.13 4.00 5.77 10.15






Microsoft Corp 5.28Apple Inc 4.71Amazon.com Inc 3.74Alphabet Inc 3.31Procter & Gamble Co 1.55Intel Corp 1.40Verizon Communications Inc 1.38Merck & Co Inc 1.29UnitedHealth Group Inc 1.26Home Depot Inc 1.19


Fund description

The Fund seeks a favorable long-term total return that reflectsthe investment performance of the overall U.S. stock marketwhile giving special consideration to certain environmental,social and governance criteria ("ESG"). The Fund's evaluationprocess favors companies with leadership in ESG performancerelative to their peers. Under normal circumstances, the Fundinvests at least 80% of its assets in equity securities. The Fundattempts to achieve the return of the U.S. stock market asrepresented by its benchmark, the Russell 3000® Index,while investing only in companies whose activities areconsistent with the Fund's ESG criteria.


Jim Campagna, CFA | 29 years industry experience

Lei Liao, CFA | 16 years industry experience

TIAA-CREF Social Choice International Equity FundAs of 31 Mar 2020


InstitutionalTSONX87245R474

AdvisorTSOHX87245R326

PremierTSOPX87245R482

RetailTSORX87245R516

RetirementTSOEX87245R490


The investment objective of the portfolio is to match theoverall risk characteristics and long-term performanceof the benchmark. The exclusion and overweighting ofcertain stocks, which are determined though quantita-tive modeling, produced varying effects on the Fund'sperformance versus its benchmark.

On a sector basis, consumer staples, utilities andfinancials contributed the most to the Fund's relativeresults in the first quarter, reflecting positive stockselection within those sectors. An underweight infinancials also helped.

The three largest individual contributions came fromnot owning oil and gas company Royal Dutch Shell plc,multinational aerospace manufacturer Airbus SE, orFrench bank BNP Paribas S.A. All of these stocks, whichare ineligible for inclusion in the Fund based on ESGcriteria, posted returns that significantly lagged theoverall benchmark.


Among sectors, consumer discretionary, materials andindustrials were the largest detractors from Fundperformance, primarily because of unfavorable securityselection.

Not owning Swiss pharmaceutical company NovartisAG., which outperformed the benchmark in the firstquarter, detracted the most from relative performance.The company is ineligible for inclusion in the Fundbased on ESG criteria.

The second- and third-largest detractors wereoverweights in French automobile manufacturerRenault SA and Dutch banking and financial servicesfirm ING Groep NV. Both suffered steep declines in theperiod.

The Fund outperformed its benchmark, the MSCIEAFE Index, during the quarter.

Non-U.S. equities endured significant losses forthe quarter in the face of the global COVID-19pandemic. Based on MSCI indexes in local currencyterms, emerging markets stocks posted modestlybetter returns than their developed marketcounterparts. Eurozone equities plunged as thepace of business activity in the region fell to anall-time low. In Japan, stocks suffered as thecountry's weak economy slipped further amida drop in manufacturing activity.

Portfolio reviewThe Fund's portfolio managers use a quantitative approach toattempt to replicate, to the extent possible given the eligibleuniverse, the risk characteristics of its benchmark, the MSCIEAFE Index—a broad measure of developed internationalequity markets whose composition is not subject to theenvironmental, social and governance (ESG) criteria thatapply to the Fund.

All companies must meet ESG performance standards to beeligible for inclusion, favoring companies with leadership inESG performance relative to their peers. Additionally, they aresubject to an evaluation of certain controversial businessactivities and practices.


TIAA-CREF Social Choice International Equity FundAs of 31 Mar 2020



GlossaryThe MSCI EAFE Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance,excluding the U.S. and Canada. It is not possible to invest directly in an index.CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The Fund will include only holdings deemed consistent with the applicable Environmental Social Governance (ESG) guidelines. As a result, the universe of investments available to the Fund will be more limited than other funds that do not apply such guidelines. ESG criteria risk is the risk

that because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that don’t use these criteria. Prices of equity securities may decline significantly over short or extended periods of time. Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, large-cap, and mid-cap risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153528PR-Q0420P MQU-CSIE-0320P


Sinceinception

Institutional 07 Aug 15 -22.29 -12.53 -1.48 -0.51Advisor 04 Dec 15 -22.36 -12.65 -1.53 0.57Premier 07 Aug 15 -22.34 -12.67 -1.61 -0.66Retail 07 Aug 15 -22.40 -12.87 -1.82 -0.86Retirement 07 Aug 15 -22.40 -12.77 -1.72 -0.77MSCI EAFE® Index -22.83 -14.38 -1.82






Nestle SA 2.83Roche Holding AG 2.18Toyota Motor Corp 1.43AstraZeneca PLC 1.26SAP SE 1.19ASML Holding NV 1.18Sanofi 1.10Novo Nordisk A 1.09TOTAL SA 1.05CSL Ltd 0.97


Fund description

The Fund seeks a favorable long-term total return that reflectsthe investment performance of the overall foreign equitymarkets while giving special consideration to certainenvironmental, social and governance ("ESG") criteria. TheFund's evaluation process favors international companies withleadership in ESG performance relative to their peers. Undernormal circumstances, the Fund invests at least 80% of itsassets in equity securities of foreign issuers. The Fundattempts to achieve the return of the foreign equity markets,as represented by its benchmark index, the Morgan StanleyCapital International EAFE (Europe, Australasia, Far East)Index (the "MSCI EAFE® Index") while investing incompanies whose activities are consistent with the Fund's ESGcriteria.




TIAA-CREF Social Choice Low Carbon Equity FundAs of 31 Mar 2020


InstitutionalTNWCX87245R383

AdvisorTCCHX87245R110

PremierTPWCX87245R391

RetailTLWCX87245R425

RetirementTEWCX87245R417



The three largest individual contributions to the Fund'srelative performance came from not owning ExxonMobil Corporation, JPMorgan Chase & Co. and BoeingCompany. All three companies are ineligible forinclusion in the Fund based on ESG criteria, and allsignificantly lagged the broad market in the firstquarter. Of the three, Boeing performed the worst.

The investment objective of the portfolio is to match theoverall risk characteristics and long term performanceof the benchmark. The exclusion and overweighting ofcertain stocks, which are determined though quantita-tive modeling, produced varying effects on the Fund'sperformance versus its benchmark.

Overweight positions in ONEOK, Inc., Baker HughesCompany and Royal Caribbean Cruises Ltd., each ofwhich suffered steep declines during the period, werethe top detractors from the Fund's first-quarter results.

The Fund outperformed its benchmark, the Russell3000 Index, during the quarter.

After rallying through mid-February, U.S. equitiesfell swiftly and sharply to close out the quarter,posting large losses due to the COVID-19 outbreak.

On a sector basis, an overweight in energy, alongwith strong stock selection in industrials andinformation technology, contributed the mostto the Fund's relative outperformance. Thesecontributions were partly offset by unfavorablestock picks in utilities and financials.

Portfolio reviewThe Fund's portfolio managers use a quantitative approach toattempt to replicate, to the extent possible given the eligibleuniverse, the risk characteristics of its benchmark, the Russell3000 Index—a broad measure of the U.S. equity market whosecomposition is not subject to the environmental, social andgovernance (ESG) criteria that apply to the Fund.

All companies must meet ESG performance standards tobe eligible for inclusion, favoring companies with leadershipin ESG performance relative to their peers. Companies aresubject to an evaluation of certain controversial businessactivities and practices, as well as of current and futurecarbon emissions. The aim is to construct a portfolio witha significantly lower carbon footprint than its benchmark.


TIAA-CREF Social Choice Low Carbon Equity FundAs of 31 Mar 2020



GlossaryThe Russell 3000 Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. It is not possible to invest directly in an index.CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The Fund will include only holdings deemed consistent with the applicable Environmental Social Governance (ESG) guidelines. As a result, the universe of investments available to the Fund will be more limited than other funds that do not apply such guidelines. ESG criteria risk is the risk that because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that don’t use

these criteria. The Fund’s investment will have special emphasis on companies with low current carbon emissions and limited exposure to fossil fuel reserves causing the Fund to potentially exclude certain issuers for nonfinancial reasons and forgoing some market opportunities that otherwise would be available. Prices of equity securities may decline significantly over short or extended periods of time. Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, large-cap, and mid-cap risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153534PR-Q0420P MQU-CSLC-0320P


Sinceinception

Institutional 07 Aug 15 -19.97 -6.85 4.51 6.42Advisor 04 Dec 15 -19.92 -6.93 4.43 6.83Premier 07 Aug 15 -19.93 -6.95 4.39 6.29Retail 07 Aug 15 -20.01 -7.12 4.18 6.09Retirement 07 Aug 15 -20.03 -7.04 4.25 6.15Russell 3000® Index -20.90 -9.13 4.00






Microsoft Corp 5.22Apple Inc 4.63Amazon.com Inc 3.72Alphabet Inc 3.25Procter & Gamble Co 1.51UnitedHealth Group Inc 1.42Intel Corp 1.40Verizon Communications Inc 1.38Merck & Co Inc 1.30Home Depot Inc 1.28


Fund description

The Fund seeks a favorable long-term total return that reflectsthe investment performance of the overall U.S. stock marketwhile giving special consideration to certain environmental,social and governance criteria ("ESG"), which includeadditional criteria relating to carbon emissions and fossil fuelreserves. Under normal circumstances, the Fund invests atleast 80% of its assets in equity securities. The Fund attemptsto achieve investment results that reflect the return of the U.S.stock market, as represented by its benchmark, the Russell3000® Index, while investing in companies whose activitiesare consistent with the Fund’s ESG criteria. The Fund'sevaluation process favors companies with leadership in ESGperformance relative to their peers. In addition, the Fundfavors companies that demonstrate leadership in managingand mitigating current carbon emissions and have limitedexposure to oil, gas and coal (i.e., fossil fuel) reserves.




TIAA-CREF 5-15 Year Laddered Tax-Exempt Bond FundAs of 31 Mar 2020

TIAA-CREFFUNDSMunicipal |National

InstitutionalTITIX886315860

AdvisorTIXHX87245P627

RetailTIXRX886315878


The Fund is required to keep at least 5% of its assets ineach of the 5-15 year "buckets." Prior to the healthcrisis, the Fund was well positioned for the morenormal market conditions in January and February. Asa hedge against rate increases, the Fund was slightlyoverweight toward the lower maturity buckets withstrategic positioning in high yield bonds in excess of 15years. The Fund also took advantage of opportunities inthe variable rate demand note (VRDN) and tenderoption bond markets where possible, which providedenhanced yield opportunities with limited durationextension.

After the shutdown, municipal bond funds sawunprecedented outflows. However, the Fund held amplecash to meet investor redemptions. The VRDNs webought prior to the crisis provided sufficient liquidity tokeep the Fund's long-term investments intact.Maintaining our long-term positioning helped the Fundrecoup some of its earlier losses when the market beganto stabilize in the final weeks of the quarter. We alsobought more VRDNs, taking advantage of the market'sprice dislocation, which provided attractive yieldopportunities.

The Fund's laddered structure increased its sensitivityto the disproportionate spread widening in longerduration bonds, which adversely affected relativeperformance. The Fund is required to hold bondsmaturing up to 15 years, whereas the index is composedof bonds with maturities of 1 year up to 12 years.

The Fund's credit quality positioning also detracted.Although the majority of the Fund's portfolio is investedin investment grade paper, a small weighting innon-rated and single-B rated bonds was hurt by themore pronounced spread widening among high yieldbonds relative to investment grade.

Although general obligation (GO) bonds performedrelatively well due to their higher proportion of thehighest grade (AAA and AA rated) paper, the Fund'sholdings in state GOs for New Jersey and Illinois, alongwith Chicago GOs, underperformed. Investors worriedthat these issuers could be more vulnerable in aweakening economy due to credit concerns thatpre-dated the pandemic, as well as New Jerseyemerging as another coronavirus epicenter in the U.S.

The Fund underperformed the benchmarkBloomberg Barclays 10-Year Municipal Bond Indexduring the quarter.

Municipal bond performance was negative in thefirst quarter due to significant credit spreadwidening and disproportionate volatility in March.

The Fund's longer duration positioning andexposure to lower rated, higher yielding bonds wereunfavorable in this environment.

Portfolio reviewMunicipal bond performance was negative in the first quarterdue to significant credit spread widening and intense volatilityin March. With the economy put on hold to contain thecoronavirus spread, risk aversion spiked and investors lookedto sell any asset they could, including municipal bonds. Theselloff was rampant, causing a sharp rise in yields andsignificant spread widening. Liquidity injections from theFederal Reserve and a government aid package helped themarket stabilize toward the end of March. Pre-crisis, wecontinued to manage the Fund to its 5-15 year structure,selling the shortest rung of the ladder (formerly 5 years andnow 4 years) and purchasing bonds due in 2035 (now the15-year segment). As outflows increased in March, wemanaged the cash and equivalents position to maintainliquidity to meet investor redemptions.


TIAA-CREF 5-15 Year Laddered Tax-Exempt Bond FundAs of 31 Mar 2020



GlossaryThe Bloomberg Barclays 1-10 Year Municipal Bond Index measures the performance of long-term, tax-exempt bonds. It is not possible to invest directly in an index. A basis point is one one-hundredth of one percentage point, or 0.01%. For example, 25 basis points equals 0.25%.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of 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. Municipal Obligations, Leases, and AMT-Subject Bonds: Investments in municipal obligations, leases, and private activity bonds subject to the alternative minimum tax have varying levels of public and private support. The principal and interest payments of general-obligation

municipal bonds are secured by the issuer’s full faith and credit and supported by limited or unlimited taxing power. The principal and interest payments of revenue bonds are tied to the revenues of specific projects or other entities. Federal income tax laws may limit the types and volume of bonds qualifying for tax exemption of interest and make any further purchases of tax-exempt securities taxable. U.S. State or Territory-Specific: Investments in the municipal securities of a particular state or territory may be subject to the risk that changes in the economic conditions of that state or territory will negatively impact performance. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. These and other risk considerations, such as active management, call, derivatives, income volatility, and issuer risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153432PR-Q0420P MQU-C515TEB-0320P


Sinceinception

Institutional 31 Mar 06 -2.28 2.21 3.43 2.44 3.48 3.83Advisor 04 Dec 15 -2.30 2.14 3.39 2.62Retail 31 Mar 06 -2.44 1.93 3.15 2.14 3.21 3.61Bloomberg Barclays 10-Year MunicipalBond Index -0.40 4.00 4.19 3.34 4.45

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 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 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. 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).


Institutional 0.33 0.30Advisor 0.43 0.41Retail 0.61 0.59


Credit quality (%)Fund net assets

AAA 0.21AA 15.84A 47.07BBB 19.85BB 2.22B 1.46Not Rated 10.77Short Term Investments, Other Assets & Liabilities, Net 2.58

Quality ratings are assigned in accordance with the methodology applied by the Fund's respective benchmark. Credit ratings are subject to change. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower rating of the two is assigned and if only one rating agency rates a security, that rating is assigned. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. U.S. government securities, if owned by the Fund, are included in the U.S. Treasury/Agency category (included only if applicable).

Fund description

The Fund seeks current income that is exempt from regularfederal income tax. It typically invests at least 80% of its assetsin tax-exempt bonds, a type of municipal security. The Fundwill generally invest in a laddered portfolio of tax-exemptbonds that have a final maturity between five and fifteenyears. The Fund may invest up to 20% of its assets insecurities rated below investment-grade, or unrated securitiesof comparable quality.

Portfolio managementEffective 01 August 2019, Tim Ryan was added as a portfolio manager on the Fund.

Joel Levy | 17 years industry experience

Timothy Ryan, CFA | 37 years industry experience

TIAA-CREF Core Bond FundAs of 31 Mar 2020

TIAA-CREFFUNDSGlobal FixedIncome

InstitutionalTIBDX87244W607

AdvisorTIBHX87245P718

PremierTIDPX87245M491

RetailTIORX886315712

RetirementTIDRX886315720


Security selection contributed to results in theinvestment grade credit sector. Although the Fund hadsignificant exposure in BBB rated securities withininvestment grade, the underlying quality of ourholdings was better on a relative basis. The Fund hadmore exposure in issuers with the financial flexibility tobetter weather a recession.

Although we began the period conservatively positionedwith an emphasis on higher-quality holdings and lowerhigh yield and EM debt exposure, results were hurt by asignificant Treasury underweight and broadoverweights in corporates, including investment grade,high yield and EM. Treasuries handily outperformedthese sectors, which saw spreads blow out as outflowshit record levels. Small allocations in EM sovereignsalso detracted as EM economies were hard hit.

Securitized sector overweights detracted. ABS andCMBS experienced severely dislocated markets afterrates moved lower, credit spreads moved wider andfunds were forced to sell positions. Spreads retracedsome lost ground following monetary and fiscalstimulus actions. In MBS, an agency underweight andnon-agency overweight detracted. Agency MBSunderperformed Treasuries but fared very well versuscredit and securitized sectors. After spreads wideneddramatically following mortgage REIT selling, the Fedstepped in to provide liquidity and agency MBS spreadstightened to relatively rich levels.

Our shorter-than-benchmark duration and yield curvepositioning hindered results due to falling rates and ourunderweight in 30-year Treasuries.

The Fund underperformed its benchmark, theBloomberg Barclays U.S. Aggregate Bond Index,during the quarter.

Security selection contributed within theinvestment grade credit sector.

Detractors included underweights in Treasuriesand agency residential mortgage-backed securities(MBS), and broad overweights in spread sectors,including corporate bonds, asset-backed securities(ABS), commercial mortgage-backed securities(CMBS) and emerging market (EM) debt. Durationand yield curve positioning also detracted.

Portfolio reviewThe health crisis became an economic and financial crisis thatwas exacerbated by the oil collapse. Global central banksresponded quickly with rate cuts, bond purchases and recordstimulus. In the flight to quality, our emphasis on spreadsectors did not fare well. Underweights to Treasuries andagency MBS increased as we sold these more liquid, FederalReserve (Fed) supported securities to increase cash reserves.Investment grade corporate exposure increased by 3% and thesector offered better value after spread widening and supportfrom Fed purchases in shorter and higher-quality segments.Before the crisis, we increased ABS by 3% because of expectedconsumer strength. High yield and leveraged loan exposurewas modest at 2.4% with hedges, while total EM (investmentgrade and high yield) was 4.6%. We brought the Fund'sduration close to neutral versus the benchmark.


TIAA-CREF Core Bond FundAs of 31 Mar 2020



GlossaryThe Bloomberg Barclays U.S. Aggregate Bond Index tracks the performance of U.S. investment-grade bonds. It is not possible to invest direclty in an index.CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Fixed-income securities may be susceptible to general movements in the bond market and are subject to credit and interest rate risks. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of 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 of falling

interest rates. Investments in below investment grade or high yield securities are subject 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 improvement in its credit quality or falling interest rates. In this event, this principal may have to be reinvested in securities with lower interest rates than the original securities, reducing the potential for income. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as active management, derivatives, extension, illiquid investments, issuer, and income volatility risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1151822PR-Q0420P MQU-CBF-0320P


Sinceinception

Institutional 01 Jul 99 -0.91 4.75 3.65 3.05 4.08 5.01Advisor 04 Dec 15 -0.94 4.61 3.57 3.64Premier 30 Sep 09 -0.85 4.60 3.52 2.90 3.93 3.93Retail 31 Mar 06 -0.86 4.52 3.37 2.76 3.78 4.26Retirement 31 Mar 06 -0.85 4.56 3.41 2.81 3.82 4.25Bloomberg Barclays U.S. AggregateBond Index 3.15 8.93 4.82 3.36 3.88






U.S. Treasury / U.S. Agency (Including Agency MBS) 22.44AAA 12.48AA 8.38A 16.63BBB 24.63BB 2.46B 1.80Below B 0.42Not Rated 1.52Short Term Investments, Other Assets & Liabilities, Net 9.24


Fund description

The Fund invests in a broad spectrum of fixed income,including U.S. government, corporate bonds and asset-backedsecurities. The team aims to outperform by identifyingundervalued bonds, using a top-down framework to identifybest value sectors and rigorous bottom-up analysis ofindividual bonds.

Portfolio managementEffective 01 August 2019, Jason O’Brien was added as a portfolio manager on the Fund.

Joseph Higgins, CFA | 25 years industry experience

John Cerra | 35 years industry experience

Jason O'Brien, CFA | 27 years industry experience

TIAA-CREF Core Impact Bond FundAs of 31 Mar 2020


InstitutionalTSBIX87245R672

AdvisorTSBHX87245P635

PremierTSBPX87245R680

RetailTSBRX87245R714

RetirementTSBBX87245R698


Interest rate positioning contributed favorably toresults. The portfolio had a slightly longer duration thanits benchmark, which increased its interest ratesensitivity. This was beneficial after rates fell sharplybased on the negative impact of the pandemic and theassociated aggressive monetary policy reaction by theFed. In terms of yield curve positioning, weunderweighted securities in the 20-year segment of thecurve and overweighted 30-year securities, which alsoproved helpful in light of the curve's steepening duringthe quarter.

The Fund also benefited from intra-day trading duringthe quarter. The significant spike in market volatilityprovided our team with increased trading opportunitiesthat were additive to performance.

Although the Fund's overweight allocation to spreadproducts detracted from performance, our securityselection was helpful. The generally up-in-quality biasof our holdings across the portfolio benefited during thequarter's risk-off sentiment. The Fund's qualitypositioning was reflected in our emphasis on creditshigher in the capital structure or in higher-rated, moresecure segments within deals.

The Fund's overweight allocation to spread productswas the cause of its underperformance versus thebenchmark, including investment grade corporatebonds, taxable municipal bonds and supranational,sub-sovereign and agency (SSA) bonds. As noted above,the market recoiled from risk assets broadly andliquidity dried up due to the rapid, material negativeimpact of coronavirus pandemic on the global economy.Along the same lines, we continued to significantlyunderweight U.S. Treasury securities and agencymortgage-backed securities (MBS) during the quarter,which proved detrimental due their substantialoutperformance of spread sectors.

The Fund underperformed its benchmark, theBloomberg Barclays U.S. Aggregate Index, duringthe quarter. Results varied by share class. Interestrate positioning, intra-day trading and securityselection benefited results, while sector allocationsdetracted.

Markets recoiled from risk assets due to thedevastating impact of the pandemic on the globaleconomy. The Federal Reserve (Fed) actedaggressively to address unprecedented marketdislocations and severely strained liquidity thataffected Treasuries, short-term funding markets,global credit, currency and equity markets.

Portfolio reviewThe Fund remained broadly diversified with overweights tospread sectors tempered by an up-in-quality bias among itsholdings. Despite more attractive spreads, we continued tofavor securities that allowed us to get closer to high-qualityassets and cash flows because of the volatile marketenvironment. We kept duration flat to slightly long versus thebenchmark with the portfolio positioned to benefit from aflatter yield curve. Holdings continued to be selected based onour impact framework or on environmental, social andgovernance (ESG) leadership criteria. Impact investmentssupport direct and measurable outcomes in the areas ofaffordable housing, community and economic development,renewable energy and climate change, and natural resources.The Fund's impact holdings slightly increased to around 40%of portfolio assets.


TIAA-CREF Core Impact Bond FundAs of 31 Mar 2020



GlossaryThe Bloomberg Barclays U.S. Aggregate Bond Index tracks the performance of U.S. investment-grade bonds. It is not possible to invest direclty in an index.CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The Fund will include only holdings deemed consistent with the applicable Environmental Social Governance (ESG) guidelines. As a result, the universe of investments available to the Fund will be more limited than other funds that do not apply such guidelines. ESG criteria risk is the risk that because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that don’t use these criteria. Credit risk arises from an issuer’s ability to make interest and principal

payments when due, as well as the prices of 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 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 improvement in its credit quality or falling interest rates. In this event, this principal may have to be reinvested in securities with lower interest rates than the original securities, reducing the potential for income. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. These and other risk considerations, such as active management, extension, issuer, illiquid investments, income volatility, and derivatives risk, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153352PR-Q0420P MQU-CSCB-0320P


Sinceinception

Institutional 21 Sep 12 -0.79 4.74 3.78 2.94 3.39Advisor 04 Dec 15 -0.81 4.64 3.70 3.52Premier 21 Sep 12 -0.83 4.57 3.61 2.79 3.24Retail 21 Sep 12 -0.85 4.35 3.46 2.64 3.08Retirement 21 Sep 12 -0.85 4.38 3.49 2.68 3.13Bloomberg Barclays U.S. Aggregate BondIndex 3.15 8.93 4.82 3.36








Fund description

This actively managed core bond fund invests across theinvestment grade, U.S.-dollar fixed income market insecurities that demonstrate environmental, social andgovernance (ESG) leadership and/or direct and measurableenvironmental and social impact.

Portfolio managementEffective 01 August 2019, Jessica Zarzycki was added as a portfolio manager on the Fund.

Stephen Liberatore, CFA | 25 years industry experience

Joseph Higgins, CFA | 25 years industry experience

Jessica Zarzycki, CFA | 15 years industry experience

TIAA-CREF Core Plus Bond FundAs of 31 Mar 2020


InstitutionalTIBFX886315506

AdvisorTCBHX87245P684

PremierTBPPX87245M483

RetailTCBPX886315407

RetirementTCBRX886315605


Although the overall allocation to the taxable municipalbond sector detracted during the quarter due toilliquidity within the segment during the downturn,security selection contributed favorably. Several taxablemunicipal bond new issues performed reasonably welllate in the quarter as a combination of monetary andfiscal support supported investment grade marketsmore broadly. Also, the segment was a good diversifieras holdings outperformed high yield and investmentgrade credit.

The Fund also benefited slightly from our removal of ahigh yield hedge in February, although it would havebeen more impactful if held through the start of the oilprice war between Russia and Saudi Arabia andsubsequent selloff across markets in March.

The primary performance detractor was a significantTreasury and agency MBS underweight and broadexposure to corporate credit, particularly EM and highyield as all spread sectors generated severely negativeexcess returns. Spreads widened dramatically in EMand high yield as outflows hit record levels, causingsubstantial underperformance. EM was particularlyhard hit by liquidity and solvency concerns as a dollarfunding squeeze played out across markets andpressure on the global commodities complexdisproportionately weighed on EM. The agency MBSunderweight detracted as the segment fared very wellversus credit and securitized sectors, although itunderperformed Treasuries.

Securitized sectors experienced severely dislocatedmarkets after rates moved lower, credit spreads movedwider and liquidity dried up. Spreads retraced some lostground following monetary and fiscal stimulus actions.Selection detracted in consumer-related ABS segmentssuch as timeshares, restaurants and airline leases.Subordinate positions in CMBS also underperformed.

The Fund's modestly shorter duration versus the indexhurt results due to falling rates, and was only slightlyoffset by somewhat favorable yield curve positioning.

The Fund underperformed its benchmark, theBloomberg Barclays U.S. Aggregate Bond Index,during the quarter.

Contributors included security selection within thetaxable municipal bond sector and use of high yieldhedges. Detractors included corporate credit,primarily emerging market (EM) and high yieldbonds, as well as security selection amongasset-backed securities (ABS) and commercialmortgage-backed securities (CMBS). Underweightsin Treasuries and agency residentialmortgage-backed securities (MBS) and a shortduration also hurt results.

Portfolio reviewThe health crisis became an economic and financial crisis thatwas exacerbated by the oil collapse. Global central banksresponded quickly with rate cuts, bond purchases and recordstimulus. In the flight to quality, our emphasis on spreadsectors did not fare well. Underweights to Treasuries andagency MBS increased as we sold these more liquid, FederalReserve (Fed) supported securities to add exposure in spreadsectors and increase cash reserves. We increased investmentgrade corporate exposure by 4.5%, mostly in long durationsecurities that performed nicely after the Fed supported thesector. We increased ABS, CMBS and non-agency MBS basedon fundamental conviction and attractive valuations.Combined high yield and leveraged loan exposure ended at 6%after hedges were removed in February, while total EM(investment grade and high yield) was also 6%. Wemaintained a modestly short duration.


TIAA-CREF Core Plus Bond FundAs of 31 Mar 2020



GlossaryThe Bloomberg Barclays U.S. Aggregate Bond Index tracks the performance of U.S. investment-grade bonds.It is not possibile to invest directly in an index.CFA® and Chartered Financial Analyst® are registed trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Fixed-income securities may be susceptible to general movements in the bond market and are subject to credit and interest rate risks. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of 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 of falling

interest rates. Investments in below investment grade or high yield securities are subject 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 improvement in its credit quality or falling interest rates. In this event, this principal may have to be reinvested in securities with lower interest rates than the original securities, reducing the potential for income. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as active management, derivatives, extension, illiquid investments, issuer, and income volatility risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153311PR-Q0420P MQU-CBP-0320P


Sinceinception

Institutional 31 Mar 06 -2.26 3.31 3.31 2.90 4.24 4.46Advisor 04 Dec 15 -2.28 3.24 3.24 3.51Premier 30 Sep 09 -2.30 3.16 3.16 2.75 4.09 4.27Retail 31 Mar 06 -2.33 2.90 2.99 2.58 3.92 4.20Retirement 31 Mar 06 -2.23 3.06 3.09 2.66 3.99 4.21Bloomberg Barclays U.S. AggregateBond Index 3.15 8.93 4.82 3.36 3.88








Fund description

The Fund allocates to core bonds, and can invest up to 30% inhigher yield, non-benchmark securities to seek strongrisk-adjusted total returns. An experienced team seeks tooutperform through top down and bottom up analytics,identifying undervalued fixed income securities across a broadspectrum.

Portfolio managementEffective 01 August 2019, Anupam Damani was added as a portfolio manager on the Fund.

William Martin | 24 years industry experience

Kevin Lorenz, CFA | 33 years industry experience


Anupam Damani, CFA | 25 years industry experience

TIAA-CREF Emerging Markets Debt FundAs of 31 Mar 2020


InstitutionalTEDNX87245R581

AdvisorTEDHX87245R318

PremierTEDPX87245R599

RetailTEDLX87245R623

RetirementTEDTX87245R615


Contributions to the Fund's relative performancecame from a variety of sources. Selections within localcurrency added to results. Within corporates, anunderweight in Mexico (reflecting our below-bench-mark exposure to state-owned oil company Pemex) andoverweight in Brazil also contributed.

There was a wide dispersion of returns among local-market sovereigns, with Egypt, Peru and Kenyacontributing. Argentina rallied, and the Fund benefitedfrom exposure to an inflation-linked security there.

Our allocation to local-currency corporates, where thefund had marginal exposure, was helped by a positionin Peru.

Within corporates, an underweight in Kazakhstan andout-of-benchmark selections in Israel also aided Fundreturns.

Among hard-currency sovereigns, an overweight inUzbekistan was a strong contributor.

Corporate selections were the Fund's primarydetractors, particularly in Brazil, where we hadestablished an overweight based on improvements ineconomic and fiscal reforms. An out-of-benchmarkallocation to underperforming local-currency marketsalso detracted.

Among hard-currency sovereigns, an overweight inoil-sensitive countries such as Ecuador and Angola hurtrelative performance. Underweights in lower-beta (lessvolatile) sovereign issuers Poland, the Philippines,Qatar and Peru detracted as well.

In corporate and quasi-sovereign sectors, energy and oilproducers in Ghana, Brazil, Colombia and Indonesiawere a drag on results. Underweighting lower-betaChinese and Malaysian quasi-sovereigns also hinderedreturns. Latin American holdings tied to the belea-guered travel sector—including airport debt in Ecuadorand the Dominican Republic, as well as Chilean andMexican airlines—detracted.

High yield corporate and quasi-sovereign exposures ingeneral weighed on performance. Among these were alogistics holding in Brazil, a commodity company inIndia and a diamond miner in South Africa.

The Fund underperformed its benchmark, theJPMorgan Emerging Markets Bond GlobalDiversified Index (EMBI GD), during the quarter.

Emerging markets (EM) debt sold off in the firstquarter as the dual shocks of COVID-19 andplunging oil prices took a heavy toll. Volatilityspiked, the U.S. dollar surged and liquidityevaporated across markets. Economic lockdowns tocontain the virus likely triggered a global recession,while an oil price war between Saudi Arabia andRussia exacerbated a global supply glut just asdemand for oil was collapsing due to the pandemic.

Portfolio reviewDuring the quarter, we modestly increased the Fund'sexposure to corporates, which represented slightly morethan half of the portfolio's assets. We decreased our local-currency sovereign exposure to slightly below 10%. (Totalnon-U.S. dollar exposure, which includes our allocation tolocal-currency corporates, was just below 11%.) In March,cash levels increased in response to spiking volatility.

Our asset allocation included out-of-benchmark corporatesand local-currency debt, which exhibited relative value advan-tages compared to U.S. investment grade and high yield credit,as well as to developed-market rates. The Fund's durationstance remained shorter than the benchmark's. Credit qualitywas slightly more aggressive in aggregate relative to thebenchmark.


TIAA-CREF Emerging Markets Debt FundAs of 31 Mar 2020



GlossaryThe J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index tracks total returns for U.S.-dollar denominated debt instruments issued by emerging market sovereign entities. It is not possible to invest directly in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Investments in debt securities issued or guaranteed by governments or governmental entities are subject to the risk that an entity may delay or refuse to pay interest or principal on its sovereign debt because of cash flow problems, insufficient foreign reserves, or political or other considerations. In this event, there may be no legal process

for collecting sovereign debts that a governmental entity has not repaid. Non-diversified funds invest in a limited number of issuers and are therefore more vulnerable to changes in the market value of a single issuer or group of issuers than diversified funds. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of 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 of falling interest rates. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. These and other risk considerations, such as active management, call, derivatives, illiquid investments, issuer, and income volatility risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153398PR-Q0420P MQU-CEMD-0320P


Sinceinception

Institutional 26 Sep 14 -18.22 -10.40 -0.72 2.39 1.91Advisor 04 Dec 15 -18.20 -10.44 -0.76 3.31Premier 26 Sep 14 -18.18 -10.53 -0.87 2.22 1.74Retail 26 Sep 14 -18.22 -10.68 -1.04 2.07 1.58Retirement 26 Sep 14 -18.21 -10.63 -0.94 2.14 1.66J.P. Morgan Emerging Markets Bond Index(EMBI) Global Diversified -13.38 -6.84 0.42 2.82






AA 1.06A 6.43BBB 30.97BB 25.81B 22.37Below B 4.52Not Rated 5.06Short Term Investments, Other Assets & Liabilities, Net 3.78

Quality ratings are assigned in accordance with the methodology applied by the Fund's respective benchmark. Credit ratings are subject to change. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle rating (after dropping the highest and lowest ratings) is assigned; if two of the three agencies rate a security, the lower rating of the two is assigned and if only one rating agency rates a security, that rating is assigned. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. U.S. government securities, if owned by the Fund, are included in the U.S. Treasury/Agency category (included only if applicable). Short term investments may include securities issued by foreign governments.

Fund description

The Fund offers broad, diversified exposure to emerging debtmarkets through an active and disciplined investment processthat spans hard currency sovereign, hard currency corporatesand local currency investments.


Katherine Renfrew | 28 years industry experience

Anupam Damani | 25 years industry experience

TIAA-CREF Green Bond FundAs of 31 Mar 2020


InstitutionalTGRNX87249N883

AdvisorTGRKX87249N875

PremierTGRLX87249N867

RetailTGROX87249N842

RetirementTGRMX87249N859


Interest rate positioning contributed modestly toresults. The portfolio had a slightly longer duration thanits benchmark, which increased its interest-ratesensitivity. This was beneficial after rates fell sharplybased on the negative impact of the pandemic and theassociated aggressive monetary policy reaction by theFed. An overweight to the 30-year key rate duration(KRD) helped as well.


The rapid, materially negative impact of the coronaviruspandemic on the global economy drove a steep declinein risk assets and the evaporation of market liquidityacross asset classes.

Against this backdrop, the Fund's overweight allocationto spread products—including investment grade corpo-rate bonds, taxable municipal bonds and supranational,sub-sovereign and agency (SSA) bonds—was the causeof its underperformance versus the benchmark.

Along the same lines, we continued to significantlyunderweight U.S. Treasury securities during thequarter, which proved detrimental due their substantialoutperformance of spread sectors.

Security selection also detracted from Fundperformance, as relatively higher-beta (more volatile)positioning was negatively impacted during the period.

The Fund underperformed its benchmark, theBloomberg Barclays MSCI U.S. Green Bond Index,during the quarter.

Markets recoiled from risk assets due to thedevastating impact of the COVID-19 pandemic onthe global economy. The Federal Reserve (Fed)acted aggressively to address unprecedentedmarket dislocations and severely strained liquiditythat affected Treasuries, short-term fundingmarkets, global credit, currency and equitymarkets.

Portfolio reviewPortfolio holdings are selected based on our impact frame-work with a focus on high-quality bonds that fit within ourenvironmental themes: undervalued climate-aligned andsustainable bonds whose proceeds support direct andmeasurable outcomes in (1) renewable energy & climatechange and (2) natural resources.

There were no significant changes to the Fund's positioning.The portfolio remained broadly diversified as of quarter-end.An overweight in spread sectors was tempered by a conser-vative risk profile, expressed in part through our continuingup-in-credit-quality bias. Relative to the benchmark, we endedthe period with a slightly longer duration stance and flatteryield-curve profile.


TIAA-CREF Green Bond FundAs of 31 Mar 2020



GlossaryBloomberg Barclays MSCI U.S. Green Bond Index offers investors an objective and robust measure of the global market for fixed income securities issued to fund projects with direct environmental benefits. An independent research driven methodology is used to evaluate index-eligible green bonds to ensure they adhere to established Green Bond Principles and to classify bonds by their environmental use of proceeds. It is not possible to invest directly in an index. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Because the Fund seeks to invest primarily in “green” investments, the Fund’s investment criteria may exclude securities of certain issuers for nonfinancial reasons and forgo some market opportunities available to funds that do not use these criteria. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of 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. Investment in financial instruments of foreign issuers involves increased risks due to adverse issuer, political, regulatory, currency, market or economic developments. These risks are heightened in emerging markets. Securities issued by the US. Government or one of its agencies or instrumentalities may receive varying levels of support from the U.S. Government, which could affect the Fund’s ability to recover should they default. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. These and other risk considerations, such as derivatives, extension, and market volatility, liquidity and valuation risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153413PR-Q0420P MQU-CGBF-0320P

Average annualized total returns (%)Inceptiondate QTD 1 year Since inception

Institutional 16 Nov 18 -2.43 2.94 5.63Advisor 16 Nov 18 -2.43 2.93 5.58Premier 16 Nov 18 -2.46 2.79 5.47Retail 16 Nov 18 -2.49 2.69 5.37Retirement 16 Nov 18 -2.47 2.77 5.46Bloomberg Barclays MSCI U.S. Green Bond Index 0.98 6.72








Fund description

This actively managed “green” bond fund invests primarilyacross the investment grade, U.S.-dollar fixed income marketin bonds that demonstrate direct and measurableenvironmental impact.




TIAA-CREF High-Yield FundAs of 31 Mar 2020


InstitutionalTIHYX886315795

AdvisorTIHHX87245P676

PremierTIHPX87245M467

RetailTIYRX886315811

RetirementTIHRX886315787


The services, transportation and financials sectorscontributed the most to the Fund's relative perfor-mance. Results in services and financials were driven bystrong security selection, while our outperformance intransportation reflected an underweight in the sector,one of the hardest-hit by coronavirus-relatedrestrictions.

Among the largest individual contributors was anoverweight in PetSmart Inc., a specialty retailer thatis viewed as more defensive. In an environment thatforced many brick-and-mortar chains to shutter storesor scale back operating hours, PetSmart also benefitedfrom its online retailer, Chewy.com.

Zero weightings in energy companies DCP Midstreamand Callon Petroleum, whose bond prices fell dramati-cally during the quarter, made strong contributionsas well.

Among sectors, energy was by far the largest detractorfrom relative performance, mainly due to the Fund'soverweight position. Within energy, while we wereunderweight the heavily impacted exploration andproduction (E&P) subsector, individual names withinthe E&P space were the primary detractors, led byout-of-benchmark holding California Resources andan overweight in Denbury Resources.

From an allocation perspective, the Fund's underweightin telecomm and consumer goods, which declined lessthan most sectors, hurt performance as well. Ourpositioning in health care also detracted, as we wereunderweight managed care, a more defensive subsector.

In terms of out-of-benchmark allocations, our expo-sure to CCC rated credits and a modest weighting incommon stock were both drags on performance. Ourallocation to loans also detracted, as persistent outflowsfrom that sector made for an extremely challengingtechnical environment.

The Fund underperformed its benchmark, the ICEBofA BB-B US Cash Pay High Yield ConstrainedIndex, during the quarter.

Risk sentiment reversed sharply in the first quarteramid the COVID-19 pandemic. High yield marketsplummeted, suffering one of their worst quarterson record. Their decline was exacerbated byplunging oil prices as OPEC+ talks collapsed and aprice war ensued between Russia and Saudi Arabia.High yield bonds lagged investment grade creditsbut outperformed equities. Reflecting the risk-offtone, CCC rated credits trailed BB and B issues.

Portfolio reviewWe entered the first quarter with a more defensive postureand a shorter overall duration relative to the benchmark, butthis did not mitigate the extreme volatility that prevailed inhigh yield markets. We ended the period with a higher-qualitybias and maintained diversification across BB and B ratedcredits. Our allocation to out-of-benchmark, lower-rated(C to CCC+) securities was smaller than in the prior period.Our largest increase in active weight was in tech hardware andequipment, while the biggest decreases were in energy-relatedsubsectors. Support services was our top sector overweight;our largest sector underweight was food – wholesale. Weadded modestly to bank loans during the period as relativevalue opportunities presented themselves. Cash levels werehigher than at the end of the previous quarter.


TIAA-CREF High-Yield FundAs of 31 Mar 2020



GlossaryThe ICE BofAML BB-B U.S. Cash Pay High Yield Constrained Index is a market-weighted index that measures the performance of interest-paying bonds that have a credit rating of BB or B. It is not possible to invest direclty in an index. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is expected to deteriorate. Investments in below

investment grade or high yield securities are subject to liquidity risk and heightened credit risk. Interest rate risk occurs when interest rates rise causing bond prices to fall. The Fund’s income could decline during periods of falling interest rates. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as active management, call, derivatives, illiquid investments, issuer, and income volatility risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1151796PR-Q0420P MQU-CHY-0320P


Sinceinception

Institutional 31 Mar 06 -14.27 -7.96 0.25 2.23 5.27 5.75Advisor 04 Dec 15 -14.31 -8.08 0.10 3.45Premier 30 Sep 09 -14.29 -8.09 0.11 2.10 5.13 5.67Retail 31 Mar 06 -14.37 -8.27 -0.07 1.95 4.99 5.52Retirement 31 Mar 06 -14.32 -8.19 -0.03 1.98 5.01 5.48ICE BofAML BB-B U.S. Cash Pay HighYield Constrained Index -11.87 -5.51 1.29 2.92 5.61






BBB 0.07BB 38.60B 42.48Below B 4.44Not Rated 2.05Short Term Investments, Other Assets & Liabilities, Net 12.36

Quality ratings are assigned in accordance with the methodology applied by the Fund's respective benchmark. Credit ratings are subject to change. If all three of Moody’s, S&P, and Fitch provide a rating for a security, a simple average of the ratings is assigned; if two of the three agencies rate a security, an average of the two is assigned and if only one rating agency rates a security, that rating is assigned. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. U.S. government securities, if owned by the Fund, are included in the U.S. Treasury/Agency category (included only if applicable).

Fund description

The Fund seeks high current income with at least an 80%allocation (under normal circumstances) to lower-rated,higher-yielding fixed income securities including bonds fromU.S. and non-U.S. issuers, bank loans, convertibles andpreferred securities.


Kevin Lorenz, CFA | 33 years industry experience

Jean Lin, CFA | 26 years industry experience

TIAA-CREF Inflation-Linked Bond FundAs of 31 Mar 2020


InstitutionalTIILX87244W482

AdvisorTIIHX87245P668

PremierTIKPX87245M459

RetailTCILX87244W474

RetirementTIKRX886315696


Exposure to out-of-benchmark nominal Treasurysecurities, which outperformed their TIPS counterpartsduring the quarter, contributed positively to the Fund'srelative performance. Our modestly longer durationposture in a declining interest-rate environment alsohelped.

The Fund's non-benchmark holdings inmortgage-backed securities (MBS) detracted the mostfrom relative results for the quarter. MBS lagged theTIPS market amid unprecedented volatility prior to theFed's intervention late in the period.

The Fund outperformed its benchmark, theBloomberg Barclays U.S. Treasury InflationProtected Securities (TIPS) 1-10 Year Index, in thequarter.

The TIPS benchmark posted only a modestfirst-quarter return, underperforming the broadU.S. investment-grade market and nominalTreasuries of similar duration. Breakeven inflationlevels—the difference in yields on nominalTreasuries and TIPS of similar duration, and agauge of expected future inflation rates—declinedsharply, due primarily to plunging oil prices.

Portfolio reviewGiven the Fund's investment objective, its overall portfoliocharacteristics remained largely in line with the benchmark's.

As of quarter-end, we maintained the portfolio'sneutral-to-slightly-longer duration stance in anticipation offalling long-term yields. We also continued to hold modestexposures to out-of-index nominal Treasuries andgovernment-related agency securities.


TIAA-CREF Inflation-Linked Bond FundAs of 31 Mar 2020



GlossaryThe Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index tracks the performance of inflation-protected securities issued by the U.S. Treasury with maturity dates of more than 1 year and less than 10 years. It is not possible to invest direclty in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Interest rate risk occurs when interest rates rise causing bond prices to fall. The Fund’s income could decline during periods of falling interest rates. The risk that interest payments on, or market values of, inflation-indexed investments decline because of a decline in inflation (or deflation) or

changes in investors’ and/or the market’s inflation expectations. In addition, inflation indices may not reflect the true rate of inflation. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is expected to deteriorate. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, derivatives, and income volatility risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153381PR-Q0420P MQU-CILB-0320P


Sinceinception

Institutional 01 Oct 02 0.49 4.36 2.41 1.75 2.90 3.89Advisor 04 Dec 15 0.55 4.38 2.33 2.54Premier 30 Sep 09 0.45 4.26 2.25 1.60 2.75 2.82Retail 01 Oct 02 0.51 4.07 2.07 1.44 2.60 3.66Retirement 31 Mar 06 0.42 4.18 2.14 1.49 2.64 3.37Bloomberg Barclays U.S. TreasuryInflation Protected Securities (TIPS)1-10 Year Index 0.31 4.50 2.54 2.18 2.52






U.S. Treasury / U.S. Agency (Including Agency MBS) 98.11Not Rated 0.31Short Term Investments, Other Assets & Liabilities, Net 1.58


Fund description

The Fund aims to outpace inflation by investing in U.S.Treasury inflation-indexed securities and other governmentand corporate inflation-linked bonds.

Portfolio managementEffective 01 August 2019, Chad Kemper was added as a portfolio manager on the Fund.


Nicholas Travagalino | 23 years industry experience

Chad Kemper | 21 years industry experience

TIAA-CREF International Bond FundAs of 31 Mar 2020


InstitutionalTIBWX87245P536

AdvisorTIBNX87245P528

PremierTIBLX87245P510

RetailTIBEX87245P486

RetirementTIBVX87245P494


Contributors, though limited given the markets' broadrisk-off tone, included yield-curve positioning andidiosyncratic selections.

As rates fell across the U.S. Treasury curve, the Fund'sduration and yield-curve positions in out-of-benchmarkU.S. Treasuries contributed positively. Yield-curvepositions in the euro area and Norway also added toreturns.

Within global Treasuries, selections in the U.K., Canadaand Japan helped performance.

While unhedged FX exposure detracted overall, issuesdenominated in the euro, Canadian dollar, Britishpound, Egyptian pound, Russian ruble and Chineseyuan contributed.

Our allocation to emerging markets (EM)government-related credit detracted the most.Exposure to out-of-benchmark African countries,including Angola, Ghana, Egypt and Nigeria was asignificant drag. Other out-of-benchmark allocations,including Ecuador, Ukraine and Lebanon, hurt resultsas well.

The Fund's allocation to and selections withincorporates across EM, high yield and investmentgrade debt also weighed on returns. Within EM, anoverweight in underperforming South Americancorporates was the primary detractor. Amonginvestment grade corporates, selections in midstreamenergy were a substantial negative. In the high yieldsegment, detractors were more widespread but mostprevalent in the automotive and gaming sectors.

Treasury selections in euro-area peripheral marketssuch as Greece, Portugal and Spain also detracted.

In terms of unhedged FX exposure, issuers with ahigher correlation to energy and commodities werethe largest detractors, led by holdings denominated inthe Norwegian krone, South African rand and Brazilianreal.

The Fund underperformed its benchmark, theBloomberg Barclays Global Aggregate ex-USDIndex (Hedged), during the quarter.

Financial markets were battered in the first quarteras the global COVID-19 pandemic exacted a heavyhuman and economic toll. Bond yields, stocks andoil prices plummeted, while safe-haven currenciessuch as the U.S. dollar, Japanese yen and Swissfranc strengthened in the severely risk-offenvironment. Liquidity was strained acrossmarkets and asset classes.

Portfolio reviewResponding to COVID-19, global central banks launchedquantitative easing (QE) and other monetary policy supporton a scale not seen since the 2008-09 financial crisis.Governments quickly followed by adding large-scale andtargeted fiscal stimulus in various forms to tackle the virus.During the quarter, we increased the Fund's exposure toTreasuries in both developed markets (DM) and EM, fundedprimarily by putting idle cash to work but also through modestreductions in government-related agency and government-related credit. We maintained an overweight in EM sovereignand corporate debt based on relative value metrics versustheir DM counterparts. Our unhedged currency exposuredecreased over the quarter. Overall, we sought to stay nimblein deploying credit, rates and currency levers to takeadvantage of tactical opportunities.


TIAA-CREF International Bond FundAs of 31 Mar 2020



GlossaryBloomberg Barclays Global Aggregate ex-USD Index (Hedged) provides a broad-based measure of the global investment-grade fixed income market outside of the United States. It is not possible to invest directly in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Investments in debt securities issued or guaranteed by governments or governmental entities are subject to the risk that an entity may delay or refuse to pay interest or principal on its sovereign debt because of cash flow problems, insufficient foreign

reserves, or political or other considerations. In this event, there may be no legal process for collecting sovereign debts that a governmental entity has not repaid. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of 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 of falling interest rates. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. These and other risk considerations, such as active management, call, derivatives, illiquid investments, issuer, and income volatility risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153405PR-Q0420P MQU-CIB-0320P


Sinceinception

Institutional 05 Aug 16 -3.01 2.68 3.66 2.57Advisor 05 Aug 16 -3.11 2.56 3.57 2.52Premier 05 Aug 16 -3.09 2.39 3.46 2.41Retail 05 Aug 16 -3.21 2.20 3.29 2.22Retirement 05 Aug 16 -3.11 2.43 3.40 2.32Bloomberg Barclays Global Aggregate ex-USDIndex (Hedged) 0.51 5.01 4.54

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 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 gains. For performance current to the most recent month-end visit nuveen.com. 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).





AAA 7.19AA 18.36A 34.53BBB 22.82BB 7.45B 4.94Below B 0.24Not Rated 1.37Short Term Investments, Other Assets & Liabilities, Net 3.10


Fund description

The Fund seeks to deliver attractive long-term risk-adjustedreturns through dynamic asset allocation across interest rate,credit and currency markets. The team pursues enhancedreturn and diversification by investing in corporate, emergingmarket and high yield bonds.


Anupam Damani | 25 years industry experience

John Espinosa | 18 years industry experience

TIAA-CREF Short Duration Impact Bond FundAs of 31 Mar 2020


InstitutionalTSDJX87249N834

AdvisorTSDHX87249N826

PremierTSDFX87249N818

RetailTSDBX87249N784

RetirementTSDDX87249N792


Interest rate positioning contributed modestly toresults. The portfolio had a slightly longer duration thanits benchmark, which increased its interest rate sensi-tivity. This was beneficial after rates fell sharply basedon the negative impact of the pandemic and the associ-ated aggressive monetary policy reaction by the Fed.


Although the Fund's overweight allocation to spreadproducts detracted from performance, our securityselection was helpful. The generally up-in-quality biasof our holdings across the portfolio was a benefit amidthe quarter's risk-off sentiment. The Fund's qualitypositioning was reflected in our emphasis on creditshigher in the capital structure or in higher-rated, moresecure segments within deals.

The rapid, materially negative impact of the coronaviruspandemic on the global economy drove a steep declinein risk assets and the evaporation of market liquidityacross asset classes.

Against this backdrop, the Fund's overweight allocationto spread products—including investment grade corpo-rate bonds, taxable municipal bonds and supranational,sub-sovereign and agency (SSA) bonds—was the causeof its underperformance versus the benchmark.

Along the same lines, we continued to significantlyunderweight U.S. Treasury securities during thequarter, which proved detrimental due their substantialoutperformance of spread sectors.

The Fund underperformed its benchmark, theBloomberg Barclays U.S. 1-3 Year GovernmentCredit Index, during the quarter.

Markets recoiled from risk assets in the firstquarter due to the devastating impact of theCOVID-19 pandemic. The Federal Reserve actedaggressively to address market dislocations andseverely strained liquidity. While rates fell acrossthe curve, the impact on bond prices was morepronounced at the long end. As a result, shorter-term securities represented by the Fund's bench-mark underperformed longer-maturity issues.

Portfolio reviewThe Fund remained broadly diversified with overweights tospread sectors tempered by an up-in-quality bias among itsholdings. Despite more attractive spreads, we continued tofavor securities that allowed us to get closer to high-qualityassets and cash flows because of the volatile market environ-ment. We kept duration flat to slightly long versus thebenchmark with the portfolio positioned to benefit from aflatter yield curve. Holdings continued to be selected basedon our impact framework or on environmental, social andgovernance (ESG) leadership criteria. Impact investmentssupport direct and measurable outcomes in the areas ofaffordable housing, community and economic development,renewable energy and climate change, and natural resources.The Fund's impact holdings were little changed over theperiod, making up slightly more than 40% of portfolio assets.


TIAA-CREF Short Duration Impact Bond FundAs of 31 Mar 2020



GlossaryBloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index tracks the performance of U.S. government and corporate securities with one- to three-year maturities. It is not possible to invest directly in an index.CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The Fund will include only holdings deemed consistent with the applicable Environmental Social Governance (ESG) guidelines. As a result, the universe of investments available to the Fund will be more limited than other funds that do not apply such guidelines. ESG criteria risk is the risk

that because the Fund’s ESG criteria exclude securities of certain issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that don’t use these criteria. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is expected to deteriorate. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. These and other risk considerations, such as active management, derivatives, fixed-income foreign investment, market volatility, liquidity and valuation, and U.S. Government Securities, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153356PR-Q0420P MQU-CSDIB-0320P

Average annualized total returns (%)Inceptiondate QTD 1 year Since inception

Institutional 16 Nov 18 -2.14 1.08 2.25Advisor 16 Nov 18 -2.14 1.07 2.20Premier 16 Nov 18 -2.18 0.93 2.09Retail 16 Nov 18 -2.22 0.74 1.91Retirement 16 Nov 18 -2.30 0.83 1.99Bloomberg Barclays U.S. 1-3 Year Government/CreditBond Index 1.69 4.53






U.S. Treasury / U.S. Agency (Including Agency MBS) 16.95AAA 13.07AA 14.42A 18.62BBB 22.44BB 1.54B 1.50Not Rated 7.98Short Term Investments, Other Assets & Liabilities, Net 3.48


Fund description

This actively managed short-term bond fund invests primarilyacross the investment grade, U.S.-dollar fixed income marketin securities that demonstrate direct and measurableenvironmental and social impact and/or environmental, socialand governance (ESG) leadership.




TIAA-CREF Short-Term Bond FundAs of 31 Mar 2020


InstitutionalTISIX886315803

AdvisorTCTHX87245P650

PremierTSTPX87245M475

RetailTCTRX886315704

RetirementTISRX886315886


The primary contributor to Fund results during the firstquarter was security selection in corporate credit.

Within corporates, an underweight in retailers, alongwith individual selections in this sector, added to Fundperformance. Security selection within lodging alsocontributed positively.

A longer-dated duration posture within U.S. Treasuriesproved beneficial as well.

The largest detractor from the Fund's relativeperformance was asset allocation. An overweight inspread sectors at the expense of U.S. Treasuriesdetracted significantly, as investors flocked to the safetyof U.S. government securities in the wake of COVID-19.

An out-of-benchmark allocation to securitized debt,primarily mortgage-backed securities (MBS)—which fellamid rapidly declining interest rates—detracted fromresults. Out-of-benchmark exposure to commercialmortgage-backed securities (CMBS) and asset-backedsecurities (ABS) also detracted.

The Fund's modest overweight in corporate credit alsodetracted, particularly within emerging markets.

The Fund underperformed its benchmark, theBloomberg Barclays U.S. 1-3 Year GovernmentCredit Index, during the quarter.

Returns for shorter-term securities represented bythe Fund's benchmark underperformed those oflonger-maturity issues and the broad investmentgrade bond market. While rates fell across thecurve, the impact on bond prices due to changesin rates is more pronounced at the long end. As aresult, longer-dated bond prices rallied to a greaterextent in the first quarter.

Portfolio reviewIn the first quarter, the Fund was broadly diversified in U.S.Treasuries, investment grade corporates, mortgage-backedsecurities (MBS) and other spread products offering higheryields. Our overweight in investment grade credit emphasizedowning higher quality longer maturities, paired with takingcredit risk in shorter dated securities. As an example, theportfolio held a combination of bank loans and MBS creditrisk transfer securities on the shorter end, balanced by longermaturities in U.S. Treasuries, high-credit-quality private labelMBS, covered bonds and other high-quality issues. While thiscreated somewhat barbelled interest-rate risk, overall theFund's duration reflected a neutral stance relative to itsbenchmark.


TIAA-CREF Short-Term Bond FundAs of 31 Mar 2020



GlossaryThe Bloomberg Barclays 1-3 Year Government/Credit Bond Index tracks the performance of U.S. government and corporate securities with one- to three-year maturities. It is not possible to invest direclty in an index.

A word on riskMutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of 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 of falling interest rates. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing

legal and accounting standards. 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 improvement in its credit quality or falling interest rates. In this event, this principal may have to be reinvested in securities with lower interest rates than the original securities, reducing the potential for income. Investments in below investment grade or high yield securities are subject to liquidity risk and heightened credit risk. These and other risk considerations, such as active management, derivatives, extension, illiquid investments, issuer, and income volatility risks, are described in detail in the Fund’s prospectus.Before investing, carefully consider fund investment objectives, risks, charges and expenses. For 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 Investment Management, LLC.Nuveen Securities, LLC, member FINRA and SIPC.

800.752.8700 | nuveen.com MCM-1153508PR-Q0420P MQU-CSTB-0320P


Sinceinception

Institutional 31 Mar 06 -0.76 1.95 2.02 1.82 2.09 2.83Advisor 04 Dec 15 -0.87 1.76 1.92 1.95Premier 30 Sep 09 -0.89 1.80 1.87 1.67 1.93 2.04Retail 31 Mar 06 -0.83 1.65 1.72 1.51 1.79 2.59Retirement 31 Mar 06 -0.91 1.70 1.77 1.57 1.83 2.58Bloomberg Barclays U.S. 1-3 YearGovernment/Credit Bond Index 1.69 4.53 2.58 1.90 1.62








Fund description

The Fund seeks current income by primarily investing in ablend of U.S. Treasuries and agencies and investment gradecorporate bonds with an average maturity less than 5 years.The Fund may also invest in emerging market and non-U.S.dollar denominated debt.

Portfolio managementEffective 01 August 2019, Peter Agrimson was added as a portfolio manager on the Fund.


Richard Cheng | 28 years industry experience

Peter Agrimson, CFA | 15 years industry experience

Documents

Material Structural Aspects of Variable Annuities Vs ...€¦ · The Russell 3000 Index kicked off the first quarter by extending its robust 2019 gains (+31%), rising 5.1% though