Mutual
Funds
Summary Prospectus
| Mutual | Summary Prospectus |
Nuveen Real Estate Securities Select Fund
MAY 1, 2026, AS SUPPLEMENTED AUGUST 1, 2026
Class: | Class A | Class I | Premier | Class R6 | Retirement |
Ticker: | TCREX | TIRHX | TRRPX | TIREX | TRRSX |
This summary prospectus is designed to provide investors with key Fund information in a clear and concise format. Before you invest, you may want to review the Fund’s complete prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders and other information about the Fund online at www.nuveen.com/prospectus. You can also get this information at no cost by calling 800-257-8787 or by sending an e-mail request to mutualfunds@nuveen.com. If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the prospectus, reports to shareholders and other information will also be available from your financial intermediary. The Fund’s prospectus and statement of additional information, both dated May 1, 2026, are incorporated by reference into this summary prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
Investment objective
The Fund seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity securities of companies principally engaged in or related to the real estate industry.
Nuveen Real Estate Securities Select Fund ■ Summary Prospectus 1
Fees and expenses
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, when buying or selling shares of the Fund, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 92 of the Fund’s Prospectus and “Purchase and Redemption of Fund Shares” on page 106 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s Prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
SHAREHOLDER FEES (fees paid directly from your investment)
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| Premier | | Retirement Class | ||||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.75% | 0% | 0% | 0% | 0% | |||||
Maximum deferred sales charge (load) | 0% | 0% | 0% | 0% | 0% | |||||
Maximum sales charge (load) imposed on reinvested dividends and other distributions | 0% | 0% | 0% | 0% | 0% | |||||
Redemption or exchange fee | 0% | 0% | 0% | 0% | 0% | |||||
Annual low balance account fee | $15.00 | 0% | 0% | 0% | 0% |
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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| Class A |
| Class I |
| Premier
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| Class R6 |
| Retirement |
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Management fees | 0.47% |
| 0.47% |
| 0.47% |
| 0.47% |
| 0.47% |
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Distribution (Rule 12b-1) fees | 0.25% |
| — |
| 0.15% |
| — |
| — |
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Other expenses | 0.15% |
| 0.14% |
| 0.03% |
| 0.02% |
| 0.27% |
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Total annual Fund operating expenses | 0.87% |
| 0.61% |
| 0.65% |
| 0.49% |
| 0.74% |
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Waivers and expense reimbursements1 | — |
| — |
| — |
| — |
| — |
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Total annual Fund
operating expenses after | 0.87% |
| 0.61% |
| 0.65% |
| 0.49% |
| 0.74% |
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2 Summary Prospectus ■ Nuveen Real Estate Securities Select Fund
1 | Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Nuveen Fund Advisors, LLC (“Nuveen Fund Advisors”), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) that exceed: (i) 0.92% of average daily net assets for Class A shares; (ii) 0.72% of average daily net assets for Class I shares; (iii) 0.72% of average daily net assets for Premier Class shares; (iv) 0.57% of average daily net assets for Class R6 shares; and (v) 0.82% of average daily net assets for Retirement Class shares of the Fund. These expense reimbursement arrangements will continue through at least April 30, 2027, unless changed with approval of the Board of Trustees. |
Example
This example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses, before fee waivers and/or expense reimbursements, remain the same. The example assumes that the Fund’s fee waiver and/or expense reimbursement arrangements will each remain in place for the durations noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| Class A |
| Class I |
| Premier
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| Class R6 |
| Retirement
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1 year | $ | 659 |
| $ | 62 |
| $ | 66 |
| $ | 50 |
| $ | 76 |
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3 years | $ | 837 |
| $ | 195 |
| $ | 208 |
| $ | 157 |
| $ | 237 |
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5 years | $ | 1,029 |
| $ | 340 |
| $ | 362 |
| $ | 274 |
| $ | 411 |
|
10 years | $ | 1,586 |
| $ | 762 |
| $ | 810 |
| $ | 616 |
| $ | 918 |
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Portfolio turnover
The Fund pays transaction costs, such as commissions, as applicable, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio.
Principal investment strategies
Under normal circumstances, the Fund invests at least 80% of its assets in the securities of companies that are principally engaged in or related to the real estate industry (“real estate securities”), including those that own significant real estate assets, such as real estate investment trusts (“REITs”). The Fund will invest primarily in equity securities of such companies. The Fund is actively managed using a research-oriented process with a focus on cash flows, asset values and Nuveen Asset Management, LLC’s (“Nuveen Asset Management”) belief in management’s ability to increase shareholder value. The Fund does not
Nuveen Real Estate Securities Select Fund ■ Summary Prospectus 3
invest directly in real estate. The Fund concentrates its investments in the real estate industry. From time to time, the Fund may also invest in debt securities of companies principally engaged in or related to the real estate industry. For purposes of the 80% investment policy, the term “assets” means net assets, plus the amount of any borrowings for investment purposes.
An issuer is principally “engaged in” or principally “related to” the real estate industry if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate, or to products or services related to the real estate industry. The Fund typically invests in securities issued by equity REITs (which directly own real estate), mortgage REITs (which make short-term construction or real estate development loans or invest in long-term mortgages or mortgage pools), real estate brokers and developers, homebuilders, companies that manage real estate and companies that own substantial amounts of real estate. Businesses related to the real estate industry include manufacturers and distributors of building supplies and financial institutions that make or service mortgage loans.
The Fund also may invest up to 15% of its assets in real estate securities of foreign issuers and up to 20% of its assets in equity (including preferred stock) and debt securities of issuers that are not engaged in or related to the real estate industry. The benchmark index for the Fund is the FTSE Nareit All Equity REITs Index.
Principal investment risks
You could lose money over short or long periods by investing in this Fund. An investment in the Fund, due to the nature of the Fund’s portfolio holdings, typically is subject to the following principal investment risks:
· Real Estate Investing Risk—As a result of the Fund’s investment objective, the Fund is subject to all of the risks associated with the ownership of real estate. These risks include, among others, declines in the value of real estate, negative changes in the climate for real estate, risks related to general and local economic conditions, decreases in property revenues, changes in prevailing interest rates, property taxes and operating expenses, changes in zoning laws and costs resulting from the cleanup of environmental problems.
· Active Management Risk—The risk that Nuveen Asset Management’s strategy, investment selection or trading execution may cause the Fund to underperform relative to the benchmark index or mutual funds with similar investment objectives and/or strategies and may not produce the desired results or expected returns.
· Market Risk—The risk that market prices of portfolio investments held by the Fund may fluctuate rapidly or unpredictably due to a variety of factors, including responses to government actions or interventions, or changing economic, political or market conditions. Market risk may affect a single
4 Summary Prospectus ■ Nuveen Real Estate Securities Select Fund
issuer, industry or sector of the economy, or it may affect the market as a whole. Such conditions may add significantly to the risk of volatility in the net asset value (“NAV”) of the Fund’s shares and adversely affect the Fund and its investments. From time to time, the Fund may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Fund more vulnerable to adverse developments affecting such sectors or industries.
· Foreign Investment Risk—Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, currency, market or economic developments as well as armed conflicts and can result in greater price volatility and perform differently from financial instruments of U.S. issuers. This risk may be heightened in emerging or developing markets. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other restrictions by the United States or other governments may also negatively impact the Fund’s investments. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Fund’s investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other measures that may be imposed could vary broadly in scope, and their impact is impossible to predict.
· Issuer Risk (often called Financial Risk)—The risk that an issuer’s earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer’s financial instruments over short or extended periods of time.
· Industry/Sector Concentration Risk—The risk that focusing on investment in specific industries or sectors makes a fund more vulnerable to developments particularly affecting those industries or sectors than a more broadly diversified fund would be.
· Large-Cap Risk—The risk that large-capitalization companies are more mature and may grow more slowly than the economy as a whole and tend to go in and out of favor based on market and economic conditions.
Nuveen Real Estate Securities Select Fund ■ Summary Prospectus 5
· Mid-Cap Risk—The risk that the stocks of mid-capitalization companies often experience greater price volatility, lower trading volume and lower overall liquidity than the stocks of larger, more established companies.
· Small-Cap Risk—The risk that the stocks of small-capitalization companies often experience greater price volatility than large- or mid-sized companies because small-cap companies are often newer or less established than larger companies and are likely to have more limited resources, products and markets. Securities of small-cap companies often have lower overall liquidity than securities of larger companies as a result of there being a smaller market for their securities, which can have an adverse effect on the pricing of these securities and on the ability to sell these securities when Nuveen Asset Management deems it appropriate.
· Illiquid Investments Risk—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.
Please see the non-summary portion of the Prospectus for more detailed information about the risks described above.
Past performance
The following chart and table help illustrate some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The bar chart shows the annual total returns of Class R6 of the Fund, before taxes, in each full calendar year for the last ten years. Because the expenses vary across share classes, the performance of Class R6 may vary from the other share classes. Below the bar chart are the best and worst returns of Class R6 for a calendar quarter during the full calendar-year periods covered by the bar chart. The performance table following the bar chart shows the Fund’s average annual total returns for Class A, Class I, Premier Class, Class R6 and Retirement Class over the applicable one-year, five-year, ten-year and since-inception periods ended December 31, 2025, and how those returns compare to those of the Fund’s broad-based securities market index and benchmark index. For periods prior to August 1, 2026, Teachers Advisors, LLC (“Advisors”) served as investment adviser to the Fund. After-tax performance is shown only for Class R6 shares, and after-tax returns for the other classes of shares will vary from the after-tax returns presented for Class R6 shares.
The returns shown below reflect previous agreements by Advisors, the Fund’s prior investment adviser, to waive, reimburse and/or compensate the Fund for certain fees, expenses and/or costs. Without these reductions and/or compensation, the returns of the Fund would have been lower. Past performance of the Fund (before and after taxes) is not necessarily an indication of how it will perform in the future. The broad-based securities market index and benchmark index listed below are unmanaged, and you cannot invest directly in an index. The returns for the broad-based securities market index and benchmark index reflect no deduction for fees, expenses or taxes.
6 Summary Prospectus ■ Nuveen Real Estate Securities Select Fund
For current performance information of each share class, including performance to the most recent month-end, please visit www.nuveen.com/performance or call 800-257-8787.
ANNUAL TOTAL RETURNS FOR CLASS R6 SHARES (%)
Nuveen Real Estate Securities Select Fund
Best quarter: 17.29%, for the quarter ended March 31, 2019. Worst quarter: -19.62%, for the quarter ended March 31, 2020.
Nuveen Real Estate Securities Select Fund ■ Summary Prospectus 7
AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2025 †
Class name (Inception date) | One year |
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| Five years |
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| Ten years |
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Class R6 (10/01/2002) |
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| Return before taxes | 2.09 | % |
| 3.69 | % |
| 6.00 | % |
| Return after taxes on distributions | 0.64 | % |
| 2.45 | % |
| 4.66 | % |
| Return after taxes on distributions |
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| and sale of Fund shares | 1.23 | % |
| 2.44 | % |
| 4.32 | % |
Class I (12/04/2015) |
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| Return before taxes | 1.97 | % |
| 3.57 | % |
| 5.88 | % |
Premier Class (09/30/2009) |
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| Return before taxes | 1.94 | % |
| 3.53 | % |
| 5.84 | % |
Retirement Class (10/01/2002) |
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| Return before taxes | 1.85 | % |
| 3.43 | % |
| 5.74 | % |
Class A (10/01/2002)* |
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| Return before taxes | –4.14 | % |
| 2.17 | % |
| 5.06 | % |
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S&P 500® Index |
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(reflects no deductions for fees, expenses or taxes) | 17.88 | % |
| 14.42 | % |
| 14.82 | % | |
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FTSE Nareit All Equity REITs Index |
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(reflects no deductions for fees, expenses or taxes) | 2.27 | % |
| 4.85 | % |
| 5.77 | % | |
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Current performance of the Fund’s shares may be higher or lower than that shown above. | |||||||||
† | Prior to August 1, 2026, Advisors served as investment adviser to the Fund. | ||||||||
* | The Class A average annual total returns have been restated to 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. | ||||||||
After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts (IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will vary. | |||||||||
Portfolio management
Investment Adviser. Nuveen Fund Advisors, LLC.
Sub-Adviser. Nuveen Asset Management, LLC.
Portfolio Managers.
Name: | Benjamin Kerl | Griffin Bazor |
Title: | Senior Managing Director | Managing Director |
Experience on Fund: | since 2026 | since 2026 |
8 Summary Prospectus ■ Nuveen Real Estate Securities Select Fund
Purchase and sale of Fund shares
You may purchase, redeem or exchange shares of the Fund on any day that the New York Stock Exchange (“NYSE”) or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading (each such day a “Business Day”) directly from the Fund (for certain share classes) or through a financial advisor, employee benefit plan or other financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some cases:
Eligibility and Minimum Initial Investment | Minimum Additional Investment | |
Class A | Available only through certain financial intermediaries or by contacting the Fund directly as described in the Prospectus. $2,500 for all accounts except: · $2,000 for Traditional/Roth IRA accounts and Coverdell Education Savings Accounts. · $250 for accounts opened through fee-based programs. · No minimum for retirement plans. | $100 |
Class I | Available only through fee-based programs and certain retirement plans, and to other limited categories of investors as described in the Prospectus. $100,000 for all accounts except: · $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value of at least $100,000 (or that are expected to reach this level). · No minimum for eligible retirement plans and certain other categories of eligible investors as described in the Prospectus. | No minimum. |
Premier Class, Retirement Class | Available only through certain employee benefit plans, other types of savings plans or accounts and certain financial intermediaries as described in the Prospectus. No minimum. | No minimum. |
Class R6 | Available only to certain eligible investors as described in the Prospectus and through fee-based programs. $1 million for all accounts except: · $1,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or related services. | No minimum. |
Tax information
The Fund intends to make distributions to shareholders that may be taxed as ordinary income or capital gains. Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred account are generally not subject to income tax in the current year, but redemptions made from tax-deferred accounts may be subject to income tax.
Nuveen Real Estate Securities Select Fund ■ Summary Prospectus 9
Payments to broker-dealers and other financial intermediary compensation
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the financial intermediary for providing investor services. The Fund’s related companies may also pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
10 Summary Prospectus ■ Nuveen Real Estate Securities Select Fund
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