UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09301                                             
TIAA-CREF Funds
 
(Exact name of registrant as specified in charter)
730 Third Avenue
New York, New York 10017-3206
 
(Address of principal executive offices) (Zip code)
Jeremy D. Franklin, Esq.
TIAA-CREF Funds
8500 Andrew Carnegie Boulevard
Charlotte, North Carolina 28262
 
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 842‑2733
Date of fiscal year end: May 31
Date of reporting period: May 31, 2025

Item 1.
Reports to Stockholders.

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2010 Fund
Retirement Class Shares/TCLEX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $53   0.51%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2010 Fund returned 7.14% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2010 Fund Composite Index, which returned 8.55%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000® Index; 12.3% MSCI All Country World Index ex USA Investable Market Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   A position in the Nuveen Real Property Fund LP.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     7.14      5.19      4.84
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2010 Fund Composite Index
     8.55      5.39      5.24
       
S&P Target Date 2010 Index
     8.09      5.14      4.79
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $688,742,970  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
     $  2,913,688  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87244W458_AR_0525
4546352
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2010 Fund
Class R6 Shares/TCTIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $27   0.26%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2010 Fund returned 7.43% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2010 Fund Composite Index, which returned 8.55%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000® Index; 12.3% MSCI All Country World Index ex USA Investable Market Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   A position in the Nuveen Real Property Fund LP.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1-Year      5-Year      10-Year  
       
Class R6 Shares at NAV
     7.43      5.45      5.11
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2010 Fund Composite Index
     8.55      5.39      5.24
       
S&P Target Date 2010 Index
     8.09      5.14      4.79
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $688,742,970  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
     $  2,913,688  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
 
   
prospectus   •   financial statements and other information   •   fund holdings   •   proxy voting information
You can also request this information at (800) 257-8787.
 
 
886315662_AR_0525
4546352
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2010 Fund
Premier Class Shares/TCTPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Premier Class Shares
  $42   0.41%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2010 Fund returned 7.26% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2010 Fund Composite Index, which returned 8.55%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000® Index; 12.3% MSCI All Country World Index ex USA Investable Market Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   A position in the Nuveen Real Property Fund LP.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Premier Class Shares at NAV
     7.26      5.31      4.96
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2010 Fund Composite Index
     8.55      5.39      5.24
S&P Target Date 2010 Index
     8.09      5.14      4.79
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 688,742,970  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 2,913,688  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245M434_AR_0525
4546352
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2010 Fund
Class I Shares/TCLHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $33   0.32%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2010 Fund returned 7.37% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2010 Fund Composite Index, which returned 8.55%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000® Index; 12.3% MSCI All Country World Index ex USA Investable Market Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   A position in the Nuveen Real Property Fund LP.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception  
       
Class I Shares at NAV
     7.37      5.37      5.57
       
Russell 3000® Index
     13.12      15.34      13.00
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
       
Lifecycle 2010 Fund Composite Index
     8.55      5.39      5.74
       
S&P Target Date 2010 Index
     8.09      5.14      5.23
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 688,742,970  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 2,913,688  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information  •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245P205_AR_0525
4546352
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2015 Fund
Class R6 Shares/TCNIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $29   0.28%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2015 Fund returned 7.40% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2015 Fund Composite Index, which returned 8.92%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     7.40      5.81      5.38
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2015 Fund Composite Index
     8.92      5.98      5.64
       
S&P Target Date 2015 Index
     8.07      5.67      5.17
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $982,124,540  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
     $  4,137,942  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
 
   
prospectus   •   financial statements and other information   •   fund holdings   •   proxy voting information
You can also request this information at (800) 257-8787.
 
 
886315654_AR_0525
4546357
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2015 Fund
Premier Class Shares/TCFPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Premier Class Shares
  $45   0.43%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2015 Fund returned 7.27% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2015 Fund Composite Index, which returned 8.92%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Premier Class Shares at NAV
     7.27      5.66      5.22
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2015 Fund Composite Index
     8.92      5.98      5.64
S&P Target Date 2015 Index
     8.07      5.67      5.17
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 982,124,540  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
   $ 4,137,942  
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
 
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M426_AR_0525
4546357
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2015 Fund
Class I Shares/TCNHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class I Shares
  $33   0.32%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2015 Fund returned 7.40% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2015 Fund Composite Index, which returned 8.92%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      Since Inception  
Class I Shares at NAV
     7.40      5.73      5.84
Russell 3000® Index
     13.12      15.34      13.00
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
Lifecycle 2015 Fund Composite Index
     8.92      5.98      6.18
S&P Target Date 2015 Index
     8.07      5.67      5.66
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 982,124,540  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
   $ 4,137,942  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
 
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245P304_AR_0525
4546357
 
 
LOGO
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2015 Fund
Retirement Class Shares/TCLIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $55   0.53%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2015 Fund returned 7.21% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2015 Fund Composite Index, which returned 8.92%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     7.21      5.55      5.11
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2015 Fund Composite Index
     8.92      5.98      5.64
       
S&P Target Date 2015 Index
     8.07      5.67      5.17
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $982,124,540  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
     $  4,137,942  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87244W441_AR_0525
4546357
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2020 Fund
Retirement Class Shares/TCLTX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $55   0.53%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2020 Fund returned 7.36% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2020 Fund Composite Index, which returned 9.29%.
 
•  The Fund’s Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000® Index; 15.7% MSCI All Country World Index ex USA Investable Market Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     7.36      6.05      5.48
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2020 Fund Composite Index
     9.29      6.58      6.08
       
S&P Target Date 2020 Index
     8.47      6.18      5.55
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $2,101,876,834  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
     $    9,002,264  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
87244W433_AR_0525
4546361
 
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2020 Fund
Class R6 Shares/TCWIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class R6 Shares
  $29   0.28%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2020 Fund returned 7.66% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2020 Fund Composite Index, which returned 9.29%.
 
•  The Fund’s Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000® Index; 15.7% MSCI All Country World Index ex USA Investable Market Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1-Year      5-Year      10-Year  
       
Class R6 Shares at NAV
     7.66      6.33      5.74
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2020 Fund Composite Index
     9.29      6.58      6.08
       
S&P Target Date 2020 Index
     8.47      6.18      5.55
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $2,101,876,834  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
     $    9,002,264  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
 
   
prospectus    •  financial statements and other information   •  fund holdings    •  proxy voting information
You can also request this information at (800) 257-8787.
 
 
886315647_AR_0525
4546361
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2020 Fund
Premier Class Shares/TCWPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Premier Class Shares
  $45   0.43%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2020 Fund returned 7.39% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2020 Fund Composite Index, which returned 9.29%.
 
•  The Fund’s Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000® Index; 15.7% MSCI All Country World Index ex USA Investable Market Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Premier Class Shares at NAV
     7.39      6.14      5.58
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2020 Fund Composite Index
     9.29      6.58      6.08
S&P Target Date 2020 Index
     8.47      6.18      5.55
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 2,101,876,834  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
   $ 9,002,264  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M418_AR_0525
4546361
 
 
LOGO
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2020 Fund
Class I Shares/TCWHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $34   0.33%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2020 Fund returned 7.52% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2020 Fund Composite Index, which returned 9.29%.
 
•  The Fund’s Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000® Index; 15.7% MSCI All Country World Index ex USA Investable Market Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception  
       
Class I Shares at NAV
     7.52      6.22      6.24
       
Russell 3000® Index
     13.12      15.34      13.00
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
       
Lifecycle 2020 Fund Composite Index
     9.29      6.58      6.67
       
S&P Target Date 2020 Index
     8.47      6.18      6.08
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 2,101,876,834  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
   $ 9,002,264  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245P403_AR_0525
4546361
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2025 Fund
Retirement Class Shares/TCLFX
 
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $55   0.53%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2025 Fund returned 7.48% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2025 Fund Composite Index, which returned 9.68%.
 
•  The Fund’s Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000® Index; 17.5% MSCI All Country World Index ex USA Investable Market Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   An allocation to the Nuveen Quant Small/Mid Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     7.48      6.85      5.98
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2025 Fund Composite Index
     9.68      7.46      6.65
       
S&P Target Date 2025 Index
     8.82      7.23      6.16
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $3,367,492,187  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     12%  
Total management fees paid for the year
     $   14,518,478  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87244W425_AR_0525
4546367
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2025 Fund
Class R6 Shares/TCYIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $29   0.28%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2025 Fund returned 7.73% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2025 Fund Composite Index, which returned 9.68%.
 
•  The Fund’s Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000® Index; 17.5% MSCI All Country World Index ex USA Investable Market Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   An allocation to the Nuveen Quant Small/Mid Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1-Year      5-Year      10-Year  
       
Class R6 Shares at NAV
     7.73      7.12      6.24
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2025 Fund Composite Index
     9.68      7.46      6.65
       
S&P Target Date 2025 Index
     8.82      7.23      6.16
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $3,367,492,187  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     12%  
Total management fees paid for the year
     $   14,518,478  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257-8787.
 
 
886315639_AR_0525
4546367
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2025 Fund
Premier Class Shares/TCQPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of $10,000
investment*
Premier Class Shares
  $45   0.43%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2025 Fund returned 7.71% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2025 Fund Composite Index, which returned 9.68%.
 
•  The Fund’s Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000® Index; 17.5% MSCI All Country World Index ex USA Investable Market Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   An allocation to the Nuveen Quant Small/Mid Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Premier Class Shares at NAV
     7.71      6.98      6.10
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2025 Fund Composite Index
     9.68      7.46      6.65
S&P Target Date 2025 Index
     8.82      7.23      6.16
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 3,367,492,187  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     12%  
Total management fees paid for the year
   $ 14,518,478  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M392_AR_0525
4546367
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2025 Fund
Class I Shares/TCQHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class I Shares
  $32   0.31%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2025 Fund returned 7.74% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2025 Fund Composite Index, which returned 9.68%.
 
•  The Fund’s Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000® Index; 17.5% MSCI All Country World Index ex USA Investable Market Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   An allocation to the Nuveen Quant Small/Mid Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      Since Inception  
Class I Shares at NAV
     7.74      7.06      6.81
Russell 3000® Index
     13.12      15.34      13.00
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
Lifecycle 2025 Fund Composite Index
     9.68      7.46      7.31
S&P Target Date 2025 Index
     8.82      7.23      6.75
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 3,367,492,187  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     12%  
Total management fees paid for the year
   $ 14,518,478  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245P502_AR_0525
4546367
 
 
LOGO
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2030 Fund
Retirement Class Shares/TCLNX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $55   0.53%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2030 Fund returned 7.89% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2030 Fund Composite Index, which returned 10.28%.
 
•  The Fund’s Composite Index consisted of: 37.8% Russell 3000® Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI All Country World Index ex USA Investable Market Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   A position in the Nuveen Real Property Fund LP.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     7.89      7.85      6.56
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2030 Fund Composite Index
     10.28      8.50      7.30
       
S&P Target Date 2030 Index
     9.51      8.53      6.87
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $4,365,167,433  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
     $   18,369,937  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus •  financial statements and other information •  fund holdings •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87244W417_AR_0525
4546372
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2030 Fund
Class R6 Shares/TCRIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
Class R6 Shares
  $29   0.28%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2030 Fund returned 8.16% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2030 Fund Composite Index, which returned 10.28%.
 
•  The Fund’s Composite Index consisted of: 37.8% Russell 3000® Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI All Country World Index ex USA Investable Market Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   A position in the Nuveen Real Property Fund LP.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     8.16      8.12      6.83
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2030 Fund Composite Index
     10.28      8.50      7.30
       
S&P Target Date 2030 Index
     9.51      8.53      6.87
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $4,365,167,433  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
     $   18,369,937  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
886315621_AR_0525
4546372
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2030 Fund
Premier Class Shares/TCHPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
Premier Class Shares
  $45   0.43%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2030 Fund returned 8.04% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2030 Fund Composite Index, which returned 10.28%.
 
•  The Fund’s Composite Index consisted of: 37.8% Russell 3000® Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI All Country World Index ex USA Investable Market Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   A position in the Nuveen Real Property Fund LP.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Premier Class Shares at NAV
     8.04      7.95      6.67
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2030 Fund Composite Index
     10.28      8.50      7.30
S&P Target Date 2030 Index
     9.51      8.53      6.87
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 4,365,167,433  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 18,369,937  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
 
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M384_AR_0525
4546372
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2030 Fund
Class I Shares/TCHHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class I Shares
  $31   0.30%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2030 Fund returned 8.16% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2030 Fund Composite Index, which returned 10.28%.
 
•  The Fund’s Composite Index consisted of: 37.8% Russell 3000® Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI All Country World Index ex USA Investable Market Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   A position in the Nuveen Real Property Fund LP.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      Since Inception  
Class I Shares at NAV
     8.16      8.04      7.46
Russell 3000® Index
     13.12      15.34      13.00
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
Lifecycle 2030 Fund Composite Index
     10.28      8.50      8.03
S&P Target Date 2030 Index
     9.51      8.53      7.53
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 4,365,167,433  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 18,369,937  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245P601_AR_0525
4546372
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2035 Fund
Retirement Class Shares/TCLRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $54   0.52%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2035 Fund returned 8.21% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2035 Fund Composite Index, which returned 10.91%.
 
•  The Fund’s Composite Index consisted of: 43.0% Russell 3000® Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI All Country World Index ex USA Investable Market Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
»   Holding the Nuveen Core Plus Bond Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     8.21      8.90      7.17
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2035 Fund Composite Index
     10.91      9.66      7.98
       
S&P Target Date 2035 Index
     10.24      9.95      7.61
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 4,835,172,704  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
   $ 20,275,659  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87244W391_AR_0525
4546379
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2035 Fund
Class R6 Shares/TCIIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $28   0.27%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2035 Fund returned 8.51% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2035 Fund Composite Index, which returned 10.91%.
 
•  The Fund’s Composite Index consisted of: 43.0% Russell 3000® Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI All Country World Index ex USA Investable Market Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
»   Holding the Nuveen Core Plus Bond Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     8.51      9.19      7.45
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2035 Fund Composite Index
     10.91      9.66      7.98
       
S&P Target Date 2035 Index
     10.24      9.95      7.61
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $4,835,172,704  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
     $   20,275,659  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  •   financial statements and other information  •  fund holdings  •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
886315613_AR_0525
4546379
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2035 Fund
Premier Class Shares/TCYPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Premier Class Shares
  $44   0.42%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2035 Fund returned 8.36% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2035 Fund Composite Index, which returned 10.91%.
 
•  The Fund’s Composite Index consisted of: 43.0% Russell 3000® Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI All Country World Index ex USA Investable Market Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
»   Holding the Nuveen Core Plus Bond Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Premier Class Shares at NAV
     8.36      9.03      7.28
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2035 Fund Composite Index
     10.91      9.66      7.98
S&P Target Date 2035 Index
     10.24      9.95      7.61
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 4,835,172,704  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
   $ 20,275,659  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
 
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M376_AR_0525
4546379
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2035 Fund
Class I Shares/TCYHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class I Shares
  $31   0.30%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2035 Fund returned 8.41% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2035 Fund Composite Index, which returned 10.91%.
 
•  The Fund’s Composite Index consisted of: 43.0% Russell 3000® Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI All Country World Index ex USA Investable Market Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
»   Holding the Nuveen Core Plus Bond Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      Since Inception  
Class I Shares at NAV
     8.41      9.09      8.12
Russell 3000® Index
     13.12      15.34      13.00
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
Lifecycle 2035 Fund Composite Index
     10.91      9.66      8.78
S&P Target Date 2035 Index
     10.24      9.95      8.34
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 4,835,172,704  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
   $ 20,275,659  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245P700_AR_0525
4546379
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2040 Fund
Retirement Class Shares/TCLOX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $53   0.51%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2040 Fund returned 8.74% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2040 Fund Composite Index, which returned 11.78%.
 
•  The Fund’s Composite Index consisted of: 50.8% Russell 3000® Index; 27.3% MSCI All Country World Index ex USA Investable Market Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     8.74      10.11      7.82
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2040 Fund Composite Index
     11.78      11.01      8.72
       
S&P Target Date 2040 Index
     10.87      11.07      8.19
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $5,926,168,970  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
     $   25,066,996  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87244W383_AR_0525
4546389
 
 
LOGO
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2040 Fund
Class R6 Shares/TCOIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $27   0.26%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2040 Fund returned 9.03% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2040 Fund Composite Index, which returned 11.78%.
 
•  The Fund’s Composite Index consisted of: 50.8% Russell 3000® Index; 27.3% MSCI All Country World Index ex USA Investable Market Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     9.03      10.39      8.09
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2040 Fund Composite Index
     11.78      11.01      8.72
       
S&P Target Date 2040 Index
     10.87      11.07      8.19
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $5,926,168,970  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
     $   25,066,996  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
886315597_AR_0525
4546389
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2040 Fund
Premier Class Shares/TCZPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Premier Class Shares
  $43   0.41%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2040 Fund returned 8.80% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2040 Fund Composite Index, which returned 11.78%.
 
•  The Fund’s Composite Index consisted of: 50.8% Russell 3000® Index; 27.3% MSCI All Country World Index ex USA Investable Market Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Premier Class Shares at NAV
     8.80      10.23      7.92
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2040 Fund Composite Index
     11.78      11.01      8.72
S&P Target Date 2040 Index
     10.87      11.07      8.19
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 5,926,168,970  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
   $ 25,066,996  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
 
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245M368_AR_0525
4546389
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2040 Fund
Class I Shares/TCZHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $30   0.29%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2040 Fund returned 8.93% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2040 Fund Composite Index, which returned 11.78%.
 
•  The Fund’s Composite Index consisted of: 50.8% Russell 3000® Index; 27.3% MSCI All Country World Index ex USA Investable Market Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception  
       
Class I Shares at NAV
     8.93      10.31      8.86
       
Russell 3000® Index
     13.12      15.34      13.00
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
       
Lifecycle 2040 Fund Composite Index
     11.78      11.01      9.61
       
S&P Target Date 2040 Index
     10.87      11.07      8.97
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 5,926,168,970  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
   $ 25,066,996  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245P809_AR_0525
4546389
  
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Managed Allocation Fund
Class A Shares/TIMRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Managed Allocation Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class A Shares
  $26   0.25%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Managed Allocation Fund returned 8.05% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Managed Allocation Fund Composite Index, which returned 10.29%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000® Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class A Shares at NAV (excluding maximum sales charge)
     8.05      7.55      6.34
       
Class A at maximum sales charge (Offering Price)
     1.85      6.29      5.71
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Managed Allocation Fund Composite Index
     10.29      7.85      6.85
       
Morningstar Moderate Target Risk Index
     10.52      7.42      6.34
Class A Shares at Offering Price reflect a maximum up‑front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 876,851,708  
Total number of portfolio holdings
     14  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
   $ 0  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
886315845_AR_0525
4546597
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Managed Allocation Fund
Retirement Class Shares/TITRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Managed Allocation Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $26   0.25%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Managed Allocation Fund returned 8.10% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Managed Allocation Fund Composite Index, which returned 10.29%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000® Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     8.10      7.53      6.33
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Managed Allocation Fund Composite Index
     10.29      7.85      6.85
       
Morningstar Moderate Target Risk Index
     10.52      7.42      6.34
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 876,851,708  
Total number of portfolio holdings
     14  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
   $ 0  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
886315829_AR_0525
4546597
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Managed Allocation Fund
Class R6 Shares/TIMIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Managed Allocation Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $0   0.00%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Managed Allocation Fund returned 8.37% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Managed Allocation Fund Composite Index, which returned 10.29%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000® Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     8.37      7.82      6.60
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Managed Allocation Fund Composite Index
     10.29      7.85      6.85
       
Morningstar Moderate Target Risk Index
     10.52      7.42      6.34
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 876,851,708  
Total number of portfolio holdings
     14  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
   $ 0  
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
886315837_AR_0525
4546597
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2045 Fund
Class R6 Shares/TTFIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class R6 Shares
  $26   0.25%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2045 Fund returned 9.32% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2045 Fund Composite Index, which returned 12.37%.
 
•  The Fund’s Composite Index consisted of: 56.0% Russell 3000® Index; 30.1% MSCI All Country World Index ex USA Investable Market Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Class R6 Shares at NAV
     9.32      11.34      8.58
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2045 Fund Composite Index
     12.37      12.07      9.26
S&P Target Date 2045 Index
     11.33      11.80      8.56
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 4,362,593,840  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     15%  
Total management fees paid for the year
   $ 18,305,071  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
886315589_AR_0525
4546393
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2045 Fund
Retirement Class Shares/TTFRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Retirement Class Shares
  $52   0.50%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2045 Fund returned 9.06% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2045 Fund Composite Index, which returned 12.37%.
 
•  The Fund’s Composite Index consisted of: 56.0% Russell 3000® Index; 30.1% MSCI All Country World Index ex USA Investable Market Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Retirement Class Shares at NAV
     9.06      11.05      8.31
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2045 Fund Composite Index
     12.37      12.07      9.26
S&P Target Date 2045 Index
     11.33      11.80      8.56
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 4,362,593,840  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     15%  
Total management fees paid for the year
   $ 18,305,071  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •   financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
886315522_AR_0525
4546393
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2045 Fund
Premier Class Shares/TTFPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $42   0.40%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2045 Fund returned 9.13% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2045 Fund Composite Index, which returned 12.37%.
 
•  The Fund’s Composite Index consisted of: 56.0% Russell 3000® Index; 30.1% MSCI All Country World Index ex USA Investable Market Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     9.13      11.16      8.41
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2045 Fund Composite Index
     12.37      12.07      9.26
       
S&P Target Date 2045 Index
     11.33      11.80      8.56
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 4,362,593,840  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     15%  
Total management fees paid for the year
   $ 18,305,071  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
87245M350_AR_0525
4546393
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2045 Fund
Class I Shares/TTFHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class I Shares
  $28   0.27%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2045 Fund returned 9.28% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2045 Fund Composite Index, which returned 12.37%.
 
•  The Fund’s Composite Index consisted of: 56.0% Russell 3000® Index; 30.1% MSCI All Country World Index ex USA Investable Market Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      Since Inception  
Class I Shares at NAV
     9.28      11.25      9.39
Russell 3000® Index
     13.12      15.34      13.00
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
Lifecycle 2045 Fund Composite Index
     12.37      12.07      10.19
S&P Target Date 2045 Index
     11.33      11.80      9.37
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 4,362,593,840  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     15%  
Total management fees paid for the year
   $ 18,305,071  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245P882_AR_0525
4546393
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2050 Fund
Class R6 Shares/TFTIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class R6 Shares
  $26   0.25%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2050 Fund returned 9.54% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2050 Fund Composite Index, which returned 12.66%.
 
•  The Fund’s Composite Index consisted of: 58.5% Russell 3000® Index; 31.5% MSCI All Country World Index ex USA Investable Market Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Class R6 Shares at NAV
     9.54      11.62      8.75
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2050 Fund Composite Index
     12.66      12.39      9.45
S&P Target Date 2050 Index
     11.41      12.12      8.75
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 3,502,564,733  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     16%  
Total management fees paid for the year
   $ 14,671,786  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
886315571_AR_0525
4546397
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2050 Fund
Retirement Class Shares/TLFRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
Retirement Class Shares
  $52   0.50%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2050 Fund returned 9.15% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2050 Fund Composite Index, which returned 12.66%.
 
•  The Fund’s Composite Index consisted of: 58.5% Russell 3000® Index; 31.5% MSCI All Country World Index ex USA Investable Market Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Retirement Class Shares at NAV
     9.15      11.34      8.47
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2050 Fund Composite Index
     12.66      12.39      9.45
S&P Target Date 2050 Index
     11.41      12.12      8.75
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 3,502,564,733  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     16%  
Total management fees paid for the year
   $ 14,671,786  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information
You can also request this information at (800) 257‑8787.
 
886315514_AR_0525
4546397
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2050 Fund
Premier Class Shares/TCLPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Premier Class Shares
  $42   0.40%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2050 Fund returned 9.27% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2050 Fund Composite Index, which returned 12.66%.
 
•  The Fund’s Composite Index consisted of: 58.5% Russell 3000® Index; 31.5% MSCI All Country World Index ex USA Investable Market Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Premier Class Shares at NAV
     9.27      11.44      8.58
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2050 Fund Composite Index
     12.66      12.39      9.45
S&P Target Date 2050 Index
     11.41      12.12      8.75
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 3,502,564,733  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     16%  
Total management fees paid for the year
   $ 14,671,786  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M343_AR_0525
4546397
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2050 Fund
Class I Shares/TFTHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class I Shares
  $28   0.27%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2050 Fund returned 9.44% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2050 Fund Composite Index, which returned 12.66%.
 
•  The Fund’s Composite Index consisted of: 58.5% Russell 3000® Index; 31.5% MSCI All Country World Index ex USA Investable Market Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      Since Inception  
Class I Shares at NAV
     9.44      11.56      9.56
Russell 3000® Index
     13.12      15.34      13.00
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
Lifecycle 2050 Fund Composite Index
     12.66      12.39      10.38
S&P Target Date 2050 Index
     11.41      12.12      9.58
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 3,502,564,733  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     16%  
Total management fees paid for the year
   $ 14,671,786  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245P874_AR_0525
4546397
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Retirement Income Fund
Class A Shares/TLRRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Lifecycle Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class A Shares
  $55   0.53%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Retirement Income Fund returned 7.11% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 8.87%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Class A Shares at NAV (excluding maximum sales charge)
     7.11      5.16      4.78
Class A at maximum sales charge (Offering Price)
     0.94      3.92      4.16
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle Retirement Income Fund Composite Index
     8.87      5.59      5.28
S&P Target Date Retirement Income Index
     7.91      4.42      4.31
Class A Shares at Offering Price reflect a maximum up‑front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 392,788,433  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 1,585,977  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
886315498_AR_0525
4546338
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Retirement Income Fund
Class R6 Shares/TLRIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class R6 Shares
  $28   0.27%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Retirement Income Fund returned 7.37% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 8.87%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Class R6 Shares at NAV
     7.37      5.43      5.03
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle Retirement Income Fund Composite Index
     8.87      5.59      5.28
S&P Target Date Retirement Income Index
     7.91      4.42      4.31
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 392,788,433  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 1,585,977  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
886315563_AR_0525
4546338
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Retirement Income Fund
Retirement Class Shares/TLIRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Retirement Class Shares
  $55   0.53%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Retirement Income Fund returned 7.12% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 8.87%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Retirement Class Shares at NAV
     7.12      5.18      4.78
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle Retirement Income Fund Composite Index
     8.87      5.59      5.28
S&P Target Date Retirement Income Index
     7.91      4.42      4.31
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 392,788,433  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 1,585,977  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
886315480_AR_0525
4546338
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Retirement Income Fund
Premier Class Shares/TPILX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Premier Class Shares
  $45   0.43%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Retirement Income Fund returned 7.21% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 8.87%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Premier Class Shares at NAV
     7.21      5.27      4.88
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle Retirement Income Fund Composite Index
     8.87      5.59      5.28
S&P Target Date Retirement Income Index
     7.91      4.42      4.31
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 392,788,433  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 1,585,977  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M335_AR_0525
4546338
 
 
LOGO
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Retirement Income Fund
Class I Shares/TLRHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $34   0.33%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Retirement Income Fund returned 7.31% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 8.87%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Core Plus Bond Fund.
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   A position in the Nuveen Real Property Fund LP.
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception  
       
Class I Shares at NAV
     7.31      5.35      5.44
       
Russell 3000® Index
     13.12      15.34      13.00
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
       
Lifecycle Retirement Income Fund Composite Index
     8.87      5.59      5.77
       
S&P Target Date Retirement Income Index
     7.91      4.42      4.69
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 392,788,433  
Total number of portfolio holdings
     21  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 1,585,977  
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245P106_AR_0525
4546338
   LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2010 Fund
Class R6 Shares/TLTIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $10   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2010 Fund returned 8.34% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2010 Fund Composite Index, which returned 8.52%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000® Index; 12.3% MSCI EAFE + Emerging Markets Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     8.34      5.26      5.15
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2010 Fund Composite Index
     8.52      5.35      5.23
       
S&P Target Date 2010 Index
     8.09      5.14      4.79
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 658,312,939
Total number of portfolio holdings
       7
Portfolio turnover (%)
       21%
Total management fees paid for the year
     $ 1,110,285
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M830_AR_0525
4546444
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2010 Fund
Premier Class Shares/TLTPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2010 Fund returned 8.21% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2010 Fund Composite Index, which returned 8.52%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000® Index; 12.3% MSCI EAFE + Emerging Markets Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     8.21      5.10      4.99
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2010 Fund Composite Index
     8.52      5.35      5.23
       
S&P Target Date 2010 Index
     8.09      5.14      4.79
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 658,312,939
Total number of portfolio holdings
       7
Portfolio turnover (%)
       21%
Total management fees paid for the year
     $ 1,110,285
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245M723_AR_0525
4546444
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2010 Fund
Retirement Class Shares/TLTRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $36   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2010 Fund returned 8.09% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2010 Fund Composite Index, which returned 8.52%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000® Index; 12.3% MSCI EAFE + Emerging Markets Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     8.09      5.00      4.89
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2010 Fund Composite Index
     8.52      5.35      5.23
       
S&P Target Date 2010 Index
     8.09      5.14      4.79
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 658,312,939  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     21%  
Total management fees paid for the year
   $ 1,110,285  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245M202_AR_0525
4546444
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2010 Fund
Class I Shares/TLTHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2010 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $11   0.11%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2010 Fund returned 8.35% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2010 Fund Composite Index, which returned 8.52%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 22.8% Russell 3000® Index; 12.3% MSCI EAFE + Emerging Markets Index; 14.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception 
       
Class I Shares at NAV
     8.35      5.19    5.57%
       
Russell 3000® Index
     13.12      15.34    13.00%
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%     1.60%
       
Lifecycle Index 2010 Fund Composite Index
     8.52      5.35    5.72%
       
S&P Target Date 2010 Index
     8.09      5.14    5.23%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $658,312,939  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     21%  
Total management fees paid for the year
     $  1,110,285  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245P833_AR_0525
4546444
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index Retirement Income Fund
Class R6 Shares/TRILX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $10   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index Retirement Income Fund returned 8.68% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index Retirement Income Fund Composite Index, which returned 8.84%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     8.68      5.46      5.20
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index Retirement Income Fund Composite Index
     8.84      5.56      5.26
       
S&P Target Date Retirement Income Index
     7.91      4.42      4.31
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 772,632,516  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     23%  
Total management fees paid for the year
   $ 1,238,918  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M731_AR_0525
4546434
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index Retirement Income Fund
Premier Class Shares/TLIPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index Retirement Income Fund returned 8.53% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index Retirement Income Fund Composite Index, which returned 8.84%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     8.53      5.29      5.04
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index Retirement Income Fund Composite Index
     8.84      5.56      5.26
       
S&P Target Date Retirement Income Index
     7.91      4.42      4.31
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 772,632,516  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     23%  
Total management fees paid for the year
   $ 1,238,918  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus    financial statements and other information    fund holdings    proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M624_AR_0525
4546434
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   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index Retirement Income Fund
Retirement Class Shares/TRCIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $36   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index Retirement Income Fund returned 8.43% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index Retirement Income Fund Composite Index, which returned 8.84%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     8.43      5.20      4.94
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index Retirement Income Fund Composite Index
     8.84      5.56      5.26
       
S&P Target Date Retirement Income Index
     7.91      4.42      4.31
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 772,632,516  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     23%  
Total management fees paid for the year
   $ 1,238,918  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus    financial statements and other information    fund holdings    proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M889_AR_0525
4546434
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   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index Retirement Income Fund
Class I Shares/TLIHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index Retirement Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $11   0.11%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index Retirement Income Fund returned 8.59% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index Retirement Income Fund Composite Index, which returned 8.84%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception 
       
Class I Shares at NAV
     8.59      5.35    5.58%
       
Russell 3000® Index
     13.12      15.34    13.00%
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%     1.60%
       
Lifecycle Index Retirement Income Fund Composite Index
     8.84      5.56    5.75%
       
S&P Target Date Retirement Income Index
     7.91      4.42    4.69%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025) 
 
Fund net assets
     $772,632,516  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     23%  
Total management fees paid for the year
     $  1,238,918  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245P841_AR_0525
4546434
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   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2015 Fund
Class R6 Shares/TLFIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $10   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2015 Fund returned 8.73% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2015 Fund Composite Index, which returned 8.89%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     8.73      5.86      5.56
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2015 Fund Composite Index
     8.89      5.94      5.63
       
S&P Target Date 2015 Index
     8.07      5.67      5.17
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 1,002,489,875  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
   $ 1,768,166  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M822_AR_0525
4546450
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2015 Fund
Premier Class Shares/TLFPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2015 Fund returned 8.55% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2015 Fund Composite Index, which returned 8.89%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     8.55      5.68      5.39
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2015 Fund Composite Index
     8.89      5.94      5.63
       
S&P Target Date 2015 Index
     8.07      5.67      5.17
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 1,002,489,875  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
   $ 1,768,166  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M715_AR_0525
4546450
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2015 Fund
Retirement Class Shares/TLGRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $36   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2015 Fund returned 8.46% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2015 Fund Composite Index, which returned 8.89%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     8.46      5.59      5.29
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2015 Fund Composite Index
     8.89      5.94      5.63
       
S&P Target Date 2015 Index
     8.07      5.67      5.17
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 1,002,489,875  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
   $ 1,768,166  
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M301_AR_0525
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2015 Fund
Class I Shares/TLFAX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2015 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $13   0.12%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2015 Fund returned 8.74% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2015 Fund Composite Index, which returned 8.89%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 14.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception 
       
Class I Shares at NAV
     8.74      5.77    6.01%
       
Russell 3000® Index
     13.12      15.34    13.00%
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%     1.60%
       
Lifecycle Index 2015 Fund Composite Index
     8.89      5.94    6.16%
       
S&P Target Date 2015 Index
     8.07      5.67    5.66%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $1,002,489,875  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
     $    1,768,166  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2020 Fund
Class R6 Shares/TLWIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $10   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2020 Fund returned 9.09% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2020 Fund Composite Index, which returned 9.25%.
 
•  The Fund’s Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000® Index; 15.7% MSCI EAFE + Emerging Markets Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     9.09      6.44      5.98
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2020 Fund Composite Index
     9.25      6.54      6.06
       
S&P Target Date 2020 Index
     8.47      6.18      5.55
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 3,010,533,049  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     12%  
Total management fees paid for the year
   $ 5,125,874  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2020 Fund
Premier Class Shares/TLWPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2020 Fund returned 8.86% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2020 Fund Composite Index, which returned 9.25%.
 
•  The Fund’s Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000® Index; 15.7% MSCI EAFE + Emerging Markets Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     8.86      6.27      5.82
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2020 Fund Composite Index
     9.25      6.54      6.06
       
S&P Target Date 2020 Index
     8.47      6.18      5.55
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 3,010,533,049  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     12%  
Total management fees paid for the year
   $ 5,125,874  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M699_AR_0525
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2020 Fund
Retirement Class Shares/TLWRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $37   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2020 Fund returned 8.83% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2020 Fund Composite Index, which returned 9.25%.
 
•  The Fund’s Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000® Index; 15.7% MSCI EAFE + Emerging Markets Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     8.83      6.18      5.72
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2020 Fund Composite Index
     9.25      6.54      6.06
       
S&P Target Date 2020 Index
     8.47      6.18      5.55
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 3,010,533,049  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     12%  
Total management fees paid for the year
   $ 5,125,874  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M400_AR_0525
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2020 Fund
Class I Shares/TLWHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2020 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $13   0.12%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2020 Fund returned 9.03% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2020 Fund Composite Index, which returned 9.25%.
 
•  The Fund’s Composite Index consisted of: 39.0% Bloomberg U.S. Aggregate Bond Index; 29.3% Russell 3000® Index; 15.7% MSCI EAFE + Emerging Markets Index; 8.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 8.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception 
       
Class I Shares at NAV
     9.03      6.34    6.46%
       
Russell 3000® Index
     13.12      15.34    13.00%
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%     1.60%
       
Lifecycle Index 2020 Fund Composite Index
     9.25      6.54    6.65%
       
S&P Target Date 2020 Index
     8.47      6.18    6.08%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $3,010,533,049  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     12%  
Total management fees paid for the year
     $    5,125,874  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245P817_AR_0525
4546455
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2025 Fund
Class R6 Shares/TLQIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $10   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2025 Fund returned 9.42% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2025 Fund Composite Index, which returned 9.64%.
 
•  The Fund’s Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000® Index; 17.5% MSCI EAFE + Emerging Markets Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     9.42      7.30      6.55
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2025 Fund Composite Index
     9.64      7.41      6.63
       
S&P Target Date 2025 Index
     8.82      7.23      6.16
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 6,030,274,815  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
   $ 9,875,884  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M798_AR_0525
4546463
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Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2025 Fund
Premier Class Shares/TLVPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2025 Fund returned 9.26% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2025 Fund Composite Index, which returned 9.64%.
 
•  The Fund’s Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000® Index; 17.5% MSCI EAFE + Emerging Markets Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     9.26      7.15      6.40
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2025 Fund Composite Index
     9.64      7.41      6.63
       
S&P Target Date 2025 Index
     8.82      7.23      6.16
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 6,030,274,815  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
   $ 9,875,884  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M681_AR_0525
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Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2025 Fund
Retirement Class Shares/TLQRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $37   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2025 Fund returned 9.13% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2025 Fund Composite Index, which returned 9.64%.
 
•  The Fund’s Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000® Index; 17.5% MSCI EAFE + Emerging Markets Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     9.13      7.04      6.29
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2025 Fund Composite Index
     9.64      7.41      6.63
       
S&P Target Date 2025 Index
     8.82      7.23      6.16
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 6,030,274,815  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
   $ 9,875,884  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M509_AR_0525
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Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2025 Fund
Class I Shares/TLQHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2025 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $12   0.11%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2025 Fund returned 9.37% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2025 Fund Composite Index, which returned 9.64%.
 
•  The Fund’s Composite Index consisted of: 37.9% Bloomberg U.S. Aggregate Bond Index; 32.6% Russell 3000® Index; 17.5% MSCI EAFE + Emerging Markets Index; 6.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 6.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception 
       
Class I Shares at NAV
     9.37      7.21    7.10%
       
Russell 3000® Index
     13.12      15.34    13.00%
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%     1.60%
       
Lifecycle Index 2025 Fund Composite Index
     9.64      7.41    7.28%
       
S&P Target Date 2025 Index
     8.82      7.23    6.75%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $6,030,274,815  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
     $    9,875,884  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245P791_AR_0525
4546463
 
 
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Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2030 Fund
Class R6 Shares/TLHIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $11   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2030 Fund returned 10.01% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund performed in line with the Lifecycle Index 2030 Fund Composite Index, which returned 10.23%.
 
•  The Fund’s Composite Index consisted of: 37.8% Russell 3000® Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI EAFE + Emerging Markets Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     10.01      8.33      7.20
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2030 Fund Composite Index
     10.23      8.44      7.28
       
S&P Target Date 2030 Index
     9.51      8.53      6.87
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 8,826,858,954  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 13,474,913  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M780_AR_0525
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Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2030 Fund
Premier Class Shares/TLHPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2030 Fund returned 9.83% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2030 Fund Composite Index, which returned 10.23%.
 
•  The Fund’s Composite Index consisted of: 37.8% Russell 3000® Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI EAFE + Emerging Markets Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     9.83      8.17      7.03
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2030 Fund Composite Index
     10.23      8.44      7.28
       
S&P Target Date 2030 Index
     9.51      8.53      6.87
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 8,826,858,954  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 13,474,913  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M673_AR_0525
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Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2030 Fund
Retirement Class Shares/TLHRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $37   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2030 Fund returned 9.71% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2030 Fund Composite Index, which returned 10.23%.
 
•  The Fund’s Composite Index consisted of: 37.8% Russell 3000® Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI EAFE + Emerging Markets Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     9.71      8.07      6.93
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2030 Fund Composite Index
     10.23      8.44      7.28
       
S&P Target Date 2030 Index
     9.51      8.53      6.87
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 8,826,858,954  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 13,474,913  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M608_AR_0525
4546474
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2030 Fund
Class I Shares/TLHHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2030 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $12   0.11%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2030 Fund returned 9.96% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2030 Fund Composite Index, which returned 10.23%.
 
•  The Fund’s Composite Index consisted of: 37.8% Russell 3000® Index; 33.9% Bloomberg U.S. Aggregate Bond Index; 20.3% MSCI EAFE + Emerging Markets Index; 4.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception 
       
Class I Shares at NAV
     9.96      8.24    7.81%
       
Russell 3000® Index
     13.12      15.34    13.00%
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%     1.60%
       
Lifecycle Index 2030 Fund Composite Index
     10.23      8.44    7.99%
       
S&P Target Date 2030 Index
     9.51      8.53    7.53%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $8,826,858,954  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
     $   13,474,913  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245P783_AR_0525
4546474
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2035 Fund
Class R6 Shares/TLYIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $11   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2035 Fund returned 10.57% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2035 Fund Composite Index, which returned 10.86%.
 
•  The Fund’s Composite Index consisted of: 43.0% Russell 3000® Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI EAFE + Emerging Markets Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     10.57      9.47      7.88
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2035 Fund Composite Index
     10.86      9.60      7.95
       
S&P Target Date 2035 Index
     10.24      9.95      7.61
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 9,649,276,577  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 14,023,410  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M772_AR_0525
4546483
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2035 Fund
Premier Class Shares/TLYPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2035 Fund returned 10.45% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2035 Fund Composite Index, which returned 10.86%.
 
•  The Fund’s Composite Index consisted of: 43.0% Russell 3000® Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI EAFE + Emerging Markets Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     10.45      9.30      7.71
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2035 Fund Composite Index
     10.86      9.60      7.95
       
S&P Target Date 2035 Index
     10.24      9.95      7.61
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 9,649,276,577  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 14,023,410  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M665_AR_0525
4546483
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2035 Fund
Retirement Class Shares/TLYRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $37   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2035 Fund returned 10.34% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2035 Fund Composite Index, which returned 10.86%.
 
•  The Fund’s Composite Index consisted of: 43.0% Russell 3000® Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI EAFE + Emerging Markets Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     10.34      9.19      7.60
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2035 Fund Composite Index
     10.86      9.60      7.95
       
S&P Target Date 2035 Index
     10.24      9.95      7.61
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 9,649,276,577  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
   $ 14,023,410  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M707_AR_0525
4546483
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2035 Fund
Class I Shares/TLYHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2035 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $12   0.11%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2035 Fund returned 10.56% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2035 Fund Composite Index, which returned 10.86%.
 
•  The Fund’s Composite Index consisted of: 43.0% Russell 3000® Index; 29.8% Bloomberg U.S. Aggregate Bond Index; 23.2% MSCI EAFE + Emerging Markets Index; 2.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception 
       
Class I Shares at NAV
     10.56      9.38    8.57%
       
Russell 3000® Index
     13.12      15.34    13.00%
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%     1.60%
       
Lifecycle Index 2035 Fund Composite Index
     10.86      9.60    8.75%
       
S&P Target Date 2035 Index
     10.24      9.95    8.34%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $9,649,276,577  
Total number of portfolio holdings
     7  
Portfolio turnover (%)
     13%  
Total management fees paid for the year
     $   14,023,410  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245P775_AR_0525
4546483
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2040 Fund
Class R6 Shares/TLZIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $11   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2040 Fund returned 11.44% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2040 Fund Composite Index, which returned 11.72%.
 
•  The Fund’s Composite Index consisted of: 50.8% Russell 3000® Index; 27.3% MSCI EAFE + Emerging Markets Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     11.44      10.80      8.61
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2040 Fund Composite Index
     11.72      10.94      8.70
       
S&P Target Date 2040 Index
     10.87      11.07      8.19
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 10,206,947,097  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     12%  
Total management fees paid for the year
   $ 14,334,217  
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M764_AR_0525
4546496
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2040 Fund
Premier Class Shares/TLPRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2040 Fund returned 11.28% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2040 Fund Composite Index, which returned 11.72%.
 
•  The Fund’s Composite Index consisted of: 50.8% Russell 3000® Index; 27.3% MSCI EAFE + Emerging Markets Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     11.28      10.64      8.45
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2040 Fund Composite Index
     11.72      10.94      8.70
       
S&P Target Date 2040 Index
     10.87      11.07      8.19
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 10,206,947,097  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     12%  
Total management fees paid for the year
   $ 14,334,217  
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M657_AR_0525
4546496
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2040 Fund
Retirement Class Shares/TLZRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $37   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2040 Fund returned 11.18% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2040 Fund Composite Index, which returned 11.72%.
 
•  The Fund’s Composite Index consisted of: 50.8% Russell 3000® Index; 27.3% MSCI EAFE + Emerging Markets Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     11.18      10.53      8.35
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2040 Fund Composite Index
     11.72      10.94      8.70
       
S&P Target Date 2040 Index
     10.87      11.07      8.19
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 10,206,947,097  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     12%  
Total management fees paid for the year
   $ 14,334,217  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M806_AR_0525
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   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2040 Fund
Class I Shares/TLZHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2040 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $12   0.11%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2040 Fund returned 11.46% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2040 Fund Composite Index, which returned 11.72%.
 
•  The Fund’s Composite Index consisted of: 50.8% Russell 3000® Index; 27.3% MSCI EAFE + Emerging Markets Index; and 21.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception 
       
Class I Shares at NAV
     11.46      10.72    9.39%
       
Russell 3000® Index
     13.12      15.34    13.00%
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%     1.60%
       
Lifecycle Index 2040 Fund Composite Index
     11.72      10.94    9.57%
       
S&P Target Date 2040 Index
     10.87      11.07    8.97%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $10,206,947,097  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     12%  
Total management fees paid for the year
     $    14,334,217  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245P767_AR_0525
4546496
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2045 Fund
Class R6 Shares/TLXIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at  https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $11   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2045 Fund returned 12.05% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2045 Fund Composite Index, which returned 12.31%.
 
•  The Fund’s Composite Index consisted of: 56.0% Russell 3000® Index; 30.1% MSCI EAFE + Emerging Markets Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     12.05      11.86      9.16
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2045 Fund Composite Index
     12.31      11.99      9.24
       
S&P Target Date 2045 Index
     11.33      11.80      8.56
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 8,792,581,032  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
   $ 12,090,250  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M756_AR_0525
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   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2045 Fund
Premier Class Shares/TLMPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at  https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2045 Fund returned 11.86% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2045 Fund Composite Index, which returned 12.31%.
 
•  The Fund’s Composite Index consisted of: 56.0% Russell 3000® Index; 30.1% MSCI EAFE + Emerging Markets Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     11.86      11.70      8.99
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2045 Fund Composite Index
     12.31      11.99      9.24
       
S&P Target Date 2045 Index
     11.33      11.80      8.56
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 8,792,581,032  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
   $ 12,090,250  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M640_AR_0525
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   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2045 Fund
Retirement Class Shares/TLMRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $37   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2045 Fund returned 11.77% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2045 Fund Composite Index, which returned 12.31%.
 
•  The Fund’s Composite Index consisted of: 56.0% Russell 3000® Index; 30.1% MSCI EAFE + Emerging Markets Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     11.77      11.58      8.88
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2045 Fund Composite Index
     12.31      11.99      9.24
       
S&P Target Date 2045 Index
     11.33      11.80      8.56
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 8,792,581,032  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
   $ 12,090,250  
 
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M863_AR_0525
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   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2045 Fund
Class I Shares/TLMHX
 
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2045 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $12   0.11%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2045 Fund returned 12.04% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2045 Fund Composite Index, which returned 12.31%.
 
•  The Fund’s Composite Index consisted of: 56.0% Russell 3000® Index; 30.1% MSCI EAFE + Emerging Markets Index; and 13.9% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception 
       
Class I Shares at NAV
     12.04      11.77    9.95%
       
Russell 3000® Index
     13.12      15.34    13.00%
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%     1.60%
       
Lifecycle Index 2045 Fund Composite Index
     12.31      11.99    10.15%
       
S&P Target Date 2045 Index
     11.33      11.80    9.37%
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $8,792,581,032  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     11%  
Total management fees paid for the year
     $   12,090,250  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245P759_AR_0525
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2050 Fund
Class R6 Shares/TLLIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $11   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2050 Fund returned 12.30% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2050 Fund Composite Index, which returned 12.60%.
 
•  The Fund’s Composite Index consisted of: 58.5% Russell 3000® Index; 31.5% MSCI EAFE + Emerging Markets Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     12.30      12.17      9.34
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2050 Fund Composite Index
     12.60      12.31      9.42
       
S&P Target Date 2050 Index
     11.41      12.12      8.75
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $7,598,502,604  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
     $   10,284,015  
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M749_AR_0525
4546511
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2050 Fund
Premier Class Shares/TLLPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $27   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2050 Fund returned 12.13% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2050 Fund Composite Index, which returned 12.60%.
 
•  The Fund’s Composite Index consisted of: 58.5% Russell 3000® Index; 31.5% MSCI EAFE + Emerging Markets Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     12.13      12.01      9.18
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2050 Fund Composite Index
     12.60      12.31      9.42
       
S&P Target Date 2050 Index
     11.41      12.12      8.75
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $7,598,502,604  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
     $   10,284,015  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M632_AR_0525
4546511
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2050 Fund
Retirement Class Shares/TLLRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $37   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2050 Fund returned 12.04% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2050 Fund Composite Index, which returned 12.60%.
 
•  The Fund’s Composite Index consisted of: 58.5% Russell 3000® Index; 31.5% MSCI EAFE + Emerging Markets Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     12.04      11.89      9.07
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2050 Fund Composite Index
     12.60      12.31      9.42
       
S&P Target Date 2050 Index
     11.41      12.12      8.75
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $7,598,502,604  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
     $   10,284,015  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M871_AR_0525
4546511
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2050 Fund
Class I Shares/TLLHX
 
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2050 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $12   0.11%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2050 Fund returned 12.29% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2050 Fund Composite Index, which returned 12.60%.
 
•  The Fund’s Composite Index consisted of: 58.5% Russell 3000® Index; 31.5% MSCI EAFE + Emerging Markets Index; and 10.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception  
       
Class I Shares at NAV
     12.29      12.08      10.16
       
Russell 3000® Index
     13.12      15.34      13.00
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
       
Lifecycle Index 2050 Fund Composite Index
     12.60      12.31      10.34
       
S&P Target Date 2050 Index
     11.41      12.12      9.58
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 7,598,502,604  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
   $ 10,284,015  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245P742_AR_0525
4546511
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2055 Fund
Retirement Class Shares/TTIRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $37   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2055 Fund returned 12.10% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2055 Fund Composite Index, which returned 12.70%.
 
•  The Fund’s Composite Index consisted of: 59.3% Russell 3000® Index; 32.0% MSCI EAFE + Emerging Markets Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     12.10      12.07      9.18
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2055 Fund Composite Index
     12.70      12.49      9.54
       
S&P Target Date 2055 Index
     11.61      12.27      8.83
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $4,768,659,573  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
     $    6,304,188  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245M152_AR_0525
4546520
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2055 Fund
Class R6 Shares/TTIIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $11   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2055 Fund returned 12.41% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2055 Fund Composite Index, which returned 12.70%.
 
•  The Fund’s Composite Index consisted of: 59.3% Russell 3000® Index; 32.0% MSCI EAFE + Emerging Markets Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     12.41      12.35      9.46
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2055 Fund Composite Index
     12.70      12.49      9.54
       
S&P Target Date 2055 Index
     11.61      12.27      8.83
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $4,768,659,573  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
     $    6,304,188  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M178_AR_0525
4546520
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2055 Fund
Premier Class Shares/TTIPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $27   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2055 Fund returned 12.22% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2055 Fund Composite Index, which returned 12.70%.
 
•  The Fund’s Composite Index consisted of: 59.3% Russell 3000® Index; 32.0% MSCI EAFE + Emerging Markets Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     12.22      12.19      9.30
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2055 Fund Composite Index
     12.70      12.49      9.54
       
S&P Target Date 2055 Index
     11.61      12.27      8.83
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $4,768,659,573  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
     $    6,304,188  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M160_AR_0525
4546520
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2055 Fund
Class I Shares/TTIHX
 
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $12   0.11%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2055 Fund returned 12.37% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2055 Fund Composite Index, which returned 12.70%.
 
•  The Fund’s Composite Index consisted of: 59.3% Russell 3000® Index; 32.0% MSCI EAFE + Emerging Markets Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception  
       
Class I Shares at NAV
     12.37      12.26      10.29
       
Russell 3000® Index
     13.12      15.34      13.00
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
       
Lifecycle Index 2055 Fund Composite Index
     12.70      12.49      10.47
       
S&P Target Date 2055 Index
     11.61      12.27      9.68
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 4,768,659,573  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
   $ 6,304,188  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245P734_AR_0525
4546520
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2055 Fund
Retirement Class Shares/TTRLX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $52   0.50%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2055 Fund returned 9.25% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2055 Fund Composite Index, which returned 12.76%.
 
•  The Fund’s Composite Index consisted of: 59.3% Russell 3000® Index; 32.0% MSCI All Country World Index ex USA Investable Market Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     9.25      11.49      8.56
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2055 Fund Composite Index
     12.76      12.57      9.57
       
S&P Target Date 2055 Index
     11.61      12.27      8.83
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 1,854,725,709  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     19%  
Total management fees paid for the year
   $ 7,594,169  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  •  financial statements and other information  •  fund holdings  •   proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245M194_AR_0525
4546405
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2055 Fund
Class R6 Shares/TTRIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class R6 Shares
  $26   0.25%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance? 
 
Performance Highlights
 
•  The Nuveen Lifecycle 2055 Fund returned 9.53% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2055 Fund Composite Index, which returned 12.76%.
 
•  The Fund’s Composite Index consisted of: 59.3% Russell 3000® Index; 32.0% MSCI All Country World Index ex USA Investable Market Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Class R6 Shares at NAV
     9.53      11.76      8.83
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2055 Fund Composite Index
     12.76      12.57      9.57
S&P Target Date 2055 Index
     11.61      12.27      8.83
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 1,854,725,709  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     19%  
Total management fees paid for the year
   $ 7,594,169  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
 
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245M210_AR_0525
4546405
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2055 Fund
Premier Class Shares/TTRPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Premier Class Shares
  $42   0.40%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2055 Fund returned 9.41% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2055 Fund Composite Index, which returned 12.76%.
 
•  The Fund’s Composite Index consisted of: 59.3% Russell 3000® Index; 32.0% MSCI All Country World Index ex USA Investable Market Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Premier Class Shares at NAV
     9.41      11.60      8.67
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2055 Fund Composite Index
     12.76      12.57      9.57
S&P Target Date 2055 Index
     11.61      12.27      8.83
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 1,854,725,709  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     19%  
Total management fees paid for the year
   $ 7,594,169  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
 
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245M186_AR_0525
4546405
 
 
LOGO
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2055 Fund
Class I Shares/TTRHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2055 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class I Shares
  $29   0.28%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2055 Fund returned 9.54% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2055 Fund Composite Index, which returned 12.76%.
 
•  The Fund’s Composite Index consisted of: 59.3% Russell 3000® Index; 32.0% MSCI All Country World Index ex USA Investable Market Index; and 8.7% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      Since Inception  
Class I Shares at NAV
     9.54      11.71      9.67
Russell 3000® Index
     13.12      15.34      13.00
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
Lifecycle 2055 Fund Composite Index
     12.76      12.57      10.51
S&P Target Date 2055 Index
     11.61      12.27      9.68
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 1,854,725,709  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     19%  
Total management fees paid for the year
   $ 7,594,169  
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
 
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245P866_AR_0525
4546405
 
 
LOGO
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Aggressive Growth Fund
Class R6 Shares/TSAIX
 
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifestyle Aggressive Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $10   0.10%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Aggressive Growth Fund returned 9.76% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 13.43%.
 
•  The Fund’s Composite Index consisted of: 65.0% Russell 3000® Index; and 35.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     9.76      12.49      9.16
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Aggressive Growth Fund Composite Index
     13.43      13.74      10.13
       
Morningstar Aggressive Target Risk Index
     13.29      12.22      8.77
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 243,194,466  
Total number of portfolio holdings
     13  
Portfolio turnover (%)
     16%  
Total management fees paid for the year
   $ 250,898  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R748_AR_0525
4546591
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Aggressive Growth Fund
Premier Class Shares/TSAPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifestyle Aggressive Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Aggressive Growth Fund returned 9.59% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 13.43%.
 
•  The Fund’s Composite Index consisted of: 65.0% Russell 3000® Index; and 35.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1-Year      5-Year      10-Year  
       
Premier Class Shares at NAV
     9.59      12.32      9.00
       
Russell 3000® Index
     13.12 %      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Aggressive Growth Fund Composite Index
     13.43      13.74      10.13
       
Morningstar Aggressive Target Risk Index
     13.29      12.22      8.77
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 243,194,466  
Total number of portfolio holdings
     13  
Portfolio turnover (%)
     16%  
Total management fees paid for the year
   $ 250,898  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257-8787.
 
 
87245R730_AR_0525
4546591
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Aggressive Growth Fund
Class A Shares/TSALX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Lifestyle Aggressive Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class A Shares
  $45   0.43%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Aggressive Growth Fund returned 9.37% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund significantly underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 13.43%.
 
•  The Fund’s Composite Index consisted of: 65.0% Russell 3000® Index; and 35.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1-Year      5-Year      10-Year  
       
Class A Shares at NAV (excluding maximum sales charge)
     9.37      12.17      8.83
       
Class A at maximum sales charge (Offering Price)
     3.08      10.85      8.19
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Aggressive Growth Fund Composite Index
     13.43      13.74      10.13
       
Morningstar Aggressive Target Risk Index
     13.29      12.22      8.77
Class A Shares at Offering Price reflect a maximum up-front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257-8787.
 
 
 
   2    continued>>

 
 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 243,194,466
Total number of portfolio holdings
       13
Portfolio turnover (%)
       16%
Total management fees paid for the year
     $ 250,898
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257-8787.
 
 
87245R755_AR_0525
4546591
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Aggressive Growth Fund
Retirement Class Shares/TSARX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifestyle Aggressive Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $37   0.35%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Aggressive Growth Fund returned 9.49% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 13.43%.
 
•  The Fund’s Composite Index consisted of: 65.0% Russell 3000® Index; and 35.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     9.49      12.22      8.89
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Aggressive Growth Fund Composite Index
     13.43      13.74      10.13
       
Morningstar Aggressive Target Risk Index
     13.29      12.22      8.77
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 243,194,466
Total number of portfolio holdings
       13
Portfolio turnover (%)
       16%
Total management fees paid for the year
     $ 250,898
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R722_AR_0525
4546591
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Aggressive Growth Fund
Class I Shares/TSAHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifestyle Aggressive Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $21   0.20%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Aggressive Growth Fund returned 9.59% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 13.43%.
 
•  The Fund’s Composite Index consisted of: 65.0% Russell 3000® Index; and 35.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since
Inception
 
       
Class I Shares at NAV
     9.59      12.39      9.99
       
Russell 3000® Index
     13.12      15.34      13.00
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
       
Lifestyle Aggressive Growth Fund Composite Index
     13.43      13.74      11.15
       
Morningstar Aggressive Target Risk Index
     13.29      12.22      9.86
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 243,194,466
Total number of portfolio holdings
       13
Portfolio turnover (%)
       16%
Total management fees paid for the year
     $ 250,898
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R227_AR_0525
4546591
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Conservative Fund
Class R6 Shares/TCSIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifestyle Conservative Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $10   0.10%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Conservative Fund returned 7.50% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 8.78%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 20.0% Bloomberg U.S. 1‑3 Year Government/Credit Bond Index; and 14.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     7.50      5.70      5.11
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Conservative Fund Composite Index
     8.78      5.46      5.19
       
Morningstar Moderately Conservative Target Risk Index
     9.01      4.95      4.98
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 308,475,297
Total number of portfolio holdings
       16
Portfolio turnover (%)
       13%
Total management fees paid for the year
     $ 311,490
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245R870_AR_0525
4546563
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Conservative Fund
Premier Class Shares/TLSPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifestyle Conservative Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Conservative Fund returned 7.39% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 8.78%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 20.0% Bloomberg U.S. 1‑3 Year Government/Credit Bond Index; and 14.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     7.39      5.53      4.95
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Conservative Fund Composite Index
     8.78      5.46      5.19
       
Morningstar Moderately Conservative Target Risk Index
     9.01      4.95      4.98
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 308,475,297
Total number of portfolio holdings
       16
Portfolio turnover (%)
       13%
Total management fees paid for the year
     $ 311,490
 
 
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245R862_AR_0525
4546563
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Conservative Fund
Class A Shares/TSCLX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Lifestyle Conservative Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class A Shares
  $41   0.40%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Conservative Fund returned 7.20% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 8.78%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 20.0% Bloomberg U.S. 1‑3 Year Government/Credit Bond Index; and 14.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class A Shares at NAV (excluding maximum sales charge)
     7.20      5.40      4.82
       
Class A at maximum sales charge (Offering Price)
     1.03      4.16      4.20
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Conservative Fund Composite Index
     8.78      5.46      5.19
       
Morningstar Moderately Conservative Target Risk Index
     9.01      4.95      4.98
Class A Shares at Offering Price reflect a maximum up‑front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 308,475,297
Total number of portfolio holdings
       16
Portfolio turnover (%)
       13%
Total management fees paid for the year
     $ 311,490
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R888_AR_0525
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Conservative Fund
Retirement Class Shares/TSCTX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifestyle Conservative Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $36   0.35%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Conservative Fund returned 7.24% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 8.78%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 20.0% Bloomberg U.S. 1‑3 Year Government/Credit Bond Index; and 14.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     7.24      5.44      4.86
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Conservative Fund Composite Index
     8.78      5.46      5.19
       
Morningstar Moderately Conservative Target Risk Index
     9.01      4.95      4.98
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 308,475,297
Total number of portfolio holdings
       16
Portfolio turnover (%)
       13%
Total management fees paid for the year
     $ 311,490
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245R854_AR_0525
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Conservative Fund
Class I Shares/TLSHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifestyle Conservative Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $19   0.18%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Conservative Fund returned 7.43% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 8.78%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 26.0% Russell 3000® Index; 20.0% Bloomberg U.S. 1‑3 Year Government/Credit Bond Index; and 14.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since
Inception
 
       
Class I Shares at NAV
     7.43      5.59      5.48
       
Russell 3000® Index
     13.12      15.34      13.00
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
       
Lifestyle Conservative Fund Composite Index
     8.78      5.46      5.65
       
Morningstar Moderately Conservative Target Risk Index
     9.01      4.95      5.46
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 308,475,297
Total number of portfolio holdings
       16
Portfolio turnover (%)
       13%
Total management fees paid for the year
     $ 311,490
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R250_AR_0525
4546563
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Growth Fund
Premier Class Shares/TSGPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifestyle Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Growth Fund returned 8.77% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 11.87%.
 
•  The Fund’s Composite Index consisted of: 52.0% Russell 3000® Index; 28.0% MSCI All Country World Index ex USA Investable Market Index; and 20.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
»   A position in the Nuveen Core Plus Bond Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     8.77      9.97      7.69
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Growth Fund Composite Index
     11.87      10.80      8.52
       
Morningstar Moderately Aggressive Target Risk Index
     11.96      10.07      7.72
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 304,177,350
Total number of portfolio holdings
       14
Portfolio turnover (%)
       15%
Total management fees paid for the year
     $ 309,006
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R771_AR_0525
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Growth Fund
Class A Shares/TSGLX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Lifestyle Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class A Shares
  $43   0.41%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Growth Fund returned 8.63% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 11.87%.
 
•  The Fund’s Composite Index consisted of: 52.0% Russell 3000® Index; 28.0% MSCI All Country World Index ex USA Investable Market Index; and 20.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
»   A position in the Nuveen Core Plus Bond Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class A Shares at NAV (excluding maximum sales charge)
     8.63      9.80      7.54
       
Class A at maximum sales charge (Offering Price)
     2.39      8.51      6.91
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Growth Fund Composite Index
     11.87      10.80      8.52
       
Morningstar Moderately Aggressive Target Risk Index
     11.96      10.07      7.72
Class A Shares at Offering Price reflect a maximum up‑front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 304,177,350
Total number of portfolio holdings
       14
Portfolio turnover (%)
       15%
Total management fees paid for the year
     $ 309,006
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245R797_AR_0525
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LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Growth Fund
Retirement Class Shares/TSGRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifestyle Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $37   0.35%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Growth Fund returned 8.71% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 11.87%.
 
•  The Fund’s Composite Index consisted of: 52.0% Russell 3000® Index; 28.0% MSCI All Country World Index ex USA Investable Market Index; and 20.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
»   A position in the Nuveen Core Plus Bond Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     8.71      9.84      7.57
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Growth Fund Composite Index
     11.87      10.80      8.52
       
Morningstar Moderately Aggressive Target Risk Index
     11.96      10.07      7.72
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 304,177,350
Total number of portfolio holdings
       14
Portfolio turnover (%)
       15%
Total management fees paid for the year
     $ 309,006
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R763_AR_0525
4546581
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Growth Fund
Class R6 Shares/TSGGX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifestyle Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $10   0.10%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Growth Fund returned 8.98% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 11.87%.
 
•  The Fund’s Composite Index consisted of: 52.0% Russell 3000® Index; 28.0% MSCI All Country World Index ex USA Investable Market Index; and 20.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
»   A position in the Nuveen Core Plus Bond Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     8.98      10.12      7.85
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Growth Fund Composite Index
     11.87      10.80      8.52
       
Morningstar Moderately Aggressive Target Risk Index
     11.96      10.07      7.72
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 304,177,350
Total number of portfolio holdings
       14
Portfolio turnover (%)
       15%
Total management fees paid for the year
     $ 309,006
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R789_AR_0525
4546581
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   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Growth Fund
Class I Shares/TSGHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifestyle Growth Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a  
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $18   0.17%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Growth Fund returned 8.94% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 11.87%.
 
•  The Fund’s Composite Index consisted of: 52.0% Russell 3000® Index; 28.0% MSCI All Country World Index ex USA Investable Market Index; and 20.0% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
»   A position in the Nuveen Core Plus Bond Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since
Inception
 
       
Class I Shares at NAV
     8.94      10.03      8.53
       
Russell 3000® Index
     13.12      15.34      13.00
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
       
Lifestyle Growth Fund Composite Index
     11.87      10.80      9.35
       
Morningstar Moderately Aggressive Target Risk Index
     11.96      10.07      8.66
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 304,177,350
Total number of portfolio holdings
       14
Portfolio turnover (%)
       15%
Total management fees paid for the year
     $ 309,006
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R235_AR_0525
4546581
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Income Fund
Class R6 Shares/TSITX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifestyle Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $10   0.10%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Income Fund returned 6.84% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 7.26%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 40.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 13.0% Russell 3000® Index; and 7.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   Positions in the Nuveen Core Plus Bond Fund and the Nuveen Core Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1-Year      5-Year      10-Year  
       
Class R6 Shares at NAV
     6.84      3.63      3.67
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Income Fund Composite Index
     7.26      3.02      3.47
       
Morningstar Conservative Target Risk Index
     7.35      2.11      3.16
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 75,506,081
Total number of portfolio holdings
       16
Portfolio turnover (%)
       16%
Total management fees paid for the year
     $ 75,659
 
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R607_AR_0525
4546548
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Income Fund
Premier Class Shares/TSIPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifestyle Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Income Fund returned 6.72% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 7.26%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 40.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 13.0% Russell 3000® Index; and 7.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   Positions in the Nuveen Core Plus Bond Fund and the Nuveen Core Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     6.72      3.49      3.52
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Income Fund Composite Index
     7.26      3.02      3.47
       
Morningstar Conservative Target Risk Index
     7.35      2.11      3.16
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 75,506,081
Total number of portfolio holdings
       16
Portfolio turnover (%)
       16%
Total management fees paid for the year
     $ 75,659
 
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245R706_AR_0525
4546548
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Income Fund
Class A Shares/TSILX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Lifestyle Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class A Shares
  $41   0.40%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Income Fund returned 6.52% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 7.26%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 40.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 13.0% Russell 3000® Index; and 7.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   Positions in the Nuveen Core Plus Bond Fund and the Nuveen Core Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class A Shares at NAV (excluding maximum sales charge)
     6.52      3.35      3.38
       
Class A at maximum sales charge (Offering Price)
     0.38      2.14      2.77
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Income Fund Composite Index
     7.26      3.02      3.47
       
Morningstar Conservative Target Risk Index
     7.35      2.11      3.16
Class A Shares at Offering Price reflect a maximum up‑front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 75,506,081
Total number of portfolio holdings
       16
Portfolio turnover (%)
       16%
Total management fees paid for the year
     $ 75,659
 
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245R508_AR_0525
4546548
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   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Income Fund
Retirement Class Shares/TLSRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifestyle Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $36   0.35%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Income Fund returned 6.56% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 7.26%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 40.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 13.0% Russell 3000® Index; and 7.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   Positions in the Nuveen Core Plus Bond Fund and the Nuveen Core Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     6.56      3.37      3.41
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Income Fund Composite Index
     7.26      3.02      3.47
       
Morningstar Conservative Target Risk Index
     7.35      2.11      3.16
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 75,506,081
Total number of portfolio holdings
       16
Portfolio turnover (%)
       16%
Total management fees paid for the year
     $ 75,659
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245R805_AR_0525
4546548
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Income Fund
Class I Shares/TSIHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifestyle Income Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $21   0.20%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Income Fund returned 6.67% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 7.26%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 40.0% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 13.0% Russell 3000® Index; and 7.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   An allocation to the Nuveen Short Term Bond Fund.
 
»   Positions in the Nuveen Core Plus Bond Fund and the Nuveen Core Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since
Inception
 
       
Class I Shares at NAV
     6.67      3.56      3.91
       
Russell 3000® Index
     13.12      15.34      13.00
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
       
Lifestyle Income Fund Composite Index
     7.26      3.02      3.74
       
Morningstar Conservative Target Risk Index
     7.35      2.11      3.47
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 75,506,081
Total number of portfolio holdings
       16
Portfolio turnover (%)
       16%
Total management fees paid for the year
     $ 75,659
 
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   • financial statements and other information   • fund holdings   • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245R268_AR_0525
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Moderate Fund
Class R6 Shares/TSIMX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifestyle Moderate Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $10   0.10%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Moderate Fund returned 8.21% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 10.29%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000® Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     8.21      7.73      6.51
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Moderate Fund Composite Index
     10.29      7.85      6.85
       
Morningstar Moderate Target Risk Index
     10.52      7.42      6.34
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 557,266,562
Total number of portfolio holdings
       14
Portfolio turnover (%)
       14%
Total management fees paid for the year
     $ 568,729
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
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Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Moderate Fund
Premier Class Shares/TSMPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifestyle Moderate Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $26   0.25%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Moderate Fund returned 8.07% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 10.29%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000® Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     8.07      7.57      6.34
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Moderate Fund Composite Index
     10.29      7.85      6.85
       
Morningstar Moderate Target Risk Index
     10.52      7.42      6.34
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 557,266,562  
Total number of portfolio holdings
     14  
Portfolio turnover (%)
     14%  
Total management fees paid for the year
   $ 568,729  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R821_AR_0525
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Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Moderate Fund
Class A Shares/TSMLX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class A Shares of the Nuveen Lifestyle Moderate Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class A Shares
  $43   0.41%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Moderate Fund returned 7.90% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 10.29%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000® Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class A Shares at NAV (excluding maximum sales charge)
     7.90      7.42      6.21
       
Class A at maximum sales charge (Offering Price)
     1.70      6.15      5.58
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifestyle Moderate Fund Composite Index
     10.29      7.85      6.85
       
Morningstar Moderate Target Risk Index
     10.52      7.42      6.34
Class A Shares at Offering Price reflect a maximum up‑front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 557,266,562
Total number of portfolio holdings
       14
Portfolio turnover (%)
       14%
Total management fees paid for the year
     $ 568,729
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
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Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Moderate Fund
Retirement Class Shares/TSMTX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifestyle Moderate Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $36   0.35%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Moderate Fund returned 7.95% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 10.29%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000® Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Retirement Class Shares at NAV
     7.95      7.46      6.23
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifestyle Moderate Fund Composite Index
     10.29      7.85      6.85
Morningstar Moderate Target Risk Index
     10.52      7.42      6.34
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 557,266,562
Total number of portfolio holdings
       14
Portfolio turnover (%)
       14%
Total management fees paid for the year
     $ 568,729
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R813_AR_0525
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LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifestyle Moderate Fund
Class I Shares/TSMHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifestyle Moderate Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $19   0.18%
* The Fund’s ratios do not include the expenses or income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifestyle Moderate Fund returned 8.13% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 10.29%.
 
•  The Fund’s Composite Index consisted of: 40.0% Bloomberg U.S. Aggregate Bond Index; 39.0% Russell 3000® Index; and 21.0% MSCI All Country World Index ex USA Investable Market Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Core Plus Bond Fund.
 
»   Holding the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Core Equity Fund and the Nuveen Dividend Value Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since
Inception
 
       
Class I Shares at NAV
     8.13      7.63      7.04
       
Russell 3000® Index
     13.12      15.34      13.00
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
       
Lifestyle Moderate Fund Composite Index
     10.29      7.85      7.49
       
Morningstar Moderate Target Risk Index
     10.52      7.42      7.04
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $ 557,266,562
Total number of portfolio holdings
       14
Portfolio turnover (%)
       14%
Total management fees paid for the year
     $ 568,729
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  • financial statements and other information  • fund holdings  • proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87245R243_AR_0525
4546572
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Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2060 Fund
Class R6 Shares/TLXNX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $26   0.25%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2060 Fund returned 9.59% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2060 Fund Composite Index, which returned 12.86%.
 
•  The Fund’s Composite Index consisted of: 60.1% Russell 3000® Index; 32.4% MSCI All Country World Index ex USA Investable Market Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     9.59      11.92      8.93
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle 2060 Fund Composite Index
     12.86      12.76      9.69
       
S&P Target Date 2060 Index
     11.58      12.25      8.88
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 851,122,197  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     17%  
Total management fees paid for the year
   $ 3,347,998  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245R573_AR_0525
4546413
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2060 Fund
Premier Class Shares/TLXPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Premier Class Shares
  $42   0.40%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2060 Fund returned 9.40% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2060 Fund Composite Index, which returned 12.86%.
 
•  The Fund’s Composite Index consisted of: 60.1% Russell 3000® Index; 32.4% MSCI All Country World Index ex USA Investable Market Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
 
   1    continued>>

How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Premier Class Shares at NAV
     9.40      11.73      8.77
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2060 Fund Composite Index
     12.86      12.76      9.69
S&P Target Date 2060 Index
     11.58      12.25      8.88
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 851,122,197  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     17%  
Total management fees paid for the year
   $ 3,347,998  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245R524_AR_0525
4546413
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2060 Fund
Retirement Class Shares/TLXRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Retirement Class Shares
  $52   0.50%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2060 Fund returned 9.31% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2060 Fund Composite Index, which returned 12.86%.
 
•  The Fund’s Composite Index consisted of: 60.1% Russell 3000® Index; 32.4% MSCI All Country World Index ex USA Investable Market Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      10‑Year  
Retirement Class Shares at NAV
     9.31      11.63      8.66
Russell 3000® Index
     13.12      15.34      12.21
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
Lifecycle 2060 Fund Composite Index
     12.86      12.76      9.69
S&P Target Date 2060 Index
     11.58      12.25      8.88
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 851,122,197  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     17%  
Total management fees paid for the year
   $ 3,347,998  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87245R532_AR_0525
4546413
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2060 Fund
Class I Shares/TLXHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
Class I Shares
  $31   0.30%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2060 Fund returned 9.54% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2060 Fund Composite Index, which returned 12.86%.
 
•  The Fund’s Composite Index consisted of: 60.1% Russell 3000® Index; 32.4% MSCI All Country World Index ex USA Investable Market Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      5‑Year      Since Inception  
Class I Shares at NAV
     9.54      11.83      9.75
Russell 3000® Index
     13.12      15.34      13.00
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
Lifecycle 2060 Fund Composite Index
     12.86      12.76      10.64
S&P Target Date 2060 Index
     11.58      12.25      9.74
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 851,122,197  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     17%  
Total management fees paid for the year
   $ 3,347,998  
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
 
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
87245P858_AR_0525
4546413
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2060 Fund
Retirement Class Shares/TVITX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $37   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2060 Fund returned 12.18% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2060 Fund Composite Index, which returned 12.79%.
 
•  The Fund’s Composite Index consisted of: 60.1% Russell 3000® Index; 32.4% MSCI EAFE + Emerging Markets Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Retirement Class Shares at NAV
     12.18      12.24      9.31
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2060 Fund Composite Index
     12.79      12.67      9.66
       
S&P Target Date 2060 Index
     11.58      12.25      8.88
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $2,790,148,930  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
     $    3,584,265  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R557_AR_0525
4546525
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2060 Fund
Class R6 Shares/TVIIX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $11   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2060 Fund returned 12.48% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2060 Fund Composite Index, which returned 12.79%.
 
•  The Fund’s Composite Index consisted of: 60.1% Russell 3000® Index; 32.4% MSCI EAFE + Emerging Markets Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Class R6 Shares at NAV
     12.48      12.52      9.58
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2060 Fund Composite Index
     12.79      12.67      9.66
       
S&P Target Date 2060 Index
     11.58      12.25      8.88
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $2,790,148,930  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
     $    3,584,265  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R565_AR_0525
4546525
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2060 Fund
Premier Class Shares/TVIPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $27   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2060 Fund returned 12.32% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2060 Fund Composite Index, which returned 12.79%.
 
•  The Fund’s Composite Index consisted of: 60.1% Russell 3000® Index; 32.4% MSCI EAFE + Emerging Markets Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (June 1, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      10‑Year  
       
Premier Class Shares at NAV
     12.32      12.36      9.41
       
Russell 3000® Index
     13.12      15.34      12.21
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.49
       
Lifecycle Index 2060 Fund Composite Index
     12.79      12.67      9.66
       
S&P Target Date 2060 Index
     11.58      12.25      8.88
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
     $2,790,148,930  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
     $    3,584,265  
 
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87245R540_AR_0525
4546525
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2060 Fund
Class I Shares/TVIHX
 
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2060 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $12   0.11%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2060 Fund returned 12.44% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2060 Fund Composite Index, which returned 12.79%.
 
•  The Fund’s Composite Index consisted of: 60.1% Russell 3000® Index; 32.4% MSCI EAFE + Emerging Markets Index; and 7.5% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 4, 2015 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     
     1‑Year      5‑Year      Since Inception  
       
Class I Shares at NAV
     12.44      12.42      10.41
       
Russell 3000® Index
     13.12      15.34      13.00
       
Bloomberg U.S. Aggregate Bond Index
     5.46      (0.90 )%       1.60
       
Lifecycle Index 2060 Fund Composite Index
     12.79      12.67      10.60
       
S&P Target Date 2060 Index
     11.58      12.25      9.74
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 2,790,148,930  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
   $ 3,584,265  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
87245P726_AR_0525
4546525
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2065 Fund
Premier Class Shares/TSFPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a
$10,000 investment
 
Costs paid as a percentage of
$10,000 investment*
Premier Class Shares
  $41   0.39%
 
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2065 Fund returned 9.41% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2065 Fund Composite Index, which returned 12.96%.
 
•  The Fund’s Composite Index consisted of: 61.0% Russell 3000® Index; 32.8% MSCI All Country World Index ex USA Investable Market Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 30, 2020 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      Since Inception  
Premier Class Shares at NAV
     9.41      10.22
Russell 3000® Index
     13.12      13.79
Bloomberg U.S. Aggregate Bond Index
     5.46      (1.23 )% 
Lifecycle 2065 Fund Composite Index
     12.96      11.38
S&P Target Date 2065+ Index
     11.78      11.18
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 139,898,313  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     29%  
Total management fees paid for the year
   $ 478,665  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
 
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
87249N750_AR_0525
4546418
  
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2065 Fund
Class I Shares/TSFHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
Class I Shares
  $27   0.26%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2065 Fund returned 9.63% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2065 Fund Composite Index, which returned 12.96%.
 
•  The Fund’s Composite Index consisted of: 61.0% Russell 3000® Index; 32.8% MSCI All Country World Index ex USA Investable Market Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 30, 2020 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      Since Inception  
Class I Shares at NAV
     9.63      10.30
Russell 3000® Index
     13.12      13.79
Bloomberg U.S. Aggregate Bond Index
     5.46      (1.23 )% 
Lifecycle 2065 Fund Composite Index
     12.96      11.38
S&P Target Date 2065+ Index
     11.78      11.18
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 139,898,313  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     29%  
Total management fees paid for the year
   $ 478,665  
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
 
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
87249N776_AR_0525
4546418
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2065 Fund
Class R6 Shares/TSFTX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
Class R6 Shares
  $25   0.24%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2065 Fund returned 9.56% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2065 Fund Composite Index, which returned 12.96%.
 
•  The Fund’s Composite Index consisted of: 61.0% Russell 3000® Index; 32.8% MSCI All Country World Index ex USA Investable Market Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 30, 2020 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
     1‑Year      Since Inception  
Class R6 Shares at NAV
     9.56      10.45
Russell 3000® Index
     13.12      13.79
Bloomberg U.S. Aggregate Bond Index
     5.46      (1.23 )% 
Lifecycle 2065 Fund Composite Index
     12.96      11.38
S&P Target Date 2065+ Index
     11.78      11.18
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 139,898,313  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     29%  
Total management fees paid for the year
   $ 478,665  
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
87249N768_AR_0525
4546418
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle 2065 Fund
Retirement Class Shares/TSFRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
 
Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $51   0.49%
* The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle 2065 Fund returned 9.35% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle 2065 Fund Composite Index, which returned 12.96%.
 
•  The Fund’s Composite Index consisted of: 61.0% Russell 3000® Index; 32.8% MSCI All Country World Index ex USA Investable Market Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to relative performance
 
»   A position in the Nuveen Quant International Small Cap Equity Fund.
 
»   Allocations to the Nuveen Quant Small/Mid Cap Equity Fund and the Nuveen Quant Small Cap Equity Fund.
 
•  Top detractors from relative performance
 
»   Holding the Nuveen International Opportunities Fund and the Nuveen International Equity Fund.
 
»   Allocations to the Nuveen Dividend Value Fund and the Nuveen Core Equity Fund.
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 30, 2020 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
   
     1‑Year      Since Inception  
     
Retirement Class Shares at NAV
     9.35      10.23
     
Russell 3000® Index
     13.12      13.79
     
Bloomberg U.S. Aggregate Bond Index
     5.46      (1.23 )% 
     
Lifecycle 2065 Fund Composite Index
     12.96      11.38
     
S&P Target Date 2065+ Index
     11.78      11.18
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 139,898,313  
Total number of portfolio holdings
     19  
Portfolio turnover (%)
     29%  
Total management fees paid for the year
   $ 478,665  
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87249N743_AR_0525
4546418
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2065 Fund
Premier Class Shares/TFIPX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Premier Class Shares
  $27   0.25%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2065 Fund returned 12.35% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2065 Fund Composite Index, which returned 12.89%.
 
•  The Fund’s Composite Index consisted of: 61.0% Russell 3000® Index; 32.8% MSCI EAFE + Emerging Markets Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 30, 2020 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
   
     1‑Year      Since Inception  
     
Premier Class Shares at NAV
     12.35      11.07
     
Russell 3000® Index
     13.12      13.79
     
Bloomberg U.S. Aggregate Bond Index
     5.46      (1.23 )% 
     
Lifecycle Index 2065 Fund Composite Index
     12.89      11.32
     
S&P Target Date 2065+ Index
     11.78      11.18
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 613,248,507  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
   $ 680,037  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
87249N719_AR_0525
4546536
  LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2065 Fund
Retirement Class Shares/TFIRX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Retirement Class Shares
  $37   0.35%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2065 Fund returned 12.25% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2065 Fund Composite Index, which returned 12.89%.
 
•  The Fund’s Composite Index consisted of: 61.0% Russell 3000® Index; 32.8% MSCI EAFE + Emerging Markets Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 30, 2020 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
   
     1‑Year      Since Inception  
     
Retirement Class Shares at NAV
     12.25      10.89
     
Russell 3000® Index
     13.12      13.79
     
Bloomberg U.S. Aggregate Bond Index
     5.46      (1.23 )% 
     
Lifecycle Index 2065 Fund Composite Index
     12.89      11.32
     
S&P Target Date 2065+ Index
     11.78      11.18
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 613,248,507  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
   $ 680,037  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87249N693_AR_0525
4546536
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2065 Fund
Class I Shares/TFIHX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class I Shares
  $12   0.11%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2065 Fund returned 12.54% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2065 Fund Composite Index, which returned 12.89%.
 
•  The Fund’s Composite Index consisted of: 61.0% Russell 3000® Index; 32.8% MSCI EAFE + Emerging Markets Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 30, 2020 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
   
     1‑Year      Since Inception  
     
Class I Shares at NAV
     12.54      11.17
     
Russell 3000® Index
     13.12      13.79
     
Bloomberg U.S. Aggregate Bond Index
     5.46      (1.23 )% 
     
Lifecycle Index 2065 Fund Composite Index
     12.89      11.32
     
S&P Target Date 2065+ Index
     11.78      11.18
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 613,248,507  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
   $ 680,037  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87249N735_AR_0525
4546536
 
 
LOGO
 
 
   3   

 
    
LOGO
  

Annual Shareholder Report  
 
May 31, 2025  
 
Nuveen Lifecycle Index 2065 Fund
Class R6 Shares/TFITX
 
 
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2065 Fund for the period of June 1, 2024 to May 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
This report describes changes to the Fund that occurred during the reporting period.
 
 
 
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  Costs paid as a percentage of
$10,000 investment*
     
Class R6 Shares
  $11   0.10%
* The Fund’s ratios include the expenses and exclude the income of the Underlying Funds. Annualized for period less than one year.
 
 
 
How did the Fund perform last year? What affected the Fund’s performance?
 
Performance Highlights
 
•  The Nuveen Lifecycle Index 2065 Fund returned 12.54% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2025. The Fund underperformed the Lifecycle Index 2065 Fund Composite Index, which returned 12.89%.
 
•  The Fund’s Composite Index consisted of: 61.0% Russell 3000® Index; 32.8% MSCI EAFE + Emerging Markets Index; and 6.2% Bloomberg U.S. Aggregate Bond Index.
 
•  Top contributors to absolute performance
 
»   Underlying equity and fixed income funds advanced for the period. U.S. and international equity funds recorded double-digit gains and contributed most.
 
•  Top detractors from absolute performance
 
»   Management fees and other expenses incurred by the Fund.
 
 
 
   1    continued>>

 
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 30, 2020 through May 31, 2025) Initial Investment of $10,000
 
 
LOGO
Average Annual Total Returns
 
   
     1‑Year      Since Inception  
     
Class R6 Shares at NAV
     12.54      11.22
     
Russell 3000® Index
     13.12      13.79
     
Bloomberg U.S. Aggregate Bond Index
     5.46      (1.23 )% 
     
Lifecycle Index 2065 Fund Composite Index
     12.89      11.32
     
S&P Target Date 2065+ Index
     11.78      11.18
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.
 
 
 
 
   2    continued>>

 
Fund Statistics (as of May 31, 2025)
 
Fund net assets
   $ 613,248,507  
Total number of portfolio holdings
     5  
Portfolio turnover (%)
     10%  
Total management fees paid for the year
   $ 680,037  
 
 
 
What did the Fund invest in? (as of May 31, 2025)
 
 
LOGO
(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.
 
 
 
How has the Fund changed?
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:
 
   
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
87249N727_AR_0525
4546536
 
 
LOGO
 
 
   3   


Item 2.

Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.


Item 3.

Audit Committee Financial Expert.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) had determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.


Item 4.

Principal Accountant Fees and Services.

TIAA-CREF Funds

The following tables show the amount of fees that PricewaterhouseCoopers LLP (“PwC”), the independent registered public accounting firm, billed to the Registrant during the Registrant’s last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE REGISTRANT

 

Fiscal Year Ended Audit Fees
Billed to Registrant1
Audit-Related Fees
Billed to Registrant2
Tax Fees
Billed to Registrant3
All Other Fees
Billed to Registrant4

May 31, 2025

$482,125               $0            $0             $0

   

Percentage approved pursuant to

pre-approval exception

0%      0%     0%     0%  

  

May 31, 2024

$478,208      $0   $0   $0

  

Percentage approved pursuant to

pre-approval exception

0%      0%     0%     0%  

 

1

“Audit Fees” are the aggregate fees billed for professional services for the audit of the Registrant’s annual financial statements and services provided in connection with statutory and regulatory filings.

2

“Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”.

3

“Tax Fees” are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4

“All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”.

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Teachers Advisors, LLC (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant (“Affiliated Fund Service Provider”), for engagements directly related to the Registrant’s operations and financial reporting, during the Registrant’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the


time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Registrant’s audit is completed.

 

Fiscal Year Ended   Audit-Related Fees
Billed to Adviser
and Affiliated Fund
Service Providers
  Tax Fees
Billed to Adviser
and Affiliated Fund
Service Providers
  All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers

May 31, 2025

  $0   $0   $0

   

     

Percentage approved pursuant to pre-approval exception

  0%   0%   0%

   

     

May 31, 2024

  $0   $0   $0

   

     

Percentage approved pursuant to pre-approval exception

  0%   0%   0%

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant’s independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC about any non-audit services rendered during the Registrant’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC’s independence.

 

Fiscal Year Ended   Total Non-Audit Fees
Billed to Registrant
   

Total Non-Audit Fees
Billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the

Registrant)

    Total Non-Audit Fees
Billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements)
    Total       

May 31, 2025

    $0       $0       $10,974,000       $10,974,000  

May 31, 2024

    $0       $0       $756,059       $756,059  

“Non-Audit Fees billed to Registrant” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm’s engagement to audit the Registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant’s independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant’s independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

Item 4(i) and Item 4(j) are not applicable to the Registrant.


Item 5.

Audit Committee of Listed Registrants.

Not applicable to this registrant.


Item 6.

Investments.

 

(a)

Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

 

(b)

Not applicable.


Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 


Report of Independent Registered Public Accounting Firm

 

 

To the Board of Trustees of TIAA-CREF Funds and Shareholders of Nuveen Lifecycle Retirement Income Fund, Nuveen Lifecycle 2010 Fund, Nuveen Lifecycle 2015 Fund, Nuveen Lifecycle 2020 Fund, Nuveen Lifecycle 2025 Fund, Nuveen Lifecycle 2030 Fund, Nuveen Lifecycle 2035 Fund, Nuveen Lifecycle 2040 Fund, Nuveen Lifecycle 2045 Fund, Nuveen Lifecycle 2050 Fund, Nuveen Lifecycle 2055 Fund, Nuveen Lifecycle 2060 Fund and Nuveen Lifecycle 2065 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Lifecycle Retirement Income Fund, Nuveen Lifecycle 2010 Fund, Nuveen Lifecycle 2015 Fund, Nuveen Lifecycle 2020 Fund, Nuveen Lifecycle 2025 Fund, Nuveen Lifecycle 2030 Fund, Nuveen Lifecycle 2035 Fund, Nuveen Lifecycle 2040 Fund, Nuveen Lifecycle 2045 Fund, Nuveen Lifecycle 2050 Fund, Nuveen Lifecycle 2055 Fund, Nuveen Lifecycle 2060 Fund and Nuveen Lifecycle 2065 Fund (thirteen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of May 31, 2025, the related statements of operations for the year ended May 31, 2025, the statements of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

July 28, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

 

4   


Portfolio of Investments May 31, 2025

Lifecycle Retirement Income

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—100.1%(a)         
     DIRECT REAL ESTATE—4.5%         

1,843,074

  (b)    Nuveen Real Property Fund LP (purchased 8/01/16-4/09/25; cost $18,968,182)          $ 17,656,650  

 

 
     TOTAL DIRECT REAL ESTATE            17,656,650  
    

 

 
     FIXED INCOME—39.5%         

9,003,159

     Nuveen Core Bond Fund, Class W            81,568,623  

5,546,232

     Nuveen Core Plus Bond Fund, Class W            50,470,709  

846,912

     Nuveen Emerging Markets Debt Fund, Class W            7,342,730  

886,240

     Nuveen High Yield Fund, Class W            7,728,011  

921,283

     Nuveen International Bond Fund, Class W            8,098,076  

 

 
     TOTAL FIXED INCOME            155,208,149  
    

 

 
     INFLATION-PROTECTED ASSETS—9.9%         

3,600,440

     Nuveen Inflation Linked Bond Fund, Class W            38,920,758  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            38,920,758  
    

 

 
     INTERNATIONAL EQUITY—12.6%         

1,011,200

     Nuveen Emerging Markets Equity Fund, Class W            8,494,082  

1,397,556

     Nuveen International Equity Fund, Class W            21,312,722  

796,496

     Nuveen International Opportunities Fund, Class W            12,751,896  

567,133

     Nuveen Quant International Small Cap Equity Fund, Class W            6,992,755  

 

 
     TOTAL INTERNATIONAL EQUITY            49,551,455  
    

 

 
     SHORT-TERM FIXED INCOME—9.9%         

3,831,896

     Nuveen Short Term Bond Fund, Class W            38,855,426  

 

 
     TOTAL SHORT-TERM FIXED INCOME            38,855,426  
    

 

 
     U.S. EQUITY—23.7%         

942,594

     Nuveen Core Equity Fund, Class W            13,837,273  

220,691

     Nuveen Dividend Growth Fund, Class R6            13,863,836  

941,498

     Nuveen Dividend Value Fund, Class R6            13,604,648  

476,465

     Nuveen Growth Opportunities ETF            16,052,106  

563,647

     Nuveen Large Cap Growth Fund, Class W            16,030,119  

597,174

     Nuveen Large Cap Value Fund, Class W            13,603,613  

151,819

     Nuveen Quant Small Cap Equity Fund, Class W            2,659,871  

228,794

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            3,303,780  

 

 
     TOTAL U.S. EQUITY            92,955,246  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $355,502,406)

           393,147,684  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.0%         
     REPURCHASE AGREEMENT—0.0%         

$170,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        170,000  

 

 
     TOTAL REPURCHASE AGREEMENT            170,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $170,000)

           170,000  
    

 

 
    

TOTAL INVESTMENTS—100.1%

(Cost $355,672,406)

           393,317,684  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.1)%            (529,251)  
    

 

 
     NET ASSETS—100.0%          $    392,788,433  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $170,060 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.625% and maturity date 7/15/32, valued at $173,406.

 

 

See Notes to Financial Statements    5


Portfolio of Investments May 31, 2025

Lifecycle 2010

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—100.0%(a)         
     DIRECT REAL ESTATE—2.3%         

1,668,032

  (b)    Nuveen Real Property Fund LP (purchased 7/01/16-4/09/25; cost $16,877,004)          $ 15,979,751  

 

 
     TOTAL DIRECT REAL ESTATE            15,979,751  
    

 

 
     FIXED INCOME—39.6%         

15,796,410

     Nuveen Core Bond Fund, Class W            143,115,477  

9,743,159

     Nuveen Core Plus Bond Fund, Class W            88,662,743  

1,484,241

     Nuveen Emerging Markets Debt Fund, Class W            12,868,369  

1,555,082

     Nuveen High Yield Fund, Class W            13,560,311  

1,616,775

     Nuveen International Bond Fund, Class W            14,211,452  

 

 
     TOTAL FIXED INCOME            272,418,352  
    

 

 
     INFLATION-PROTECTED ASSETS—9.9%         

6,319,073

     Nuveen Inflation Linked Bond Fund, Class W            68,309,177  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            68,309,177  
    

 

 
     INTERNATIONAL EQUITY—11.7%         

1,635,960

     Nuveen Emerging Markets Equity Fund, Class W            13,742,062  

2,264,279

     Nuveen International Equity Fund, Class W            34,530,248  

1,290,542

     Nuveen International Opportunities Fund, Class W            20,661,585  

917,456

     Nuveen Quant International Small Cap Equity Fund, Class W            11,312,232  

 

 
     TOTAL INTERNATIONAL EQUITY            80,246,127  
    

 

 
     SHORT-TERM FIXED INCOME—14.7%         

9,998,275

     Nuveen Short Term Bond Fund, Class W            101,382,509  

 

 
     TOTAL SHORT-TERM FIXED INCOME            101,382,509  
    

 

 
     U.S. EQUITY—21.8%         

1,526,674

     Nuveen Core Equity Fund, Class W            22,411,579  

352,678

     Nuveen Dividend Growth Fund, Class R6            22,155,211  

1,529,215

     Nuveen Dividend Value Fund, Class R6            22,097,153  

771,077

     Nuveen Growth Opportunities ETF            25,977,584  

912,251

     Nuveen Large Cap Growth Fund, Class W            25,944,414  

969,863

     Nuveen Large Cap Value Fund, Class W            22,093,478  

245,714

     Nuveen Quant Small Cap Equity Fund, Class W            4,304,915  

370,299

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            5,347,111  

 

 
     TOTAL U.S. EQUITY            150,331,445  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $610,596,653)

           688,667,361  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$502,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        502,000  

 

 
     TOTAL REPURCHASE AGREEMENT            502,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $502,000)

           502,000  
    

 

 
    

TOTAL INVESTMENTS—100.1%

(Cost $611,098,653)

           689,169,361  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.1)%            (426,391)  
    

 

 
     NET ASSETS—100.0%          $    688,742,970  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $502,178 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 4/15/26, valued at $512,069.

 

 

6    See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifecycle 2015

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     DIRECT REAL ESTATE—4.5%         

4,602,547

  (b)    Nuveen Real Property Fund LP (purchased 11/28/16-4/09/25; cost $47,310,256)          $ 44,092,402  

 

 
     TOTAL DIRECT REAL ESTATE            44,092,402  
    

 

 
     FIXED INCOME—39.5%         

22,465,939

     Nuveen Core Bond Fund, Class W            203,541,406  

13,861,340

     Nuveen Core Plus Bond Fund, Class W            126,138,191  

2,112,468

     Nuveen Emerging Markets Debt Fund, Class W            18,315,101  

2,212,172

     Nuveen High Yield Fund, Class W            19,290,142  

2,299,661

     Nuveen International Bond Fund, Class W            20,214,024  

 

 
     TOTAL FIXED INCOME            387,498,864  
    

 

 
     INFLATION-PROTECTED ASSETS—9.8%         

8,944,494

     Nuveen Inflation Linked Bond Fund, Class W            96,689,984  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            96,689,984  
    

 

 
     INTERNATIONAL EQUITY—12.6%         

2,532,876

     Nuveen Emerging Markets Equity Fund, Class W            21,276,157  

3,500,279

     Nuveen International Equity Fund, Class W            53,379,257  

1,996,989

     Nuveen International Opportunities Fund, Class W            31,971,794  

1,419,667

     Nuveen Quant International Small Cap Equity Fund, Class W            17,504,494  

 

 
     TOTAL INTERNATIONAL EQUITY            124,131,702  
    

 

 
     SHORT-TERM FIXED INCOME—9.8%         

9,521,858

     Nuveen Short Term Bond Fund, Class W            96,551,639  

 

 
     TOTAL SHORT-TERM FIXED INCOME            96,551,639  
    

 

 
     U.S. EQUITY—23.7%         

2,361,312

     Nuveen Core Equity Fund, Class W            34,664,057  

552,181

     Nuveen Dividend Growth Fund, Class R6            34,687,980  

2,358,313

     Nuveen Dividend Value Fund, Class R6            34,077,616  

1,193,543

     Nuveen Growth Opportunities ETF            40,210,464  

1,411,847

     Nuveen Large Cap Growth Fund, Class W            40,152,938  

1,495,834

     Nuveen Large Cap Value Fund, Class W            34,075,099  

380,284

     Nuveen Quant Small Cap Equity Fund, Class W            6,662,570  

573,095

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            8,275,491  

 

 
     TOTAL U.S. EQUITY            232,806,215  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $906,658,884)

           981,770,806  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$725,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        725,000  

 

 
     TOTAL REPURCHASE AGREEMENT            725,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $725,000)

           725,000  
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $907,383,884)

           982,495,806  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.0)%            (371,266)  
    

 

 
     NET ASSETS—100.0%          $    982,124,540  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $725,257 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 1/15/30, valued at $739,552.

 

 

See Notes to Financial Statements    7


Portfolio of Investments May 31, 2025

Lifecycle 2020

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     DIRECT REAL ESTATE—4.5%         

9,843,316

  (b)    Nuveen Real Property Fund LP (purchased 11/28/16-4/09/25; cost $101,817,531)          $ 94,298,970  

 

 
     TOTAL DIRECT REAL ESTATE            94,298,970  
    

 

 
     FIXED INCOME—38.4%         

46,761,654

     Nuveen Core Bond Fund, Class W            423,660,584  

28,844,460

     Nuveen Core Plus Bond Fund, Class W            262,484,588  

4,390,824

     Nuveen Emerging Markets Debt Fund, Class W            38,068,440  

4,635,236

     Nuveen High Yield Fund, Class W            40,419,259  

4,806,790

     Nuveen International Bond Fund, Class W            42,251,688  

 

 
     TOTAL FIXED INCOME            806,884,559  
    

 

 
     INFLATION-PROTECTED ASSETS—7.9%         

15,268,475

     Nuveen Inflation Linked Bond Fund, Class W            165,052,211  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            165,052,211  
    

 

 
     INTERNATIONAL EQUITY—14.4%         

6,161,753

     Nuveen Emerging Markets Equity Fund, Class W            51,758,728  

8,547,731

     Nuveen International Equity Fund, Class W            130,352,894  

4,860,422

     Nuveen International Opportunities Fund, Class W            77,815,354  

3,458,770

     Nuveen Quant International Small Cap Equity Fund, Class W            42,646,633  

 

 
     TOTAL INTERNATIONAL EQUITY            302,573,609  
    

 

 
     SHORT-TERM FIXED INCOME—7.8%         

16,249,930

     Nuveen Short Term Bond Fund, Class W            164,774,288  

 

 
     TOTAL SHORT-TERM FIXED INCOME            164,774,288  
    

 

 
     U.S. EQUITY—26.9%         

5,741,439

     Nuveen Core Equity Fund, Class W            84,284,321  

1,331,083

     Nuveen Dividend Growth Fund, Class R6            83,618,651  

5,736,341

     Nuveen Dividend Value Fund, Class R6            82,890,129  

2,904,762

     Nuveen Growth Opportunities ETF            97,861,432  

3,440,788

     Nuveen Large Cap Growth Fund, Class W            97,856,010  

3,642,999

     Nuveen Large Cap Value Fund, Class W            82,987,528  

928,654

     Nuveen Quant Small Cap Equity Fund, Class W            16,270,013  

1,399,297

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            20,205,843  

 

 
     TOTAL U.S. EQUITY            565,973,927  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $1,899,877,844)

           2,099,557,564  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$1,835,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        1,835,000  

 

 
     TOTAL REPURCHASE AGREEMENT            1,835,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,835,000)

           1,835,000  
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $1,901,712,844)

           2,101,392,564  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.0%            484,270  
    

 

 
     NET ASSETS—100.0%          $    2,101,876,834  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $1,835,651 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.625% and maturity date 7/15/32, valued at $1,871,712.

 

 

8    See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifecycle 2025

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     DIRECT REAL ESTATE—4.5%         

15,768,906

  (b)    Nuveen Real Property Fund LP (purchased 8/01/16-4/09/25; cost $164,960,585)          $ 151,066,120  

 

 
     TOTAL DIRECT REAL ESTATE            151,066,120  
    

 

 
     FIXED INCOME—37.2%         

72,702,435

     Nuveen Core Bond Fund, Class W            658,684,059  

44,845,765

     Nuveen Core Plus Bond Fund, Class W            408,096,462  

6,834,284

     Nuveen Emerging Markets Debt Fund, Class W            59,253,243  

7,151,238

     Nuveen High Yield Fund, Class W            62,358,799  

7,442,428

     Nuveen International Bond Fund, Class W            65,418,939  

 

 
     TOTAL FIXED INCOME            1,253,811,502  
    

 

 
     INFLATION-PROTECTED ASSETS—5.9%         

18,277,070

     Nuveen Inflation Linked Bond Fund, Class W            197,575,130  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            197,575,130  
    

 

 
     INTERNATIONAL EQUITY—16.1%         

11,090,793

     Nuveen Emerging Markets Equity Fund, Class W            93,162,661  

15,347,037

     Nuveen International Equity Fund, Class W            234,042,309  

8,741,127

     Nuveen International Opportunities Fund, Class W            139,945,441  

6,219,330

     Nuveen Quant International Small Cap Equity Fund, Class W            76,684,344  

 

 
     TOTAL INTERNATIONAL EQUITY            543,834,755  
    

 

 
     SHORT-TERM FIXED INCOME—5.9%         

19,468,800

     Nuveen Short Term Bond Fund, Class W            197,413,628  

 

 
     TOTAL SHORT-TERM FIXED INCOME            197,413,628  
    

 

 
     U.S. EQUITY—30.3%         

10,332,837

     Nuveen Core Equity Fund, Class W            151,686,045  

2,404,619

     Nuveen Dividend Growth Fund, Class R6            151,058,146  

10,342,466

     Nuveen Dividend Value Fund, Class R6            149,448,633  

5,248,733

     Nuveen Growth Opportunities ETF            176,829,815  

6,183,866

     Nuveen Large Cap Growth Fund, Class W            175,869,144  

6,551,987

     Nuveen Large Cap Value Fund, Class W            149,254,256  

1,665,662

     Nuveen Quant Small Cap Equity Fund, Class W            29,182,403  

2,510,440

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            36,250,747  

 

 
     TOTAL U.S. EQUITY            1,019,579,189  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $2,979,344,871)

           3,363,280,324  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.0%         
     REPURCHASE AGREEMENT—0.0%         

$1,845,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        1,845,000  

 

 
     TOTAL REPURCHASE AGREEMENT            1,845,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,845,000)

           1,845,000  
    

 

 
    

TOTAL INVESTMENTS—99.9%

(Cost $2,981,189,871)

           3,365,125,324  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.1%            2,366,863  
    

 

 
     NET ASSETS—100.0%          $    3,367,492,187  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $1,845,655 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date 6/30/31, valued at $1,881,942.

 

 

See Notes to Financial Statements    9


Portfolio of Investments May 31, 2025

Lifecycle 2030

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     DIRECT REAL ESTATE—4.5%         

20,446,485

  (b)    Nuveen Real Property Fund LP (purchased 8/01/16-4/09/25; cost $216,751,361)          $ 195,877,327  

 

 
     TOTAL DIRECT REAL ESTATE            195,877,327  
    

 

 
     FIXED INCOME—32.3%         

81,810,361

     Nuveen Core Bond Fund, Class W            741,201,867  

50,450,863

     Nuveen Core Plus Bond Fund, Class W            459,102,855  

7,699,972

     Nuveen Emerging Markets Debt Fund, Class W            66,758,758  

8,105,195

     Nuveen High Yield Fund, Class W            70,677,303  

8,412,166

     Nuveen International Bond Fund, Class W            73,942,939  

 

 
     TOTAL FIXED INCOME            1,411,683,722  
    

 

 
     INFLATION-PROTECTED ASSETS—3.9%         

15,694,431

     Nuveen Inflation Linked Bond Fund, Class W            169,656,801  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            169,656,801  
    

 

 
     INTERNATIONAL EQUITY—19.3%         

17,123,054

     Nuveen Emerging Markets Equity Fund, Class W            143,833,651  

23,752,487

     Nuveen International Equity Fund, Class W            362,225,419  

13,510,489

     Nuveen International Opportunities Fund, Class W            216,302,933  

9,627,670

     Nuveen Quant International Small Cap Equity Fund, Class W            118,709,177  

 

 
     TOTAL INTERNATIONAL EQUITY            841,071,180  
    

 

 
     SHORT-TERM FIXED INCOME—3.9%         

16,694,371

     Nuveen Short Term Bond Fund, Class W            169,280,927  

 

 
     TOTAL SHORT-TERM FIXED INCOME            169,280,927  
    

 

 
     U.S. EQUITY—36.0%         

15,947,931

     Nuveen Core Equity Fund, Class W            234,115,634  

3,709,810

     Nuveen Dividend Growth Fund, Class R6            233,050,242  

15,942,931

     Nuveen Dividend Value Fund, Class R6            230,375,353  

8,065,771

     Nuveen Growth Opportunities ETF            271,735,825  

9,561,664

     Nuveen Large Cap Growth Fund, Class W            271,933,728  

10,120,494

     Nuveen Large Cap Value Fund, Class W            230,544,857  

2,575,104

     Nuveen Quant Small Cap Equity Fund, Class W            45,115,827  

3,882,194

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            56,058,880  

 

 
     TOTAL U.S. EQUITY            1,572,930,346  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $3,754,752,670)

           4,360,500,303  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$3,552,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        3,552,000  

 

 
     TOTAL REPURCHASE AGREEMENT            3,552,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $3,552,000)

           3,552,000  
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $3,758,304,670)

           4,364,052,303  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.0%            1,115,130  
    

 

 
     NET ASSETS—100.0%          $    4,365,167,433  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $3,553,261 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date 6/30/31, valued at $3,623,066.

 

 

10    See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifecycle 2035

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.8%(a)         
     DIRECT REAL ESTATE—4.5%         

22,640,454

  (b)    Nuveen Real Property Fund LP (purchased 8/01/16-4/09/25; cost $241,979,642)          $ 216,895,548  

 

 
     TOTAL DIRECT REAL ESTATE            216,895,548  
    

 

 
     FIXED INCOME—27.3%         

76,596,362

     Nuveen Core Bond Fund, Class W            693,963,043  

47,224,516

     Nuveen Core Plus Bond Fund, Class W            429,743,093  

7,234,979

     Nuveen Emerging Markets Debt Fund, Class W            62,727,270  

7,604,511

     Nuveen High Yield Fund, Class W            66,311,339  

7,854,790

     Nuveen International Bond Fund, Class W            69,043,607  

 

 
     TOTAL FIXED INCOME            1,321,788,352  
    

 

 
     INFLATION-PROTECTED ASSETS—1.9%         

8,559,185

     Nuveen Inflation Linked Bond Fund, Class W            92,524,787  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            92,524,787  
    

 

 
     INTERNATIONAL EQUITY—22.4%         

22,011,172

     Nuveen Emerging Markets Equity Fund, Class W            184,893,844  

30,535,773

     Nuveen International Equity Fund, Class W            465,670,542  

17,382,993

     Nuveen International Opportunities Fund, Class W            278,301,713  

12,377,389

     Nuveen Quant International Small Cap Equity Fund, Class W            152,613,205  

 

 
     TOTAL INTERNATIONAL EQUITY            1,081,479,304  
    

 

 
     SHORT-TERM FIXED INCOME—1.9%         

9,109,112

     Nuveen Short Term Bond Fund, Class W            92,366,397  

 

 
     TOTAL SHORT-TERM FIXED INCOME            92,366,397  
    

 

 
     U.S. EQUITY—41.8%         

20,491,772

     Nuveen Core Equity Fund, Class W            300,819,216  

4,773,084

     Nuveen Dividend Growth Fund, Class R6            299,845,153  

20,523,384

     Nuveen Dividend Value Fund, Class R6            296,562,896  

10,367,944

     Nuveen Growth Opportunities ETF            349,296,033  

12,297,085

     Nuveen Large Cap Growth Fund, Class W            349,729,091  

13,020,006

     Nuveen Large Cap Value Fund, Class W            296,595,746  

3,308,450

     Nuveen Quant Small Cap Equity Fund, Class W            57,964,047  

4,988,982

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            72,040,900  

 

 
     TOTAL U.S. EQUITY            2,022,853,082  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $4,000,969,938)

           4,827,907,470  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$4,036,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        4,036,000  

 

 
     TOTAL REPURCHASE AGREEMENT            4,036,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,036,000)

           4,036,000  
    

 

 
    

TOTAL INVESTMENTS—99.9%

(Cost $4,005,005,938)

           4,831,943,470  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.1%            3,229,234  
    

 

 
     NET ASSETS—100.0%          $    4,835,172,704  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $4,037,433 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.625% and maturity date 7/15/32, valued at $4,116,750.

 

 

See Notes to Financial Statements    11


Portfolio of Investments May 31, 2025

Lifecycle 2040

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     DIRECT REAL ESTATE—4.5%         

27,757,324

  (b)    Nuveen Real Property Fund LP (purchased 8/01/16-5/16/25; cost $295,001,893)          $ 265,915,162  

 

 
     TOTAL DIRECT REAL ESTATE            265,915,162  
    

 

 
     FIXED INCOME—18.6%         

63,693,472

     Nuveen Core Bond Fund, Class W            577,062,858  

39,242,388

     Nuveen Core Plus Bond Fund, Class W            357,105,731  

6,004,001

     Nuveen Emerging Markets Debt Fund, Class W            52,054,685  

6,323,400

     Nuveen High Yield Fund, Class W            55,140,047  

6,562,039

     Nuveen International Bond Fund, Class W            57,680,326  

 

 
     TOTAL FIXED INCOME            1,099,043,647  
    

 

 
     INTERNATIONAL EQUITY—26.8%         

32,232,557

     Nuveen Emerging Markets Equity Fund, Class W            270,753,478  

44,790,747

     Nuveen International Equity Fund, Class W            683,058,884  

25,545,821

     Nuveen International Opportunities Fund, Class W            408,988,594  

18,145,956

     Nuveen Quant International Small Cap Equity Fund, Class W            223,739,635  

 

 
     TOTAL INTERNATIONAL EQUITY            1,586,540,591  
    

 

 
     U.S. EQUITY—50.0%         

30,043,068

     Nuveen Core Equity Fund, Class W            441,032,237  

6,973,689

     Nuveen Dividend Growth Fund, Class R6            438,087,125  

30,176,048

     Nuveen Dividend Value Fund, Class R6            436,043,896  

15,197,179

     Nuveen Growth Opportunities ETF            511,992,961  

18,046,878

     Nuveen Large Cap Growth Fund, Class W            513,253,209  

19,121,079

     Nuveen Large Cap Value Fund, Class W            435,578,185  

4,852,802

     Nuveen Quant Small Cap Equity Fund, Class W            85,021,090  

7,319,743

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            105,697,090  

 

 
     TOTAL U.S. EQUITY            2,966,705,793  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $4,667,713,930)

           5,918,205,193  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$5,068,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        5,068,000  

 

 
     TOTAL REPURCHASE AGREEMENT            5,068,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $5,068,000)

           5,068,000  
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $4,672,781,930)

           5,923,273,193  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.0%            2,895,777  
    

 

 
     NET ASSETS—100.0%          $    5,926,168,970  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $5,069,799 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $5,169,389.

 

 

12    See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifecycle 2045

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.8%(a)         
     DIRECT REAL ESTATE—4.5%         

20,432,498

  (b)    Nuveen Real Property Fund LP (purchased 8/01/16-5/16/25; cost $217,718,539)          $ 195,743,335  

 

 
     TOTAL DIRECT REAL ESTATE            195,743,335  
    

 

 
     FIXED INCOME—9.9%         

25,023,236

     Nuveen Core Bond Fund, Class W            226,710,516  

15,463,314

     Nuveen Core Plus Bond Fund, Class W            140,716,158  

2,372,784

     Nuveen Emerging Markets Debt Fund, Class W            20,572,039  

2,485,252

     Nuveen High Yield Fund, Class W            21,671,393  

2,587,350

     Nuveen International Bond Fund, Class W            22,742,804  

 

 
     TOTAL FIXED INCOME            432,412,910  
    

 

 
     INTERNATIONAL EQUITY—29.8%         

26,387,235

     Nuveen Emerging Markets Equity Fund, Class W            221,652,772  

36,677,153

     Nuveen International Equity Fund, Class W            559,326,591  

20,991,848

     Nuveen International Opportunities Fund, Class W            336,079,483  

14,885,551

     Nuveen Quant International Small Cap Equity Fund, Class W            183,538,843  

 

 
     TOTAL INTERNATIONAL EQUITY            1,300,597,689  
    

 

 
     U.S. EQUITY—55.6%         

24,575,871

     Nuveen Core Equity Fund, Class W            360,773,788  

5,731,225

     Nuveen Dividend Growth Fund, Class R6            360,035,526  

24,656,812

     Nuveen Dividend Value Fund, Class R6            356,290,932  

12,415,555

     Nuveen Growth Opportunities ETF            418,280,048  

14,768,222

     Nuveen Large Cap Growth Fund, Class W            420,008,244  

15,617,410

     Nuveen Large Cap Value Fund, Class W            355,764,589  

3,976,514

     Nuveen Quant Small Cap Equity Fund, Class W            69,668,525  

5,987,986

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            86,466,518  

 

 
     TOTAL U.S. EQUITY            2,427,288,170  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $3,317,334,206)

           4,356,042,104  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$4,263,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        4,263,000  

 

 
     TOTAL REPURCHASE AGREEMENT            4,263,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,263,000)

           4,263,000  
    

 

 
    

TOTAL INVESTMENTS—99.9%

(Cost $3,321,597,206)

           4,360,305,104  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.1%            2,288,736  
    

 

 
     NET ASSETS—100.0%          $    4,362,593,840  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $4,264,513 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 4/15/26, valued at $4,348,312.

 

 

See Notes to Financial Statements    13


Portfolio of Investments May 31, 2025

Lifecycle 2050

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     DIRECT REAL ESTATE—4.5%         

16,407,008

  (b)    Nuveen Real Property Fund LP (purchased 8/01/16-5/16/25; cost $174,909,761)          $ 157,179,132  

 

 
     TOTAL DIRECT REAL ESTATE            157,179,132  
    

 

 
     FIXED INCOME—5.2%         

10,519,896

     Nuveen Core Bond Fund, Class W            95,310,257  

6,489,040

     Nuveen Core Plus Bond Fund, Class W            59,050,267  

987,918

     Nuveen Emerging Markets Debt Fund, Class W            8,565,251  

1,049,921

     Nuveen High Yield Fund, Class W            9,155,313  

1,091,991

     Nuveen International Bond Fund, Class W            9,598,598  

 

 
     TOTAL FIXED INCOME            181,679,686  
    

 

 
     INTERNATIONAL EQUITY—31.4%         

22,411,588

     Nuveen Emerging Markets Equity Fund, Class W            188,257,335  

31,058,500

     Nuveen International Equity Fund, Class W            473,642,125  

17,752,495

     Nuveen International Opportunities Fund, Class W            284,217,445  

12,567,940

     Nuveen Quant International Small Cap Equity Fund, Class W            154,962,704  

 

 
     TOTAL INTERNATIONAL EQUITY            1,101,079,609  
    

 

 
     U.S. EQUITY—58.8%         

20,822,924

     Nuveen Core Equity Fund, Class W            305,680,530  

4,866,066

     Nuveen Dividend Growth Fund, Class R6            305,686,296  

20,888,511

     Nuveen Dividend Value Fund, Class R6            301,838,977  

10,525,437

     Nuveen Growth Opportunities ETF            354,601,972  

12,518,394

     Nuveen Large Cap Growth Fund, Class W            356,023,113  

13,231,814

     Nuveen Large Cap Value Fund, Class W            301,420,713  

3,375,593

     Nuveen Quant Small Cap Equity Fund, Class W            59,140,385  

5,077,497

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            73,319,062  

 

 
     TOTAL U.S. EQUITY            2,057,711,048  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $2,676,533,024)

           3,497,649,475  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.0%         
     REPURCHASE AGREEMENT—0.0%         

$2,673,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        2,673,000  

 

 
     TOTAL REPURCHASE AGREEMENT            2,673,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,673,000)

           2,673,000  
    

 

 
    

TOTAL INVESTMENTS—99.9%

(Cost $2,679,206,024)

           3,500,322,475  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.1%            2,242,258  
    

 

 
     NET ASSETS—100.0%          $    3,502,564,733  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $2,673,949 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $2,726,460.

 

 

14    See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifecycle 2055

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.8%(a)         
     DIRECT REAL ESTATE—4.5%         

8,682,680

  (b)    Nuveen Real Property Fund LP (purchased 8/01/16-5/16/25; cost $93,446,514)          $ 83,180,076  

 

 
     TOTAL DIRECT REAL ESTATE            83,180,076  
    

 

 
     FIXED INCOME—4.0%         

4,292,054

     Nuveen Core Bond Fund, Class W            38,886,008  

2,646,659

     Nuveen Core Plus Bond Fund, Class W            24,084,597  

401,001

     Nuveen Emerging Markets Debt Fund, Class W            3,476,675  

428,850

     Nuveen High Yield Fund, Class W            3,739,570  

444,976

     Nuveen International Bond Fund, Class W            3,911,342  

 

 
     TOTAL FIXED INCOME            74,098,192  
    

 

 
     INTERNATIONAL EQUITY—31.9%         

12,023,279

     Nuveen Emerging Markets Equity Fund, Class W            100,995,541  

16,647,780

     Nuveen International Equity Fund, Class W            253,878,648  

9,535,948

     Nuveen International Opportunities Fund, Class W            152,670,526  

6,768,042

     Nuveen Quant International Small Cap Equity Fund, Class W            83,449,952  

 

 
     TOTAL INTERNATIONAL EQUITY            590,994,667  
    

 

 
     U.S. EQUITY—59.4%         

11,206,764

     Nuveen Core Equity Fund, Class W            164,515,289  

2,607,837

     Nuveen Dividend Growth Fund, Class R6            163,824,292  

11,193,476

     Nuveen Dividend Value Fund, Class R6            161,745,725  

5,617,937

     Nuveen Growth Opportunities ETF            189,268,298  

6,714,896

     Nuveen Large Cap Growth Fund, Class W            190,971,643  

7,085,662

     Nuveen Large Cap Value Fund, Class W            161,411,381  

1,807,442

     Nuveen Quant Small Cap Equity Fund, Class W            31,666,379  

2,719,713

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            39,272,650  

 

 
     TOTAL U.S. EQUITY            1,102,675,657  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $1,469,326,042)

           1,850,948,592  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$2,083,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        2,083,000  

 

 
     TOTAL REPURCHASE AGREEMENT            2,083,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,083,000)

           2,083,000  
    

 

 
    

TOTAL INVESTMENTS—99.9%

(Cost $1,471,409,042)

           1,853,031,592  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.1%            1,694,117  
    

 

 
     NET ASSETS—100.0%          $    1,854,725,709  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $2,083,739 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 1/15/30, valued at $2,124,771.

 

 

See Notes to Financial Statements    15


Portfolio of Investments May 31, 2025

Lifecycle 2060

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.8%(a)         
     DIRECT REAL ESTATE—4.5%         

3,983,550

  (b)    Nuveen Real Property Fund LP (purchased 8/01/16-5/16/25; cost $42,971,246)          $ 38,162,405  

 

 
     TOTAL DIRECT REAL ESTATE            38,162,405  
    

 

 
     FIXED INCOME—2.8%         

1,369,389

     Nuveen Core Bond Fund, Class W            12,406,660  

846,827

     Nuveen Core Plus Bond Fund, Class W            7,706,125  

130,229

     Nuveen Emerging Markets Debt Fund, Class W            1,129,085  

137,384

     Nuveen High Yield Fund, Class W            1,197,991  

141,492

     Nuveen International Bond Fund, Class W            1,243,714  

 

 
     TOTAL FIXED INCOME            23,683,575  
    

 

 
     INTERNATIONAL EQUITY—32.2%         

5,593,506

     Nuveen Emerging Markets Equity Fund, Class W            46,985,451  

7,726,513

     Nuveen International Equity Fund, Class W            117,829,318  

4,404,970

     Nuveen International Opportunities Fund, Class W            70,523,565  

3,135,490

     Nuveen Quant International Small Cap Equity Fund, Class W            38,660,595  

 

 
     TOTAL INTERNATIONAL EQUITY            273,998,929  
    

 

 
     U.S. EQUITY—60.3%         

5,208,716

     Nuveen Core Equity Fund, Class W            76,463,949  

1,220,097

     Nuveen Dividend Growth Fund, Class R6            76,646,497  

5,206,234

     Nuveen Dividend Value Fund, Class R6            75,230,078  

2,608,103

     Nuveen Growth Opportunities ETF            87,866,990  

3,127,480

     Nuveen Large Cap Growth Fund, Class W            88,945,522  

3,301,650

     Nuveen Large Cap Value Fund, Class W            75,211,585  

839,969

     Nuveen Quant Small Cap Equity Fund, Class W            14,716,258  

1,265,089

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            18,267,884  

 

 
     TOTAL U.S. EQUITY            513,348,763  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $706,027,454)

           849,193,672  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$1,343,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        1,343,000  

 

 
     TOTAL REPURCHASE AGREEMENT            1,343,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,343,000)

           1,343,000  
    

 

 
    

TOTAL INVESTMENTS—99.9%

(Cost $707,370,454)

           850,536,672  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.1%            585,525  
    

 

 
     NET ASSETS—100.0%          $    851,122,197  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $1,343,477 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 4/15/26, valued at $1,369,897.

 

 

16    See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifecycle 2065

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.7%(a)         
     DIRECT REAL ESTATE—4.5%         

654,185

  (b)    Nuveen Real Property Fund LP (purchased 9/30/20-5/16/25; cost $6,889,746)          $ 6,267,091  

 

 
     TOTAL DIRECT REAL ESTATE            6,267,091  
    

 

 
     FIXED INCOME—1.6%         

127,315

     Nuveen Core Bond Fund, Class W            1,153,475  

78,891

     Nuveen Core Plus Bond Fund, Class W            717,905  

12,193

     Nuveen Emerging Markets Debt Fund, Class W            105,716  

12,632

     Nuveen High Yield Fund, Class W            110,154  

13,036

     Nuveen International Bond Fund, Class W            114,590  

 

 
     TOTAL FIXED INCOME            2,201,840  
    

 

 
     INTERNATIONAL EQUITY—32.5%         

929,224

     Nuveen Emerging Markets Equity Fund, Class W            7,805,484  

1,284,652

     Nuveen International Equity Fund, Class W            19,590,946  

731,746

     Nuveen International Opportunities Fund, Class W            11,715,255  

520,965

     Nuveen Quant International Small Cap Equity Fund, Class W            6,423,499  

 

 
     TOTAL INTERNATIONAL EQUITY            45,535,184  
    

 

 
     U.S. EQUITY—61.1%         

868,754

     Nuveen Core Equity Fund, Class W            12,753,316  

202,961

     Nuveen Dividend Growth Fund, Class R6            12,750,026  

865,834

     Nuveen Dividend Value Fund, Class R6            12,511,304  

430,436

     Nuveen Growth Opportunities ETF            14,501,389  

525,321

     Nuveen Large Cap Growth Fund, Class W            14,940,126  

549,089

     Nuveen Large Cap Value Fund, Class W            12,508,241  

139,694

     Nuveen Quant Small Cap Equity Fund, Class W            2,447,445  

210,397

     Nuveen Quant Small/Mid Cap Equity Fund, Class W            3,038,126  

 

 
     TOTAL U.S. EQUITY            85,449,973  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $122,983,118)

           139,454,088  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.2%         
     REPURCHASE AGREEMENT—0.2%         

$259,000

  (c)    Fixed Income Clearing Corporation      4.260%         06/02/25        259,000  

 

 
     TOTAL REPURCHASE AGREEMENT            259,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $259,000)

           259,000  
    

 

 
    

TOTAL INVESTMENTS—99.9%

(Cost $123,242,118)

           139,713,088  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.1%            185,225  
    

 

 
     NET ASSETS—100.0%          $    139,898,313  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Restricted security.

(c)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $259,092 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.375% and maturity date 1/15/27, valued at $264,214.

 

 

See Notes to Financial Statements    17


Statement of Assets and Liabilities

 

May 31, 2025    Lifecycle Retirement
Income
     Lifecycle 2010      Lifecycle 2015      Lifecycle 2020  

ASSETS

           

Affiliated investments, at value‡

    $ 393,147,684       $ 688,667,361       $ 981,770,806       $ 2,099,557,564  

Short-term investments, at value#

     170,000        502,000        725,000        1,835,000  

Cash

                   282        910  

Receivables:

           

Dividends

     711,517        1,385,684        1,778,782        3,552,134  

Interest

     40        119        172        434  

Investments sold

     3,007,437        5,221,468        7,841,711        17,113,800  

Reimbursement from Adviser

     68,231        146,000        132,499        268,266  

Shares sold

     40,990        13,416        27,771        779,081  

Other

     59,457        220,139        315,500        474,451  

Total assets

     397,205,356        696,156,187        992,592,523        2,123,581,640  

LIABILITIES

           

Due to affiliates

     10,553        9,604        10,283        12,871  

Cash overdraft

     187        414                

Payables:

           

Management fees

     129,076        229,237        323,302        697,504  

Investments purchased - regular settlement

     3,448,386        6,328,945        9,246,178        20,166,688  

Shares redeemed

     661,178        523,730        441,281        115,176  

Service agreement fees

     25,366        39,128        55,437        97,329  

Accrued expenses:

           

Custodian fees

     3,298        3,310        3,294        3,326  

Professional fees

     80        144        206        445  

Shareholder reporting expenses

     26,490        41,872        49,097        90,843  

Shareholder servicing agent fees

     10,790        376        422        677  

Trustees fees

     60,399        221,883        318,010        479,888  

12b-1 distribution and service fees

     26,874        3,430        4,989        10,187  

Other

     14,246        11,144        15,484        29,872  

Total liabilities

     4,416,923        7,413,217        10,467,983        21,704,806  

Net assets

    $ 392,788,433       $ 688,742,970       $ 982,124,540       $ 2,101,876,834  
                                  

NET ASSETS CONSIST OF:

           

Paid-in capital

    $ 364,995,515       $ 626,963,783       $ 932,064,458       $ 1,945,909,512   

Total distributable earnings (loss)

     27,792,918        61,779,187        50,060,082        155,967,322  

Net assets

    $    392,788,433       $    688,742,970       $    982,124,540       $    2,101,876,834  
                                  

‡ Affiliated investments, cost

    $ 355,502,406       $ 610,596,653       $ 906,658,884       $ 1,899,877,844  

# Short-term investments, cost

    $ 170,000       $ 502,000       $ 725,000       $ 1,835,000  

 

18    See Notes to Financial Statements


 

Lifecycle 2025     

   

Lifecycle 2030

     Lifecycle 2035      Lifecycle 2040      Lifecycle 2045      Lifecycle 2050  
                  
 $    3,363,280,324       $ 4,360,500,303       $ 4,827,907,470       $ 5,918,205,193       $ 4,356,042,104       $ 3,497,649,475   
  1,845,000        3,552,000        4,036,000        5,068,000        4,263,000        2,673,000  
  461        875        875        1,272        942        949  
                  
  5,290,008        5,703,074        5,056,011        3,880,345        1,515,063        631,050  
  437        841        955        1,199        1,009        633  
  29,237,275        36,282,861        38,791,920        36,494,730        18,891,587        11,458,746  
  430,830        601,557        726,136        969,041        767,542        634,902  
  2,063,016        1,364,019        3,605,755        3,514,267        3,259,161        2,514,018  
  510,077        507,623        513,569        664,599        256,465        168,286  
  3,402,657,428        4,408,513,153        4,880,638,691        5,968,798,646        4,384,996,873        3,515,731,059  
                  
  15,835        17,889        18,863        21,289        17,705        15,771  
                                      
                  
  1,130,897        1,477,574        1,654,748        2,059,873        1,523,103        1,226,766  
  32,660,235        40,797,735        42,718,838        39,263,361        20,209,229        11,220,048  
  512,429        146,083        146,780        131,807        52,415        253,029  
  128,520        156,553        158,881        187,975        112,882        85,059  
                  
  3,349        3,362        3,332        3,308        3,368        3,354  
  717        903        991        1,215        886        709  
  129,148        146,859        154,921        186,741        139,085        123,009  
  805        870        859        903        859        835  
  518,688        518,168        525,006        678,514        266,522        176,282  
  17,048        23,100        24,796        28,337        21,659        15,796  
  47,570        56,624        57,972        66,353        55,320        45,668  
  35,165,241        43,345,720        45,465,987        42,629,676        22,403,033        13,166,326  
 $    3,367,492,187       $ 4,365,167,433       $ 4,835,172,704       $ 5,926,168,970       $ 4,362,593,840       $ 3,502,564,733  
                                            
                  
 $    3,040,869,635       $ 3,798,670,396       $ 4,014,700,914       $ 4,651,872,227       $ 3,285,730,068       $ 2,649,873,188  
  326,622,552        566,497,037        820,471,790        1,274,296,743        1,076,863,772        852,691,545  
 $    3,367,492,187       $    4,365,167,433       $   4,835,172,704       $    5,926,168,970       $    4,362,593,840       $    3,502,564,733  
                                            
 $    2,979,344,871       $ 3,754,752,670       $ 4,000,969,938       $ 4,667,713,930       $ 3,317,334,206       $ 2,676,533,024  
 $        1,845,000       $ 3,552,000       $ 4,036,000       $ 5,068,000       $ 4,263,000       $ 2,673,000  


Statement of Assets and Liabilities (continued)

 

May 31, 2025   

Lifecycle Retirement

Income

     Lifecycle 2010      Lifecycle 2015      Lifecycle 2020  

CLASS A:

           

Net assets

   $ 122,877,098      $      $      $  

Shares outstanding

     10,665,574                       

Net asset value (“NAV”) per share

   $ 11.52      $      $      $  

Maximum sales charge

     5.75%        –%        –%        –%  

Offering price per share (NAV per share plus maximum sales charge)

   $ 12.22      $      $      $  
                                  

CLASS I:

           

Net assets

   $ 183,741      $ 90,371      $ 277,675      $ 347,663  

Shares outstanding

     15,918        8,790        29,769        35,862  

NAV and offering price per share

   $ 11.54      $ 10.28      $ 9.33      $ 9.69  
                                  

PREMIER CLASS:

           

Net assets

   $ 7,624,386      $ 27,069,402      $ 39,085,453      $ 81,188,685  

Shares outstanding

     661,014        2,649,130        4,209,986        8,392,852  

NAV and offering price per share

   $ 11.53      $ 10.22      $ 9.28      $ 9.67  
                                  

CLASS R6:

           

Net assets

   $ 141,910,147      $ 476,782,774      $ 679,851,478      $    1,558,874,777  

Shares outstanding

     12,296,947        46,557,745        72,889,965        160,763,367  

NAV and offering price per share

   $ 11.54      $ 10.24      $ 9.33      $ 9.70  
                                  

RETIREMENT CLASS:

           

Net assets

   $      120,193,061      $      184,800,423      $      262,909,934      $ 461,465,709  

Shares outstanding

     10,445,584        14,071,284        20,755,783        33,838,936   

NAV and offering price per share

   $ 11.51      $ 13.13      $ 12.67      $ 13.64  
                                  

Authorized shares - per class

     Unlimited        Unlimited        Unlimited        Unlimited  

Par value per share

   $ 0.0001      $ 0.0001      $ 0.0001      $ 0.0001  
                                  

 

20    See Notes to Financial Statements


 

Lifecycle 2025      Lifecycle 2030     

   

Lifecycle 2035

     Lifecycle 2040      Lifecycle 2045     Lifecycle 2050  
                 
 $      $      $      $      $     $  
                                     
 $      $      $      $      $     $  
  –%        –%        –%        –%        –%       –%  
 $      $      $      $      $     $  
                                           
                 
 $ 651,234      $ 840,492      $ 878,124      $ 319,506      $ 644,282     $ 529,982  
  63,880        79,422        79,516        28,056        44,115       35,023  
 $ 10.19      $ 10.58      $ 11.04      $ 11.39      $ 14.60     $ 15.13  
                                           
                 
 $ 134,870,095      $ 184,117,002      $ 198,432,005      $ 226,681,352      $ 173,495,932     $ 126,595,023  
  13,303,607        17,522,935        18,013,978        19,967,140        11,955,580       8,415,937  
 $ 10.14      $ 10.51      $ 11.02      $ 11.35      $ 14.51     $ 15.04  
                                           
                 
 $    2,626,443,686      $    3,434,339,663      $    3,879,693,522      $    4,806,853,037      $    3,648,654,642     $    2,970,304,120  
  257,683,826        324,759,135        350,895,838        421,783,331        249,927,695       196,503,070  
 $ 10.19      $ 10.58      $ 11.06      $ 11.40      $ 14.60     $ 15.12  
                                           
                 
 $ 605,527,172      $ 745,870,276      $ 756,169,053      $ 892,315,075      $ 539,798,984     $ 405,135,608  
  41,549,637        47,885,811        44,971,806        49,419,950        37,393,770        27,111,133   
 $ 14.57      $ 15.58      $ 16.81      $ 18.06      $ 14.44     $ 14.94  
                                           
  Unlimited        Unlimited        Unlimited        Unlimited        Unlimited       Unlimited  
 $ 0.0001      $ 0.0001      $ 0.0001      $ 0.0001      $ 0.0001     $ 0.0001  
                                           


Statement of Assets and Liabilities (continued)

 

May 31, 2025    Lifecycle 2055      Lifecycle 2060      Lifecycle 2065  

ASSETS

        

Affiliated investments, at value‡

   $ 1,850,948,592      $ 849,193,672      $ 139,454,088  

Short-term investments, at value#

     2,083,000        1,343,000        259,000  

Receivables:

        

Dividends

     255,488        80,143        7,141  

Interest

     493        318        61  

Investments sold

     5,357,944        2,725,773        574,161  

Reimbursement from Adviser

     355,988        187,561        50,517  

Shares sold

     2,405,104        1,300,029        375,603  

Other

     53,222        13,690        944  

Total assets

     1,861,459,831        854,844,186        140,721,515  

LIABILITIES

        

Due to affiliates

     12,049        9,822        8,295  

Cash overdraft

     67        171        22  

Payables:

        

Management fees

     648,630        296,145        48,032  

Investments purchased - regular settlement

     5,825,638        3,293,362        700,422  

Shares redeemed

     29,195        10,827        10,145  

Service agreement fees

     42,166        18,875        3,974  

Accrued expenses:

        

Custodian fees

     3,282        3,301        3,320  

Professional fees

     366        162        14,842  

Shareholder reporting expenses

     78,840        53,393        20,632  

Shareholder servicing agent fees

     750        617        252  

Trustees fees

     57,307        15,439        1,170  

12b-1 distribution and service fees

     8,939        3,588        749  

Other

     26,893        16,287        11,347  

Total liabilities

     6,734,122        3,721,989        823,202  

Net assets

   $ 1,854,725,709      $ 851,122,197      $ 139,898,313  
                          

NET ASSETS CONSIST OF:

        

Paid-in capital

   $ 1,466,269,117      $ 705,942,165      $ 122,127,237  

Total distributable earnings (loss)

     388,456,592        145,180,032        17,771,076  

Net assets

   $ 1,854,725,709      $ 851,122,197      $ 139,898,313  
                          

‡ Affiliated investments, cost

   $ 1,469,326,042      $ 706,027,454      $ 122,983,118  

# Short-term investments, cost

   $ 2,083,000      $ 1,343,000      $ 259,000  

CLASS I:

        

Net assets

   $ 418,193      $ 352,759      $ 146,372  

Shares outstanding

     23,301        22,587        11,090  

NAV and offering price per share

   $ 17.95      $ 15.62      $ 13.20  
                          

PREMIER CLASS:

        

Net assets

   $ 71,942,094      $ 29,012,577      $ 6,144,934   

Shares outstanding

     4,029,078        1,862,845        460,127  

NAV and offering price per share

   $ 17.86      $ 15.57      $ 13.35  
                          

CLASS R6:

        

Net assets

   $    1,581,178,201      $    730,798,680      $    114,265,560  

Shares outstanding

     88,126,323        46,767,815        8,426,602  

NAV and offering price per share

   $ 17.94      $ 15.63      $ 13.56  
                          

RETIREMENT CLASS:

        

Net assets

   $ 201,187,221      $ 90,958,181      $ 19,341,447  

Shares outstanding

     11,279,562        5,851,862        1,428,580  

NAV and offering price per share

   $ 17.84      $ 15.54      $ 13.54  
                          

Authorized shares - per class

     Unlimited        Unlimited        Unlimited  

Par value per share

   $ 0.0001      $ 0.0001      $ 0.0001  
                          

 

22    See Notes to Financial Statements


 

 

[This page intentionally left blank.]

 

 

 

 


Statement of Operations

 

Year Ended May 31, 2025    Lifecycle Retirement
Income
    Lifecycle 2010     Lifecycle 2015     Lifecycle 2020  

INVESTMENT INCOME

        

Dividends from affiliated investments

   $ 15,828,431     $ 28,877,821     $ 41,426,388     $ 86,031,463  

Interest

     14,188       24,838       32,293       65,973  

Total investment income

     15,842,619       28,902,659       41,458,681       86,097,436  

EXPENSES

        

Management fees

     1,585,977       2,913,688       4,137,942       9,002,264  

12b-1 distribution and service fees — Class A

     313,022                    

12b-1 distribution and service fees — Premier Class

     13,134       45,290       61,887       128,513  

Shareholder servicing agent fees — Class A

     43,671                    

Shareholder servicing agent fees — Class I

     138       73       105       239  

Shareholder servicing agent fees — Premier Class

     100       91       101       185  

Shareholder servicing agent fees — Class R6

     2,315       2,045       2,407       4,360  

Shareholder servicing agent fees — Retirement Class

     311,239       526,785       746,839       1,319,593  

Administrative service fees

     41,563       37,924       40,629       50,906  

Trustees fees

     6,866       12,604       18,013       38,798  

Custodian expenses

     7,820       7,850       7,787       7,878  

Overdraft expense

     4,407       10,769       8,290       9,071  

Professional fees

     15,603       15,870       16,130       17,110  

Registration fees

     81,322       62,766       67,443       70,507  

Shareholder reporting expenses

     56,124       82,877       80,754       122,286  

Other

     79,200       130,983       171,818       343,623  

Total expenses

     2,562,501       3,849,615       5,360,145       11,115,333  

Expenses reimbursed by the investment adviser

     (277,827     (245,537     (256,683     (338,479

Fee waiver by investment adviser

     (529,701     (1,123,226     (1,314,501     (2,920,915

Net expenses

     1,754,973       2,480,852       3,788,961       7,855,939  

Net investment income (loss)

     14,087,646       26,421,807       37,669,720       78,241,497  

REALIZED AND UNREALIZED GAIN (LOSS)

        

Realized gain (loss):

        

Investments

                        

Affiliated investments

     802,239       7,996,819       4,946,517       21,631,367  

Distributions from affiliated investments

     5,099,141       8,751,112       13,580,137       33,123,508  

Net realized gain (loss)

     5,901,380       16,747,931       18,526,654       54,754,875   

Change in unrealized appreciation (depreciation) on:

        

Affiliated investments

     8,649,040       10,225,320       20,191,165       36,159,988  

Net change in unrealized appreciation (depreciation)

     8,649,040       10,225,320       20,191,165       36,159,988  

Net realized and unrealized gain (loss)

     14,550,420       26,973,251       38,717,819       90,914,863  

Net increase (decrease) in net assets from operations

   $    28,638,066     $    53,395,058     $    76,387,539     $    169,156,360  
                               

 

24    See Notes to Financial Statements


 

Lifecycle 2025

    

    

Lifecycle 2030

    Lifecycle 2035     Lifecycle 2040     Lifecycle 2045     Lifecycle 2050  
              
$ 131,420,431      $ 151,718,249     $ 151,573,194     $ 162,754,586     $ 106,752,565     $ 80,550,473  
  126,427        191,516       235,338       293,430       227,709       201,677  
  131,546,858        151,909,765       151,808,532       163,048,016       106,980,274       80,752,150  
              
  14,518,478        18,369,937       20,275,659       25,066,996       18,305,071       14,671,786  
                                  
  220,121        281,908       304,810       353,193       265,951       194,795  
                                  
  174        154       272       172       172       128  
  288        354       355       424       307       281  
  6,370        7,427       7,969       9,336       7,596       6,652  
  1,773,133        2,085,371       2,084,590       2,443,757       1,482,165       1,086,894  
  62,776        71,028       74,863       84,578       70,346       62,697  
  62,128        77,732       84,762       103,315       75,226       60,150  
  7,918        7,963       7,923       7,904       7,968       7,935  
  9,953        4,835       3,059       3,607       3,130       2,580  
  18,254        19,064       19,441       20,387       19,026       18,287  
  80,574        72,450       63,612       66,348       70,481       72,526  
  162,004        181,910       194,421       236,039       196,714       196,415  
  530,293        645,282       685,771       806,997       577,647       460,141  
  17,452,464        21,825,415       23,807,507       29,203,053       21,081,800       16,841,267  
  (429,124)        (468,976     (483,854     (561,883     (478,007     (453,841
  (4,713,905)        (6,411,856     (7,792,551     (10,432,282     (7,988,081     (6,532,984
  12,309,435        14,944,583       15,531,102       18,208,888       12,615,712       9,854,442  
  119,237,423        136,965,182       136,277,430       144,839,128       94,364,562       70,897,708  
              
              
                                  
  43,727,897        57,031,850       83,648,188       111,185,350       79,850,794       45,844,512  
  60,216,570        89,551,003       114,068,546       165,805,838       132,966,514       112,128,681  
  103,944,467        146,582,853       197,716,734       276,991,188       212,817,308       157,973,193   
              
  51,182,130        72,900,832       70,335,322       95,582,656       82,614,932       86,698,584  
  51,182,130        72,900,832       70,335,322       95,582,656       82,614,932       86,698,584  
  155,126,597        219,483,685       268,052,056       372,573,844       295,432,240       244,671,777  
$    274,364,020      $    356,448,867     $    404,329,486     $    517,412,972     $    389,796,802     $    315,569,485  
                                        


Statement of Operations (continued)

 

Year Ended May 31, 2025    Lifecycle 2055     Lifecycle 2060     Lifecycle 2065  

INVESTMENT INCOME

      

Dividends from affiliated investments

   $ 40,877,191     $ 17,676,226     $ 2,406,245  

Interest

     109,428       60,014       15,570  

Total investment income

     40,986,619       17,736,240       2,421,815  

EXPENSES

      

Management fees

     7,594,169       3,347,998       478,665  

12b-1 distribution and service fees — Premier Class

     105,578       40,693       7,545  

Shareholder servicing agent fees — Class I

     137       204       50  

Shareholder servicing agent fees — Premier Class

     177       111       92  

Shareholder servicing agent fees — Class R6

     4,610       3,056       1,118  

Shareholder servicing agent fees — Retirement Class

     525,880       219,213       42,802  

Administrative service fees

     47,796       38,875       32,709  

Trustees fees

     31,122       13,715       1,935  

Custodian expenses

     7,779       7,937       7,858  

Overdraft expense

     1,813       2,171       2,097  

Professional fees

     16,830       15,974       15,385  

Registration fees

     70,188       67,997       69,094  

Shareholder reporting expenses

     166,529       147,759       73,560  

Other

     247,649       119,428       35,208  

Total expenses

     8,820,257       4,025,131       768,118  

Expenses reimbursed by the investment adviser

     (370,686     (317,373     (223,143

Fee waiver by investment adviser

     (3,379,095     (1,492,284     (220,846

Net expenses

     5,070,476       2,215,474       324,129  

Net investment income (loss)

     35,916,143       15,520,766       2,097,686  

REALIZED AND UNREALIZED GAIN (LOSS)

      

Realized gain (loss):

      

Investments

     543       202       24,604  

Affiliated investments

     11,146,372       (1,206,625     (739,078

Distributions from affiliated investments

     59,101,248       26,683,252       3,832,688  

Net realized gain (loss)

     70,248,163       25,476,829       3,118,214  

Change in unrealized appreciation (depreciation) on:

      

Affiliated investments

     57,291,729       30,778,920       4,943,935   

Net change in unrealized appreciation (depreciation)

     57,291,729       30,778,920       4,943,935  

Net realized and unrealized gain (loss)

     127,539,892       56,255,749       8,062,149  

Net increase (decrease) in net assets from operations

   $     163,456,035     $     71,776,515     $     10,159,835  
                        

 

26    See Notes to Financial Statements


 

 

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Statement of Changes in Net Assets

 

        Lifecycle Retirement Income         Lifecycle 2010  
  

 

 

 
         Year Ended         Year Ended         Year Ended         Year Ended  
      5/31/25     5/31/24     5/31/25     5/31/24  

OPERATIONS

        

Net investment income (loss)

   $  14,087,646     $ 13,457,165     $ 26,421,807     $ 26,489,058  

Net realized gain (loss)

     5,901,380       4,201,305       16,747,931       11,316,868  

Net change in unrealized appreciation (depreciation)

     8,649,040       24,912,587       10,225,320       42,222,166  

Net increase (decrease) in net assets from operations

     28,638,066       42,571,057       53,395,058       80,028,092  

DISTRIBUTIONS TO SHAREHOLDERS

        

Dividends:

        

Class A

     (4,078,576     (4,116,154            

Class I

     (7,945     (11,163     (4,956     (5,954

Premier Class

     (295,128     (399,759     (1,621,020     (1,407,286

Class R6

     (5,257,423     (5,949,631     (29,104,411     (21,323,739

Retirement Class

     (4,039,158     (4,318,428     (9,067,334     (6,997,365

Total distributions

     (13,678,230     (14,795,135     (39,797,721     (29,734,344

FUND SHARE TRANSACTIONS

        

Subscriptions

     35,151,487       30,622,312       64,271,790       48,538,732  

Reinvestments of distributions

     13,508,864       14,629,488       39,795,437       29,730,651  

Redemptions

     (89,531,953     (98,931,270     (233,387,950     (180,691,381

Net increase (decrease) from Fund share transactions

     (40,871,602     (53,679,470     (129,320,723     (102,421,998

Net increase (decrease) in net assets

     (25,911,766     (25,903,548     (115,723,386     (52,128,250

Net assets at the beginning of period

     418,700,199       444,603,747       804,466,356       856,594,606  

Net assets at the end of period

   $ 392,788,433     $ 418,700,199     $ 688,742,970     $ 804,466,356  

                                

 

28    See Notes to Financial Statements


 

 

Lifecycle 2015     Lifecycle 2020     Lifecycle 2025     Lifecycle 2030  
    Year Ended         Year Ended         Year Ended         Year Ended         Year Ended         Year Ended         Year Ended         Year Ended  
  5/31/25       5/31/24       5/31/25       5/31/24       5/31/25       5/31/24       5/31/25       5/31/24  
             
$ 37,669,720     $ 37,421,468     $ 78,241,497     $ 78,788,046     $ 119,237,423     $ 113,788,471     $ 136,965,182     $ 122,549,518  
  18,526,654       8,340,942       54,754,875       30,376,363       103,944,467       66,087,173       146,582,853       87,052,112  
  20,191,165       73,193,086       36,159,988       177,006,342       51,182,130       303,399,538       72,900,832       433,504,193  
  76,387,539       118,955,496       169,156,360       286,170,751       274,364,020       483,275,182       356,448,867       643,105,823  
                 
                 
                                             
  (11,250     (12,512     (18,848     (24,576     (33,235     (30,026     (38,938     (20,519
  (1,732,420     (1,716,848     (3,999,247     (3,674,578     (7,244,493     (5,781,619     (8,641,673     (6,248,703
  (30,844,386     (29,407,552     (80,430,468     (66,477,947     (140,567,956     (97,183,078     (167,870,196     (105,109,214
  (8,951,414     (8,650,230     (17,029,727     (14,602,705     (23,487,619     (17,686,177     (25,191,754     (16,705,312
  (41,539,470     (39,787,142     (101,478,290     (84,779,806     (171,333,303     (120,680,900     (201,742,561     (128,083,748
                 
  68,186,554       64,034,390       105,934,257       109,210,643       207,300,117       196,081,459       264,887,553       292,815,032  
  41,470,195       39,723,654       101,285,207       84,652,988       170,710,985       120,343,523       201,568,037       127,987,885  
  (320,496,059     (252,426,006     (687,634,259     (586,806,808     (1,029,440,184     (770,449,630     (1,008,798,089     (734,878,265
  (210,839,310     (148,667,962     (480,414,795     (392,943,177     (651,429,082     (454,024,648     (542,342,499     (314,075,348
  (175,991,241     (69,499,608     (412,736,725     (191,552,232     (548,398,365     (91,430,366     (387,636,193     200,946,727  
  1,158,115,781       1,227,615,389       2,514,613,559       2,706,165,791       3,915,890,552       4,007,320,918       4,752,803,626       4,551,856,899  
$ 982,124,540     $ 1,158,115,781     $ 2,101,876,834     $ 2,514,613,559     $ 3,367,492,187     $ 3,915,890,552     $ 4,365,167,433     $ 4,752,803,626  
                                                             


Statement of Changes in Net Assets (continued)

 

        Lifecycle 2035         Lifecycle 2040  
  

 

 

 
         Year Ended         Year Ended         Year Ended         Year Ended  
      5/31/25     5/31/24     5/31/25     5/31/24  

OPERATIONS

        

Net investment income (loss)

   $  136,277,430     $ 117,803,463     $ 144,839,128     $ 124,173,682  

Net realized gain (loss)

     197,716,734       114,540,240       276,991,188       155,111,273  

Net change in unrealized appreciation (depreciation)

     70,335,322       540,919,202       95,582,656       772,123,597  

Net increase (decrease) in net assets from operations

     404,329,486       773,262,905       517,412,972       1,051,408,552  

DISTRIBUTIONS TO SHAREHOLDERS

        

Dividends:

        

Class I

     (39,306     (18,308     (22,636     (11,242

Premier Class

     (8,527,791     (5,722,397     (9,174,380     (6,020,354

Class R6

     (172,639,733     (104,203,854     (203,141,552     (114,353,049

Retirement Class

     (22,167,807     (14,124,702     (23,548,314     (14,032,733

Total distributions

     (203,374,637     (124,069,261     (235,886,882     (134,417,378

FUND SHARE TRANSACTIONS

        

Subscriptions

     304,972,586       330,940,782       293,035,890       356,828,431  

Reinvestments of distributions

     203,116,579       123,950,460       235,712,156       134,330,432  

Redemptions

     (988,470,092     (742,401,971     (1,051,404,392     (939,750,538

Net increase (decrease) from Fund share transactions

     (480,380,927     (287,510,729     (522,656,346     (448,591,675

Net increase (decrease) in net assets

     (279,426,078     361,682,915       (241,130,256     468,399,499  

Net assets at the beginning of period

     5,114,598,782       4,752,915,867       6,167,299,226       5,698,899,727  

Net assets at the end of period

   $ 4,835,172,704     $ 5,114,598,782     $ 5,926,168,970     $ 6,167,299,226  
                                  

 

30    See Notes to Financial Statements


 

Lifecycle 2045     Lifecycle 2050     Lifecycle 2055     Lifecycle 2060  
    Year Ended         Year Ended         Year Ended         Year Ended         Year Ended         Year Ended         Year Ended         Year Ended  
  5/31/25       5/31/24       5/31/25       5/31/24       5/31/25       5/31/24       5/31/25       5/31/24  
             
$ 94,364,562     $ 79,488,274     $ 70,897,708     $ 58,960,031     $ 35,916,143     $ 28,500,222     $ 15,520,766     $ 10,939,381  
  212,817,308       105,225,167       157,973,193       75,937,683       70,248,163       34,355,577       25,476,829       11,623,186  
  82,614,932       616,594,431       86,698,584       513,205,206       57,291,729       260,129,409       30,778,920       104,781,601  
  389,796,802       801,307,872       315,569,485       648,102,920       163,456,035       322,985,208       71,776,515       127,344,168  
                 
                 
  (28,881     (14,037     (15,129     (7,741     (15,902     (7,680     (10,698     (7,924
  (6,339,340     (3,589,833     (4,374,389     (2,435,974     (2,469,848     (1,176,582     (828,467     (351,954
  (138,161,083     (71,073,943     (107,879,742     (53,020,684     (58,177,790     (24,606,427     (22,926,985     (8,843,631
  (21,129,752     (11,619,998     (14,695,039     (7,770,079     (7,402,119     (3,385,358     (2,647,674     (1,109,516
  (165,659,056     (86,297,811     (126,964,299     (63,234,478     (68,065,659     (29,176,047     (26,413,824     (10,313,025
                 
  290,731,183       345,097,825       260,131,714       311,291,710       215,374,673       238,774,681       170,143,384       173,144,011  
  165,518,216       86,151,403       126,886,622       63,200,612       67,956,803       29,103,903       26,263,851       10,259,051  
  (765,035,736     (648,559,949     (578,892,864     (519,282,102     (290,244,704     (261,084,816     (125,358,077     (93,812,271
  (308,786,337     (217,310,721     (191,874,528     (144,789,780     (6,913,228     6,793,768       71,049,158       89,590,791  
  (84,648,591     497,699,340       (3,269,342     440,078,662       88,477,148       300,602,929       116,411,849       206,621,934  
  4,447,242,431       3,949,543,091       3,505,834,075       3,065,755,413       1,766,248,561       1,465,645,632       734,710,348       528,088,414  
$ 4,362,593,840     $ 4,447,242,431     $ 3,502,564,733     $ 3,505,834,075     $ 1,854,725,709     $ 1,766,248,561     $ 851,122,197     $ 734,710,348  
                                                             

 

  


Statement of Changes in Net Assets (continued)

 

           Lifecycle 2065        Year Ended  
                 Year Ended                  5/31/24  
          5/31/25             
                          

OPERATIONS

          

Net investment income (loss)

   $      2,097,686     $      1,087,895  

Net realized gain (loss)

        3,118,214          1,368,578  

Net change in unrealized appreciation (depreciation)

        4,943,935          10,796,854  

Net increase (decrease) in net assets from operations

          10,159,835            13,253,327  

DISTRIBUTIONS TO SHAREHOLDERS

          

Dividends:

          

Class I

        (4,065        (9,894

Premier Class

        (150,235        (47,168

Class R6

        (2,730,931        (746,406

Retirement Class

        (482,116        (142,051

Total distributions

          (3,367,347          (945,519

FUND SHARE TRANSACTIONS

          

Subscriptions

        70,752,055          52,453,040  

Reinvestments of distributions

        3,365,436          857,443  

Redemptions

        (31,948,510        (16,803,139

Net increase (decrease) from Fund share transactions

          42,168,981            36,507,344  

Net increase (decrease) in net assets

        48,961,469          48,815,152  

Net assets at the beginning of period

        90,936,844          42,121,692  

Net assets at the end of period

   $      139,898,313     $      90,936,844  

                          

 

32    See Notes to Financial Statements


 

 

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Financial Highlights

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

            Investment Operations     Less Distributions        
     

 

 

   

 

 

   
     Net Asset      Net                                      Net Asset  
     Value,        Investment        Net Realized/           From Net     From Net           Value,  
       Beginning      Income      Unrealized             Investment       Realized           End of  
      of Period      (Loss)(a)      Gain (Loss)(b)       Total     Income     Gains       Total     Period  

Lifecycle Retirement Income

 

                                                

Class A:

                  

5/31/25

   $ 11.11      $ 0.38       $ 0.40     $ 0.78     $ (0.34   $ (0.03   $ (0.37   $ 11.52  

5/31/24

     10.42        0.32        0.72       1.04       (0.35           (0.35     11.11  

5/31/23

     11.12        0.36        (0.46     (0.10     (0.28     (0.32     (0.60     10.42  

5/31/22

     12.79        0.26        (1.02     (0.76     (0.35     (0.56     (0.91     11.12  

5/31/21

     11.51        0.20        1.75       1.95       (0.28     (0.39     (0.67     12.79  

Class I:

 

            

5/31/25

     11.13        0.41        0.39       0.80       (0.36     (0.03     (0.39     11.54  

5/31/24

     10.44        0.34        0.72       1.06       (0.37           (0.37     11.13  

5/31/23

     11.14        0.41        (0.49     (0.08     (0.30     (0.32     (0.62     10.44  

5/31/22

     12.81        0.30        (1.04     (0.74     (0.37     (0.56     (0.93     11.14  

5/31/21

     11.52        0.20        1.78       1.98       (0.30     (0.39     (0.69     12.81  

Premier Class:

 

            

5/31/25

     11.12        0.40        0.39       0.79       (0.35     (0.03     (0.38     11.53  

5/31/24

     10.43        0.33        0.72       1.05       (0.36           (0.36     11.12  

5/31/23

     11.13        0.37        (0.46     (0.09     (0.29     (0.32     (0.61     10.43  

5/31/22

     12.80        0.27        (1.01     (0.74     (0.37     (0.56     (0.93     11.13  

5/31/21

     11.51        0.21        1.76       1.97       (0.29     (0.39     (0.68     12.80  

Class R6:

 

            

5/31/25

     11.13        0.42        0.39       0.81       (0.37     (0.03     (0.40     11.54  

5/31/24

     10.44        0.35        0.72       1.07       (0.38           (0.38     11.13  

5/31/23

     11.14        0.39        (0.46     (0.07     (0.31     (0.32     (0.63     10.44  

5/31/22

     12.81        0.29        (1.02     (0.73     (0.38     (0.56     (0.94     11.14  

5/31/21

     11.52        0.23        1.76       1.99       (0.31     (0.39     (0.70     12.81  

Retirement Class:

 

            

5/31/25

     11.10        0.38        0.40       0.78       (0.34     (0.03     (0.37     11.51  

5/31/24

     10.41        0.32        0.72       1.04       (0.35           (0.35     11.10  

5/31/23

     11.11        0.36        (0.46     (0.10     (0.28     (0.32     (0.60     10.41  

5/31/22

     12.78        0.26        (1.02     (0.76     (0.35     (0.56     (0.91     11.11  

5/31/21

     11.49        0.20        1.76       1.96       (0.28     (0.39     (0.67     12.78  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

 

34    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       
                         
    Net Assets,              Net    Portfolio  
Total     End of      Gross    Net    Investment    Turnover  
     Return(c)        Period (000)      Expenses(d)   Expenses(d)   Income (Loss)(d)    Rate  
                                             
               
  7.11   $ 122,877        0.75     0.53     3.35%        13%  
  10.19       124,235        0.74       0.53       3.00          12    
  (0.69     123,946        0.72       0.52       3.43          19    
  (6.49     131,167        0.70       0.51       2.10          28    
  17.31       144,030        0.71       0.54       1.62          41    
               
  7.31       184        0.52       0.33       3.61          13    
  10.36       337        0.54       0.36       3.16          12    
  (0.50     317        0.52       0.35       3.86          19    
  (6.33     609        0.50       0.34       2.44          28    
  17.57       596        0.52       0.38       1.63          41    
               
  7.21       7,624        0.61       0.43       3.50          13    
  10.29       9,940        0.61       0.43       3.09          12    
  (0.58     15,207        0.59       0.42       3.55          19    
  (6.40     17,624        0.58       0.41       2.17          28    
  17.51       19,161        0.58       0.44       1.71          41    
               
  7.37       141,910        0.46       0.27       3.64          13    
  10.45       156,206        0.46       0.28       3.25          12    
  (0.42     171,457        0.44       0.27       3.72          19    
  (6.25     222,227        0.43       0.26       2.37          28    
  17.67       244,923        0.43       0.29       1.87          41    
               
  7.12       120,193        0.71       0.53       3.36          13    
  10.20       127,984        0.71       0.53       3.00          12    
  (0.68     133,676        0.69       0.52       3.45          19    
  (6.49     157,609        0.68       0.50       2.11          28    
  17.43       200,300        0.68       0.54       1.61          41    

 

See Notes to Financial Statements    35


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

            Investment Operations     Less Distributions        
     

 

 

   

 

 

   
     Net Asset      Net                                      Net Asset  
     Value,        Investment        Net Realized/           From Net     From Net           Value,  
       Beginning      Income      Unrealized             Investment       Realized           End of  
      of Period      (Loss)(a)      Gain (Loss)(b)       Total     Income     Gains       Total     Period  

Lifecycle 2010

                                                                  

Class I:

                  

5/31/25

   $ 10.13      $ 0.37       $ 0.37     $ 0.74     $ (0.37   $ (0.22   $ (0.59   $ 10.28  

5/31/24

     9.55        0.32        0.65       0.97       (0.39           (0.39     10.13  

5/31/23

     10.32        0.36        (0.42     (0.06     (0.36     (0.35     (0.71     9.55  

5/31/22

     12.22        0.26        (0.93     (0.67     (0.40     (0.83     (1.23     10.32  

5/31/21

     11.30        0.22        1.71       1.93       (0.33     (0.68     (1.01     12.22  

Premier Class:

 

               

5/31/25

     10.08        0.36        0.37       0.73       (0.37     (0.22     (0.59     10.22  

5/31/24

     9.50        0.31        0.65       0.96       (0.38           (0.38     10.08  

5/31/23

     10.27        0.34        (0.41     (0.07     (0.35     (0.35     (0.70     9.50  

5/31/22

     12.17        0.25        (0.94     (0.69     (0.38     (0.83     (1.21     10.27  

5/31/21

     11.24        0.20        1.73       1.93       (0.32     (0.68     (1.00     12.17  

Class R6:

 

               

5/31/25

     10.10        0.37        0.38       0.75       (0.39     (0.22     (0.61     10.24  

5/31/24

     9.53        0.32        0.65       0.97       (0.40           (0.40     10.10  

5/31/23

     10.29        0.36        (0.41     (0.05     (0.36     (0.35     (0.71     9.53  

5/31/22

     12.20        0.27        (0.94     (0.67     (0.41     (0.83     (1.24     10.29  

5/31/21

     11.27        0.22        1.73       1.95       (0.34     (0.68     (1.02     12.20  

Retirement Class:

 

               

5/31/25

     12.79        0.45        0.46       0.91       (0.35     (0.22     (0.57     13.13  

5/31/24

     11.96        0.38        0.82       1.20       (0.37           (0.37     12.79  

5/31/23

     12.73        0.41        (0.50     (0.09     (0.33     (0.35     (0.68     11.96  

5/31/22

     14.80        0.30        (1.17     (0.87     (0.37     (0.83     (1.20     12.73  

5/31/21

     13.48        0.23        2.07       2.30       (0.30     (0.68     (0.98     14.80  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

 

36    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       
                         
    Net Assets,              Net    Portfolio  
Total     End of      Gross    Net    Investment    Turnover  
     Return(c)        Period (000)      Expenses(d)   Expenses(d)   Income (Loss)(d)    Rate  
                                             
               
  7.37   $ 90        0.51     0.32     3.55%        13%  
  10.33       157        0.50       0.32       3.25          14    
  (0.42     146        0.50       0.32       3.69          18    
  (6.32     177        0.48       0.33       2.29          21    
  17.57       164        0.49       0.36       1.81          38    
               
  7.26       27,069        0.59       0.41       3.46          13    
  10.27       34,029        0.59       0.41       3.17          14    
  (0.50     40,794        0.57       0.39       3.53          18    
  (6.45     50,141        0.56       0.41       2.16          21    
  17.62       77,845        0.57       0.44       1.70          38    
               
  7.43       476,783        0.44       0.26       3.63          13    
  10.31       534,127        0.44       0.26       3.30          14    
  (0.23     570,203        0.42       0.24       3.66          18    
  (6.34     700,875        0.41       0.26       2.34          21    
  17.75       836,684        0.42       0.29       1.84          38    
               
  7.14       184,800        0.69       0.51       3.41          13    
  10.11       236,153        0.69       0.51       3.05          14    
  (0.54     245,451        0.67       0.49       3.42          18    
  (6.56     290,686        0.66       0.51       2.09          21    
  17.45       368,266        0.67       0.54       1.62          38    

 

See Notes to Financial Statements    37


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifecycle 2015

                                                                  

Class I:

                  

5/31/25

   $ 9.06      $ 0.33       $ 0.33     $ 0.66     $ (0.33   $ (0.06   $ (0.39   $ 9.33  

5/31/24

     8.49        0.29        0.61       0.90       (0.33           (0.33     9.06  

5/31/23

     9.17        0.30        (0.37     (0.07     (0.27     (0.34     (0.61     8.49  

5/31/22

     10.81        0.22        (0.86     (0.64     (0.35     (0.65     (1.00     9.17  

5/31/21

     9.61        0.18        1.67       1.85       (0.29     (0.36     (0.65     10.81  

Premier Class:

                  

5/31/25

     9.02        0.32        0.33       0.65       (0.33     (0.06     (0.39     9.28  

5/31/24

     8.46        0.27        0.61       0.88       (0.32           (0.32     9.02  

5/31/23

     9.14        0.30        (0.37     (0.07     (0.27     (0.34     (0.61     8.46  

5/31/22

     10.76        0.21        (0.84     (0.63     (0.34     (0.65     (0.99     9.14  

5/31/21

     9.57        0.17        1.66       1.83       (0.28     (0.36     (0.64     10.76  

Class R6:

                  

5/31/25

     9.07        0.34        0.32       0.66       (0.34     (0.06     (0.40     9.33  

5/31/24

     8.50        0.28        0.62       0.90       (0.33           (0.33     9.07  

5/31/23

     9.18        0.31        (0.37     (0.06     (0.28     (0.34     (0.62     8.50  

5/31/22

     10.81        0.23        (0.85     (0.62     (0.36     (0.65     (1.01     9.18  

5/31/21

     9.62        0.19        1.66       1.85       (0.30     (0.36     (0.66     10.81  

Retirement Class:

                  

5/31/25

     12.17        0.43        0.44       0.87       (0.31     (0.06     (0.37     12.67  

5/31/24

     11.30        0.35        0.83       1.18       (0.31           (0.31     12.17  

5/31/23

     11.99        0.38        (0.48     (0.10     (0.25     (0.34     (0.59     11.30  

5/31/22

     13.82        0.27        (1.12     (0.85     (0.33     (0.65     (0.98     11.99  

5/31/21

     12.13        0.21        2.11       2.32       (0.27     (0.36     (0.63     13.82  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

 

38    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       

Total  

     Return(c)  

 

Net Assets,

End of

   Period (000)

    

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net

Investment

Income (Loss)(d)

  

Portfolio

Turnover

Rate

 
                                             
           
  7.40   $ 278        0.46     0.32     3.56%        11%  
  10.74       355        0.47       0.28       3.26          13    
  (0.52     381        0.53       0.38       3.49          18    
  (6.61     390        0.52       0.38       2.15          20    
  19.60       255        0.52       0.39       1.75          36    
           
  7.27       39,085        0.58       0.43       3.44          11    
  10.56       42,131        0.58       0.39       3.11          13    
  (0.57     56,724        0.57       0.42       3.48          18    
  (6.54     71,144        0.56       0.42       2.06          20    
  19.47       116,117        0.57       0.44       1.67          36    
           
  7.40       679,851        0.43       0.28       3.62          11    
  10.82       782,265        0.43       0.24       3.25          13    
  (0.39     831,507        0.42       0.27       3.61          18    
  (6.43     1,005,382        0.41       0.27       2.25          20    
  19.56       1,217,691        0.42       0.29       1.83          36    
           
  7.21       262,910        0.68       0.53       3.40          11    
  10.52       333,364        0.68       0.49       2.99          13    
  (0.66     339,003        0.67       0.52       3.36          18    
  (6.73     393,955        0.66       0.52       2.01          20    
  19.34       500,838        0.67       0.54       1.60          36    

 

See Notes to Financial Statements    39


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifecycle 2020

                                                                  

Class I:

                  

5/31/25

   $ 9.45      $ 0.31       $ 0.39     $ 0.70     $ (0.33   $ (0.13   $ (0.46   $ 9.69  

5/31/24

     8.77        0.28        0.73       1.01       (0.33           (0.33     9.45  

5/31/23

     9.47        0.30        (0.35     (0.05     (0.27     (0.38     (0.65     8.77  

5/31/22

     11.25        0.21        (0.90     (0.69     (0.37     (0.72     (1.09     9.47  

5/31/21

     9.89        0.14        1.94       2.08       (0.31     (0.41     (0.72     11.25  

Premier Class:

                  

5/31/25

     9.44        0.32        0.37       0.69       (0.33     (0.13     (0.46     9.67  

5/31/24

     8.75        0.27        0.74       1.01       (0.32           (0.32     9.44  

5/31/23

     9.45        0.29        (0.35     (0.06     (0.26     (0.38     (0.64     8.75  

5/31/22

     11.23        0.21        (0.92     (0.71     (0.35     (0.72     (1.07     9.45  

5/31/21

     9.87        0.18        1.89       2.07       (0.30     (0.41     (0.71     11.23  

Class R6:

                  

5/31/25

     9.46        0.34        0.38       0.72       (0.35     (0.13     (0.48     9.70  

5/31/24

     8.77        0.28        0.74       1.02       (0.33           (0.33     9.46  

5/31/23

     9.48        0.31        (0.37     (0.06     (0.27     (0.38     (0.65     8.77  

5/31/22

     11.26        0.23        (0.91     (0.68     (0.38     (0.72     (1.10     9.48  

5/31/21

     9.89        0.20        1.90       2.10       (0.32     (0.41     (0.73     11.26  

Retirement Class:

                  

5/31/25

     13.12        0.44        0.52       0.96       (0.31     (0.13     (0.44     13.64  

5/31/24

     12.05        0.36        1.01       1.37       (0.30           (0.30     13.12  

5/31/23

     12.75        0.39        (0.47     (0.08     (0.24     (0.38     (0.62     12.05  

5/31/22

     14.78        0.27        (1.24     (0.97     (0.34     (0.72     (1.06     12.75  

5/31/21

     12.79        0.22        2.46       2.68       (0.28     (0.41     (0.69     14.78  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

 

40    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       

Total  

     Return(c)  

 

Net Assets,

End of

   Period (000)

    

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net

Investment
Income (Loss)(d)

  

Portfolio

Turnover

Rate

 
                                             
           
  7.52   $ 348        0.47     0.33     3.23%        11%  
  11.65       520        0.51       0.35       3.10          12    
  (0.32     695        0.50       0.36       3.33          18    
  (6.93     498        0.46       0.32       1.91          22    
  21.43       726        0.48       0.35       1.26          38    
               
  7.39       81,189        0.57       0.43       3.32          11    
  11.68       93,230        0.58       0.41       2.97          12    
  (0.42     141,676        0.57       0.42       3.31          18    
  (7.06     165,761        0.55       0.42       1.96          22    
  21.37       252,876        0.57       0.45       1.66          38    
               
  7.66       1,558,875        0.42       0.28       3.49          11    
  11.86       1,821,625        0.43       0.26       3.11          12    
  (0.36     1,921,359        0.41       0.27       3.45          18    
  (6.86     2,303,415        0.40       0.27       2.15          22    
  21.61       2,712,681        0.42       0.29       1.82          38    
               
  7.36       461,466        0.67       0.53       3.27          11    
  11.50       599,239        0.68       0.51       2.86          12    
  (0.47     642,436        0.67       0.52       3.21          18    
  (7.17     764,245        0.65       0.52       1.89          22    
  21.27       993,670        0.67       0.55       1.59          38    

 

See Notes to Financial Statements    41


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

       Total    

   Net Asset

Value,

End of

Period

 

Lifecycle 2025

                                                                  

Class I:

                  

5/31/25

   $ 9.94      $ 0.33       $ 0.43     $ 0.76     $ (0.33   $ (0.18   $ (0.51   $ 10.19  

5/31/24

     9.09        0.28        0.88       1.16       (0.31           (0.31     9.94  

5/31/23

     9.85        0.27        (0.31     (0.04     (0.26     (0.46     (0.72     9.09  

5/31/22

     11.75        0.22        (0.98     (0.76     (0.38     (0.76     (1.14     9.85  

5/31/21

     10.03        0.15        2.31       2.46       (0.31     (0.43     (0.74     11.75  

Premier Class:

                  

5/31/25

     9.89        0.32        0.43       0.75       (0.32     (0.18     (0.50     10.14  

5/31/24

     9.05        0.26        0.89       1.15       (0.31           (0.31     9.89  

5/31/23

     9.80        0.28        (0.32     (0.04     (0.25     (0.46     (0.71     9.05  

5/31/22

     11.70        0.21        (0.98     (0.77     (0.37     (0.76     (1.13     9.80  

5/31/21

     9.99        0.18        2.25       2.43       (0.29     (0.43     (0.72     11.70  

Class R6:

                  

5/31/25

     9.95        0.34        0.42       0.76       (0.34     (0.18     (0.52     10.19  

5/31/24

     9.09        0.28        0.90       1.18       (0.32           (0.32     9.95  

5/31/23

     9.85        0.30        (0.34     (0.04     (0.26     (0.46     (0.72     9.09  

5/31/22

     11.76        0.23        (0.99     (0.76     (0.39     (0.76     (1.15     9.85  

5/31/21

     10.04        0.19        2.27       2.46       (0.31     (0.43     (0.74     11.76  

Retirement Class:

                  

5/31/25

     14.01        0.45        0.59       1.04       (0.30     (0.18     (0.48     14.57  

5/31/24

     12.69        0.36        1.25       1.61       (0.29           (0.29     14.01  

5/31/23

     13.44        0.38        (0.44     (0.06     (0.23     (0.46     (0.69     12.69  

5/31/22

     15.63        0.26        (1.35     (1.09     (0.34     (0.76     (1.10     13.44  

5/31/21

     13.14        0.22        2.97       3.19       (0.27     (0.43     (0.70     15.63  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

 

42    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       

Total  

     Return(c)  

 

Net Assets,

End of

   Period (000)

    

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net

Investment

Income (Loss)(d)

  

Portfolio

Turnover

Rate

 
                                             
           
  7.74   $ 651        0.45     0.31     3.28%        12%  
  13.00       773        0.50       0.35       2.92          13    
  (0.21     855        0.51       0.36       2.99          20    
  (7.32     391        0.48       0.34       1.93          25    
  24.93       553        0.49       0.36       1.35          40    
  7.71       134,870        0.57       0.43       3.18          12    
  12.84       161,319        0.58       0.43       2.80          13    
           
  (0.20     221,273        0.57       0.42       3.09          20    
  (7.44     236,147        0.55       0.42       1.83          25    
  24.80       336,773        0.58       0.45       1.59          40    
  7.73       2,626,444        0.42       0.28       3.32          12    
  13.20       2,940,148        0.43       0.28       2.94          13    
           
  (0.14     2,939,672        0.42       0.27       3.23          20    
  (7.33     3,488,042        0.40       0.27       2.01          25    
  24.96       3,909,833        0.43       0.30       1.76          40    
  7.48       605,527        0.67       0.53       3.12          12    
  12.79       813,651        0.68       0.53       2.69          13    
           
  (0.30     845,520        0.67       0.52       3.00          20    
  (7.55     973,393        0.65       0.52       1.75          25    
  24.64       1,217,409        0.68       0.55       1.52          40    

 

See Notes to Financial Statements    43


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,
Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifecycle 2030

                                                                  

Class I:

                  

5/31/25

   $ 10.25      $ 0.32       $ 0.51     $ 0.83     $ (0.31   $ (0.19   $ (0.50   $ 10.58  

5/31/24

     9.20        0.25        1.09       1.34       (0.29           (0.29     10.25  

5/31/23

     9.97        0.26        (0.29     (0.03     (0.23     (0.51     (0.74     9.20  

5/31/22

     12.01        0.21        (1.03     (0.82     (0.39     (0.83     (1.22     9.97  

5/31/21

     10.01        0.18        2.60       2.78       (0.31     (0.47     (0.78     12.01  

Premier Class:

                  

5/31/25

     10.19        0.30        0.51       0.81       (0.30     (0.19     (0.49     10.51  

5/31/24

     9.14        0.25        1.08       1.33       (0.28           (0.28     10.19  

5/31/23

     9.91        0.26        (0.30     (0.04     (0.22     (0.51     (0.73     9.14  

5/31/22

     11.95        0.19        (1.02     (0.83     (0.38     (0.83     (1.21     9.91  

5/31/21

     9.96        0.17        2.59       2.76       (0.30     (0.47     (0.77     11.95  

Class R6:

                  

5/31/25

     10.26        0.32        0.51       0.83       (0.32     (0.19     (0.51     10.58  

5/31/24

     9.20        0.26        1.10       1.36       (0.30           (0.30     10.26  

5/31/23

     9.97        0.28        (0.30     (0.02     (0.24     (0.51     (0.75     9.20  

5/31/22

     12.01        0.21        (1.02     (0.81     (0.40     (0.83     (1.23     9.97  

5/31/21

     10.01        0.19        2.60       2.79       (0.32     (0.47     (0.79     12.01  

Retirement Class:

                  

5/31/25

     14.88        0.44        0.73       1.17       (0.28     (0.19     (0.47     15.58  

5/31/24

     13.22        0.34        1.58       1.92       (0.26           (0.26     14.88  

5/31/23

     13.98        0.36        (0.41     (0.05     (0.20     (0.51     (0.71     13.22  

5/31/22

     16.36        0.25        (1.44     (1.19     (0.36     (0.83     (1.19     13.98  

5/31/21

     13.39        0.22        3.51       3.73       (0.29     (0.47     (0.76     16.36  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

 

44    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       

Total  

     Return(c)  

 

Net Assets,

End of

   Period (000)

    

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net

Investment

Income (Loss)(d)

  

Portfolio

Turnover

Rate

 
                                             
           
  8.16   $ 840        0.45     0.30     3.02%        13%  
  14.76       853        0.51       0.37       2.57          14    
  0.09       597        0.50       0.34       2.77          22    
  (7.71     497        0.46       0.31       1.88          26    
  28.41       520        0.50       0.37       1.65          41    
           
  8.04       184,117        0.58       0.43       2.90          13    
  14.75       199,927        0.58       0.44       2.56          14    
  (0.01     246,776        0.57       0.42       2.84          22    
  (7.87     265,245        0.56       0.41       1.66          26    
  28.35       369,690        0.58       0.45       1.52          41    
           
  8.16       3,434,340        0.43       0.28       3.06          13    
  14.95       3,630,602        0.43       0.29       2.70          14    
  0.15       3,405,403        0.42       0.27       2.97          22    
  (7.66     3,872,654        0.41       0.26       1.86          26    
  28.49       4,216,718        0.43       0.30       1.69          41    
           
  7.89       745,870        0.68       0.53       2.85          13    
  14.66       921,422        0.68       0.54       2.45          14    
  (0.10     899,081        0.67       0.52       2.74          22    
  (7.94     1,008,369        0.66       0.51       1.60          26    
  28.25       1,254,456        0.68       0.55       1.46          41    

 

See Notes to Financial Statements    45


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifecycle 2035

                                                                  

Class I:

                  

5/31/25

   $ 10.63      $ 0.30       $ 0.59     $ 0.89     $ (0.29   $ (0.19   $ (0.48   $ 11.04  

5/31/24

     9.33        0.23        1.34       1.57       (0.27           (0.27     10.63  

5/31/23

     10.12        0.24        (0.23     0.01       (0.21     (0.59     (0.80     9.33  

5/31/22

     12.35        0.19        (1.07     (0.88     (0.41     (0.94     (1.35     10.12  

5/31/21

     10.06        0.18        2.96       3.14       (0.31     (0.54     (0.85     12.35  

Premier Class:

                  

5/31/25

     10.61        0.29        0.59       0.88       (0.28     (0.19     (0.47     11.02  

5/31/24

     9.31        0.23        1.33       1.56       (0.26           (0.26     10.61  

5/31/23

     10.10        0.24        (0.24           (0.20     (0.59     (0.79     9.31  

5/31/22

     12.33        0.18        (1.07     (0.89     (0.40     (0.94     (1.34     10.10  

5/31/21

     10.04        0.17        2.96       3.13       (0.30     (0.54     (0.84     12.33  

Class R6:

                  

5/31/25

     10.65        0.31        0.59       0.90       (0.30     (0.19     (0.49     11.06  

5/31/24

     9.35        0.24        1.34       1.58       (0.28           (0.28     10.65  

5/31/23

     10.13        0.25        (0.22     0.03       (0.22     (0.59     (0.81     9.35  

5/31/22

     12.37        0.20        (1.08     (0.88     (0.42     (0.94     (1.36     10.13  

5/31/21

     10.07        0.19        2.97       3.16       (0.32     (0.54     (0.86     12.37  

Retirement Class:

                  

5/31/25

     15.95        0.43        0.88       1.31       (0.26     (0.19     (0.45     16.81  

5/31/24

     13.88        0.33        1.98       2.31       (0.24           (0.24     15.95  

5/31/23

     14.63        0.34        (0.32     0.02       (0.18     (0.59     (0.77     13.88  

5/31/22

     17.27        0.24        (1.56     (1.32     (0.38     (0.94     (1.32     14.63  

5/31/21

     13.78        0.22        4.09       4.31       (0.28     (0.54     (0.82     17.27  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

 

46    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       

Total  

     Return(c)  

 

Net Assets,

End of

   Period (000)

    

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net

Investment

Income (Loss)(d)

  

Portfolio

Turnover

Rate

 
                                             
           
  8.41   $ 878        0.46     0.30     2.76%        14%  
  17.03       918        0.54       0.38       2.35          14    
  0.46       597        0.52       0.36       2.58          25    
  (8.20     447        0.49       0.34       1.64          27    
  32.02       472        0.52       0.39       1.56          44    
           
  8.36       198,432        0.58       0.42       2.64          14    
  16.98       215,181        0.59       0.43       2.29          14    
  0.39       264,692        0.58       0.41       2.55          25    
  (8.29     277,894        0.56       0.40       1.52          27    
  31.99       396,128        0.59       0.45       1.46          44    
           
  8.51       3,879,694        0.43       0.27       2.80          14    
  17.10       3,987,848        0.44       0.28       2.46          14    
  0.66       3,634,034        0.43       0.26       2.68          25    
  (8.19     4,103,430        0.41       0.25       1.72          27    
  32.19       4,468,950        0.44       0.30       1.63          44    
           
  8.21       756,169        0.68       0.52       2.59          14    
  16.78       910,652        0.69       0.53       2.19          14    
  0.38       853,592        0.68       0.51       2.46          25    
  (8.42     923,818        0.66       0.50       1.46          27    
  31.86       1,157,175        0.69       0.55       1.40          44    

 

See Notes to Financial Statements    47


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifecycle 2040

                                                                  

Class I:

                  

5/31/25

   $ 10.89      $ 0.29       $ 0.68     $ 0.97     $ (0.26   $ (0.21   $ (0.47   $ 11.39  

5/31/24

     9.34        0.21        1.59       1.80       (0.25           (0.25     10.89  

5/31/23

     10.11        0.21        (0.15     0.06       (0.18     (0.65     (0.83     9.34  

5/31/22

     12.51        0.18        (1.10     (0.92     (0.43     (1.05     (1.48     10.11  

5/31/21

     9.98        0.17        3.30       3.47       (0.32     (0.62     (0.94     12.51  

Premier Class:

                  

5/31/25

     10.86        0.25        0.70       0.95       (0.25     (0.21     (0.46     11.35  

5/31/24

     9.32        0.20        1.58       1.78       (0.24           (0.24     10.86  

5/31/23

     10.09        0.21        (0.16     0.05       (0.17     (0.65     (0.82     9.32  

5/31/22

     12.48        0.17        (1.09     (0.92     (0.42     (1.05     (1.47     10.09  

5/31/21

     9.95        0.15        3.31       3.46       (0.31     (0.62     (0.93     12.48  

Class R6:

                  

5/31/25

     10.90        0.27        0.71       0.98       (0.27     (0.21     (0.48     11.40  

5/31/24

     9.35        0.22        1.59       1.81       (0.26           (0.26     10.90  

5/31/23

     10.12        0.23        (0.17     0.06       (0.18     (0.65     (0.83     9.35  

5/31/22

     12.52        0.19        (1.10     (0.91     (0.44     (1.05     (1.49     10.12  

5/31/21

     9.99        0.18        3.30       3.48       (0.33     (0.62     (0.95     12.52  

Retirement Class:

                  

5/31/25

     17.01        0.39        1.10       1.49       (0.23     (0.21     (0.44     18.06  

5/31/24

     14.46        0.30        2.47       2.77       (0.22           (0.22     17.01  

5/31/23

     15.18        0.32        (0.25     0.07       (0.14     (0.65     (0.79     14.46  

5/31/22

     18.04        0.24        (1.66     (1.42     (0.39     (1.05     (1.44     15.18  

5/31/21

     14.05        0.21        4.69       4.90       (0.29     (0.62     (0.91     18.04  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

 

48    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       

Total  

     Return(c)  

 

Net Assets,

End of

   Period (000)

    

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net

Investment

Income (Loss)(d)

  

Portfolio

Turnover

Rate

 
                                             
           
  8.93   $ 320        0.47     0.29     2.57%        14%  
  19.49       591        0.54       0.36       2.07          13    
  1.04       367        0.52       0.33       2.27          26    
  (8.55     239        0.48       0.31       1.53          29    
  35.84       305        0.51       0.37       1.48          46    
           
  8.80       226,681        0.59       0.41       2.27          14    
  19.32       249,804        0.59       0.42       2.00          13    
  0.94       305,164        0.58       0.40       2.28          26    
  (8.57     314,758        0.56       0.39       1.44          29    
  35.81       441,951        0.59       0.45       1.36          46    
           
  9.03       4,806,853        0.44       0.26       2.45          14    
  19.56       4,859,805        0.44       0.27       2.17          13    
  1.11       4,401,861        0.43       0.25       2.42          26    
  (8.47     4,851,096        0.41       0.24       1.61          29    
  35.87       5,311,332        0.44       0.29       1.54          46    
           
  8.74       892,315        0.69       0.51       2.23          14    
  19.27       1,057,099        0.69       0.52       1.90          13    
  0.79       991,507        0.68       0.50       2.20          26    
  (8.67     1,085,996        0.66       0.49       1.36          29    
  35.59       1,391,417        0.69       0.55       1.31          46    

 

See Notes to Financial Statements    49


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifecycle 2045

                                                                  

Class I:

                  

5/31/25

   $ 13.86      $ 0.33       $ 0.95     $ 1.28     $ (0.28   $ (0.26   $ (0.54   $ 14.60  

5/31/24

     11.69        0.24        2.19       2.43       (0.26           (0.26     13.86  

5/31/23

     12.61        0.19        (0.12     0.07       (0.19     (0.80     (0.99     11.69  

5/31/22

     15.57        0.23        (1.40     (1.17     (0.52     (1.27     (1.79     12.61  

5/31/21

     11.99        0.22        4.41       4.63       (0.35     (0.70     (1.05     15.57  

Premier Class:

                  

5/31/25

     13.79        0.29        0.96       1.25       (0.27     (0.26     (0.53     14.51  

5/31/24

     11.62        0.23        2.19       2.42       (0.25           (0.25     13.79  

5/31/23

     12.54        0.24        (0.18     0.06       (0.18     (0.80     (0.98     11.62  

5/31/22

     15.49        0.20        (1.38     (1.18     (0.50     (1.27     (1.77     12.54  

5/31/21

     11.93        0.18        4.42       4.60       (0.34     (0.70     (1.04     15.49  

Class R6:

                  

5/31/25

     13.87        0.31        0.98       1.29       (0.30     (0.26     (0.56     14.60  

5/31/24

     11.69        0.25        2.20       2.45       (0.27           (0.27     13.87  

5/31/23

     12.61        0.26        (0.18     0.08       (0.20     (0.80     (1.00     11.69  

5/31/22

     15.57        0.22        (1.38     (1.16     (0.53     (1.27     (1.80     12.61  

5/31/21

     11.98        0.20        4.45       4.65       (0.36     (0.70     (1.06     15.57  

Retirement Class:

                  

5/31/25

     13.72        0.28        0.96       1.24       (0.26     (0.26     (0.52     14.44  

5/31/24

     11.57        0.21        2.18       2.39       (0.24           (0.24     13.72  

5/31/23

     12.48        0.23        (0.18     0.05       (0.16     (0.80     (0.96     11.57  

5/31/22

     15.43        0.18        (1.37     (1.19     (0.49     (1.27     (1.76     12.48  

5/31/21

     11.89        0.17        4.39       4.56       (0.32     (0.70     (1.02     15.43  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

 

50    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       

Total  

     Return(c)  

 

Net Assets,

End of

   Period (000)

    

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net

Investment

Income (Loss)(d)

  

Portfolio

Turnover

Rate

 
                                             
           
  9.28   $ 644        0.46     0.27     2.28%        15%  
  21.04       838        0.54       0.36       1.86          14    
  1.03       565        0.52       0.33       1.67          27    
  (8.67     168        0.45       0.27       1.55          29    
  39.64       153        0.50       0.35       1.57          46    
           
  9.13       173,496        0.59       0.40       2.02          15    
  21.06       186,993        0.60       0.42       1.78          14    
  0.92       225,586        0.58       0.40       2.06          27    
  (8.77     224,448        0.56       0.38       1.34          29    
  39.52       309,234        0.59       0.45       1.26          46    
           
  9.32       3,648,655        0.44       0.25       2.19          15    
  21.22       3,613,760        0.45       0.27       1.96          14    
  1.08       3,141,514        0.43       0.25       2.19          27    
  (8.63     3,351,968        0.41       0.23       1.52          29    
  39.80       3,557,269        0.44       0.30       1.44          46    
           
  9.06       539,799        0.69       0.50       1.99          15    
  20.88       645,652        0.70       0.52       1.69          14    
  0.90       581,879        0.68       0.50       1.97          27    
  (8.89     613,731        0.66       0.48       1.26          29    
  39.38       779,894        0.69       0.55       1.21          46    

 

See Notes to Financial Statements    51


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifecycle 2050

                                                                  

Class I:

                  

5/31/25

   $ 14.32      $ 0.28       $ 1.07     $ 1.35     $ (0.28   $ (0.26   $ (0.54   $ 15.13  

5/31/24

     11.98        0.24        2.36       2.60       (0.26           (0.26     14.32  

5/31/23

     12.89        0.23        (0.16     0.07       (0.18     (0.80     (0.98     11.98  

5/31/22

     15.82        0.13        (1.34     (1.21     (0.53     (1.19     (1.72     12.89  

5/31/21

     12.04        0.14        4.63       4.77       (0.36     (0.63     (0.99     15.82  

Premier Class:

                  

5/31/25

     14.25        0.28        1.04       1.32       (0.27     (0.26     (0.53     15.04  

5/31/24

     11.91        0.22        2.36       2.58       (0.24           (0.24     14.25  

5/31/23

     12.83        0.23        (0.18     0.05       (0.17     (0.80     (0.97     11.91  

5/31/22

     15.76        0.20        (1.42     (1.22     (0.52     (1.19     (1.71     12.83  

5/31/21

     12.00        0.18        4.55       4.73       (0.34     (0.63     (0.97     15.76  

Class R6:

                  

5/31/25

     14.31        0.31        1.05       1.36       (0.29     (0.26     (0.55     15.12  

5/31/24

     11.97        0.24        2.37       2.61       (0.27           (0.27     14.31  

5/31/23

     12.89        0.25        (0.18     0.07       (0.19     (0.80     (0.99     11.97  

5/31/22

     15.83        0.22        (1.42     (1.20     (0.55     (1.19     (1.74     12.89  

5/31/21

     12.05        0.20        4.57       4.77       (0.36     (0.63     (0.99     15.83  

Retirement Class:

                  

5/31/25

     14.16        0.27        1.02       1.29       (0.25     (0.26     (0.51     14.94  

5/31/24

     11.84        0.21        2.34       2.55       (0.23           (0.23     14.16  

5/31/23

     12.76        0.22        (0.18     0.04       (0.16     (0.80     (0.96     11.84  

5/31/22

     15.68        0.18        (1.40     (1.22     (0.51     (1.19     (1.70     12.76  

5/31/21

     11.94        0.17        4.53       4.70       (0.33     (0.63     (0.96     15.68  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

 

52    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       

Total  

     Return(c)  

 

Net Assets,

End of

   Period (000)

    

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net

Investment

Income (Loss)(d)

  

Portfolio

Turnover

Rate

 
                                             
           
  9.44   $ 530        0.47     0.27     1.92%        16%  
  21.89       458        0.52       0.33       1.82          15    
  1.00       331        0.50       0.31       1.90          26    
  (8.75     580        0.49       0.30       0.93          27    
  40.56       395        0.49       0.33       0.96          43    
           
  9.27       126,595        0.60       0.40       1.88          16    
  21.90       137,821        0.60       0.41       1.69          15    
  0.89       163,684        0.59       0.39       1.97          26    
  (8.86     159,978        0.56       0.37       1.34          27    
  40.35       205,713        0.60       0.44       1.25          43    
           
  9.54       2,970,304        0.45       0.25       2.07          16    
  21.99       2,901,702        0.45       0.26       1.87          15    
  1.06       2,485,183        0.44       0.24       2.09          26    
  (8.73     2,529,399        0.41       0.22       1.49          27    
  40.55       2,626,383        0.45       0.29       1.43          43    
           
  9.15       405,136        0.70       0.50       1.85          16    
  21.76       465,853        0.70       0.51       1.60          15    
  0.79       416,557        0.69       0.49       1.88          26    
  (8.93     439,910        0.66       0.47       1.22          27    
  40.27       549,874        0.70       0.54       1.19          43    

 

See Notes to Financial Statements    53


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifecycle 2055

                                                                  

Class I:

                  

5/31/25

   $ 16.99      $ 0.35       $ 1.27     $ 1.62     $ (0.32   $ (0.34   $ (0.66   $ 17.95  

5/31/24

     14.17        0.27        2.83       3.10       (0.28           (0.28     16.99  

5/31/23

     15.17        0.25        (0.16     0.09       (0.22     (0.87     (1.09     14.17  

5/31/22

     18.37        0.26        (1.69     (1.43     (0.62     (1.15     (1.77     15.17  

5/31/21

     13.77        0.23        5.30       5.53       (0.40     (0.53     (0.93     18.37  

Premier Class:

                  

5/31/25

     16.92        0.32        1.27       1.59       (0.31     (0.34     (0.65     17.86  

5/31/24

     14.11        0.26        2.82       3.08       (0.27           (0.27     16.92  

5/31/23

     15.11        0.27        (0.20     0.07       (0.20     (0.87     (1.07     14.11  

5/31/22

     18.30        0.23        (1.67     (1.44     (0.60     (1.15     (1.75     15.11  

5/31/21

     13.72        0.20        5.29       5.49       (0.38     (0.53     (0.91     18.30  

Class R6:

                  

5/31/25

     17.00        0.36        1.26       1.62       (0.34     (0.34     (0.68     17.94  

5/31/24

     14.17        0.29        2.83       3.12       (0.29           (0.29     17.00  

5/31/23

     15.18        0.29        (0.21     0.08       (0.22     (0.87     (1.09     14.17  

5/31/22

     18.38        0.26        (1.68     (1.42     (0.63     (1.15     (1.78     15.18  

5/31/21

     13.77        0.23        5.32       5.55       (0.41     (0.53     (0.94     18.38  

Retirement Class:

                  

5/31/25

     16.91        0.31        1.25       1.56       (0.29     (0.34     (0.63     17.84  

5/31/24

     14.09        0.24        2.84       3.08       (0.26           (0.26     16.91  

5/31/23

     15.10        0.26        (0.21     0.05       (0.19     (0.87     (1.06     14.09  

5/31/22

     18.29        0.21        (1.67     (1.46     (0.58     (1.15     (1.73     15.10  

5/31/21

     13.71        0.19        5.29       5.48       (0.37     (0.53     (0.90     18.29  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

 

54    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       

Total

     Return(c)

 

Net Assets,

End of

   Period (000)

    

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net

Investment

Income (Loss)(d)

  

Portfolio

Turnover

Rate

 
                                             
           
  9.54   $ 418        0.48     0.28     2.00%        19%  
  22.11       542        0.54       0.34       1.74          16    
  1.11       334        0.51       0.31       1.79          25    
  (8.78     155        0.45       0.26       1.49          26    
  41.04       162        0.50       0.33       1.40          41    
           
  9.41       71,942        0.60       0.40       1.83          19    
  22.02       71,798        0.61       0.41       1.69          16    
  0.99       81,671        0.59       0.39       1.93          25    
  (8.86     76,685        0.57       0.37       1.33          26    
  40.88       93,442        0.60       0.44       1.24          41    
           
  9.53       1,581,178        0.45       0.25       2.03          19    
  22.26       1,472,020        0.46       0.26       1.84          16    
  1.08       1,189,521        0.44       0.24       2.05          25    
  (8.73     1,127,411        0.42       0.22       1.47          26    
  41.14       1,092,033        0.47       0.29       1.41          41    
           
  9.25       201,187        0.70       0.50       1.80          19    
  22.02       221,889        0.71       0.51       1.56          16    
  0.82       194,120        0.69       0.49       1.85          25    
  (8.97     195,461        0.67       0.47       1.21          26    
  40.80       237,666        0.71       0.54       1.18          41    

 

See Notes to Financial Statements    55


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifecycle 2060

                                                                  

Class I:

                  

5/31/25

   $ 14.71      $ 0.31       $ 1.09     $ 1.40     $ (0.26   $ (0.23   $ (0.49   $ 15.62  

5/31/24

     12.21        0.23        2.49       2.72       (0.22     (0.00 )(e)      (0.22     14.71  

5/31/23

     12.95        0.22        (0.15     0.07       (0.18     (0.63     (0.81     12.21  

5/31/22

     15.35        0.22        (1.44     (1.22     (0.52     (0.66     (1.18     12.95  

5/31/21

     11.35        0.17        4.46       4.63       (0.32     (0.31     (0.63     15.35  

Premier Class:

                  

5/31/25

     14.68        0.27        1.10       1.37       (0.25     (0.23     (0.48     15.57  

5/31/24

     12.19        0.23        2.47       2.70       (0.21     (0.00 )(e)      (0.21     14.68  

5/31/23

     12.92        0.23        (0.16     0.07       (0.17     (0.63     (0.80     12.19  

5/31/22

     15.33        0.20        (1.44     (1.24     (0.51     (0.66     (1.17     12.92  

5/31/21

     11.33        0.17        4.44       4.61       (0.30     (0.31     (0.61     15.33  

Class R6:

                  

5/31/25

     14.73        0.30        1.11       1.41       (0.28     (0.23     (0.51     15.63  

5/31/24

     12.23        0.24        2.49       2.73       (0.23     (0.00 )(e)      (0.23     14.73  

5/31/23

     12.96        0.24        (0.15     0.09       (0.19     (0.63     (0.82     12.23  

5/31/22

     15.36        0.22        (1.43     (1.21     (0.53     (0.66     (1.19     12.96  

5/31/21

     11.35        0.19        4.45       4.64       (0.32     (0.31     (0.63     15.36  

Retirement Class:

                  

5/31/25

     14.65        0.26        1.10       1.36       (0.24     (0.23     (0.47     15.54  

5/31/24

     12.17        0.20        2.48       2.68       (0.20     (0.00 )(e)      (0.20     14.65  

5/31/23

     12.90        0.21        (0.15     0.06       (0.16     (0.63     (0.79     12.17  

5/31/22

     15.30        0.18        (1.43     (1.25     (0.49     (0.66     (1.15     12.90  

5/31/21

     11.31        0.16        4.43       4.59       (0.29     (0.31     (0.60     15.30  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

(e) 

Value rounded to zero.

 

56    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       

Total

     Return(c)

 

Net Assets,

End of

   Period (000)

    

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net

Investment

Income (Loss)(d)

  

Portfolio

Turnover

Rate

 
                                             
           
  9.54   $ 353        0.52     0.30     2.00%        17%  
  22.46       530        0.56       0.35       1.75          15    
  1.02       397        0.55       0.31       1.85          24    
  (8.77     208        0.51       0.28       1.48          26    
  41.50       241        0.54       0.34       1.25          40    
           
  9.40       29,013        0.62       0.40       1.79          17    
  22.33       26,358        0.63       0.41       1.70          15    
  1.01       23,600        0.62       0.39       1.90          24    
  (8.92     19,013        0.60       0.37       1.39          26    
  41.44       18,792        0.64       0.44       1.25          40    
           
  9.59       730,799        0.47       0.25       1.99          17    
  22.51       620,377        0.48       0.26       1.80          15    
  1.16       436,209        0.47       0.24       2.00          24    
  (8.71     364,640        0.45       0.22       1.48          26    
  41.61       313,864        0.49       0.29       1.39          40    
           
  9.31       90,958        0.72       0.50       1.73          17    
  22.17       87,446        0.73       0.51       1.51          15    
  0.90       67,883        0.72       0.49       1.78          24    
  (8.97     60,036        0.70       0.47       1.22          26    
  41.31       63,880        0.74       0.54       1.16          40    

 

See Notes to Financial Statements    57


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifecycle 2065

                                                                  

Class I:

                  

5/31/25

   $ 12.49      $ 0.20       $ 1.00     $ 1.20     $ (0.31   $ (0.18   $ (0.49   $ 13.20  

5/31/24

     10.34        0.20        2.14       2.34       (0.18     (0.01     (0.19     12.49  

5/31/23

     10.55        0.20        (0.11     0.09       (0.15     (0.15     (0.30     10.34  

5/31/22

     12.44        0.19        (1.21     (1.02     (0.55     (0.32     (0.87     10.55  

5/31/21(e)

     10.00        0.13        2.60       2.73       (0.26     (0.03     (0.29     12.44  

Premier Class:

                  

5/31/25

     12.55        0.22        0.95       1.17       (0.19     (0.18     (0.37     13.35  

5/31/24

     10.39        0.19        2.15       2.34       (0.17     (0.01     (0.18     12.55  

5/31/23

     10.59        0.18        (0.10     0.08       (0.13     (0.15     (0.28     10.39  

5/31/22

     12.43        0.13        (1.13     (1.00     (0.52     (0.32     (0.84     10.59  

5/31/21(e)

     10.00        0.12        2.60       2.72       (0.26     (0.03     (0.29     12.43  

Class R6:

                  

5/31/25

     12.74        0.25        0.96       1.21       (0.21     (0.18     (0.39     13.56  

5/31/24

     10.53        0.20        2.20       2.40       (0.18     (0.01     (0.19     12.74  

5/31/23

     10.74        0.19        (0.09     0.10       (0.16     (0.15     (0.31     10.53  

5/31/22

     12.45        0.17        (1.15     (0.98     (0.41     (0.32     (0.73     10.74  

5/31/21(e)

     10.00        0.14        2.60       2.74       (0.26     (0.03     (0.29     12.45  

Retirement Class:

                  

5/31/25

     12.72        0.23        0.95       1.18       (0.18     (0.18     (0.36     13.54  

5/31/24

     10.53        0.18        2.18       2.36       (0.16     (0.01     (0.17     12.72  

5/31/23

     10.73        0.17        (0.09     0.08       (0.13     (0.15     (0.28     10.53  

5/31/22

     12.42        0.10        (1.07     (0.97     (0.40     (0.32     (0.72     10.73  

5/31/21(e)

     10.00        0.12        2.58       2.70       (0.25     (0.03     (0.28     12.42  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.

(e) 

The Fund commenced operations on September 30, 2020.

(f) 

Annualized.

 

58    See Notes to Financial Statements


 

    Ratios and Supplemental Data  
           Ratios to Average Net Assets       

Total  

     Return(c)  

 

Net Assets,

End of

   Period (000)

    

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net

Investment

Income (Loss)(d)

  

Portfolio

Turnover

Rate

 
                                             
           
  9.63   $ 146        0.64     0.26     1.57%        29%  
  22.77       687        0.76       0.26       1.79          34    
  1.05       541        0.96       0.24       2.04          55    
  (8.96     527        1.81       0.23       1.55          109    
  27.62       622        5.07 (f)      0.41 (f)      1.70(f)        49    
           
  9.41       6,145        0.78       0.39       1.70          29    
  22.58       4,320        0.90       0.40       1.68          34    
  0.94       2,922        1.10       0.38       1.84          55    
  (8.78     1,784        1.96       0.36       1.11          109    
  27.51       726        5.20 (f)      0.41 (f)      1.60(f)        49    
           
  9.56       114,266        0.63       0.24       1.89          29    
  22.85       71,437        0.75       0.25       1.75          34    
  1.07       31,199        0.95       0.23       1.85          55    
  (8.52     17,581        1.80       0.21       1.44          109    
  27.76       4,818        4.73 (f)      0.26 (f)      1.81(f)        49    
           
  9.35       19,341        0.88       0.49       1.71          29    
  22.46       14,493        1.00       0.50       1.51          34    
  0.88       7,460        1.20       0.48       1.71          55    
  (8.46     3,862        2.06       0.46       0.91          109    
  27.38       802        5.33 (f)      0.51 (f)      1.54(f)        49    

 

See Notes to Financial Statements    59


Notes to Financial Statements

 

1.

General Information

Trust and Fund Information: TIAA-CREF Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, (“1940 Act”), as amended. The Trust is comprised of the following (collectively the “Funds” or individually, the “Fund”), among others:

 

Fund Name    Short Name
Nuveen Lifecycle Retirement Income Fund    Lifecycle Retirement Income
Nuveen Lifecycle 2010 Fund    Lifecycle 2010
Nuveen Lifecycle 2015 Fund    Lifecycle 2015
Nuveen Lifecycle 2020 Fund    Lifecycle 2020
Nuveen Lifecycle 2025 Fund    Lifecycle 2025
Nuveen Lifecycle 2030 Fund    Lifecycle 2030
Nuveen Lifecycle 2035 Fund    Lifecycle 2035
Nuveen Lifecycle 2040 Fund    Lifecycle 2040
Nuveen Lifecycle 2045 Fund    Lifecycle 2045
Nuveen Lifecycle 2050 Fund    Lifecycle 2050
Nuveen Lifecycle 2055 Fund    Lifecycle 2055
Nuveen Lifecycle 2060 Fund    Lifecycle 2060
Nuveen Lifecycle 2065 Fund    Lifecycle 2065

Current Fiscal Period: The end of the reporting period for the Funds is May 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2025 (the “current fiscal period”).

Investment Adviser: Teachers Advisors, LLC (the “Adviser”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser and provides investment management services for the Funds.

Share Classes and Sales Charges: Each Fund is a “fund of funds” that diversifies its assets by investing in Class W or Class R6 shares of other Nuveen mutual funds and potentially other investment pools or investment products. The Funds offer Class A (Lifecycle Retirement Income only), Class I, Premier Class, Class R6 and Retirement Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. The Funds offer their shares through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.

Class A Shares are generally sold with an up-front sales charge. Class A Shares purchases of $1 million or more are sold with respect to the Retirement Income Fund at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) of 1% if redeemed within eighteen months of purchase. Class I, Premier Class, Class R6 and Retirement Class shares are sold without an up-front sales charge.

 

2.

Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation: The Funds pay the members of the Board of Trustees (“Board”) all of whom are independent, certain remuneration for their services, plus travel and other expenses. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statement of Assets and Liabilities. Trustees’ fees, including any deferred compensation incurred, are reflected in the Statement of Operations.

Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

 

60   


 

Indemnification: Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Investments and Investment Income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Multiclass Operations and Allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a Fund. Expenses that cannot be directly attributed are allocated to each Fund in the Trust based upon the average net assets of each Fund.

Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds’ custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds’ Portfolio of Investments or Statement of Assets and Liabilities.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

Segment Reporting: In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker (“CODM”). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as “total assets” and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

 

  


Notes to Financial Statements (continued)

 

3.

Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to the oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

   

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

 

   

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

 

   

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

Exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Investments in unregistered limited partnerships are measured at fair value as of the valuation date using the NAV per share practical expedient and are not classified within the fair value hierarchy.

The following table summarizes the market value of the Funds’ investments as of the end of the current fiscal period, based on the inputs used to value them:

 

$                          $                          $                          $                          $                         
Fund    Level 1      Level 2      Level 3     

Fair value
using practical

expedienta

     Total   

Lifecycle Retirement Income

              

Affiliated investment companies

   $ 375,491,034       $      $        17,656,650      $ 393,147,684   

Short-term investments

            170,000                      170,000   

Total

   $ 375,491,034       $ 170,000      $      $ 17,656,650      $ 393,317,684   

Lifecycle 2010

              

Affiliated investment companies

   $ 672,687,610       $      $        15,979,751      $ 688,667,361   

Short-term investments

            502,000                      502,000   

Total

   $ 672,687,610       $ 502,000      $      $ 15,979,751      $ 689,169,361   

Lifecycle 2015

              

Affiliated investment companies

   $ 937,678,404       $      $        44,092,402      $ 981,770,806   

Short-term investments

            725,000                      725,000   

Total

   $ 937,678,404       $ 725,000      $      $ 44,092,402      $ 982,495,806   

Lifecycle 2020

              

Affiliated investment companies

   $ 2,005,258,594       $      $        94,298,970      $ 2,099,557,564   

Short-term investments

            1,835,000                      1,835,000   

Total

   $ 2,005,258,594       $ 1,835,000      $      $ 94,298,970      $ 2,101,392,564   

Lifecycle 2025

              

Affiliated investment companies

   $ 3,212,214,204       $      $        151,066,120      $ 3,363,280,324   

Short-term investments

            1,845,000                      1,845,000   

Total

   $ 3,212,214,204       $ 1,845,000      $      $ 151,066,120      $ 3,365,125,324   

Lifecycle 2030

              

Affiliated investment companies

   $ 4,164,622,976       $      $        195,877,327      $ 4,360,500,303   

Short-term investments

            3,552,000                      3,552,000   

Total

   $ 4,164,622,976       $ 3,552,000      $      $ 195,877,327      $  4,364,052,303   

 

62   


 

$                          $                          $                          $                          $                         
Fund    Level 1      Level 2      Level 3     

Fair value
using practical

expedienta

     Total   

Lifecycle 2035

              

Affiliated investment companies

   $ 4,611,011,922       $      $        216,895,548      $  4,827,907,470   

Short-term investments

            4,036,000                      4,036,000   

Total

   $ 4,611,011,922       $ 4,036,000      $      $ 216,895,548      $ 4,831,943,470   

Lifecycle 2040

              

Affiliated investment companies

   $ 5,652,290,031       $      $        265,915,162      $ 5,918,205,193   

Short-term investments

            5,068,000                      5,068,000   

Total

   $ 5,652,290,031       $ 5,068,000      $      $ 265,915,162      $ 5,923,273,193   

Lifecycle 2045

              

Affiliated investment companies

   $ 4,160,298,769       $      $        195,743,335      $ 4,356,042,104   

Short-term investments

            4,263,000                      4,263,000   

Total

   $ 4,160,298,769       $ 4,263,000      $      $ 195,743,335      $ 4,360,305,104   

Lifecycle 2050

              

Affiliated investment companies

   $ 3,340,470,343       $      $        157,179,132      $ 3,497,649,475   

Short-term investments

            2,673,000                      2,673,000   

Total

   $ 3,340,470,343       $ 2,673,000      $      $ 157,179,132      $ 3,500,322,475   

Lifecycle 2055

              

Affiliated investment companies

   $ 1,767,768,516       $      $        83,180,076      $ 1,850,948,592   

Short-term investments

            2,083,000                      2,083,000   

Total

   $ 1,767,768,516       $ 2,083,000      $      $ 83,180,076      $ 1,853,031,592   

Lifecycle 2060

              

Affiliated investment companies

   $ 811,031,267       $      $        38,162,405      $ 849,193,672   

Short-term investments

            1,343,000                      1,343,000   

Total

   $ 811,031,267       $ 1,343,000      $      $ 38,162,405      $ 850,536,672   

Lifecycle 2065

              

Affiliated investment companies

   $ 133,186,997       $      $        6,267,091      $ 139,454,088   

Short-term investments

            259,000                      259,000   

Total

   $ 133,186,997       $ 259,000      $      $ 6,267,091      $ 139,713,088   

 

a

In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

 

4.

Portfolio Securities

Repurchase Agreements: In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements:

 

Fund    Counterparty   

Short-term Investments,

at Value

    

Collateral Pledged

(From) Counterparty

 

Lifecycle Retirement Income

   Fixed Income Clearing Corporation      $170,000        $(173,406)  

Lifecycle 2010

   Fixed Income Clearing Corporation      502,000        (512,069)  

Lifecycle 2015

   Fixed Income Clearing Corporation      725,000        (739,552)  

Lifecycle 2020

   Fixed Income Clearing Corporation      1,835,000        (1,871,712)  

Lifecycle 2025

   Fixed Income Clearing Corporation      1,845,000        (1,881,942)  

Lifecycle 2030

   Fixed Income Clearing Corporation      3,552,000        (3,623,066)  

Lifecycle 2035

   Fixed Income Clearing Corporation      4,036,000        (4,116,750)  

Lifecycle 2040

   Fixed Income Clearing Corporation      5,068,000        (5,169,389)  

Lifecycle 2045

   Fixed Income Clearing Corporation      4,263,000        (4,348,312)  

Lifecycle 2050

   Fixed Income Clearing Corporation      2,673,000        (2,726,460)  

Lifecycle 2055

   Fixed Income Clearing Corporation      2,083,000        (2,124,771)  

Lifecycle 2060

   Fixed Income Clearing Corporation      1,343,000        (1,369,897)  

Lifecycle 2065

   Fixed Income Clearing Corporation      259,000        (264,214)  

 

  


Notes to Financial Statements (continued)

 

Real Property Fund (“RPF”): The Funds invest in the RPF, which is an affiliated real estate limited partnership. The RPF is an unregistered open-end fund that intends to invest in direct real estate holdings and may invest a portion of its assets in REIT securities, mortgage related securitization and money market instruments in accordance with exemptive relief received from the SEC. The Funds are not liable for the debts of the RPF beyond the amounts the Funds have contributed. The Funds can redeem from RPF daily subject to certain approvals. Investments in the RPF are illiquid and the Funds may be unable to dispose of such investments at opportune times. As such, this investment has been designated as restricted and the value is reflected in the Portfolio of Investments.

As a restricted security, RPF may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicaly traded.

Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows:

 

Fund   

Non-U.S. Government

Purchases

 

Non-U.S. Government

Sales

Lifecycle Retirement Income

   $54,074,756   $88,826,339

Lifecycle 2010

   94,586,505   227,538,511

Lifecycle 2015

   121,692,007   322,266,360

Lifecycle 2020

   250,522,533   721,188,799

Lifecycle 2025

   439,401,173   1,081,847,843

Lifecycle 2030

   597,965,871   1,114,376,563

Lifecycle 2035

   682,819,908   1,117,846,194

Lifecycle 2040

   833,764,016   1,280,835,277

Lifecycle 2045

   665,962,020   913,394,801

Lifecycle 2050

   568,814,085   704,268,113

Lifecycle 2055

   361,638,406   341,645,715

Lifecycle 2060

   225,336,913   138,647,914

Lifecycle 2065

   77,332,378   32,499,180

 

5.

Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Market and Counterparty Credit Risk: In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

 

64   


 

6.

Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle Retirement Income    Shares     Value             Shares     Value  

Subscriptions:

           

Class A

     311,386     $ 3,550,796          433,655     $ 4,649,203  

Premier Class

     118,822       1,357,688          97,480       1,033,218  

Class R6

     1,865,588       21,220,360          1,894,748       20,150,886  

Retirement Class

     797,495       9,022,643                447,110       4,789,005  

Total subscriptions

     3,093,291       35,151,487                2,872,993       30,622,312  

Reinvestments of distributions:

           

Class A

     348,227       3,958,189          373,021       3,989,284  

Class I

     627       7,135          713       7,653  

Premier Class

     25,875       294,232          37,327       398,934  

Class R6

     457,983       5,210,150          552,701       5,915,189  

Retirement Class

     355,881       4,039,158                404,463       4,318,428  

Total reinvestments of distributions

     1,188,593       13,508,864                1,368,225       14,629,488  

Redemptions:

           

Class A

     (1,177,599     (13,387,343        (1,517,407     (16,303,756

Class I

     (14,967     (171,274        (855     (9,006

Premier Class

     (377,393     (4,318,536        (698,781     (7,420,310

Class R6

     (4,065,192     (46,211,655        (4,836,522     (52,159,628

Retirement Class

     (2,243,007     (25,443,145              (2,159,852     (23,038,570

Total redemptions

     (7,878,158     (89,531,953              (9,213,417     (98,931,270

Net increase (decrease) from shareholder transactions

     (3,596,274   $ (40,871,602              (4,972,199   $ (53,679,470)  
                                           

 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle 2010    Shares     Value             Shares     Value  

Subscriptions:

           

Premier Class

     868,478     $ 9,119,759          274,759     $ 2,657,063  

Class R6

     4,083,812       42,681,705          3,769,540       37,031,541  

Retirement Class

     962,197       12,470,326                720,436       8,850,128  

Total subscriptions

     5,914,487       64,271,790                4,764,735       48,538,732  

Reinvestments of distributions:

           

Class I

     353       3,575          234       2,286  

Premier Class

     160,975       1,621,021          145,231       1,407,286  

Class R6

     2,887,253       29,103,507          2,196,057       21,323,714  

Retirement Class

     700,180       9,067,334                568,429       6,997,365  

Total reinvestments of distributions

     3,748,761       39,795,437                2,909,951       29,730,651  

Redemptions:

           

Class I

     (7,034     (74,774               

Premier Class

     (1,756,554     (18,255,634        (1,336,291     (13,017,239

Class R6

     (13,282,630     (135,837,303        (12,953,147     (126,422,270

Retirement Class

     (6,049,185     (79,220,239              (3,347,115     (41,251,872

Total redemptions

     (21,095,403     (233,387,950              (17,636,553     (180,691,381

Net increase (decrease) from shareholder transactions

     (11,432,155   $ (129,320,723              (9,961,867   $ (102,421,998)  
                                           

 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle 2015    Shares     Value             Shares     Value  

Subscriptions:

           

Premier Class

     1,144,467     $ 10,857,584          498,860     $ 4,308,836  

Class R6

     4,078,341       38,187,664          4,358,795       38,323,222  

Retirement Class

     1,520,308       19,141,306                1,828,109       21,402,332  

Total subscriptions

     6,743,116       68,186,554                6,685,764       64,034,390  

Reinvestments of distributions:

           

Class I

     1,225       11,250          1,038       9,022  

Premier Class

     189,129       1,732,421          198,250       1,716,848  

Class R6

     3,348,761       30,775,110          3,377,164       29,347,554  

Retirement Class

     716,113       8,951,414                740,602       8,650,230  

Total reinvestments of distributions

     4,255,228       41,470,195                4,317,054       39,723,654  

Redemptions:

           

Class I

     (10,644     (101,114        (6,795     (59,999

Premier Class

     (1,792,289     (16,700,990        (2,736,462     (23,748,817

Class R6

     (20,824,544     (192,551,456        (19,318,250     (168,124,946

Retirement Class

     (8,866,118     (111,142,499              (5,183,233     (60,492,244

Total redemptions

     (31,493,595     (320,496,059              (27,244,740     (252,426,006

Net increase (decrease) from shareholder transactions

     (20,495,251   $ (210,839,310              (16,241,922   $ (148,667,962)  
                                           

 

 

  


Notes to Financial Statements (continued)

 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle 2020    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     80,365     $ 781,146          433     $ 4,098  

Premier Class

     1,729,246       17,096,584          615,272       5,521,845  

Class R6

     7,391,377       71,835,625          9,108,728       83,167,889  

Retirement Class

     1,201,634       16,220,902                1,650,063       20,516,811  

Total subscriptions

     10,402,622       105,934,257                11,374,496       109,210,643  

Reinvestments of distributions:

           

Class I

     1,972       18,848          2,346       21,159  

Premier Class

     418,465       3,996,339          407,611       3,672,579  

Class R6

     8,384,778       80,242,330          7,348,605       66,357,906  

Retirement Class

     1,264,120       17,027,690                1,165,311       14,601,344  

Total reinvestments of distributions

     10,069,335       101,285,207                8,923,873       84,652,988  

Redemptions:

           

Class I

     (101,495     (981,361        (26,993     (244,878

Premier Class

     (3,632,966     (35,311,497        (7,335,038     (66,134,691

Class R6

     (47,551,522     (458,083,344        (42,907,519     (389,330,718

Retirement Class

     (14,300,892     (193,258,057              (10,477,131     (131,096,521

Total redemptions

     (65,586,875     (687,634,259              (60,746,681     (586,806,808

Net increase (decrease) from shareholder transactions

     (45,114,918   $ (480,414,795              (40,448,312   $ (392,943,177
                                           

 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle 2025    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     5,061     $ 51,436          13,326     $ 125,471  

Premier Class

     2,825,185       29,321,643          1,705,503       15,876,187  

Class R6

     14,371,593       146,953,109          15,645,291       148,258,330  

Retirement Class

     2,150,740       30,973,929                2,403,383       31,821,471  

Total subscriptions

     19,352,579       207,300,117                19,767,503       196,081,459  

Reinvestments of distributions:

           

Class I

     3,300       33,235          2,834       26,729  

Premier Class

     722,970       7,244,158          615,708       5,781,500  

Class R6

     13,897,488       139,947,702          10,270,415       96,850,017  

Retirement Class

     1,629,833       23,485,890                1,329,720       17,685,277  

Total reinvestments of distributions

     16,253,591       170,710,985                12,218,677       120,343,523  

Redemptions:

           

Class I

     (22,265     (228,840        (32,414     (308,366

Premier Class

     (6,549,139     (66,636,407        (10,476,187     (98,384,052

Class R6

     (66,180,199     (669,557,704        (53,544,359     (508,096,110

Retirement Class

     (20,317,544     (293,017,233              (12,301,216     (163,661,102

Total redemptions

     (93,069,147     (1,029,440,184              (76,354,176     (770,449,630

Net increase (decrease) from shareholder transactions

     (57,462,977   $ (651,429,082              (44,367,996   $ (454,024,648
                                           

 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle 2030    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     11,062     $ 116,013          36,170     $ 354,398  

Premier Class

     3,065,099       32,746,016          2,460,993       23,328,078  

Class R6

     18,342,102       193,396,344          22,894,247       221,980,026  

Retirement Class

     2,514,662       38,629,180                3,377,573       47,152,530  

Total subscriptions

     23,932,925       264,887,553                28,768,983       292,815,032  

Reinvestments of distributions:

           

Class I

     3,723       38,938          1,812       17,467  

Premier Class

     830,930       8,641,674          651,585       6,248,703  

Class R6

     16,032,827       167,703,368          10,893,857       105,016,784  

Retirement Class

     1,633,207       25,184,057                1,193,209       16,704,931  

Total reinvestments of distributions

     18,500,687       201,568,037                12,740,463       127,987,885  

Redemptions:

           

Class I

     (18,577     (195,989        (19,644     (198,171

Premier Class

     (5,989,961     (63,118,887        (10,496,353     (100,691,110

Class R6

     (63,627,765     (665,202,863        (50,051,694     (484,938,640

Retirement Class

     (18,195,552     (280,280,350              (10,654,918     (149,050,344

Total redemptions

     (87,831,855     (1,008,798,089              (71,222,609     (734,878,265

Net increase (decrease) from shareholder transactions

     (45,398,243   $ (542,342,499              (29,713,163   $ (314,075,348
                                           

 

66   


 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle 2035    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     17,265     $ 187,549          25,142     $ 262,197  

Premier Class

     2,541,611       28,254,177          2,702,997       26,291,383  

Class R6

     21,563,503       237,682,922          25,621,992       253,828,740  

Retirement Class

     2,352,258       38,847,938                3,409,573       50,558,462  

Total subscriptions

     26,474,637       304,972,586                31,759,704       330,940,782  

Reinvestments of distributions:

           

Class I

     3,593       39,306          1,563       15,472  

Premier Class

     780,933       8,527,791          579,190       5,722,397  

Class R6

     15,742,619       172,381,675          10,503,319       104,087,889  

Retirement Class

     1,329,005       22,167,807                950,518       14,124,702  

Total reinvestments of distributions

     17,856,150       203,116,579                12,034,590       123,950,460  

Redemptions:

           

Class I

     (27,739     (300,273        (4,319     (45,012

Premier Class

     (5,596,196     (61,724,127        (11,418,018     (111,382,410

Class R6

     (60,998,041     (664,461,351        (50,307,243     (500,942,206

Retirement Class

     (15,803,664     (261,984,341              (8,772,119     (130,032,343

Total redemptions

     (82,425,640     (988,470,092              (70,501,699     (742,401,971

Net increase (decrease) from shareholder transactions

     (38,094,853   $ (480,380,927              (26,707,405   $ (287,510,729
                                           

 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle 2040    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     9,275     $ 104,427          14,973     $ 152,630  

Premier Class

     2,288,560       26,006,427          3,495,767       34,199,040  

Class R6

     20,787,395       235,509,976          27,883,638       278,770,192  

Retirement Class

     1,780,883       31,415,060                2,813,218       43,706,569  

Total subscriptions

     24,866,113       293,035,890                34,207,596       356,828,431  

Reinvestments of distributions:

           

Class I

     2,003       22,636          861       8,627  

Premier Class

     813,904       9,172,701          601,976       6,019,759  

Class R6

     17,947,075       202,981,414          11,393,482       114,276,623  

Retirement Class

     1,311,895       23,535,405                895,621       14,025,423  

Total reinvestments of distributions

     20,074,877       235,712,156                12,891,940       134,330,432  

Redemptions:

           

Class I

     (37,488     (412,368        (892     (8,970

Premier Class

     (6,136,127     (69,946,172        (13,853,760     (136,330,356

Class R6

     (62,739,358     (700,573,784        (64,252,883     (645,033,029

Retirement Class

     (15,816,093     (280,472,068              (10,132,726     (158,378,183

Total redemptions

     (84,729,066     (1,051,404,392              (88,240,261     (939,750,538

Net increase (decrease) from shareholder transactions

     (39,788,076   $ (522,656,346              (41,140,725   $ (448,591,675
                                           

 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle 2045    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     7,710     $ 110,364          15,132     $ 193,389  

Premier Class

     1,580,159       22,813,700          2,219,476       27,470,385  

Class R6

     16,452,815       237,049,503          21,973,395       277,220,123  

Retirement Class

     2,161,263       30,757,616                3,193,589       40,213,928  

Total subscriptions

     20,201,947       290,731,183                27,401,592       345,097,825  

Reinvestments of distributions:

           

Class I

     1,992       28,881          905       11,443  

Premier Class

     439,621       6,339,340          285,134       3,589,833  

Class R6

     9,519,245       138,029,050          5,607,406       70,933,689  

Retirement Class

     1,471,843       21,120,945                927,090       11,616,438  

Total reinvestments of distributions

     11,432,701       165,518,216                6,820,535       86,151,403  

Redemptions:

           

Class I

     (26,020     (371,613        (3,951     (48,428

Premier Class

     (3,625,356     (52,513,904        (8,349,883     (102,647,216

Class R6

     (36,594,169     (522,648,420        (35,711,665     (453,214,173

Retirement Class

     (13,303,707     (189,501,799              (7,357,392     (92,650,132

Total redemptions

     (53,549,252     (765,035,736              (51,422,891     (648,559,949

Net increase (decrease) from shareholder transactions

     (21,914,604   $ (308,786,337              (17,200,764   $ (217,310,721
                                           

 

  


Notes to Financial Statements (continued)

 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle 2050    Shares     Value          Shares     Value  

Subscriptions:

           

Class I

     17,307      $ 256,972           7,834      $ 103,640   

Premier Class

     1,194,003        17,811,192           2,032,289        25,822,530   

Class R6

     14,459,532        214,653,153           19,505,170        252,685,367   

Retirement Class

     1,870,058        27,410,397           2,532,808        32,680,173   

Total subscriptions

     17,540,900        260,131,714                 24,078,101        311,291,710   

Reinvestments of distributions:

                           

Class I

     1,007        15,129           401        5,223   

Premier Class

     292,503        4,372,922           188,061        2,435,390   

Class R6

     7,177,332        107,803,532           4,073,015        52,989,920   

Retirement Class

     988,899        14,695,039           603,267        7,770,079   

Total reinvestments of distributions

     8,459,741        126,886,622                 4,864,744        63,200,612   

Redemptions:

           

Class I

     (15,237     (225,540        (3,931     (52,821

Premier Class

     (2,745,397     (41,232,835        (6,283,935     (79,284,743

Class R6

     (27,845,409     (410,062,487        (28,450,518     (370,290,822

Retirement Class

     (8,658,012     (127,372,002        (5,401,775     (69,653,716

Total redemptions

     (39,264,055     (578,892,864              (40,140,159     (519,282,102

Net increase (decrease) from shareholder transactions

     (13,263,414   $ (191,874,528              (11,197,314   $ (144,789,780

                                         

 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle 2055    Shares     Value          Shares     Value  

Subscriptions:

           

Class I

     7,456      $ 131,013           9,080      $ 142,095   

Premier Class

     814,240        14,404,501           1,147,339        17,310,104   

Class R6

     10,201,404        179,433,691           12,759,571        196,379,956   

Retirement Class

     1,222,434        21,405,468           1,625,713        24,942,526   

Total subscriptions

     12,245,534        215,374,673                 15,541,703        238,774,681   

Reinvestments of distributions:

           

Class I

     892        15,901           337        5,202   

Premier Class

     139,142        2,469,773           76,532        1,176,296   

Class R6

     3,256,970        58,071,779           1,590,293        24,538,229   

Retirement Class

     417,100        7,399,350           220,324        3,384,176   

Total reinvestments of distributions

     3,814,104        67,956,803                 1,887,486        29,103,903   

Redemptions:

           

Class I

     (16,925     (299,171        (1,094     (16,335

Premier Class

     (1,166,804     (20,877,747        (2,770,787     (41,477,392

Class R6

     (11,903,855     (207,938,000        (11,709,796     (181,340,565

Retirement Class

     (3,484,380     (61,129,786        (2,494,528     (38,250,524

Total redemptions

     (16,571,964     (290,244,704              (16,976,205     (261,084,816

Net increase (decrease) from shareholder transactions

     (512,326   $ (6,913,228              452,984      $ 6,793,768   

                                         

 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle 2060    Shares     Value          Shares     Value  

Subscriptions:

           

Class I

     13,677      $ 207,733           12,996      $ 177,826   

Premier Class

     606,896        9,291,901           848,687        11,194,422   

Class R6

     9,471,481        144,656,227           10,633,692        142,198,740   

Retirement Class

     1,055,656        15,987,523           1,464,735        19,573,023   

Total subscriptions

     11,147,710        170,143,384                 12,960,110        173,144,011   

Reinvestments of distributions:

           

Class I

     689        10,697           429        5,728   

Premier Class

     53,478        828,382           26,262        349,811   

Class R6

     1,466,651        22,777,097           658,741        8,794,194   

Retirement Class

     171,260        2,647,675           83,407        1,109,318   

Total reinvestments of distributions

     1,692,078        26,263,851                 768,839        10,259,051   

Redemptions:

           

Class I

     (27,810     (430,955        (9,881     (138,547

Premier Class

     (592,809     (9,191,725        (1,015,377     (13,219,250

Class R6

     (6,293,150     (95,218,919        (4,848,320     (65,068,293

Retirement Class

     (1,342,545     (20,516,478        (1,159,473     (15,386,181

Total redemptions

     (8,256,314     (125,358,077              (7,033,051     (93,812,271

Net increase (decrease) from shareholder transactions

     4,583,474      $ 71,049,158                 6,695,898      $ 89,590,791   
                                           

 

68   


 

    

    Year Ended    

5/31/25

          

    Year Ended    

5/31/24

 
Lifecycle 2065    Shares     Value          Shares     Value  

Subscriptions:

           

Class I

     4,251      $ 54,290           2,710      $ 31,361   

Premier Class

     277,281        3,640,483           243,089        2,762,441   

Class R6

     4,270,543        56,517,039           3,506,620        40,721,685   

Retirement Class

     799,201        10,540,243           766,945        8,937,553   

Total subscriptions

     5,351,276        70,752,055                 4,519,364        52,453,040   

Reinvestments of distributions:

           

Class I

     238        3,125           55        621   

Premier Class

     11,304        150,234           3,405        38,717   

Class R6

     202,519        2,729,961           59,323        683,995   

Retirement Class

     35,792        482,116           11,631        134,110   

Total reinvestments of distributions

     249,853        3,365,436                 74,414        857,443   

Redemptions:

           

Class I

     (48,382     (630,845        (34     (397

Premier Class

     (172,656     (2,280,812        (183,521     (2,055,662

Class R6

     (1,655,789     (21,785,840        (918,906     (10,723,870

Retirement Class

     (545,624     (7,251,013        (347,858     (4,023,210

Total redemptions

     (2,422,451     (31,948,510              (1,450,319     (16,803,139

Net increase (decrease) from shareholder transactions

     3,178,678      $ 42,168,981                 3,143,459      $ 36,507,344   
                                           

 

7.

Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution reallocations, investments in partnerships, investments in underlying funds, and tax equalization. Temporary and permanent differences have no impact on a Fund’s net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

 

Fund    Tax Cost      Gross Unrealized
Appreciation
     Gross Unrealized
(Depreciation)
    

Net Unrealized
Appreciation

(Depreciation)

 

Lifecycle Retirement Income

     $371,896,722        $50,650,466        $(29,229,504)        $21,420,962  

Lifecycle 2010

     644,409,095        95,479,175        (50,718,909)        44,760,266  

Lifecycle 2015

     955,004,581        110,271,030        (82,779,805)        27,491,225  

Lifecycle 2020

     2,001,271,873        266,987,213        (166,866,522)        100,120,691  

Lifecycle 2025

     3,134,145,445        477,397,972        (246,418,093)        230,979,879  

Lifecycle 2030

     3,926,231,790        704,993,654        (267,173,141)        437,820,513  

Lifecycle 2035

     4,160,104,656        904,970,254        (233,131,440)        671,838,814  

Lifecycle 2040

     4,844,441,284        1,303,189,368        (224,357,459)        1,078,831,909  

Lifecycle 2045

     3,422,937,372        1,060,917,172        (123,549,440)        937,367,732  

Lifecycle 2050

     2,757,977,404        838,847,080        (96,502,009)        742,345,071  

Lifecycle 2055

     1,520,515,856        391,888,988        (59,373,252)        332,515,736  

Lifecycle 2060

     728,850,901        147,975,058        (26,289,287)        121,685,771  

Lifecycle 2065

     125,092,790        17,093,625        (2,473,327)        14,620,298  

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

 

  


Notes to Financial Statements (continued)

 

Fund   

Undistributed

Ordinary
Income

    

Undistributed
Long-Term

Capital Gains

    

Unrealized
Appreciation

(Depreciation)

     Capital Loss
Carryforwards
     Late-Year
Loss Deferrals
    

Other
Book-to-Tax

Differences

     Total  

Lifecycle Retirement Income

     $1,091,843        $5,339,572        $21,420,962        $–        $–        $(59,459)        $27,792,918  

Lifecycle 2010

     7,053,413        10,185,648        44,760,266                      (220,140)        61,779,187  

Lifecycle 2015

     9,086,668        13,797,690        27,491,225                      (315,501)        50,060,082  

Lifecycle 2020

     17,875,783        38,445,298        100,120,691                      (474,450)        155,967,322  

Lifecycle 2025

     25,604,338        70,548,416        230,979,879                      (510,081)        326,622,552  

Lifecycle 2030

     26,267,378        102,916,771        437,820,513                      (507,625)        566,497,037  

Lifecycle 2035

     21,806,355        127,340,189        671,838,814                      (513,568)        820,471,790  

Lifecycle 2040

     14,031,189        182,098,242        1,078,831,909                      (664,597)        1,274,296,743  

Lifecycle 2045

     7,492,947        132,259,558        937,367,732                      (256,465)        1,076,863,772  

Lifecycle 2050

     3,510,716        107,004,043        742,345,071                      (168,285)        852,691,545  

Lifecycle 2055

     185,324        55,808,754        332,515,736                      (53,222)        388,456,592  

Lifecycle 2060

            23,675,964        121,685,771               (168,012)        (13,691)        145,180,032  

Lifecycle 2065

     15,759        3,263,994        14,620,298               (128,031)        (944)        17,771,076  

The tax character of distributions paid was as follows:

 

     5/31/25      5/31/24  
  

 

 

 
Fund   

  Ordinary

Income

    

Long-Term

  Capital Gains

    

  Ordinary

Income

    

Long-Term

  Capital Gains

 

Lifecycle Retirement Income

     $12,597,188        $1,081,042        $14,795,135        $–  

Lifecycle 2010

     25,749,339        14,048,382        29,734,344         

Lifecycle 2015

     35,502,381        6,037,089        39,787,142         

Lifecycle 2020

     74,519,723        26,958,567        84,779,806         

Lifecycle 2025

     112,300,634        59,032,669        120,680,900         

Lifecycle 2030

     130,692,638        71,049,923        128,083,748         

Lifecycle 2035

     130,824,254        72,550,383        124,069,261         

Lifecycle 2040

     145,666,837        90,220,045        134,417,378         

Lifecycle 2045

     98,744,262        66,914,794        86,297,811         

Lifecycle 2050

     73,605,516        53,358,783        63,234,478         

Lifecycle 2055

     37,077,471        30,988,188        29,176,047         

Lifecycle 2060

     15,327,495        11,086,329        10,253,441        59,584  

Lifecycle 2065

     1,948,862        1,418,485        916,863        28,656  

As of year end, the Funds utilized the following capital loss carryforwards:

 

Fund    Utilized  

Lifecycle Retirement Income

   $ 549,259  

Lifecycle 2010

      

Lifecycle 2015

      

Lifecycle 2020

      

Lifecycle 2025

      

Lifecycle 2030

      

Lifecycle 2035

      

Lifecycle 2040

      

Lifecycle 2045

      

Lifecycle 2050

      

Lifecycle 2055

      

Lifecycle 2060

      

Lifecycle 2065

      

 

70   


 

8.

Management Fees and Other Transactions with Affiliates

Management Fees: Under the terms of its Investment Management Agreement, the Adviser is entitled to a fee that is made up of two components, which are added together to create the total investment management fee. The first component, the asset allocation fee rate, is an annual rate of 0.10% of the average daily net assets of each Fund. The second component, the Underlying Funds fee rate, is calculated as follows: for each Underlying Fund of the Trust in which a Fund is invested, the effective Underlying Fund’s annual investment management fee rate, as determined pursuant to its investment management agreement, net of any fee waivers or reimbursements applicable to the Underlying Fund (excluding the Class W shares investment management fee waiver and/or reimbursement), in proportion to the percentage of the Fund’s net assets invested in the Underlying Fund, applied to the average daily net assets of the Fund. The Adviser has contractually agreed to waive in full the asset allocation fee rate for each Fund’s management fee through September 30, 2027, unless changed with approval of the Board. In addition, the Adviser has voluntarily agreed to waive certain amounts of the Underlying Funds fee rate portion of each Fund’s management fee through September 30, 2025. As of the end of the current fiscal period, the Adviser received from the Funds the following effective annual rate as a percentage of average daily net assets of each Fund:

 

           Investment Management Fee Waiver  
    

 

 

 
Fund    Investment Management Fee—Effective Rate        Effective 10/1/24     Prior to 10/1/24  

Lifecycle Retirement Income

     0.290%       0.034%       0.023%  

Lifecycle 2010

     0.290       0.018       0.016  

Lifecycle 2015

     0.290       0.024       0.024  

Lifecycle 2020

     0.290       0.028       0.028  

Lifecycle 2025

     0.300       0.033       0.023  

Lifecycle 2030

     0.300       0.048       0.028  

Lifecycle 2035

     0.310       0.064       0.045  

Lifecycle 2040

     0.320       0.080       0.060  

Lifecycle 2045

     0.320       0.093       0.063  

Lifecycle 2050

     0.320       0.094       0.074  

Lifecycle 2055

     0.320       0.094       0.074  

Lifecycle 2060

     0.320       0.094       0.075  

Lifecycle 2065

     0.320       0.098       0.087  

The Funds have entered into an Administrative Service Agreement with the Adviser under which the Funds pay the Adviser for its costs in providing certain administrative and compliance services to the Funds. The Adviser has agreed to gradually reduce expenses allocated to the Funds under the Administrative Services Agreement over a three-year period commencing May 1, 2024. After the expiration of this three-year period, the Adviser will no longer allocate expenses to the Funds under the Administrative Services Agreement.

Under the terms of Retirement Class Service Agreements with respect to each Fund, the Retirement Class of the Fund incurs an annual fee of 0.25% of the daily net assets, payable monthly to TIAA, on behalf of Retirement Class shares of the Fund held by or through TIAA by its clients, or the Adviser, on behalf of all other Retirement Class shares, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to TIAA or the Adviser, respectively, under the Service Agreements.

Under the terms of a distribution Rule 12b-1 plan, Class A shares of Lifecycle Retirement Income compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to Class A shares of Lifecycle Retirement Income at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Class A shares. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class shares.

The Adviser has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses, extraordinary expenses and the management fees and certain other expenses originally attributable to Class W shares of the affiliated Nuveen Funds) exceeds 0.00% of average daily net assets for Class R6 Shares; 0.15% of average daily net assets for Class I Shares; 0.15% of average daily net assets for the Premier Class shares; 0.25% of average daily net assets for the Retirement Class shares; and 0.25% of average daily net assets for Class A Shares of Lifecycle Retirement Income. The expense reimbursement arrangements will continue through at least September 30, 2025, unless changed with approval of the Board.

With respect to Lifecycle 2010, the Adviser has voluntarily agreed to reimburse the Fund for 0.080% of the Total Expenses of each of its share classes that are originally attributable to Class W shares of the Underlying Funds. This voluntary commitment is effective May 1, 2025 through April 30, 2026. Prior to May 1, 2025, the voluntary commitment for Lifecycle 2010 was 0.030%.

 

  


Notes to Financial Statements (continued)

 

Other Transactions with Affiliates: The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Adviser or by an affiliate of the Adviser (each an, “Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are affected at the current market price (as provided by an independent pricing service) without incurring broker commissions. During the current fiscal period, the Funds engaged in the following security transactions with affiliated entities:

 

Fund    Purchases      Sales      Realized Gain (Loss)  

Lifecycle Retirement Income

   $     147,598      $     253,265      $ 35,206  

Lifecycle 2010

     41,416        593,672        117,239  

Lifecycle 2015

     116,567        1,122,973        220,496  

Lifecycle 2020

     285,427        2,262,237        381,510  

Lifecycle 2025

     356,553        3,336,433        643,487  

Lifecycle 2030

     535,661        2,732,683        511,352  

Lifecycle 2035

     512,018        2,088,614        428,112  

Lifecycle 2040

     836,144        1,403,485        206,435  

Lifecycle 2045

     2,033,672        353,405        55,136  

Lifecycle 2050

     4,020,202        630,113        126,875  

Lifecycle 2055

     3,608,719        247,213        56,250  

Lifecycle 2060

     3,840,260                

Lifecycle 2065

     1,250,996        10,558        (426

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

 

Fund   

Sales Charges Collected

(Unaudited)

     Paid to Financial
Intermediaries
(Unaudited)
 

Lifecycle Retirement Income

   $ 4,175      $ 3,728  

Lifecycle 2010

             

Lifecycle 2015

             

Lifecycle 2020

             

Lifecycle 2025

             

Lifecycle 2030

             

Lifecycle 2035

             

Lifecycle 2040

             

Lifecycle 2045

             

Lifecycle 2050

             

Lifecycle 2055

             

Lifecycle 2060

             

Lifecycle 2065

             

Affiliate Owned Shares: The following is the percentage of the Funds’ shares owned by TIAA and its registered separate account (“TIAA Access”) as of the end of the current fiscal period:

 

Underlying Fund    TIAA Access      Total  

Lifecycle Retirement Income

     12%        12%  

Lifecycle 2010

     17        17  

Lifecycle 2015

     16        16  

Lifecycle 2020

     18        18  

Lifecycle 2025

     18        18  

Lifecycle 2030

     18        18  

Lifecycle 2035

     19        19  

Lifecycle 2040

     19        19  

Lifecycle 2045

     20        20  

Lifecycle 2050

     22        22  

Lifecycle 2055

     18        18  

Lifecycle 2060

     20        20  

Lifecycle 2065

     2        2  

 

72   


   

 

Investments in other investment companies advised by the Adviser and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. A complete schedule of the portfolio holdings for each of the affiliated investments is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available on the SEC’s website at www.sec.gov. A copy of the annual report, semi-annual report and financial statements is available for each of the affiliated investments at https://www.nuveen.com/en-us/mutual-funds/prospectuses, or upon request by calling (800) 257-8787. Information regarding transactions with affiliated companies is as follows:

 

Issue    Value at
5/31/24
    

Purchases

Cost

     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle Retirement Income

                       

Nuveen Funds:

                       

Core Bond, Class W

     $87,975,648        $6,885,321        $14,230,402        $(1,871,458)        $2,809,514        $81,568,623        $3,939,056        $–  

Core Equity, Class W

     14,125,691        3,479,204        3,473,144        421,440        (715,918)        13,837,273        207,697        1,321,631  

Core Plus Bond, Class W

     54,474,884        4,002,843        8,643,408        (1,225,313)        1,861,703        50,470,709        2,581,561         

Dividend Growth, Class R6

     14,221,385        3,509,935        4,714,301        475,511        371,306        13,863,836        169,383        730,148  

Dividend Value, Class R6

     13,584,517        4,135,865        3,364,508        82,461        (833,687)        13,604,648        219,436        1,123,399  

Emerging Markets Debt, Class W

     7,897,064        758,391        1,505,425        (136,344)        329,044        7,342,730        536,915         

Emerging Markets Equity, Class W

     8,696,125        1,948,160        2,491,798        (49,870)        391,465        8,494,082        301,670         

Growth Opportunities ETF

     16,777,040        1,419,224        4,397,162        770,238        1,482,766        16,052,106                

High Yield, Class W

     8,337,757        770,003        1,471,215        7,322        84,144        7,728,011        562,742         

Inflation Linked Bond, Class W

     41,862,326        3,915,896        7,898,444        (505,656)        1,546,636        38,920,758        1,678,107         

International Bond, Class W

     8,741,851        798,474        1,789,632        (236,656)        584,039        8,098,076        214,097         

International Equity, Class W

     22,525,752        3,291,409        5,846,494        705,614        636,441        21,312,722        627,735         

International Opportunities, Class W

     13,392,653        2,136,532        3,190,817        127,308        286,220        12,751,896        265,774         

Large Cap Growth, Class W

     16,843,484        3,634,380        5,909,207        1,821,524        (360,062)        16,030,119        107,979        935,406  

Large Cap Value, Class W

     13,642,436        3,211,256        3,926,374        481,457        194,838        13,603,613        251,782        326,592  

Quant International Small Cap Equity, Class W

     7,308,415        864,455        1,902,896        100,169        622,612        6,992,755        275,117         

Quant Small Cap Equity, Class W

     3,237,313        776,243        1,195,165        238,181        (396,701)        2,659,871        41,428        289,466  

Quant Small/Mid Cap Equity, Class W

     3,847,166        873,129        1,302,787        229,867        (343,595)        3,303,780        44,939        372,499  

Short Term Bond, Class W

     41,678,096        4,866,182        8,418,401        (176,794)        906,343        38,855,426        1,883,653         

Nuveen Real Property Fund LPa

     19,278,385        2,797,854        3,154,759        (456,762)        (808,068)        17,656,650        1,919,360         
       $418,447,988        $54,074,756         $88,826,339        $802,239        $8,649,040        $393,147,684        $15,828,431        $5,099,141  

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle 2010

                       

Nuveen Funds:

                       

Core Bond, Class W

     $168,164,809        $11,648,320        $38,512,890        $(4,094,381)        $5,909,619        $143,115,477        $7,187,800        $–  

Core Equity, Class W

     25,829,931        5,163,605        8,180,368        1,914,822        (2,316,411)        22,411,579        358,264        2,253,231  

Core Plus Bond, Class W

     104,162,201        6,689,186        23,419,211        (3,234,490)        4,465,057        88,662,743        4,712,571         

Dividend Growth, Class R6

     25,813,585        4,819,768        9,997,991        1,411,070        108,779        22,155,211        290,068        1,263,151  

Dividend Value, Class R6

     24,881,373        6,768,857        8,289,956        600,352        (1,863,473)        22,097,153        374,405        1,936,477  

Emerging Markets Debt, Class W

     15,117,825        1,658,123        4,255,223        (383,549)        731,193        12,868,369        994,829         

Emerging Markets Equity, Class W

     15,610,476        3,135,687        5,590,394        13,724        572,569        13,742,062        517,988         

Growth Opportunities ETF

     30,680,157        1,567,900        10,338,429        2,168,785        1,899,171        25,977,584                

High Yield, Class W

     15,945,572        1,715,776        4,284,675        46,963        136,675        13,560,311        1,026,936         

Inflation Linked Bond, Class W

     79,930,661        7,568,055        21,010,484        (1,295,664)        3,116,609        68,309,177        3,130,085         

International Bond, Class W

     16,661,376        2,033,636        5,122,541        (644,834)        1,283,815        14,211,452        395,861         

International Equity, Class W

     41,192,533        4,615,904        13,398,383        2,743,998        (623,804)        34,530,248        1,076,872         

International Opportunities, Class W

     24,370,778        3,422,624        7,777,122        877,594        (232,289)        20,661,585        456,201         

Large Cap Growth, Class W

     30,737,977        5,977,665        13,386,150        5,307,912        (2,692,990)        25,944,414        184,847        1,601,305  

Large Cap Value, Class W

     24,979,543        5,102,276        9,157,766        2,206,764        (1,037,339)        22,093,478        431,350        559,514  

Quant International Small Cap Equity, Class W

     13,284,767        1,484,816        4,630,667        333,927        839,389        11,312,232        472,110         

Quant Small Cap Equity, Class W

     5,831,537        1,139,291        2,416,127        579,621        (829,407)        4,304,915        71,091        496,723  

Quant Small/Mid Cap Equity, Class W

     6,943,641        1,286,314        2,702,579        550,045        (730,310)        5,347,111        77,296        640,711  

Short Term Bond, Class W

     110,432,411        17,462,361        28,415,924        (595,393)        2,499,054        101,382,509        4,934,449         

Nuveen Real Property Fund LPa

     22,826,075        1,326,341        6,651,631        (510,447)        (1,010,587)        15,979,751        2,184,798         
       $803,397,228        $94,586,505        $227,538,511        $7,996,819        $10,225,320        $688,667,361        $28,877,821        $8,751,112  

 

  


Notes to Financial Statements (continued)

 

Issue    Value at
5/31/24
    

Purchases

Cost

     Sales
Proceeds
     Realized
Gain (Loss)
    

Change in
Unrealized

Appreciation
(Depreciation)

     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle 2015

                       

Nuveen Funds:

                       

Core Bond, Class W

     $240,512,746        $15,487,408        $55,082,923        $(8,931,270)        $11,555,445        $203,541,406        $10,224,053        $–  

Core Equity, Class W

     40,844,281        7,816,284        13,339,756        1,808,388        (2,465,140)        34,664,057        558,859        3,507,231  

Core Plus Bond, Class W

     148,964,120        8,012,844        32,609,949        (4,755,534)        6,526,710        126,138,191        6,703,807         

Dividend Growth, Class R6

     40,891,151        7,282,210        15,897,834        2,482,474        (70,021)        34,687,980        452,323        1,951,709  

Dividend Value, Class R6

     39,249,713        10,155,764        13,378,344        1,069,815        (3,019,332)        34,077,616        585,717        2,996,039  

Emerging Markets Debt, Class W

     21,635,333        1,563,166        5,383,542        (519,649)        1,019,793        18,315,101        1,411,898         

Emerging Markets Equity, Class W

     24,822,688        3,950,680        8,413,501        (319,455)        1,235,745        21,276,157        805,855         

Growth Opportunities ETF

     48,431,493        2,160,708        16,768,867        3,514,143        2,872,987        40,210,464                

High Yield, Class W

     22,803,563        1,679,701        5,451,586        45,360        213,104        19,290,142        1,460,353         

Inflation Linked Bond, Class W

     109,793,793        10,533,126        26,181,387        (2,253,604)        4,798,056        96,689,984        4,332,261         

International Bond, Class W

     23,828,405        1,677,028        6,200,991        (853,897)        1,763,479        20,214,024        560,900         

International Equity, Class W

     65,011,796        7,240,561        22,059,288        3,496,952        (310,764)        53,379,257        1,677,139         

International Opportunities, Class W

     38,477,503        4,262,503        11,689,101        1,580,205        (659,316)        31,971,794        710,387         

Large Cap Growth, Class W

     48,477,397        8,113,880        20,491,648        5,825,115        (1,771,806)        40,152,938        287,197        2,487,952  

Large Cap Value, Class W

     39,412,880        7,384,807        14,528,601        2,440,524        (634,511)        34,075,099        674,038        874,310  

Quant International Small Cap Equity, Class W

     20,875,745        2,084,459        7,254,342        437,589        1,361,043        17,504,494        733,951         

Quant Small Cap Equity, Class W

     9,368,576        1,794,958        4,115,560        1,024,713        (1,410,117)        6,662,570        110,146        769,604  

Quant Small/Mid Cap Equity, Class W

     11,132,953        2,063,217        4,639,592        945,806        (1,226,893)        8,275,491        119,832        993,292  

Short Term Bond, Class W

     109,364,287        13,930,818        28,605,006        (743,379)        2,604,919        96,551,639        4,778,677         

Nuveen Real Property Fund LPa

     53,309,054        4,497,885        10,174,542        (1,347,779)        (2,192,216)        44,092,402        5,238,995         
       $1,157,207,477        $121,692,007        $322,266,360           $4,946,517        $20,191,165          $981,770,806        $41,426,388        $13,580,137  

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle 2020

                       

Nuveen Funds:

                       

Core Bond, Class W

       $509,360,911         $33,393,137        $124,904,004        $(19,225,729)        $25,036,269        $423,660,584        $21,452,708        $–  

Core Equity, Class W

     100,729,883        16,737,750        31,611,294        4,784,643        (6,356,661)        84,284,321        1,372,221        8,607,284  

Core Plus Bond, Class W

     315,422,259        17,579,914        74,419,366        (10,750,803)        14,652,584        262,484,588        14,068,152         

Dividend Growth, Class R6

     100,707,619        14,013,017        37,053,259        6,603,696        (652,422)        83,618,651        1,112,337        4,731,080  

Dividend Value, Class R6

     97,029,263        23,198,783        32,576,936        2,761,632        (7,522,613)        82,890,129        1,436,379        7,310,686  

Emerging Markets Debt, Class W

     45,831,691        3,551,163        12,398,498        (1,228,335)        2,312,419        38,068,440        2,955,513         

Emerging Markets Equity, Class W

     61,055,693        9,543,476        21,086,286        (988,450)        3,234,295        51,758,728        1,957,831         

Growth Opportunities ETF

     119,950,442        4,807,617        42,421,612        8,761,254        6,763,731        97,861,432                

High Yield, Class W

     48,294,386        3,076,278        11,512,076        115,985        444,686        40,419,259        3,065,355         

Inflation Linked Bond, Class W

     188,584,130        19,163,313        47,087,208        (3,798,031)        8,190,007        165,052,211        7,411,547         

International Bond, Class W

     50,462,130        3,114,306        13,260,242        (1,812,416)        3,747,910        42,251,688        1,168,850         

International Equity, Class W

     160,405,078        16,193,474        54,074,760        8,996,991        (1,167,889)        130,352,894        4,077,116         

International Opportunities, Class W

     94,347,148        9,359,839        28,177,368        4,303,752        (2,018,017)        77,815,354        1,727,574         

Large Cap Growth, Class W

     118,256,330        17,118,599        47,364,751        14,910,622        (5,064,790)        97,856,010        699,082        6,056,052  

Large Cap Value, Class W

     97,025,535        16,814,290        35,364,170        6,400,405        (1,888,532)        82,987,528        1,641,871        2,129,707  

Quant International Small Cap Equity, Class W

     51,805,126        4,767,346        18,261,952        1,043,007        3,293,106        42,646,633        1,784,859         

Quant Small Cap Equity, Class W

     22,745,821        3,763,036        9,323,288        2,376,789        (3,292,345)        16,270,013        267,958        1,872,264  

Quant Small/Mid Cap Equity, Class W

     27,053,595        4,424,240        10,605,745        2,293,594        (2,959,841)        20,205,843        291,522        2,416,435  

Short Term Bond, Class W

     187,649,437        23,641,393        49,732,100        (1,122,634)        4,338,192        164,774,288        8,172,503         

Nuveen Real Property Fund LPa

     115,715,998        6,261,562        19,953,884        (2,794,605)        (4,930,101)        94,298,970        11,368,085         
       $2,512,432,475        $250,522,533        $721,188,799        $21,631,367        $36,159,988        $2,099,557,564        $86,031,463        $33,123,508  

 

74   


   

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle 2025

                       

Nuveen Funds:

                       

Core Bond, Class W

     $754,368,071        $64,350,083        $168,125,109        $(26,216,450)        $34,307,464        $658,684,059        $32,907,992        $–  

Core Equity, Class W

     178,885,188        28,030,012        52,231,874        7,383,255        (10,380,536)        151,686,045        2,480,296        15,646,275  

Core Plus Bond, Class W

     467,198,403        36,888,790        101,454,902        (15,272,464)        20,736,635        408,096,462        21,577,868         

Dividend Growth, Class R6

     178,797,426        23,886,890        62,189,802        10,741,794        (178,162)        151,058,146        2,010,239        8,614,780  

Dividend Value, Class R6

     172,225,331        39,954,605        54,090,140        3,621,803        (12,262,966)        149,448,633        2,596,204        13,237,263  

Emerging Markets Debt, Class W

     67,864,459        6,666,304        16,884,903        (1,663,312)        3,270,695        59,253,243        4,523,220         

Emerging Markets Equity, Class W

     108,161,757        19,310,556        38,271,614        (1,506,391)        5,468,353        93,162,661        3,564,509         

Growth Opportunities ETF

     212,583,386        7,592,620        71,130,368        14,783,396        13,000,781        176,829,815                

High Yield, Class W

     71,529,572        7,849,961        17,818,232        98,918        698,580        62,358,799        4,696,844         

Inflation Linked Bond, Class W

     215,829,969        26,141,519        49,607,208        (3,870,251)        9,081,101        197,575,130        8,678,595         

International Bond, Class W

     74,767,692        7,631,759        19,865,599        (2,743,322)        5,628,409        65,418,939        1,808,069         

International Equity, Class W

     284,957,264        31,065,914        96,055,152        15,354,199        (1,279,916)        234,042,309        7,423,140         

International Opportunities, Class W

     167,519,697        20,088,396        51,625,348        5,511,439        (1,548,743)        139,945,441        3,142,423         

Large Cap Growth, Class W

     210,046,370        29,047,594        80,763,230        23,955,172        (6,416,762)        175,869,144        1,274,887        11,044,178  

Large Cap Value, Class W

     170,743,171        28,355,748        57,909,018        9,724,913        (1,660,558)        149,254,256        2,980,019        3,865,449  

Quant International Small Cap Equity, Class W

     92,054,309        9,518,591        32,692,589        1,611,133        6,192,900        76,684,344        3,250,883         

Quant Small Cap Equity, Class W

     40,397,214        6,469,238        15,941,362        3,625,120        (5,367,807)        29,182,403        487,883        3,408,915  

Quant Small/Mid Cap Equity, Class W

     48,042,729        7,660,703        18,185,485        3,722,649        (4,989,849)        36,250,747        530,786        4,399,710  

Short Term Bond, Class W

     214,764,525        30,544,911        51,625,585        (1,122,418)        4,852,195        197,413,628        9,672,154         

Nuveen Real Property Fund LPa

     180,080,434        8,346,979        25,380,323        (4,011,286)        (7,969,684)        151,066,120        17,814,420         
       $3,910,816,967        $439,401,173        $1,081,847,843        $43,727,897        $51,182,130        $3,363,280,324        $131,420,431        $60,216,570  

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle 2030

                       

Nuveen Funds:

                       

Core Bond, Class W

     $792,331,236        $84,280,251        $143,588,365        $(22,340,399)        $30,519,144        $741,201,867        $35,718,471        $–  

Core Equity, Class W

     257,554,423        42,772,899        61,287,917        8,374,249        (13,298,020)        234,115,634        3,658,884        23,180,022  

Core Plus Bond, Class W

     490,702,863        46,728,830        83,871,640        (13,078,297)        18,621,099        459,102,855        23,408,816         

Dividend Growth, Class R6

     257,465,020        36,001,423        75,889,156        11,778,608        3,694,347        233,050,242        2,977,475        12,754,873  

Dividend Value, Class R6

     247,911,817        59,628,544        63,965,003        3,167,478        (16,367,483)        230,375,353        3,840,188        19,758,921  

Emerging Markets Debt, Class W

     71,248,168        8,167,956        14,384,320        (1,391,560)        3,118,514        66,758,758        4,873,489         

Emerging Markets Equity, Class W

     155,784,982        29,003,035        46,970,204        (3,414,367)        9,430,205        143,833,651        5,272,189         

Growth Opportunities ETF

     306,001,018        13,137,154        87,982,214        18,208,441        22,371,426        271,735,825                

High Yield, Class W

     75,123,517        8,707,825        13,967,242        65,287        747,916        70,677,303        5,100,916         

Inflation Linked Bond, Class W

     167,369,351        28,435,413        30,469,083        (3,057,001)        7,378,121        169,656,801        6,951,743         

International Bond, Class W

     78,495,925        9,616,078        17,277,208        (2,371,822)        5,479,966        73,942,939        1,958,547         

International Equity, Class W

     410,461,145        44,109,677        114,651,989        15,496,439        6,810,147        362,225,419        10,983,023         

International Opportunities, Class W

     241,884,610        28,496,459        60,554,670        2,573,098        3,903,436        216,302,933        4,655,872         

Large Cap Growth, Class W

     303,013,517        41,362,935        98,165,613        26,777,207        (1,054,318)        271,933,728        1,903,754        16,491,962  

Large Cap Value, Class W

     246,552,419        39,422,636        67,137,500        10,571,822        1,135,480        230,544,857        4,453,861        5,777,202  

Quant International Small Cap Equity, Class W

     132,451,116        14,715,367        40,631,507        1,669,986        10,504,215        118,709,177        4,806,446         

Quant Small Cap Equity, Class W

     58,276,119        9,831,035        20,314,629        3,015,866        (5,692,564)        45,115,827        723,554        5,055,583  

Quant Small/Mid Cap Equity, Class W

     69,309,247        10,680,972        22,023,453        4,670,937        (6,578,823)        56,058,880        788,081        6,532,440  

Short Term Bond, Class W

     166,532,708        34,968,734        35,190,251        (720,427)        3,690,163        169,280,927        7,873,970         

Nuveen Real Property Fund LPa

     218,509,112        7,898,648        16,054,599        (2,963,695)        (11,512,139)        195,877,327        21,768,970         
       $4,746,978,313        $597,965,871        $1,114,376,563        $57,031,850        $72,900,832        $4,360,500,303        $151,718,249        $89,551,003  

 

   75


Notes to Financial Statements (continued)

 

Issue   

Value at

5/31/24

     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle 2035

                       

Nuveen Funds:

                       

Core Bond, Class W

     $697,107,601        $103,949,177        $113,942,454        $(16,656,479)        $23,505,198        $693,963,043        $32,434,521        $–  

Core Equity, Class W

     325,213,613        47,995,893        65,914,952        10,388,605        (16,863,943)        300,819,216        4,654,275        29,452,695  

Core Plus Bond, Class W

     431,749,333        57,811,873        64,439,888        (9,802,326)        14,424,101        429,743,093        21,250,471         

Dividend Growth, Class R6

     324,954,451        38,417,399        83,169,131        12,704,509        6,937,925        299,845,153        3,795,119        16,211,819  

Dividend Value, Class R6

     313,174,633        72,370,469        71,856,695        3,200,563        (20,326,074)        296,562,896        4,892,558        25,382,496  

Emerging Markets Debt, Class W

     62,723,875        9,136,818        10,671,139        (959,379)        2,497,095        62,727,270        4,410,463         

Emerging Markets Equity, Class W

     196,987,361        38,035,868        58,008,367        (3,637,615)        11,516,597        184,893,844        6,714,866         

Growth Opportunities ETF

     384,652,744        17,834,548        104,159,859        21,079,504        29,889,096        349,296,033                

High Yield, Class W

     66,088,555        9,293,919        9,753,414        6,081        676,198        66,311,339        4,631,348         

Inflation Linked Bond, Class W

     78,690,426        23,047,211        11,457,780        (1,835,219)        4,080,149        92,524,787        3,442,995         

International Bond, Class W

     69,055,642        10,543,064        13,324,571        (1,781,967)        4,551,439        69,043,607        1,788,965         

International Equity, Class W

     518,313,061        53,911,249        135,398,264        17,454,692        11,389,804        465,670,542        13,987,693         

International Opportunities, Class W

     305,365,115        34,542,402        70,258,255        2,301,127        6,351,324        278,301,713        5,934,074         

Large Cap Growth, Class W

     382,880,611        46,404,583        111,954,633        32,619,870        (221,340)        349,729,091        2,416,586        20,934,565  

Large Cap Value, Class W

     310,295,436        48,002,810        76,477,894        10,524,582        4,250,812        296,595,746        5,654,224        7,334,219  

Quant International Small Cap Equity, Class W

     167,103,330        17,152,694        47,423,373        2,004,801        13,775,753        152,613,205        6,122,353         

Quant Small Cap Equity, Class W

     73,632,517        10,941,610        23,139,529        3,174,543        (6,645,094)        57,964,047        921,160        6,436,283  

Quant Small/Mid Cap Equity, Class W

     87,569,000        12,526,691        25,595,329        5,421,437        (7,880,899)        72,040,900        1,003,308        8,316,469  

Short Term Bond, Class W

     78,306,402        26,407,703        13,798,211        (517,026)        1,967,529        92,366,397        3,996,988         

Nuveen Real Property Fund LPa

     235,086,540        4,493,927        7,102,456        (2,042,115)        (13,540,348)        216,895,548        23,521,227         
       $5,108,950,246        $682,819,908        $1,117,846,194        $83,648,188        $70,335,322        $4,827,907,470        $151,573,194        $114,068,546  

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle 2040

                       

Nuveen Funds:

                       

Core Bond, Class W

     $552,415,963        $117,907,837        $98,473,837        $(12,429,778)        $17,642,673        $577,062,858        $26,559,673        $–  

Core Equity, Class W

     461,744,407        68,525,864        79,161,981        12,367,353        (22,443,406)        441,032,237        6,730,186        42,726,851  

Core Plus Bond, Class W

     342,320,320        66,534,625        55,316,463        (8,674,153)        12,241,402        357,105,731        17,383,784         

Dividend Growth, Class R6

     461,986,145        55,239,759        106,492,247        14,287,882        13,065,586        438,087,125        5,486,422        23,538,698  

Dividend Value, Class R6

     445,626,093        98,262,163        82,661,433        3,097,198        (28,280,125)        436,043,896        7,105,147        36,895,832  

Emerging Markets Debt, Class W

     49,725,346        10,332,455        9,245,909        (370,902)        1,613,695        52,054,685        3,598,101         

Emerging Markets Equity, Class W

     279,808,766        57,230,430        77,504,223        (5,750,153)        16,968,658        270,753,478        9,800,076         

Growth Opportunities ETF

     546,326,021        24,914,889        132,022,551        26,083,860        46,690,742        511,992,961                

High Yield, Class W

     52,449,357        10,322,635        8,152,539        (31,431)        552,025        55,140,047        3,788,245         

International Bond, Class W

     54,832,333        12,128,935        11,515,211        (1,407,960)        3,642,229        57,680,326        1,471,499         

International Equity, Class W

     736,839,292        69,378,668        165,520,767        19,552,000        22,809,691        683,058,884        20,295,127         

International Opportunities, Class W

     435,498,994        43,464,437        82,807,333        1,319,890        11,512,606        408,988,594        8,616,130         

Large Cap Growth, Class W

     545,847,725        65,336,332        144,260,308        41,217,828        5,111,632        513,253,209        3,518,287        30,478,453  

Large Cap Value, Class W

     442,341,794        64,236,148        92,126,487        11,518,956        9,607,774        435,578,185        8,228,741        10,673,684  

Quant International Small Cap Equity, Class W

     237,687,343        24,613,447        61,802,742        2,630,197        20,611,390        223,739,635        8,881,996         

Quant Small Cap Equity, Class W

     104,966,203        15,256,853        29,896,167        4,103,503        (9,409,302)        85,021,090        1,339,565        9,359,741  

Quant Small/Mid Cap Equity, Class W

     124,831,410        17,742,904        33,032,809        6,802,422        (10,646,837)        105,697,090        1,463,688        12,132,579  

Nuveen Real Property Fund LPa

     283,260,936        12,335,635        10,842,270        (3,131,362)        (15,707,777)        265,915,162        28,487,919         
       $6,158,508,448        $833,764,016        $1,280,835,277        $111,185,350        $95,582,656        $5,918,205,193        $162,754,586        $165,805,838  

 

76   


   

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle 2045

                       

Nuveen Funds:

                       

Core Bond, Class W

     $212,389,427        $65,346,071        $52,972,586        $(2,128,903)        $4,076,507        $226,710,516        $10,433,118        $–  

Core Equity, Class W

     364,705,694        59,025,933        54,589,208        8,540,318        (16,908,949)        360,773,788        5,385,776        34,270,964  

Core Plus Bond, Class W

     131,513,680        36,504,327        28,670,878        (2,903,322)        4,272,351        140,716,158        6,815,632         

Dividend Growth, Class R6

     366,911,656        49,637,692        78,343,684        7,364,446        14,465,416        360,035,526        4,399,291        18,917,065  

Dividend Value, Class R6

     354,423,893        81,141,808        59,010,044        1,684,053        (21,948,778)        356,290,932        5,696,436        29,548,126  

Emerging Markets Debt, Class W

     19,110,596        5,441,019        4,462,107        (8,831)        491,362        20,572,039        1,412,198         

Emerging Markets Equity, Class W

     222,993,673        54,061,554        64,657,663        (2,434,840)        11,690,048        221,652,772        7,879,299         

Growth Opportunities ETF

     434,268,355        20,742,889        94,602,780        18,244,789        39,626,795        418,280,048                

High Yield, Class W

     20,154,412        5,420,848        4,105,819        (13,859)        215,811        21,671,393        1,486,837         

International Bond, Class W

     21,050,584        6,933,259        6,102,281        (96,984)        958,226        22,742,804        581,594         

International Equity, Class W

     585,525,433        69,487,761        130,770,153        11,966,216        23,117,334        559,326,591        16,326,470         

International Opportunities, Class W

     346,121,880        40,148,637        60,751,647        (1,355,486)        11,916,099        336,079,483        6,928,024         

Large Cap Growth, Class W

     434,446,909        53,348,784        104,755,308        30,055,266        6,912,593        420,008,244        2,816,958        24,402,930  

Large Cap Value, Class W

     351,934,811        53,065,418        65,981,475        5,101,162        11,644,673        355,764,589        6,611,819        8,576,338  

Quant International Small Cap Equity, Class W

     188,416,941        21,565,432        45,396,096        1,439,869        17,512,697        183,538,843        7,146,859         

Quant Small Cap Equity, Class W

     83,511,581        12,532,174        22,057,229        3,255,968        (7,573,969)        69,668,525        1,077,600        7,529,354  

Quant Small/Mid Cap Equity, Class W

     99,316,947        13,936,486        23,657,638        5,047,608        (8,176,885)        86,466,518        1,172,841        9,721,737  

Nuveen Real Property Fund LPa

     204,212,687        17,621,928        12,508,205        (3,906,676)        (9,676,399)        195,743,335        20,581,813         
       $4,441,009,159        $665,962,020        $913,394,801        $79,850,794        $82,614,932        $4,356,042,104        $106,752,565        $132,966,514  

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle 2050

                       

Nuveen Funds:

                       

Core Bond, Class W

     $92,377,656        $40,751,494        $38,698,349        $(237,347)        $1,116,803        $95,310,257        $4,599,078        $–  

Core Equity, Class W

     301,269,264        49,953,165        37,971,511        5,710,050        (13,280,438)        305,680,530        4,523,143        28,935,867  

Core Plus Bond, Class W

     57,279,443        22,498,955        21,327,060        (351,359)        950,288        59,050,267        3,012,617         

Dividend Growth, Class R6

     302,943,434        40,718,652        56,015,102        4,214,102        13,825,210        305,686,296        3,681,472        15,913,240  

Dividend Value, Class R6

     291,835,182        69,315,257        42,045,958        494,382        (17,759,886)        301,838,977        4,789,640        24,829,928  

Emerging Markets Debt, Class W

     8,319,149        3,403,577        3,363,582        11,766        194,341        8,565,251        629,581         

Emerging Markets Equity, Class W

     183,636,680        50,299,244        53,103,540        (2,801,256)        10,226,207        188,257,335        6,688,485         

Growth Opportunities ETF

     357,298,670        21,731,764        72,473,020        13,179,878        34,864,680        354,601,972                

High Yield, Class W

     8,742,392        3,058,113        2,738,859        2,449        91,218        9,155,313        655,755         

International Bond, Class W

     9,135,013        4,197,375        4,110,389        19,819        356,780        9,598,598        258,834         

International Equity, Class W

     483,871,786        66,128,225        105,950,814        5,870,314        23,722,614        473,642,125        13,724,255         

International Opportunities, Class W

     285,730,721        40,111,830        50,567,570        (2,088,988)        11,031,452        284,217,445        5,824,207         

Large Cap Growth, Class W

     359,626,037        46,402,542        80,585,456        17,682,696        12,897,294        356,023,113        2,383,412        20,647,181  

Large Cap Value, Class W

     290,691,920        48,180,010        51,232,340        2,017,078        11,764,045        301,420,713        5,567,388        7,221,583  

Quant International Small Cap Equity, Class W

     155,838,095        20,272,617        37,091,420        750,949        15,192,463        154,962,704        6,009,923         

Quant Small Cap Equity, Class W

     68,978,896        10,518,366        16,651,303        2,296,952        (6,002,526)        59,140,385        911,342        6,367,683  

Quant Small/Mid Cap Equity, Class W

     82,040,817        11,744,075        17,759,697        3,250,984        (5,957,117)        73,319,062        990,850        8,213,199  

Nuveen Real Property Fund LPa

     160,945,252        19,528,824        12,582,143        (4,177,957)        (6,534,844)        157,179,132        16,300,491         
       $3,500,560,407        $568,814,085        $704,268,113        $45,844,512        $86,698,584        $3,497,649,475         $80,550,473        $112,128,681  

 

   77


Notes to Financial Statements (continued)

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle 2055

                       

Nuveen Funds:

                       

Core Bond, Class W

     $35,142,441        $22,191,288        $18,751,601        $(91,145)        $395,025        $38,886,008        $1,836,358        $–  

Core Equity, Class W

     153,773,771        34,184,244        19,249,576        1,205,162        (5,398,312)        164,515,289        2,361,564        15,244,039  

Core Plus Bond, Class W

     21,768,666        12,118,440        10,020,634        (56,367)        274,492        24,084,597        1,201,766         

Dividend Growth, Class R6

     154,847,847        27,247,605        27,482,849        1,093,703        8,117,986        163,824,292        1,928,745        8,397,687  

Dividend Value, Class R6

     148,418,726        41,052,138        18,447,591        (125,557)        (9,151,991)        161,745,725        2,502,787        13,108,749  

Emerging Markets Debt, Class W

     3,161,134        1,584,751        1,349,980        906        79,864        3,476,675        251,088         

Emerging Markets Equity, Class W

     93,951,862        30,805,713        27,604,264        (1,518,745)        5,360,975        100,995,541        3,513,224         

Growth Opportunities ETF

     182,373,349        14,804,281        32,783,267        5,886,290        18,987,645        189,268,298                

High Yield, Class W

     3,337,260        1,748,430        1,381,376        (1,264)        36,520        3,739,570        262,430         

International Bond, Class W

     3,470,825        2,280,192        1,986,576        3,489        143,412        3,911,342        104,218         

International Equity, Class W

     246,921,357        43,929,257        52,757,297        1,101,265        14,684,066        253,878,648        7,228,505         

International Opportunities, Class W

     145,891,467        28,758,708        26,904,060        (1,315,593)        6,240,004        152,670,526        3,065,081         

Large Cap Growth, Class W

     183,410,530        31,087,944        39,428,861        5,375,640        10,526,390        190,971,643        1,254,627        10,868,667  

Large Cap Value, Class W

     148,404,416        29,820,068        23,903,374        353,365        6,736,906        161,411,381        2,927,055        3,796,748  

Quant International Small Cap Equity, Class W

     79,520,416        12,607,966        17,125,268        (248,256)        8,695,094        83,449,952        3,167,208         

Quant Small Cap Equity, Class W

     35,215,143        6,267,605        7,777,083        746,390        (2,785,676)        31,666,379        479,879        3,352,984  

Quant Small/Mid Cap Equity, Class W

     41,876,006        7,321,745        8,391,251        1,093,589        (2,627,439)        39,272,650        522,662        4,332,374  

Nuveen Real Property Fund LPa

     81,032,584        13,828,031        6,300,807        (2,356,500)        (3,023,232)        83,180,076        8,269,994         
       $1,762,517,800        $361,638,406        $341,645,715        $11,146,372        $57,291,729        $1,850,948,592        $40,877,191        $59,101,248  

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle 2060

                       

Nuveen Funds:

                       

Core Bond, Class W

     $9,842,758        $9,860,610        $7,355,670        $(52,166)        $111,128        $12,406,660        $570,513        $–  

Core Equity, Class W

     64,809,478        22,009,571        8,328,514        (85,508)        (1,941,078)        76,463,949        1,043,967        6,858,036  

Core Plus Bond, Class W

     6,101,307        5,465,848        3,907,074        (30,169)        76,213        7,706,125        373,352         

Dividend Growth, Class R6

     65,642,739        19,944,495        12,733,186        16,651        3,775,798        76,646,497        857,857        3,816,116  

Dividend Value, Class R6

     62,278,337        24,457,028        7,152,806        (360,093)        (3,992,388)        75,230,078        1,110,953        5,919,191  

Emerging Markets Debt, Class W

     884,897        690,729        469,356        (4,331)        27,146        1,129,085        78,024         

Emerging Markets Equity, Class W

     39,693,845        17,174,872        11,528,841        (731,903)        2,377,478        46,985,451        1,592,898         

Growth Opportunities ETF

     76,825,131        11,406,689        11,209,080        1,554,237        9,290,013        87,866,990                

High Yield, Class W

     931,342        778,868        521,915        (995)        10,691        1,197,991        81,812         

International Bond, Class W

     973,181        910,649        684,133        (1,127)        45,144        1,243,714        33,082         

International Equity, Class W

     103,807,630        28,389,331        21,730,809        (189,282)        7,552,448        117,829,318        3,273,663         

International Opportunities, Class W

     61,606,835        19,079,210        12,504,481        (576,934)        2,918,935        70,523,565        1,388,645         

Large Cap Growth, Class W

     77,237,417        20,698,528        15,868,216        492,070        6,385,723        88,945,522        566,480        4,907,342  

Large Cap Value, Class W

     62,555,817        19,211,014        9,592,218        (100,035)        3,137,007        75,211,585        1,321,477        1,714,118  

Quant International Small Cap Equity, Class W

     33,552,681        7,603,309        6,301,978        (235,442)        4,042,025        38,660,595        1,438,613         

Quant Small Cap Equity, Class W

     14,843,832        4,029,856        3,180,704        40,906        (1,017,632)        14,716,258        216,494        1,512,678  

Quant Small/Mid Cap Equity, Class W

     17,649,286        4,276,324        2,906,773        119,320        (870,273)        18,267,884        235,946        1,955,771  

Nuveen Real Property Fund LPa

     33,695,865        9,349,982        2,672,160        (1,061,824)        (1,149,458)        38,162,405        3,492,450         
         $732,932,378        $225,336,913        $138,647,914        $(1,206,625)        $30,778,920          $849,193,672        $17,676,226        $26,683,252  

 

78   


   

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain
(Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle 2065

                       

Nuveen Funds:

                       

Core Bond, Class W

     $635,532        $2,031,077        $1,514,724        $(7,652)        $9,242        $1,153,475        $47,419        $–  

Core Equity, Class W

     8,100,722        6,896,759        1,872,914        (55,534)        (315,717)        12,753,316        146,767        982,643  

Core Plus Bond, Class W

     393,646        1,177,170        854,759        (3,997)        5,845        717,905        31,178         

Dividend Growth, Class R6

     8,169,619        6,703,117        2,589,372        (76,249)        542,911        12,750,026        121,520        557,824  

Dividend Value, Class R6

     7,788,700        7,368,428        1,975,484        (85,865)        (584,475)        12,511,304        157,469        850,637  

Emerging Markets Debt, Class W

     57,126        154,957        108,255        (743)        2,631        105,716        6,451         

Emerging Markets Equity, Class W

     4,988,599        4,510,703        1,928,865        (84,132)        319,179        7,805,484        228,297         

Growth Opportunities ETF

     9,615,927        4,854,564        1,401,483        9,556        1,422,825        14,501,389                

High Yield, Class W

     60,318        167,934        118,603        (482)        987        110,154        6,826         

International Bond, Class W

     62,630        196,008        147,127        (546)        3,625        114,590        2,913         

International Equity, Class W

     12,932,219        9,655,782        4,296,781        (71,364)        1,371,090        19,590,946        468,509         

International Opportunities, Class W

     7,693,778        6,283,561        2,656,341        (72,475)        466,732        11,715,255        199,851         

Large Cap Growth, Class W

     9,655,831        8,050,145        3,674,291        (34,170)        942,611        14,940,126        80,888        700,725  

Large Cap Value, Class W

     7,822,425        6,269,691        1,980,573        (37,102)        433,800        12,508,241        188,881        245,002  

Quant International Small Cap Equity, Class W

     4,196,524        2,774,312        1,197,047        (24,630)        674,340        6,423,499        205,851         

Quant Small Cap Equity, Class W

     1,856,160        1,294,055        542,821        (17,355)        (142,594)        2,447,445        31,033        216,835  

Quant Small/Mid Cap Equity, Class W

     2,206,131        1,548,431        596,056        (13,193)        (107,187)        3,038,126        33,661        279,022  

Nuveen Real Property Fund LPa

     4,155,605        2,791,179        414,638        (163,145)        (101,910)        6,267,091        448,731         
       $90,391,492        $72,727,873        $27,870,134        $(739,078)        $4,943,935          $139,454,088         $2,406,245          $3,832,688  

 

a

Restricted security

 

9.

Borrowing Arrangements

Line of Credit: The Funds participated in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The facility was entered into on June 13, 2023, and expired on June 11, 2024. Certain affiliated accounts, each of which is managed by the Adviser, or an affiliate of the Adviser, also participated in this facility. An annual commitment fee for the credit facility was borne by the participating accounts on a pro rata basis. Interest associated with any borrowing under the facility was charged to the borrowing accounts at a specified rate of interest. The Funds were not liable for borrowings under the facility by other affiliated accounts. There were no borrowings under this credit facility by the Funds during the current fiscal period. On June 11, 2024, the Funds’ credit facility expired, and the Funds have not entered into another credit facility.

 

   79


Important Tax Information

 

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

 

Fund   

Net Long-Term

Capital Gains

 

Lifecycle Retirement Income

   $ 1,364,397  

Lifecycle 2010

     15,154,514  

Lifecycle 2015

     7,232,378  

Lifecycle 2020

     30,704,926  

Lifecycle 2025

     64,900,357  

Lifecycle 2030

     78,368,774  

Lifecycle 2035

     80,821,775  

Lifecycle 2040

        100,337,362  

Lifecycle 2045

     72,614,513  

Lifecycle 2050

     58,336,346  

Lifecycle 2055

     33,325,959  

Lifecycle 2060

     12,324,989  

Lifecycle 2065

     1,637,313  

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

 

Fund    Percentage  

Lifecycle Retirement Income

     8.1%  

Lifecycle 2010

     7.0  

Lifecycle 2015

     7.9  

Lifecycle 2020

     9.3  

Lifecycle 2025

     11.1  

Lifecycle 2030

     13.9  

Lifecycle 2035

     17.6  

Lifecycle 2040

     22.6  

Lifecycle 2045

     26.5  

Lifecycle 2050

     29.7  

Lifecycle 2055

     30.7  

Lifecycle 2060

     32.8  

Lifecycle 2065

     35.6  

Qualified Dividend Income (QDI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

 

Fund    Percentage  

Lifecycle Retirement Income

     15.9%  

Lifecycle 2010

     13.7  

Lifecycle 2015

     15.5  

Lifecycle 2020

     18.0  

Lifecycle 2025

     21.6  

Lifecycle 2030

     27.3  

Lifecycle 2035

     34.5  

Lifecycle 2040

     44.5  

Lifecycle 2045

     52.3  

Lifecycle 2050

     58.6  

Lifecycle 2055

     60.9  

Lifecycle 2060

     65.7  

Lifecycle 2065

     72.3  

 

80   


   

 

Foreign Source Income and Foreign Tax Credit Pass Through

Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:

 

Fund    Foreign
Source Income
    

Foreign
Source Income

Per Share

    

Qualifying
Foreign

Taxes Paid

    

Qualifying
Foreign Taxes

Paid per Share

 

Lifecycle Retirement Income

     $  1,205,490        $0.03537        $163,022        $0.00478  

Lifecycle 2010

     2,134,986        0.03374        279,766        0.00442  

Lifecycle 2015

     3,336,304        0.03408        435,350        0.00445  

Lifecycle 2020

     8,075,146        0.03977        1,058,397        0.00521  

Lifecycle 2025

     14,596,860        0.04669        1,926,958        0.00616  

Lifecycle 2030

     21,419,174        0.05489        2,850,815        0.00731  

Lifecycle 2035

     27,264,226        0.06586        3,631,385        0.00877  

Lifecycle 2040

     39,560,219        0.08054        5,275,119        0.01074  

Lifecycle 2045

     31,655,224        0.10576        4,243,163        0.01418  

Lifecycle 2050

     26,718,541        0.11513        3,573,992        0.01540  

Lifecycle 2055

     14,012,915        0.13545        1,881,546        0.01819  

Lifecycle 2060

     6,244,876        0.11457        853,198        0.01565  

Lifecycle 2065

     877,762        0.08500        122,239        0.01184  

 

  


Report of Independent Registered Public Accounting Firm

 

 

To the Board of Trustees of TIAA-CREF Funds and Shareholders of Nuveen Lifecycle Index Retirement Income Fund, Nuveen Lifecycle Index 2010 Fund, Nuveen Lifecycle Index 2015 Fund, Nuveen Lifecycle Index 2020 Fund, Nuveen Lifecycle Index 2025 Fund, Nuveen Lifecycle Index 2030 Fund, Nuveen Lifecycle Index 2035 Fund, Nuveen Lifecycle Index 2040 Fund, Nuveen Lifecycle Index 2045 Fund, Nuveen Lifecycle Index 2050 Fund, Nuveen Lifecycle Index 2055 Fund, Nuveen Lifecycle Index 2060 Fund and Nuveen Lifecycle Index 2065 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Lifecycle Index Retirement Income Fund, Nuveen Lifecycle Index 2010 Fund, Nuveen Lifecycle Index 2015 Fund, Nuveen Lifecycle Index 2020 Fund, Nuveen Lifecycle Index 2025 Fund, Nuveen Lifecycle Index 2030 Fund, Nuveen Lifecycle Index 2035 Fund, Nuveen Lifecycle Index 2040 Fund, Nuveen Lifecycle Index 2045 Fund, Nuveen Lifecycle Index 2050 Fund, Nuveen Lifecycle Index 2055 Fund, Nuveen Lifecycle Index 2060 Fund and Nuveen Lifecycle Index 2065 Fund (thirteen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of May 31, 2025, the related statements of operations for the year ended May 31, 2025, the statements of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

July 28, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

 

4   


Portfolio of Investments May 31, 2025

Lifecycle Index Retirement Income

 

 

   SHARES        DESCRIPTION                 VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.6%(a)        
     FIXED INCOME—39.4%        

31,770,094

     Nuveen Bond Index Fund, Class W         $ 304,039,798  

 

 
     TOTAL FIXED INCOME           304,039,798  
    

 

 
     INFLATION-PROTECTED ASSETS—9.9%        

7,041,627

     Nuveen Inflation Linked Bond Fund, Class W           76,119,986  

 

 
     TOTAL INFLATION-PROTECTED ASSETS           76,119,986  
    

 

 
     INTERNATIONAL EQUITY—14.1%        

2,868,527

     Nuveen Emerging Markets Equity Index Fund, Class W           33,647,817  

2,901,224

     Nuveen International Equity Index Fund, Class W           75,054,666  

 

 
     TOTAL INTERNATIONAL EQUITY           108,702,483  
    

 

 
     SHORT-TERM FIXED INCOME—9.8%        

7,879,473

     Nuveen Short Term Bond Index Fund, Class W           76,036,914  

 

 
     TOTAL SHORT-TERM FIXED INCOME           76,036,914  
    

 

 
     U.S. EQUITY—26.4%        

4,941,735

     Nuveen Equity Index Fund, Class W           203,994,808  

 

 
     TOTAL U.S. EQUITY           203,994,808  

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $642,588,586)

          768,893,989  
    

 

 
PRINCIPAL        DESCRIPTION    RATE     MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%        
     REPURCHASE AGREEMENT—0.1%        

$1,041,000

  (b)    Fixed Income Clearing Corporation      4.260     06/02/25        1,041,000  

 

 
     TOTAL REPURCHASE AGREEMENT           1,041,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,041,000)

          1,041,000  
    

 

 
    

TOTAL INVESTMENTS—99.7%

(Cost $643,629,586)

          769,934,989  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.3%           2,697,527  
    

 

 
     NET ASSETS—100.0%         $    772,632,516  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $1,041,370 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 1/15/30, valued at $1,061,920.

 

See Notes to Financial Statements      5


Portfolio of Investments May 31, 2025

Lifecycle Index 2010

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     FIXED INCOME—39.6%         

27,224,191

     Nuveen Bond Index Fund, Class W          $ 260,535,505  

 

 
     TOTAL FIXED INCOME            260,535,505  
    

 

 
     INFLATION-PROTECTED ASSETS—9.9%         

6,033,484

     Nuveen Inflation Linked Bond Fund, Class W            65,221,958  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            65,221,958  
    

 

 
     INTERNATIONAL EQUITY—12.4%         

2,157,319

     Nuveen Emerging Markets Equity Index Fund, Class W            25,305,350  

2,181,997

     Nuveen International Equity Index Fund, Class W            56,448,252  

 

 
     TOTAL INTERNATIONAL EQUITY            81,753,602  
    

 

 
     SHORT-TERM FIXED INCOME—14.7%         

10,047,713

     Nuveen Short Term Bond Index Fund, Class W            96,960,435  

 

 
     TOTAL SHORT-TERM FIXED INCOME            96,960,435  
    

 

 
     U.S. EQUITY—23.3%         

3,716,694

     Nuveen Equity Index Fund, Class W            153,425,112  

 

 
     TOTAL U.S. EQUITY            153,425,112  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $532,061,721)

           657,896,612  
    

 

 
PRINCIPAL        DESCRIPTION    RATE      MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.2%         
     REPURCHASE AGREEMENT—0.2%         

$1,401,000

  (b)    Fixed Income Clearing Corporation      4.260%        06/02/25        1,401,000  

 

 
     TOTAL REPURCHASE AGREEMENT            1,401,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,401,000)

           1,401,000  
    

 

 
    

TOTAL INVESTMENTS—100.1%

(Cost $533,462,721)

           659,297,612  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.1)%            (984,673)  
    

 

 
     NET ASSETS—100.0%          $    658,312,939  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $1,401,497 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 1/15/30, valued at $1,429,078.

 

6      See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifecycle Index 2015

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—100.0%(a)         
     FIXED INCOME—39.5%         

41,366,929

     Nuveen Bond Index Fund, Class W          $ 395,881,508  

 

 
     TOTAL FIXED INCOME            395,881,508  
    

 

 
     INFLATION-PROTECTED ASSETS—9.9%         

9,130,313

     Nuveen Inflation Linked Bond Fund, Class W            98,698,685  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            98,698,685  
    

 

 
     INTERNATIONAL EQUITY—14.2%         

3,750,383

     Nuveen Emerging Markets Equity Index Fund, Class W            43,991,988  

3,793,215

     Nuveen International Equity Index Fund, Class W            98,130,474  

 

 
     TOTAL INTERNATIONAL EQUITY            142,122,462  
    

 

 
     SHORT-TERM FIXED INCOME—9.8%         

10,216,608

     Nuveen Short Term Bond Index Fund, Class W            98,590,267  

 

 
     TOTAL SHORT-TERM FIXED INCOME            98,590,267  
    

 

 
     U.S. EQUITY—26.6%         

6,461,124

     Nuveen Equity Index Fund, Class W            266,715,179  

 

 
     TOTAL U.S. EQUITY            266,715,179  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $775,903,084)

           1,002,008,101  
    

 

 
PRINCIPAL        DESCRIPTION    RATE      MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$992,000

  (b)    Fixed Income Clearing Corporation      4.260%        06/02/25        992,000  

 

 
     TOTAL REPURCHASE AGREEMENT            992,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $992,000)

           992,000  
    

 

 
    

TOTAL INVESTMENTS—100.1%

(Cost $776,895,084)

           1,003,000,101  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.1)%            (510,226)  
    

 

 
     NET ASSETS—100.0%          $    1,002,489,875  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $992,352 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 1/15/30, valued at $1,011,895.

 

See Notes to Financial Statements      7


Portfolio of Investments May 31, 2025

Lifecycle Index 2020

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—100.0%(a)         
     FIXED INCOME—38.5%         

121,030,730

     Nuveen Bond Index Fund, Class W          $ 1,158,264,084  

 

 
     TOTAL FIXED INCOME            1,158,264,084  
    

 

 
     INFLATION-PROTECTED ASSETS—7.9%         

21,891,366

     Nuveen Inflation Linked Bond Fund, Class W            236,645,669  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            236,645,669  
    

 

 
     INTERNATIONAL EQUITY—15.9%         

12,655,598

     Nuveen Emerging Markets Equity Index Fund, Class W            148,450,166  

12,799,759

     Nuveen International Equity Index Fund, Class W            331,129,768  

 

 
     TOTAL INTERNATIONAL EQUITY            479,579,934  
    

 

 
     SHORT-TERM FIXED INCOME—7.8%         

24,497,605

     Nuveen Short Term Bond Index Fund, Class W            236,401,887  

 

 
     TOTAL SHORT-TERM FIXED INCOME            236,401,887  
    

 

 
     U.S. EQUITY—29.9%         

21,802,156

     Nuveen Equity Index Fund, Class W            899,993,019  

 

 
     TOTAL U.S. EQUITY            899,993,019  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $2,327,558,799)

           3,010,884,593  
    

 

 
PRINCIPAL        DESCRIPTION    RATE      MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$3,160,000

  (b)    Fixed Income Clearing Corporation      4.260%        06/02/25        3,160,000  

 

 
     TOTAL REPURCHASE AGREEMENT            3,160,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $3,160,000)

           3,160,000  
    

 

 
    

TOTAL INVESTMENTS—100.1%

(Cost $2,330,718,799)

           3,014,044,593  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.1)%            (3,511,544)  
    

 

 
     NET ASSETS—100.0%          $    3,010,533,049  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $3,161,122 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $3,223,222.

 

8      See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifecycle Index 2025

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     FIXED INCOME—37.3%         

235,244,237

     Nuveen Bond Index Fund, Class W          $ 2,251,287,349  

 

 
     TOTAL FIXED INCOME            2,251,287,349  
    

 

 
     INFLATION-PROTECTED ASSETS—5.9%         

32,751,796

     Nuveen Inflation Linked Bond Fund, Class W            354,046,919  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            354,046,919  
    

 

 
     INTERNATIONAL EQUITY—17.7%         

28,137,725

     Nuveen Emerging Markets Equity Index Fund, Class W            330,055,510  

28,457,729

     Nuveen International Equity Index Fund, Class W            736,201,441  

 

 
     TOTAL INTERNATIONAL EQUITY            1,066,256,951  
    

 

 
     SHORT-TERM FIXED INCOME—5.9%         

36,646,811

     Nuveen Short Term Bond Index Fund, Class W            353,641,730  

 

 
     TOTAL SHORT-TERM FIXED INCOME            353,641,730  
    

 

 
     U.S. EQUITY—33.1%         

48,472,438

     Nuveen Equity Index Fund, Class W            2,000,942,246  

 

 
     TOTAL U.S. EQUITY            2,000,942,246  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $4,645,628,886)

           6,026,175,195  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$6,633,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        6,633,000  

 

 
     TOTAL REPURCHASE AGREEMENT            6,633,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $6,633,000)

           6,633,000  
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $4,652,261,886)

           6,032,808,195  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.0)%            (2,533,380)  
    

 

 
     NET ASSETS—100.0%          $     6,030,274,815  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $6,635,355 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date 6/30/31, valued at $6,765,713.

 

See Notes to Financial Statements      9


Portfolio of Investments May 31, 2025

Lifecycle Index 2030

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     FIXED INCOME—33.3%         

307,193,594

     Nuveen Bond Index Fund, Class W          $ 2,939,842,691  

 

 
     TOTAL FIXED INCOME            2,939,842,691  
    

 

 
     INFLATION-PROTECTED ASSETS—3.9%         

31,744,183

     Nuveen Inflation Linked Bond Fund, Class W            343,154,615  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            343,154,615  
    

 

 
     INTERNATIONAL EQUITY—20.4%         

47,575,654

     Nuveen Emerging Markets Equity Index Fund, Class W            558,062,420  

48,163,800

     Nuveen International Equity Index Fund, Class W            1,245,997,509  

 

 
     TOTAL INTERNATIONAL EQUITY            1,804,059,929  
    

 

 
     SHORT-TERM FIXED INCOME—3.9%         

35,541,457

     Nuveen Short Term Bond Index Fund, Class W            342,975,061  

 

 
     TOTAL SHORT-TERM FIXED INCOME            342,975,061  
    

 

 
     U.S. EQUITY—38.4%         

81,982,814

     Nuveen Equity Index Fund, Class W            3,384,250,543  

 

 
     TOTAL U.S. EQUITY            3,384,250,543  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $6,627,948,684)

           8,814,282,839  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$14,015,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        14,015,000  

 

 
     TOTAL REPURCHASE AGREEMENT            14,015,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $14,015,000)

           14,015,000  
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $6,641,963,684)

           8,828,297,839  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.0)%            (1,438,885)  
    

 

 
     NET ASSETS—100.0%          $    8,826,858,954  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $14,019,975 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.375% and maturity date 1/15/27, valued at $14,295,367.

 

10      See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifecycle Index 2035

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.8%(a)         
     FIXED INCOME—29.2%         

294,501,953

     Nuveen Bond Index Fund, Class W          $ 2,818,383,687  

 

 
     TOTAL FIXED INCOME            2,818,383,687  
    

 

 
     INFLATION-PROTECTED ASSETS—1.9%         

17,092,688

     Nuveen Inflation Linked Bond Fund, Class W            184,771,953  

 

 
     TOTAL INFLATION-PROTECTED ASSETS            184,771,953  
    

 

 
     INTERNATIONAL EQUITY—23.2%         

59,139,256

     Nuveen Emerging Markets Equity Index Fund, Class W            693,703,470  

59,794,349

     Nuveen International Equity Index Fund, Class W            1,546,879,811  

 

 
     TOTAL INTERNATIONAL EQUITY            2,240,583,281  
    

 

 
     SHORT-TERM FIXED INCOME—1.9%         

19,134,532

     Nuveen Short Term Bond Index Fund, Class W            184,648,230  

 

 
     TOTAL SHORT-TERM FIXED INCOME            184,648,230  
    

 

 
     U.S. EQUITY—43.6%         

101,857,668

     Nuveen Equity Index Fund, Class W            4,204,684,542  

 

 
     TOTAL U.S. EQUITY            4,204,684,542  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $7,005,474,440)

           9,633,071,693  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.2%         
     REPURCHASE AGREEMENT—0.2%         

$13,790,000

  (b)    Fixed Income Clearing Corporation       4.260%         06/02/25        13,790,000  

 

 
     TOTAL REPURCHASE AGREEMENT            13,790,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $13,790,000)

           13,790,000  
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $7,019,264,440)

           9,646,861,693  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.0%            2,414,884  
    

 

 
     NET ASSETS—100.0%          $    9,649,276,577  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $13,794,895 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $14,065,850.

 

See Notes to Financial Statements      11


Portfolio of Investments May 31, 2025

Lifecycle Index 2040

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.8%(a)         
     FIXED INCOME—21.3%         

227,278,720

     Nuveen Bond Index Fund, Class W          $ 2,175,057,354  

 

 
     TOTAL FIXED INCOME            2,175,057,354  
    

 

 
     INTERNATIONAL EQUITY—27.3%         

73,585,712

     Nuveen Emerging Markets Equity Index Fund, Class W            863,160,406  

74,359,012

     Nuveen International Equity Index Fund, Class W            1,923,667,628  

 

 
     TOTAL INTERNATIONAL EQUITY            2,786,828,034  
    

 

 
     U.S. EQUITY—51.2%         

126,676,764

     Nuveen Equity Index Fund, Class W            5,229,216,814  

 

 
     TOTAL U.S. EQUITY            5,229,216,814  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $6,948,609,278)

           10,191,102,202  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.2%         
     REPURCHASE AGREEMENT—0.2%         

$14,070,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        14,070,000  

 

 
     TOTAL REPURCHASE AGREEMENT            14,070,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $14,070,000)

           14,070,000  
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $6,962,679,278)

           10,205,172,202  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.0%            1,774,895  
    

 

 
     NET ASSETS—100.0%          $    10,206,947,097  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $14,074,995 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 9/30/30, valued at $14,351,422.

 

12      See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifecycle Index 2045

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.8%(a)         
     FIXED INCOME—13.6%         

124,618,296

     Nuveen Bond Index Fund, Class W          $ 1,192,597,095  

 

 
     TOTAL FIXED INCOME            1,192,597,095  
    

 

 
     INTERNATIONAL EQUITY—30.0%         

69,639,497

     Nuveen Emerging Markets Equity Index Fund, Class W            816,871,300  

70,372,832

     Nuveen International Equity Index Fund, Class W            1,820,545,161  

 

 
     TOTAL INTERNATIONAL EQUITY            2,637,416,461  
    

 

 
     U.S. EQUITY—56.2%         

119,815,497

     Nuveen Equity Index Fund, Class W            4,945,983,702  

 

 
     TOTAL U.S. EQUITY            4,945,983,702  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $6,032,862,517)

           8,775,997,258  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.2%         
     REPURCHASE AGREEMENT—0.2%         

$14,945,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        14,945,000  

 

 
     TOTAL REPURCHASE AGREEMENT            14,945,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $14,945,000)

           14,945,000  
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $6,047,807,517)

           8,790,942,258  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.0%            1,638,774  
    

 

 
     NET ASSETS—100.0%          $    8,792,581,032  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $14,950,305 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 9/30/30, valued at $15,243,982.

 

See Notes to Financial Statements      13


Portfolio of Investments May 31, 2025

Lifecycle Index 2050

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.8%(a)         
     FIXED INCOME—9.7%         

77,112,729

     Nuveen Bond Index Fund, Class W          $ 737,968,816  

 

 
     TOTAL FIXED INCOME            737,968,816  
    

 

 
     INTERNATIONAL EQUITY—31.3%         

62,855,228

     Nuveen Emerging Markets Equity Index Fund, Class W            737,291,829  

63,540,444

     Nuveen International Equity Index Fund, Class W            1,643,791,276  

 

 
     TOTAL INTERNATIONAL EQUITY            2,381,083,105  
    

 

 
     U.S. EQUITY—58.8%         

108,172,275

     Nuveen Equity Index Fund, Class W            4,465,351,510  

 

 
     TOTAL U.S. EQUITY            4,465,351,510  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $5,243,391,321)

           7,584,403,431  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$10,297,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        10,297,000  

 

 
     TOTAL REPURCHASE AGREEMENT            10,297,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $10,297,000)

           10,297,000  
    

 

 
    

TOTAL INVESTMENTS—99.9%

(Cost $5,253,688,321)

           7,594,700,431  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.1%            3,802,173  
    

 

 
     NET ASSETS—100.0%          $    7,598,502,604  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $10,300,655 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $10,502,974.

 

14    See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifecycle Index 2055

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.8%(a)         
     FIXED INCOME—8.5%         

42,359,678

     Nuveen Bond Index Fund, Class W          $ 405,382,122  

 

 
     TOTAL FIXED INCOME            405,382,122  
    

 

 
     INTERNATIONAL EQUITY—31.8%         

39,985,390

     Nuveen Emerging Markets Equity Index Fund, Class W            469,028,621  

40,379,207

     Nuveen International Equity Index Fund, Class W            1,044,610,076  

 

 
     TOTAL INTERNATIONAL EQUITY            1,513,638,697  
    

 

 
     U.S. EQUITY—59.5%         

68,779,519

     Nuveen Equity Index Fund, Class W            2,839,218,526  

 

 
     TOTAL U.S. EQUITY            2,839,218,526  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $3,462,083,834)

           4,758,239,345  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.2%         
     REPURCHASE AGREEMENT—0.2%         

$8,420,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        8,420,000  

 

 
     TOTAL REPURCHASE AGREEMENT            8,420,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $8,420,000)

           8,420,000  
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $3,470,503,834)

           4,766,659,345  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.0%            2,000,228  
    

 

 
     NET ASSETS—100.0%          $    4,768,659,573  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $8,422,989 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 4/15/26, valued at $8,588,402.

 

See Notes to Financial Statements    15


Portfolio of Investments May 31, 2025

Lifecycle Index 2060

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.8%(a)         
     FIXED INCOME—7.3%         

21,260,838

     Nuveen Bond Index Fund, Class W          $ 203,466,221  

 

 
     TOTAL FIXED INCOME            203,466,221  
    

 

 
     INTERNATIONAL EQUITY—32.2%         

23,712,768

     Nuveen Emerging Markets Equity Index Fund, Class W            278,150,768  

23,935,102

     Nuveen International Equity Index Fund, Class W            619,201,078  

 

 
     TOTAL INTERNATIONAL EQUITY            897,351,846  
    

 

 
     U.S. EQUITY—60.3%         

40,751,431

     Nuveen Equity Index Fund, Class W            1,682,219,082  

 

 
     TOTAL U.S. EQUITY            1,682,219,082  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $2,137,134,610)

           2,783,037,149  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.2%         
     REPURCHASE AGREEMENT—0.2%         

$6,263,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        6,263,000  

 

 
     TOTAL REPURCHASE AGREEMENT            6,263,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $6,263,000)

           6,263,000  
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $2,143,397,610)

           2,789,300,149  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.0%            848,781  
    

 

 
     NET ASSETS—100.0%          $    2,790,148,930  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $6,265,223 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.625% and maturity date 7/15/32, valued at $6,388,302.

 

16    See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifecycle Index 2065

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.6%(a)         
     FIXED INCOME—6.1%         

3,912,036

     Nuveen Bond Index Fund, Class W          $ 37,438,185  

 

 
     TOTAL FIXED INCOME            37,438,185  
    

 

 
     INTERNATIONAL EQUITY—32.5%         

5,275,117

     Nuveen Emerging Markets Equity Index Fund, Class W            61,877,119  

5,327,748

     Nuveen International Equity Index Fund, Class W            137,828,838  

 

 
     TOTAL INTERNATIONAL EQUITY            199,705,957  
    

 

 
     U.S. EQUITY—61.0%         

9,058,251

     Nuveen Equity Index Fund, Class W            373,924,587  

 

 
     TOTAL U.S. EQUITY            373,924,587  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $523,023,229)

           611,068,729  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.4%         
     REPURCHASE AGREEMENT—0.4%         

$2,382,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        2,382,000  

 

 
     TOTAL REPURCHASE AGREEMENT            2,382,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,382,000)

           2,382,000  
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $525,405,229)

           613,450,729  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.0)%            (202,222)  
    

 

 
     NET ASSETS—100.0%          $    613,248,507  
    

 

 

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $2,382,846 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/53, valued at $2,429,724.

 

See Notes to Financial Statements    17


Statement of Assets and Liabilities

 

May 31, 2025   

Lifecycle Index

Retirement Income

     Lifecycle Index 2010      Lifecycle Index 2015      Lifecycle Index 2020  

ASSETS

           

Affiliated investments, at value

   $ 768,893,989      $ 657,896,612      $ 1,002,008,101      $ 3,010,884,593  

Short-term investments, at value#

     1,041,000        1,401,000        992,000        3,160,000  

Cash

            102        293         

Receivables:

           

Dividends

     1,239,402        1,182,186        1,615,237        4,536,878  

Interest

     246        332        235        748  

Investments sold

     5,596,714        4,729,241        7,795,450        24,026,231  

Reimbursement from Adviser

     73,063        71,223        93,843        228,076  

Shares sold

     3,346,957        89,786        113,108        583,094  

Other

     24,476        42,839        74,462        156,860  

Total assets

     780,215,847        665,413,321        1,012,692,729        3,043,576,480  

LIABILITIES

           

Due to affiliates

     9,617        9,458        10,291        14,803  

Cash overdraft

     308                      113  

Payables:

           

Management fees

     110,484        95,035        144,194        423,482  

Investments purchased — regular settlement

     7,027,692        6,578,289        9,296,272        28,417,499  

Shares redeemed

     348,179        310,149        594,166        3,855,697  

Service agreement fees

     7,942        9,306        14,517        35,499  

Accrued expenses:

           

Custodian fees

     3,240        3,236        3,257        3,248  

Professional fees

     139        128        205        613  

Shareholder reporting expenses

     24,920        25,731        33,288        71,111  

Shareholder servicing agent fees

     9,295        7,888        8,422        10,996  

Trustees fees

     26,033        44,260        76,808        163,810  

12b-1 distribution and service fees

     432        2,419        3,578        9,267  

Other

     15,050        14,483        17,856        37,293  

Total liabilities

     7,583,331        7,100,382        10,202,854        33,043,431  

Net assets

   $ 772,632,516      $ 658,312,939      $ 1,002,489,875      $ 3,010,533,049  
                                  

NET ASSETS CONSIST OF:

           

Paid-in capital

   $ 676,330,173      $ 552,151,341      $ 801,499,898      $ 2,383,587,298  

Total distributable earnings (loss)

     96,302,343        106,161,598        200,989,977        626,945,751  

Net assets

   $ 772,632,516      $ 658,312,939      $ 1,002,489,875      $ 3,010,533,049  
                                  

Affiliated investments, cost

   $ 642,588,586      $ 532,061,721      $ 775,903,084      $ 2,327,558,799  

# Short-term investments, cost

   $ 1,041,000      $ 1,401,000      $ 992,000      $ 3,160,000  

CLASS I:

           

Net assets

   $ 2,319,635      $ 1,268,340      $ 1,804,960      $ 10,377,291  

Shares outstanding

     140,636        75,096        102,219        529,892  

Net asset value (“NAV”) and offering price per share

   $ 16.49      $ 16.89      $ 17.66      $ 19.58  
                                  

PREMIER CLASS:

           

Net assets

   $ 3,428,923      $ 19,178,077      $ 28,253,700      $ 73,532,346  

Shares outstanding

     207,968        1,141,675        1,609,761        3,774,396  

NAV and offering price per share

   $ 16.49      $ 16.80      $ 17.55      $ 19.48  
                                  

CLASS R6:

           

Net assets

   $    729,237,392      $    593,657,768      $    903,167,710      $    2,758,073,073  

Shares outstanding

     44,181,305        35,197,528        51,179,255        140,744,922  

NAV and offering price per share

   $ 16.51      $ 16.87      $ 17.65      $ 19.60  
                                  

RETIREMENT CLASS:

           

Net assets

   $ 37,646,566      $ 44,208,754      $ 69,263,505      $ 168,550,339  

Shares outstanding

     2,286,259        2,648,694        3,960,231        8,684,800  

NAV and offering price per share

   $ 16.47      $ 16.69      $ 17.49      $ 19.41  
                                  

Authorized shares — per class

     Unlimited        Unlimited        Unlimited        Unlimited  

Par value per share

   $ 0.0001      $ 0.0001      $ 0.0001      $ 0.0001  
                                  

 

18    See Notes to Financial Statements


 

Lifecycle Index 2025      Lifecycle Index 2030      Lifecycle Index 2035      Lifecycle Index 2040      Lifecycle Index 2045      Lifecycle Index 2050  
                  
 $ 6,026,175,195       $ 8,814,282,839      $ 9,633,071,693      $ 10,191,102,202      $ 8,775,997,258      $ 7,584,403,431  
  6,633,000        14,015,000        13,790,000        14,070,000        14,945,000        10,297,000  
  677        1,209        1,704        1,351        689        490  
  8,417,962        10,483,436        9,482,851        6,769,021        3,695,941        2,287,285  
  1,570        3,317        3,264        3,330        3,537        2,437  
  49,870,287        69,707,844        73,700,632        57,952,175        35,054,508        25,788,272  
  404,208        545,814        561,013        551,105        479,769        414,750  
  3,256,657        7,410,557        9,020,031        9,309,514        10,822,879        8,741,622  
  213,736        247,528        240,766        260,167        175,932        139,707  
  6,094,973,292        8,916,697,544        9,739,871,954        10,280,018,865        8,841,175,513        7,632,074,994  
  21,536        27,255        28,767        29,972        26,779        24,106  
                                      
  826,898        1,170,593        1,240,880        1,269,177        1,082,994        932,070  
  58,348,733        84,707,406        86,717,059        68,149,175        44,667,321        30,628,436  
  4,996,946        3,306,212        1,979,844        2,970,937        2,302,843        1,552,333  
  67,592        91,615        86,699        84,117        71,712        60,466  
  3,260        3,239        3,256        3,254        3,246        3,245  
  1,224        1,729        1,864        1,976        1,688        1,445  
  114,730        142,416        147,661        156,546        140,138        128,808  
  12,808        14,832        14,084        14,651        14,161        14,237  
  227,330        266,146        260,545        280,988        193,479        154,610  
  17,128        22,969        28,067        28,149        20,789        14,700  
  60,292        84,178        86,651        82,826        69,331        57,934  
  64,698,477        89,838,590        90,595,377        73,071,768        48,594,481        33,572,390  
 $    6,030,274,815       $    8,826,858,954      $ 9,649,276,577      $ 10,206,947,097      $ 8,792,581,032      $ 7,598,502,604  
                                            
              
 $ 4,744,114,969       $ 6,759,188,226      $ 7,151,495,110      $ 7,102,485,240      $ 6,164,659,256      $ 5,358,027,730  
  1,286,159,846        2,067,670,728        2,497,781,467        3,104,461,857        2,627,921,776        2,240,474,874  
 $ 6,030,274,815       $ 8,826,858,954      $    9,649,276,577      $    10,206,947,097      $    8,792,581,032      $    7,598,502,604  
                                            
 $ 4,645,628,886       $ 6,627,948,684      $ 7,005,474,440      $ 6,948,609,278      $ 6,032,862,517      $ 5,243,391,321  
 $ 6,633,000       $ 14,015,000      $ 13,790,000      $ 14,070,000      $ 14,945,000      $ 10,297,000  
              
 $ 25,649,920       $ 47,719,227      $ 38,353,454      $ 39,039,306      $ 40,893,540      $ 32,203,639  
  1,156,222        1,897,361        1,373,005        1,273,414        1,263,420        974,200  
 $ 22.18       $ 25.15      $ 27.93      $ 30.66      $ 32.37      $ 33.06  
                                            
 $ 136,156,302       $ 182,901,141      $ 223,982,063      $ 225,219,233      $ 166,235,605      $ 118,135,802  
  6,159,317        7,307,879        8,059,926        7,388,342        5,157,360        3,591,361  
 $ 22.11       $ 25.03      $ 27.79      $ 30.48      $ 32.23      $ 32.89  
                                            
 $ 5,549,726,587       $ 8,158,760,484      $ 8,972,458,231      $ 9,541,207,322      $ 8,243,473,139      $ 7,159,904,702  
  249,791,911        323,979,486        320,757,424        310,949,699        254,266,667        216,279,687  
 $ 22.22       $ 25.18      $ 27.97      $ 30.68      $ 32.42      $ 33.10  
                                            
 $ 318,742,006       $ 437,478,102      $ 414,482,829      $ 401,481,236      $ 341,978,748      $ 288,258,461  
  14,497,290        17,561,286        14,984,544        13,223,697        10,666,510        8,811,212  
 $ 21.99       $ 24.91      $ 27.66      $ 30.36      $ 32.06      $ 32.71  
                                            
  Unlimited        Unlimited        Unlimited        Unlimited        Unlimited        Unlimited  
 $ 0.0001       $ 0.0001      $ 0.0001      $ 0.0001      $ 0.0001      $ 0.0001  
                                            


Statement of Assets and Liabilities (continued)

 

May 31, 2025    Lifecycle Index 2055      Lifecycle Index 2060      Lifecycle Index 2065  

ASSETS

        

Affiliated investments, at value

   $ 4,758,239,345      $ 2,783,037,149      $ 611,068,729  

Short-term investments, at value#

     8,420,000        6,263,000        2,382,000  

Cash

     544        144         

Receivables:

        

Dividends

     1,252,210        625,691        113,035  

Interest

     1,993        1,482        564  

Investments sold

     15,192,350        7,803,235        1,297,041  

Reimbursement from Adviser

     276,255        175,489        62,624  

Shares sold

     7,940,519        5,505,929        1,845,733  

Other

     68,425        30,533        18,023  

Total assets

     4,791,391,641        2,803,442,652        616,787,749  

LIABILITIES

        

Due to affiliates

     17,982        13,734        9,158  

Cash overdraft

                   364  

Payables:

        

Management fees

     582,969        339,853        73,687  

Investments purchased — regular settlement

     20,017,406        11,864,183        3,172,073  

Shares redeemed

     1,835,127        890,319        220,404  

Service agreement fees

     36,395        20,053        3,130  

Accrued expenses:

        

Custodian fees

     3,278        3,259        3,253  

Professional fees

     892        509         

Shareholder reporting expenses

     100,391        84,243        34,395  

Shareholder servicing agent fees

     13,413        12,654        3,628  

Trustees fees

     77,441        35,579        4,156  

12b-1 distribution and service fees

     6,748        4,651        575  

Other

     40,026        24,685        14,419  

Total liabilities

     22,732,068        13,293,722        3,539,242  

Net assets

   $    4,768,659,573      $    2,790,148,930      $    613,248,507  
                          

NET ASSETS CONSIST OF:

        

Paid-in capital

   $ 3,531,526,321      $ 2,177,323,983      $ 528,254,511  

Total distributable earnings (loss)

     1,237,133,252        612,824,947        84,993,996  

Net assets

   $ 4,768,659,573      $ 2,790,148,930      $ 613,248,507  
                          

Affiliated investments, cost

   $ 3,462,083,834      $ 2,137,134,610      $ 523,023,229  

# Short-term investments, cost

   $ 8,420,000      $ 6,263,000      $ 2,382,000  

CLASS I:

        

Net assets

   $ 30,007,675      $ 19,422,452      $ 6,481,086  

Shares outstanding

     1,121,314        933,720        439,772  

Net asset value (“NAV”) and offering price per share

   $ 26.76      $ 20.80      $ 14.74  
                          

PREMIER CLASS:

        

Net assets

   $ 54,408,303      $ 37,516,668      $ 4,708,844  

Shares outstanding

     2,038,086        1,808,308        320,020  

NAV and offering price per share

   $ 26.70      $ 20.75      $ 14.71  
                          

CLASS R6:

        

Net assets

   $ 4,510,607,248      $ 2,636,943,588      $ 586,753,094  

Shares outstanding

     168,331,669        126,701,622        39,315,495  

NAV and offering price per share

   $ 26.80      $ 20.81      $ 14.92  
                          

RETIREMENT CLASS:

        

Net assets

   $ 173,636,347      $ 96,266,222      $ 15,305,483  

Shares outstanding

     6,524,917        4,652,380        1,039,769  

NAV and offering price per share

   $ 26.61      $ 20.69      $ 14.72  
                          

Authorized shares — per class

     Unlimited        Unlimited        Unlimited  

Par value per share

   $ 0.0001      $ 0.0001      $ 0.0001  
                          

 

20    See Notes to Financial Statements


 

 

[This page intentionally left blank.]

 

 

 

 

 

 


Statement of Operations

 

Year Ended May 31, 2025   Lifecycle Index
Retirement Income
    Lifecycle Index
2010
    Lifecycle Index
2015
    Lifecycle Index
2020
    Lifecycle Index
2025
 

INVESTMENT INCOME

         

Dividends from affiliated investments

  $ 21,862,178     $ 20,490,023     $ 31,505,256     $ 90,054,347     $ 170,987,034  

Interest

    45,815       31,695       38,900       101,163       238,124  

Total investment income

    21,907,993       20,521,718       31,544,156       90,155,510       171,225,158  

EXPENSES

         

Management fees

    1,238,918       1,110,285       1,768,166       5,125,874       9,875,884  

12b-1 distribution and service fees — Premier Class

    5,028       28,064       43,044       109,309       201,099  

Shareholder servicing agent fees — Class I

    105       107       143       751       1,055  

Shareholder servicing agent fees — Premier Class

    182       145       158       249       371  

Shareholder servicing agent fees — Class R6

    47,896       41,519       44,319       55,950       63,484  

Shareholder servicing agent fees — Retirement Class

    90,938       121,564       188,898       456,932       866,035  

Administrative service fees

    37,806       37,198       40,495       58,075       84,707  

Trustees fees

    11,982       10,637       17,255       51,311       102,113  

Custodian expenses

    7,664       7,670       7,701       7,694       7,724  

Overdraft expense

    18,264       5,485       9,946       10,393       10,049  

Professional fees

    15,864       15,805       16,120       17,815       20,391  

Registration fees

    68,582       68,312       67,783       72,828       78,650  

Shareholder reporting expenses

    54,603       60,712       68,438       114,045       163,441  

Other

    95,919       92,707       130,319       336,300       623,366  

Total expenses

    1,693,751       1,600,210       2,402,785       6,417,526       12,098,369  

Expenses reimbursed by the investment adviser

    (266,513     (265,579     (286,644     (405,800     (547,508

Fee waiver by investment adviser

    (580,390     (521,826     (809,857     (2,282,325     (4,205,873

Net expenses

    846,848       812,805       1,306,284       3,729,401       7,344,988  

Net investment income (loss)

    21,061,145       19,708,913       30,237,872       86,426,109       163,880,170  
                                     

REALIZED AND UNREALIZED GAIN (LOSS)

         

Realized gain (loss):

         

Investments

                             

Affiliated investments

    8,074,136       8,123,502       27,374,427       71,599,641       110,927,850  

Distributions from affiliated investments

    568,607       471,747       860,672       2,871,841       6,372,074  

Net realized gain (loss)

    8,642,743       8,595,249       28,235,099       74,471,482       117,299,924  

Change in unrealized appreciation (depreciation) on:

         

Affiliated investments

    30,549,753       23,288,661       28,005,958       104,194,088       259,274,376  

Net change in unrealized appreciation (depreciation)

    30,549,753       23,288,661       28,005,958       104,194,088       259,274,376  

Net realized and unrealized gain (loss)

    39,192,496       31,883,910       56,241,057       178,665,570       376,574,300  

Net increase (decrease) in net assets from operations

  $    60,253,641     $    51,592,823     $    86,478,929     $    265,091,679     $    540,454,470  
                                     

 

22    See Notes to Financial Statements


 

Lifecycle Index
2030
    Lifecycle Index
2035
    Lifecycle Index
2040
    Lifecycle Index
2045
    Lifecycle Index
2050
    Lifecycle Index
2055
    Lifecycle Index
2060
 
               
$    226,370,425     $    227,398,695     $    219,579,121     $    176,360,120     $    146,203,188     $    88,979,305     $    50,080,111  
  439,541       532,559       548,763       509,416       447,070       320,614       211,045  
  226,809,966       227,931,254       220,127,884       176,869,536       146,650,258       89,299,919       50,291,156  
               
  13,474,913       14,023,410       14,334,217       12,090,250       10,284,015       6,304,188       3,584,265  

 

262,833

 

    314,772       317,727       225,879       161,151       71,713       46,665  
  2,611       1,946       2,286       1,759       2,112       1,906       1,397  
  452       519       499       405       363       273       226  
  68,982       69,231       72,122       68,541       69,058       63,399       60,447  

 

1,116,181

 

    1,051,316       1,004,424       840,483       709,028       426,500       229,840  
  106,961       112,945       117,556       105,149       94,439       70,409       53,892  
  142,936       153,317       161,721       137,490       117,075       71,626       40,776  
  7,694       7,709       7,716       7,696       7,687       7,737       7,711  
  4,575       7,362       5,091       4,376       1,746       2,060       1,061  
  22,561       23,152       23,108       21,916       20,878       18,538       17,435  
  92,349       101,166       91,514       89,409       81,021       80,442       73,574  
  198,133       210,600       227,374       226,134       222,053       219,522       199,148  
  843,471       878,874       915,849       784,260       675,908       421,014       247,525  
  16,344,652       16,956,319       17,281,204       14,603,747       12,446,534       7,759,327       4,563,962  
  (662,148)       (693,218     (716,519     (667,536     (625,114     (545,430     (468,696
  (5,533,868)       (5,535,598     (5,410,576     (4,569,027     (3,830,239     (2,351,361     (1,338,835
  10,148,636       10,727,503       11,154,109       9,367,184       7,991,181       4,862,536       2,756,431  
  216,661,330       217,203,751       208,973,775       167,502,352       138,659,077       84,437,383       47,534,725  
                                              
               
               
                                1,946       609  
  65,069,193       56,356,998       47,951,094       5,096,714       (4,780,609     (11,604,378     (6,234,999
  10,372,768       12,739,196       15,744,579       14,676,369       13,040,130       8,133,743       4,687,403  
  75,441,961       69,096,194       63,695,673       19,773,083       8,259,521       (3,468,689     (1,546,987
               
  507,666,487       617,653,961       751,492,485       722,367,306       648,549,037       410,171,669       237,114,145  

 

507,666,487

 

    617,653,961       751,492,485       722,367,306       648,549,037       410,171,669       237,114,145  
  583,108,448       686,750,155       815,188,158       742,140,389       656,808,558       406,702,980       235,567,158  

$

799,769,778

 

  $ 903,953,906     $ 1,024,161,933     $ 909,642,741     $ 795,467,635     $ 491,140,363     $ 283,101,883  
                                              


Statement of Operations (continued)

 

Year Ended May 31, 2025    Lifecycle Index 2065  

INVESTMENT INCOME

  

Dividends from affiliated investments

   $ 9,362,784  

Interest

     68,009  

Total investment income

     9,430,793  

EXPENSES

  

Management fees

     680,037  

12b-1 distribution and service fees — Premier Class

     5,298  

Shareholder servicing agent fees — Class I

     235  

Shareholder servicing agent fees — Premier Class

     109  

Shareholder servicing agent fees — Class R6

     16,604  

Shareholder servicing agent fees — Retirement Class

     32,166  

Administrative service fees

     35,946  

Trustees fees

     7,579  

Custodian expenses

     7,694  

Overdraft expense

     1,681  

Professional fees

     15,190  

Registration fees

     75,825  

Shareholder reporting expenses

     119,204  

Other

     62,332  

Total expenses

     1,059,900  

Expenses reimbursed by the investment adviser

     (296,938

Fee waiver by investment adviser

     (259,412

Net expenses

     503,550  

Net investment income (loss)

     8,927,243  
          

REALIZED AND UNREALIZED GAIN (LOSS)

  

Realized gain (loss):

  

Investments

     194  

Affiliated investments

     (1,197,048

Distributions from affiliated investments

     893,752  

Net realized gain (loss)

     (303,102

Change in unrealized appreciation (depreciation) on:

  

Affiliated investments

     44,805,580  

Net change in unrealized appreciation (depreciation)

     44,805,580  

Net realized and unrealized gain (loss)

     44,502,478  

Net increase (decrease) in net assets from operations

   $     53,429,721  
          

 

24    See Notes to Financial Statements


 

 

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Statement of Changes in Net Assets

 

     Lifecycle Index Retirement Income     Lifecycle Index 2010  
  

 

 

 
     Year Ended     Year Ended     Year Ended     Year Ended  
      5/31/25     5/31/24     5/31/25     5/31/24  

OPERATIONS

        

Net investment income (loss)

   $    21,061,145     $    19,181,416     $    19,708,913     $    18,170,266  

Net realized gain (loss)

     8,642,743       (1,863,287     8,595,249       11,515,679  

Net change in unrealized appreciation (depreciation)

     30,549,753       50,865,338       23,288,661       28,715,167  

Net increase (decrease) in net assets from operations

     60,253,641       68,183,467       51,592,823       58,401,112  

DISTRIBUTIONS TO SHAREHOLDERS

        

Dividends:

        

Class I

     (117,405     (66,654     (63,151     (40,636

Premier Class

     (169,007     (89,487     (1,082,179     (640,813

Class R6

     (34,079,677     (17,810,107     (35,269,602     (18,866,826

Retirement Class

     (1,777,446     (892,490     (3,166,503     (1,712,599

Total distributions

     (36,143,535     (18,858,738     (39,581,435     (21,260,874

FUND SHARE TRANSACTIONS

        

Subscriptions

     291,021,152       228,699,434       151,595,921       102,244,672  

Reinvestments of distributions

     32,356,472       17,074,412       38,618,995       20,685,528  

Redemptions

     (279,862,514     (206,207,587     (173,126,796     (161,485,076

Net increase (decrease) from Fund share transactions

     43,515,110       39,566,259       17,088,120       (38,554,876

Net increase (decrease) in net assets

     67,625,216       88,890,988       29,099,508       (1,414,638

Net assets at the beginning of period

     705,007,300       616,116,312       629,213,431       630,628,069  

Net assets at the end of period

   $ 772,632,516     $ 705,007,300     $ 658,312,939     $ 629,213,431  
                                  

 

26    See Notes to Financial Statements


 

Lifecycle Index 2015     Lifecycle Index 2020     Lifecycle Index 2025     Lifecycle Index 2030  
    Year Ended         Year Ended         Year Ended         Year Ended         Year Ended         Year Ended         Year Ended         Year Ended  
  5/31/25       5/31/24       5/31/25       5/31/24       5/31/25       5/31/24       5/31/25       5/31/24  
             
$ 30,237,872     $ 29,528,702     $ 86,426,109     $ 83,475,927     $ 163,880,170     $ 149,276,325     $ 216,661,330     $ 184,957,648  
  28,235,099       29,191,861       74,471,482       72,223,040       117,299,924       64,679,933       75,441,961       14,699,286  
  28,005,958       48,941,127       104,194,088       185,928,230       259,274,376       486,567,331       507,666,487       821,935,951  
  86,478,929       107,661,690       265,091,679       341,627,197       540,454,470       700,523,589       799,769,778       1,021,592,885  
                 
                 
  (88,784     (51,579     (498,250     (344,758     (1,003,354     (516,749     (1,182,128     (787,909
  (2,068,961     (1,130,702     (4,616,954     (2,630,651     (7,179,439     (3,088,317     (5,945,242     (3,774,690
  (67,904,425     (37,227,345     (181,210,212     (95,417,147     (303,398,019     (134,076,644     (273,631,618     (165,971,088
  (5,598,328     (3,222,645     (11,760,622     (6,456,175     (18,513,073     (9,192,903     (14,885,398     (10,065,889
  (75,660,498     (41,632,271     (198,086,038     (104,848,731     (330,093,885     (146,874,613     (295,644,386     (180,599,576
                 
  172,676,982       151,507,550       478,699,383       439,324,873       1,108,526,763       960,723,344       1,686,687,488       1,352,337,152  
  73,233,137       40,289,147       187,563,849       99,481,968       309,535,961       137,705,788       279,825,532       171,408,393  
  (301,583,382     (252,534,883     (806,495,302     (725,515,692     (1,550,158,915     (1,121,209,317     (1,662,264,742     (1,129,816,307
  (55,673,263     (60,738,186     (140,232,070     (186,708,851     (132,096,191     (22,780,185     304,248,278       393,929,238  
  (44,854,832     5,291,233       (73,226,429     50,069,615       78,264,394       530,868,791       808,373,670       1,234,922,547  
  1,047,344,707       1,042,053,474       3,083,759,478       3,033,689,863       5,952,010,421       5,421,141,630       8,018,485,284       6,783,562,737  
$  1,002,489,875     $  1,047,344,707     $  3,010,533,049     $  3,083,759,478     $  6,030,274,815     $  5,952,010,421     $  8,826,858,954     $  8,018,485,284  
                                                             


Statement of Changes in Net Assets (continued)

 

     Lifecycle Index 2035     Lifecycle Index 2040  
  

 

 

 
         Year Ended         Year Ended         Year Ended         Year Ended  
      5/31/25     5/31/24     5/31/25     5/31/24  

OPERATIONS

        

Net investment income (loss)

   $ 217,203,751     $ 180,176,861     $ 208,973,775     $ 176,760,375  

Net realized gain (loss)

     69,096,194       (474,339     63,695,673       (6,246,244

Net change in unrealized appreciation (depreciation)

     617,653,961       1,005,567,850       751,492,485       1,226,215,207  

Net increase (decrease) in net assets from operations

     903,953,906       1,185,270,372       1,024,161,933       1,396,729,338  

DISTRIBUTIONS TO SHAREHOLDERS

        

Dividends:

        

Class I

     (813,802     (567,772     (651,409     (538,589

Premier Class

     (5,989,524     (3,857,289     (4,840,887     (3,954,076

Class R6

     (253,729,318     (154,914,286     (218,138,231     (156,485,700

Retirement Class

     (11,900,721     (8,392,031     (9,014,779     (7,629,130

Total distributions

     (272,433,365     (167,731,378     (232,645,306     (168,607,495

FUND SHARE TRANSACTIONS

        

Subscriptions

     1,806,236,316       1,550,811,050       1,756,021,929       1,499,345,228  

Reinvestments of distributions

     258,157,477       159,535,720       223,656,958       162,404,648  

Redemptions

     (1,504,510,809     (1,034,946,977     (1,438,406,436     (979,972,778

Net increase (decrease) from Fund share transactions

     559,882,984       675,399,793       541,272,451       681,777,098  

Net increase (decrease) in net assets

     1,191,403,525       1,692,938,787       1,332,789,078       1,909,898,941  

Net assets at the beginning of period

     8,457,873,052       6,764,934,265       8,874,158,019       6,964,259,078  

Net assets at the end of period

   $    9,649,276,577     $    8,457,873,052     $    10,206,947,097     $    8,874,158,019  
                                  

 

28    See Notes to Financial Statements


 

 

Lifecycle Index 2045     Lifecycle Index 2050     Lifecycle Index 2055     Lifecycle Index 2060  
    Year Ended         Year Ended         Year Ended         Year Ended         Year Ended         Year Ended         Year Ended         Year Ended  
  5/31/25       5/31/24       5/31/25       5/31/24       5/31/25       5/31/24       5/31/25       5/31/24  
             
$ 167,502,352     $ 139,543,831     $ 138,659,077     $ 115,371,907     $ 84,437,383     $ 67,167,653     $ 47,534,725     $ 35,595,418  
  19,773,083       (18,462,193     8,259,521       (18,290,248     (3,468,689     (10,682,424     (1,546,987     (7,554,269
  722,367,306       1,103,795,492       648,549,037       965,448,337       410,171,669       572,567,307       237,114,145       312,641,706  
  909,642,741       1,224,877,130       795,467,635       1,062,529,996       491,140,363       629,052,536       283,101,883       340,682,855  
                 
                 
  (613,058     (509,242     (499,834     (420,271     (416,694     (357,393     (279,754     (243,062
  (3,279,927     (2,377,862     (2,272,007     (1,913,988     (998,833     (879,223     (646,601     (487,237
  (174,404,153     (126,387,605     (144,424,672     (111,468,488     (86,948,304     (64,935,523     (48,633,549     (34,405,231
  (6,929,507     (6,085,403     (5,627,412     (5,413,361     (3,326,374     (2,974,797     (1,767,146     (1,483,183
  (185,226,645     (135,360,112     (152,823,925     (119,216,108     (91,690,205     (69,146,936     (51,327,050     (36,618,713
                 
  1,685,678,833       1,496,589,665       1,554,428,479       1,274,445,721       1,211,338,705       974,906,030       916,864,515       696,416,289  
  176,964,444       129,762,323       146,386,863       114,459,662       87,358,025       66,096,262       48,792,262       34,946,899  
  (1,213,874,110     (817,713,723     (1,009,906,407     (679,999,600     (677,868,661     (470,471,723     (485,389,715     (310,232,315
  648,769,167       808,638,265       690,908,935       708,905,783       620,828,069       570,530,569       480,267,062       421,130,873  
  1,373,185,263       1,898,155,283       1,333,552,645       1,652,219,671       1,020,278,227       1,130,436,169       712,041,895       725,195,015  
  7,419,395,769       5,521,240,486       6,264,949,959       4,612,730,288       3,748,381,346       2,617,945,177       2,078,107,035       1,352,912,020  
$  8,792,581,032     $  7,419,395,769     $  7,598,502,604     $  6,264,949,959     $  4,768,659,573     $  3,748,381,346     $  2,790,148,930     $  2,078,107,035  
                                                             


Statement of Changes in Net Assets (continued)

 

           Lifecycle Index 2065        
                 Year Ended                  Year Ended  
          5/31/25          5/31/24  
                          

OPERATIONS

          

Net investment income (loss)

   $      8,927,243     $      4,753,605  

Net realized gain (loss)

        (303,102        (685,013

Net change in unrealized appreciation (depreciation)

        44,805,580          42,485,825  

Net increase (decrease) in net assets from operations

          53,429,721            46,554,417  

DISTRIBUTIONS TO SHAREHOLDERS

          

Dividends:

          

Class I

        (77,380        (63,731

Premier Class

        (64,806        (52,902

Class R6

        (9,175,272        (4,551,523

Retirement Class

        (241,122        (144,162

Total distributions

          (9,558,580          (4,812,318

FUND SHARE TRANSACTIONS

          

Subscriptions

        318,780,874          208,269,379  

Reinvestments of distributions

        9,305,846          4,604,356  

Redemptions

        (97,733,433        (43,759,994

Net increase (decrease) from Fund share transactions

          230,353,287            169,113,741  

Net increase (decrease) in net assets

        274,224,428          210,855,840  

Net assets at the beginning of period

        339,024,079          128,168,239  

Net assets at the end of period

   $      613,248,507     $      339,024,079  
                            

 

30    See Notes to Financial Statements


 

 

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Financial Highlights

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index Retirement Income

 

                                                         

Class I:

                  

5/31/25

   $ 15.99      $ 0.48      $ 0.87     $ 1.35     $ (0.49   $ (0.36   $ (0.85   $ 16.49  

5/31/24

     14.90        0.43        1.08       1.51       (0.41     (0.01     (0.42     15.99  

5/31/23

     15.47        0.37        (0.46     (0.09     (0.36     (0.12     (0.48     14.90  

5/31/22

     17.19        0.35        (1.38     (1.03     (0.36     (0.33     (0.69     15.47  

5/31/21

     15.10        0.24        2.18       2.42       (0.28     (0.05     (0.33     17.19  

Premier Class:

                  

5/31/25

     15.98        0.46        0.88       1.34       (0.47     (0.36     (0.83     16.49  

5/31/24

     14.89        0.42        1.08       1.50       (0.40     (0.01     (0.41     15.98  

5/31/23

     15.46        0.37        (0.46     (0.09     (0.36     (0.12     (0.48     14.89  

5/31/22

     17.18        0.41        (1.45     (1.04     (0.35     (0.33     (0.68     15.46  

5/31/21

     15.09        0.27        2.14       2.41       (0.27     (0.05     (0.32     17.18  

Class R6:

                  

5/31/25

     16.00        0.48        0.89       1.37       (0.50     (0.36     (0.86     16.51  

5/31/24

     14.90        0.44        1.10       1.54       (0.43     (0.01     (0.44     16.00  

5/31/23

     15.48        0.39        (0.47     (0.08     (0.38     (0.12     (0.50     14.90  

5/31/22

     17.20        0.36        (1.37     (1.01     (0.38     (0.33     (0.71     15.48  

5/31/21

     15.10        0.28        2.16       2.44       (0.29     (0.05     (0.34     17.20  

Retirement Class:

                  

5/31/25

     15.96        0.44        0.89       1.33       (0.46     (0.36     (0.82     16.47  

5/31/24

     14.87        0.40        1.09       1.49       (0.39     (0.01     (0.40     15.96  

5/31/23

     15.44        0.35        (0.46     (0.11     (0.34     (0.12     (0.46     14.87  

5/31/22

     17.16        0.32        (1.38     (1.06     (0.33     (0.33     (0.66     15.44  

5/31/21

     15.07        0.24        2.16       2.40       (0.26     (0.05     (0.31     17.16  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

 

32    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
           
    8.59   $ 2,320       0.22     0.11     2.92     23
    10.27       2,418       0.32       0.20       2.79       19  
    (0.45)       2,312       0.31       0.19       2.52       24  
    (6.30)       2,699       0.33       0.20       2.08       24  
      16.16       2,242       0.34       0.20       1.49       23  
           
    8.53       3,429       0.37       0.25       2.80       23  
    10.20       3,307       0.37       0.25       2.72       19  
    (0.48)       3,277       0.37       0.25       2.53       24  
    (6.36)       3,993       0.38       0.25       2.37       24  
      16.12       25,449       0.38       0.25       1.63       23  
           
    8.68       729,237       0.22       0.10       2.93       23  
    10.43       664,434       0.22       0.10       2.86       19  
    (0.40)       574,299       0.22       0.10       2.62       24  
    (6.20)       557,296       0.23       0.10       2.13       24  
      16.36       547,545       0.23       0.10       1.69       23  
           
    8.43       37,647       0.47       0.35       2.72       23  
    10.11       34,847       0.47       0.35       2.59       19  
    (0.60)       36,227       0.47       0.35       2.36       24  
    (6.45)       40,901       0.48       0.35       1.90       24  
      16.04       48,346       0.48       0.35       1.45       23  

 

See Notes to Financial Statements    33


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index 2010

 

                                                         

Class I:

                                                      

5/31/25

   $  16.58      $  0.50      $  0.86     $  1.36     $ (0.50   $ (0.55   $ (1.05   $  16.89  

5/31/24

     15.63        0.44        1.04       1.48       (0.41     (0.12     (0.53     16.58  

5/31/23

     16.24        0.39        (0.49     (0.10     (0.38     (0.13     (0.51     15.63  

5/31/22

     18.13        0.36        (1.40     (1.04     (0.37     (0.48     (0.85     16.24  

5/31/21

     15.97        0.22        2.35       2.57       (0.30     (0.11     (0.41     18.13  

Premier Class:

                  

5/31/25

     16.51        0.49        0.85       1.34       (0.50     (0.55     (1.05     16.80  

5/31/24

     15.58        0.45        1.01       1.46       (0.41     (0.12     (0.53     16.51  

5/31/23

     16.18        0.38        (0.48     (0.10     (0.37     (0.13     (0.50     15.58  

5/31/22

     18.06        0.37        (1.42     (1.05     (0.35     (0.48     (0.83     16.18  

5/31/21

     15.92        0.27        2.26       2.53       (0.28     (0.11     (0.39     18.06  

Class R6:

                  

5/31/25

     16.58        0.52        0.84       1.36       (0.52     (0.55     (1.07     16.87  

5/31/24

     15.63        0.46        1.04       1.50       (0.43     (0.12     (0.55     16.58  

5/31/23

     16.24        0.41        (0.50     (0.09     (0.39     (0.13     (0.52     15.63  

5/31/22

     18.13        0.38        (1.41     (1.03     (0.38     (0.48     (0.86     16.24  

5/31/21

     15.97        0.30        2.28       2.58       (0.31     (0.11     (0.42     18.13  

Retirement Class:

                  

5/31/25

     16.41        0.49        0.82       1.31       (0.48     (0.55     (1.03     16.69  

5/31/24

     15.48        0.42        1.02       1.44       (0.39     (0.12     (0.51     16.41  

5/31/23

     16.08        0.37        (0.49     (0.12     (0.35     (0.13     (0.48     15.48  

5/31/22

     17.96        0.33        (1.39     (1.06     (0.34     (0.48     (0.82     16.08  

5/31/21

     15.83        0.25        2.26       2.51       (0.27     (0.11     (0.38     17.96  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

 

34    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
           
    8.35   $ 1,268       0.23     0.11     2.99     21
    9.63       1,188       0.32       0.20       2.74       17  
    (0.53)       2,024       0.31       0.19       2.52       22  
    (6.16)       1,715       0.32       0.20       2.03       23  
      16.18       1,950       0.32       0.19       1.28       28  
           
    8.21       19,178       0.37       0.25       2.89       21  
    9.57       17,901       0.37       0.25       2.79       17  
    (0.60)       19,016       0.37       0.25       2.47       22  
    (6.19)       21,048       0.38       0.25       2.07       23  
      15.99       43,665       0.38       0.25       1.56       28  
           
    8.34       593,658       0.23       0.10       3.06       21  
    9.76       559,325       0.22       0.10       2.90       17  
    (0.44)       553,938       0.22       0.10       2.63       22  
    (6.07)       526,583       0.22       0.10       2.12       23  
      16.22       560,852       0.23       0.10       1.71       28  
           
    8.09       44,209       0.47       0.35       2.90       21  
    9.44       50,800       0.47       0.35       2.66       17  
    (0.66)       55,650       0.47       0.35       2.39       22  
    (6.32)       68,666       0.47       0.35       1.88       23  
      15.91       81,534       0.48       0.35       1.46       28  

 

See Notes to Financial Statements    35


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index 2015

 

                                                         

Class I:

                  

5/31/25

   $ 17.50      $ 0.50      $ 1.00     $ 1.50     $ (0.53   $ (0.81   $ (1.34   $ 17.66  

5/31/24

     16.45        0.45        1.26       1.71       (0.43     (0.23     (0.66     17.50  

5/31/23

     17.04        0.40        (0.48     (0.08     (0.40     (0.11     (0.51     16.45  

5/31/22

     19.14        0.40        (1.55     (1.15     (0.38     (0.57     (0.95     17.04  

5/31/21

     16.65        0.23        2.75       2.98       (0.33     (0.16     (0.49     19.14  

Premier Class:

                  

5/31/25

     17.42        0.49        0.97       1.46       (0.52     (0.81     (1.33     17.55  

5/31/24

     16.37        0.45        1.25       1.70       (0.42     (0.23     (0.65     17.42  

5/31/23

     16.97        0.39        (0.49     (0.10     (0.39     (0.11     (0.50     16.37  

5/31/22

     19.07        0.41        (1.57     (1.16     (0.37     (0.57     (0.94     16.97  

5/31/21

     16.58        0.28        2.68       2.96       (0.31     (0.16     (0.47     19.07  

Class R6:

                  

5/31/25

     17.51        0.52        0.98       1.50       (0.55     (0.81     (1.36     17.65  

5/31/24

     16.46        0.48        1.25       1.73       (0.45     (0.23     (0.68     17.51  

5/31/23

     17.05        0.42        (0.48     (0.06     (0.42     (0.11     (0.53     16.46  

5/31/22

     19.15        0.39        (1.52     (1.13     (0.40     (0.57     (0.97     17.05  

5/31/21

     16.65        0.31        2.69       3.00       (0.34     (0.16     (0.50     19.15  

Retirement Class:

                  

5/31/25

     17.36        0.48        0.96       1.44       (0.50     (0.81     (1.31     17.49  

5/31/24

     16.32        0.43        1.25       1.68       (0.41     (0.23     (0.64     17.36  

5/31/23

     16.92        0.37        (0.48     (0.11     (0.38     (0.11     (0.49     16.32  

5/31/22

     19.00        0.34        (1.50     (1.16     (0.35     (0.57     (0.92     16.92  

5/31/21

     16.52        0.26        2.67       2.93       (0.29     (0.16     (0.45     19.00  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

 

36    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
           
    8.74   $ 1,805       0.22     0.12     2.82     14
    10.57       1,259       0.30       0.20       2.65       15  
    (0.33)       1,700       0.30       0.20       2.48       18  
    (6.40)       1,657       0.31       0.20       2.13       19  
      18.05       1,396       0.31       0.20       1.28       26  
           
    8.55       28,254       0.36       0.25       2.79       14  
    10.57       29,222       0.36       0.25       2.67       15  
    (0.45)       30,386       0.35       0.25       2.41       18  
    (6.49)       34,529       0.36       0.25       2.16       19  
      18.00       98,140       0.36       0.25       1.55       26  
           
    8.73       903,168       0.21       0.10       2.94       14  
    10.75       934,070       0.21       0.10       2.82       15  
    (0.28)       921,164       0.20       0.10       2.55       18  
    (6.32)       966,867       0.21       0.10       2.08       19  
      18.16       962,220       0.21       0.10       1.71       26  
           
    8.46       69,264       0.46       0.35       2.73       14  
    10.43       82,794       0.46       0.35       2.58       15  
    (0.56)       88,804       0.45       0.35       2.31       18  
    (6.51)       100,537       0.46       0.35       1.83       19  
      17.88       126,902       0.46       0.35       1.44       26  

 

See Notes to Financial Statements    37


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index 2020

 

                                                         

Class I:

                  

5/31/25

   $ 19.17      $ 0.53      $ 1.17     $ 1.70     $ (0.55   $ (0.74   $ (1.29   $ 19.58  

5/31/24

     17.76        0.49        1.54       2.03       (0.46     (0.16     (0.62     19.17  

5/31/23

     18.36        0.41        (0.48     (0.07     (0.41     (0.12     (0.53     17.76  

5/31/22

     20.67        0.41        (1.68     (1.27     (0.41     (0.63     (1.04     18.36  

5/31/21

     17.61        0.27        3.23       3.50       (0.34     (0.10     (0.44     20.67  

Premier Class:

                  

5/31/25

     19.10        0.52        1.15       1.67       (0.55     (0.74     (1.29     19.48  

5/31/24

     17.69        0.48        1.54       2.02       (0.45     (0.16     (0.61     19.10  

5/31/23

     18.29        0.40        (0.48     (0.08     (0.40     (0.12     (0.52     17.69  

5/31/22

     20.59        0.44        (1.72     (1.28     (0.39     (0.63     (1.02     18.29  

5/31/21

     17.55        0.30        3.17       3.47       (0.33     (0.10     (0.43     20.59  

Class R6:

                  

5/31/25

     19.20        0.55        1.17       1.72       (0.58     (0.74     (1.32     19.60  

5/31/24

     17.79        0.50        1.55       2.05       (0.48     (0.16     (0.64     19.20  

5/31/23

     18.39        0.43        (0.48     (0.05     (0.43     (0.12     (0.55     17.79  

5/31/22

     20.70        0.41        (1.66     (1.25     (0.43     (0.63     (1.06     18.39  

5/31/21

     17.63        0.33        3.20       3.53       (0.36     (0.10     (0.46     20.70  

Retirement Class:

                  

5/31/25

     19.02        0.51        1.14       1.65       (0.52     (0.74     (1.26     19.41  

5/31/24

     17.63        0.45        1.53       1.98       (0.43     (0.16     (0.59     19.02  

5/31/23

     18.22        0.38        (0.47     (0.09     (0.38     (0.12     (0.50     17.63  

5/31/22

     20.52        0.36        (1.66     (1.30     (0.37     (0.63     (1.00     18.22  

5/31/21

     17.48        0.28        3.17       3.45       (0.31     (0.10     (0.41     20.52  

 

(a) 

Based on average shares outstanding.

(b)

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c)

Total returns are not annualized.

(d)

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

 

38    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
           
    9.03   $ 10,377       0.20     0.12     2.71     12
    11.60       8,484       0.29       0.20       2.66       14  
    (0.27)       10,266       0.29       0.20       2.36       19  
    (6.60)       10,672       0.30       0.20       2.03       19  
      20.00       11,420       0.30       0.20       1.37       21  
           
    8.86       73,532       0.34       0.25       2.68       12  
    11.59       72,849       0.34       0.25       2.63       14  
    (0.32)       78,463       0.34       0.25       2.30       19  
    (6.65)       82,754       0.35       0.25       2.13       19  
      19.89       316,253       0.35       0.25       1.55       21  
           
    9.09       2,758,073       0.19       0.10       2.83       12  
    11.75       2,805,493       0.19       0.10       2.73       14  
    (0.21)       2,736,922       0.19       0.10       2.44       19  
    (6.51)       2,756,707       0.19       0.10       2.01       19  
      20.14       2,729,084       0.20       0.10       1.72       21  
           
    8.83       168,550       0.44       0.35       2.62       12  
    11.39       196,934       0.44       0.35       2.48       14  
    (0.39)       208,039       0.44       0.35       2.20       19  
    (6.76)       247,101       0.44       0.35       1.78       19  
      19.85       310,428       0.45       0.35       1.46       21  

 

See Notes to Financial Statements    39


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index 2025

 

                                                         

Class I:

                  

5/31/25

   $ 21.41      $ 0.56      $ 1.42     $ 1.98     $ (0.59   $ (0.62   $ (1.21   $ 22.18  

5/31/24

     19.45        0.51        1.96       2.47       (0.48     (0.03     (0.51     21.41  

5/31/23

     20.02        0.44        (0.47     (0.03     (0.42     (0.12     (0.54     19.45  

5/31/22

     22.32        0.42        (1.85     (1.43     (0.43     (0.44     (0.87     20.02  

5/31/21

     18.50        0.31        3.96       4.27       (0.36     (0.09     (0.45     22.32  

Premier Class:

                  

5/31/25

     21.36        0.56        1.39       1.95       (0.58     (0.62     (1.20     22.11  

5/31/24

     19.40        0.51        1.95       2.46       (0.47     (0.03     (0.50     21.36  

5/31/23

     19.98        0.42        (0.47     (0.05     (0.41     (0.12     (0.53     19.40  

5/31/22

     22.26        0.47        (1.90     (1.43     (0.41     (0.44     (0.85     19.98  

5/31/21

     18.45        0.32        3.92       4.24       (0.34     (0.09     (0.43     22.26  

Class R6:

                  

5/31/25

     21.46        0.60        1.39       1.99       (0.61     (0.62     (1.23     22.22  

5/31/24

     19.49        0.53        1.97       2.50       (0.50     (0.03     (0.53     21.46  

5/31/23

     20.07        0.45        (0.47     (0.02     (0.44     (0.12     (0.56     19.49  

5/31/22

     22.36        0.43        (1.83     (1.40     (0.45     (0.44     (0.89     20.07  

5/31/21

     18.53        0.35        3.94       4.29       (0.37     (0.09     (0.46     22.36  

Retirement Class:

                  

5/31/25

     21.25        0.54        1.37       1.91       (0.55     (0.62     (1.17     21.99  

5/31/24

     19.30        0.48        1.95       2.43       (0.45     (0.03     (0.48     21.25  

5/31/23

     19.87        0.40        (0.47     (0.07     (0.38     (0.12     (0.50     19.30  

5/31/22

     22.15        0.37        (1.82     (1.45     (0.39     (0.44     (0.83     19.87  

5/31/21

     18.36        0.30        3.90       4.20       (0.32     (0.09     (0.41     22.15  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

 

40    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
    9.37   $ 25,650       0.19     0.11     2.58     14
    12.84       20,650       0.29       0.21       2.50       15  
    (0.06)       22,052       0.28       0.20       2.30       14  
    (6.78)       21,746       0.29       0.21       1.92       14  
    23.20       17,472       0.29       0.20       1.47       18  
                                                 
    9.26       136,156       0.33       0.25       2.57       14  
    12.83       128,403       0.33       0.25       2.50       15  
    (0.17)       119,308       0.33       0.25       2.20       14  
    (6.79)       123,482       0.34       0.25       2.06       14  
    23.11       466,892       0.34       0.25       1.55       18  
                                                 
    9.42       5,549,727       0.18       0.10       2.72       14  
    12.98       5,430,992       0.18       0.10       2.62       15  
    (0.01)       4,888,761       0.18       0.10       2.33       14  
    (6.65)       4,582,423       0.19       0.10       1.95       14  
      23.29       4,263,286       0.19       0.10       1.71       18  
           
    9.13       318,742       0.43       0.35       2.49       14  
    12.73       371,965       0.43       0.35       2.39       15  
    (0.23)       391,021       0.43       0.35       2.10       14  
    (6.91)       420,997       0.44       0.35       1.71       14  
      22.99       481,282       0.44       0.35       1.46       18  

 

See Notes to Financial Statements    41


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index 2030

 

                                                         

Class I:

                  

5/31/25

   $ 23.66      $ 0.60      $ 1.74     $ 2.34     $ (0.61   $ (0.24   $ (0.85   $ 25.15  

5/31/24

     21.14        0.53        2.52       3.05       (0.50     (0.03     (0.53     23.66  

5/31/23

     21.68        0.45        (0.45           (0.42     (0.12     (0.54     21.14  

5/31/22

     24.04        0.43        (2.03     (1.60     (0.45     (0.31     (0.76     21.68  

5/31/21

     19.38        0.31        4.80       5.11       (0.37     (0.08     (0.45     24.04  

Premier Class:

                  

5/31/25

     23.57        0.59        1.71       2.30       (0.60     (0.24     (0.84     25.03  

5/31/24

     21.06        0.53        2.50       3.03       (0.49     (0.03     (0.52     23.57  

5/31/23

     21.60        0.43        (0.44     (0.01     (0.41     (0.12     (0.53     21.06  

5/31/22

     23.96        0.50        (2.12     (1.62     (0.43     (0.31     (0.74     21.60  

5/31/21

     19.31        0.34        4.75       5.09       (0.36     (0.08     (0.44     23.96  

Class R6:

                  

5/31/25

     23.70        0.63        1.73       2.36       (0.64     (0.24     (0.88     25.18  

5/31/24

     21.18        0.56        2.51       3.07       (0.52     (0.03     (0.55     23.70  

5/31/23

     21.72        0.46        (0.44     0.02       (0.44     (0.12     (0.56     21.18  

5/31/22

     24.08        0.45        (2.03     (1.58     (0.47     (0.31     (0.78     21.72  

5/31/21

     19.40        0.38        4.77       5.15       (0.39     (0.08     (0.47     24.08  

Retirement Class:

                  

5/31/25

     23.46        0.57        1.69       2.26       (0.57     (0.24     (0.81     24.91  

5/31/24

     20.97        0.50        2.49       2.99       (0.47     (0.03     (0.50     23.46  

5/31/23

     21.51        0.41        (0.44     (0.03     (0.39     (0.12     (0.51     20.97  

5/31/22

     23.85        0.39        (2.01     (1.62     (0.41     (0.31     (0.72     21.51  

5/31/21

     19.22        0.32        4.72       5.04       (0.33     (0.08     (0.41     23.85  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

 

42    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
           
    9.96   $ 47,719       0.18     0.11     2.44     13
    14.57       34,837       0.28       0.21       2.37       12  
    0.15       33,509       0.28       0.20       2.17       12  
    (6.94)       26,880       0.28       0.20       1.83       13  
      26.54       23,352       0.29       0.20       1.38       16  
           
    9.83       182,901       0.33       0.25       2.41       13  
    14.53       161,501       0.33       0.26       2.41       12  
    0.09       150,728       0.33       0.25       2.09       12  
    (7.00)       150,515       0.33       0.25       2.04       13  
      26.45       475,693       0.34       0.25       1.54       16  
           
    10.01       8,158,760       0.18       0.10       2.56       13  
    14.66       7,365,843       0.18       0.11       2.50       12  
    0.24       6,168,804       0.18       0.10       2.22       12  
    (6.86)       5,483,743       0.18       0.10       1.88       13  
      26.70       4,966,053       0.19       0.10       1.70       16  
           
    9.71       437,478       0.43       0.35       2.33       13  
    14.39       456,305       0.43       0.36       2.28       12  
    (0.02)       430,522       0.43       0.35       1.97       12  
    (7.07)       445,022       0.43       0.35       1.66       13  
      26.40       496,871       0.44       0.35       1.45       16  

 

See Notes to Financial Statements    43


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index 2035

 

                                                         

Class I:

                  

5/31/25

   $ 26.00      $ 0.61      $ 2.12     $ 2.73     $ (0.63   $ (0.17   $ (0.80   $ 27.93  

5/31/24

     22.78        0.55        3.19       3.74       (0.52           (0.52     26.00  

5/31/23

     23.24        0.45        (0.35     0.10       (0.43     (0.13     (0.56     22.78  

5/31/22

     25.73        0.44        (2.19     (1.75     (0.47     (0.27     (0.74     23.24  

5/31/21

     20.18        0.32        5.70       6.02       (0.39     (0.08     (0.47     25.73  

Premier Class:

                  

5/31/25

     25.89        0.60        2.09       2.69       (0.62     (0.17     (0.79     27.79  

5/31/24

     22.69        0.54        3.17       3.71       (0.51           (0.51     25.89  

5/31/23

     23.14        0.43        (0.33     0.10       (0.42     (0.13     (0.55     22.69  

5/31/22

     25.63        0.51        (2.27     (1.76     (0.46     (0.27     (0.73     23.14  

5/31/21

     20.11        0.36        5.61       5.97       (0.37     (0.08     (0.45     25.63  

Class R6:

                  

5/31/25

     26.06        0.65        2.09       2.74       (0.66     (0.17     (0.83     27.97  

5/31/24

     22.83        0.58        3.19       3.77       (0.54           (0.54     26.06  

5/31/23

     23.28        0.47        (0.34     0.13       (0.45     (0.13     (0.58     22.83  

5/31/22

     25.77        0.46        (2.18     (1.72     (0.50     (0.27     (0.77     23.28  

5/31/21

     20.21        0.40        5.64       6.04       (0.40     (0.08     (0.48     25.77  

Retirement Class:

                  

5/31/25

     25.77        0.58        2.07       2.65       (0.59     (0.17     (0.76     27.66  

5/31/24

     22.59        0.52        3.14       3.66       (0.48           (0.48     25.77  

5/31/23

     23.04        0.41        (0.33     0.08       (0.40     (0.13     (0.53     22.59  

5/31/22

     25.52        0.40        (2.18     (1.78     (0.43     (0.27     (0.70     23.04  

5/31/21

     20.02        0.33        5.60       5.93       (0.35     (0.08     (0.43     25.52  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

 

44    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
           
    10.56   $ 38,353       0.18     0.11     2.27     13
    16.57       27,533       0.28       0.21       2.26       11  
    0.56       25,308       0.27       0.20       2.03       12  
    (7.09)       18,143       0.28       0.20       1.72       12  
      30.03       15,231       0.28       0.20       1.37       15  
           
    10.45       223,982       0.32       0.25       2.23       13  
    16.49       194,855       0.33       0.26       2.25       11  
    0.54       169,166       0.32       0.25       1.96       12  
    (7.18)       161,087       0.33       0.25       1.97       12  
      29.90       470,422       0.33       0.25       1.54       15  
           
    10.57       8,972,458       0.17       0.10       2.40       13  
    16.68       7,806,878       0.18       0.11       2.37       11  
    0.69       6,172,055       0.17       0.10       2.11       12  
    (7.00)       5,330,114       0.18       0.10       1.81       12  
      30.12       4,697,189       0.18       0.10       1.70       15  
           
    10.34       414,483       0.42       0.35       2.17       13  
    16.36       428,608       0.43       0.36       2.14       11  
    0.43       398,405       0.42       0.35       1.86       12  
    (7.26)       401,495       0.43       0.35       1.58       12  
      29.81       451,962       0.43       0.35       1.45       15  

 

See Notes to Financial Statements    45


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index 2040

 

                                                         

Class I:

                  

5/31/25

   $ 28.15      $ 0.59      $ 2.62     $ 3.21     $ (0.64   $ (0.06   $ (0.70   $ 30.66  

5/31/24

     24.16        0.55        3.97       4.52       (0.53           (0.53     28.15  

5/31/23

     24.51        0.47        (0.24     0.23       (0.45     (0.13     (0.58     24.16  

5/31/22

     27.16        0.47        (2.32     (1.85     (0.51     (0.29     (0.80     24.51  

5/31/21

     20.69        0.31        6.64       6.95       (0.40     (0.08     (0.48     27.16  

Premier Class:

                  

5/31/25

     28.02        0.59        2.56       3.15       (0.63     (0.06     (0.69     30.48  

5/31/24

     24.05        0.56        3.93       4.49       (0.52           (0.52     28.02  

5/31/23

     24.40        0.44        (0.23     0.21       (0.43     (0.13     (0.56     24.05  

5/31/22

     27.04        0.54        (2.40     (1.86     (0.49     (0.29     (0.78     24.40  

5/31/21

     20.60        0.36        6.54       6.90       (0.38     (0.08     (0.46     27.04  

Class R6:

                  

5/31/25

     28.20        0.65        2.56       3.21       (0.67     (0.06     (0.73     30.68  

5/31/24

     24.20        0.58        3.98       4.56       (0.56           (0.56     28.20  

5/31/23

     24.55        0.48        (0.23     0.25       (0.47     (0.13     (0.60     24.20  

5/31/22

     27.19        0.48        (2.30     (1.82     (0.53     (0.29     (0.82     24.55  

5/31/21

     20.71        0.41        6.56       6.97       (0.41     (0.08     (0.49     27.19  

Retirement Class:

                  

5/31/25

     27.91        0.57        2.54       3.11       (0.60     (0.06     (0.66     30.36  

5/31/24

     23.96        0.52        3.93       4.45       (0.50           (0.50     27.91  

5/31/23

     24.30        0.42        (0.22     0.20       (0.41     (0.13     (0.54     23.96  

5/31/22

     26.93        0.42        (2.30     (1.88     (0.46     (0.29     (0.75     24.30  

5/31/21

     20.52        0.34        6.51       6.85       (0.36     (0.08     (0.44     26.93  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

 

46    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
           
    11.46   $ 39,039       0.17     0.11     2.00     12
    18.90       28,684       0.27       0.21       2.10       9  
    1.05       24,491       0.27       0.20       2.00       13  
    (7.12)       21,468       0.27       0.20       1.75       12  
      33.78       16,071       0.28       0.20       1.25       14  
           
    11.28       225,219       0.32       0.25       2.02       12  
    18.86       200,053       0.32       0.26       2.14       9  
    0.99       176,064       0.32       0.25       1.88       13  
    (7.18)       172,180       0.32       0.25       1.98       12  
      33.69       447,061       0.33       0.25       1.50       14  
           
    11.44       9,541,207       0.17       0.10       2.19       12  
    19.02       8,245,416       0.17       0.11       2.23       9  
    1.15       6,388,981       0.17       0.10       2.03       13  
    (7.00)       5,515,470       0.17       0.10       1.78       12  
      33.87       4,914,220       0.18       0.10       1.68       14  
           
    11.18       401,481       0.42       0.35       1.96       12  
    18.72       400,006       0.42       0.36       2.02       9  
    0.93       374,723       0.42       0.35       1.79       13  
    (7.26)       385,438       0.42       0.35       1.55       12  
      33.55       435,795       0.43       0.35       1.42       14  

 

See Notes to Financial Statements    47


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index 2045

 

                                                         

Class I:

                  

5/31/25

   $ 29.52      $ 0.58      $ 2.96     $ 3.54     $ (0.65   $ (0.04   $ (0.69   $ 32.37  

5/31/24

     25.00        0.55        4.51       5.06       (0.54           (0.54     29.52  

5/31/23

     25.33        0.46        (0.23     0.23       (0.45     (0.11     (0.56     25.00  

5/31/22

     27.93        0.49        (2.38     (1.89     (0.53     (0.18     (0.71     25.33  

5/31/21

     20.65        0.32        7.39       7.71       (0.39     (0.04     (0.43     27.93  

Premier Class:

                  

5/31/25

     29.43        0.59        2.89       3.48       (0.64     (0.04     (0.68     32.23  

5/31/24

     24.92        0.56        4.48       5.04       (0.53           (0.53     29.43  

5/31/23

     25.25        0.44        (0.23     0.21       (0.43     (0.11     (0.54     24.92  

5/31/22

     27.83        0.62        (2.51     (1.89     (0.51     (0.18     (0.69     25.25  

5/31/21

     20.58        0.36        7.31       7.67       (0.38     (0.04     (0.42     27.83  

Class R6:

                  

5/31/25

     29.59        0.64        2.91       3.55       (0.68     (0.04     (0.72     32.42  

5/31/24

     25.05        0.59        4.52       5.11       (0.57           (0.57     29.59  

5/31/23

     25.39        0.48        (0.24     0.24       (0.47     (0.11     (0.58     25.05  

5/31/22

     27.98        0.49        (2.35     (1.86     (0.55     (0.18     (0.73     25.39  

5/31/21

     20.68        0.41        7.34       7.75       (0.41     (0.04     (0.45     27.98  

Retirement Class:

                  

5/31/25

     29.27        0.56        2.88       3.44       (0.61     (0.04     (0.65     32.06  

5/31/24

     24.79        0.52        4.47       4.99       (0.51           (0.51     29.27  

5/31/23

     25.12        0.42        (0.23     0.19       (0.41     (0.11     (0.52     24.79  

5/31/22

     27.70        0.43        (2.35     (1.92     (0.48     (0.18     (0.66     25.12  

5/31/21

     20.49        0.34        7.26       7.60       (0.35     (0.04     (0.39     27.70  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

 

48    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
           
    12.04   $ 40,894       0.17     0.11     1.86     11
    20.46       27,460       0.27       0.21       2.01       8  
    1.05       24,082       0.27       0.20       1.90       10  
    (7.04)       18,259       0.27       0.20       1.77       11  
      37.58       12,840       0.28       0.20       1.29       11  
           
    11.86       166,236       0.32       0.25       1.91       11  
    20.44       131,291       0.32       0.25       2.06       8  
    0.99       103,386       0.32       0.25       1.84       10  
    (7.06)       90,924       0.32       0.25       2.17       11  
      37.48       352,496       0.32       0.25       1.47       11  
           
    12.05       8,243,473       0.17       0.10       2.07       11  
    20.61       6,926,481       0.17       0.11       2.16       8  
    1.11       5,095,781       0.17       0.10       1.96       10  
    (6.92)       4,224,772       0.17       0.10       1.75       11  
      37.71       3,640,347       0.17       0.10       1.65       11  
           
    11.77       341,979       0.42       0.35       1.82       11  
    20.30       334,163       0.42       0.35       1.94       8  
    0.89       297,992       0.42       0.35       1.76       10  
    (7.18)       308,109       0.42       0.35       1.54       11  
      37.32       328,342       0.42       0.35       1.40       11  

 

See Notes to Financial Statements    49


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index 2050

 

                                                         

Class I:

                  

5/31/25

   $ 30.06      $ 0.59      $ 3.09     $ 3.68     $ (0.66   $ (0.02   $ (0.68   $ 33.06  

5/31/24

     25.32        0.54        4.78       5.32       (0.55     (0.03     (0.58     30.06  

5/31/23

     25.64        0.48        (0.26     0.22       (0.45     (0.09     (0.54     25.32  

5/31/22

     28.21        0.49        (2.40     (1.91     (0.54     (0.12     (0.66     25.64  

5/31/21

     20.72        0.33        7.58       7.91       (0.39     (0.03     (0.42     28.21  

Premier Class:

                  

5/31/25

     29.94        0.58        3.03       3.61       (0.64     (0.02     (0.66     32.89  

5/31/24

     25.23        0.56        4.72       5.28       (0.54     (0.03     (0.57     29.94  

5/31/23

     25.54        0.44        (0.23     0.21       (0.43     (0.09     (0.52     25.23  

5/31/22

     28.09        0.64        (2.55     (1.91     (0.52     (0.12     (0.64     25.54  

5/31/21

     20.63        0.36        7.51       7.87       (0.38     (0.03     (0.41     28.09  

Class R6:

                  

5/31/25

     30.12        0.64        3.05       3.69       (0.69     (0.02     (0.71     33.10  

5/31/24

     25.37        0.59        4.77       5.36       (0.58     (0.03     (0.61     30.12  

5/31/23

     25.69        0.47        (0.23     0.24       (0.47     (0.09     (0.56     25.37  

5/31/22

     28.25        0.49        (2.37     (1.88     (0.56     (0.12     (0.68     25.69  

5/31/21

     20.75        0.41        7.53       7.94       (0.41     (0.03     (0.44     28.25  

Retirement Class:

                  

5/31/25

     29.77        0.55        3.02       3.57       (0.61     (0.02     (0.63     32.71  

5/31/24

     25.09        0.52        4.70       5.22       (0.51     (0.03     (0.54     29.77  

5/31/23

     25.41        0.42        (0.25     0.17       (0.40     (0.09     (0.49     25.09  

5/31/22

     27.95        0.42        (2.35     (1.93     (0.49     (0.12     (0.61     25.41  

5/31/21

     20.54        0.34        7.45       7.79       (0.35     (0.03     (0.38     27.95  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

 

50    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
           
    12.29   $ 32,204       0.17     0.11     1.85     10
    21.23       22,004       0.27       0.21       1.98       7  
    0.99       19,403       0.27       0.20       1.96       8  
    (7.04)       14,242       0.27       0.20       1.75       11  
      38.42       10,851       0.27       0.20       1.30       9  
           
    12.13       118,136       0.32       0.25       1.85       10  
    21.13       96,700       0.32       0.26       2.03       7  
    0.96       83,196       0.32       0.25       1.79       8  
    (7.06)       80,318       0.32       0.25       2.20       11  
      38.36       295,691       0.33       0.25       1.47       9  
           
    12.30       7,159,905       0.17       0.10       2.01       10  
    21.34       5,863,809       0.17       0.11       2.12       7  
    1.07       4,258,463       0.17       0.10       1.93       8  
    (6.92)       3,473,689       0.17       0.10       1.75       11  
      38.50       2,948,578       0.18       0.10       1.63       9  
           
    12.04       288,258       0.42       0.35       1.76       10  
    21.01       282,437       0.42       0.36       1.91       7  
    0.82       251,668       0.42       0.35       1.74       8  
    (7.15)       271,085       0.42       0.35       1.52       11  
      38.15       285,738       0.43       0.35       1.41       9  

 

See Notes to Financial Statements    51


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index 2055

 

                                                         

Class I:

                  

5/31/25

   $ 24.30      $ 0.46      $ 2.54     $ 3.00     $ (0.53   $ (0.01   $ (0.54   $ 26.76  

5/31/24

     20.42        0.42        3.92       4.34       (0.44     (0.02     (0.46     24.30  

5/31/23

     20.66        0.36        (0.18     0.18       (0.36     (0.06     (0.42     20.42  

5/31/22

     22.66        0.38        (1.92     (1.54     (0.43     (0.03     (0.46     20.66  

5/31/21

     16.57        0.29        6.13       6.42       (0.31     (0.02     (0.33     22.66  

Premier Class:

                  

5/31/25

     24.27        0.46        2.50       2.96       (0.52     (0.01     (0.53     26.70  

5/31/24

     20.39        0.47        3.86       4.33       (0.43     (0.02     (0.45     24.27  

5/31/23

     20.63        0.35        (0.19     0.16       (0.34     (0.06     (0.40     20.39  

5/31/22

     22.62        0.53        (2.07     (1.54     (0.42     (0.03     (0.45     20.63  

5/31/21

     16.54        0.29        6.11       6.40       (0.30     (0.02     (0.32     22.62  

Class R6:

                  

5/31/25

     24.35        0.51        2.50       3.01       (0.55     (0.01     (0.56     26.80  

5/31/24

     20.46        0.47        3.90       4.37       (0.46     (0.02     (0.48     24.35  

5/31/23

     20.70        0.38        (0.19     0.19       (0.37     (0.06     (0.43     20.46  

5/31/22

     22.70        0.40        (1.92     (1.52     (0.45     (0.03     (0.48     20.70  

5/31/21

     16.59        0.32        6.14       6.46       (0.33     (0.02     (0.35     22.70  

Retirement Class:

                  

5/31/25

     24.19        0.45        2.47       2.92       (0.49     (0.01     (0.50     26.61  

5/31/24

     20.33        0.42        3.87       4.29       (0.41     (0.02     (0.43     24.19  

5/31/23

     20.57        0.35        (0.20     0.15       (0.33     (0.06     (0.39     20.33  

5/31/22

     22.56        0.34        (1.91     (1.57     (0.39     (0.03     (0.42     20.57  

5/31/21

     16.50        0.28        6.08       6.36       (0.28     (0.02     (0.30     22.56  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

 

52    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
           
    12.37   $ 30,008       0.18     0.11     1.79     10
    21.49       19,948       0.27       0.20       1.90       7  
    1.02       16,680       0.27       0.20       1.85       7  
    (7.00)       12,050       0.28       0.20       1.71       11  
      38.98       8,251       0.28       0.20       1.46       6  
           
    12.22       54,408       0.32       0.25       1.81       10  
    21.47       41,614       0.33       0.26       2.11       7  
    0.95       37,212       0.33       0.25       1.78       7  
    (7.02)       33,219       0.33       0.25       2.28       11  
      38.91       142,662       0.33       0.25       1.45       6  
           
    12.41       4,510,607       0.17       0.10       1.99       10  
    21.61       3,521,489       0.18       0.11       2.11       7  
    1.10       2,428,738       0.18       0.10       1.92       7  
    (6.91)       1,822,272       0.18       0.10       1.75       11  
      39.14       1,478,111       0.18       0.10       1.61       6  
           
    12.10       173,636       0.42       0.35       1.76       10  
    21.32       165,330       0.43       0.36       1.89       7  
    0.85       135,316       0.43       0.35       1.76       7  
    (7.13)       149,174       0.43       0.35       1.52       11  
      38.76       149,564       0.43       0.35       1.44       6  

 

See Notes to Financial Statements    53


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index 2060

 

                                                         

Class I:

                  

5/31/25

   $ 18.87      $ 0.36      $ 1.98     $ 2.34     $ (0.41   $ (0.00 )(e)    $ (0.41   $ 20.80  

5/31/24

     15.81        0.33        3.09       3.42       (0.34     (0.02     (0.36     18.87  

5/31/23

     15.98        0.29        (0.15     0.14       (0.27     (0.04     (0.31     15.81  

5/31/22

     17.51        0.29        (1.48     (1.19     (0.33     (0.01     (0.34     15.98  

5/31/21

     12.75        0.20        4.81       5.01       (0.24     (0.01     (0.25     17.51  

Premier Class:

                  

5/31/25

     18.84        0.35        1.96       2.31       (0.40     (0.00 )(e)      (0.40     20.75  

5/31/24

     15.79        0.34        3.06       3.40       (0.33     (0.02     (0.35     18.84  

5/31/23

     15.96        0.27        (0.13     0.14       (0.27     (0.04     (0.31     15.79  

5/31/22

     17.48        0.40        (1.59     (1.19     (0.32     (0.01     (0.33     15.96  

5/31/21

     12.73        0.22        4.77       4.99       (0.23     (0.01     (0.24     17.48  

Class R6:

                  

5/31/25

     18.89        0.39        1.95       2.34       (0.42     (0.00 )(e)      (0.42     20.81  

5/31/24

     15.83        0.36        3.08       3.44       (0.36     (0.02     (0.38     18.89  

5/31/23

     15.99        0.29        (0.12     0.17       (0.29     (0.04     (0.33     15.83  

5/31/22

     17.52        0.30        (1.47     (1.17     (0.35     (0.01     (0.36     15.99  

5/31/21

     12.75        0.25        4.78       5.03       (0.25     (0.01     (0.26     17.52  

Retirement Class:

                  

5/31/25

     18.79        0.35        1.93       2.28       (0.38     (0.00 )(e)      (0.38     20.69  

5/31/24

     15.75        0.32        3.06       3.38       (0.32     (0.02     (0.34     18.79  

5/31/23

     15.92        0.27        (0.15     0.12       (0.25     (0.04     (0.29     15.75  

5/31/22

     17.44        0.26        (1.46     (1.20     (0.31     (0.01     (0.32     15.92  

5/31/21

     12.70        0.22        4.75       4.97       (0.22     (0.01     (0.23     17.44  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

(e) 

Value rounded to zero.

 

54    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
           
    12.44   $ 19,422       0.18     0.11     1.80     10
    21.83       13,382       0.28       0.21       1.94       7  
    1.05       10,940       0.28       0.20       1.89       7  
    (7.01)       9,092       0.29       0.20       1.69       10  
      39.51       5,527       0.30       0.20       1.31       6  
           
    12.32       37,517       0.32       0.25       1.76       10  
    21.74       25,989       0.33       0.26       1.99       7  
    0.99       21,158       0.34       0.25       1.76       7  
    (7.01)       15,601       0.34       0.25       2.23       10  
      39.44       40,943       0.35       0.25       1.42       6  
           
    12.48       2,636,944       0.18       0.10       1.97       10  
    21.91       1,951,599       0.18       0.11       2.09       7  
    1.20       1,257,068       0.19       0.10       1.92       7  
    (6.93)       828,871       0.19       0.10       1.75       10  
      39.68       600,348       0.21       0.10       1.59       6  
           
    12.18       96,266       0.42       0.35       1.74       10  
    21.62       87,137       0.43       0.36       1.89       7  
    0.90       63,746       0.44       0.35       1.79       7  
    (7.11)       67,009       0.44       0.35       1.50       10  
      39.33       55,903       0.45       0.35       1.43       6  

 

See Notes to Financial Statements    55


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

 Lifecycle Index 2065

 

                                                         

Class I:

                  

5/31/25

   $ 13.36      $ 0.23      $ 1.44     $ 1.67     $ (0.29   $     $ (0.29   $ 14.74  

5/31/24

     11.17        0.25        2.19       2.44       (0.24     (0.01     (0.25     13.36  

5/31/23

     11.27        0.12        0.00 (e)      0.12       (0.20     (0.02     (0.22     11.17  

5/31/22

     12.46        0.22        (1.04     (0.82     (0.36     (0.01     (0.37     11.27  

5/31/21(f)

     10.00        0.16        2.48       2.64       (0.18           (0.18     12.46  

Premier Class:

                  

5/31/25

     13.35        0.23        1.41       1.64       (0.28           (0.28     14.71  

5/31/24

     11.16        0.30        2.14       2.44       (0.24     (0.01     (0.25     13.35  

5/31/23

     11.26        0.19        (0.08     0.11       (0.19     (0.02     (0.21     11.16  

5/31/22

     12.46        0.18        (1.01     (0.83     (0.36     (0.01     (0.37     11.26  

5/31/21(f)

     10.00        0.16        2.48       2.64       (0.18           (0.18     12.46  

Class R6:

                  

5/31/25

     13.53        0.28        1.41       1.69       (0.30           (0.30     14.92  

5/31/24

     11.31        0.26        2.22       2.48       (0.25     (0.01     (0.26     13.53  

5/31/23

     11.40        0.21        (0.08     0.13       (0.20     (0.02     (0.22     11.31  

5/31/22

     12.45        0.21        (1.02     (0.81     (0.23     (0.01     (0.24     11.40  

5/31/21(f)

     10.00        0.15        2.48       2.63       (0.18           (0.18     12.45  

Retirement Class:

                  

5/31/25

     13.36        0.24        1.39       1.63       (0.27           (0.27     14.72  

5/31/24

     11.17        0.23        2.20       2.43       (0.23     (0.01     (0.24     13.36  

5/31/23

     11.27        0.17        (0.07     0.10       (0.18     (0.02     (0.20     11.17  

5/31/22

     12.44        0.17        (1.04     (0.87     (0.29     (0.01     (0.30     11.27  

5/31/21(f)

     10.00        0.15        2.46       2.61       (0.17           (0.17     12.44  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are not annualized.

(d) 

The Fund’s ratios include the expenses and exclude the income of the Underlying Funds.

(e) 

Value rounded to zero.

(f) 

The Fund commenced operations on September 30, 2020.

(g) 

Annualized.

 

56    See Notes to Financial Statements


 

          Ratios and Supplemental Data  
                Ratios to Average Net Assets        
    

Total

Return(c)

   

Net Assets,

End of

   Period (000)

   

Gross

Expenses(d)

   

Net

Expenses(d)

   

Net

Investment

Income (Loss)(d)

   

Portfolio

Turnover

Rate

 
                                               
           
    12.54   $ 6,481       0.22     0.11     1.65     10
    22.08       3,787       0.35       0.19       2.01       14  
    1.22       2,377       0.45       0.18       1.11       22  
    (6.83)       716       0.83       0.13       1.81       108  
      26.48       626       4.26 (g)      0.25 (g)      2.16 (g)      36  
           
    12.35       4,709       0.37       0.25       1.67       10  
    22.03       2,811       0.41       0.26       2.49       14  
    1.11       1,229       0.53       0.25       1.75       22  
    (6.90)       808       0.97       0.25       1.49       108  
      26.48       637       4.41 (g)      0.25 (g)      2.14 (g)      36  
           
    12.54       586,753       0.22       0.10       1.94       10  
    22.12       322,206       0.26       0.11       2.10       14  
    1.29       119,873       0.38       0.10       1.90       22  
    (6.70)       44,526       0.82       0.11       1.76       108  
      26.45       7,131       3.91 (g)      0.10 (g)      2.02 (g)      36  
           
    12.25       15,305       0.47       0.35       1.71       10  
    21.93       10,219       0.51       0.36       1.90       14  
    1.03       4,689       0.63       0.35       1.62       22  
    (7.26)       1,740       1.08       0.36       1.42       108  
      26.35       693       4.54 (g)      0.35 (g)      2.00 (g)      36  

 

See Notes to Financial Statements    57


Notes to Financial Statements

 

1.

General Information

Trust and Fund Information: TIAA-CREF Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, (“1940 Act”), as amended. The Trust is comprised of the following (collectively the “Funds” or individually, the “Fund”), among others:

 

Fund Name    Short Name
Nuveen Lifecycle Index Retirement Income Fund    Lifecycle Index Retirement Income
Nuveen Lifecycle Index 2010 Fund    Lifecycle Index 2010
Nuveen Lifecycle Index 2015 Fund    Lifecycle Index 2015
Nuveen Lifecycle Index 2020 Fund    Lifecycle Index 2020
Nuveen Lifecycle Index 2025 Fund    Lifecycle Index 2025
Nuveen Lifecycle Index 2030 Fund    Lifecycle Index 2030
Nuveen Lifecycle Index 2035 Fund    Lifecycle Index 2035
Nuveen Lifecycle Index 2040 Fund    Lifecycle Index 2040
Nuveen Lifecycle Index 2045 Fund    Lifecycle Index 2045
Nuveen Lifecycle Index 2050 Fund    Lifecycle Index 2050
Nuveen Lifecycle Index 2055 Fund    Lifecycle Index 2055
Nuveen Lifecycle Index 2060 Fund    Lifecycle Index 2060

Nuveen Lifecycle Index 2065 Fund

   Lifecycle Index 2065

Current Fiscal Period: The end of the reporting period for the Funds is May 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2025 (the “current fiscal period”).

Investment Adviser: Teachers Advisors, LLC (the “Adviser”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser and provides investment management services for the Funds.

Share Classes and Sales Charges: Each Fund is a “fund of funds” that diversifies its assets by investing in Class W shares of other Nuveen mutual funds and potentially other investment pools or investment products. The Funds offer Class I, Premier Class, Class R6 and Retirement Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.

 

2.

Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation: The Funds pay the members of the Board of Trustees (the “Board”) all of whom are independent, certain remuneration for their services, plus travel and other expenses. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statement of Assets and Liabilities. Trustees’ fees, including any deferred compensation incurred, are reflected in the Statement of Operations.

Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Indemnification: Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

 

58   


 

Investments and Investment Income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Multiclass Operations and Allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a Fund. Expenses that cannot be directly attributed are allocated to each Fund in the Trust based upon the average net assets of each Fund.

Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds’ custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds’ Portfolio of Investments or Statement of Assets and Liabilities.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

Segment Reporting: In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker (“CODM”). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as “total assets” and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

 

3.

Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to the oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

   

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.


Notes to Financial Statements (continued)

 

   

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

 

   

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

Exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

The following table summarizes the market value of the Funds’ investments as of the end of the current fiscal period, based on the inputs used to value them:

 

Fund    Level 1      Level 2      Level 3      Total  

Lifecycle Index Retirement Income

Affiliated investment companies

     $768,893,989        $—        $—        $768,893,989  

Short-term investments

            1,041,000               1,041,000  

Total

     $768,893,989        $1,041,000        $—        $769,934,989  

Lifecycle Index 2010

Affiliated investment companies

     $657,896,612        $—        $—        $657,896,612  

Short-term investments

            1,401,000               1,401,000  

Total

     $657,896,612        $1,401,000        $—        $659,297,612  

Lifecycle Index 2015

Affiliated investment companies

     $1,002,008,101        $—        $—        $1,002,008,101  

Short-term investments

            992,000               992,000  

Total

     $1,002,008,101        $992,000        $—        $1,003,000,101  

Lifecycle Index 2020

Affiliated investment companies

     $3,010,884,593        $—        $—        $3,010,884,593  

Short-term investments

            3,160,000               3,160,000  

Total

     $3,010,884,593        $3,160,000        $—        $3,014,044,593  

Lifecycle Index 2025

Affiliated investment companies

     $6,026,175,195        $—        $—        $6,026,175,195  

Short-term investments

            6,633,000               6,633,000  

Total

     $6,026,175,195        $6,633,000        $—        $6,032,808,195  

Lifecycle Index 2030

Affiliated investment companies

     $8,814,282,839        $—        $—        $8,814,282,839  

Short-term investments

            14,015,000               14,015,000  

Total

     $8,814,282,839        $14,015,000        $—        $8,828,297,839  

Lifecycle Index 2035

Affiliated investment companies

     $9,633,071,693        $—        $—        $9,633,071,693  

Short-term investments

            13,790,000               13,790,000  

Total

     $9,633,071,693        $13,790,000        $—        $9,646,861,693  

Lifecycle Index 2040

Affiliated investment companies

     $10,191,102,202        $—        $—        $10,191,102,202  

Short-term investments

            14,070,000               14,070,000  

Total

     $10,191,102,202        $14,070,000        $—        $10,205,172,202  

Lifecycle Index 2045

Affiliated investment companies

     $8,775,997,258        $—        $—        $8,775,997,258  

Short-term investments

            14,945,000               14,945,000  

Total

     $8,775,997,258        $14,945,000        $—        $8,790,942,258  

Lifecycle Index 2050

Affiliated investment companies

     $7,584,403,431        $—        $—        $7,584,403,431  

Short-term investments

            10,297,000               10,297,000  

Total

     $7,584,403,431        $10,297,000        $—        $7,594,700,431  

 

60   


 

Fund    Level 1      Level 2      Level 3      Total  

Lifecycle Index 2055

Affiliated investment companies

     $4,758,239,345        $—        $—        $4,758,239,345  

Short-term investments

            8,420,000               8,420,000  

Total

     $4,758,239,345        $8,420,000        $—        $4,766,659,345  

Lifecycle Index 2060

Affiliated investment companies

     $2,783,037,149        $—        $—        $2,783,037,149  

Short-term investments

            6,263,000               6,263,000  

Total

     $2,783,037,149        $6,263,000        $—        $2,789,300,149  

Lifecycle Index 2065

Affiliated investment companies

     $611,068,729        $—        $—        $611,068,729  

Short-term investments

            2,382,000               2,382,000  

Total

     $611,068,729        $2,382,000        $—        $613,450,729  

 

4.

Portfolio Securities

Repurchase Agreements: In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements:

 

Fund    Counterparty   

Short-term Investments,

at Value

    

Collateral Pledged

(From) Counterparty

 

Lifecycle Index Retirement Income

   Fixed Income Clearing Corporation    $ 1,041,000      $ (1,061,920

Lifecycle Index 2010

   Fixed Income Clearing Corporation      1,401,000        (1,429,078

Lifecycle Index 2015

   Fixed Income Clearing Corporation      992,000        (1,011,895

Lifecycle Index 2020

   Fixed Income Clearing Corporation      3,160,000        (3,223,222

Lifecycle Index 2025

   Fixed Income Clearing Corporation      6,633,000        (6,765,713

Lifecycle Index 2030

   Fixed Income Clearing Corporation      14,015,000        (14,295,367

Lifecycle Index 2035

   Fixed Income Clearing Corporation      13,790,000        (14,065,850

Lifecycle Index 2040

   Fixed Income Clearing Corporation      14,070,000        (14,351,422

Lifecycle Index 2045

   Fixed Income Clearing Corporation      14,945,000        (15,243,982

Lifecycle Index 2050

   Fixed Income Clearing Corporation      10,297,000        (10,502,974

Lifecycle Index 2055

   Fixed Income Clearing Corporation      8,420,000        (8,588,402

Lifecycle Index 2060

   Fixed Income Clearing Corporation      6,263,000        (6,388,302

Lifecycle Index 2065

   Fixed Income Clearing Corporation      2,382,000        (2,429,724

Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows:

 

Fund   

Non-U.S. Government

Purchases

    

Non-U.S. Government

Sales

 

Lifecycle Index Retirement Income

   $ 196,079,954      $ 169,898,663  

Lifecycle Index 2010

     137,203,546        139,878,412  

Lifecycle Index 2015

     149,513,543        248,689,828  

Lifecycle Index 2020

     382,798,790        623,841,826  

Lifecycle Index 2025

     836,062,163        1,124,452,464  

Lifecycle Index 2030

     1,372,426,491        1,139,247,410  

Lifecycle Index 2035

     1,665,061,678        1,148,626,678  

Lifecycle Index 2040

     1,711,614,472        1,178,627,880  

Lifecycle Index 2045

     1,555,569,125        911,416,011  

Lifecycle Index 2050

     1,415,936,861        725,899,780  

Lifecycle Index 2055

     1,059,993,781        440,485,100  

Lifecycle Index 2060

     728,632,669        248,008,159  

Lifecycle Index 2065

     278,665,904        46,931,408  

 

5.

Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.


Notes to Financial Statements (continued)

 

Market and Counterparty Credit Risk: In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

 

6.

Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
Lifecycle Index Retirement Income    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     220,538     $ 3,585,353          20,845     $ 319,031  

Premier Class

     69,127       1,129,152          62,116       946,739  

Class R6

     16,897,213       275,818,128          14,539,705       221,787,860  

Retirement Class

     643,665       10,488,519                367,049       5,645,804  

Total subscriptions

     17,830,543       291,021,152                14,989,715       228,699,434  

Reinvestments of distributions:

           

Class I

     7,179       116,654          4,125       63,371  

Premier Class

     4,313       70,047          2,394       36,756  

Class R6

     1,869,629       30,392,415          1,046,305       16,082,188  

Retirement Class

     109,573       1,777,356                58,205       892,097  

Total reinvestments of distributions

     1,990,694       32,356,472                1,111,029       17,074,412  

Redemptions:

           

Class I

     (238,280     (3,904,264        (28,956     (447,686

Premier Class

     (72,409     (1,176,408        (77,682     (1,194,080

Class R6

     (16,115,324     (264,168,974        (12,590,697     (194,216,256

Retirement Class

     (649,988     (10,612,868              (678,392     (10,349,565

Total redemptions

     (17,076,001     (279,862,514              (13,375,727     (206,207,587

Net increase (decrease) from shareholder transactions

     2,745,236     $ 43,515,110                2,725,017     $ 39,566,259  
 

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
Lifecycle Index 2010    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     18,749     $ 310,838          10,131     $ 162,221  

Premier Class

     145,046       2,407,916          99,816       1,591,307  

Class R6

     8,021,458       134,888,648          5,871,430       94,247,976  

Retirement Class

     843,382       13,988,519                395,902       6,243,168  

Total subscriptions

     9,028,635       151,595,921                6,377,279       102,244,672  

Reinvestments of distributions:

           

Class I

     3,825       63,151          2,288       36,633  

Premier Class

     62,196       1,022,499          38,146       608,042  

Class R6

     2,082,839       34,366,842          1,146,232       18,328,254  

Retirement Class

     193,788       3,166,503                108,050       1,712,599  

Total reinvestments of distributions

     2,342,648       38,618,995                1,294,716       20,685,528  

Redemptions:

           

Class I

     (19,088     (328,434        (70,280     (1,115,621

Premier Class

     (149,632     (2,545,267        (274,858     (4,413,763

Class R6

     (8,648,583     (145,828,899        (8,711,198     (139,980,798

Retirement Class

     (1,483,425     (24,424,196              (1,003,364     (15,974,894

Total redemptions

     (10,300,728     (173,126,796              (10,059,700     (161,485,076

Net increase (decrease) from shareholder transactions

     1,070,555     $ 17,088,120                (2,387,705   $ (38,554,876
 

 

62   


 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
Lifecycle Index 2015    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     40,292     $ 697,035          54,921     $ 937,881  

Premier Class

     144,223       2,536,874          170,840       2,862,697  

Class R6

     8,682,290       153,507,277          8,262,695       139,734,524  

Retirement Class

     909,299       15,935,796                475,655       7,972,448  

Total subscriptions

     9,776,104       172,676,982                8,964,111       151,507,550  

Reinvestments of distributions:

           

Class I

     5,141       88,784          2,784       46,792  

Premier Class

     110,301       1,894,963          62,007       1,038,002  

Class R6

     3,803,654       65,651,062          2,139,222       35,981,708  

Retirement Class

     326,814       5,598,328                193,088       3,222,645  

Total reinvestments of distributions

     4,245,910       73,233,137                2,397,101       40,289,147  

Redemptions:

           

Class I

     (15,116     (272,800        (89,142     (1,505,944

Premier Class

     (322,196     (5,729,687        (411,184     (6,889,577

Class R6

     (14,650,868     (259,821,015        (13,038,389     (221,531,073

Retirement Class

     (2,044,699     (35,759,880              (1,341,327     (22,608,289

Total redemptions

     (17,032,879     (301,583,382              (14,880,042     (252,534,883

Net increase (decrease) from shareholder transactions

     (3,010,865   $ (55,673,263              (3,518,830   $ (60,738,186
 

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
Lifecycle Index 2020    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     227,497     $ 4,328,145          74,262     $ 1,367,596  

Premier Class

     399,756       7,745,730          503,271       9,200,844  

Class R6

     22,751,892       443,198,611          22,424,807       412,766,301  

Retirement Class

     1,218,082       23,426,897                878,109       15,990,132  

Total subscriptions

     24,597,227       478,699,383                23,880,449       439,324,873  

Reinvestments of distributions:

           

Class I

     26,018       498,251          18,571       340,408  

Premier Class

     213,714       4,075,518          125,315       2,288,248  

Class R6

     8,932,157       171,229,458          4,926,275       90,397,138  

Retirement Class

     618,654       11,760,622                354,735       6,456,174  

Total reinvestments of distributions

     9,790,543       187,563,849                5,424,896       99,481,968  

Redemptions:

           

Class I

     (166,152     (3,243,832        (228,419     (4,229,709

Premier Class

     (654,158     (12,777,145        (1,248,756     (22,962,439

Class R6

     (37,054,241     (722,834,023        (35,125,181     (649,197,428

Retirement Class

     (3,503,767     (67,640,302              (2,683,928     (49,126,116

Total redemptions

     (41,378,318     (806,495,302              (39,286,284     (725,515,692

Net increase (decrease) from shareholder transactions

     (6,990,548   $ (140,232,070              (9,980,939   $ (186,708,851
 

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
Lifecycle Index 2025    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     428,704     $ 9,313,380          243,371     $ 4,930,631  

Premier Class

     846,651       18,513,578          874,003       17,681,971  

Class R6

     47,238,687       1,039,044,473          44,372,219       904,790,116  

Retirement Class

     1,921,603       41,655,332                1,656,279       33,320,626  

Total subscriptions

     50,435,645       1,108,526,763                47,145,872       960,723,344  

Reinvestments of distributions:

           

Class I

     46,238       1,003,354          25,222       513,275  

Premier Class

     267,499       5,791,343          121,096       2,459,456  

Class R6

     13,067,963       284,228,191          6,156,947       125,540,155  

Retirement Class

     859,075       18,513,073                454,869       9,192,902  

Total reinvestments of distributions

     14,240,775       309,535,961                6,758,134       137,705,788  

Redemptions:

           

Class I

     (283,271     (6,248,579        (437,995     (8,805,941

Premier Class

     (966,666     (21,202,485        (1,131,849     (23,054,565

Class R6

     (63,595,278     (1,396,647,583        (48,255,309     (990,630,653

Retirement Class

     (5,791,567     (126,060,268              (4,859,935     (98,718,158

Total redemptions

     (70,636,782     (1,550,158,915              (54,685,088     (1,121,209,317

Net increase (decrease) from shareholder transactions

     (5,960,362   $ (132,096,191              (781,082   $ (22,780,185
 


Notes to Financial Statements (continued)

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
Lifecycle Index 2030    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     593,893     $ 14,520,135          213,738     $ 4,741,727  

Premier Class

     1,070,246       26,132,156          1,020,220       22,666,628  

Class R6

     63,756,006       1,568,016,210          56,495,639       1,263,257,332  

Retirement Class

     3,207,456       78,018,987                2,789,961       61,671,465  

Total subscriptions

     68,627,601       1,686,687,488                60,519,558       1,352,337,152  

Reinvestments of distributions:

           

Class I

     48,034       1,182,128          35,160       784,418  

Premier Class

     206,894       5,073,034          147,576       3,280,625  

Class R6

     10,494,319       258,684,972          7,037,023       157,277,461  

Retirement Class

     609,807       14,885,398                454,647       10,065,889  

Total reinvestments of distributions

     11,359,054       279,825,532                7,674,406       171,408,393  

Redemptions:

           

Class I

     (217,139     (5,345,452        (361,218     (8,039,837

Premier Class

     (822,496     (20,140,836        (1,470,090     (32,858,904

Class R6

     (61,001,007     (1,497,705,496        (44,001,301     (992,421,774

Retirement Class

     (5,708,458     (139,072,958              (4,321,884     (96,495,792

Total redemptions

     (67,749,100     (1,662,264,742              (50,154,493     (1,129,816,307

Net increase (decrease) from shareholder transactions

     12,237,555     $ 304,248,278                18,039,471     $ 393,929,238  
 

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
Lifecycle Index 2035    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     443,768     $ 12,038,764          223,278     $ 5,367,607  

Premier Class

     1,097,427       29,632,626          1,092,292       26,324,023  

Class R6

     62,281,974       1,695,599,619          59,806,250       1,455,487,593  

Retirement Class

     2,558,090       68,965,307                2,642,003       63,631,827  

Total subscriptions

     66,381,259       1,806,236,316                63,763,823       1,550,811,050  

Reinvestments of distributions:

           

Class I

     29,766       813,802          23,238       564,445  

Premier Class

     179,598       4,890,462          132,558       3,207,899  

Class R6

     8,782,493       240,552,492          6,054,698       147,371,345  

Retirement Class

     438,817       11,900,721                348,217       8,392,031  

Total reinvestments of distributions

     9,430,674       258,157,477                6,558,711       159,535,720  

Redemptions:

           

Class I

     (159,484     (4,341,553        (298,338     (7,198,241

Premier Class

     (742,455     (20,045,919        (1,153,621     (28,015,020

Class R6

     (49,919,671     (1,355,059,707        (36,581,391     (902,421,312

Retirement Class

     (4,641,286     (125,063,630              (3,995,570     (97,312,404

Total redemptions

     (55,462,896     (1,504,510,809              (42,028,920     (1,034,946,977

Net increase (decrease) from shareholder transactions

     20,349,037     $ 559,882,984                28,293,614     $ 675,399,793  
 

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
Lifecycle Index 2040    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     444,778     $ 13,203,145          193,374     $ 5,009,272  

Premier Class

     909,057       26,717,339          1,120,144       28,921,233  

Class R6

     56,032,691       1,660,817,316          54,222,650       1,413,783,568  

Retirement Class

     1,884,847       55,284,129                1,996,846       51,631,155  

Total subscriptions

     59,271,373       1,756,021,929                57,533,014       1,499,345,228  

Reinvestments of distributions:

           

Class I

     21,706       651,409          20,577       535,204  

Premier Class

     143,496       4,286,231          136,836       3,542,683  

Class R6

     6,980,844       209,704,539          5,787,159       150,697,631  

Retirement Class

     302,916       9,014,779                295,703       7,629,130  

Total reinvestments of distributions

     7,448,962       223,656,958                6,240,275       162,404,648  

Redemptions:

           

Class I

     (211,904     (6,301,307        (208,960     (5,446,746

Premier Class

     (803,266     (23,629,285        (1,439,064     (37,749,387

Class R6

     (44,442,557     (1,311,311,773        (31,691,130     (841,845,215

Retirement Class

     (3,295,185     (97,164,071              (3,604,077     (94,931,430

Total redemptions

     (48,752,912     (1,438,406,436              (36,943,231     (979,972,778

Net increase (decrease) from shareholder transactions

     17,967,423     $ 541,272,451                26,830,058     $ 681,777,098  
 

 

64   


 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
Lifecycle Index 2045    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     469,723     $ 14,693,043          157,554     $ 4,254,147  

Premier Class

     1,010,059       31,194,174          993,274       26,788,207  

Class R6

     50,880,775       1,588,433,989          52,266,925       1,418,998,974  

Retirement Class

     1,660,659       51,357,627                1,731,177       46,548,337  

Total subscriptions

     54,021,216       1,685,678,833                55,148,930       1,496,589,665  

Reinvestments of distributions:

           

Class I

     19,358       613,058          18,683       505,761  

Premier Class

     86,356       2,726,248          72,690       1,961,898  

Class R6

     5,253,565       166,695,631          4,469,368       121,209,261  

Retirement Class

     220,544       6,929,507                226,560       6,085,403  

Total reinvestments of distributions

     5,579,823       176,964,444                4,787,301       129,762,323  

Redemptions:

           

Class I

     (155,775     (4,831,622        (209,486     (5,648,588

Premier Class

     (399,873     (12,402,494        (753,142     (20,519,310

Class R6

     (35,911,651     (1,115,277,210        (26,078,253     (721,370,997

Retirement Class

     (2,629,368     (81,362,784              (2,562,142     (70,174,828

Total redemptions

     (39,096,667     (1,213,874,110              (29,603,023     (817,713,723

Net increase (decrease) from shareholder transactions

     20,504,372     $ 648,769,167                30,333,208     $ 808,638,265  
 

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
Lifecycle Index 2050    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     347,200     $ 11,082,776          151,795     $ 4,162,023  

Premier Class

     618,977       19,595,364          511,652       14,049,166  

Class R6

     46,594,581       1,481,558,552          44,172,380       1,217,859,238  

Retirement Class

     1,339,061       42,191,787                1,408,038       38,375,294  

Total subscriptions

     48,899,819       1,554,428,479                46,243,865       1,274,445,721  

Reinvestments of distributions:

           

Class I

     15,456       499,834          15,170       416,566  

Premier Class

     53,307       1,717,017          53,428       1,461,248  

Class R6

     4,276,006       138,542,600          3,897,036       107,168,487  

Retirement Class

     175,582       5,627,412                198,874       5,413,361  

Total reinvestments of distributions

     4,520,351       146,386,863                4,164,508       114,459,662  

Redemptions:

           

Class I

     (120,556     (3,834,718        (201,159     (5,454,329

Premier Class

     (310,933     (9,802,871        (633,130     (17,514,976

Class R6

     (29,269,827     (927,222,679        (21,224,260     (597,384,005

Retirement Class

     (2,189,205     (69,046,139              (2,151,001     (59,646,290

Total redemptions

     (31,890,521     (1,009,906,407              (24,209,550     (679,999,600

Net increase (decrease) from shareholder transactions

     21,529,649     $ 690,908,935                26,198,823     $ 708,905,783  
 

 

    

Year Ended

5/31/25

           Year Ended 5/31/24  
Lifecycle Index 2055    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     425,164     $ 10,997,107          222,339     $ 4,895,126  

Premier Class

     533,906       13,778,312          480,554       10,667,739  

Class R6

     44,869,821       1,154,713,271          41,577,792       926,627,050  

Retirement Class

     1,246,820       31,850,015                1,482,023       32,716,115  

Total subscriptions

     47,075,711       1,211,338,705                43,762,708       974,906,030  

Reinvestments of distributions:

           

Class I

     15,916       416,694          15,953       353,668  

Premier Class

     25,261       660,586          27,490       608,638  

Class R6

     3,162,576       82,954,371          2,799,981       62,159,591  

Retirement Class

     127,545       3,326,374                134,709       2,974,365  

Total reinvestments of distributions

     3,331,298       87,358,025                2,978,133       66,096,262  

Redemptions:

           

Class I

     (140,680     (3,644,192        (234,331     (5,053,347

Premier Class

     (236,032     (6,036,638        (617,905     (13,841,189

Class R6

     (24,322,945     (624,998,494        (18,474,311     (419,542,678

Retirement Class

     (1,684,478     (43,189,337              (1,437,927     (32,034,509

Total redemptions

     (26,384,135     (677,868,661              (20,764,474     (470,471,723

Net increase (decrease) from shareholder transactions

     24,022,874     $ 620,828,069                25,976,367     $ 570,530,569  
 


Notes to Financial Statements (continued)

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
Lifecycle Index 2060    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     366,135     $ 7,364,079          237,912     $ 4,089,310  

Premier Class

     663,341       13,332,527          554,364       9,509,531  

Class R6

     43,778,222       873,483,589          38,177,375       660,894,255  

Retirement Class

     1,142,008       22,684,320                1,278,732       21,923,193  

Total subscriptions

     45,949,706       916,864,515                40,248,383       696,416,289  

Reinvestments of distributions:

           

Class I

     13,747       279,754          13,932       239,498  

Premier Class

     20,637       419,341          18,860       323,633  

Class R6

     2,274,228       46,326,021          1,912,844       32,900,918  

Retirement Class

     87,180       1,767,146                86,565       1,482,850  

Total reinvestments of distributions

     2,395,792       48,792,262                2,032,201       34,946,899  

Redemptions:

           

Class I

     (155,492     (3,108,383        (234,297     (3,954,887

Premier Class

     (255,361     (5,063,844        (533,454     (9,078,713

Class R6

     (22,668,107     (452,990,472        (16,178,367     (283,863,945

Retirement Class

     (1,215,239     (24,227,016              (774,205     (13,334,770

Total redemptions

     (24,294,199     (485,389,715              (17,720,323     (310,232,315

Net increase (decrease) from shareholder transactions

     24,051,299     $ 480,267,062                24,560,261     $ 421,130,873  
 

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
Lifecycle Index 2065    Shares     Value             Shares     Value  

Subscriptions:

           

Class I

     236,260     $ 3,355,493          113,763     $ 1,384,830  

Premier Class

     193,775       2,740,284          186,945       2,229,957  

Class R6

     21,252,169       304,524,818          16,027,662       198,759,351  

Retirement Class

     577,952       8,160,279                481,317       5,895,241  

Total subscriptions

     22,260,156       318,780,874                16,809,687       208,269,379  

Reinvestments of distributions:

           

Class I

     5,366       77,380          4,210       51,147  

Premier Class

     4,301       61,977          3,300       40,099  

Class R6

     610,908       8,925,367          355,871       4,380,766  

Retirement Class

     16,710       241,122                10,884       132,344  

Total reinvestments of distributions

     637,285       9,305,846                374,265       4,604,356  

Redemptions:

           

Class I

     (85,309     (1,205,408        (47,321     (585,953

Premier Class

     (88,608     (1,245,840        (89,827     (1,106,252

Class R6

     (6,353,739     (90,778,874        (3,178,895     (40,267,990

Retirement Class

     (319,821     (4,503,311              (146,895     (1,799,799

Total redemptions

     (6,847,477     (97,733,433              (3,462,938     (43,759,994

Net increase (decrease) from shareholder transactions

     16,049,964     $ 230,353,287                13,721,014     $ 169,113,741  
 

 

7.

Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution reallocations, investments in underlying funds, and tax equalization. Temporary and permanent differences have no impact on a Fund’s net assets.

 

66   


 

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

 

Fund    Tax Cost      Gross
Unrealized
Appreciation
     Gross
Unrealized
(Depreciation)
   

Net
Unrealized
Appreciation

(Depreciation)

 

Lifecycle Index Retirement Income

     $678,289,683        $135,527,683        $ (43,882,377)      $91,645,306  

Lifecycle Index 2010

     565,278,294        138,180,061        (44,160,743     94,019,318  

Lifecycle Index 2015

     822,228,433        248,413,059        (67,641,391     180,771,668  

Lifecycle Index 2020

     2,439,415,046        759,073,050        (184,443,503     574,629,547  

Lifecycle Index 2025

     4,843,142,013        1,523,497,175        (333,830,993     1,189,666,182  

Lifecycle Index 2030

     6,859,604,262        2,353,986,662        (385,293,085     1,968,693,577  

Lifecycle Index 2035

     7,240,523,047        2,747,606,759        (341,268,113     2,406,338,646  

Lifecycle Index 2040

     7,181,381,052        3,316,625,646        (292,834,496     3,023,791,150  

Lifecycle Index 2045

     6,205,594,634        2,778,174,533        (192,826,909     2,585,347,624  

Lifecycle Index 2050

     5,379,012,751        2,363,551,777        (147,864,097     2,215,687,680  

Lifecycle Index 2055

     3,538,220,271        1,305,621,988        (77,182,914     1,228,439,074  

Lifecycle Index 2060

     2,180,773,262        649,084,040        (40,557,153     608,526,887  

Lifecycle Index 2065

     528,853,074        88,045,500        (3,447,845     84,597,655  

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

 

Fund   

Undistributed

Ordinary
Income

    

Undistributed
Long-Term

Capital Gains

    

Unrealized
Appreciation

(Depreciation)

     Capital Loss
Carryforwards
     Late-Year
Loss Deferrals
    

Other
Book-to-Tax

Differences

    Total  

Lifecycle Index Retirement Income

     $2,489,465        $2,192,044        $91,645,306        $–        $–        $(24,472     $96,302,343  

Lifecycle Index 2010

     6,252,980        5,932,138        94,019,318                      (42,838     106,161,598  

Lifecycle Index 2015

     8,400,519        11,892,249        180,771,668                      (74,459     200,989,977  

Lifecycle Index 2020

     23,823,258        28,649,807        574,629,547                      (156,861     626,945,751  

Lifecycle Index 2025

     43,811,122        52,896,279        1,189,666,182                      (213,737     1,286,159,846  

Lifecycle Index 2030

     52,021,490        47,203,190        1,968,693,577                      (247,529     2,067,670,728  

Lifecycle Index 2035

     47,874,761        43,808,827        2,406,338,646                      (240,767     2,497,781,467  

Lifecycle Index 2040

     33,141,382        47,789,491        3,023,791,150                      (260,166     3,104,461,857  

Lifecycle Index 2045

     24,613,382        18,136,704        2,585,347,624                      (175,934     2,627,921,776  

Lifecycle Index 2050

     24,926,900               2,215,687,680                      (139,706     2,240,474,874  

Lifecycle Index 2055

     8,762,602               1,228,439,074                      (68,424     1,237,133,252  

Lifecycle Index 2060

     4,214,966        113,626        608,526,887                      (30,532     612,824,947  

Lifecycle Index 2065

     351,890        47,749        84,597,655                      (3,298     84,993,996  

The tax character of distributions paid was as follows:

 

     5/31/25      5/31/24  
Fund   

Ordinary

Income

    

Long-Term

Capital
Gains

    

Ordinary

Income

    

Long-
Term

Capital
Gains

 

Lifecycle Index Retirement Income

     $24,581,325        $11,562,210        $18,858,738        $–  

Lifecycle Index 2010

     19,731,622        19,849,813        17,235,203        4,025,671  

Lifecycle Index 2015

     31,071,220        44,589,278        28,466,179        13,166,092  

Lifecycle Index 2020

     88,486,702        109,599,336        81,161,861        23,686,870  

Lifecycle Index 2025

     171,887,908        158,205,977        146,874,613         

Lifecycle Index 2030

     227,946,638        67,697,748        180,599,576         

Lifecycle Index 2035

     238,339,264        34,094,101        167,731,378         

Lifecycle Index 2040

     225,270,002        7,375,304        168,607,495         

Lifecycle Index 2045

     185,063,587        163,058        135,360,112         

Lifecycle Index 2050

     152,823,925               113,338,491        5,877,617  

Lifecycle Index 2055

     91,690,205               65,982,693        3,164,243  

Lifecycle Index 2060

     51,327,050               35,044,620        1,574,093  

Lifecycle Index 2065

     9,558,580               4,698,152        114,166  

As of year end, the Funds utilized the following capital loss carryforwards: 

 

Fund    Utilized  

Lifecycle Index Retirement Income Lifecycle Index 2010

     $–  

Lifecycle Index 2015

      

Lifecycle Index 2020

      

Lifecycle Index 2025

      

Lifecycle Index 2030

      

Lifecycle Index 2035

      

Lifecycle Index 2040

     8,191,217  


Notes to Financial Statements (continued)

 

Fund    Utilized  

Lifecycle Index 2045

      
Lifecycle Index 2050       
Lifecycle Index 2055       
Lifecycle Index 2060       
Lifecycle Index 2065      70,267  

 

8.

Management Fees and Other Transactions with Affiliates

Management Fees: Under the terms of its Investment Management Agreement, the Adviser is entitled to a fee that is made up of two components, which are added together to create the total investment management fee. The first component, the asset allocation fee rate, is an annual rate of 0.10% of the average daily net assets of each Fund. The second component, the Underlying Funds fee rate, is calculated as follows: for each Underlying Fund of the Trust in which a Fund is invested, the effective Underlying Fund’s annual investment management fee rate, as determined pursuant to its investment management agreement, net of any fee waivers or reimbursements applicable to the Underlying Fund (excluding the Class W shares investment management fee waiver and/or reimbursement), in proportion to the percentage of the Fund’s net assets invested in the Underlying Fund, applied to the average daily net assets of the Fund. The Adviser has contractually agreed to waive a portion of the asset allocation fee rate for each Fund’s management fee through September 30, 2025, unless changed with the approval of the Board. As of the end of the current fiscal period, the Adviser received from the Funds the following effective annual rate as a percentage of average daily net assets of each Fund:

 

           Investment Management Fee Waiver  
Fund    Investment Management Fee—Effective Rate     Effective 10/1/24     Prior to 10/1/24  

Lifecycle Index Retirement Income

     0.090     0.081     0.079

Lifecycle Index 2010

     0.090       0.081       0.080  

Lifecycle Index 2015

     0.090       0.079       0.077  

Lifecycle Index 2020

     0.090       0.075       0.073  

Lifecycle Index 2025

     0.090       0.070       0.068  

Lifecycle Index 2030

     0.090       0.066       0.063  

Lifecycle Index 2035

     0.090       0.062       0.058  

Lifecycle Index 2040

     0.090       0.057       0.055  

Lifecycle Index 2045

     0.090       0.057       0.054  

Lifecycle Index 2050

     0.090       0.056       0.053  

Lifecycle Index 2055

     0.090       0.056       0.053  

Lifecycle Index 2060

     0.090       0.056       0.053  

Lifecycle Index 2065

     0.090       0.057       0.054  

The Funds have entered into an Administrative Service Agreement with the Adviser under which the Funds pay the Adviser for its costs in providing certain administrative and compliance services to the Funds. The Adviser has agreed to gradually reduce expenses allocated to the Funds under the Administrative Services Agreement over a three-year period commencing May 1, 2024. After the expiration of this three-year period, the Adviser will no longer allocate expenses to the Funds under the Administrative Services Agreement.

Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund incurs an annual fee of 0.25% of the daily net assets, payable monthly to the Adviser, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to the Adviser under the Service Agreement.

Under the terms of a distribution Rule 12b-1 plan, the Premier Class of each Fund compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class shares.

The Adviser has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses, extraordinary expenses and the management fees and certain other

 

68   


 

expenses originally attributable to Class W shares of the affiliated Nuveen Funds) exceeds the following percentages of average daily net assets for each class:

 

     Maximum Expense Amounts  
     Class I     Premier Class     Class R6     Retirement Class  
Fund    Effective
10/1/24*
    Prior
to
10/1/24
    Effective
10/1/24*
    Prior
to
10/1/24
    Effective
10/1/24*
    Prior
to
10/1/24
    Effective
10/1/24*
    Prior
to
10/1/24
 

Lifecycle Index Retirement Income

     0.169     0.171     0.169     0.171     0.019     0.021     0.269     0.271

Lifecycle Index 2010

     0.169       0.170       0.169       0.170       0.019       0.020       0.269       0.270  

Lifecycle Index 2015

     0.171       0.173       0.171       0.173       0.021       0.023       0.271       0.273  

Lifecycle Index 2020

     0.175       0.177       0.175       0.177       0.025       0.027       0.275       0.277  

Lifecycle Index 2025

     0.180       0.182       0.180       0.182       0.030       0.032       0.280       0.282  

Lifecycle Index 2030

     0.184       0.187       0.184       0.187       0.034       0.037       0.284       0.287  

Lifecycle Index 2035

     0.188       0.192       0.188       0.192       0.038       0.042       0.288       0.292  

Lifecycle Index 2040

     0.193       0.195       0.193       0.195       0.043       0.045       0.293       0.295  

Lifecycle Index 2045

     0.193       0.196       0.193       0.196       0.043       0.046       0.293       0.296  

Lifecycle Index 2050

     0.194       0.197       0.194       0.197       0.044       0.047       0.294       0.297  

Lifecycle Index 2055

     0.194       0.197       0.194       0.197       0.044       0.047       0.294       0.297  

Lifecycle Index 2060

     0.194       0.197       0.194       0.197       0.044       0.047       0.294       0.297  

Lifecycle Index 2065

     0.193       0.196       0.193       0.196       0.043       0.046       0.293       0.296  

 

*

The expense reimbursement agreements will continue through at least September 30, 2025, unless changed with approval of the Board.

Other Transactions with Affiliates: The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Adviser or by an affiliate of the Adviser (each an, “Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are affected at the current market price (as provided by an independent pricing service) without incurring broker commissions. During the current fiscal period, the Funds did not engage in security transactions with affiliated entities.

Affiliated Owned Shares: There were no funds’ shares owned by TIAA as of the end of the current fiscal period.

Investments in other investment companies advised by the Adviser and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. A complete schedule of the portfolio holdings for each of the affiliated investments is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available on the SEC’s website at www.sec.gov. A copy of the annual report, semi-annual report and financial statements is available for each of the affiliated investments at https://www.nuveen.com/en-us/ mutual-funds/prospectuses, or upon request by calling (800) 257-8787. Information regarding transactions with affiliated companies is as follows:

 

Issue   

Value at

5/31/24

     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle Index Retirement Income

 

                   

Nuveen Funds:

                      

Bond Index, Class W

     $280,512,273        $73,396,321        $54,634,941        $(6,548,684)       $11,314,829        $304,039,798        $10,467,373        $–  

Emerging Markets Equity Index, Class W

     29,784,426        11,363,632        10,254,043        149,421       2,604,381        33,647,817        913,267         

Equity Index, Class W

     184,679,945        54,553,110        56,398,063        14,594,935       6,564,881        203,994,808        2,348,804        568,607  

Inflation Linked Bond, Class W

     69,966,046        18,120,555        13,880,029        (983,706     2,897,120        76,119,986        2,920,217         

International Equity Index, Class W

     69,559,068        17,682,461        19,258,151        1,251,844       5,819,444        75,054,666        2,015,213         

Short Term Bond Index, Class W

     69,587,051        20,963,875        15,473,436        (389,674     1,349,098        76,036,914        3,197,304         
       $704,088,809        $196,079,954        $169,898,663        $8,074,136       $30,549,753        $768,893,989        $21,862,178        $568,607  


Notes to Financial Statements (continued)

 

Issue   

Value at

5/31/24

     Purchases Cost      Sales
Proceeds
     Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend Income      Capital Gain
Distributions
 

Lifecycle Index 2010

                      

Nuveen Funds:

                      

Bond Index, Class W

     $250,646,311        $47,760,528        $42,099,165        $(5,056,031)       $9,283,862        $260,535,505        $9,368,932        $–  

Emerging Markets Equity Index, Class W

     24,027,207        7,666,173        8,454,179        79,513       1,986,636        25,305,350        766,348         

Equity Index, Class W

     149,441,507        32,741,973        45,745,253        13,189,812       3,797,073        153,425,112        1,948,697        471,747  

Inflation Linked Bond, Class W

  

 

62,514,220

 

     12,667,088        11,647,566        (854,869     2,543,085        65,221,958        2,606,236         

International Equity Index, Class W

  

 

56,100,514

 

     10,573,169        15,493,689        1,357,919       3,910,339        56,448,252        1,685,561         

Short Term Bond Index, Class W

  

 

86,429,556

 

     25,794,615        16,438,560        (592,842     1,767,666        96,960,435        4,114,249         
       $629,159,315        $137,203,546        $139,878,412        $8,123,502       $23,288,661        $657,896,612        $20,490,023        $471,747  

 

Issue    Value at
5/31/24
     Purchases Cost      Sales
Proceeds
     Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
5/31/25
     Dividend Income      Capital Gain
Distributions
 

Lifecycle Index 2015

                     

Nuveen Funds:

                     

Bond Index, Class W

     $413,843,341        $51,415,777        $76,775,368        $(9,253,217)       $16,650,975       $395,881,508        $14,913,695        $–  

Emerging Markets Equity

Index, Class W

     45,411,927        9,880,379        15,040,751        491,011       3,249,422       43,991,988        1,396,909         

Equity Index, Class W

     282,379,879        38,982,351        85,786,438        33,837,320       (2,697,933     266,715,179        3,555,269        860,672  

Inflation Linked Bond,

Class W

     99,161,560        15,912,663        18,994,132        (1,492,242     4,110,836       98,698,685        4,103,666         

International Equity

Index, Class W

     105,995,276        13,897,504        30,899,010        4,535,333       4,601,371       98,130,474        3,076,417         

Short Term Bond Index,

Class W

     99,012,018        19,424,869        21,194,129        (743,778     2,091,287       98,590,267        4,459,300         
       $1,045,804,001        $149,513,543        $248,689,828        $27,374,427       $28,005,958       $1,002,008,101        $31,505,256        $860,672  

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized Gain
(Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle Index 2020

                      

Nuveen Funds:

                      

Bond Index, Class W

     $1,186,678,917        $122,658,082        $171,868,053        $(23,270,218)       $44,065,356        $1,158,264,084        $43,187,039        $–  

Emerging Markets Equity Index, Class W

     149,761,057        29,112,739        42,850,264        998,472       11,428,162        148,450,166        4,632,206         

Equity Index, Class W

     929,918,119        113,013,062        245,096,978        86,330,455       15,828,361        899,993,019        11,863,024        2,871,841  

Inflation Linked Bond, Class W

     230,625,827        35,431,005        35,615,017        (3,035,604     9,239,458        236,645,669        9,628,702         

International Equity

Index, Class W

     349,694,387        38,910,226        88,539,914        12,014,497       19,050,572        331,129,768        10,218,766         

Short Term Bond Index, Class W

     229,455,593        43,673,676        39,871,600        (1,437,961     4,582,179        236,401,887        10,524,610         
       $3,076,133,900        $382,798,790        $623,841,826        $71,599,641       $104,194,088        $3,010,884,593        $90,054,347        $2,871,841  

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales Proceeds      Realized Gain
(Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifecycle Index 2025

                      

Nuveen Funds:

                      

Bond Index, Class W

     $2,191,184,253        $296,186,340        $273,651,136        $(46,003,153)       $83,571,045        $2,251,287,349        $82,302,809        $–  

Emerging Markets Equity Index, Class W

     324,474,809        66,258,413        88,001,272        498,064       26,825,496        330,055,510        10,283,541         

Equity Index, Class W

     2,017,953,757        251,794,658        491,799,854        146,374,754       76,618,931        2,000,942,246        26,321,815        6,372,074  

Inflation Linked Bond, Class W

     327,086,205        60,779,013        42,964,706        (5,383,582     14,529,989        354,046,919        13,961,672         

International Equity

Index, Class W

     758,361,492        84,430,578        175,266,013        17,581,271       51,094,113        736,201,441        22,691,601         

Short Term Bond Index, Class W

     325,302,754        76,613,161        52,769,483        (2,139,504     6,634,802        353,641,730        15,425,596         
       $5,944,363,270        $836,062,163        $1,124,452,464        $110,927,850       $259,274,376        $6,026,175,195        $170,987,034        $6,372,074  

 

70   


 

Issue   

Value at

5/31/24

     Purchases Cost      Sales
Proceeds
     Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend Income      Capital Gain
Distributions
 

Lifecycle Index 2030

                      

Nuveen Funds:

                      

Bond Index, Class W

     $2,630,315,393        $503,619,846        $238,570,388        $(41,263,825)       $85,741,665        $2,939,842,691        $103,232,178        $–  

Emerging Markets Equity Index, Class W

     504,049,697        119,743,161        109,946,605        (1,379,573     45,595,740        558,062,420        16,731,525         

Equity Index, Class W

     3,134,672,673        421,638,733        527,232,566        102,228,080       252,943,623        3,384,250,543        42,847,917        10,372,768  

Inflation Linked Bond, Class W

     281,618,454        76,538,269        23,513,842        (3,482,191     11,993,925        343,154,615        12,558,377         

International Equity Index, Class W

     1,177,588,216        163,141,461        211,127,154        10,366,030       106,028,956        1,245,997,509        36,881,526         

Short Term Bond Index, Class W

     280,123,645        87,745,021        28,856,855        (1,399,328     5,362,578        342,975,061        14,118,902         
       $8,008,368,078        $1,372,426,491        $1,139,247,410        $65,069,193       $507,666,487        $8,814,282,839        $226,370,425        $10,372,768  

 

Issue    Value at
5/31/24
     Purchases Cost      Sales Proceeds      Realized Gain
(Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    

Value at

5/31/25

     Dividend Income      Capital Gain
Distributions
 

Lifecycle Index 2035

                      

Nuveen Funds:

                      

Bond Index, Class W

     $2,360,140,621        $610,358,903        $190,572,815        $(31,856,802)       $70,313,780        $2,818,383,687        $95,811,513        $–  

Emerging Markets Equity Index, Class W

     609,344,574        154,545,553        123,973,223        (3,370,901     57,157,467        693,703,470        20,579,526         

Equity Index, Class W

     3,790,520,257        561,524,565        579,371,695        85,717,130       346,294,285        4,204,684,542        52,623,175        12,739,196  

Inflation Linked Bond, Class W

     129,622,682        58,645,726        7,795,638        (1,313,181     5,612,364        184,771,953        6,121,235         

International Equity Index, Class W

     1,424,042,766        216,444,987        237,211,231        7,677,156       135,926,133        1,546,879,811        45,202,930         

Short Term Bond Index, Class W

     128,954,834        63,541,944        9,702,076        (496,404     2,349,932        184,648,230        7,060,316         
       $8,442,625,734        $1,665,061,678        $1,148,626,678        $56,356,998       $617,653,961        $9,633,071,693        $227,398,695        $12,739,196  

 

Issue    Value at
5/31/24
     Purchases Cost      Sales Proceeds      Realized Gain
(Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
     Value at 5/31/25      Dividend Income      Capital Gain
Distributions
 

Lifecycle Index 2040

                      

Nuveen Funds:

                      

Bond Index, Class W

     $1,770,958,941        $523,036,905        $147,499,786        $(23,919,192)       $52,480,486        $2,175,057,354        $73,076,124        $–  

Emerging Markets Equity Index, Class W

     741,903,559        203,173,644        147,803,824        (5,495,931     71,382,958        863,160,406        25,566,014         

Equity Index, Class W

     4,612,789,904        700,225,725        610,012,622        70,422,443       455,791,364        5,229,216,814        65,037,837        15,744,579  

International Equity Index, Class W

     1,733,019,627        285,178,198        273,311,648        6,943,774       171,837,677        1,923,667,628        55,899,146         
       $8,858,672,031        $1,711,614,472        $1,178,627,880        $47,951,094       $751,492,485        $10,191,102,202        $219,579,121        $15,744,579  

 

Issue    Value at
5/31/24
     Purchases Cost      Sales
Proceeds
     Realized Gain
(Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend Income      Capital Gain
Distributions
 

Lifecycle Index 2045

                      

Nuveen Funds:

                      

Bond Index, Class W

     $958,784,380        $307,059,433        $88,863,476        $(14,683,459)       $30,300,217        $1,192,597,095        $39,896,930        $–  

Emerging Markets Equity Index, Class W

     674,877,461        209,566,680        128,865,127        (8,431,386     69,723,672        816,871,300        23,810,497         

Equity Index, Class W

     4,195,048,311        727,172,697        458,504,168        24,712,691       457,554,171        4,945,983,702        60,625,268        14,676,369  

International Equity Index, Class W

     1,575,669,972        311,770,315        235,183,240        3,498,868       164,789,246        1,820,545,161        52,027,425         
       $7,404,380,124        $1,555,569,125        $911,416,011        $5,096,714       $722,367,306        $8,775,997,258        $176,360,120        $14,676,369  


Notes to Financial Statements (continued)

 

Issue   

Value at

5/31/24

     Purchases Cost      Sales
Proceeds
    

Realized

Gain (Loss)

    Change in
Unrealized
Appreciation
(Depreciation)
    

Value at

5/31/25

     Dividend Income      Capital Gain
Distributions
 

Lifecycle Index 2050

                      

Nuveen Funds:

                      

Bond Index, Class W

     $602,273,775        $184,434,081        $58,671,950        $(9,808,981)       $19,741,891        $737,968,816        $24,819,759        $–  

Emerging Markets Equity Index, Class W

     592,118,473        201,401,288        111,050,514        (8,532,919     63,355,501        737,291,829        21,166,754         

Equity Index, Class W

     3,675,251,730        720,634,086        357,445,443        11,312,003       415,599,134        4,465,351,510        53,866,275        13,040,130  

International Equity Index, Class W

     1,380,953,944        309,467,406        198,731,873        2,249,288       149,852,511        1,643,791,276        46,350,400         
       $6,250,597,922        $1,415,936,861        $725,899,780        $(4,780,609)       $648,549,037        $7,584,403,431        $146,203,188        $13,040,130  

 

Issue    Value at
5/31/24
     Purchases Cost      Sales
Proceeds
    

Realized

Gain (Loss)

    Change in
Unrealized
Appreciation
(Depreciation)
    

Value at

5/31/25

     Dividend Income      Capital Gain
Distributions
 

Lifecycle Index 2055

                      

Nuveen Funds:

                      

Bond Index, Class W

     $313,673,664        $116,740,879        $30,143,107        $(4,996,224)       $10,106,910        $405,382,122        $13,305,628        $–  

Emerging Markets Equity Index, Class W

     359,104,327        146,038,630        70,363,536        (6,448,144     40,697,344        469,028,621        13,188,909         

Equity Index, Class W

     2,229,867,872        562,555,842        215,928,457        (764,374     263,487,643        2,839,218,526        33,598,932        8,133,743  

International Equity Index, Class W

     837,517,510        234,658,430        124,050,000        604,364       95,879,772        1,044,610,076        28,885,836         
       $3,740,163,373        $1,059,993,781        $440,485,100        $(11,604,378)       $410,171,669        $4,758,239,345        $88,979,305        $8,133,743  

 

Issue    Value at
5/31/24
     Purchases Cost      Sales
Proceeds
     Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend Income      Capital Gain
Distributions
 

Lifecycle Index 2060

                      

Nuveen Funds:

                      

Bond Index, Class W

     $148,559,066        $65,386,277        $12,852,906        $(2,080,048)       $4,453,832        $203,466,221        $6,476,345        $–  

Emerging Markets Equity Index, Class W

     201,723,219        96,590,772        40,114,964        (3,612,260     23,564,001        278,150,768        7,599,876         

Equity Index, Class W

     1,251,362,297        403,989,067        124,723,969        (509,066     152,100,753        1,682,219,082        19,362,765        4,687,403  

International Equity Index, Class W

     469,888,911        162,666,553        70,316,320        (33,625     56,995,559        619,201,078        16,641,125         
       $2,071,533,493        $728,632,669        $248,008,159        $(6,234,999)       $237,114,145        $2,783,037,149        $50,080,111        $4,687,403  

 

Issue    Value at
5/31/24
     Purchases Cost      Sales
Proceeds
     Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend Income      Capital Gain
Distributions
 

Lifecycle Index 2065

                      

Nuveen Funds:

                      

Bond Index, Class W

     $20,027,291        $19,455,041        $2,338,272        $(136,129)       $430,254        $37,438,185        $1,025,639        $–  

Emerging Markets Equity

Index, Class W

     33,178,643        31,965,994        7,138,112        (370,407     4,241,001        61,877,119        1,451,875         

Equity Index, Class W

     205,393,136        165,978,017        24,393,778        (501,622     27,448,834        373,924,587        3,691,917        893,752  

International Equity

Index, Class W

     77,126,631        61,266,852        13,061,246        (188,890     12,685,491        137,828,838        3,193,353         
       $335,725,701        $278,665,904        $46,931,408        $(1,197,048)       $44,805,580        $611,068,729        $9,362,784        $893,752  

 

9.

Borrowing Arrangements

Line of Credit: The Funds participated in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The facility was entered into on June 13, 2023, and expired on June 11, 2024. Certain affiliated accounts, each of which is managed by the Adviser, or an affiliate of the Adviser, also participated in this facility. An annual commitment fee for the credit facility was borne by the participating accounts on a pro rata basis. Interest associated with any borrowing under the facility was charged to the borrowing accounts at a specified rate of interest. The Funds were not liable for borrowings under the facility by other affiliated accounts. There were no borrowings under this credit facility by the Funds during the current fiscal period. On June 11, 2024, the Funds’ credit facility expired, and the Funds have not entered into another credit facility.

 

72   


Important Tax Information

 

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

 

Fund    Net Long-Term
Capital Gains
 

 Lifecycle Index Retirement Income

   $ 11,956,090  

 Lifecycle Index 2010

     20,667,415  

 Lifecycle Index 2015

     46,937,247  

 Lifecycle Index 2020

     114,964,304  

 Lifecycle Index 2025

     167,540,802  

 Lifecycle Index 2030

     73,498,028  

 Lifecycle Index 2035

     38,544,257  

 Lifecycle Index 2040

     10,380,994  

 Lifecycle Index 2045

     1,124,326  

 Lifecycle Index 2050

      

 Lifecycle Index 2055

      

 Lifecycle Index 2060

     178,982  

 Lifecycle Index 2065

     35,896  

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

 

Fund    Percentage  

 Lifecycle Index Retirement Income

     8.5

 Lifecycle Index 2010

     8.6  

 Lifecycle Index 2015

     9.9  

 Lifecycle Index 2020

     11.6  

 Lifecycle Index 2025

     13.2  

 Lifecycle Index 2030

     16.2  

 Lifecycle Index 2035

     18.9  

 Lifecycle Index 2040

     24.6  

 Lifecycle Index 2045

     27.9  

 Lifecycle Index 2050

     29.9  

 Lifecycle Index 2055

     31.1  

 Lifecycle Index 2060

     32.0  

 Lifecycle Index 2065

     32.7  

Qualified Dividend Income (QDI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

 

Fund    Percentage  

 Lifecycle Index Retirement Income

     16.7

 Lifecycle Index 2010

     16.8  

 Lifecycle Index 2015

     19.5  

 Lifecycle Index 2020

     22.7  

 Lifecycle Index 2025

     25.9  

 Lifecycle Index 2030

     31.7  

 Lifecycle Index 2035

     37.1  

 Lifecycle Index 2040

     48.3  

 Lifecycle Index 2045

     54.6  

 Lifecycle Index 2050

     58.7  

 Lifecycle Index 2055

     60.9  

 Lifecycle Index 2060

     62.6  

 Lifecycle Index 2065

     64.3  


Important Tax Information (continued)

 

Foreign Source Income and Foreign Tax Credit Pass Through

Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:

 

Fund    Foreign
Source Income
    

Foreign
Source Income

Per Share

    

Qualifying
Foreign

Taxes Paid

    

Qualifying
Foreign Taxes

Paid per Share

 

 Lifecycle Index Retirement Income

   $ 2,568,401      $ 0.05486      $ 199,656      $ 0.00426  

 Lifecycle Index 2010

     2,136,822        0.05470        167,241        0.00428  

 Lifecycle Index 2015

     3,897,807        0.06856        305,063        0.00537  

 Lifecycle Index 2020

     12,964,220        0.08433        1,012,536        0.00659  

 Lifecycle Index 2025

     28,846,896        0.10621        2,248,156        0.00828  

 Lifecycle Index 2030

     46,957,466        0.13388        3,655,725        0.01042  

 Lifecycle Index 2035

     57,674,252        0.16709        4,487,764        0.01300  

 Lifecycle Index 2040

     71,418,953        0.21458        5,561,244        0.01671  

 Lifecycle Index 2045

     66,642,277        0.24559        5,177,567        0.01908  

 Lifecycle Index 2050

     59,354,877        0.25845        4,608,097        0.02007  

 Lifecycle Index 2055

     37,009,989        0.20790        2,871,562        0.01613  

 Lifecycle Index 2060

     21,324,846        0.15903        1,654,479        0.01234  

 Lifecycle Index 2065

     4,094,426        0.09958        316,843        0.00771  

 

74   


Report of Independent Registered Public Accounting Firm

 

 

To the Board of Trustees of TIAA-CREF Funds and Shareholders of Nuveen Lifestyle Income Fund, Nuveen Lifestyle Conservative Fund, Nuveen Lifestyle Moderate Fund, Nuveen Lifestyle Growth Fund, Nuveen Lifestyle Aggressive Growth Fund and Nuveen Managed Allocation Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Lifestyle Income Fund, Nuveen Lifestyle Conservative Fund, Nuveen Lifestyle Moderate Fund, Nuveen Lifestyle Growth Fund, Nuveen Lifestyle Aggressive Growth Fund and Nuveen Managed Allocation Fund (six of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the “Funds”) as of May 31, 2025, the related statements of operations for the year ended May 31, 2025, the statements of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2025 and each of the financial highlights for each of the five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

July 28, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

 

4   


Portfolio of Investments May 31, 2025

Lifestyle Income

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.8%(a)         
     FIXED INCOME—39.7%         

1,652,305

     Nuveen Core Bond Fund, Class R6          $     14,969,883  

1,645,025

     Nuveen Core Plus Bond Fund, Class R6            14,969,726  

 

 
     TOTAL FIXED INCOME            29,939,609  
    

 

 
     INTERNATIONAL EQUITY—7.1%         

109,947

     Nuveen Emerging Markets Equity Fund, Class R6            918,059  

152,193

     Nuveen International Equity Fund, Class R6            2,310,295  

86,682

     Nuveen International Opportunities Fund, Class R6            1,382,574  

61,649

     Nuveen Quant International Small Cap Equity Fund, Class R6            757,051  

 

 
     TOTAL INTERNATIONAL EQUITY            5,367,979  
    

 

 
     SHORT-TERM FIXED INCOME—39.7%         

2,952,756

     Nuveen Short Term Bond Fund, Class R6            29,970,477  

 

 
     TOTAL SHORT-TERM FIXED INCOME            29,970,477  
    

 

 
     U.S. EQUITY—13.3%         

101,952

     Nuveen Core Equity Fund, Class R6            1,497,669  

23,893

     Nuveen Dividend Growth Fund, Class R6            1,500,988  

101,933

     Nuveen Dividend Value Fund, Class R6            1,472,935  

51,508

     Nuveen Growth Opportunities ETF            1,735,304  

61,025

     Nuveen Large Cap Growth Fund, Class R6            1,733,713  

64,696

     Nuveen Large Cap Value Fund, Class R6            1,472,487  

16,418

     Nuveen Quant Small Cap Equity Fund, Class R6            287,970  

24,821

     Nuveen Quant Small/Mid Cap Equity Fund, Class R6            357,429  

 

 
     TOTAL U.S. EQUITY            10,058,495  
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $73,316,077)

           75,336,560  
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$83,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        83,000  

 

 
     TOTAL REPURCHASE AGREEMENT            83,000  
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $83,000)

           83,000  
    

 

 
    

TOTAL INVESTMENTS—99.9%

(Cost $73,399,077)

           75,419,560  
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.1%            86,521  
    

 

 
     NET ASSETS—100.0%          $ 75,506,081  
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $83,029 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.375% and maturity date 1/15/27, valued at $84,721.

 

 

See Notes to Financial Statements    5


Portfolio of Investments May 31, 2025

Lifestyle Conservative

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     FIXED INCOME—39.4%         

3,359,408

     Nuveen Core Bond Fund, Class R6          $ 30,436,240   

10,034,917

     Nuveen Core Plus Bond Fund, Class R6            91,317,742   

 

 
     TOTAL FIXED INCOME            121,753,982   
    

 

 
     INTERNATIONAL EQUITY—14.2%         

894,658

     Nuveen Emerging Markets Equity Fund, Class R6            7,470,398   

1,235,648

     Nuveen International Equity Fund, Class R6            18,757,131   

704,120

     Nuveen International Opportunities Fund, Class R6            11,230,708   

501,012

     Nuveen Quant International Small Cap Equity Fund, Class R6            6,152,426   

 

 
     TOTAL INTERNATIONAL EQUITY            43,610,663   
    

 

 
     SHORT-TERM FIXED INCOME—19.8%         

6,008,813

     Nuveen Short Term Bond Fund, Class R6            60,989,449   

 

 
     TOTAL SHORT-TERM FIXED INCOME            60,989,449   
    

 

 
     U.S. EQUITY—26.5%         

829,414

     Nuveen Core Equity Fund, Class R6            12,184,099   

192,677

     Nuveen Dividend Growth Fund, Class R6            12,103,958   

831,734

     Nuveen Dividend Value Fund, Class R6            12,018,557   

419,427

     Nuveen Growth Opportunities ETF            14,130,496   

497,700

     Nuveen Large Cap Growth Fund, Class R6            14,139,654   

527,725

     Nuveen Large Cap Value Fund, Class R6            12,011,012   

133,729

     Nuveen Quant Small Cap Equity Fund, Class R6            2,345,611   

201,994

     Nuveen Quant Small/Mid Cap Equity Fund, Class R6            2,908,721   

 

 
     TOTAL U.S. EQUITY            81,842,108   
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $284,486,282)

           308,196,202   
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%         
     REPURCHASE AGREEMENT—0.1%         

$290,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        290,000   

 

 
     TOTAL REPURCHASE AGREEMENT            290,000   
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $290,000)

           290,000   
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $284,776,282)

           308,486,202   
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.0)%            (10,905)   
    

 

 
     NET ASSETS—100.0%          $    308,475,297   
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $290,103 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.375% and maturity date 1/15/27, valued at $295,805.

 

 

6    See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifestyle Moderate

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—100.0%(a)         
     FIXED INCOME—39.3%         

24,051,415

     Nuveen Core Plus Bond Fund, Class R6          $ 218,867,880   

 

 
     TOTAL FIXED INCOME            218,867,880   
    

 

 
     INTERNATIONAL EQUITY—21.1%             

2,410,224

     Nuveen Emerging Markets Equity Fund, Class R6            20,125,368   

3,342,422

     Nuveen International Equity Fund, Class R6            50,737,967   

1,901,623

     Nuveen International Opportunities Fund, Class R6            30,330,883   

1,355,706

     Nuveen Quant International Small Cap Equity Fund, Class R6            16,648,065   

 

 
     TOTAL INTERNATIONAL EQUITY            117,842,283   
    

 

 
     U.S. EQUITY—39.6%             

2,234,859

     Nuveen Core Equity Fund, Class R6            32,830,073   

520,073

     Nuveen Dividend Growth Fund, Class R6            32,671,012   

2,239,701

     Nuveen Dividend Value Fund, Class R6            32,363,676   

1,130,851

     Nuveen Growth Opportunities ETF            38,098,370   

1,340,875

     Nuveen Large Cap Growth Fund, Class R6            38,094,255   

1,423,506

     Nuveen Large Cap Value Fund, Class R6            32,398,985   

360,137

     Nuveen Quant Small Cap Equity Fund, Class R6            6,316,809   

544,479

     Nuveen Quant Small/Mid Cap Equity Fund, Class R6            7,840,496   

 

 
     TOTAL U.S. EQUITY            220,613,676   
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $482,609,878)

           557,323,839   
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%             
     REPURCHASE AGREEMENT—0.1%             

$507,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        507,000   

 

 
     TOTAL REPURCHASE AGREEMENT            507,000   
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $507,000)

           507,000   
    

 

 
    

TOTAL INVESTMENTS—100.1%

(Cost $483,116,878)

           557,830,839   
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.1)%            (564,277)   
    

 

 
     NET ASSETS—100.0%          $    557,266,562   
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $507,180 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.625% and maturity date 7/15/32, valued at $517,172.

 

 

See Notes to Financial Statements    7


Portfolio of Investments May 31, 2025

Lifestyle Growth

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     FIXED INCOME—19.5%         

6,520,428

     Nuveen Core Plus Bond Fund, Class R6          $ 59,335,899   

 

 
     TOTAL FIXED INCOME            59,335,899   
    

 

 
     INTERNATIONAL EQUITY—28.0%         

1,744,182

     Nuveen Emerging Markets Equity Fund, Class R6            14,563,923   

2,411,268

     Nuveen International Equity Fund, Class R6            36,603,048   

1,375,538

     Nuveen International Opportunities Fund, Class R6            21,939,836   

978,971

     Nuveen Quant International Small Cap Equity Fund, Class R6            12,021,758   

 

 
     TOTAL INTERNATIONAL EQUITY            85,128,565   
    

 

 
     U.S. EQUITY—52.4%             

1,617,351

     Nuveen Core Equity Fund, Class R6            23,758,892   

379,105

     Nuveen Dividend Growth Fund, Class R6            23,815,402   

1,618,748

     Nuveen Dividend Value Fund, Class R6            23,390,915   

817,679

     Nuveen Growth Opportunities ETF            27,547,606   

968,493

     Nuveen Large Cap Growth Fund, Class R6            27,514,875   

1,024,092

     Nuveen Large Cap Value Fund, Class R6            23,308,337   

260,387

     Nuveen Quant Small Cap Equity Fund, Class R6            4,567,195   

393,106

     Nuveen Quant Small/Mid Cap Equity Fund, Class R6            5,660,720   

 

 
     TOTAL U.S. EQUITY            159,563,942   
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $242,922,965)

           304,028,406   
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.1%             
     REPURCHASE AGREEMENT—0.1%             

$270,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        270,000   

 

 
     TOTAL REPURCHASE AGREEMENT            270,000   
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $270,000)

           270,000   
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $243,192,965)

           304,298,406   
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.0)%            (121,056)   
    

 

 
     NET ASSETS—100.0%          $    304,177,350   
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $270,096 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.375% and maturity date 1/15/27, valued at $275,441.

 

 

8    See Notes to Financial Statements


Portfolio of Investments May 31, 2025

Lifestyle Aggressive Growth

 

 

   SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     INTERNATIONAL EQUITY—34.7%         

1,732,671

     Nuveen Emerging Markets Equity Fund, Class R6          $ 14,467,801   

2,395,190

     Nuveen International Equity Fund, Class R6            36,358,990   

1,365,027

     Nuveen International Opportunities Fund, Class R6            21,772,187   

971,045

     Nuveen Quant International Small Cap Equity Fund, Class R6            11,924,437   

 

 
     TOTAL INTERNATIONAL EQUITY            84,523,415   
    

 

 
     U.S. EQUITY—65.2%             

1,605,914

     Nuveen Core Equity Fund, Class R6            23,590,876   

376,015

     Nuveen Dividend Growth Fund, Class R6            23,621,232   

1,605,454

     Nuveen Dividend Value Fund, Class R6            23,198,808   

813,514

     Nuveen Growth Opportunities ETF            27,407,287   

961,054

     Nuveen Large Cap Growth Fund, Class R6            27,303,557   

1,018,566

     Nuveen Large Cap Value Fund, Class R6            23,182,554   

258,601

     Nuveen Quant Small Cap Equity Fund, Class R6            4,535,867   

390,974

     Nuveen Quant Small/Mid Cap Equity Fund, Class R6            5,630,025   

 

 
     TOTAL U.S. EQUITY            158,470,206   
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $181,485,291)

           242,993,621   
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE   

 

 
     SHORT-TERM INVESTMENTS—0.1%             
     REPURCHASE AGREEMENT—0.1%             

$244,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        244,000   

 

 
     TOTAL REPURCHASE AGREEMENT            244,000   
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $244,000)

           244,000   
    

 

 
    

TOTAL INVESTMENTS—100.0%

(Cost $181,729,291)

           243,237,621   
    

 

 
     OTHER ASSETS & LIABILITIES, NET—(0.0)%            (43,155)   
    

 

 
     NET ASSETS—100.0%          $    243,194,466   
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $244,087 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 9/30/30, valued at $248,957.

 

 

See Notes to Financial Statements    9


Portfolio of Investments May 31, 2025

Managed Allocation

 

 

SHARES        DESCRIPTION                  VALUE  

 

 
     AFFILIATED INVESTMENT COMPANIES—99.9%(a)         
     FIXED INCOME—39.2%         

37,806,679

     Nuveen Core Plus Bond Fund, Class R6          $ 344,040,780   

 

 
     TOTAL FIXED INCOME            344,040,780   
    

 

 
     INTERNATIONAL EQUITY—21.2%             

3,793,332

     Nuveen Emerging Markets Equity Fund, Class R6            31,674,319   

5,251,983

     Nuveen International Equity Fund, Class R6            79,725,108    

3,005,428

     Nuveen International Opportunities Fund, Class R6            47,936,578   

2,129,988

     Nuveen Quant International Small Cap Equity Fund, Class R6            26,156,251   

 

 
     TOTAL INTERNATIONAL EQUITY            185,492,256   
    

 

 
     U.S. EQUITY—39.5%             

3,508,860

     Nuveen Core Equity Fund, Class R6            51,545,159   

813,848

     Nuveen Dividend Growth Fund, Class R6            51,125,917   

3,526,178

     Nuveen Dividend Value Fund, Class R6            50,953,270   

1,775,899

     Nuveen Growth Opportunities ETF            59,830,037   

2,111,061

     Nuveen Large Cap Growth Fund, Class R6            59,975,251   

2,235,066

     Nuveen Large Cap Value Fund, Class R6            50,870,100   

566,606

     Nuveen Quant Small Cap Equity Fund, Class R6            9,938,274   

857,341

     Nuveen Quant Small/Mid Cap Equity Fund, Class R6            12,345,716   

 

 
     TOTAL U.S. EQUITY            346,583,724   
    

 

 
    

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $725,212,873)

           876,116,760   
    

 

 
PRINCIPAL        DESCRIPTION     RATE       MATURITY      VALUE  

 

 
     SHORT-TERM INVESTMENTS—0.0%         
     REPURCHASE AGREEMENT—0.0%         

$294,000

  (b)    Fixed Income Clearing Corporation      4.260%         06/02/25        294,000   

 

 
     TOTAL REPURCHASE AGREEMENT            294,000   
    

 

 
    

TOTAL SHORT-TERM INVESTMENTS

(Cost $294,000)

           294,000  
    

 

 
    

TOTAL INVESTMENTS—99.9%

(Cost $725,506,873)

           876,410,760   
    

 

 
     OTHER ASSETS & LIABILITIES, NET—0.1%            440,948   
    

 

 
     NET ASSETS—100.0%          $    876,851,708   
    

 

 

 

ETF

Exchange Traded Fund

 

(a)

Affiliated fund.

(b)

Agreement with Fixed Income Clearing Corporation, 4.260% dated 5/30/25 to be repurchased at $294,104 on 6/2/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 4/15/26, valued at $299,963.

 

 

10    See Notes to Financial Statements


 

 

[This page intentionally left blank.]

 

 

 

   11


Statement of Assets and Liabilities

 

May 31, 2025   

  Lifestyle Income

     Lifestyle Conservative        Lifestyle Moderate        Lifestyle Growth  

ASSETS

          

Affiliated investments, at value

   $ 75,336,560     $ 308,196,202      $ 557,323,839      $ 304,028,406  

Short-term investments, at value#

     83,000       290,000        507,000        270,000  

Cash

           126                

Receivables:

          

Dividends

     221,355       676,934        817,648        219,540  

Interest

     20       69        120        64   

Investments sold

     373,776       2,264,575        4,226,932        1,545,198  

Reimbursement from Adviser

     15,480       15,252        13,534        15,400  

Shares sold

     146,197       149,274        37,979        27,631  

Other

     7,023       19,128        28,755        14,585  

Total assets

     76,183,411       311,611,560        562,955,807        306,120,824  

LIABILITIES

          

Due to affiliates

     9,833       10,354        10,927        10,352  

Cash overdraft

     494              10        159  

Payables:

          

Management fees

     6,372       26,014        46,840        25,396  

Investments purchased – regular settlement

     587,444       2,878,452        4,938,649        1,716,083  

Shares redeemed

     21,279       81,524        453,413        45,211  

Service agreement fees

     4,237       10,504        24,858        11,644  

Accrued expenses:

          

Custodian fees

     3,225       3,325        3,315        3,307  

Professional fees

     13       61        114        61  

Shareholder reporting expenses

     13,823       28,221        42,683        33,736  

Shareholder servicing agent fees

     5,147       26,588        53,719        32,227  

Trustees fees

     7,192       19,831        30,047        15,292  

12b-1 distribution and service fees

     9,217       41,860        74,539        40,731  

Other

     9,054       9,529        10,131        9,275  

Total liabilities

     677,330       3,136,263        5,689,245        1,943,474  

Net assets

   $ 75,506,081     $ 308,475,297      $ 557,266,562      $ 304,177,350  

                                  

NET ASSETS CONSIST OF:

          

Paid-in capital

   $ 77,343,553     $ 294,352,630      $ 497,086,889      $ 249,166,246  

Total distributable earnings (loss)

     (1,837,472     14,122,667        60,179,673        55,011,104  

Net assets

   $ 75,506,081     $ 308,475,297      $ 557,266,562      $ 304,177,350  
                                    

Affiliated investments, cost

   $ 73,316,077     $ 284,486,282      $ 482,609,878      $ 242,922,965  

# Short-term investments, cost

   $ 83,000     $ 290,000      $ 507,000      $ 270,000  


 

 Lifestyle Aggressive

Growth

     Managed Allocation      
  
 $ 242,993,621      $ 876,116,760  
  244,000        294,000  
  341         
  
         1,285,781  
  58        70  
  441,609        6,667,477   
  15,751        45,523  
  86,870        91,292  
  10,696        174,600  
  243,792,946        884,675,503  
  
  10,221        8,354  
         400  
  
  20,331         
  442,414        7,283,414  
  10,518        31,953  
  13,631        13,318  
  
  3,283        3,335  
  51        179  
  24,853        69,525  
  28,161        66,005  
  11,277        176,607  
  25,106        166,844  
  8,634        3,861  
  598,480        7,823,795  
 $ 243,194,466      $ 876,851,708  
              
  
 $ 183,495,768      $ 736,444,194  
  59,698,698        140,407,514  
 $ 243,194,466      $ 876,851,708  
              
 $    181,485,291      $    725,212,873  
 $ 244,000      $ 294,000  

 

See Notes to Financial Statements    13


Statement of Assets and Liabilities (continued)

 

May 31, 2025   

  Lifestyle Income

      Lifestyle Conservative        Lifestyle Moderate        Lifestyle Growth  

CLASS A:

           

Net assets

   $ 43,588,035      $ 198,620,220      $ 354,539,739      $ 194,788,802  

Shares outstanding

     3,983,704        15,349,332        23,460,511        10,996,825  

Net asset value (“NAV”) per share

   $ 10.94      $ 12.94      $ 15.11      $ 17.71  

Maximum sales charge

     5.75%        5.75%        5.75%        5.75   

Offering price per share (NAV per share plus maximum sales charge)

   $ 11.61      $ 13.73      $ 16.03      $ 18.79  

                                   

CLASS I:

           

Net assets

   $ 24,652      $ 3,022,310      $ 6,668,142      $ 4,414,037  

Shares outstanding

     2,258        233,146        440,299        247,457  

NAV and offering price per share

   $ 10.92      $ 12.96      $ 15.14      $ 17.84  
                                     

PREMIER CLASS:

           

Net assets

   $ 24,687      $ 43,220      $ 25,149      $ 36,516  

Shares outstanding

     2,257        3,328        1,650        2,037  

NAV and offering price per share

   $ 10.94      $ 12.99      $ 15.24      $ 17.92  
                                     

CLASS R6:

           

Net assets

   $ 11,865,685      $ 57,011,817      $ 77,519,488      $ 48,786,123  

Shares outstanding

     1,083,403        4,396,257        5,116,411        2,733,007  

NAV and offering price per share

   $ 10.95      $ 12.97      $ 15.15      $ 17.85  
                                     

RETIREMENT CLASS:

           

Net assets

   $ 20,003,022      $ 49,777,730      $ 118,514,044      $ 56,151,872  

Shares outstanding

     1,828,374        3,844,561        7,836,996        3,162,770  

NAV and offering price per share

   $ 10.94      $ 12.95      $ 15.12      $ 17.75  
                                     

Authorized shares - per class

     Unlimited        Unlimited        Unlimited        Unlimited  

Par value per share

   $ 0.0001      $ 0.0001      $ 0.0001      $ 0.0001  
                                     


 

 Lifestyle Aggressive

Growth

     Managed Allocation      
 
$ 120,057,000     $ 794,625,735  
  5,866,020       62,198,095  
$ 20.47     $ 12.78  
  5.75     5.75
 
$ 21.72     $ 13.56  
             
 
$ 5,295,320     $  
  256,623        
$ 20.63     $  
             
 
$ 25,709     $  
  1,234        
$ 20.83     $  
             
 
$ 52,406,608     $ 18,756,650  
  2,539,328       1,474,809  
$ 20.64     $ 12.72  
             
 
$ 65,409,829     $ 63,469,323  
  3,186,710       4,998,413  
$ 20.53     $ 12.70  
             
  Unlimited       Unlimited  
$ 0.0001     $ 0.0001  
               

 

See Notes to Financial Statements    15


Statement of Operations

 

Year Ended May 31, 2025       Lifestyle Income       Lifestyle Conservative        Lifestyle Moderate  

INVESTMENT INCOME

      

Dividends from affiliated investments

   $ 2,878,170     $ 10,062,170     $ 15,157,912  

Interest

     2,894       11,293       22,063  

Total investment income

     2,881,064       10,073,463       15,179,975  

EXPENSES

      

Management fees

     75,659       311,490       568,729  

12b-1 distribution and service fees — Class A

     111,941       502,971       889,844  

12b-1 distribution and service fees — Premier Class

     124       169       161  

Shareholder servicing agent fees — Class A

     20,328       99,113        199,152   

Shareholder servicing agent fees — Class I

     51       2,468       5,791  

Shareholder servicing agent fees — Premier Class

     51       144       106  

Shareholder servicing agent fees — Class R6

     849       2,501       1,443  

Shareholder servicing agent fees — Retirement Class

     49,671       123,241       295,885  

Administrative service fees

     38,743       40,783       43,093  

Trustees fees

     1,290       5,341       9,891  

Custodian expenses

     7,662       7,840       7,822  

Overdraft expense

     1,582       2,245       2,493  

Professional fees

     14,481       14,642       14,867  

Registration fees

     80,437       83,511       86,180  

Shareholder reporting expenses

     32,824       38,035       41,703  

Other

     21,974       22,164       22,726  

Total expenses

     457,667       1,256,658       2,189,886  

Expenses reimbursed by the investment adviser

     (198,382     (215,090     (228,134

Net expenses

     259,285       1,041,568       1,961,752  

Net investment income (loss)

     2,621,779       9,031,895       13,218,223  
                          

REALIZED AND UNREALIZED GAIN (LOSS)

      

Realized gain (loss):

      

Investments

     9       1       28  

Affiliated investments

     (376,936     157,183       (776,981

Distributions from affiliated investments

     525,103       4,370,685       12,170,224  

Net realized gain (loss)

     148,176       4,527,869       11,393,271  

Change in unrealized appreciation (depreciation) on:

      

Affiliated investments

     1,999,453       8,277,969       18,667,228  

Net change in unrealized appreciation (depreciation)

     1,999,453       8,277,969       18,667,228  

Net realized and unrealized gain (loss)

     2,147,629       12,805,838       30,060,499  

Net increase (decrease) in net assets from operations

   $ 4,769,408     $ 21,837,733     $ 43,278,722  
                          


 

    Lifestyle Growth     Lifestyle Aggressive Growth      Managed Allocation     
   
 $ 6,266,817     $ 3,530,273     $ 23,609,205  
  12,316       10,222       30,054  
  6,279,133       3,540,495       23,639,259  
   
  309,006       250,898        
  490,381       302,352       2,003,823  
  200       208         
  121,560       94,354       291,421  
  2,885       4,960        
  121       64        
  1,308       2,185       239  
  144,182       160,201       167,640  
  40,841       40,345       32,959  
  5,434       4,418       15,635  
  7,830       7,767       7,871  
  937       2,064       1,273  
  14,652       14,604       14,874  
  81,896       83,687       60,211  
  55,085       41,015       86,273  
  22,186       22,302       22,526  
  1,298,504       1,031,424       2,704,745  
  (229,583     (216,624     (532,221
  1,068,921       814,800       2,172,524  
  5,210,212       2,725,695       21,466,735  
                     
                     
   
   
        65        
  967,699       2,091,690       7,246,979  
  8,804,933       9,046,779       18,816,178  
  9,772,632       11,138,534       26,063,157  
   
  10,413,587       8,839,553       21,092,005  
  10,413,587       8,839,553       21,092,005  
  20,186,219       19,978,087       47,155,162  
 $ 25,396,431     $ 22,703,782     $ 68,621,897  
                       

 

See Notes to Financial Statements    17


Statement of Changes in Net Assets

 

      Lifestyle Income     Lifestyle Conservative  
           Year Ended
5/31/25
            Year Ended
5/31/24
            Year Ended
5/31/25
            Year Ended
5/31/24
 

OPERATIONS

                    

Net investment income (loss)

   $             2,621,779     $            2,509,123     $             9,031,895     $             8,680,188  

Net realized gain (loss)

        148,176          (856,263        4,527,869          1,741,954  

Net change in unrealized appreciation (depreciation)

        1,999,453          4,001,194          8,277,969          23,366,289  

Net increase (decrease) in net assets from operations

              4,769,408                5,654,054                21,837,733                33,788,431  

DISTRIBUTIONS TO SHAREHOLDERS Dividends:

                    

Class A

        (1,586,733        (1,479,675        (6,062,850        (5,739,986

Class I

        (1,772        (4,876        (103,286        (97,588

Premier Class

        (2,596        (9,509        (2,774        (7,602

Class R6

        (412,489        (466,864        (1,906,553        (1,696,086

Retirement Class

        (708,926        (543,140        (1,492,298        (1,390,953

Total distributions

              (2,712,516              (2,504,064              (9,567,761              (8,932,215

FUND SHARE TRANSACTIONS

                    

Subscriptions

        8,850,890          9,169,134          30,024,198          24,611,235  

Reinvestments of distributions

        2,644,803          2,442,009          9,450,933          8,813,774  

Redemptions

        (12,967,292        (18,516,223        (52,569,132        (52,166,608

Net increase (decrease) from Fund share transactions

              (1,471,599              (6,905,080              (13,094,001              (18,741,599

Net increase (decrease) in net assets

        585,293          (3,755,090        (824,029        6,114,617  

Net assets at the beginning of period

        74,920,788          78,675,878          309,299,326          303,184,709  

Net assets at the end of period

   $          75,506,081     $          74,920,788     $          308,475,297     $          309,299,326  

                                                                    


 

Lifestyle Moderate     Lifestyle Growth     Lifestyle Aggressive Growth     Managed Allocation  
Year Ended
5/31/25
    Year Ended
5/31/24
    Year Ended
5/31/25
    Year Ended
5/31/24
    Year Ended
5/31/25
    Year Ended
5/31/24
    Year Ended
5/31/25
    Year Ended
5/31/24
 
             
$ 13,218,223     $ 12,830,477     $ 5,210,212     $ 5,326,359     $ 2,725,695     $ 2,812,722     $ 21,466,735     $ 20,741,733  
  11,393,271       4,861,127       9,772,632       4,472,657       11,138,534       4,811,304       26,063,157       16,006,242  
  18,667,228       60,395,683       10,413,587       42,815,745       8,839,553       42,366,607       21,092,005       86,868,015  
  43,278,722       78,087,287       25,396,431       52,614,761       22,703,782       49,990,633       68,621,897       123,615,990  
                 
                 
  (9,764,344     (8,545,628     (4,898,847     (3,861,856     (3,156,606     (1,701,101     (32,852,489     (19,854,680
  (216,687     (211,620     (110,381     (92,759     (146,859     (91,561            
  (1,878     (7,125     (843     (7,061     (528     (5,903            
  (2,714,486     (2,194,647     (1,448,747     (1,029,842     (1,789,658     (1,053,881     (826,593     (529,165
  (3,294,845     (2,805,427     (1,477,529     (1,107,250     (1,697,346     (895,387     (2,707,155     (1,844,718
  (15,992,240     (13,764,447     (7,936,347     (6,098,768     (6,790,997     (3,747,833     (36,386,237     (22,228,563
                 
  48,796,547       59,049,624       22,738,055       26,535,770       25,902,344       24,964,128       21,813,779       21,050,277  
  15,761,815       13,602,369       7,880,941       6,044,076       6,735,535       3,691,534       35,171,527       21,516,639  
  (97,538,697     (88,468,216     (50,152,352     (45,183,083     (53,206,898     (39,101,550     (93,476,010     (85,680,824
  (32,980,335     (15,816,223     (19,533,356     (12,603,237     (20,569,019     (10,445,888     (36,490,704     (43,113,908
  (5,693,853     48,506,617       (2,073,272     33,912,756       (4,656,234     35,796,912       (4,255,044     58,273,519  
  562,960,415       514,453,798       306,250,622       272,337,866       247,850,700       212,053,788       881,106,752       822,833,233  
$ 557,266,562     $ 562,960,415     $ 304,177,350     $ 306,250,622     $ 243,194,466     $ 247,850,700     $ 876,851,708     $ 881,106,752  
                                                             


Financial Highlights

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifestyle Income

                                                                  

Class A:

                  

5/31/25

   $ 10.64      $ 0.37       $ 0.31     $ 0.68     $ (0.38   $     $ (0.38   $ 10.94  

5/31/24

     10.21        0.33        0.43       0.76       (0.33           (0.33     10.64  

5/31/23

     10.64        0.26        (0.27     (0.01     (0.25     (0.17     (0.42     10.21  

5/31/22

     11.96        0.18        (0.96     (0.78     (0.22     (0.32     (0.54     10.64  

5/31/21

     11.21        0.16        0.99       1.15       (0.23     (0.17     (0.40     11.96  

Class I:

                  

5/31/25

     10.65        0.38        0.32       0.70       (0.43           (0.43     10.92  

5/31/24

     10.22        0.35        0.44       0.79       (0.36           (0.36     10.65  

5/31/23

     10.65        0.28        (0.26     0.02       (0.28     (0.17     (0.45     10.22  

5/31/22

     11.96        0.20        (0.95     (0.75     (0.24     (0.32     (0.56     10.65  

5/31/21

     11.22        0.19        0.98       1.17       (0.26     (0.17     (0.43     11.96  

Premier Class:

                  

5/31/25

     10.66        0.37        0.34       0.71       (0.43           (0.43     10.94  

5/31/24

     10.23        0.33        0.45       0.78       (0.35           (0.35     10.66  

5/31/23

     10.66        0.28        (0.27     0.01       (0.27     (0.17     (0.44     10.23  

5/31/22

     11.98        0.19        (0.96     (0.77     (0.23     (0.32     (0.55     10.66  

5/31/21

     11.23        0.18        0.98       1.16       (0.24     (0.17     (0.41     11.98  

Class R6:

                  

5/31/25

     10.65        0.40        0.32       0.72       (0.42           (0.42     10.95  

5/31/24

     10.22        0.36        0.43       0.79       (0.36           (0.36     10.65  

5/31/23

     10.65        0.29        (0.27     0.02       (0.28     (0.17     (0.45     10.22  

5/31/22

     11.97        0.21        (0.96     (0.75     (0.25     (0.32     (0.57     10.65  

5/31/21

     11.22        0.20        0.98       1.18       (0.26     (0.17     (0.43     11.97  

Retirement Class:

                  

5/31/25

     10.64        0.38        0.31       0.69       (0.39           (0.39     10.94  

5/31/24

     10.21        0.33        0.44       0.77       (0.34           (0.34     10.64  

5/31/23

     10.64        0.26        (0.26           (0.26     (0.17     (0.43     10.21  

5/31/22

     11.96        0.18        (0.96     (0.78     (0.22     (0.32     (0.54     10.64  

5/31/21

     11.21        0.17        0.98       1.15       (0.23     (0.17     (0.40     11.96  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(d) 

The Fund’s ratios do not include the expenses or income of the Underlying Funds.

 

20    See Notes to Financial Statements


 

        Ratios and Supplemental Data  
              Ratios to Average Net Assets      
    

Total

Return(c)

 

Net Assets,

End of

   Period (000)

   

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net  

Investment  

Income (Loss)(d)  

 

Portfolio

Turnover

Rate

 
                                               
           
    6.52   $ 43,588       0.66     0.40     3.41     16%  
    7.61       44,780       0.66       0.38       3.21       19    
    0.05       47,233       0.61       0.38       2.55       16    
    (6.73     55,202       0.58       0.35       1.52       20    
      10.21       58,046       0.57       0.38       1.40       27    
           
    6.67       25       0.46       0.20       3.49       16    
    7.85       101       0.46       0.19       3.38       19    
    0.30       105       0.37       0.15       2.78       16    
    (6.55     120       0.35       0.15       1.72       20    
      10.48       133       0.33       0.14       1.63       27    
           
    6.72       25       0.58       0.25       3.38       16    
    7.76       213       0.55       0.25       3.24       19    
    0.18       366       0.49       0.25       2.69       16    
    (6.61     349       0.46       0.25       1.63       20    
      10.32       361       0.45       0.25       1.53       27    
           
    6.84       11,866       0.37       0.10       3.69       16    
    7.91       10,985       0.38       0.10       3.48       19    
    0.34       13,663       0.33       0.10       2.83       16    
    (6.56     15,247       0.30       0.10       1.78       20    
      10.58       15,514       0.29       0.10       1.67       27    
           
    6.56       20,003       0.61       0.35       3.46       16    
    7.65       18,842       0.63       0.35       3.23       19    
    0.08       17,310       0.58       0.35       2.57       16    
    (6.71     20,443       0.55       0.35       1.51       20    
      10.23       26,139       0.54       0.35       1.43       27    

 

See Notes to Financial Statements    21


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifestyle Conservative

                                                                  

Class A:

                  

5/31/25

   $ 12.44      $ 0.36       $ 0.53     $ 0.89     $ (0.39   $     $ (0.39   $ 12.94  

5/31/24

     11.47        0.33        0.98       1.31       (0.34           (0.34     12.44  

5/31/23

     12.18        0.26        (0.27     (0.01     (0.32     (0.38     (0.70     11.47  

5/31/22

     14.22        0.20        (1.29     (1.09     (0.32     (0.63     (0.95     12.18  

5/31/21

     12.55        0.18        2.10       2.28       (0.28     (0.33     (0.61     14.22  

Class I:

                  

5/31/25

     12.46        0.39        0.53       0.92       (0.42           (0.42     12.96  

5/31/24

     11.49        0.35        0.98       1.33       (0.36           (0.36     12.46  

5/31/23

     12.20        0.29        (0.28     0.01       (0.34     (0.38     (0.72     11.49  

5/31/22

     14.25        0.22        (1.30     (1.08     (0.34     (0.63     (0.97     12.20  

5/31/21

     12.57        0.21        2.10       2.31       (0.30     (0.33     (0.63     14.25  

Premier Class:

                  

5/31/25

     12.47        0.35        0.56       0.91       (0.39           (0.39     12.99  

5/31/24

     11.50        0.34        0.98       1.32       (0.35           (0.35     12.47  

5/31/23

     12.21        0.28        (0.28           (0.33     (0.38     (0.71     11.50  

5/31/22

     14.26        0.22        (1.30     (1.08     (0.34     (0.63     (0.97     12.21  

5/31/21

     12.58        0.20        2.11       2.31       (0.30     (0.33     (0.63     14.26  

Class R6:

                  

5/31/25

     12.47        0.40        0.52       0.92       (0.42           (0.42     12.97  

5/31/24

     11.49        0.36        0.99       1.35       (0.37           (0.37     12.47  

5/31/23

     12.21        0.30        (0.29     0.01       (0.35     (0.38     (0.73     11.49  

5/31/22

     14.25        0.24        (1.29     (1.05     (0.36     (0.63     (0.99     12.21  

5/31/21

     12.57        0.22        2.11       2.33       (0.32     (0.33     (0.65     14.25  

Retirement Class:

                  

5/31/25

     12.45        0.37        0.52       0.89       (0.39           (0.39     12.95  

5/31/24

     11.48        0.33        0.98       1.31       (0.34           (0.34     12.45  

5/31/23

     12.19        0.27        (0.28     (0.01     (0.32     (0.38     (0.70     11.48  

5/31/22

     14.23        0.20        (1.29     (1.09     (0.32     (0.63     (0.95     12.19  

5/31/21

     12.55        0.19        2.10       2.29       (0.28     (0.33     (0.61     14.23  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(d) 

The Fund’s ratios do not include the expenses or income of the Underlying Funds.

 

22    See Notes to Financial Statements


 

        Ratios and Supplemental Data  
              Ratios to Average Net Assets      
    

Total

Return(c)

 

Net Assets,

End of

   Period (000)

   

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net  

Investment  

Income (Loss)(d)  

 

Portfolio

Turnover

Rate

 
                                               
           
    7.20   $ 198,620       0.47     0.40     2.83     13%  
    11.58       200,324       0.45       0.37       2.77       13    
    0.11       201,363       0.44       0.37       2.30       19    
    (8.25     224,733       0.43       0.36       1.49       21    
      18.40       244,655       0.44       0.37       1.36       35    
                  
    7.43       3,022       0.24       0.18       3.05       13    
    11.75       3,377       0.28       0.20       2.94       13    
    0.29       3,076       0.27       0.20       2.48       19    
    (8.09     3,876       0.26       0.20       1.62       21    
      18.57       7,122       0.26       0.20       1.54       35    
                  
    7.39       43       0.45       0.25       2.70       13    
    11.69       266       0.36       0.25       2.89       13    
    0.23       249       0.34       0.25       2.43       19    
    (8.14     262       0.32       0.25       1.60       21    
      18.49       774       0.32       0.25       1.48       35    
                  
    7.50       57,012       0.17       0.10       3.14       13    
    11.96       56,552       0.18       0.10       3.05       13    
    0.31       51,084       0.17       0.10       2.57       19    
    (7.99     55,791       0.16       0.10       1.77       21    
      18.77       53,420       0.17       0.10       1.63       35    
           
    7.24       49,778       0.42       0.35       2.88       13    
    11.60       48,781       0.43       0.35       2.80       13    
    0.13       47,413       0.42       0.35       2.32       19    
    (8.17     56,686       0.41       0.35       1.50       21    
      18.44       63,022       0.41       0.34       1.39       35    

 

See Notes to Financial Statements    23


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifestyle Moderate

                                                                  

Class A:

                  

5/31/25

   $ 14.39      $ 0.34       $ 0.79     $ 1.13     $ (0.37   $ (0.04   $ (0.41   $ 15.11  

5/31/24

     12.77        0.31        1.65       1.96       (0.34           (0.34     14.39  

5/31/23

     13.71        0.27        (0.31     (0.04     (0.29     (0.61     (0.90     12.77  

5/31/22

     16.64        0.23        (1.70     (1.47     (0.44     (1.02     (1.46     13.71  

5/31/21

     13.82        0.20        3.46       3.66       (0.34     (0.50     (0.84     16.64  

Class I:

                  

5/31/25

     14.42        0.37        0.79       1.16       (0.40     (0.04     (0.44     15.14  

5/31/24

     12.80        0.35        1.63       1.98       (0.36           (0.36     14.42  

5/31/23

     13.74        0.30        (0.31     (0.01     (0.32     (0.61     (0.93     12.80  

5/31/22

     16.67        0.26        (1.70     (1.44     (0.47     (1.02     (1.49     13.74  

5/31/21

     13.84        0.23        3.47       3.70       (0.37     (0.50     (0.87     16.67  

Premier Class:

                  

5/31/25

     14.47        0.29        0.87       1.16       (0.35     (0.04     (0.39     15.24  

5/31/24

     12.84        0.33        1.66       1.99       (0.36           (0.36     14.47  

5/31/23

     13.78        0.28        (0.30     (0.02     (0.31     (0.61     (0.92     12.84  

5/31/22

     16.72        0.26        (1.72     (1.46     (0.46     (1.02     (1.48     13.78  

5/31/21

     13.87        0.23        3.48       3.71       (0.36     (0.50     (0.86     16.72  

Class R6:

                  

5/31/25

     14.43        0.39        0.79       1.18       (0.42     (0.04     (0.46     15.15  

5/31/24

     12.80        0.36        1.65       2.01       (0.38           (0.38     14.43  

5/31/23

     13.74        0.30        (0.30           (0.33     (0.61     (0.94     12.80  

5/31/22

     16.68        0.28        (1.71     (1.43     (0.49     (1.02     (1.51     13.74  

5/31/21

     13.84        0.25        3.47       3.72       (0.38     (0.50     (0.88     16.68  

Retirement Class:

                  

5/31/25

     14.40        0.34        0.80       1.14       (0.38     (0.04     (0.42     15.12  

5/31/24

     12.78        0.32        1.64       1.96       (0.34           (0.34     14.40  

5/31/23

     13.72        0.27        (0.30     (0.03     (0.30     (0.61     (0.91     12.78  

5/31/22

     16.65        0.23        (1.70     (1.47     (0.44     (1.02     (1.46     13.72  

5/31/21

     13.82        0.21        3.47       3.68       (0.35     (0.50     (0.85     16.65  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(d) 

The Fund’s ratios do not include the expenses or income of the Underlying Funds.

 

24    See Notes to Financial Statements


 

        Ratios and Supplemental Data  
              Ratios to Average Net Assets      
    

Total

Return(c)

 

Net Assets,

End of

   Period (000)

   

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net  

Investment  

Income (Loss)(d)  

 

Portfolio

Turnover

Rate

 
                                               
           
    7.90   $ 354,540       0.45     0.41     2.26     14%  
    15.55       350,208       0.43       0.36       2.33       15    
    0.09       333,435       0.42       0.33       2.09       19    
    (9.78     367,073       0.41       0.36       1.46       21    
      27.02       410,533       0.42       0.36       1.32       47    
           
    8.13       6,668       0.22       0.18       2.49       14    
    15.72       7,868       0.25       0.18       2.56       15    
    0.30       7,294       0.23       0.14       2.31       19    
    (9.60     10,895       0.22       0.18       1.64       21    
      27.29       13,719       0.23       0.17       1.50       47    
           
    8.07       25       0.39       0.25       1.91       14    
    15.68       289       0.32       0.24       2.46       15    
    0.20       257       0.31       0.22       2.21       19    
    (9.64     276       0.30       0.25       1.60       21    
      27.22       689       0.31       0.24       1.45       47    
           
    8.21       77,519       0.14       0.10       2.60       14    
    15.90       88,282       0.15       0.09       2.63       15    
    0.38       68,231       0.15       0.06       2.36       19    
    (9.58     76,453       0.14       0.10       1.75       21    
      27.47       77,429       0.15       0.09       1.58       47    
           
    7.95       118,514       0.39       0.35       2.31       14    
    15.56       116,313       0.40       0.34       2.36       15    
    0.12       105,238       0.40       0.31       2.11       19    
    (9.77     114,335       0.39       0.35       1.48       21    
      27.12       121,361       0.40       0.34       1.35       47    

 

See Notes to Financial Statements    25


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifestyle Growth

                                                                  

Class A:

                  

5/31/25

   $ 16.71      $ 0.28       $ 1.16     $ 1.44     $ (0.34   $ (0.10   $ (0.44   $ 17.71  

5/31/24

     14.23        0.28        2.52       2.80       (0.32           (0.32     16.71  

5/31/23

     15.24        0.23        (0.19     0.04       (0.23     (0.82     (1.05     14.23  

5/31/22

     18.87        0.22        (1.94     (1.72     (0.56     (1.35     (1.91     15.24  

5/31/21

     14.79        0.18        4.97       5.15       (0.37     (0.70     (1.07     18.87  

Class I:

                  

5/31/25

     16.81        0.32        1.18       1.50       (0.37     (0.10     (0.47     17.84  

5/31/24

     14.31        0.31        2.54       2.85       (0.35           (0.35     16.81  

5/31/23

     15.33        0.26        (0.20     0.06       (0.26     (0.82     (1.08     14.31  

5/31/22

     18.96        0.26        (1.94     (1.68     (0.60     (1.35     (1.95     15.33  

5/31/21

     14.86        0.22        4.98       5.20       (0.40     (0.70     (1.10     18.96  

Premier Class:

                  

5/31/25

     16.86        0.20        1.28       1.48       (0.32     (0.10     (0.42     17.92  

5/31/24

     14.35        0.30        2.55       2.85       (0.34           (0.34     16.86  

5/31/23

     15.36        0.25        (0.20     0.05       (0.24     (0.82     (1.06     14.35  

5/31/22

     18.97        0.26        (1.93     (1.67     (0.59     (1.35     (1.94     15.36  

5/31/21

     14.87        0.20        4.99       5.19       (0.39     (0.70     (1.09     18.97  

Class R6:

                  

5/31/25

     16.83        0.34        1.17       1.51       (0.39     (0.10     (0.49     17.85  

5/31/24

     14.33        0.32        2.55       2.87       (0.37           (0.37     16.83  

5/31/23

     15.34        0.27        (0.19     0.08       (0.27     (0.82     (1.09     14.33  

5/31/22

     18.98        0.27        (1.94     (1.67     (0.62     (1.35     (1.97     15.34  

5/31/21

     14.87        0.23        4.99       5.22       (0.41     (0.70     (1.11     18.98  

Retirement Class:

                  

5/31/25

     16.74        0.29        1.17       1.46       (0.35     (0.10     (0.45     17.75  

5/31/24

     14.26        0.28        2.53       2.81       (0.33           (0.33     16.74  

5/31/23

     15.27        0.24        (0.20     0.04       (0.23     (0.82     (1.05     14.26  

5/31/22

     18.90        0.22        (1.93     (1.71     (0.57     (1.35     (1.92     15.27  

5/31/21

     14.81        0.18        4.98       5.16       (0.37     (0.70     (1.07     18.90  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(d) 

The Fund’s ratios do not include the expenses or income of the Underlying Funds.

 

26    See Notes to Financial Statements


 

        Ratios and Supplemental Data  
              Ratios to Average Net Assets      
    

Total

Return(c)

 

Net Assets,

End of

   Period (000)

   

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net  

Investment  

Income (Loss)(d)  

 

Portfolio

Turnover

Rate

 
                                               
           
    8.63   $ 194,789       0.49     0.41     1.61     15%  
    19.91       194,578       0.46       0.31       1.80       15    
    0.71       175,919       0.46       0.29       1.64       20    
    (10.17     190,045       0.44       0.34       1.25       26    
      35.45       212,617       0.46       0.37       1.05       54    
           
    8.94       4,414       0.24       0.17       1.82       15    
    20.15       4,432       0.29       0.13       1.98       15    
    0.85       3,807       0.27       0.11       1.82       20    
    (10.00     5,138       0.25       0.16       1.44       26    
      35.72       7,976       0.26       0.17       1.28       54    
           
    8.77       37       0.41       0.25       1.14       15    
    20.09       347       0.36       0.18       1.94       15    
    0.78       296       0.34       0.18       1.78       20    
    (9.93     316       0.32       0.23       1.41       26    
      35.62       2,022       0.33       0.24       1.18       54    
           
    8.98       48,786       0.18       0.10       1.96       15    
    20.24       50,686       0.19       0.03       2.04       15    
    1.01       43,616       0.18       0.01       1.91       20    
    (9.96     47,024       0.16       0.08       1.50       26    
      35.87       48,422       0.18       0.09       1.34       54    
           
    8.71       56,152       0.42       0.35       1.69       15    
    19.90       56,207       0.44       0.28       1.84       15    
    0.73       48,701       0.43       0.26       1.67       20    
    (10.12     56,946       0.41       0.33       1.26       26    
      35.51       59,232       0.43       0.34       1.07       54    

 

See Notes to Financial Statements    27


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Lifestyle Aggressive Growth

                                                                  

Class A:

                  

5/31/25

   $ 19.20      $ 0.19       $ 1.61     $ 1.80     $ (0.28   $ (0.25   $ (0.53   $ 20.47  

5/31/24

     15.69        0.20        3.58       3.78       (0.27     (0.00 )(e)      (0.27     19.20  

5/31/23

     16.91        0.17        (0.07     0.10       (0.25     (1.07     (1.32     15.69  

5/31/22

     21.19        0.21        (2.19     (1.98     (0.64     (1.66     (2.30     16.91  

5/31/21

     15.46        0.14        6.61       6.75       (0.45     (0.57     (1.02     21.19  

Class I:

                  

5/31/25

     19.34        0.24        1.61       1.85       (0.31     (0.25     (0.56     20.63  

5/31/24

     15.80        0.23        3.61       3.84       (0.30     (0.00 )(e)      (0.30     19.34  

5/31/23

     17.03        0.21        (0.09     0.12       (0.28     (1.07     (1.35     15.80  

5/31/22

     21.32        0.26        (2.21     (1.95     (0.68     (1.66     (2.34     17.03  

5/31/21

     15.55        0.18        6.64       6.82       (0.48     (0.57     (1.05     21.32  

Premier Class:

                  

5/31/25

     19.40        0.05        1.81       1.86       (0.18     (0.25     (0.43     20.83  

5/31/24

     15.86        0.22        3.62       3.84       (0.30     (0.00 )(e)      (0.30     19.40  

5/31/23

     17.08        0.20        (0.08     0.12       (0.27     (1.07     (1.34     15.86  

5/31/22

     21.37        0.24        (2.20     (1.96     (0.67     (1.66     (2.33     17.08  

5/31/21

     15.59        0.18        6.64       6.82       (0.47     (0.57     (1.04     21.37  

Class R6:

                  

5/31/25

     19.34        0.27        1.62       1.89       (0.34     (0.25     (0.59     20.64  

5/31/24

     15.81        0.25        3.60       3.85       (0.32     (0.00 )(e)      (0.32     19.34  

5/31/23

     17.03        0.22        (0.08     0.14       (0.29     (1.07     (1.36     15.81  

5/31/22

     21.32        0.26        (2.19     (1.93     (0.70     (1.66     (2.36     17.03  

5/31/21

     15.55        0.20        6.64       6.84       (0.50     (0.57     (1.07     21.32  

Retirement Class:

                  

5/31/25

     19.24        0.21        1.62       1.83       (0.29     (0.25     (0.54     20.53  

5/31/24

     15.73        0.20        3.59       3.79       (0.28     (0.00 )(e)      (0.28     19.24  

5/31/23

     16.95        0.18        (0.08     0.10       (0.25     (1.07     (1.32     15.73  

5/31/22

     21.23        0.22        (2.19     (1.97     (0.65     (1.66     (2.31     16.95  

5/31/21

     15.49        0.15        6.62       6.77       (0.46     (0.57     (1.03     21.23  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(d) 

The Fund’s ratios do not include the expenses or income of the Underlying Funds.

(e) 

Value rounded to zero.

 

28    See Notes to Financial Statements


 

        Ratios and Supplemental Data  
              Ratios to Average Net Assets      
    

Total

Return(c)

 

Net Assets,

End of

   Period (000)

   

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net  

Investment  

Income (Loss)(d)  

 

Portfolio

Turnover

Rate

 
                                               
           
    9.37   $ 120,057       0.51     0.43     0.98     16%  
    24.30       118,311       0.49       0.39       1.13       12    
    1.17       102,309       0.49       0.35       1.10       21    
    (10.59     106,104       0.48       0.32       1.04       30    
      44.41       117,922       0.50       0.38       0.78       56    
           
    9.59       5,295       0.28       0.20       1.22       16    
    24.55       5,423       0.30       0.20       1.34       12    
    1.33       4,908       0.29       0.15       1.31       21    
    (10.40     6,248       0.28       0.13       1.28       30    
      44.68       9,163       0.30       0.18       0.98       56    
           
    9.59       26       0.38       0.25       0.25       16    
    24.39       389       0.37       0.25       1.28       12    
    1.29       320       0.36       0.22       1.27       21    
    (10.43     342       0.35       0.20       1.21       30    
      44.54       427       0.37       0.23       0.95       56    
           
    9.76       52,407       0.19       0.10       1.34       16    
    24.58       63,319       0.21       0.10       1.45       12    
    1.46       51,862       0.20       0.05       1.40       21    
    (10.32     50,497       0.19       0.04       1.28       30    
      44.79       45,923       0.21       0.08       1.08       56    
           
    9.49       65,410       0.44       0.35       1.05       16    
    24.29       60,408       0.45       0.35       1.18       12    
    1.20       52,655       0.45       0.31       1.16       21    
    (10.54     56,152       0.44       0.29       1.08       30    
      44.47       65,640       0.45       0.33       0.82       56    

 

See Notes to Financial Statements    29


Financial Highlights (continued)

 

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

 

                                                    
            Investment Operations     Less Distributions        
     

  Net Asset

Value,

Beginning

of Period

    

Net

 Investment

Income

(Loss)(a)

    

Net Realized/

Unrealized

Gain (Loss)(b)

       Total    

From Net

Investment

Income

   

  From Net

Realized

Gains

      Total    

   Net Asset

Value,

End of

Period

 

Managed Allocation

                                                                  

Class A:

                  

5/31/25

   $ 12.32      $ 0.31      $ 0.67     $ 0.98     $ (0.34   $ (0.18   $ (0.52   $ 12.78  

5/31/24

     10.93        0.28        1.41       1.69       (0.30           (0.30     12.32  

5/31/23

     11.77        0.24        (0.26     (0.02     (0.25     (0.57     (0.82     10.93  

5/31/22

     14.51        0.22        (1.46     (1.24     (0.41     (1.09     (1.50     11.77  

5/31/21

     12.36        0.20        3.07       3.27       (0.33     (0.79     (1.12     14.51  

Class R6:

                  

5/31/25

     12.26        0.34        0.67       1.01       (0.37     (0.18     (0.55     12.72  

5/31/24

     10.88        0.31        1.40       1.71       (0.33           (0.33     12.26  

5/31/23

     11.73        0.26        (0.26           (0.28     (0.57     (0.85     10.88  

5/31/22

     14.46        0.25        (1.45     (1.20     (0.44     (1.09     (1.53     11.73  

5/31/21

     12.32        0.23        3.07       3.30       (0.37     (0.79     (1.16     14.46  

Retirement Class:

                  

5/31/25

     12.24        0.30        0.68       0.98       (0.34     (0.18     (0.52     12.70  

5/31/24

     10.87        0.28        1.39       1.67       (0.30           (0.30     12.24  

5/31/23

     11.71        0.24        (0.26     (0.02     (0.25     (0.57     (0.82     10.87  

5/31/22

     14.44        0.21        (1.45     (1.24     (0.40     (1.09     (1.49     11.71  

5/31/21

     12.31        0.20        3.05       3.25       (0.33     (0.79     (1.12     14.44  

 

(a) 

Based on average shares outstanding.

(b) 

Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented.

(c) 

Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(d) 

The Fund’s ratios do not include the expenses or income of the Underlying Funds.

 

30    See Notes to Financial Statements


 

        Ratios and Supplemental Data  
              Ratios to Average Net Assets      
    

Total

Return(c)

 

Net Assets,

End of

   Period (000)

   

Gross 

Expenses(d)

 

Net 

Expenses(d)

 

Net  

Investment  

Income (Loss)(d)  

 

Portfolio

Turnover

Rate

 
                                               
           
    8.05   $ 794,626       0.31     0.25     2.41     11%  
    15.70       789,834       0.32       0.25       2.44       11    
    0.20       734,814       0.32       0.25       2.17       19    
    (9.69     790,563       0.31       0.23       1.59       23    
      27.20       918,856       0.31       0.25       1.48       42    
           
    8.37       18,757       0.03       0.00       2.66       11    
    15.97       18,769       0.03       0.00       2.68       11    
    0.39       18,493       0.03       0.00       2.40       19    
    (9.45     24,214       0.03       0.00       1.84       23    
      27.52       24,885       0.02       0.00       1.71       42    
           
    8.10       63,469       0.28       0.25       2.40       11    
    15.60       72,504       0.28       0.25       2.44       11    
    0.21       69,526       0.28       0.25       2.18       19    
    (9.70     73,347       0.28       0.25       1.56       23    
      27.15       88,693       0.27       0.25       1.48       42    

 

See Notes to Financial Statements    31


Notes to Financial Statements

 

1.

General Information

Trust and Fund Information: TIAA-CREF Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, (“1940 Act”), as amended. The Trust is comprised of the following (collectively the “Funds” or individually, the “Fund”), among others:

 

Fund Name    Short Name
Nuveen Lifestyle Income Fund    Lifestyle Income
Nuveen Lifestyle Conservative Fund    Lifestyle Conservative
Nuveen Lifestyle Moderate Fund    Lifestyle Moderate
Nuveen Lifestyle Growth Fund    Lifestyle Growth
Nuveen Lifestyle Aggressive Growth Fund    Lifestyle Aggressive Growth
Nuveen Managed Allocation Fund    Managed Allocation

Current Fiscal Period: The end of the reporting period for the Funds is May 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2025 (the “current fiscal period”).

Investment Adviser: Teachers Advisors, LLC (the “Adviser”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser and provides investment management services for the Funds.

Share Classes and Sales Charges: Each Fund is a “fund of funds” that diversifies its assets by investing in Class R6 shares of other Nuveen mutual funds and potentially other investment pools or investment products. The Funds offer Class A, Class I, Premier Class, Class R6 and Retirement Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class. The Funds offer their shares through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.

Class A Shares are generally sold with an up-front sales charge. Class A Shares purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) of 1% if redeemed within eighteen months of purchase. Class I, Premier Class, Class R6 and Retirement Class shares are sold without an up-front sales charge.

 

2.

Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation: The Funds pay the members of the Board of Trustees (“Board”) all of whom are independent, certain remuneration for their services, plus travel and other expenses. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statement of Assets and Liabilities. Trustees’ fees, including any deferred compensation incurred, are reflected in the Statement of Operations.

Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Indemnification: Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

 

32   


 

Investments and Investment Income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Multiclass Operations and Allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a Fund. Expenses that cannot be directly attributed are allocated to each Fund in the Trust based upon the average net assets of each Fund.

Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds’ custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds’ Portfolio of Investments or Statement of Assets and Liabilities.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

Segment Reporting: In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker (“CODM”). Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as “total assets” and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

 

3.

Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to the oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

   

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

 

  


Notes to Financial Statements (continued)

 

   

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

 

   

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

Exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

The following table summarizes the market value of the Funds’ investments as of the end of the current fiscal period, based on the inputs used to value them:

 

$                          $                          $                          $                         
Fund    Level 1      Level 2      Level 3      Total 

Lifestyle Income

           

Affiliated investment companies

     $75,336,560         $–        $–        $75,336,560   

Short-term investments

            83,000               83,000  

Total

     $75,336,560        $83,000        $–        $75,419,560  

Lifestyle Conservative

           

Affiliated investment companies

     $308,196,202         $–        $–        $308,196,202  

Short-term investments

            290,000               290,000  

Total

     $308,196,202        $290,000        $–        $308,486,202  

Lifestyle Moderate

           

Affiliated investment companies

     $557,323,839         $–        $–        $557,323,839  

Short-term investments

            507,000               507,000  

Total

     $557,323,839        $507,000        $–        $557,830,839  

Lifestyle Growth

           

Affiliated investment companies

     $304,028,406         $–        $–        $304,028,406  

Short-term investments

            270,000               270,000  

Total

     $304,028,406        $270,000        $–        $304,298,406  

Lifestyle Aggressive Growth

           

Affiliated investment companies

     $242,993,621         $–        $–        $242,993,621  

Short-term investments

            244,000               244,000  

Total

     $242,993,621        $244,000        $–        $243,237,621  

Managed Allocation

           

Affiliated investment companies

     $876,116,760         $–        $–        $876,116,760  

Short-term investments

            294,000               294,000  

Total

     $876,116,760        $294,000        $–        $876,410,760  

 

4.

Portfolio Securities

Repurchase Agreements: In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements:

 

34   


 

Fund    Counterparty   

Short-term Investments,

at Value

    

Collateral Pledged

(From) Counterparty

 

Lifestyle Income

   Fixed Income Clearing Corporation      $83,000        $(84,721)  

Lifestyle Conservative

   Fixed Income Clearing Corporation      290,000        (295,805)  

Lifestyle Moderate

   Fixed Income Clearing Corporation      507,000        (517,172)  

Lifestyle Growth

   Fixed Income Clearing Corporation      270,000        (275,441)  

Lifestyle Aggressive Growth

   Fixed Income Clearing Corporation      244,000        (248,957)  

Managed Allocation

   Fixed Income Clearing Corporation      294,000        (299,963)  

Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows:

 

Fund   

Non-U.S. Government

Purchases

 

Non-U.S. Government

Sales

Lifestyle Income

   $12,011,878   $13,227,538

Lifestyle Conservative

   39,773,745   49,164,137

Lifestyle Moderate

   81,167,089   104,414,452

Lifestyle Growth

   45,157,463   59,165,673

Lifestyle Aggressive Growth

   38,983,215   54,860,197

Managed Allocation

   101,697,078   135,257,970

 

5.

Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Market and Counterparty Credit Risk: In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

 

  


Notes to Financial Statements (continued)

 

6.

Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
  

 

 

      

 

 

 
Lifestyle Income    Shares     Value             Shares     Value  

Subscriptions:

           

Class A

     183,151     $ 1,985,318              116,893     $ 1,205,317   

Class I

     1,167       12,500          18,224       191,218  

Premier Class

                    1,217       12,407  

Class R6

     368,979       3,996,067          323,324       3,335,953  

Retirement Class

     262,335       2,857,005          420,617       4,424,239  

Total subscriptions

     815,632       8,850,890                880,275       9,169,134  

Reinvestments of distributions:

           

Class A

     140,597       1,523,472          137,970       1,428,697  

Class I

     9       102          141       1,495  

Premier Class

                    247       2,513  

Class R6

     38,057       412,392          45,041       466,501  

Retirement Class

     65,460       708,837          52,373       542,803  

Total reinvestments of distributions

     244,123       2,644,803                235,772       2,442,009  

Redemptions:

           

Class A

     (547,043     (5,922,975        (674,726     (6,981,790

Class I

     (8,378     (92,450        (19,154     (202,925

Premier Class

     (17,744     (196,600        (17,246     (178,495

Class R6

     (354,659     (3,836,726        (674,213     (7,044,483

Retirement Class

     (269,794     (2,918,541        (398,295     (4,108,530

Total redemptions

        (1,197,618       (12,967,292                (1,783,634       (18,516,223

Net increase (decrease) from shareholder transactions

     (137,863   $ (1,471,599              (667,587   $ (6,905,080
                                           

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
  

 

 

      

 

 

 
Lifestyle Conservative    Shares     Value             Shares     Value  

Subscriptions:

           

Class A

     693,404     $ 8,806,056          611,170     $ 7,244,176  

Class I

     166,248       2,122,495          57,909       684,642  

Class R6

     865,956       11,149,351          1,011,683       12,039,211  

Retirement Class

     619,620       7,946,296          394,823       4,643,206  

Total subscriptions

     2,345,228       30,024,198                2,075,585       24,611,235  

Reinvestments of distributions:

           

Class A

     465,927       5,951,643          474,106       5,633,793  

Class I

     7,929       101,392          7,828       93,172  

Premier Class

     42       540          44       522  

Class R6

     148,939       1,905,139          142,418       1,695,676  

Retirement Class

     116,827       1,492,219          116,942       1,390,611  

Total reinvestments of distributions

     739,664       9,450,933                741,338       8,813,774  

Redemptions:

           

Class A

     (1,913,510     (24,377,015        (2,536,609     (30,167,425

Class I

     (211,941     (2,734,270        (62,529     (740,166

Premier Class

     (18,082     (235,246        (345     (4,078

Class R6

     (1,155,180     (14,828,231        (1,061,988     (12,649,170

Retirement Class

     (811,250     (10,394,370        (723,725     (8,605,769

Total redemptions

     (4,109,963       (52,569,132                (4,385,196       (52,166,608

Net increase (decrease) from shareholder transactions

        (1,025,071   $ (13,094,001              (1,568,273   $ (18,741,599
                                           

 

36   


 

    

Year Ended

5/31/25

        

Year Ended

5/31/24

 
  

 

 

 

    

 

 

 
Lifestyle Moderate    Shares   Value             Shares     Value  

Subscriptions:

           

Class A

     1,515,357     $ 22,539,144          1,246,873     $ 16,827,918  

Class I

     116,961       1,745,398          138,315       1,859,642  

Class R6

     854,003       12,746,059          1,961,198       26,382,636  

Retirement Class

     787,248       11,765,946          1,024,366       13,979,428  

Total subscriptions

     3,273,569       48,796,547                4,370,752       59,049,624  

Reinvestments of distributions:

           

Class A

     645,321       9,630,369          622,317       8,401,316  

Class I

     14,108       210,655          15,083       204,023  

Class R6

     175,706       2,626,837          161,895       2,192,609  

Retirement Class

     220,746       3,293,954                207,562       2,804,421  

Total reinvestments of distributions

     1,055,881       15,761,815                1,006,857       13,602,369  

Redemptions:

           

Class A

     (3,033,922     (45,046,223        (3,644,375)       (49,067,532

Class I

     (236,288     (3,513,997        (177,843)       (2,433,831

Premier Class

     (18,350     (278,000               

Class R6

     (2,032,535     (30,221,914        (1,334,074     (18,140,742

Retirement Class

     (1,247,870     (18,478,563        (1,390,479     (18,826,111

Total redemptions

     (6,568,965       (97,538,697                (6,546,771       (88,468,216

Net increase (decrease) from shareholder transactions

        (2,239,515   $ (32,980,335              (1,169,162   $ (15,816,223
                                           

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
  

 

 

      

 

 

 
Lifestyle Growth    Shares     Value             Shares     Value  

Subscriptions:

           

Class A

     485,813     $ 8,493,975          455,430     $ 7,012,826  

Class I

     62,366       1,105,395          46,333       709,977  

Class R6

     348,520       6,075,392          563,669       8,863,216  

Retirement Class

     404,713       7,063,293          650,306       9,949,751  

Total subscriptions

     1,301,412       22,738,055                1,715,738       26,535,770  

Reinvestments of distributions:

           

Class A

     275,024       4,845,923          248,632       3,818,993  

Class I

     6,138       108,770          5,725       88,391  

Premier Class

     14       253          13       204  

Class R6

     81,712       1,448,747          66,639       1,029,567  

Retirement Class

     83,697       1,477,248          71,971       1,106,921  

Total reinvestments of distributions

     446,585       7,880,941                392,980       6,044,076  

Redemptions:

           

Class A

     (1,407,925     (24,441,595        (1,423,342     (21,981,315

Class I

     (84,707     (1,483,424        (54,370     (847,086

Premier Class

     (18,585     (328,400        (1     (18

Class R6

     (709,037     (12,364,638        (662,750     (10,267,541

Retirement Class

     (682,843     (11,534,295        (781,469     (12,087,123

Total redemptions

        (2,903,097       (50,152,352                (2,921,932       (45,183,083

Net increase (decrease) from shareholder transactions

     (1,155,100   $ (19,533,356              (813,214   $ (12,603,237
                                           

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
  

 

 

      

 

 

 
Lifestyle Aggressive Growth    Shares     Value             Shares     Value  

Subscriptions:

           

Class A

     318,604     $ 6,345,504          381,029     $ 6,618,304  

Class I

     27,347       560,859          33,839       589,855  

Premier Class

                    21       399  

Class R6

     533,118       10,652,003          623,063       10,944,045  

Retirement Class

     415,435       8,343,978          395,031       6,811,525  

Total subscriptions

     1,294,504       25,902,344                1,432,983       24,964,128  

Reinvestments of distributions:

           

Class A

     153,787       3,138,786          97,368       1,682,526  

Class I

     5,363       110,204          3,522       61,249  

Class R6

     87,088       1,789,658          60,584       1,053,560  

Retirement Class

     82,937       1,696,887          51,628       894,199  

Total reinvestments of distributions

     329,175       6,735,535                213,102       3,691,534  

Redemptions:

           

Class A

     (769,602     (15,448,147        (834,812     (14,401,815

Class I

     (56,550     (1,129,133        (67,434     (1,197,770

Premier Class

     (18,789     (380,840        (199     (3,427

Class R6

     (1,354,488     (27,181,513        (690,856     (12,210,477

Retirement Class

     (451,108     (9,067,265        (654,883     (11,288,061

Total redemptions

        (2,650,537       (53,206,898                (2,248,184       (39,101,550

Net increase (decrease) from shareholder transactions

     (1,026,858   $ (20,569,019              (602,099   $ (10,445,888
                                           

 

  


Notes to Financial Statements (continued)

 

    

Year Ended

5/31/25

          

Year Ended

5/31/24

 
  

 

 

      

 

 

 
 Managed Allocation    Shares     Value          Shares     Value  

Subscriptions:

           

Class A

     1,235,824     $ 15,652,450          1,489,713     $ 17,204,822   

Class R6

     131,794       1,656,006          72,534       831,096  

Retirement Class

     357,301       4,505,323          256,120       3,014,359  

Total subscriptions

     1,724,919       21,813,779                1,818,367       21,050,277  

Reinvestments of distributions:

           

Class A

     2,495,441       31,640,731          1,657,333       19,142,884  

Class R6

     65,459       825,489          46,043       529,037  

Retirement Class

     214,742       2,705,307          160,617       1,844,718  

Total reinvestments of distributions

     2,775,642       35,171,527                1,863,993       21,516,639  

Redemptions:

           

Class A

     (5,662,271     (71,419,839        (6,252,499     (72,177,956

Class R6

     (252,888     (3,167,217        (287,327     (3,240,630

Retirement Class

     (1,495,209     (18,888,954        (893,214     (10,262,238

Total redemptions

     (7,410,368     (93,476,010              (7,433,040     (85,680,824

Net increase (decrease) from shareholder transactions

        (2,909,807   $   (36,490,704               (3,750,680   $   (43,113,908
                                           

 

7.

Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

Difference between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution reallocations, investments in underlying funds, and tax equalization. Temporary and permanent differences have no impact on a Fund’s net assets.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

 

Fund    Tax Cost      Gross Unrealized
Appreciation
     Gross Unrealized
(Depreciation)
    

Net Unrealized
Appreciation

(Depreciation)

 

 Lifestyle Income

     $76,673,589        $4,656,639        $(5,910,668)        $(1,254,029)  

 Lifestyle Conservative

     298,611,538        35,663,627        (25,788,963)        9,874,664  

 Lifestyle Moderate

     508,684,939        91,369,812        (42,223,912)        49,145,900  

 Lifestyle Growth

     257,905,271        64,776,163        (18,383,028)        46,393,135  

 Lifestyle Aggressive Growth

     191,679,365        61,508,330        (9,950,074)        51,558,256  

 Managed Allocation

     756,101,824        176,708,661        (56,399,725)        120,308,936  

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

 

Fund   

Undistributed

Ordinary
Income

    

Undistributed
Long-Term

Capital Gains

    

Unrealized
Appreciation

(Depreciation)

     Capital Loss
Carryforwards
     Late-Year
Loss Deferrals
    

Other
Book-to-Tax

Differences

     Total  

 Lifestyle Income

     $391,104        $–        $(1,254,029)        $(967,525)        $–        $(7,022)        $(1,837,472)  

 Lifestyle Conservative

     1,151,569        3,115,561        9,874,664                      (19,127)        14,122,667  

 Lifestyle Moderate

     1,296,564        9,765,963        49,145,900                      (28,754)        60,179,673  

 Lifestyle Growth

     977,330        7,655,225        46,393,135                      (14,586)        55,011,104  

 Lifestyle Aggressive Growth

            8,283,777        51,558,256               (132,638)        (10,697)        59,698,698  

 Managed Allocation

     2,808,382        17,451,835        120,308,936                      (161,639)        140,407,514  

 

38   


 

The tax character of distributions paid was as follows:

 

     5/31/25      5/31/24  
  

 

 

 
Fund   

   Ordinary

Income

    

Long-Term

 Capital Gains

    

  Ordinary

Income

    

Long-Term

 Capital Gains

 

 Lifestyle Income

     $2,712,516        $–        $2,504,064        $–  

 Lifestyle Conservative

     9,567,761               8,932,215         

 Lifestyle Moderate

     14,555,354        1,436,886        13,764,447         

 Lifestyle Growth

     6,184,064        1,752,283        6,098,768         

 Lifestyle Aggressive Growth

     3,899,128        2,891,869        3,696,213        51,620  

 Managed Allocation

     24,451,030        11,935,207        22,228,563         

As of year end, the Funds had capital loss carryforwards, which will not expire:

 

Fund    Short-Term      Long-Term      Total  

 Lifestyle Income

     $440,202          $527,323          $967,525  

 Lifestyle Conservative

                    

 Lifestyle Moderate

                    

 Lifestyle Growth

                    

 Lifestyle Aggressive Growth

                    

 Managed Allocation

                    

As of year end, the Funds utilized the following capital loss carryforwards:

 

Fund    Utilized  

 Lifestyle Income

     $560,237  

 Lifestyle Conservative

     2,216,554  

 Lifestyle Moderate

     1,867,614  

 Lifestyle Growth

     238,986  

 Lifestyle Aggressive Growth

      

 Managed Allocation

      

 

8.

Management Fees and Other Transactions with Affiliates

Management Fees: Under the terms of its Investment Management Agreement, each Fund (except for Managed Allocation) pays the Adviser a monthly fee based on the annual rate of 0.10% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. The Funds have entered into an Administrative Service Agreement with the Adviser under which the Funds pay the Adviser for its costs in providing certain administrative and compliance services to the Funds. The Adviser has agreed to gradually reduce expenses allocated to the Funds under the Administrative Services Agreement over a three-year period commencing May 1, 2024. After the expiration of this three-year period, the Adviser will no longer allocate expenses to the Funds under the Administrative Services Agreement.

Under the terms of Retirement Class Service Agreements with respect to each Fund, the Retirement Class of the Fund incurs an annual fee of 0.25% of the daily net assets, payable monthly to TIAA, on behalf of Retirement Class shares of the Fund held by or through TIAA by its clients, or the Adviser, on behalf of all other Retirement Class shares, for certain administrative costs associated with the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statement of Operations are paid to TIAA or the Adviser, respectively, under the Service Agreements.

Under the terms of a distribution Rule 12b-1 plan, Class A shares of each Fund compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to Class A shares of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Class A shares. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class shares.

The Adviser has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of the end of the current fiscal period, the investment management fee and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:

 

  


Notes to Financial Statements (continued)

 

     Maximum Expense Amounts‡  
  

 

 

 
Fund      Class A      Class I Premier Class      Class R6      Retirement
Class
 

 Lifestyle Income

     0.450%        0.250%        0.250%        0.100%        0.350%  

 Lifestyle Conservative

     0.450        0.250        0.250        0.100        0.350  

 Lifestyle Moderate

     0.450        0.250        0.250        0.100        0.350  

 Lifestyle Growth

     0.450        0.250        0.250        0.100        0.350  

 Lifestyle Aggressive Growth

     0.450        0.250        0.250        0.100        0.350  

 Managed Allocation

     0.250                      0.000        0.250  

 

 

Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least September 30, 2025. The reimbursement arrangements can only be changed with the approval of the Board.

Other Transactions with Affiliates: The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Adviser or by an affiliate of the Adviser (each an, “Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are affected at the current market price (as provided by an independent pricing service) without incurring broker commissions. During the current fiscal period, the Funds engaged in the following security transactions with affiliated entities:

 

Fund    Purchases      Sales      Realized Gain (Loss)  

Lifestyle Income

   $     17,508      $     77,425      $ 6,059  

Lifestyle Conservative

            264,198        46,025  

Lifestyle Moderate

     341,503        465,211        81,646  

Lifestyle Growth

     119,907        403,261        61,387  

Lifestyle Aggressive Growth

     172,966        470,427        49,566  

Managed Allocation

     3,663        1,649,061        317,267  

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

 

Fund    Sales Charges Collected
(Unaudited)
       Paid to Financial
Intermediaries
(Unaudited)
 

Lifestyle Income

   $ 290      $ 253  

Lifestyle Conservative

     5,058        4,398  

Lifestyle Moderate

     8,408        7,433  

Lifestyle Growth

     3,773        3,295  

Lifestyle Aggressive Growth

     6,011        5,225  

Managed Allocation

     7,666        6,759  

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

 

Fund   

CDSC

 Retained (Unaudited)

 

Lifestyle Income

   $  

Lifestyle Conservative

      

Lifestyle Moderate

     171  

Lifestyle Growth

     24  

Lifestyle Aggressive Growth

      

Managed Allocation

      

Investments in other investment companies advised by the Adviser and Nuveen Fund Advisors, LLC are deemed to be affiliated investments. A complete schedule of the portfolio holdings for each of the affiliated investments is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available on the SEC’s website at www.sec.gov. A copy of the annual report, semi-annual report and financial statements is available for each of the affiliated investments at https://www.nuveen.com/en-us/ mutual-funds/prospectuses, or upon request by calling (800) 257-8787. Information regarding transactions with affiliated companies is as follows:

 

40   


 

Issue    Value at
5/31/24
    

Purchases

Cost

     Sales
Proceeds
     Realized
Gain (Loss)
    

Change in

Unrealized

Appreciation

(Depreciation)

     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifestyle Income

                       

Nuveen Funds:

                       

Core Bond, Class R6

     $14,965,769        $1,829,485        $2,002,225        $(306,464)        $483,318        $14,969,883        $655,568        $–  

Core Equity, Class R6

     1,450,274        443,331        362,323        31,018        (64,631)        1,497,669        15,657        135,189  

Core Plus Bond, Class R6

     14,982,396        1,762,221        1,950,004        (301,283)        476,396        14,969,726        693,407         

Dividend Growth, Class R6

     1,452,078        408,020        444,072        29,628        55,334        1,500,988        17,608        75,367  

Dividend Value, Class R6

     1,396,945        553,703        397,734        7,841        (87,820)        1,472,935        22,725        115,718  

Emerging Markets Equity, Class R6

     877,518        278,723        274,098        (1,002)        36,918        918,059        23,324         

Growth Opportunities ETF

     1,757,830        258,418        516,111        81,289        153,878        1,735,304                

International Equity, Class R6

     2,312,964        452,833        607,750        43,811        108,437        2,310,295        54,643         

International Opportunities, Class R6

     1,367,184        375,691        406,827        (4,219)        50,745        1,382,574        19,433         

Large Cap Growth, Class R6

     1,706,749        531,263        648,383        89,769        54,315        1,733,713        4,302        96,595  

Large Cap Value, Class R6

     1,402,942        390,765        388,011        30,270        36,521        1,472,487        20,139        33,762  

Quant International Small Cap Equity, Class R6

     744,031        149,184        217,463        9,151        72,148        757,051        23,313         

Quant Small Cap Equity, Class R6

     333,618        96,917        124,447        20,637        (38,755)        287,970        2,938        29,927  

Quant Small/Mid Cap Equity, Class R6

     396,047        105,688        130,674        17,148        (30,780)        357,429        2,798        38,545  

Short Term Bond, Class R6

     29,783,358        4,375,636        4,757,416        (124,530)        693,429        29,970,477        1,322,315         
       $74,929,703        $12,011,878        $13,227,538        $(376,936)        $1,999,453        $75,336,560        $2,878,170        $525,103  

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifestyle Conservative

                       

Nuveen Funds:

                       

Core Bond, Class R6

     $30,779,360        $2,616,268        $3,320,487        $(536,416)        $897,515        $30,436,240        $1,348,152        $–  

Core Equity, Class R6

     11,935,559        2,534,659        2,015,159        260,458        (531,418)        12,184,099        129,937        1,131,855  

Core Plus Bond, Class R6

     92,398,628        7,154,138        9,314,096        (1,557,303)        2,636,375        91,317,742        4,278,592         

Dividend Growth, Class R6

     11,932,905        2,393,852        2,933,317        239,724        470,794        12,103,958        144,574        623,277  

Dividend Value, Class R6

     11,486,597        3,614,735        2,436,235        68,827        (715,367)        12,018,557        187,264        957,430  

Emerging Markets Equity, Class R6

     7,237,917        1,541,446        1,601,670        (59,040)        351,745        7,470,398        192,921         

Growth Opportunities ETF

     14,219,760        1,164,610        3,169,546        569,638        1,346,034        14,130,496                

International Equity, Class R6

     19,025,046        2,475,383        3,964,680        354,308        867,074        18,757,131        454,088         

International Opportunities, Class R6

     11,259,106        1,630,245        2,058,771        (65,652)        465,780        11,230,708        161,408         

Large Cap Growth, Class R6

     14,082,171        2,540,096        3,724,126        581,430        660,083        14,139,654        35,915        806,365  

Large Cap Value, Class R6

     11,526,542        2,461,645        2,535,504        197,760        360,569        12,011,012        168,853        283,064  

Quant International Small Cap Equity, Class R6

     6,116,404        736,911        1,351,558        59,738        590,931        6,152,426        192,968         

Quant Small Cap Equity, Class R6

     2,701,026        602,853        814,903        124,691        (268,056)        2,345,611        24,370        248,245  

Quant Small/Mid Cap Equity, Class R6

     3,213,194        627,707        827,920        135,080        (239,340)        2,908,721        23,265        320,449  

Short Term Bond, Class R6

     61,237,227        7,679,197        9,096,165        (216,060)        1,385,250        60,989,449        2,719,863         
       $309,151,442        $39,773,745        $49,164,137        $157,183        $8,277,969        $308,196,202        $10,062,170        $4,370,685  

 

   41


Notes to Financial Statements (continued)

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifestyle Moderate

                       

Nuveen Funds:

                       

Core Equity, Class R6

     $32,429,662        $6,317,281        $5,132,347        $562,071        $(1,346,594)        $32,830,073        $356,685        $3,141,185  

Core Plus Bond, Class R6

     223,324,907        23,808,609        30,838,991        (5,341,838)        7,915,193        218,867,880        10,414,887         

Dividend Growth, Class R6

     32,459,244        5,570,759        7,271,787        487,449        1,425,347        32,671,012        398,486        1,729,054  

Dividend Value, Class R6

     31,211,857        8,962,391        5,915,010        53,061        (1,948,623)        32,363,676        516,495        2,706,785  

Emerging Markets Equity, Class R6

     19,651,235        4,332,662        4,616,154        (400,302)        1,157,927        20,125,368        534,963         

Growth Opportunities ETF

     38,650,086        2,777,457        8,569,929        1,445,964        3,794,792        38,098,370                

International Equity, Class R6

     51,644,687        6,699,970        10,782,509        666,656        2,509,163        50,737,967        1,258,245         

International Opportunities, Class R6

     30,587,191        5,385,479        6,673,634        (715,115)        1,746,962        30,330,883        446,063         

Large Cap Growth, Class R6

     38,579,738        6,583,790        10,424,222        1,208,234        2,146,715        38,094,255        99,574        2,235,647  

Large Cap Value, Class R6

     31,320,692        5,509,608        5,953,254        492,819        1,029,120        32,398,985        465,608        780,543  

Quant International Small Cap Equity, Class R6

     16,657,337        2,168,300        3,898,246        89,821        1,630,853        16,648,065        534,811         

Quant Small Cap Equity, Class R6

     7,368,029        1,500,719        2,142,169        382,152        (791,922)        6,316,809        67,579        688,381  

Quant Small/Mid Cap Equity, Class R6

     8,796,290        1,550,064        2,196,200        292,047        (601,705)        7,840,496        64,516        888,629  
       $562,680,955        $81,167,089        $104,414,452        $(776,981)        $18,667,228        $557,323,839        $15,157,912        $12,170,224  

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifestyle Growth

                       

Nuveen Funds:

                       

Core Equity, Class R6

     $23,503,894        $4,331,406        $3,499,561        $413,698        $(990,545)        $23,758,892        $258,482        $2,261,206  

Core Plus Bond, Class R6

     60,684,043        7,453,590        9,495,240        (1,606,425)        2,299,931        59,335,899        2,827,943         

Dividend Growth, Class R6

     23,479,835        3,950,021        4,962,555        252,932        1,095,169        23,815,402        288,301        1,253,288  

Dividend Value, Class R6

     22,647,175        6,028,695        3,896,573        19,174        (1,407,556)        23,390,915        374,495        1,955,472  

Emerging Markets Equity, Class R6

     14,223,664        3,173,746        3,382,480        (312,966)        861,959        14,563,923        389,720         

Growth Opportunities ETF

     27,986,147        1,337,711        5,527,842        977,777        2,773,813        27,547,606                

International Equity, Class R6

     37,497,445        4,355,588        7,510,812        427,436        1,833,391        36,603,048        911,397         

International Opportunities, Class R6

     22,173,300        3,707,068        4,612,692        (606,951)        1,279,111        21,939,836        322,759         

Large Cap Growth, Class R6

     27,929,733        3,974,244        6,722,790        759,645        1,574,043        27,514,875        72,313        1,623,594  

Large Cap Value, Class R6

     22,736,243        3,555,438        4,056,847        177,754        895,749        23,308,337        338,363        567,229  

Quant International Small Cap Equity, Class R6

     12,070,960        1,270,352        2,514,076        491        1,194,031        12,021,758        387,207         

Quant Small Cap Equity, Class R6

     5,353,360        1,033,275        1,520,066        279,685        (579,059)        4,567,195        49,030        499,431  

Quant Small/Mid Cap Equity, Class R6

     6,369,531        986,329        1,464,139        185,449        (416,450)        5,660,720        46,807        644,713  
       $306,655,330        $45,157,463        $59,165,673        $967,699        $10,413,587        $304,028,406        $6,266,817        $8,804,933  

 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Lifestyle Aggressive Growth

                       

Nuveen Funds:

                       

Core Equity, Class R6

     $23,687,152        $3,885,236        $3,388,719        $236,760        $(829,553)        $23,590,876        $262,717        $2,328,116  

Dividend Growth, Class R6

     23,690,114        3,784,072        5,278,306        276,562        1,148,790        23,621,232        292,303        1,282,951  

Dividend Value, Class R6

     22,838,355        6,282,224        4,533,028        1,030        (1,389,773)        23,198,808        380,110        2,000,090  

Emerging Markets Equity, Class R6

     14,333,131        4,139,520        4,559,314        (441,617)        996,081        14,467,801        404,190         

Growth Opportunities ETF

     28,176,762        977,328        5,545,027        998,172        2,800,052        27,407,287                

International Equity, Class R6

     37,757,347        5,272,040        8,907,580        411,294        1,825,889        36,358,990        938,291         

International Opportunities, Class R6

     22,341,793        3,574,678        4,849,799        (668,427)        1,373,942        21,772,187        332,104         

Large Cap Growth, Class R6

     28,171,028        3,790,932        7,060,475        796,210        1,605,862        27,303,557        74,252        1,667,126  

Large Cap Value, Class R6

     22,876,210        3,780,881        4,593,620        246,039        873,044        23,182,554        348,271        583,840  

Quant International Small Cap Equity, Class R6

     12,173,739        1,626,822        3,080,322        (46,889)        1,251,087        11,924,437        398,870         

Quant Small Cap Equity, Class R6

     5,435,340        876,952        1,477,960        140,709        (439,174)        4,535,867        50,515        514,560  

Quant Small/Mid Cap Equity, Class R6

     6,458,389        992,530        1,586,047        141,847        (376,694)        5,630,025        48,650        670,096  
       $247,939,360        $38,983,215        $54,860,197        $2,091,690        $8,839,553        $242,993,621        $3,530,273        $9,046,779  

 

42   


 

Issue    Value at
5/31/24
     Purchases
Cost
     Sales
Proceeds
     Realized
Gain (Loss)
    

Change in
Unrealized
Appreciation

(Depreciation)

     Value at
5/31/25
     Dividend
Income
     Capital Gain
Distributions
 

Managed Allocation

                       

Nuveen Funds:

                       

Core Equity, Class R6

     $50,795,172        $8,827,035        $6,881,885        $1,027,112        $(2,222,275)        $51,545,159        $555,696        $4,867,341  

Core Plus Bond, Class R6

     349,790,789        29,270,883        39,109,207        (5,255,793)        9,344,108        344,040,780        16,246,669         

Dividend Growth, Class R6

     50,789,873        6,176,527        8,855,530        977,819        2,037,228        51,125,917        621,889        2,675,366  

Dividend Value, Class R6

     48,945,705        12,738,180        7,897,957        230,017        (3,062,675)        50,953,270        802,907        4,145,714  

Emerging Markets Equity, Class R6

     30,757,188        5,101,283        5,432,754        (531,147)        1,779,749        31,674,319        827,882         

Growth Opportunities ETF

     60,532,824        3,228,757        12,078,564        2,226,236        5,920,784        59,830,037                

International Equity, Class R6

     81,032,462        7,625,027        13,980,114        1,438,283        3,609,450        79,725,108        1,949,995         

International Opportunities, Class R6

     47,857,439        5,992,793        7,568,322        (247,569)        1,902,237        47,936,578        692,067         

Large Cap Growth, Class R6

     60,340,876        8,312,643        13,875,651        4,805,766        391,617        59,975,251        154,472        3,468,227  

Large Cap Value, Class R6

     49,064,463        7,932,628        8,498,036        976,964        1,394,081        50,870,100        724,511        1,214,567  

Quant International Small Cap Equity, Class R6

     26,076,354        2,495,285        5,119,231        176,872        2,526,971        26,156,251        828,320         

Quant Small Cap Equity, Class R6

     11,540,416        1,964,067        2,932,634        670,810        (1,304,385)        9,938,274        104,773        1,067,252  

Quant Small/Mid Cap Equity, Class R6

     13,815,107        2,031,970        3,028,085        751,609        (1,224,885)        12,345,716        100,024        1,377,711  
       $881,338,668        $101,697,078        $135,257,970        $7,246,979        $21,092,005        $876,116,760        $23,609,205        $18,816,178  

 

9.

Borrowing Arrangements

Line of Credit: The Funds participated in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The facility was entered into on June 13, 2023, and expired on June 11, 2024. Certain affiliated accounts, each of which is managed by the Adviser, or an affiliate of the Adviser, also participated in this facility. An annual commitment fee for the credit facility was borne by the participating accounts on a pro rata basis. Interest associated with any borrowing under the facility was charged to the borrowing accounts at a specified rate of interest. The Funds were not liable for borrowings under the facility by other affiliated accounts. There were no borrowings under this credit facility by the Funds during the current fiscal period. On June 11, 2024, the Funds’ credit facility expired, and the Funds have not entered into another credit facility.

 

   43


Important Tax Information

 

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

 

Fund       Net Long-Term
Capital Gains
 

 Lifestyle Income

   $  

 Lifestyle Conservative

     184,074  

 Lifestyle Moderate

     2,032,664  

 Lifestyle Growth

     2,360,018  

 Lifestyle Aggressive Growth

     3,636,592  

 Managed Allocation

     12,840,896  

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

 

Fund    Percentage  

 Lifestyle Income

     3.4%  

 Lifestyle Conservative

     7.8  

 Lifestyle Moderate

     14.0  

 Lifestyle Growth

     23.4  

 Lifestyle Aggressive Growth

     36.8  

 Managed Allocation

     13.1  

Qualified Dividend Income (QDI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

 

Fund    Percentage  

 Lifestyle Income

     6.5%  

 Lifestyle Conservative

     15.2  

 Lifestyle Moderate

     27.2  

 Lifestyle Growth

     45.4  

 Lifestyle Aggressive Growth

     71.8  

 Managed Allocation

     25.3  

Foreign Source Income and Foreign Tax Credit Pass Through

Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:

 

Fund    Foreign
Source Income
    

Foreign
Source Income

Per Share

    

Qualifying

Foreign
Taxes Paid

    

Qualifying

Foreign Taxes
Paid per Share

 

 Lifestyle Income

     $  104,697        $0.01517        $16,947        $0.00246  

 Lifestyle Conservative

     865,898        0.03634        140,505        0.00590  

 Lifestyle Moderate

     2,388,685        0.06481        389,250        0.01056  

 Lifestyle Growth

     1,747,692        0.10195        282,167        0.01646  

 Lifestyle Aggressive Growth

     1,729,919        0.14599        290,936        0.02455  

 Managed Allocation

     3,808,271        0.05546        603,064        0.00878  

 

44   


Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.


Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.


Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as “Trustees fees” on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Teachers Advisors, LLC, the Funds’ investment adviser and an affiliate of the Funds’ officers, is reported as “Management fees” on the Statement of Operations under Item 7 of this Form N-CSR.


Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Nuveen Lifecycle Retirement Income Fund

Nuveen Lifecycle 2010 Fund

Nuveen Lifecycle 2015 Fund

Nuveen Lifecycle 2020 Fund

Nuveen Lifecycle 2025 Fund

Nuveen Lifecycle 2030 Fund

Nuveen Lifecycle 2035 Fund

Nuveen Lifecycle 2040 Fund

Nuveen Lifecycle 2045 Fund

Nuveen Lifecycle 2050 Fund

Nuveen Lifecycle 2055 Fund

Nuveen Lifecycle 2060 Fund

Nuveen Lifecycle 2065 Fund

The Approval Process

At meetings held on April 28 and 29, 2025 (the “Meeting”), the Board of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of TIAA-CREF Funds (the “Trust”) approved, for each applicable series of the Trust, the renewal of the investment management agreement with Teachers Advisors, LLC (“TAL” and TAL is an “Adviser”) pursuant to which TAL serves as investment adviser to such funds. TAL is an indirect wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the investment management agreement (each an “Advisory Agreement”) with respect to each series covered by this report (the “Funds”).

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Advisory Agreement on behalf of the applicable Fund on an annual basis. To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by TAL, including the Funds, and the group of funds advised by Nuveen Fund Advisors, LLC (“NFAL” and collectively, the “Nuveen funds” or the “funds”). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of TIAA. The Board and/or its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting the Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for the Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board’s meeting held on February 25-26, 2025 (the “February Meeting”). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Adviser and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.


In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Adviser; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Adviser as a result of its relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each Fund to those of a peer universe and to a group of peers selected by Broadridge.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board’s review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by the Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the “Executive Sessions”) to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the Funds’ advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

 

A.

Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the Adviser’s services provided to each respective Fund.


The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families (the “Consolidation”) to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management’s emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds’ compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds’ compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

With respect to the Funds, the Adviser and its investment team(s) are responsible for providing portfolio management of the Funds and managing the assets of the Funds, including conducting research, identifying investments and placing orders for the purchase or sale of the portfolio investments for the respective Fund. As noted below, the Board also considered the Nuveen funds’ performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds, the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund’s product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution. The Board considered that certain non-investment and non-distribution services were provided by the Adviser or its affiliates pursuant to a separate administrative agreement; however, given the Consolidation of the asset management businesses of TIAA and Nuveen, such administrative agreement was being phased out over a specified period with the administrative services for the funds to be provided under the respective Advisory Agreements at no additional cost.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or their affiliates and their willingness to make investments to support the funds. The Board considered the funds’ access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.


In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with its services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

 

B.

The Investment Performance of the Funds and Adviser

In evaluating the quality of the services provided by the Adviser, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and as compared to the performance of comparable peers (the “Performance Peer Group”) and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods.

In its review of relative performance, the Board considered a Fund’s performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management’s analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium and high.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long- term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.


In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the applicable adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

 

   

For Nuveen Lifecycle Retirement Income Fund (formerly, TIAA-CREF Lifecycle Retirement Income Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period and first quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle 2010 Fund (formerly, TIAA-CREF Lifecycle 2010 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the five-year period ended December 31, 2024, the Fund matched the performance of its benchmark for the one-year period ended December 31, 2024 and outperformed its benchmark for the three-year period ended December 31, 2024. In addition, the Fund ranked in the second quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle 2015 Fund (formerly, TIAA-CREF Lifecycle 2015 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle 2020 Fund (formerly, TIAA-CREF Lifecycle 2020 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and five-year periods and first quartile for the three-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle 2025 Fund (formerly, TIAA-CREF Lifecycle 2025 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and three-year periods and first quartile for the five-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle 2030 Fund (formerly, TIAA-CREF Lifecycle 2030 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.


   

For Nuveen Lifecycle 2035 Fund (formerly, TIAA-CREF Lifecycle 2035 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one- and five-year periods and second quartile for the three-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle 2040 Fund (formerly, TIAA-CREF Lifecycle 2040 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle 2045 Fund (formerly, TIAA-CREF Lifecycle 2045 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle 2050 Fund (formerly, TIAA-CREF Lifecycle 2050 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle 2055 Fund (formerly, TIAA-CREF Lifecycle 2055 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle 2060 Fund (formerly, TIAA-CREF Lifecycle 2060 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle 2065 Fund (formerly, TIAA-CREF Lifecycle 2065 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.


C.

Fees, Expenses and Profitability

 1. Fees and Expenses

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). In addition to the management fee arrangements, the Board Members considered a Fund’s operating expense ratio as it more directly reflected a shareholder’s total costs in investing in the respective Fund.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the “Expense Universe”) and with respect to the open-end Funds, for a more focused group of comparable peers (the “Expense Group”) established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class R6 of the Funds. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund’s quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management’s commentary as to the factors contributing to each such fund’s relative net total expense ratio. The Board also considered, in relevant part, a fund’s management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance. In addition, in conjunction with the Consolidation, the Board considered that the separate administrative agreement pursuant to which TAL provided the Funds with certain administrative services also began to be phased out over a three-year period beginning on May 1, 2024 and related savings.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. Further, with respect to Funds which may invest in the fee-waived Class W shares of other funds (the “Fund of Funds”), the Board considered that peers in the Expense Universe and Expense Group generally would not reflect the Fund of Funds’ unique fee structure pursuant to which such Funds pay their management fees (subject to any fee waivers) and the equivalent of the underlying funds’ management fees and other expenses, thereby limiting some of the value of the comparative data. The Board Members took these limitations and differences into account when reviewing comparative peer data.

The Board’s considerations regarding the comparative fee data for each Fund are set forth below:

   

For Nuveen Lifecycle Retirement Income Fund (formerly, TIAA-CREF Lifecycle Retirement Income Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and second quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median and Expense Universe median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median.

 

   

For Nuveen Lifecycle 2010 Fund (formerly, TIAA-CREF Lifecycle 2010 Fund), the Fund’s actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Group. Given the small number of peers, a quartile ranking of the contractual management fee rate for the Expense Group was not available. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and second quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate was below the Expense Group median, and the actual management fee rate and net total expense ratio each matched the Expense Group median. The Fund’s contractual management fee rate and net total expense ratio were each below the Expense Universe median and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median. In its review, the Board considered management’s proposed temporary expense cap to be effective on or around May 1, 2025 through April 30, 2026.


   

For Nuveen Lifecycle 2015 Fund (formerly, TIAA-CREF Lifecycle 2015 Fund), the Fund’s actual management fee rate ranked in the third quartile of its Expense Group and its net total expense ratio ranked in the second quartile of its Expense Group. Given the small number of peers, a quartile ranking of the contractual management fee rate for the Expense Group was not available. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, third quartile and second quartile of its Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Group median. Although the Fund’s actual management fee rate was above the Expense Universe median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Universe median.

 

   

For Nuveen Lifecycle 2020 Fund (formerly, TIAA-CREF Lifecycle 2020 Fund), the Fund’s actual management fee rate ranked in the third quartile of its Expense Group, and net total expense ratio ranked in the second quartile of its Expense Group. Given the small number of peers, a quartile ranking of the contractual management fee rate for the Expense Group was not available. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, third quartile and first quartile of its Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median, the Fund’s contractual management fee rate was below the Expense Group median and the net total expense ratio matched the Expense Group median. Although the Fund’s actual management fee rate was above the Expense Universe median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Universe median.

 

   

For Nuveen Lifecycle 2025 Fund (formerly, TIAA-CREF Lifecycle 2025 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and second quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, fourth quartile and first quartile of its Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Group median. Although the Fund’s actual management fee rate was above the Expense Universe median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Universe median.

 

   

For Nuveen Lifecycle 2030 Fund (formerly, TIAA-CREF Lifecycle 2030 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and second quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median and Expense Universe median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

 

   

For Nuveen Lifecycle 2035 Fund (formerly, TIAA-CREF Lifecycle 2035 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and second quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median and Expense Universe median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

 

   

For Nuveen Lifecycle 2040 Fund (formerly, TIAA-CREF Lifecycle 2040 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Group and Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median and Expense Universe median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

 

   

For Nuveen Lifecycle 2045 Fund (formerly, TIAA-CREF Lifecycle 2045 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Group and Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median and Expense Universe median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.


   

For Nuveen Lifecycle 2050 Fund (formerly, TIAA-CREF Lifecycle 2050 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Group and Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median and Expense Universe median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

 

   

For Nuveen Lifecycle 2055 Fund (formerly, TIAA-CREF Lifecycle 2055 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Group and Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median and Expense Universe median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

 

   

For Nuveen Lifecycle 2060 Fund (formerly, TIAA-CREF Lifecycle 2060 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Group and Expense Universe, respectively. Further, although the Fund’s actual management fee rate was above the Expense Group median and Expense Universe median, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

 

   

For Nuveen Lifecycle 2065 Fund (formerly, TIAA-CREF Lifecycle 2065 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. Further, the Fund’s contractual management fee rate and net total expense ratio were both below the Expense Group median and Expense Universe median, and the Fund’s actual management fee rate matched the Expense Group median and Expense Universe median. The Board considered that the Fund’s actual management fee was zero after fee waivers/reimbursements.

Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to the Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

In evaluating the appropriateness of fees, the Board also considered that the Adviser and/or its affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts (“SMAs”), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board concluded that the varying levels of fees were reasonable given the foregoing.

3. Profitability of the Adviser


In considering the costs of services to be provided and profits to be realized by the Adviser from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser’s services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and NFAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and NFAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser’s level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

 

D.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser’s business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund’s advisory fee structure. The Board reviewed the fee schedule and considered that the Funds, however, do not have breakpoint schedules.

The Board Members also considered the continued reinvestment in Nuveen’s business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser’s and/or its affiliates’ ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.


Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.

 

E.

Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and the Adviser and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser’s affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023. With respect to the Funds, the Board Members considered that the Adviser or its affiliates were reimbursed for certain costs of administrative services pursuant to an administrative agreement; however, such administrative agreement was being phased out over time.

In addition, the Board Members considered that the Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered that the Adviser reimburses the funds it advises for all such costs.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

 

F.

Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.


Nuveen Lifecycle Index Retirement Income Fund

Nuveen Lifecycle Index 2010 Fund

Nuveen Lifecycle Index 2015 Fund

Nuveen Lifecycle Index 2020 Fund

Nuveen Lifecycle Index 2025 Fund

Nuveen Lifecycle Index 2030 Fund

Nuveen Lifecycle Index 2035 Fund

Nuveen Lifecycle Index 2040 Fund

Nuveen Lifecycle Index 2045 Fund

Nuveen Lifecycle Index 2050 Fund

Nuveen Lifecycle Index 2055 Fund

Nuveen Lifecycle Index 2060 Fund

Nuveen Lifecycle Index 2065 Fund

The Approval Process

At meetings held on April 28 and 29, 2025 (the “Meeting”), the Board of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of TIAA-CREF Funds (the “Trust”) approved, for each applicable series of the Trust, the renewal of the investment management agreement with Teachers Advisors, LLC (“TAL” and TAL is an “Adviser”) pursuant to which TAL serves as investment adviser to such funds. TAL is an indirect wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the investment management agreement (each an “Advisory Agreement”) with respect to each series covered by this report (the “Funds”).

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Advisory Agreement on behalf of the applicable Fund on an annual basis. To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by TAL, including the Funds, and the group of funds advised by Nuveen Fund Advisors, LLC (“NFAL” and collectively, the “Nuveen funds” or the “funds”). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of TIAA. The Board and/or its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting the Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for the Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board’s meeting held on February 25-26, 2025 (the “February Meeting”). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Adviser and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.


In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Adviser; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Adviser as a result of its relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each Fund to those of a peer universe and to a group of peers selected by Broadridge.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board’s review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by the Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the “Executive Sessions”) to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the Funds’ advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A.  Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the Adviser’s services provided to each respective Fund.


The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families (the “Consolidation”) to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management’s emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds’ compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds’ compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

With respect to the Funds, the Adviser and its investment team(s) are responsible for providing portfolio management of the Funds and managing the assets of the Funds, including conducting research, identifying investments and placing orders for the purchase or sale of the portfolio investments for the respective Fund. As noted below, the Board also considered the Nuveen funds’ performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds, the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund’s product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution. The Board considered that certain non-investment and non-distribution services were provided by the Adviser or its affiliates pursuant to a separate administrative agreement; however, given the Consolidation of the asset management businesses of TIAA and Nuveen, such administrative agreement was being phased out over a specified period with the administrative services for the funds to be provided under the respective Advisory Agreements at no additional cost.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or their affiliates and their willingness to make investments to support the funds. The Board considered the funds’ access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.


In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with its services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

 

B.

The Investment Performance of the Funds and Adviser

In evaluating the quality of the services provided by the Adviser, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and as compared to the performance of comparable peers (the “Performance Peer Group”) and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods.

In its review of relative performance, the Board considered a Fund’s performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management’s analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium and high.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long- term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.


In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the applicable adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

 

   

For Nuveen Lifecycle Index Retirement Income Fund (formerly, TIAA-CREF Lifecycle Index Retirement Income Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle Index 2010 Fund (formerly, TIAA-CREF Lifecycle Index 2010 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle Index 2015 Fund (formerly, TIAA-CREF Lifecycle Index 2015 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle Index 2020 Fund (formerly, TIAA-CREF Lifecycle Index 2020 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle Index 2025 Fund (formerly, TIAA-CREF Lifecycle Index 2025 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle Index 2030 Fund (formerly, TIAA-CREF Lifecycle Index 2030 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.


   

For Nuveen Lifecycle Index 2035 Fund (formerly, TIAA-CREF Lifecycle Index 2035 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and five- year periods ended December 31, 2024, and the first quartile for the three-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle Index 2040 Fund (formerly, TIAA-CREF Lifecycle Index 2040 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and five-year periods ended December 31, 2024 and first quartile for the three-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle Index 2045 Fund (formerly, TIAA-CREF Lifecycle Index 2045 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle Index 2050 Fund (formerly, TIAA-CREF Lifecycle Index 2050 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and first quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle Index 2055 Fund (formerly, TIAA-CREF Lifecycle Index 2055 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and first quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle Index 2060 Fund (formerly, TIAA-CREF Lifecycle Index 2060 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and first quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

For Nuveen Lifecycle Index 2065 Fund (formerly, TIAA-CREF Lifecycle Index 2065 Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and first quartile for the three-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.


C.

Fees, Expenses and Profitability

1. Fees and Expenses

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). In addition to the management fee arrangements, the Board Members considered a Fund’s operating expense ratio as it more directly reflected a shareholder’s total costs in investing in the respective Fund.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the “Expense Universe”) and with respect to the open-end Funds, for a more focused group of comparable peers (the “Expense Group”) established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class R6 of the Funds. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund’s quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management’s commentary as to the factors contributing to each such fund’s relative net total expense ratio. The Board also considered, in relevant part, a fund’s management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance. In addition, in conjunction with the Consolidation, the Board considered that the separate administrative agreement pursuant to which TAL provided the Funds with certain administrative services also began to be phased out over a three-year period beginning on May 1, 2024 and related savings.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. Further, with respect to Funds which may invest in the fee-waived Class W shares of other funds (the “Fund of Funds”), the Board considered that peers in the Expense Universe and Expense Group generally would not reflect the Fund of Funds’ unique fee structure pursuant to which such Funds pay their management fees (subject to any fee waivers) and the equivalent of the underlying funds’ management fees and other expenses, thereby limiting some of the value of the comparative data. The Board Members took these limitations and differences into account when reviewing comparative peer data.

The Board’s considerations regarding the comparative fee data for each Fund are set forth below:

 

   

For Nuveen Lifecycle Index Retirement Income Fund (formerly, TIAA-CREF Lifecycle Index Retirement Income Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Given the small number of peers, quartile rankings for the Expense Group were not available. Further, the Fund’s contractual management fee rate was slightly above (within 5 basis points) the Expense Group median, the actual management fee rate was below the Expense Group median and the net total expense ratio matched the Expense Group median. The Fund’s contractual management fee rate matched the Expense Universe median, the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median and the Fund’s net total expense ratio was below the Expense Universe median.

 

   

For Nuveen Lifecycle Index 2010 Fund (formerly, TIAA-CREF Lifecycle Index 2010 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and second quartile of its Expense Universe, respectively. Given the small number of peers, quartile rankings for the Expense Group were not available. Further, the Fund’s contractual management fee rate and net total expense ratio were slightly above (within 5 basis points) and the Fund’s actual management fee rate matched the Expense Group median. The Fund’s contractual management fee rate matched the Expense Universe median, and the Fund’s actual management fee rate and net total expense ratio were both below the Expense Universe median.


   

For Nuveen Lifecycle Index 2015 Fund (formerly, TIAA-CREF Lifecycle Index 2015 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and second quartile of its Expense Universe, respectively. Given the small number of peers, quartile rankings for the Expense Group were not available. Further, the Fund’s contractual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median, and the actual management fee rate matched the Expense Group median. The Fund’s contractual management fee rate also matched the Expense Universe median, and the actual management fee rate and net total expense ratio were each below the Expense Universe median.

 

   

For Nuveen Lifecycle Index 2020 Fund (formerly, TIAA-CREF Lifecycle Index 2020 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, fourth quartile and second quartile of its Expense Universe, respectively. Given the small number of peers, quartile rankings for the Expense Group were not available. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (with 5 basis points) the Expense Group median. The Fund’s contractual management fee rate matched the Expense Universe median, the actual management fee was slightly above (within 5 basis points) the Expense Universe median, and the net total expense ratio was below the Expense Universe median.

 

   

For Nuveen Lifecycle Index 2025 Fund (formerly, TIAA-CREF Lifecycle Index 2025 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, fourth quartile and first quartile of its Expense Universe, respectively. Given the small number of peers, quartile rankings for the Expense Group were not available. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund’s contractual management fee and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

 

   

For Nuveen Lifecycle Index 2030 Fund (formerly, TIAA-CREF Lifecycle Index 2030 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund’s contractual management fee and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

 

   

For Nuveen Lifecycle Index 2035 Fund (formerly, TIAA-CREF Lifecycle Index 2035 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund’s contractual management fee and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

 

   

For Nuveen Lifecycle Index 2040 Fund (formerly, TIAA-CREF Lifecycle Index 2040 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund’s contractual management fee rate and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.


   

For Nuveen Lifecycle Index 2045 Fund (formerly, TIAA-CREF Lifecycle Index 2045 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund’s contractual management fee rate and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

 

   

For Nuveen Lifecycle Index 2050 Fund (formerly, TIAA-CREF Lifecycle Index 2050 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and first quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund’s contractual management fee rate, actual management fee rate and net total expense ratio also were each below the Expense Universe median.

 

   

For Nuveen Lifecycle Index 2055 Fund (formerly, TIAA-CREF Lifecycle Index 2055 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund’s contractual management fee rate and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

 

   

For Nuveen Lifecycle Index 2060 Fund (formerly, TIAA-CREF Lifecycle Index 2060 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and first quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund’s contractual management fee rate and net total expense ratio were each below the Expense Universe median, and the actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

 

   

For Nuveen Lifecycle Index 2065 Fund (formerly, TIAA-CREF Lifecycle Index 2065 Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, first quartile and third quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Universe. Further, the Fund’s contractual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median, and the actual management fee rate was below the Expense Group median. The Fund’s contractual management fee rate and net total expense ratio were below the Expense Universe median, and the actual management fee rate matched the Expense Universe median. The Board considered that the Fund’s actual management fee was zero after fee waivers/reimbursements.

Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to the Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients


In evaluating the appropriateness of fees, the Board also considered that the Adviser and/or its affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts (“SMAs”), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board concluded that the varying levels of fees were reasonable given the foregoing.

3. Profitability of the Adviser

In considering the costs of services to be provided and profits to be realized by the Adviser from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser’s services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and NFAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and NFAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.


Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser’s level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

 

D.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser’s business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund’s advisory fee structure. The Board reviewed the fee schedule and considered that the Funds, however, do not have breakpoint schedules.

The Board Members also considered the continued reinvestment in Nuveen’s business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser’s and/or its affiliates’ ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.

 

E.

Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and the Adviser and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser’s affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023. With respect to the Funds, the Board Members considered that the Adviser or its affiliates were reimbursed for certain costs of administrative services pursuant to an administrative agreement; however, such administrative agreement was being phased out over time.


In addition, the Board Members considered that the Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered that the Adviser reimburses the funds it advises for all such costs.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

 

F.

Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.


Nuveen Lifestyle Income Fund

Nuveen Lifestyle Conservative Fund

Nuveen Lifestyle Moderate Fund

Nuveen Lifestyle Growth Fund

Nuveen Lifestyle Aggressive Growth Fund

Nuveen Managed Allocation Fund

The Approval Process

At meetings held on April 28 and 29, 2025 (the “Meeting”), the Board of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of TIAA-CREF Funds (the “Trust”) approved, for each applicable series of the Trust, the renewal of the investment management agreement with Teachers Advisors, LLC (“TAL” and TAL is an “Adviser”) pursuant to which TAL serves as investment adviser to such funds. TAL is an indirect wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the investment management agreement (each an “Advisory Agreement”) with respect to each series covered by this report (the “Funds”).

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Advisory Agreement on behalf of the applicable Fund on an annual basis. To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by TAL, including the Funds, and the group of funds advised by Nuveen Fund Advisors, LLC (“NFAL” and collectively, the “Nuveen funds” or the “funds”). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of TIAA. The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting the Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for the Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board’s meeting held on February 25-26, 2025 (the “February Meeting”). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Adviser and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.


In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Adviser; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Adviser as a result of its relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe and to a group of peers selected by Broadridge.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board’s review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by the Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the “Executive Sessions”) to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the Funds’ advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.


A.

Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the Adviser’s services provided to each respective Fund.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families (the “Consolidation”) to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management’s emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds’ compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds’ compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

With respect to the Funds, the Adviser and its investment team(s) are responsible for providing portfolio management of the Funds and managing the assets of the Funds, including conducting research, identifying investments and placing orders for the purchase or sale of the portfolio investments for the respective Fund. As noted below, the Board also considered the Nuveen funds’ performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds, the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund’s product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution. The Board considered that certain non-investment and non-distribution services were provided by the Adviser or its affiliates pursuant to a separate administrative agreement; however, given the Consolidation of the asset management businesses of TIAA and Nuveen, such administrative agreement was being phased out over a specified period with the administrative services for the funds to be provided under the respective Advisory Agreements at no additional cost.


Aside from the services provided, the Board considered the financial resources of the Adviser and/or their affiliates and their willingness to make investments to support the funds. The Board considered the funds’ access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with its services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

 

B.

The Investment Performance of the Funds and Adviser

In evaluating the quality of the services provided by the Adviser, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 on an absolute basis and as compared to the performance of comparable peers (the “Performance Peer Group”) and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares for all Funds (other than the Nuveen Managed Allocation Fund) and Class R6 with respect to the Nuveen Managed Allocation Fund; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance for Funds with a Performance Peer Group, the Board considered a Fund’s performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management’s analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group (if any) and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium or high.


The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long- term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the applicable adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

 

   

  For Nuveen Lifestyle Income Fund (formerly, TIAA-CREF Lifestyle Income Fund), the Board considered that the Fund outperformed its benchmark for the one-, three-and five-year periods ended December 31, 2024. In addition, the Fund ranked in the third quartile of its Performance Peer Group for the one- and five-year periods and first quartile for the three-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

  For Nuveen Lifestyle Conservative Fund (formerly, TIAA-CREF Lifestyle Conservative Fund), the Board considered that the Fund outperformed its benchmark for the one-year period ended December 31, 2024 and matched the performance of its benchmark for the three- and five-year periods ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

  For Nuveen Lifestyle Moderate Fund (formerly, TIAA-CREF Lifestyle Moderate Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

  For Nuveen Lifestyle Growth Fund (formerly, TIAA-CREF Lifestyle Growth Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and five-year periods and third quartile for the three-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

   

  For Nuveen Lifestyle Aggressive Growth Fund (formerly, TIAA-CREF Lifestyle Aggressive Growth Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for the one- and three-year periods ended December 31, 2024 and first quartile for the five-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.


   

  For Nuveen Managed Allocation Fund (formerly, TIAA-CREF Managed Allocation Fund), the Board considered that although the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.

 

C.

Fees, Expenses and Profitability

 

  1.

Fees and Expenses

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). With respect to Nuveen Managed Allocation Fund, the Board considered that the Adviser does not charge a management fee to such Fund; however, the Adviser may generate indirect earnings with respect to such Fund’s investment in underlying funds also managed by the Adviser. In addition to the management fee arrangements, the Board Members considered a Fund’s operating expense ratio as it more directly reflected a shareholder’s total costs in investing in the respective Fund.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the “Expense Universe”) and with respect to the open-end Funds, for a more focused group of comparable peers (the “Expense Group”) established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class A for the Lifestyle Funds and Class R6 for the Nuveen Managed Allocation Fund. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund’s quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management’s commentary as to the factors contributing to each such fund’s relative net total expense ratio. The Board also considered, in relevant part, a fund’s management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance. In addition, in conjunction with the Consolidation, the Board considered that the separate administrative agreement pursuant to which TAL provided the Funds with certain administrative services also began to be phased out over a three-year period beginning on May 1, 2024 and related savings.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

The Board’s considerations regarding the comparative fee data for each Fund are set forth below:

 

   

  For Nuveen Lifestyle Income Fund (formerly, TIAA-CREF Lifestyle Income Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and first quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively. The Board considered that the Fund’s actual management fee was zero after fee waivers/reimbursements.


 

•   For Nuveen Lifestyle Conservative Fund (formerly, TIAA-CREF Lifestyle Conservative Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and first quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and first quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate and net total expense ratio were each below the Expense Group median, and the Fund’s actual management fee rate matched the Expense Group median. The Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Universe median.

 

   

  For Nuveen Lifestyle Moderate Fund (formerly, TIAA-CREF Lifestyle Moderate Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and first quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and first quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

 

   

  For Nuveen Lifestyle Growth Fund (formerly, TIAA-CREF Lifestyle Growth Fund), the Fund’s actual management fee rate and net total expense ratio ranked in the second quartile and first quartile of its Expense Group, respectively. Given the small number of peers, the quartile ranking for the contractual management fee rate of the Expense Group was not available. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and first quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate and actual management fee rate matched the Expense Group median, and the Fund’s net total expense ratio was below the Expense Group median. The Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were also each below the Expense Universe median.

 

   

  For Nuveen Lifestyle Aggressive Growth Fund (formerly, TIAA-CREF Lifestyle Aggressive Growth Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and first quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and first quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median. The Board considered that the Fund’s actual management fee was zero after fee waivers/reimbursements.

 

   

  For Nuveen Managed Allocation Fund (formerly, TIAA-CREF Managed Allocation Fund), the Fund’s actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. Quartile rankings for the contractual management fee rate for the Expense Group and the Expense Universe were not available. Further, the Fund’s actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively. The Board considered that the Adviser does not charge a contractual management fee to the Fund, and the Fund’s actual management fee was zero after fee waivers/ reimbursements. The Board considered the Adviser may generate indirect earnings with respect to the Fund’s investment in underlying funds also managed by the Adviser.

Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to the Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.


  2.

Comparisons with the Fees of Other Clients

In evaluating the appropriateness of fees, the Board also considered that the Adviser and/or its affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts (“SMAs”), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. As noted, the Board considered that the Adviser does not charge a management fee to the Nuveen Managed Allocation Fund under the Advisory Agreement. The Board concluded that the varying levels of fees were reasonable given the foregoing.

 

  3.

Profitability of the Adviser

In considering the costs of services to be provided and profits to be realized by the Adviser from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser’s services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and NFAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and NFAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.


Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser’s level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

 

D.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser’s business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund’s advisory fee structure. The Board reviewed the fee schedule and considered that the Funds, however, do not have breakpoint schedules.

In addition to the fee schedules, the Board Members considered the temporary and/or permanent expense caps applicable to a Fund (if any). The Board considered that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline.

The Board Members also considered the continued reinvestment in Nuveen’s business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser’s and/or its affiliates’ ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.

 

E.

Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and the Adviser and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.


Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser’s affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023. With respect to the Funds, the Board Members considered that the Adviser or its affiliates were reimbursed for certain costs of administrative services pursuant to an administrative agreement; however, such administrative agreement was being phased out over time.

In addition, the Board Members considered that the Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered that the Adviser reimburses the funds it advises for all such costs.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

 

F.

Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.


Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.


Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.


Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.


Item 15.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.


Item 16.

Controls and Procedures.

 

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.


Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

(a)

Not applicable to open-end investment companies.

 

(b)

Not applicable to open-end investment companies.


Item 18.

Recovery of Erroneously Awarded Compensation.

 

(a)

Not applicable.

 

(b)

Not applicable.


Item 19.

Exhibits.

 

(a)(1)

  

Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2)

  

Not applicable.

(a)(3)

  

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4)

  

Not applicable.

(a)(5)

  

Not applicable.

(b)

  

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TIAA-CREF Funds

 

Date: August 6, 2025

 

By:

 

/s/ Jordan M. Farris

 
   

Jordan M. Farris

 
   

Chief Administrative Officer

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Date: August 6, 2025

 

By:

 

/s/ Jordan M. Farris

 
   

Jordan M. Farris

 
   

Chief Administrative Officer

 
   

(principal executive officer)

 

Date: August 6, 2025

 

By:

 

/s/ Marc Cardella

 
   

Marc Cardella

 
   

Vice President and Controller

 
   

(principal financial officer)

 

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