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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, 2026
| Item 1. |
Reports to Stockholders. |
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$53 |
|
0.50% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 12.84% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 14.77%. The Fund’s Composite Index consisted of: 34.5% 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; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class A Shares at NAV (excluding maximum sales charge) |
|
|
12.84 |
% |
|
|
4.34 |
% |
|
|
6.10 |
% |
| |
|
|
|
| Class A Shares at maximum sales charge (Offering Price) |
|
|
6.37 |
% |
|
|
3.12 |
% |
|
|
5.47 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Retirement Income Fund Composite Index |
|
|
14.77 |
% |
|
|
5.22 |
% |
|
|
6.72 |
% |
| |
|
|
|
| S&P Target Date Retirement Income Index |
|
|
12.59 |
% |
|
|
4.59 |
% |
|
|
5.47 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
395,536,057 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,553,159 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520339 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.32% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 13.02% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 14.77%. The Fund’s Composite Index consisted of: 34.5% 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; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
13.02 |
% |
|
|
4.52 |
% |
|
|
6.29 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Retirement Income Fund Composite Index |
|
|
14.77 |
% |
|
|
5.22 |
% |
|
|
6.72 |
% |
| |
|
|
|
| S&P Target Date Retirement Income Index |
|
|
12.59 |
% |
|
|
4.59 |
% |
|
|
5.47 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
395,536,057 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,553,159 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520339 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.40% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 12.93% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 14.77%. The Fund’s Composite Index consisted of: 34.5% 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; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
12.93 |
% |
|
|
4.44 |
% |
|
|
6.20 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Retirement Income Fund Composite Index |
|
|
14.77 |
% |
|
|
5.22 |
% |
|
|
6.72 |
% |
| |
|
|
|
| S&P Target Date Retirement Income Index |
|
|
12.59 |
% |
|
|
4.59 |
% |
|
|
5.47 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
395,536,057 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,553,159 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520339 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.25% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 13.10% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 14.77%. The Fund’s Composite Index consisted of: 34.5% 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; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
13.10 |
% |
|
|
4.60 |
% |
|
|
6.37 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Retirement Income Fund Composite Index |
|
|
14.77 |
% |
|
|
5.22 |
% |
|
|
6.72 |
% |
| |
|
|
|
| S&P Target Date Retirement Income Index |
|
|
12.59 |
% |
|
|
4.59 |
% |
|
|
5.47 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
395,536,057 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,553,159 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520339 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.50% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 12.76% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Retirement Income Fund Composite Index, which returned 14.77%. The Fund’s Composite Index consisted of: 34.5% 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; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
12.76 |
% |
|
|
4.33 |
% |
|
|
6.10 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Retirement Income Fund Composite Index |
|
|
14.77 |
% |
|
|
5.22 |
% |
|
|
6.72 |
% |
| |
|
|
|
| S&P Target Date Retirement Income Index |
|
|
12.59 |
% |
|
|
4.59 |
% |
|
|
5.47 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
395,536,057 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,553,159 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520339 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.29% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 12.46% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2010 Fund Composite Index, which returned 13.34%. The Fund’s Composite Index consisted of: 34.5% Bloomberg U.S. Aggregate Bond Index; 22.2% Russell 3000® Index; 15.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 11.9% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Short Term Bond Fund. A position in the Nuveen Floating Rate Income Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen Real Property Fund LP. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
12.46 |
% |
|
|
4.44 |
% |
|
|
6.38 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2010 Fund Composite Index |
|
|
13.34 |
% |
|
|
4.78 |
% |
|
|
6.57 |
% |
| |
|
|
|
| S&P Target Date 2010 Index |
|
|
12.87 |
% |
|
|
4.81 |
% |
|
|
6.04 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
672,958,097 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
2,689,823 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520341 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$34 |
|
0.32% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 12.29% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2010 Fund Composite Index, which returned 13.34%. The Fund’s Composite Index consisted of: 34.5% Bloomberg U.S. Aggregate Bond Index; 22.2% Russell 3000® Index; 15.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 11.9% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Short Term Bond Fund. A position in the Nuveen Floating Rate Income Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen Real Property Fund LP. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
12.29 |
% |
|
|
4.33 |
% |
|
|
6.25 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2010 Fund Composite Index |
|
|
13.34 |
% |
|
|
4.78 |
% |
|
|
6.57 |
% |
| |
|
|
|
| S&P Target Date 2010 Index |
|
|
12.87 |
% |
|
|
4.81 |
% |
|
|
6.04 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
672,958,097 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
2,689,823 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520341 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$18 |
|
0.17% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 12.55% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2010 Fund Composite Index, which returned 13.34%. The Fund’s Composite Index consisted of: 34.5% Bloomberg U.S. Aggregate Bond Index; 22.2% Russell 3000® Index; 15.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 11.9% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Short Term Bond Fund. A position in the Nuveen Floating Rate Income Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen Real Property Fund LP. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
12.55 |
% |
|
|
4.51 |
% |
|
|
6.41 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2010 Fund Composite Index |
|
|
13.34 |
% |
|
|
4.78 |
% |
|
|
6.57 |
% |
| |
|
|
|
| S&P Target Date 2010 Index |
|
|
12.87 |
% |
|
|
4.81 |
% |
|
|
6.04 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
672,958,097 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
2,689,823 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520341 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$45 |
|
0.42% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 12.32% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2010 Fund Composite Index, which returned 13.34%. The Fund’s Composite Index consisted of: 34.5% Bloomberg U.S. Aggregate Bond Index; 22.2% Russell 3000® Index; 15.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 11.9% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Short Term Bond Fund. A position in the Nuveen Floating Rate Income Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen Real Property Fund LP. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
12.32 |
% |
|
|
4.25 |
% |
|
|
6.15 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2010 Fund Composite Index |
|
|
13.34 |
% |
|
|
4.78 |
% |
|
|
6.57 |
% |
| |
|
|
|
| S&P Target Date 2010 Index |
|
|
12.87 |
% |
|
|
4.81 |
% |
|
|
6.04 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
672,958,097 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
2,689,823 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520341 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.32% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 12.95% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2015 Fund Composite Index, which returned 14.66%. The Fund’s Composite Index consisted of: 34.5% Bloomberg U.S. Aggregate Bond Index; 25.4% Russell 3000® Index; 13.7% MSCI All Country World Index ex USA Investable Market Index; 10.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
12.95 |
% |
|
|
4.53 |
% |
|
|
6.70 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2015 Fund Composite Index |
|
|
14.66 |
% |
|
|
5.25 |
% |
|
|
7.13 |
% |
| |
|
|
|
| S&P Target Date 2015 Index |
|
|
13.81 |
% |
|
|
5.10 |
% |
|
|
6.55 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
934,376,707 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
3,748,293 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520343 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.40% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 12.87% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2015 Fund Composite Index, which returned 14.66%. The Fund’s Composite Index consisted of: 34.5% Bloomberg U.S. Aggregate Bond Index; 25.4% Russell 3000® Index; 13.7% MSCI All Country World Index ex USA Investable Market Index; 10.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
12.87 |
% |
|
|
4.46 |
% |
|
|
6.60 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2015 Fund Composite Index |
|
|
14.66 |
% |
|
|
5.25 |
% |
|
|
7.13 |
% |
| |
|
|
|
| S&P Target Date 2015 Index |
|
|
13.81 |
% |
|
|
5.10 |
% |
|
|
6.55 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
934,376,707 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
3,748,293 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520343 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.25% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 12.99% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2015 Fund Composite Index, which returned 14.66%. The Fund’s Composite Index consisted of: 34.5% Bloomberg U.S. Aggregate Bond Index; 25.4% Russell 3000® Index; 13.7% MSCI All Country World Index ex USA Investable Market Index; 10.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
12.99 |
% |
|
|
4.62 |
% |
|
|
6.76 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2015 Fund Composite Index |
|
|
14.66 |
% |
|
|
5.25 |
% |
|
|
7.13 |
% |
| |
|
|
|
| S&P Target Date 2015 Index |
|
|
13.81 |
% |
|
|
5.10 |
% |
|
|
6.55 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
934,376,707 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
3,748,293 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520343 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.50% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 12.75% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2015 Fund Composite Index, which returned 14.66%. The Fund’s Composite Index consisted of: 34.5% Bloomberg U.S. Aggregate Bond Index; 25.4% Russell 3000 Index; 13.7% MSCI All Country World Index ex USA Investable Market Index; 10.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
12.75 |
% |
|
|
4.36 |
% |
|
|
6.50 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2015 Fund Composite Index |
|
|
14.66 |
% |
|
|
5.25 |
% |
|
|
7.13 |
% |
| |
|
|
|
| S&P Target Date 2015 Index |
|
|
13.81 |
% |
|
|
5.10 |
% |
|
|
6.55 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
934,376,707 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
3,748,293 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520343 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$39 |
|
0.36% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 13.98% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2020 Fund Composite Index, which returned 15.96%. The Fund’s Composite Index consisted of: 33.8% Bloomberg U.S. Aggregate Bond Index; 28.6% Russell 3000® Index; 15.4% MSCI All Country World Index ex USA Investable Market Index; 8.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 8.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.4% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
13.98 |
% |
|
|
4.89 |
% |
|
|
7.21 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2020 Fund Composite Index |
|
|
15.96 |
% |
|
|
5.74 |
% |
|
|
7.73 |
% |
| |
|
|
|
| S&P Target Date 2020 Index |
|
|
14.70 |
% |
|
|
5.52 |
% |
|
|
7.05 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
1,998,504,066 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
8,102,906 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520345 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.40% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 13.96% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2020 Fund Composite Index, which returned 15.96%. The Fund’s Composite Index consisted of: 33.8% Bloomberg U.S. Aggregate Bond Index; 28.6% Russell 3000® Index; 15.4% MSCI All Country World Index ex USA Investable Market Index; 8.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 8.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.4% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
13.96 |
% |
|
|
4.81 |
% |
|
|
7.12 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2020 Fund Composite Index |
|
|
15.96 |
% |
|
|
5.74 |
% |
|
|
7.73 |
% |
| |
|
|
|
| S&P Target Date 2020 Index |
|
|
14.70 |
% |
|
|
5.52 |
% |
|
|
7.05 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
1,998,504,066 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
8,102,906 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520345 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.25% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 14.00% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2020 Fund Composite Index, which returned 15.96%. The Fund’s Composite Index consisted of: 33.8% Bloomberg U.S. Aggregate Bond Index; 28.6% Russell 3000® Index; 15.4% MSCI All Country World Index ex USA Investable Market Index; 8.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 8.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.4% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
14.00 |
% |
|
|
4.96 |
% |
|
|
7.27 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2020 Fund Composite Index |
|
|
15.96 |
% |
|
|
5.74 |
% |
|
|
7.73 |
% |
| |
|
|
|
| S&P Target Date 2020 Index |
|
|
14.70 |
% |
|
|
5.52 |
% |
|
|
7.05 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
1,998,504,066 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
8,102,906 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520345 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.50% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 13.77% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2020 Fund Composite Index, which returned 15.96%. The Fund’s Composite Index consisted of: 33.8% Bloomberg U.S. Aggregate Bond Index; 28.6% Russell 3000® Index; 15.4% MSCI All Country World Index ex USA Investable Market Index; 8.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 8.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.4% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Floating Rate Income Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
13.77 |
% |
|
|
4.70 |
% |
|
|
7.01 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2020 Fund Composite Index |
|
|
15.96 |
% |
|
|
5.74 |
% |
|
|
7.73 |
% |
| |
|
|
|
| S&P Target Date 2020 Index |
|
|
14.70 |
% |
|
|
5.52 |
% |
|
|
7.05 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
1,998,504,066 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
8,102,906 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520345 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.29% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 15.17% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2025 Fund Composite Index, which returned 17.26%. The Fund’s Composite Index consisted of: 32.9% Bloomberg U.S. Aggregate Bond Index; 31.9% Russell 3000® Index; 17.2% MSCI All Country World Index ex USA Investable Market Index; 6.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 6.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.2% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen Floating Rate Income Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
15.17 |
% |
|
|
5.34 |
% |
|
|
7.91 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2025 Fund Composite Index |
|
|
17.26 |
% |
|
|
6.28 |
% |
|
|
8.49 |
% |
| |
|
|
|
| S&P Target Date 2025 Index |
|
|
16.73 |
% |
|
|
6.14 |
% |
|
|
7.91 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
3,278,463,442 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
13,215,459 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520348 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.40% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 14.94% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2025 Fund Composite Index, which returned 17.26%. The Fund’s Composite Index consisted of: 32.9% Bloomberg U.S. Aggregate Bond Index; 31.9% Russell 3000 Index; 17.2% MSCI All Country World Index ex USA Investable Market Index; 6.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 6.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.2% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen Floating Rate Income Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
14.94 |
% |
|
|
5.23 |
% |
|
|
7.80 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2025 Fund Composite Index |
|
|
17.26 |
% |
|
|
6.28 |
% |
|
|
8.49 |
% |
| |
|
|
|
| S&P Target Date 2025 Index |
|
|
16.73 |
% |
|
|
6.14 |
% |
|
|
7.91 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
3,278,463,442 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
13,215,459 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520348 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.25% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 15.15% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2025 Fund Composite Index, which returned 17.26%. The Fund’s Composite Index consisted of: 32.9% Bloomberg U.S. Aggregate Bond Index; 31.9% Russell 3000® Index; 17.2% MSCI All Country World Index ex USA Investable Market Index; 6.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 6.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.2% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen Floating Rate Income Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
15.15 |
% |
|
|
5.38 |
% |
|
|
7.96 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2025 Fund Composite Index |
|
|
17.26 |
% |
|
|
6.28 |
% |
|
|
8.49 |
% |
| |
|
|
|
| S&P Target Date 2025 Index |
|
|
16.73 |
% |
|
|
6.14 |
% |
|
|
7.91 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
3,278,463,442 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
13,215,459 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520348 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.50% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 14.90% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2025 Fund Composite Index, which returned 17.26%. The Fund’s Composite Index consisted of: 32.9% Bloomberg U.S. Aggregate Bond Index; 31.9% Russell 3000® Index; 17.2% MSCI All Country World Index ex USA Investable Market Index; 6.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 6.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index; and 5.2% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen Floating Rate Income Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
14.90 |
% |
|
|
5.12 |
% |
|
|
7.70 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2025 Fund Composite Index |
|
|
17.26 |
% |
|
|
6.28 |
% |
|
|
8.49 |
% |
| |
|
|
|
| S&P Target Date 2025 Index |
|
|
16.73 |
% |
|
|
6.14 |
% |
|
|
7.91 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
3,278,463,442 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
13,215,459 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520348 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.27% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 16.87% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2030 Fund Composite Index, which returned 19.27%. The Fund’s Composite Index consisted of: 36.7% Russell 3000® Index; 29.5% Bloomberg U.S. Aggregate Bond Index; 19.8% MSCI All Country World Index ex USA Investable Market Index; 5.2% Bloomberg Global Aggregate ex-USD Index (Hedged); 4.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen International Equity Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
16.87 |
% |
|
|
6.03 |
% |
|
|
8.73 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2030 Fund Composite Index |
|
|
19.27 |
% |
|
|
7.08 |
% |
|
|
9.38 |
% |
| |
|
|
|
| S&P Target Date 2030 Index |
|
|
19.00 |
% |
|
|
7.09 |
% |
|
|
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
4,540,353,936 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
17,972,834 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520349 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.39% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 16.64% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2030 Fund Composite Index, which returned 19.27%. The Fund’s Composite Index consisted of: 36.7% Russell 3000® Index; 29.5% Bloomberg U.S. Aggregate Bond Index; 19.8% MSCI All Country World Index ex USA Investable Market Index; 5.2% Bloomberg Global Aggregate ex-USD Index (Hedged); 4.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen International Equity Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
16.64 |
% |
|
|
5.90 |
% |
|
|
8.61 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2030 Fund Composite Index |
|
|
19.27 |
% |
|
|
7.08 |
% |
|
|
9.38 |
% |
| |
|
|
|
| S&P Target Date 2030 Index |
|
|
19.00 |
% |
|
|
7.09 |
% |
|
|
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
4,540,353,936 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
17,972,834 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520349 |
|
[
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.24% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 16.82% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2030 Fund Composite Index, which returned 19.27%. The Fund’s Composite Index consisted of: 36.7% Russell 3000® Index; 29.5% Bloomberg U.S. Aggregate Bond Index; 19.8% MSCI All Country World Index ex USA Investable Market Index; 5.2% Bloomberg Global Aggregate ex-USD Index (Hedged); 4.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen International Equity Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
16.82 |
% |
|
|
6.08 |
% |
|
|
8.78 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2030 Fund Composite Index |
|
|
19.27 |
% |
|
|
7.08 |
% |
|
|
9.38 |
% |
| |
|
|
|
| S&P Target Date 2030 Index |
|
|
19.00 |
% |
|
|
7.09 |
% |
|
|
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
4,540,353,936 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
17,972,834 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520349 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.49% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 16.58% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2030 Fund Composite Index, which returned 19.27%. The Fund’s Composite Index consisted of: 36.7% Russell 3000® Index; 29.5% Bloomberg U.S. Aggregate Bond Index; 19.8% MSCI All Country World Index ex USA Investable Market Index; 5.2% Bloomberg Global Aggregate ex-USD Index (Hedged); 4.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 4.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. Top contributors to relative performance Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Emerging Markets Debt Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen International Equity Fund. Top detractors from relative performance A position in the Nuveen Real Property Fund LP. Holding the Nuveen Dividend Growth Fund. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
16.58 |
% |
|
|
5.81 |
% |
|
|
8.51 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2030 Fund Composite Index |
|
|
19.27 |
% |
|
|
7.08 |
% |
|
|
9.38 |
% |
| |
|
|
|
| S&P Target Date 2030 Index |
|
|
19.00 |
% |
|
|
7.09 |
% |
|
|
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
4,540,353,936 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
28% |
|
|
|
| Total management fees paid for the year |
|
$ |
17,972,834 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520349 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.27% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 18.72% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2035 Fund Composite Index, which returned 21.38%. The Fund’s Composite Index consisted of: 41.9% Russell 3000® Index; 25.7% Bloomberg U.S. Aggregate Bond Index; 22.6% MSCI All Country World Index ex USA Investable Market Index; 5.0% Bloomberg Global Aggregate ex-USD Index (Hedged); 2.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Emerging Markets Debt Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen Real Property Fund LP. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
18.72 |
% |
|
|
6.79 |
% |
|
|
9.57 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2035 Fund Composite Index |
|
|
21.38 |
% |
|
|
8.01 |
% |
|
|
10.32 |
% |
| |
|
|
|
| S&P Target Date 2035 Index |
|
|
21.69 |
% |
|
|
8.14 |
% |
|
|
9.92 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,252,642,148 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
27% |
|
|
|
| Total management fees paid for the year |
|
$ |
20,452,966 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520350 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.38% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 18.45% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2035 Fund Composite Index, which returned 21.38%. The Fund’s Composite Index consisted of: 41.9% Russell 3000® Index; 25.7% Bloomberg U.S. Aggregate Bond Index; 22.6% MSCI All Country World Index ex USA Investable Market Index; 5.0% Bloomberg Global Aggregate ex-USD Index (Hedged); 2.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Emerging Markets Debt Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen Real Property Fund LP. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
18.45 |
% |
|
|
6.69 |
% |
|
|
9.48 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2035 Fund Composite Index |
|
|
21.38 |
% |
|
|
8.01 |
% |
|
|
10.32 |
% |
| |
|
|
|
| S&P Target Date 2035 Index |
|
|
21.69 |
% |
|
|
8.14 |
% |
|
|
9.92 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,252,642,148 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
27% |
|
|
|
| Total management fees paid for the year |
|
$ |
20,452,966 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520350 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.23% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 18.67% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2035 Fund Composite Index, which returned 21.38%. The Fund’s Composite Index consisted of: 41.9% Russell 3000® Index; 25.7% Bloomberg U.S. Aggregate Bond Index; 22.6% MSCI All Country World Index ex USA Investable Market Index; 5.0% Bloomberg Global Aggregate ex-USD Index (Hedged); 2.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Emerging Markets Debt Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen Real Property Fund LP. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
18.67 |
% |
|
|
6.86 |
% |
|
|
9.64 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2035 Fund Composite Index |
|
|
21.38 |
% |
|
|
8.01 |
% |
|
|
10.32 |
% |
| |
|
|
|
| S&P Target Date 2035 Index |
|
|
21.69 |
% |
|
|
8.14 |
% |
|
|
9.92 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,252,642,148 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
27% |
|
|
|
| Total management fees paid for the year |
|
$ |
20,452,966 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520350 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.48% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 18.46% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2035 Fund Composite Index, which returned 21.38%. The Fund’s Composite Index consisted of: 41.9% Russell 3000® Index; 25.7% Bloomberg U.S. Aggregate Bond Index; 22.6% MSCI All Country World Index ex USA Investable Market Index; 5.0% Bloomberg Global Aggregate ex-USD Index (Hedged); 2.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 2.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Emerging Markets Debt Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen Real Property Fund LP. An allocation to the Nuveen International Opportunities Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
18.46 |
% |
|
|
6.60 |
% |
|
|
9.37 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2035 Fund Composite Index |
|
|
21.38 |
% |
|
|
8.01 |
% |
|
|
10.32 |
% |
| |
|
|
|
| S&P Target Date 2035 Index |
|
|
21.69 |
% |
|
|
8.14 |
% |
|
|
9.92 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,252,642,148 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
27% |
|
|
|
| Total management fees paid for the year |
|
$ |
20,452,966 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520350 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.26% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 21.27% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2040 Fund Composite Index, which returned 24.47%. The Fund’s Composite Index consisted of: 49.3% Russell 3000® Index; 26.5% MSCI All Country World Index ex USA Investable Market Index; 19.3% Bloomberg U.S. Aggregate Bond Index; 4.1% Bloomberg Global Aggregate ex-USD Index (Hedged); 0.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 0.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Real Property Fund LP. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
21.27 |
% |
|
|
7.84 |
% |
|
|
10.57 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2040 Fund Composite Index |
|
|
24.47 |
% |
|
|
9.26 |
% |
|
|
11.42 |
% |
| |
|
|
|
| S&P Target Date 2040 Index |
|
|
24.41 |
% |
|
|
9.16 |
% |
|
|
10.78 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
6,540,225,997 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
25% |
|
|
|
| Total management fees paid for the year |
|
$ |
25,503,055 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520352 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.37% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 21.19% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2040 Fund Composite Index, which returned 24.47%. The Fund’s Composite Index consisted of: 49.3% Russell 3000® Index; 26.5% MSCI All Country World Index ex USA Investable Market Index; 19.3% Bloomberg U.S. Aggregate Bond Index; 4.1% Bloomberg Global Aggregate ex-USD Index (Hedged); 0.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 0.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Real Property Fund LP. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
21.19 |
% |
|
|
7.74 |
% |
|
|
10.45 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2040 Fund Composite Index |
|
|
24.47 |
% |
|
|
9.26 |
% |
|
|
11.42 |
% |
| |
|
|
|
| S&P Target Date 2040 Index |
|
|
24.41 |
% |
|
|
9.16 |
% |
|
|
10.78 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
6,540,225,997 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
25% |
|
|
|
| Total management fees paid for the year |
|
$ |
25,503,055 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520352 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$24 |
|
0.22% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 21.29% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2040 Fund Composite Index, which returned 24.47%. The Fund’s Composite Index consisted of: 49.3% Russell 3000® Index; 26.5% MSCI All Country World Index ex USA Investable Market Index; 19.3% Bloomberg U.S. Aggregate Bond Index; 4.1% Bloomberg Global Aggregate ex-USD Index (Hedged); 0.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 0.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Real Property Fund LP. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
21.29 |
% |
|
|
7.91 |
% |
|
|
10.63 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2040 Fund Composite Index |
|
|
24.47 |
% |
|
|
9.26 |
% |
|
|
11.42 |
% |
| |
|
|
|
| S&P Target Date 2040 Index |
|
|
24.41 |
% |
|
|
9.16 |
% |
|
|
10.78 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
6,540,225,997 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
25% |
|
|
|
| Total management fees paid for the year |
|
$ |
25,503,055 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520352 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.47% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 21.00% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2040 Fund Composite Index, which returned 24.47%. The Fund’s Composite Index consisted of: 49.3% Russell 3000® Index; 26.5% MSCI All Country World Index ex USA Investable Market Index; 19.3% Bloomberg U.S. Aggregate Bond Index; 4.1% Bloomberg Global Aggregate ex-USD Index (Hedged); 0.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 0.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Real Property Fund LP. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
21.00 |
% |
|
|
7.63 |
% |
|
|
10.35 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2040 Fund Composite Index |
|
|
24.47 |
% |
|
|
9.26 |
% |
|
|
11.42 |
% |
| |
|
|
|
| S&P Target Date 2040 Index |
|
|
24.41 |
% |
|
|
9.16 |
% |
|
|
10.78 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
6,540,225,997 |
|
|
|
| Total number of portfolio holdings |
|
|
24 |
|
|
|
| Portfolio turnover (%) |
|
|
25% |
|
|
|
| Total management fees paid for the year |
|
$ |
25,503,055 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520352 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.25% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 23.27% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2045 Fund Composite Index, which returned 26.69%. The Fund’s Composite Index consisted of: 54.9% Russell 3000® Index; 29.6% MSCI All Country World Index ex USA Investable Market Index; 12.6% Bloomberg U.S. Aggregate Bond Index; and 2.9% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Real Property Fund LP. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
23.27 |
% |
|
|
8.51 |
% |
|
|
11.26 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2045 Fund Composite Index |
|
|
26.69 |
% |
|
|
10.06 |
% |
|
|
12.17 |
% |
| |
|
|
|
| S&P Target Date 2045 Index |
|
|
26.31 |
% |
|
|
9.86 |
% |
|
|
11.35 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
4,992,782,632 |
|
|
|
| Total number of portfolio holdings |
|
|
22 |
|
|
|
| Portfolio turnover (%) |
|
|
26% |
|
|
|
| Total management fees paid for the year |
|
$ |
19,163,417 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520354 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.37% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 23.11% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2045 Fund Composite Index, which returned 26.69%. The Fund’s Composite Index consisted of: 54.9% Russell 3000® Index; 29.6% MSCI All Country World Index ex USA Investable Market Index; 12.6% Bloomberg U.S. Aggregate Bond Index; and 2.9% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Real Property Fund LP. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
23.11 |
% |
|
|
8.41 |
% |
|
|
11.12 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2045 Fund Composite Index |
|
|
26.69 |
% |
|
|
10.06 |
% |
|
|
12.17 |
% |
| |
|
|
|
| S&P Target Date 2045 Index |
|
|
26.31 |
% |
|
|
9.86 |
% |
|
|
11.35 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
4,992,782,632 |
|
|
|
| Total number of portfolio holdings |
|
|
22 |
|
|
|
| Portfolio turnover (%) |
|
|
26% |
|
|
|
| Total management fees paid for the year |
|
$ |
19,163,417 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520354 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.22% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 23.23% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2045 Fund Composite Index, which returned 26.69%. The Fund’s Composite Index consisted of: 54.9% Russell 3000® Index; 29.6% MSCI All Country World Index ex USA Investable Market Index; 12.6% Bloomberg U.S. Aggregate Bond Index; and 2.9% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Real Property Fund LP. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
23.23 |
% |
|
|
8.56 |
% |
|
|
11.29 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2045 Fund Composite Index |
|
|
26.69 |
% |
|
|
10.06 |
% |
|
|
12.17 |
% |
| |
|
|
|
| S&P Target Date 2045 Index |
|
|
26.31 |
% |
|
|
9.86 |
% |
|
|
11.35 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
4,992,782,632 |
|
|
|
| Total number of portfolio holdings |
|
|
22 |
|
|
|
| Portfolio turnover (%) |
|
|
26% |
|
|
|
| Total management fees paid for the year |
|
$ |
19,163,417 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520354 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.47% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 22.89% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2045 Fund Composite Index, which returned 26.69%. The Fund’s Composite Index consisted of: 54.9% Russell 3000® Index; 29.6% MSCI All Country World Index ex USA Investable Market Index; 12.6% Bloomberg U.S. Aggregate Bond Index; and 2.9% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Real Property Fund LP. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
22.89 |
% |
|
|
8.29 |
% |
|
|
11.02 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2045 Fund Composite Index |
|
|
26.69 |
% |
|
|
10.06 |
% |
|
|
12.17 |
% |
| |
|
|
|
| S&P Target Date 2045 Index |
|
|
26.31 |
% |
|
|
9.86 |
% |
|
|
11.35 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
4,992,782,632 |
|
|
|
| Total number of portfolio holdings |
|
|
22 |
|
|
|
| Portfolio turnover (%) |
|
|
26% |
|
|
|
| Total management fees paid for the year |
|
$ |
19,163,417 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520354 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.25% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 24.34% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2050 Fund Composite Index, which returned 27.86%. The Fund’s Composite Index consisted of: 58.0% Russell 3000® Index; 31.3% MSCI All Country World Index ex USA Investable Market Index; 8.6% Bloomberg U.S. Aggregate Bond Index; and 2.1% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
24.34 |
% |
|
|
8.86 |
% |
|
|
11.52 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2050 Fund Composite Index |
|
|
27.86 |
% |
|
|
10.44 |
% |
|
|
12.46 |
% |
| |
|
|
|
| S&P Target Date 2050 Index |
|
|
27.16 |
% |
|
|
10.15 |
% |
|
|
11.64 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
4,112,915,659 |
|
|
|
| Total number of portfolio holdings |
|
|
22 |
|
|
|
| Portfolio turnover (%) |
|
|
24% |
|
|
|
| Total management fees paid for the year |
|
$ |
15,614,924 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520356 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.37% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 24.15% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2050 Fund Composite Index, which returned 27.86%. The Fund’s Composite Index consisted of: 58.0% Russell 3000® Index; 31.3% MSCI All Country World Index ex USA Investable Market Index; 8.6% Bloomberg U.S. Aggregate Bond Index; and 2.1% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
24.15 |
% |
|
|
8.74 |
% |
|
|
11.38 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2050 Fund Composite Index |
|
|
27.86 |
% |
|
|
10.44 |
% |
|
|
12.46 |
% |
| |
|
|
|
| S&P Target Date 2050 Index |
|
|
27.16 |
% |
|
|
10.15 |
% |
|
|
11.64 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
4,112,915,659 |
|
|
|
| Total number of portfolio holdings |
|
|
22 |
|
|
|
| Portfolio turnover (%) |
|
|
24% |
|
|
|
| Total management fees paid for the year |
|
$ |
15,614,924 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520356 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.22% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 24.29% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2050 Fund Composite Index, which returned 27.86%. The Fund’s Composite Index consisted of: 58.0% Russell 3000® Index; 31.3% MSCI All Country World Index ex USA Investable Market Index; 8.6% Bloomberg U.S. Aggregate Bond Index; and 2.1% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
24.29 |
% |
|
|
8.90 |
% |
|
|
11.55 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2050 Fund Composite Index |
|
|
27.86 |
% |
|
|
10.44 |
% |
|
|
12.46 |
% |
| |
|
|
|
| S&P Target Date 2050 Index |
|
|
27.16 |
% |
|
|
10.15 |
% |
|
|
11.64 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
4,112,915,659 |
|
|
|
| Total number of portfolio holdings |
|
|
22 |
|
|
|
| Portfolio turnover (%) |
|
|
24% |
|
|
|
| Total management fees paid for the year |
|
$ |
15,614,924 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520356 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.47% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Floating Rate Income, Growth Opportunities ETF, International Value, Small Cap Select 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 24.05% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2050 Fund Composite Index, which returned 27.86%. The Fund’s Composite Index consisted of: 58.0% Russell 3000® Index; 31.3% MSCI All Country World Index ex USA Investable Market Index; 8.6% Bloomberg U.S. Aggregate Bond Index; and 2.1% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
24.05 |
% |
|
|
8.64 |
% |
|
|
11.28 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2050 Fund Composite Index |
|
|
27.86 |
% |
|
|
10.44 |
% |
|
|
12.46 |
% |
| |
|
|
|
| S&P Target Date 2050 Index |
|
|
27.16 |
% |
|
|
10.15 |
% |
|
|
11.64 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
4,112,915,659 |
|
|
|
| Total number of portfolio holdings |
|
|
22 |
|
|
|
| Portfolio turnover (%) |
|
|
24% |
|
|
|
| Total management fees paid for the year |
|
$ |
15,614,924 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520356 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.25% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 24.62% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2055 Fund Composite Index, which returned 28.26%. The Fund’s Composite Index consisted of: 59.1% Russell 3000® Index; 31.9% MSCI All Country World Index ex USA Investable Market Index; 7.2% Bloomberg U.S. Aggregate Bond Index; and 1.8% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
24.62 |
% |
|
|
8.98 |
% |
|
|
11.63 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2055 Fund Composite Index |
|
|
28.26 |
% |
|
|
10.59 |
% |
|
|
12.61 |
% |
| |
|
|
|
| S&P Target Date 2055 Index |
|
|
27.78 |
% |
|
|
10.31 |
% |
|
|
11.80 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
2,249,927,093 |
|
|
|
| Total number of portfolio holdings |
|
|
21 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
8,429,471 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520358 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.37% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 24.41% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2055 Fund Composite Index, which returned 28.26%. The Fund’s Composite Index consisted of: 59.1% Russell 3000® Index; 31.9% MSCI All Country World Index ex USA Investable Market Index; 7.2% Bloomberg U.S. Aggregate Bond Index; and 1.8% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
24.41 |
% |
|
|
8.86 |
% |
|
|
11.50 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2055 Fund Composite Index |
|
|
28.26 |
% |
|
|
10.59 |
% |
|
|
12.61 |
% |
| |
|
|
|
| S&P Target Date 2055 Index |
|
|
27.78 |
% |
|
|
10.31 |
% |
|
|
11.80 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
2,249,927,093 |
|
|
|
| Total number of portfolio holdings |
|
|
21 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
8,429,471 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520358 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.22% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 24.67% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2055 Fund Composite Index, which returned 28.26%. The Fund’s Composite Index consisted of: 59.1% Russell 3000® Index; 31.9% MSCI All Country World Index ex USA Investable Market Index; 7.2% Bloomberg U.S. Aggregate Bond Index; and 1.8% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
24.67 |
% |
|
|
9.02 |
% |
|
|
11.67 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2055 Fund Composite Index |
|
|
28.26 |
% |
|
|
10.59 |
% |
|
|
12.61 |
% |
| |
|
|
|
| S&P Target Date 2055 Index |
|
|
27.78 |
% |
|
|
10.31 |
% |
|
|
11.80 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
2,249,927,093 |
|
|
|
| Total number of portfolio holdings |
|
|
21 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
8,429,471 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520358 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.47% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 24.32% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2055 Fund Composite Index, which returned 28.26%. The Fund’s Composite Index consisted of: 59.1% Russell 3000® Index; 31.9% MSCI All Country World Index ex USA Investable Market Index; 7.2% Bloomberg U.S. Aggregate Bond Index; and 1.8% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
24.32 |
% |
|
|
8.75 |
% |
|
|
11.39 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2055 Fund Composite Index |
|
|
28.26 |
% |
|
|
10.59 |
% |
|
|
12.61 |
% |
| |
|
|
|
| S&P Target Date 2055 Index |
|
|
27.78 |
% |
|
|
10.31 |
% |
|
|
11.80 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
2,249,927,093 |
|
|
|
| Total number of portfolio holdings |
|
|
21 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
8,429,471 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520358 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.25% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 24.87% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2060 Fund Composite Index, which returned 28.59%. The Fund’s Composite Index consisted of: 60.0% Russell 3000® Index; 32.3% MSCI All Country World Index ex USA Investable Market Index; 6.2% Bloomberg U.S. Aggregate Bond Index; and 1.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
24.87 |
% |
|
|
9.07 |
% |
|
|
11.73 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2060 Fund Composite Index |
|
|
28.59 |
% |
|
|
10.73 |
% |
|
|
12.75 |
% |
| |
|
|
|
| S&P Target Date 2060 Index |
|
|
27.80 |
% |
|
|
10.31 |
% |
|
|
11.87 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
1,118,650,560 |
|
|
|
| Total number of portfolio holdings |
|
|
21 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
4,054,146 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520364 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.37% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 24.75% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2060 Fund Composite Index, which returned 28.59%. The Fund’s Composite Index consisted of: 60.0% Russell 3000® Index; 32.3% MSCI All Country World Index ex USA Investable Market Index; 6.2% Bloomberg U.S. Aggregate Bond Index; and 1.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
24.75 |
% |
|
|
8.96 |
% |
|
|
11.62 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2060 Fund Composite Index |
|
|
28.59 |
% |
|
|
10.73 |
% |
|
|
12.75 |
% |
| |
|
|
|
| S&P Target Date 2060 Index |
|
|
27.80 |
% |
|
|
10.31 |
% |
|
|
11.87 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
1,118,650,560 |
|
|
|
| Total number of portfolio holdings |
|
|
21 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
4,054,146 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520364 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.22% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 24.84% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2060 Fund Composite Index, which returned 28.59%. The Fund’s Composite Index consisted of: 60.0% Russell 3000® Index; 32.3% MSCI All Country World Index ex USA Investable Market Index; 6.2% Bloomberg U.S. Aggregate Bond Index; and 1.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
24.84 |
% |
|
|
9.13 |
% |
|
|
11.78 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2060 Fund Composite Index |
|
|
28.59 |
% |
|
|
10.73 |
% |
|
|
12.75 |
% |
| |
|
|
|
| S&P Target Date 2060 Index |
|
|
27.80 |
% |
|
|
10.31 |
% |
|
|
11.87 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
1,118,650,560 |
|
|
|
| Total number of portfolio holdings |
|
|
21 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
4,054,146 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520364 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.47% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 24.61% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2060 Fund Composite Index, which returned 28.59%. The Fund’s Composite Index consisted of: 60.0% Russell 3000® Index; 32.3% MSCI All Country World Index ex USA Investable Market Index; 6.2% Bloomberg U.S. Aggregate Bond Index; and 1.5% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
24.61 |
% |
|
|
8.86 |
% |
|
|
11.50 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle 2060 Fund Composite Index |
|
|
28.59 |
% |
|
|
10.73 |
% |
|
|
12.75 |
% |
| |
|
|
|
| S&P Target Date 2060 Index |
|
|
27.80 |
% |
|
|
10.31 |
% |
|
|
11.87 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
1,118,650,560 |
|
|
|
| Total number of portfolio holdings |
|
|
21 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
4,054,146 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520364 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.29% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 25.04% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2065 Fund Composite Index, which returned 28.93%. The Fund’s Composite Index consisted of: 60.8% Russell 3000® Index; 32.7% MSCI All Country World Index ex USA Investable Market Index; 5.2% Bloomberg U.S. Aggregate Bond Index; and 1.3% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
Since Inception (9/30/20) |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
25.04 |
% |
|
|
9.14 |
% |
|
|
12.77 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
16.41 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
(0.14 |
)% |
| |
|
|
|
| Lifecycle 2065 Fund Composite Index |
|
|
28.93 |
% |
|
|
10.87 |
% |
|
|
14.30 |
% |
| |
|
|
|
| S&P Target Date 2065+ Index |
|
|
28.11 |
% |
|
|
10.50 |
% |
|
|
14.00 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
237,489,018 |
|
|
|
| Total number of portfolio holdings |
|
|
21 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
759,983 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520369 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.36% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 25.01% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2065 Fund Composite Index, which returned 28.93%. The Fund’s Composite Index consisted of: 60.8% Russell 3000® Index; 32.7% MSCI All Country World Index ex USA Investable Market Index; 5.2% Bloomberg U.S. Aggregate Bond Index; and 1.3% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
Since Inception (9/30/20) |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
25.01 |
% |
|
|
9.07 |
% |
|
|
12.70 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
16.41 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
(0.14 |
)% |
| |
|
|
|
| Lifecycle 2065 Fund Composite Index |
|
|
28.93 |
% |
|
|
10.87 |
% |
|
|
14.30 |
% |
| |
|
|
|
| S&P Target Date 2065+ Index |
|
|
28.11 |
% |
|
|
10.50 |
% |
|
|
14.00 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
237,489,018 |
|
|
|
| Total number of portfolio holdings |
|
|
21 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
759,983 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520369 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$24 |
|
0.21% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 25.14% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle 2065 Fund Composite Index, which returned 28.93%. The Fund’s Composite Index consisted of: 60.8% Russell 3000® Index; 32.7% MSCI All Country World Index ex USA Investable Market Index; 5.2% Bloomberg U.S. Aggregate Bond Index; and 1.3% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
Since Inception (9/30/20) |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
25.14 |
% |
|
|
9.26 |
% |
|
|
12.91 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
16.41 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
(0.14 |
)% |
| |
|
|
|
| Lifecycle 2065 Fund Composite Index |
|
|
28.93 |
% |
|
|
10.87 |
% |
|
|
14.30 |
% |
| |
|
|
|
| S&P Target Date 2065+ Index |
|
|
28.11 |
% |
|
|
10.50 |
% |
|
|
14.00 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
237,489,018 |
|
|
|
| Total number of portfolio holdings |
|
|
21 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
759,983 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520369 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.46% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 24.84% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund significantly underperformed the Lifecycle 2065 Fund Composite Index, which returned 28.93%. The Fund’s Composite Index consisted of: 60.8% Russell 3000® Index; 32.7% MSCI All Country World Index ex USA Investable Market Index; 5.2% Bloomberg U.S. Aggregate Bond Index; and 1.3% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
Since Inception (9/30/20) |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
24.84 |
% |
|
|
9.07 |
% |
|
|
12.68 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
16.41 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
(0.14 |
)% |
| |
|
|
|
| Lifecycle 2065 Fund Composite Index |
|
|
28.93 |
% |
|
|
10.87 |
% |
|
|
14.30 |
% |
| |
|
|
|
| S&P Target Date 2065 Index |
|
|
28.11 |
% |
|
|
10.50 |
% |
|
|
14.00 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
237,489,018 |
|
|
|
| Total number of portfolio holdings |
|
|
21 |
|
|
|
| Portfolio turnover (%) |
|
|
29% |
|
|
|
| Total management fees paid for the year |
|
$ |
759,983 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520369 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
Nuveen Lifecycle 2070 Fund
Class I Shares/TLCGX
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle 2070 Fund for the period of September 30, 2025 to May 31, 2026. 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 period since inception? (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 |
|
$37 |
|
0.35% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 since inception? What affected the Fund’s performance?
|
|
| Performance Highlights The Nuveen Lifecycle 2070 Fund returned 12.23% for Class I Shares at net asset value (NAV) for the abbreviated reporting period from the Fund’s launch on September 30, 2025, through May 31, 2026. The Fund underperformed the Lifecycle 2070 Fund Composite Index, which returned 15.24%. The Fund’s Composite Index consisted of: 61.6% Russell 3000® Index; 33.2% MSCI All Country World Index ex USA Investable Market Index; 4.2% Bloomberg U.S. Aggregate Bond Index; and 1.0% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen Growth Opportunities ETF. A position in the Nuveen Large Cap Growth Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2025 through May 31, 2026) Initial Investment of $10,000
Cumulative Total Returns
|
|
|
|
|
|
|
| |
|
Since Inception (9/30/25) |
|
| |
|
| Class I Shares at NAV |
|
|
12.23 |
% |
| |
|
| Russell 3000® Index |
|
|
13.88 |
% |
| |
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
1.48 |
% |
| |
|
| Lifecycle 2070 Fund Composite Index |
|
|
15.24 |
% |
| |
|
| S&P Target Date 2065+ Index |
|
|
15.02 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,770,822 |
|
|
|
| Total number of portfolio holdings |
|
|
19 |
|
|
|
| Portfolio turnover (%) |
|
|
9% |
|
|
|
| Total management fees paid for the year |
|
$ |
13,701 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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.
|
|
|
| 87249N677_AR_0526 5520372 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
Nuveen Lifecycle 2070 Fund
Premier Class Shares/TLCPX
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle 2070 Fund for the period of September 30, 2025 to May 31, 2026. 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 period since inception? (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 |
|
$37 |
|
0.35% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 since inception? What affected the Fund’s performance?
|
|
| Performance Highlights The Nuveen Lifecycle 2070 Fund returned 12.23% for Premier Class Shares at net asset value (NAV) for the abbreviated reporting period from the Fund’s launch on September 30, 2025, through May 31, 2026. The Fund underperformed the Lifecycle 2070 Fund Composite Index, which returned 15.24%. The Fund’s Composite Index consisted of: 61.6% Russell 3000® Index; 33.2% MSCI All Country World Index ex USA Investable Market Index; 4.2% Bloomberg U.S. Aggregate Bond Index; and 1.0% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen Growth Opportunities ETF. A position in the Nuveen Large Cap Growth Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2025 through May 31, 2026) Initial Investment of $10,000
Cumulative Total Returns
|
|
|
|
|
|
|
| |
|
Since Inception (9/30/25) |
|
| |
|
| Premier Class Shares at NAV |
|
|
12.23 |
% |
| |
|
| Russell 3000® Index |
|
|
13.88 |
% |
| |
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
1.48 |
% |
| |
|
| Lifecycle 2070 Fund Composite Index |
|
|
15.24 |
% |
| |
|
| S&P Target Date 2065+ Index |
|
|
15.02 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,770,822 |
|
|
|
| Total number of portfolio holdings |
|
|
19 |
|
|
|
| Portfolio turnover (%) |
|
|
9% |
|
|
|
| Total management fees paid for the year |
|
$ |
13,701 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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.
|
|
|
| 87249N644_AR_0526 5520372 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
Nuveen Lifecycle 2070 Fund
Class R6 Shares/TLCRX
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle 2070 Fund for the period of September 30, 2025 to May 31, 2026. 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 period since inception? (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 |
|
$21 |
|
0.20% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 since inception? What affected the Fund’s performance?
|
|
| Performance Highlights The Nuveen Lifecycle 2070 Fund returned 12.37% for Class R6 Shares at net asset value (NAV) for the abbreviated reporting period from the Fund’s launch on September 30, 2025, through May 31, 2026. The Fund underperformed the Lifecycle 2070 Fund Composite Index, which returned 15.24%. The Fund’s Composite Index consisted of: 61.6% Russell 3000® Index; 33.2% MSCI All Country World Index ex USA Investable Market Index; 4.2% Bloomberg U.S. Aggregate Bond Index; and 1.0% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen Growth Opportunities ETF. A position in the Nuveen Large Cap Growth Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2025 through May 31, 2026) Initial Investment of $10,000
Cumulative Total Returns
|
|
|
|
|
|
|
| |
|
Since Inception (9/30/25) |
|
| |
|
| Class R6 Shares at NAV |
|
|
12.37 |
% |
| |
|
| Russell 3000® Index |
|
|
13.88 |
% |
| |
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
1.48 |
% |
| |
|
| Lifecycle 2070 Fund Composite Index |
|
|
15.24 |
% |
| |
|
| S&P Target Date 2065+ Index |
|
|
15.02 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,770,822 |
|
|
|
| Total number of portfolio holdings |
|
|
19 |
|
|
|
| Portfolio turnover (%) |
|
|
9% |
|
|
|
| Total management fees paid for the year |
|
$ |
13,701 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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.
|
|
|
| 87249N669_AR_0526 5520372 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
Nuveen Lifecycle 2070 Fund
Retirement Class Shares/TLCOX
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle 2070 Fund for the period of September 30, 2025 to May 31, 2026. 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 period since inception? (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 |
|
$48 |
|
0.45% |
| |
* |
|
The Fund’s ratios include the expenses of the Underlying Funds, excluding the expenses of the Dividend Growth, Dividend Value, Growth Opportunities ETF, International Value, Small Cap Select 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 since inception? What affected the Fund’s performance?
|
|
| Performance Highlights The Nuveen Lifecycle 2070 Fund returned 12.20% for Retirement Class Shares at net asset value (NAV) for the abbreviated reporting period from the Fund’s launch on September 30, 2025, through May 31, 2026. The Fund underperformed the Lifecycle 2070 Fund Composite Index, which returned 15.24%. The Fund’s Composite Index consisted of: 61.6% Russell 3000® Index; 33.2% MSCI All Country World Index ex USA Investable Market Index; 4.2% Bloomberg U.S. Aggregate Bond Index; and 1.0% Bloomberg Global Aggregate ex-USD Index (Hedged). Top contributors to relative performance Holding the Nuveen Quant International Small Cap Equity Fund. An allocation to the Nuveen Growth Opportunities ETF. A position in the Nuveen Large Cap Growth Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2025 through May 31, 2026) Initial Investment of $10,000
Cumulative Total Returns
|
|
|
|
|
|
|
| |
|
Since Inception (9/30/25) |
|
| |
|
| Retirement Class Shares at NAV |
|
|
12.20 |
% |
| |
|
| Russell 3000® Index |
|
|
13.88 |
% |
| |
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
1.48 |
% |
| |
|
| Lifecycle 2070 Fund Composite Index |
|
|
15.24 |
% |
| |
|
| S&P Target Date 2065+ Index |
|
|
15.02 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,770,822 |
|
|
|
| Total number of portfolio holdings |
|
|
19 |
|
|
|
| Portfolio turnover (%) |
|
|
9% |
|
|
|
| Total management fees paid for the year |
|
$ |
13,701 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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.
|
|
|
| 87249N651_AR_0526 5520372 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$16 |
|
0.15% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 14.78% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index Retirement Income Fund Composite Index, which returned 14.92%. The Fund’s Composite Index consisted of: 27.6% 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; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 5.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
14.78 |
% |
|
|
5.09 |
% |
|
|
6.57 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index Retirement Income Fund Composite Index |
|
|
14.92 |
% |
|
|
5.24 |
% |
|
|
6.72 |
% |
| |
|
|
|
| S&P Target Date Retirement Income Index |
|
|
12.59 |
% |
|
|
4.59 |
% |
|
|
5.47 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
839,069,791 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
36% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,381,176 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520376 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.24% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 14.63% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index Retirement Income Fund Composite Index, which returned 14.92%. The Fund’s Composite Index consisted of: 27.6% 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; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 5.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
14.63 |
% |
|
|
5.02 |
% |
|
|
6.49 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index Retirement Income Fund Composite Index |
|
|
14.92 |
% |
|
|
5.24 |
% |
|
|
6.72 |
% |
| |
|
|
|
| S&P Target Date Retirement Income Index |
|
|
12.59 |
% |
|
|
4.59 |
% |
|
|
5.47 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
839,069,791 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
36% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,381,176 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520376 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/enus/ 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 |
|
0.09% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 14.79% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index Retirement Income Fund Composite Index, which returned 14.92%. The Fund’s Composite Index consisted of: 27.6% 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; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 5.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
14.79 |
% |
|
|
5.18 |
% |
|
|
6.65 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index Retirement Income Fund Composite Index |
|
|
14.92 |
% |
|
|
5.24 |
% |
|
|
6.72 |
% |
| |
|
|
|
| S&P Target Date Retirement Income Index |
|
|
12.59 |
% |
|
|
4.59 |
% |
|
|
5.47 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
839,069,791 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
36% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,381,176 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520376 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.34% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 14.54% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index Retirement Income Fund Composite Index, which returned 14.92%. The Fund’s Composite Index consisted of: 27.6% 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; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 5.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
14.54 |
% |
|
|
4.92 |
% |
|
|
6.38 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index Retirement Income Fund Composite Index |
|
|
14.92 |
% |
|
|
5.24 |
% |
|
|
6.72 |
% |
| |
|
|
|
| S&P Target Date Retirement Income Index |
|
|
12.59 |
% |
|
|
4.59 |
% |
|
|
5.47 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
839,069,791 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
36% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,381,176 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520376 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 13.36% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2010 Fund Composite Index, which returned 13.48%. The Fund’s Composite Index consisted of: 27.6% Bloomberg U.S. Aggregate Bond Index; 22.2% Russell 3000® Index; 15.9% Bloomberg U.S. 1‑3 Year Government/Credit Bond Index; 11.9% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 5.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
13.36 |
% |
|
|
4.68 |
% |
|
|
6.43 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2010 Fund Composite Index |
|
|
13.48 |
% |
|
|
4.80 |
% |
|
|
6.57 |
% |
| |
|
|
|
| S&P Target Date 2010 Index |
|
|
12.87 |
% |
|
|
4.81 |
% |
|
|
6.04 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
684,525,256 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
32% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,111,638 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520378 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.24% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 13.16% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2010 Fund Composite Index, which returned 13.48%. The Fund’s Composite Index consisted of: 27.6% Bloomberg U.S. Aggregate Bond Index; 22.2% Russell 3000® Index; 15.9% Bloomberg U.S. 1‑3 Year Government/Credit Bond Index; 11.9% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 5.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
13.16 |
% |
|
|
4.58 |
% |
|
|
6.32 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2010 Fund Composite Index |
|
|
13.48 |
% |
|
|
4.80 |
% |
|
|
6.57 |
% |
| |
|
|
|
| S&P Target Date 2010 Index |
|
|
12.87 |
% |
|
|
4.81 |
% |
|
|
6.04 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
684,525,256 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
32% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,111,638 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520378 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.09% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 13.34% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2010 Fund Composite Index, which returned 13.48%. The Fund’s Composite Index consisted of: 27.6% Bloomberg U.S. Aggregate Bond Index; 22.2% Russell 3000® Index; 15.9% Bloomberg U.S. 1‑3 Year Government/Credit Bond Index; 11.9% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 5.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
13.34 |
% |
|
|
4.74 |
% |
|
|
6.49 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2010 Fund Composite Index |
|
|
13.48 |
% |
|
|
4.80 |
% |
|
|
6.57 |
% |
| |
|
|
|
| S&P Target Date 2010 Index |
|
|
12.87 |
% |
|
|
4.81 |
% |
|
|
6.04 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
684,525,256 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
32% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,111,638 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520378 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.34% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 13.10% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2010 Fund Composite Index, which returned 13.48%. The Fund’s Composite Index consisted of: 27.6% Bloomberg U.S. Aggregate Bond Index; 22.2% Russell 3000® Index; 15.9% Bloomberg U.S. 1‑3 Year Government/Credit Bond Index; 11.9% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 5.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
13.10 |
% |
|
|
4.48 |
% |
|
|
6.22 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2010 Fund Composite Index |
|
|
13.48 |
% |
|
|
4.80 |
% |
|
|
6.57 |
% |
| |
|
|
|
| S&P Target Date 2010 Index |
|
|
12.87 |
% |
|
|
4.81 |
% |
|
|
6.04 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
684,525,256 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
32% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,111,638 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520378 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 14.64% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2015 Fund Composite Index, which returned 14.81%. The Fund’s Composite Index consisted of: 27.6% Bloomberg U.S. Aggregate Bond Index; 25.4% Russell 3000® Index; 13.7% MSCI EAFE + Emerging Markets Index; 10.9% Bloomberg U.S. 1‑3 Year Government/Credit Bond Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 5.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
14.64 |
% |
|
|
5.16 |
% |
|
|
6.99 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2015 Fund Composite Index |
|
|
14.81 |
% |
|
|
5.28 |
% |
|
|
7.13 |
% |
| |
|
|
|
| S&P Target Date 2015 Index |
|
|
13.81 |
% |
|
|
5.10 |
% |
|
|
6.55 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
963,398,159 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
25% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,647,670 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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.
|
|
|
| 87245P825_AR_0526 5520381 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 14.54% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2015 Fund Composite Index, which returned 14.81%. The Fund’s Composite Index consisted of: 27.6% Bloomberg U.S. Aggregate Bond Index; 25.4% Russell 3000® Index; 13.7% MSCI EAFE + Emerging Markets Index; 10.9% Bloomberg U.S. 1‑3 Year Government/Credit Bond Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 5.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
14.54 |
% |
|
|
5.06 |
% |
|
|
6.89 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2015 Fund Composite Index |
|
|
14.81 |
% |
|
|
5.28 |
% |
|
|
7.13 |
% |
| |
|
|
|
| S&P Target Date 2015 Index |
|
|
13.81 |
% |
|
|
5.10 |
% |
|
|
6.55 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
963,398,159 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
25% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,647,670 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520381 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 14.69% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2015 Fund Composite Index, which returned 14.81%. The Fund’s Composite Index consisted of: 27.6% Bloomberg U.S. Aggregate Bond Index; 25.4% Russell 3000® Index; 13.7% MSCI EAFE + Emerging Markets Index; 10.9% Bloomberg U.S. 1‑3 Year Government/Credit Bond Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 5.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
14.69 |
% |
|
|
5.23 |
% |
|
|
7.05 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2015 Fund Composite Index |
|
|
14.81 |
% |
|
|
5.28 |
% |
|
|
7.13 |
% |
| |
|
|
|
| S&P Target Date 2015 Index |
|
|
13.81 |
% |
|
|
5.10 |
% |
|
|
6.55 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
963,398,159 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
25% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,647,670 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520381 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$38 |
|
0.35% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 14.41% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2015 Fund Composite Index, which returned 14.81%. The Fund’s Composite Index consisted of: 27.6% Bloomberg U.S. Aggregate Bond Index; 25.4% Russell 3000® Index; 13.7% MSCI EAFE + Emerging Markets Index; 10.9% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 10.0% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 5.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
14.41 |
% |
|
|
4.96 |
% |
|
|
6.78 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2015 Fund Composite Index |
|
|
14.81 |
% |
|
|
5.28 |
% |
|
|
7.13 |
% |
| |
|
|
|
| S&P Target Date 2015 Index |
|
|
13.81 |
% |
|
|
5.10 |
% |
|
|
6.55 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
963,398,159 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
25% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,647,670 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520381 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 15.94% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2020 Fund Composite Index, which returned 16.10%. The Fund’s Composite Index consisted of: 28.6% Russell 3000® Index; 27.5% Bloomberg U.S. Aggregate Bond Index; 15.4% MSCI EAFE + Emerging Markets Index; 8.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 8.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 4.8% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
15.94 |
% |
|
|
5.61 |
% |
|
|
7.56 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2020 Fund Composite Index |
|
|
16.10 |
% |
|
|
5.76 |
% |
|
|
7.73 |
% |
| |
|
|
|
| S&P Target Date 2020 Index |
|
|
14.70 |
% |
|
|
5.52 |
% |
|
|
7.05 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
2,841,102,933 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
4,833,504 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520385 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 15.83% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2020 Fund Composite Index, which returned 16.10%. The Fund’s Composite Index consisted of: 28.6% Russell 3000® Index; 27.5% Bloomberg U.S. Aggregate Bond Index; 15.4% MSCI EAFE + Emerging Markets Index; 8.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 8.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 4.8% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
15.83 |
% |
|
|
5.54 |
% |
|
|
7.49 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2020 Fund Composite Index |
|
|
16.10 |
% |
|
|
5.76 |
% |
|
|
7.73 |
% |
| |
|
|
|
| S&P Target Date 2020 Index |
|
|
14.70 |
% |
|
|
5.52 |
% |
|
|
7.05 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
2,841,102,933 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
4,833,504 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520385 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 15.95% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2020 Fund Composite Index, which returned 16.10%. The Fund’s Composite Index consisted of: 28.6% Russell 3000® Index; 27.5% Bloomberg U.S. Aggregate Bond Index; 15.4% MSCI EAFE + Emerging Markets Index; 8.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 8.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 4.8% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
15.95 |
% |
|
|
5.69 |
% |
|
|
7.65 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2020 Fund Composite Index |
|
|
16.10 |
% |
|
|
5.76 |
% |
|
|
7.73 |
% |
| |
|
|
|
| S&P Target Date 2020 Index |
|
|
14.70 |
% |
|
|
5.52 |
% |
|
|
7.05 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
2,841,102,933 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
4,833,504 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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.
|
|
|
| 87245M814_AR_0526 5520385 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$38 |
|
0.35% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 15.68% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2020 Fund Composite Index, which returned 16.10%. The Fund’s Composite Index consisted of: 28.6% Russell 3000® Index; 27.5% Bloomberg U.S. Aggregate Bond Index; 15.4% MSCI EAFE + Emerging Markets Index; 8.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; 8.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; 6.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 4.8% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
15.68 |
% |
|
|
5.43 |
% |
|
|
7.37 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2020 Fund Composite Index |
|
|
16.10 |
% |
|
|
5.76 |
% |
|
|
7.73 |
% |
| |
|
|
|
| S&P Target Date 2020 Index |
|
|
14.70 |
% |
|
|
5.52 |
% |
|
|
7.05 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
2,841,102,933 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
4,833,504 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520385 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 17.24% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2025 Fund Composite Index, which returned 17.39%. The Fund’s Composite Index consisted of: 31.9% Russell 3000® Index; 27.3% Bloomberg U.S. Aggregate Bond Index; 17.2% MSCI EAFE + Emerging Markets Index; 6.8% Bloomberg Global Aggregate ex‑USD Index (Hedged); 6.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 6.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; and 4.0% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
17.24 |
% |
|
|
6.15 |
% |
|
|
8.32 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2025 Fund Composite Index |
|
|
17.39 |
% |
|
|
6.30 |
% |
|
|
8.48 |
% |
| |
|
|
|
| S&P Target Date 2025 Index |
|
|
16.73 |
% |
|
|
6.14 |
% |
|
|
7.91 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,889,107,451 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
9,703,570 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520389 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 17.04% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2025 Fund Composite Index, which returned 17.39%. The Fund’s Composite Index consisted of: 31.9% Russell 3000® Index; 27.3% Bloomberg U.S. Aggregate Bond Index; 17.2% MSCI EAFE + Emerging Markets Index; 6.8% Bloomberg Global Aggregate ex‑USD Index (Hedged); 6.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 6.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; and 4.0% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
17.04 |
% |
|
|
6.07 |
% |
|
|
8.24 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2025 Fund Composite Index |
|
|
17.39 |
% |
|
|
6.30 |
% |
|
|
8.48 |
% |
| |
|
|
|
| S&P Target Date 2025 Index |
|
|
16.73 |
% |
|
|
6.14 |
% |
|
|
7.91 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,889,107,451 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
9,703,570 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520389 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 17.22% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2025 Fund Composite Index, which returned 17.39%. The Fund’s Composite Index consisted of: 31.9% Russell 3000® Index; 27.3% Bloomberg U.S. Aggregate Bond Index; 17.2% MSCI EAFE + Emerging Markets Index; 6.8% Bloomberg Global Aggregate ex‑USD Index (Hedged); 6.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 6.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; and 4.0% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
17.22 |
% |
|
|
6.23 |
% |
|
|
8.40 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2025 Fund Composite Index |
|
|
17.39 |
% |
|
|
6.30 |
% |
|
|
8.48 |
% |
| |
|
|
|
| S&P Target Date 2025 Index |
|
|
16.73 |
% |
|
|
6.14 |
% |
|
|
7.91 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,889,107,451 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
9,703,570 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520389 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$38 |
|
0.35% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 16.96% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2025 Fund Composite Index, which returned 17.39%. The Fund’s Composite Index consisted of: 31.9% Russell 3000® Index; 27.3% Bloomberg U.S. Aggregate Bond Index; 17.2% MSCI EAFE + Emerging Markets Index; 6.8% Bloomberg Global Aggregate ex‑USD Index (Hedged); 6.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 6.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; and 4.0% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
16.96 |
% |
|
|
5.97 |
% |
|
|
8.12 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2025 Fund Composite Index |
|
|
17.39 |
% |
|
|
6.30 |
% |
|
|
8.48 |
% |
| |
|
|
|
| S&P Target Date 2025 Index |
|
|
16.73 |
% |
|
|
6.14 |
% |
|
|
7.91 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,889,107,451 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
9,703,570 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520389 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 19.21% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2030 Fund Composite Index, which returned 19.39%. The Fund’s Composite Index consisted of: 36.7% Russell 3000® Index; 25.1% Bloomberg U.S. Aggregate Bond Index; 19.8% MSCI EAFE + Emerging Markets Index; 6.3% Bloomberg Global Aggregate ex‑USD Index (Hedged); 4.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 4.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; and 3.3% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
19.21 |
% |
|
|
6.96 |
% |
|
|
9.20 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2030 Fund Composite Index |
|
|
19.39 |
% |
|
|
7.10 |
% |
|
|
9.37 |
% |
| |
|
|
|
| S&P Target Date 2030 Index |
|
|
19.00 |
% |
|
|
7.09 |
% |
|
|
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
9,492,914,581 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
14,496,254 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520394 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 19.07% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2030 Fund Composite Index, which returned 19.39%. The Fund’s Composite Index consisted of: 36.7% Russell 3000® Index; 25.1% Bloomberg U.S. Aggregate Bond Index; 19.8% MSCI EAFE + Emerging Markets Index; 6.3% Bloomberg Global Aggregate ex‑USD Index (Hedged); 4.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 4.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; and 3.3% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
19.07 |
% |
|
|
6.87 |
% |
|
|
9.12 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2030 Fund Composite Index |
|
|
19.39 |
% |
|
|
7.10 |
% |
|
|
9.37 |
% |
| |
|
|
|
| S&P Target Date 2030 Index |
|
|
19.00 |
% |
|
|
7.09 |
% |
|
|
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
9,492,914,581 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
14,496,254 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520394 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 19.24% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2030 Fund Composite Index, which returned 19.39%. The Fund’s Composite Index consisted of: 36.7% Russell 3000® Index; 25.1% Bloomberg U.S. Aggregate Bond Index; 19.8% MSCI EAFE + Emerging Markets Index; 6.3% Bloomberg Global Aggregate ex‑USD Index (Hedged); 4.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 4.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; and 3.3% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
19.24 |
% |
|
|
7.03 |
% |
|
|
9.28 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2030 Fund Composite Index |
|
|
19.39 |
% |
|
|
7.10 |
% |
|
|
9.37 |
% |
| |
|
|
|
| S&P Target Date 2030 Index |
|
|
19.00 |
% |
|
|
7.09 |
% |
|
|
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
9,492,914,581 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
14,496,254 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520394 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$38 |
|
0.35% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 18.95% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2030 Fund Composite Index, which returned 19.39%. The Fund’s Composite Index consisted of: 36.7% Russell 3000® Index; 25.1% Bloomberg U.S. Aggregate Bond Index; 19.8% MSCI EAFE + Emerging Markets Index; 6.3% Bloomberg Global Aggregate ex‑USD Index (Hedged); 4.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; 4.4% Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index; and 3.3% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
18.95 |
% |
|
|
6.76 |
% |
|
|
9.01 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2030 Fund Composite Index |
|
|
19.39 |
% |
|
|
7.10 |
% |
|
|
9.37 |
% |
| |
|
|
|
| S&P Target Date 2030 Index |
|
|
19.00 |
% |
|
|
7.09 |
% |
|
|
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
9,492,914,581 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
14,496,254 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520394 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 21.35% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2035 Fund Composite Index, which returned 21.49%. The Fund’s Composite Index consisted of: 41.9% Russell 3000® Index; 22.6% MSCI EAFE + Emerging Markets Index; 22.6% Bloomberg U.S. Aggregate Bond Index; 5.6% Bloomberg Global Aggregate ex‑USD Index (Hedged); 2.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained Index; 2.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 2.4% 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
21.35 |
% |
|
|
7.88 |
% |
|
|
10.16 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2035 Fund Composite Index |
|
|
21.49 |
% |
|
|
8.03 |
% |
|
|
10.32 |
% |
| |
|
|
|
| S&P Target Date 2035 Index |
|
|
21.69 |
% |
|
|
8.14 |
% |
|
|
9.92 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
10,791,558,776 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
15,713,135 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520395 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$28 |
|
0.25% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 21.14% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2035 Fund Composite Index, which returned 21.49%. The Fund’s Composite Index consisted of: 41.9% Russell 3000® Index; 22.6% MSCI EAFE + Emerging Markets Index; 22.6% Bloomberg U.S. Aggregate Bond Index; 5.6% Bloomberg Global Aggregate ex‑USD Index (Hedged); 2.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained Index; 2.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 2.4% 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
21.14 |
% |
|
|
7.78 |
% |
|
|
10.06 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2035 Fund Composite Index |
|
|
21.49 |
% |
|
|
8.03 |
% |
|
|
10.32 |
% |
| |
|
|
|
| S&P Target Date 2035 Index |
|
|
21.69 |
% |
|
|
8.14 |
% |
|
|
9.92 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
10,791,558,776 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
15,713,135 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520395 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 21.36% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2035 Fund Composite Index, which returned 21.49%. The Fund’s Composite Index consisted of: 41.9% Russell 3000® Index; 22.6% MSCI EAFE + Emerging Markets Index; 22.6% Bloomberg U.S. Aggregate Bond Index; 5.6% Bloomberg Global Aggregate ex‑USD Index (Hedged); 2.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained Index; 2.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 2.4% 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
21.36 |
% |
|
|
7.96 |
% |
|
|
10.23 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2035 Fund Composite Index |
|
|
21.49 |
% |
|
|
8.03 |
% |
|
|
10.32 |
% |
| |
|
|
|
| S&P Target Date 2035 Index |
|
|
21.69 |
% |
|
|
8.14 |
% |
|
|
9.92 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
10,791,558,776 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
15,713,135 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520395 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$39 |
|
0.35% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 21.04% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2035 Fund Composite Index, which returned 21.49%. The Fund’s Composite Index consisted of: 41.9% Russell 3000® Index; 22.6% MSCI EAFE + Emerging Markets Index; 22.6% Bloomberg U.S. Aggregate Bond Index; 5.6% Bloomberg Global Aggregate ex‑USD Index (Hedged); 2.5% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained Index; 2.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 2.4% 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
21.04 |
% |
|
|
7.68 |
% |
|
|
9.95 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2035 Fund Composite Index |
|
|
21.49 |
% |
|
|
8.03 |
% |
|
|
10.32 |
% |
| |
|
|
|
| S&P Target Date 2035 Index |
|
|
21.69 |
% |
|
|
8.14 |
% |
|
|
9.92 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
10,791,558,776 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
15,713,135 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520395 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 24.35% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2040 Fund Composite Index, which returned 24.57%. The Fund’s Composite Index consisted of: 49.3% Russell 3000® Index; 26.5% MSCI EAFE + Emerging Markets Index; 17.4% Bloomberg U.S. Aggregate Bond Index; 4.3% Bloomberg Global Aggregate ex‑USD Index (Hedged); 1.7% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained Index; 0.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 0.4% 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
24.35 |
% |
|
|
9.12 |
% |
|
|
11.25 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2040 Fund Composite Index |
|
|
24.57 |
% |
|
|
9.28 |
% |
|
|
11.42 |
% |
| |
|
|
|
| S&P Target Date 2040 Index |
|
|
24.41 |
% |
|
|
9.16 |
% |
|
|
10.78 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
11,659,324,952 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
16,171,241 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520399 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$28 |
|
0.25% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 24.23% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2040 Fund Composite Index, which returned 24.57%. The Fund’s Composite Index consisted of: 49.3% Russell 3000® Index; 26.5% MSCI EAFE + Emerging Markets Index; 17.4% Bloomberg U.S. Aggregate Bond Index; 4.3% Bloomberg Global Aggregate ex‑USD Index (Hedged); 1.7% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained Index; 0.4% Bloomberg U.S. 1-3 Year Government/Credit Bond Index; and 0.4% 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
24.23 |
% |
|
|
9.02 |
% |
|
|
11.16 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2040 Fund Composite Index |
|
|
24.57 |
% |
|
|
9.28 |
% |
|
|
11.42 |
% |
| |
|
|
|
| S&P Target Date 2040 Index |
|
|
24.41 |
% |
|
|
9.16 |
% |
|
|
10.78 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
11,659,324,952 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
16,171,241 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520399 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 24.41% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2040 Fund Composite Index, which returned 24.57%. The Fund’s Composite Index consisted of: 49.3% Russell 3000® Index; 26.5% MSCI EAFE + Emerging Markets Index; 17.4% Bloomberg U.S. Aggregate Bond Index; 4.3% Bloomberg Global Aggregate ex‑USD Index (Hedged); 1.7% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained Index; 0.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 0.4% 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
24.41 |
% |
|
|
9.19 |
% |
|
|
11.33 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2040 Fund Composite Index |
|
|
24.57 |
% |
|
|
9.28 |
% |
|
|
11.42 |
% |
| |
|
|
|
| S&P Target Date 2040 Index |
|
|
24.41 |
% |
|
|
9.16 |
% |
|
|
10.78 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
11,659,324,952 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
16,171,241 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520399 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$39 |
|
0.35% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 24.09% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2040 Fund Composite Index, which returned 24.57%. The Fund’s Composite Index consisted of: 49.3% Russell 3000® Index; 26.5% MSCI EAFE + Emerging Markets Index; 17.4% Bloomberg U.S. Aggregate Bond Index; 4.3% Bloomberg Global Aggregate ex‑USD Index (Hedged); 1.7% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained Index; 0.4% Bloomberg U.S. 1–3 Year Government/Credit Bond Index; and 0.4% 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
24.09 |
% |
|
|
8.92 |
% |
|
|
11.05 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2040 Fund Composite Index |
|
|
24.57 |
% |
|
|
9.28 |
% |
|
|
11.42 |
% |
| |
|
|
|
| S&P Target Date 2040 Index |
|
|
24.41 |
% |
|
|
9.16 |
% |
|
|
10.78 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
11,659,324,952 |
|
|
|
| Total number of portfolio holdings |
|
|
9 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
16,171,241 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520399 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$14 |
|
0.12% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 26.57% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2045 Fund Composite Index, which returned 26.78%. The Fund’s Composite Index consisted of: 55.0% Russell 3000® Index; 29.6% MSCI EAFE + Emerging Markets Index; 11.6% Bloomberg U.S. Aggregate Bond Index; 2.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 0.9% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained. 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
26.57 |
% |
|
|
9.92 |
% |
|
|
11.99 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2045 Fund Composite Index |
|
|
26.78 |
% |
|
|
10.08 |
% |
|
|
12.16 |
% |
| |
|
|
|
| S&P Target Date 2045 Index |
|
|
26.31 |
% |
|
|
9.86 |
% |
|
|
11.35 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
10,315,533,037 |
|
|
|
| Total number of portfolio holdings |
|
|
7 |
|
|
|
| Portfolio turnover (%) |
|
|
21% |
|
|
|
| Total management fees paid for the year |
|
$ |
14,112,459 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520401 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$28 |
|
0.25% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 26.42% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2045 Fund Composite Index, which returned 26.78%. The Fund’s Composite Index consisted of: 55.0% Russell 3000® Index; 29.6% MSCI EAFE + Emerging Markets Index; 11.6% Bloomberg U.S. Aggregate Bond Index; 2.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 0.9% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained. 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
26.42 |
% |
|
|
9.84 |
% |
|
|
11.91 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2045 Fund Composite Index |
|
|
26.78 |
% |
|
|
10.08 |
% |
|
|
12.16 |
% |
| |
|
|
|
| S&P Target Date 2045 Index |
|
|
26.31 |
% |
|
|
9.86 |
% |
|
|
11.35 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
10,315,533,037 |
|
|
|
| Total number of portfolio holdings |
|
|
7 |
|
|
|
| Portfolio turnover (%) |
|
|
21% |
|
|
|
| Total management fees paid for the year |
|
$ |
14,112,459 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520401 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 26.63% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2045 Fund Composite Index, which returned 26.78%. The Fund’s Composite Index consisted of: 55.0% Russell 3000® Index; 29.6% MSCI EAFE + Emerging Markets Index; 11.6% Bloomberg U.S. Aggregate Bond Index; 2.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 0.9% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained. 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
26.63 |
% |
|
|
10.00 |
% |
|
|
12.07 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2045 Fund Composite Index |
|
|
26.78 |
% |
|
|
10.08 |
% |
|
|
12.16 |
% |
| |
|
|
|
| S&P Target Date 2045 Index |
|
|
26.31 |
% |
|
|
9.86 |
% |
|
|
11.35 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
10,315,533,037 |
|
|
|
| Total number of portfolio holdings |
|
|
7 |
|
|
|
| Portfolio turnover (%) |
|
|
21% |
|
|
|
| Total management fees paid for the year |
|
$ |
14,112,459 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520401 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$40 |
|
0.35% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 26.30% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2045 Fund Composite Index, which returned 26.78%. The Fund’s Composite Index consisted of: 55.0% Russell 3000® Index; 29.6% MSCI EAFE + Emerging Markets Index; 11.6% Bloomberg U.S. Aggregate Bond Index; 2.9% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 0.9% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained. 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
26.30 |
% |
|
|
9.72 |
% |
|
|
11.80 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2045 Fund Composite Index |
|
|
26.78 |
% |
|
|
10.08 |
% |
|
|
12.16 |
% |
| |
|
|
|
| S&P Target Date 2045 Index |
|
|
26.31 |
% |
|
|
9.86 |
% |
|
|
11.35 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
10,315,533,037 |
|
|
|
| Total number of portfolio holdings |
|
|
7 |
|
|
|
| Portfolio turnover (%) |
|
|
21% |
|
|
|
| Total management fees paid for the year |
|
$ |
14,112,459 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520401 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$14 |
|
0.12% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 27.72% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2050 Fund Composite Index, which returned 27.93%. The Fund’s Composite Index consisted of: 58.0% Russell 3000® Index; 31.3% MSCI EAFE + Emerging Markets Index; 8.5% Bloomberg U.S. Aggregate Bond Index; 2.1% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 0.1% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained. 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
27.72 |
% |
|
|
10.29 |
% |
|
|
12.28 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2050 Fund Composite Index |
|
|
27.93 |
% |
|
|
10.45 |
% |
|
|
12.44 |
% |
| |
|
|
|
| S&P Target Date 2050 Index |
|
|
27.16 |
% |
|
|
10.15 |
% |
|
|
11.64 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
8,995,794,286 |
|
|
|
| Total number of portfolio holdings |
|
|
7 |
|
|
|
| Portfolio turnover (%) |
|
|
17% |
|
|
|
| Total management fees paid for the year |
|
$ |
12,219,208 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520402 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$28 |
|
0.25% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 27.57% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2050 Fund Composite Index, which returned 27.93%. The Fund’s Composite Index consisted of: 58.0% Russell 3000® Index; 31.3% MSCI EAFE + Emerging Markets Index; 8.5% Bloomberg U.S. Aggregate Bond Index; 2.1% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 0.1% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained. 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
27.57 |
% |
|
|
10.21 |
% |
|
|
12.19 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2050 Fund Composite Index |
|
|
27.93 |
% |
|
|
10.45 |
% |
|
|
12.44 |
% |
| |
|
|
|
| S&P Target Date 2050 Index |
|
|
27.16 |
% |
|
|
10.15 |
% |
|
|
11.64 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
8,995,794,286 |
|
|
|
| Total number of portfolio holdings |
|
|
7 |
|
|
|
| Portfolio turnover (%) |
|
|
17% |
|
|
|
| Total management fees paid for the year |
|
$ |
12,219,208 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520402 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 27.78% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2050 Fund Composite Index, which returned 27.93%. The Fund’s Composite Index consisted of: 58.0% Russell 3000® Index; 31.3% MSCI EAFE + Emerging Markets Index; 8.5% Bloomberg U.S. Aggregate Bond Index; 2.1% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 0.1% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained. 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
27.78 |
% |
|
|
10.38 |
% |
|
|
12.36 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2050 Fund Composite Index |
|
|
27.93 |
% |
|
|
10.45 |
% |
|
|
12.44 |
% |
| |
|
|
|
| S&P Target Date 2050 Index |
|
|
27.16 |
% |
|
|
10.15 |
% |
|
|
11.64 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
8,995,794,286 |
|
|
|
| Total number of portfolio holdings |
|
|
7 |
|
|
|
| Portfolio turnover (%) |
|
|
17% |
|
|
|
| Total management fees paid for the year |
|
$ |
12,219,208 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520402 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$40 |
|
0.35% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 27.46% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2050 Fund Composite Index, which returned 27.93%. The Fund’s Composite Index consisted of: 58.0% Russell 3000® Index; 31.3% MSCI EAFE + Emerging Markets Index; 8.5% Bloomberg U.S. Aggregate Bond Index; 2.1% Bloomberg Global Aggregate ex‑USD Index (Hedged); and 0.1% ICE BofA BB‑B U.S. Cash Pay High Yield Constrained. 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
27.46 |
% |
|
|
10.10 |
% |
|
|
12.08 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2050 Fund Composite Index |
|
|
27.93 |
% |
|
|
10.45 |
% |
|
|
12.44 |
% |
| |
|
|
|
| S&P Target Date 2050 Index |
|
|
27.16 |
% |
|
|
10.15 |
% |
|
|
11.64 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
8,995,794,286 |
|
|
|
| Total number of portfolio holdings |
|
|
7 |
|
|
|
| Portfolio turnover (%) |
|
|
17% |
|
|
|
| Total management fees paid for the year |
|
$ |
12,219,208 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520402 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$14 |
|
0.12% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 28.12% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2055 Fund Composite Index, which returned 28.33%. The Fund’s Composite Index consisted of: 59.1% Russell 3000® Index; 31.9% MSCI EAFE + Emerging Markets Index; 7.2% Bloomberg U.S. Aggregate Bond Index; and 1.8% Bloomberg Global Aggregate ex‑USD Index (Hedged). 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
28.12 |
% |
|
|
10.44 |
% |
|
|
12.43 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2055 Fund Composite Index |
|
|
28.33 |
% |
|
|
10.61 |
% |
|
|
12.59 |
% |
| |
|
|
|
| S&P Target Date 2055 Index |
|
|
27.78 |
% |
|
|
10.31 |
% |
|
|
11.80 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,953,552,576 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
7,870,006 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520407 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$28 |
|
0.25% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 27.91% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2055 Fund Composite Index, which returned 28.33%. The Fund’s Composite Index consisted of: 59.1% Russell 3000® Index; 31.9% MSCI EAFE + Emerging Markets Index; 7.2% Bloomberg U.S. Aggregate Bond Index; and 1.8% Bloomberg Global Aggregate ex‑USD Index (Hedged). 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
27.91 |
% |
|
|
10.36 |
% |
|
|
12.33 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2055 Fund Composite Index |
|
|
28.33 |
% |
|
|
10.61 |
% |
|
|
12.59 |
% |
| |
|
|
|
| S&P Target Date 2055 Index |
|
|
27.78 |
% |
|
|
10.31 |
% |
|
|
11.80 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,953,552,576 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
7,870,006 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520407 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 28.13% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2055 Fund Composite Index, which returned 28.33%. The Fund’s Composite Index consisted of: 59.1% Russell 3000® Index; 31.9% MSCI EAFE + Emerging Markets Index; 7.2% Bloomberg U.S. Aggregate Bond Index; and 1.8% Bloomberg Global Aggregate ex‑USD Index (Hedged). 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
28.13 |
% |
|
|
10.51 |
% |
|
|
12.50 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2055 Fund Composite Index |
|
|
28.33 |
% |
|
|
10.61 |
% |
|
|
12.59 |
% |
| |
|
|
|
| S&P Target Date 2055 Index |
|
|
27.78 |
% |
|
|
10.31 |
% |
|
|
11.80 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,953,552,576 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
7,870,006 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520407 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$40 |
|
0.35% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 27.83% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2055 Fund Composite Index, which returned 28.33%. The Fund’s Composite Index consisted of: 59.1% Russell 3000® Index; 31.9% MSCI EAFE + Emerging Markets Index; 7.2% Bloomberg U.S. Aggregate Bond Index; and 1.8% Bloomberg Global Aggregate ex‑USD Index (Hedged). 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
27.83 |
% |
|
|
10.24 |
% |
|
|
12.22 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2055 Fund Composite Index |
|
|
28.33 |
% |
|
|
10.61 |
% |
|
|
12.59 |
% |
| |
|
|
|
| S&P Target Date 2055 Index |
|
|
27.78 |
% |
|
|
10.31 |
% |
|
|
11.80 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
5,953,552,576 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
7,870,006 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520407 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$14 |
|
0.12% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 28.45% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2060 Fund Composite Index, which returned 28.67%. The Fund’s Composite Index consisted of: 60.0% Russell 3000® Index; 32.3% MSCI EAFE + Emerging Markets Index; 6.2% Bloomberg U.S. Aggregate Bond Index; and 1.5% Bloomberg Global Aggregate ex‑USD Index (Hedged). 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. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
28.45 |
% |
|
|
10.58 |
% |
|
|
12.57 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2060 Fund Composite Index |
|
|
28.67 |
% |
|
|
10.75 |
% |
|
|
12.74 |
% |
| |
|
|
|
| S&P Target Date 2060 Index |
|
|
27.80 |
% |
|
|
10.31 |
% |
|
|
11.87 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
3,571,762,355 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
4,728,356 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520410 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$29 |
|
0.25% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 28.28% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2060 Fund Composite Index, which returned 28.67%.
The Fund’s Composite Index consisted of: 60.0% Russell 3000® Index; 32.3% MSCI EAFE + Emerging Markets Index; 6.2% Bloomberg U.S. Aggregate Bond Index; and 1.5% Bloomberg Global Aggregate ex‑USD Index (Hedged).
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. |
|
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
28.28 |
% |
|
|
10.50 |
% |
|
|
12.48 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2060 Fund Composite Index |
|
|
28.67 |
% |
|
|
10.75 |
% |
|
|
12.74 |
% |
| |
|
|
|
| S&P Target Date 2060 Index |
|
|
27.80 |
% |
|
|
10.31 |
% |
|
|
11.87 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
3,571,762,355 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
4,728,356 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520410 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 28.51% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2060 Fund Composite Index, which returned 28.67%.
The Fund’s Composite Index consisted of: 60.0% Russell 3000® Index; 32.3% MSCI EAFE + Emerging Markets Index; 6.2% Bloomberg U.S. Aggregate Bond Index; and 1.5% Bloomberg Global Aggregate ex‑USD Index (Hedged).
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. |
|
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
28.51 |
% |
|
|
10.66 |
% |
|
|
12.64 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2060 Fund Composite Index |
|
|
28.67 |
% |
|
|
10.75 |
% |
|
|
12.74 |
% |
| |
|
|
|
| S&P Target Date 2060 Index |
|
|
27.80 |
% |
|
|
10.31 |
% |
|
|
11.87 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
3,571,762,355 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
4,728,356 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520410 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$40 |
|
0.35% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 28.18% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2060 Fund Composite Index, which returned 28.67%.
The Fund’s Composite Index consisted of: 60.0% Russell 3000® Index; 32.3% MSCI EAFE + Emerging Markets Index; 6.2% Bloomberg U.S. Aggregate Bond Index; and 1.5% Bloomberg Global Aggregate ex‑USD Index (Hedged).
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. |
|
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
28.18 |
% |
|
|
10.39 |
% |
|
|
12.36 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifecycle Index 2060 Fund Composite Index |
|
|
28.67 |
% |
|
|
10.75 |
% |
|
|
12.74 |
% |
| |
|
|
|
| S&P Target Date 2060 Index |
|
|
27.80 |
% |
|
|
10.31 |
% |
|
|
11.87 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
3,571,762,355 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
22% |
|
|
|
| Total management fees paid for the year |
|
$ |
4,728,356 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
|
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
|
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520410 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.10% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 28.72% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2065 Fund Composite Index, which returned 29.01%.
The Fund’s Composite Index consisted of: 60.8% Russell 3000® Index; 32.7% MSCI EAFE + Emerging Markets Index; 5.2% Bloomberg U.S. Aggregate Bond Index; and 1.3% Bloomberg Global Aggregate ex‑USD Index (Hedged).
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. |
|
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, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
Since Inception (9/30/20) |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
28.72 |
% |
|
|
10.77 |
% |
|
|
14.08 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
16.41 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
(0.14 |
)% |
| |
|
|
|
| Lifecycle Index 2065 Fund Composite Index |
|
|
29.01 |
% |
|
|
10.89 |
% |
|
|
14.25 |
% |
| |
|
|
|
| S&P Target Date 2065+ Index |
|
|
28.11 |
% |
|
|
10.50 |
% |
|
|
14.00 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
1,078,542,583 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
12% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,210,382 |
|
What did the Fund invest in? (as of May 31, 2026)
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520412 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$29 |
|
0.25% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 28.60% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2065 Fund Composite Index, which returned 29.01%.
The Fund’s Composite Index consisted of: 60.8% Russell 3000® Index; 32.7% MSCI EAFE + Emerging Markets Index; 5.2% Bloomberg U.S. Aggregate Bond Index; and 1.3% Bloomberg Global Aggregate ex‑USD Index (Hedged).
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. |
|
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, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
Since Inception (9/30/20) |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
28.60 |
% |
|
|
10.66 |
% |
|
|
13.98 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
16.41 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
(0.14 |
)% |
| |
|
|
|
| Lifecycle Index 2065 Fund Composite Index |
|
|
29.01 |
% |
|
|
10.89 |
% |
|
|
14.25 |
% |
| |
|
|
|
| S&P Target Date 2065+ Index |
|
|
28.11 |
% |
|
|
10.50 |
% |
|
|
14.00 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
1,078,542,583 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
12% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,210,382 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520412 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 28.82% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifecycle Index 2065 Fund Composite Index, which returned 29.01%.
The Fund’s Composite Index consisted of: 60.8% Russell 3000® Index; 32.7% MSCI EAFE + Emerging Markets Index; 5.2% Bloomberg U.S. Aggregate Bond Index; and 1.3% Bloomberg Global Aggregate ex‑USD Index (Hedged).
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. |
|
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, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1-Year |
|
|
|
5-Year |
|
|
|
Since Inception (9/30/20) |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
28.82 |
% |
|
|
10.84 |
% |
|
|
14.14 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
16.41 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
(0.14 |
)% |
| |
|
|
|
| Lifecycle Index 2065 Fund Composite Index |
|
|
29.01 |
% |
|
|
10.89 |
% |
|
|
14.25 |
% |
| |
|
|
|
| S&P Target Date 2065+ Index |
|
|
28.11 |
% |
|
|
10.50 |
% |
|
|
14.00 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
1,078,542,583 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
12% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,210,382 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520412 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
Nuveen Lifecycle Index 2065 Fund
Retirement Class Shares/TFIRX
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, 2025 to May 31, 2026. 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 |
|
$40 |
|
0.35% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a 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 28.46% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifecycle Index 2065 Fund Composite Index, which returned 29.01%. The Fund’s Composite Index consisted of: 60.8% Russell 3000® Index; 32.7% MSCI EAFE + Emerging Markets Index; 5.2% Bloomberg U.S. Aggregate Bond Index; and 1.3% Bloomberg Global Aggregate ex‑USD Index (Hedged). 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. |
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, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
Since Inception (9/30/20) |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
28.46 |
% |
|
|
10.50 |
% |
|
|
13.81 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
16.41 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
(0.14 |
)% |
| |
|
|
|
| Lifecycle Index 2065 Fund Composite Index |
|
|
29.01 |
% |
|
|
10.89 |
% |
|
|
14.25 |
% |
| |
|
|
|
| S&P Target Date 2065+ Index |
|
|
28.11 |
% |
|
|
10.50 |
% |
|
|
14.00 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
1,078,542,583 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
12% |
|
|
|
| Total management fees paid for the year |
|
$ |
1,210,382 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520412 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
Nuveen Lifecycle Index 2070 Fund
Class I Shares/TLICX
Annual Shareholder Report
This annual shareholder report contains important information about the Class I Shares of the Nuveen Lifecycle Index 2070 Fund for the period of September 30, 2025 to May 31, 2026. 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 period since inception? (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 |
|
$24 |
|
0.22% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a period less than one year. |
|
How did the Fund perform since inception? What affected the Fund’s performance?
|
|
| Performance Highlights The Nuveen Lifecycle Index 2070 Fund returned 15.11% for Class I Shares at net asset value (NAV) for the abbreviated reporting period from the Fund’s launch on September 30, 2025, through May 31, 2026. The Fund underperformed the Lifecycle Index 2070 Fund Composite Index, which returned 15.47%. The Fund’s Composite Index consisted of: 61.6% Russell 3000® Index; 33.2% MSCI EAFE + Emerging Markets Index; 4.2% Bloomberg U.S. Aggregate Bond Index; and 1.0% Bloomberg Global Aggregate ex‑USD Index (Hedged). 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. |
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, 2025 through May 31, 2026) Initial Investment of $10,000
Cumulative Total Returns
|
|
|
|
|
|
|
| |
|
Since Inception (9/30/25) |
|
| |
|
| Class I Shares at NAV |
|
|
15.11 |
% |
| |
|
| Russell 3000® Index |
|
|
13.88 |
% |
| |
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
1.48 |
% |
| |
|
| Lifecycle Index 2070 Fund Composite Index |
|
|
15.47 |
% |
| |
|
| S&P Target Date 2065+ Index |
|
|
15.02 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
10,542,381 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
5,733 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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.
|
|
|
| 87249N636_AR_0526 5520416 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
Nuveen Lifecycle Index 2070 Fund
Premier Class Shares/TPREX
Annual Shareholder Report
This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Lifecycle Index 2070 Fund for the period of September 30, 2025 to May 31, 2026. 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 period since inception? (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 |
|
$24 |
|
0.22% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a period less than one year. |
|
How did the Fund perform since inception? What affected the Fund’s performance?
|
|
| Performance Highlights The Nuveen Lifecycle Index 2070 Fund returned 15.11% for Premier Class Shares at net asset value (NAV) for the abbreviated reporting period from the Fund’s launch on September 30, 2025, through May 31, 2026. The Fund underperformed the Lifecycle Index 2070 Fund Composite Index, which returned 15.47%. The Fund’s Composite Index consisted of: 61.6% Russell 3000® Index; 33.2% MSCI EAFE + Emerging Markets Index; 4.2% Bloomberg U.S. Aggregate Bond Index; and 1.0% Bloomberg Global Aggregate ex‑USD Index (Hedged). 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. |
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, 2025 through May 31, 2026) Initial Investment of $10,000
Cumulative Total Returns
|
|
|
|
|
|
|
| |
|
Since Inception (9/30/25) |
|
| |
|
| Premier Class Shares at NAV |
|
|
15.11 |
% |
| |
|
| Russell 3000® Index |
|
|
13.88 |
% |
| |
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
1.48 |
% |
| |
|
| Lifecycle Index 2070 Fund Composite Index |
|
|
15.47 |
% |
| |
|
| S&P Target Date 2065+ Index |
|
|
15.02 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
10,542,381 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
5,733 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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.
|
|
|
| 87249N594_AR_0526 5520416 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
Nuveen Lifecycle Index 2070 Fund
Class R6 Shares/TLCLX
Annual Shareholder Report
This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Lifecycle Index 2070 Fund for the period of September 30, 2025 to May 31, 2026. 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 period since inception? (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 |
|
$12 |
|
0.11% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a period less than one year. |
|
How did the Fund perform since inception? What affected the Fund’s performance?
|
|
| Performance Highlights The Nuveen Lifecycle Index 2070 Fund returned 15.15% for Class R6 Shares at net asset value (NAV) for the abbreviated reporting period from the Fund’s launch on September 30, 2025, through May 31, 2026. The Fund underperformed the Lifecycle Index 2070 Fund Composite Index, which returned 15.47%. The Fund’s Composite Index consisted of: 61.6% Russell 3000® Index; 33.2% MSCI EAFE + Emerging Markets Index; 4.2% Bloomberg U.S. Aggregate Bond Index; and 1.0% Bloomberg Global Aggregate ex‑USD Index (Hedged). 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. |
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, 2025 through May 31, 2026) Initial Investment of $10,000
Cumulative Total Returns
|
|
|
|
|
|
|
| |
|
Since Inception (9/30/25) |
|
| |
|
| Class R6 Shares at NAV |
|
|
15.15 |
% |
| |
|
| Russell 3000® Index |
|
|
13.88 |
% |
| |
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
1.48 |
% |
| |
|
| Lifecycle Index 2070 Fund Composite Index |
|
|
15.47 |
% |
| |
|
| S&P Target Date 2065+ Index |
|
|
15.02 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
10,542,381 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
5,733 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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.
|
|
|
| 87249N628_AR_0526 5520416 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
Nuveen Lifecycle Index 2070 Fund
Retirement Class Shares/TRETX
Annual Shareholder Report
This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Lifecycle Index 2070 Fund for the period of September 30, 2025 to May 31, 2026. 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 period since inception? (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 |
|
$35 |
|
0.33% |
| |
* |
|
The Fund’s ratios exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the income of all Underlying Funds. Annualized for a period less than one year. |
|
How did the Fund perform since inception? What affected the Fund’s performance?
|
|
| Performance Highlights The Nuveen Lifecycle Index 2070 Fund returned 14.98% for Retirement Class Shares at net asset value (NAV) for the abbreviated reporting period from the Fund’s launch on September 30, 2025, through May 31, 2026. The Fund underperformed the Lifecycle Index 2070 Fund Composite Index, which returned 15.47%. The Fund’s Composite Index consisted of: 61.6% Russell 3000® Index; 33.2% MSCI EAFE + Emerging Markets Index; 4.2% Bloomberg U.S. Aggregate Bond Index; and 1.0% Bloomberg Global Aggregate ex‑USD Index (Hedged). 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. |
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, 2025 through May 31, 2026) Initial Investment of $10,000
Cumulative Total Returns
|
|
|
|
|
|
|
| |
|
Since Inception (9/30/25) |
|
| |
|
| Retirement Class Shares at NAV |
|
|
14.98 |
% |
| |
|
| Russell 3000® Index |
|
|
13.88 |
% |
| |
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
1.48 |
% |
| |
|
| Lifecycle Index 2070 Fund Composite Index |
|
|
15.47 |
% |
| |
|
| S&P Target Date 2065+ Index |
|
|
15.02 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
10,542,381 |
|
|
|
| Total number of portfolio holdings |
|
|
6 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
5,733 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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.
|
|
|
| 87249N610_AR_0526 5520416 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$42 |
|
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 8.81% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 9.38%. 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 Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Short Term Bond Fund. An allocation to the Nuveen Core Plus Bond Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class A Shares at NAV (excluding maximum sales charge) |
|
|
8.81 |
% |
|
|
3.08 |
% |
|
|
4.20 |
% |
| |
|
|
|
| Class A Shares at maximum sales charge (Offering Price) |
|
|
2.53 |
% |
|
|
1.87 |
% |
|
|
3.58 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Income Fund Composite Index |
|
|
9.38 |
% |
|
|
3.29 |
% |
|
|
4.29 |
% |
| |
|
|
|
| Morningstar Conservative Target Risk Index |
|
|
9.30 |
% |
|
|
2.20 |
% |
|
|
3.90 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
70,847,760 |
|
|
|
| Total number of portfolio holdings |
|
|
18 |
|
|
|
| Portfolio turnover (%) |
|
|
16% |
|
|
|
| Total management fees paid for the year |
|
$ |
75,581 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520418 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$20 |
|
0.19% |
| |
* |
|
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 9.01% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 9.38%. 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 Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Short Term Bond Fund. An allocation to the Nuveen Core Plus Bond Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
9.01 |
% |
|
|
3.29 |
% |
|
|
4.44 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Income Fund Composite Index |
|
|
9.38 |
% |
|
|
3.29 |
% |
|
|
4.29 |
% |
| |
|
|
|
| Morningstar Conservative Target Risk Index |
|
|
9.30 |
% |
|
|
2.20 |
% |
|
|
3.90 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
70,847,760 |
|
|
|
| Total number of portfolio holdings |
|
|
18 |
|
|
|
| Portfolio turnover (%) |
|
|
16% |
|
|
|
| Total management fees paid for the year |
|
$ |
75,581 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520418 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 8.93% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 9.38%. 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 Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Short Term Bond Fund. An allocation to the Nuveen Core Plus Bond Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
8.93 |
% |
|
|
3.23 |
% |
|
|
4.33 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Income Fund Composite Index |
|
|
9.38 |
% |
|
|
3.29 |
% |
|
|
4.29 |
% |
| |
|
|
|
| Morningstar Conservative Target Risk Index |
|
|
9.30 |
% |
|
|
2.20 |
% |
|
|
3.90 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
70,847,760 |
|
|
|
| Total number of portfolio holdings |
|
|
18 |
|
|
|
| Portfolio turnover (%) |
|
|
16% |
|
|
|
| Total management fees paid for the year |
|
$ |
75,581 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520418 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 9.13% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the Lifestyle Income Fund Composite Index, which returned 9.38%. 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 Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Short Term Bond Fund. An allocation to the Nuveen Core Plus Bond Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
9.13 |
% |
|
|
3.36 |
% |
|
|
4.49 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Income Fund Composite Index |
|
|
9.38 |
% |
|
|
3.29 |
% |
|
|
4.29 |
% |
| |
|
|
|
| Morningstar Conservative Target Risk Index |
|
|
9.30 |
% |
|
|
2.20 |
% |
|
|
3.90 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
70,847,760 |
|
|
|
| Total number of portfolio holdings |
|
|
18 |
|
|
|
| Portfolio turnover (%) |
|
|
16% |
|
|
|
| Total management fees paid for the year |
|
$ |
75,581 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520418 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 Income Fund returned 8.86% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Income Fund Composite Index, which returned 9.38%. 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 Strong overall performance of the underlying funds investing in fixed income, led by the Nuveen Short Term Bond Fund. An allocation to the Nuveen Core Plus Bond Fund. A position in the Nuveen Core Bond Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
8.86 |
% |
|
|
3.12 |
% |
|
|
4.23 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Income Fund Composite Index |
|
|
9.38 |
% |
|
|
3.29 |
% |
|
|
4.29 |
% |
| |
|
|
|
| Morningstar Conservative Target Risk Index |
|
|
9.30 |
% |
|
|
2.20 |
% |
|
|
3.90 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
70,847,760 |
|
|
|
| Total number of portfolio holdings |
|
|
18 |
|
|
|
| Portfolio turnover (%) |
|
|
16% |
|
|
|
| Total management fees paid for the year |
|
$ |
75,581 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520418 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$42 |
|
0.39% |
| |
* |
|
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 13.19% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 14.62%. 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 Strong overall performance of the underlying funds investing in fixed income, led by 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 Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Class A Shares at NAV (excluding maximum sales charge) |
|
|
13.19 |
% |
|
|
4.46 |
% |
|
|
6.19 |
% |
| |
|
|
|
| Class A Shares at maximum sales charge (Offering Price) |
|
|
6.68 |
% |
|
|
3.23 |
% |
|
|
5.56 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Conservative Fund Composite Index |
|
|
14.62 |
% |
|
|
5.19 |
% |
|
|
6.61 |
% |
| |
|
|
|
| Morningstar Moderately Conservative Target Risk Index |
|
|
13.62 |
% |
|
|
4.35 |
% |
|
|
6.24 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
324,499,063 |
|
|
|
| Total number of portfolio holdings |
|
|
18 |
|
|
|
| Portfolio turnover (%) |
|
|
19% |
|
|
|
| Total management fees paid for the year |
|
$ |
321,403 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520421 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$17 |
|
0.16% |
| |
* |
|
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 13.50% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 14.62%. 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 Strong overall performance of the underlying funds investing in fixed income, led by 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 Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
13.50 |
% |
|
|
4.67 |
% |
|
|
6.40 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Conservative Fund Composite Index |
|
|
14.62 |
% |
|
|
5.19 |
% |
|
|
6.61 |
% |
| |
|
|
|
| Morningstar Moderately Conservative Target Risk Index |
|
|
13.62 |
% |
|
|
4.35 |
% |
|
|
6.24 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
324,499,063 |
|
|
|
| Total number of portfolio holdings |
|
|
18 |
|
|
|
| Portfolio turnover (%) |
|
|
19% |
|
|
|
| Total management fees paid for the year |
|
$ |
321,403 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520421 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 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 13.26% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 14.62%. 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 Strong overall performance of the underlying funds investing in fixed income, led by 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 Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
13.26 |
% |
|
|
4.58 |
% |
|
|
6.31 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Conservative Fund Composite Index |
|
|
14.62 |
% |
|
|
5.19 |
% |
|
|
6.61 |
% |
| |
|
|
|
| Morningstar Moderately Conservative Target Risk Index |
|
|
13.62 |
% |
|
|
4.35 |
% |
|
|
6.24 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
324,499,063 |
|
|
|
| Total number of portfolio holdings |
|
|
18 |
|
|
|
| Portfolio turnover (%) |
|
|
19% |
|
|
|
| Total management fees paid for the year |
|
$ |
321,403 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520421 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 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 13.50% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 14.62%. 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 Strong overall performance of the underlying funds investing in fixed income, led by 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 Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
13.50 |
% |
|
|
4.74 |
% |
|
|
6.48 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Conservative Fund Composite Index |
|
|
14.62 |
% |
|
|
5.19 |
% |
|
|
6.61 |
% |
| |
|
|
|
| Morningstar Moderately Conservative Target Risk Index |
|
|
13.62 |
% |
|
|
4.35 |
% |
|
|
6.24 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
324,499,063 |
|
|
|
| Total number of portfolio holdings |
|
|
18 |
|
|
|
| Portfolio turnover (%) |
|
|
19% |
|
|
|
| Total management fees paid for the year |
|
$ |
321,403 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520421 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 Conservative Fund returned 13.23% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Conservative Fund Composite Index, which returned 14.62%. 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 Strong overall performance of the underlying funds investing in fixed income, led by 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 Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
13.23 |
% |
|
|
4.50 |
% |
|
|
6.22 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Conservative Fund Composite Index |
|
|
14.62 |
% |
|
|
5.19 |
% |
|
|
6.61 |
% |
| |
|
|
|
| Morningstar Moderately Conservative Target Risk Index |
|
|
13.62 |
% |
|
|
4.35 |
% |
|
|
6.24 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
324,499,063 |
|
|
|
| Total number of portfolio holdings |
|
|
18 |
|
|
|
| Portfolio turnover (%) |
|
|
19% |
|
|
|
| Total management fees paid for the year |
|
$ |
321,403 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520421 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$44 |
|
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 Moderate Fund returned 17.62% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 20.02%. 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 Holding the Nuveen Core Plus Bond Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen International Equity Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class A Shares at NAV (excluding maximum sales charge) |
|
|
17.62 |
% |
|
|
5.78 |
% |
|
|
8.14 |
% |
| |
|
|
|
| Class A Shares at maximum sales charge (Offering Price) |
|
|
10.86 |
% |
|
|
4.53 |
% |
|
|
7.50 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Moderate Fund Composite Index |
|
|
20.02 |
% |
|
|
7.04 |
% |
|
|
8.88 |
% |
| |
|
|
|
| Morningstar Moderate Target Risk Index |
|
|
18.36 |
% |
|
|
6.16 |
% |
|
|
8.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
624,419,374 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
597,302 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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.
|
|
|
| 87245R847_AR_0526 5520424 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.17% |
| |
* |
|
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 Moderate Fund returned 17.92% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 20.02%. 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 Holding the Nuveen Core Plus Bond Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen International Equity Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
17.92 |
% |
|
|
5.99 |
% |
|
|
8.36 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Moderate Fund Composite Index |
|
|
20.02 |
% |
|
|
7.04 |
% |
|
|
8.88 |
% |
| |
|
|
|
| Morningstar Moderate Target Risk Index |
|
|
18.36 |
% |
|
|
6.16 |
% |
|
|
8.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
624,419,374 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
597,302 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520424 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 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 17.82% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 20.02%. 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 Holding the Nuveen Core Plus Bond Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen International Equity Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
17.82 |
% |
|
|
5.93 |
% |
|
|
8.28 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Moderate Fund Composite Index |
|
|
20.02 |
% |
|
|
7.04 |
% |
|
|
8.88 |
% |
| |
|
|
|
| Morningstar Moderate Target Risk Index |
|
|
18.36 |
% |
|
|
6.16 |
% |
|
|
8.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
624,419,374 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
597,302 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520424 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 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 18.00% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 20.02%. 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 Holding the Nuveen Core Plus Bond Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen International Equity Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
18.00 |
% |
|
|
6.08 |
% |
|
|
8.44 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Moderate Fund Composite Index |
|
|
20.02 |
% |
|
|
7.04 |
% |
|
|
8.88 |
% |
| |
|
|
|
| Morningstar Moderate Target Risk Index |
|
|
18.36 |
% |
|
|
6.16 |
% |
|
|
8.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
624,419,374 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
597,302 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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.
|
|
|
| 87245R839_AR_0526 5520424 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$38 |
|
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 17.67% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Moderate Fund Composite Index, which returned 20.02%. 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 Holding the Nuveen Core Plus Bond Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen International Equity Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
17.67 |
% |
|
|
5.81 |
% |
|
|
8.17 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Moderate Fund Composite Index |
|
|
20.02 |
% |
|
|
7.04 |
% |
|
|
8.88 |
% |
| |
|
|
|
| Morningstar Moderate Target Risk Index |
|
|
18.36 |
% |
|
|
6.16 |
% |
|
|
8.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
624,419,374 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
20% |
|
|
|
| Total management fees paid for the year |
|
$ |
597,302 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520424 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$44 |
|
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 Growth Fund returned 21.85% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 25.27%. 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. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Core Plus Bond Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Class A Shares at NAV (excluding maximum sales charge) |
|
|
21.85 |
% |
|
|
7.51 |
% |
|
|
10.05 |
% |
| |
|
|
|
| Class A Shares at maximum sales charge (Offering Price) |
|
|
14.85 |
% |
|
|
6.24 |
% |
|
|
9.40 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Growth Fund Composite Index |
|
|
25.27 |
% |
|
|
9.30 |
% |
|
|
11.21 |
% |
| |
|
|
|
| Morningstar Moderately Aggressive Target Risk Index |
|
|
22.67 |
% |
|
|
8.02 |
% |
|
|
10.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
354,578,249 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
21% |
|
|
|
| Total management fees paid for the year |
|
$ |
332,312 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
Fee waiver/reimbursement: Effective May 1, 2026, Teachers Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2028 so that the maximum total annual operating expenses of the Fund (excluding interest expenses, taxes brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses) under the Fund’s contractual expense reimbursement agreements are reduced by 0.03% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520426 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
0.16% |
| |
* |
|
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 22.09% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 25.27%. 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. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Core Plus Bond Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
22.09 |
% |
|
|
7.72 |
% |
|
|
10.28 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Growth Fund Composite Index |
|
|
25.27 |
% |
|
|
9.30 |
% |
|
|
11.21 |
% |
| |
|
|
|
| Morningstar Moderately Aggressive Target Risk Index |
|
|
22.67 |
% |
|
|
8.02 |
% |
|
|
10.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
354,578,249 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
21% |
|
|
|
| Total management fees paid for the year |
|
$ |
332,312 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
Fee waiver/reimbursement: Effective May 1, 2026, Teachers Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2028 so that the maximum total annual operating expenses of the Fund (excluding interest expenses, taxes brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses) under the Fund’s contractual expense reimbursement agreements are reduced by 0.03% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520426 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$28 |
|
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 22.03% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 25.27%. 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. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Core Plus Bond Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
22.03 |
% |
|
|
7.67 |
% |
|
|
10.21 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Growth Fund Composite Index |
|
|
25.27 |
% |
|
|
9.30 |
% |
|
|
11.21 |
% |
| |
|
|
|
| Morningstar Moderately Aggressive Target Risk Index |
|
|
22.67 |
% |
|
|
8.02 |
% |
|
|
10.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
354,578,249 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
21% |
|
|
|
| Total management fees paid for the year |
|
$ |
332,312 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
Fee waiver/reimbursement: Effective May 1, 2026, Teachers Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2028 so that the maximum total annual operating expenses of the Fund (excluding interest expenses, taxes brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses) under the Fund’s contractual expense reimbursement agreements are reduced by 0.03% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520426 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 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 22.18% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 25.27%. 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. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Core Plus Bond Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
22.18 |
% |
|
|
7.80 |
% |
|
|
10.36 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Growth Fund Composite Index |
|
|
25.27 |
% |
|
|
9.30 |
% |
|
|
11.21 |
% |
| |
|
|
|
| Morningstar Moderately Aggressive Target Risk Index |
|
|
22.67 |
% |
|
|
8.02 |
% |
|
|
10.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
354,578,249 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
21% |
|
|
|
| Total management fees paid for the year |
|
$ |
332,312 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
Fee waiver/reimbursement: Effective May 1, 2026, Teachers Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2028 so that the maximum total annual operating expenses of the Fund (excluding interest expenses, taxes brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses) under the Fund’s contractual expense reimbursement agreements are reduced by 0.03% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520426 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$39 |
|
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 21.89% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Lifestyle Growth Fund Composite Index, which returned 25.27%. 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. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Core Plus Bond Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
21.89 |
% |
|
|
7.54 |
% |
|
|
10.08 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Growth Fund Composite Index |
|
|
25.27 |
% |
|
|
9.30 |
% |
|
|
11.21 |
% |
| |
|
|
|
| Morningstar Moderately Aggressive Target Risk Index |
|
|
22.67 |
% |
|
|
8.02 |
% |
|
|
10.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
354,578,249 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
21% |
|
|
|
| Total management fees paid for the year |
|
$ |
332,312 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
Fee waiver/reimbursement: Effective May 1, 2026, Teachers Advisors, LLC has agreed to waive fees and/or reimburse expenses of the Fund through July 31, 2028 so that the maximum total annual operating expenses of the Fund (excluding interest expenses, taxes brokerage commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses) under the Fund’s contractual expense reimbursement agreements are reduced by 0.03% of the average daily net assets of any class of Fund shares.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520426 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$47 |
|
0.42% |
| |
* |
|
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 26.07% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund significantly underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 30.66%. 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. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Class A Shares at NAV (excluding maximum sales charge) |
|
|
26.07 |
% |
|
|
9.16 |
% |
|
|
11.93 |
% |
| |
|
|
|
| Class A Shares at maximum sales charge (Offering Price) |
|
|
18.82 |
% |
|
|
7.88 |
% |
|
|
11.27 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Aggressive Growth Fund Composite Index |
|
|
30.66 |
% |
|
|
11.55 |
% |
|
|
13.50 |
% |
| |
|
|
|
| Morningstar Aggressive Target Risk Index |
|
|
26.15 |
% |
|
|
9.59 |
% |
|
|
11.75 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
291,807,353 |
|
|
|
| Total number of portfolio holdings |
|
|
15 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
270,521 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520429 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$14 |
|
0.12% |
| |
* |
|
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 26.50% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund significantly underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 30.66%. 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. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Class I Shares at NAV |
|
|
26.50 |
% |
|
|
9.41 |
% |
|
|
12.20 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Aggressive Growth Fund Composite Index |
|
|
30.66 |
% |
|
|
11.55 |
% |
|
|
13.50 |
% |
| |
|
|
|
| Morningstar Aggressive Target Risk Index |
|
|
26.15 |
% |
|
|
9.59 |
% |
|
|
11.75 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
291,807,353 |
|
|
|
| Total number of portfolio holdings |
|
|
15 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
270,521 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520429 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$28 |
|
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 26.30% for Premier Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund significantly underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 30.66%. 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. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Premier Class Shares at NAV |
|
|
26.30 |
% |
|
|
9.33 |
% |
|
|
12.10 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Aggressive Growth Fund Composite Index |
|
|
30.66 |
% |
|
|
11.55 |
% |
|
|
13.50 |
% |
| |
|
|
|
| Morningstar Aggressive Target Risk Index |
|
|
26.15 |
% |
|
|
9.59 |
% |
|
|
11.75 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
291,807,353 |
|
|
|
| Total number of portfolio holdings |
|
|
15 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
270,521 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520429 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 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 26.47% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund significantly underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 30.66%. 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. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
26.47 |
% |
|
|
9.49 |
% |
|
|
12.27 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Aggressive Growth Fund Composite Index |
|
|
30.66 |
% |
|
|
11.55 |
% |
|
|
13.50 |
% |
| |
|
|
|
| Morningstar Aggressive Target Risk Index |
|
|
26.15 |
% |
|
|
9.59 |
% |
|
|
11.75 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
291,807,353 |
|
|
|
| Total number of portfolio holdings |
|
|
15 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
270,521 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520429 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$40 |
|
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 26.17% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund significantly underperformed the Lifestyle Aggressive Growth Fund Composite Index, which returned 30.66%. 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. An allocation to the Nuveen International Equity Fund. A position in the Nuveen Growth Opportunities ETF. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1‑Year |
|
|
5‑Year |
|
|
10‑Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
26.17 |
% |
|
|
9.22 |
% |
|
|
12.00 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Lifestyle Aggressive Growth Fund Composite Index |
|
|
30.66 |
% |
|
|
11.55 |
% |
|
|
13.50 |
% |
| |
|
|
|
| Morningstar Aggressive Target Risk Index |
|
|
26.15 |
% |
|
|
9.59 |
% |
|
|
11.75 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
291,807,353 |
|
|
|
| Total number of portfolio holdings |
|
|
15 |
|
|
|
| Portfolio turnover (%) |
|
|
23% |
|
|
|
| Total management fees paid for the year |
|
$ |
270,521 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520429 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$27 |
|
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 17.77% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Managed Allocation Fund Composite Index, which returned 20.02%. 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 Holding the Nuveen Core Plus Bond Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen International Equity Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class A Shares at NAV (excluding maximum sales charge) |
|
|
17.77 |
% |
|
|
5.90 |
% |
|
|
8.25 |
% |
| |
|
|
|
| Class A Shares at maximum sales charge (Offering Price) |
|
|
10.99 |
% |
|
|
4.65 |
% |
|
|
7.62 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Managed Allocation Fund Composite Index |
|
|
20.02 |
% |
|
|
7.04 |
% |
|
|
8.88 |
% |
| |
|
|
|
| Morningstar Moderate Target Risk Index |
|
|
18.36 |
% |
|
|
6.16 |
% |
|
|
8.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
950,019,737 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
19% |
|
|
|
| Total management fees paid for the year |
|
$ |
0 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520433 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 18.07% for Class R6 Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Managed Allocation Fund Composite Index, which returned 20.02%. 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 Holding the Nuveen Core Plus Bond Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen International Equity Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Class R6 Shares at NAV |
|
|
18.07 |
% |
|
|
6.17 |
% |
|
|
8.53 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Managed Allocation Fund Composite Index |
|
|
20.02 |
% |
|
|
7.04 |
% |
|
|
8.88 |
% |
| |
|
|
|
| Morningstar Moderate Target Risk Index |
|
|
18.36 |
% |
|
|
6.16 |
% |
|
|
8.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
950,019,737 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
19% |
|
|
|
| Total management fees paid for the year |
|
$ |
0 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520433 |
|
|
|
|
|
|
|
Annual Shareholder Report May 31, 2026 |
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, 2025 to May 31, 2026. 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 |
|
$27 |
|
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 17.80% for Retirement Class Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the Managed Allocation Fund Composite Index, which returned 20.02%. 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 Holding the Nuveen Core Plus Bond Fund. An allocation to the Nuveen Quant International Small Cap Equity Fund. A position in the Nuveen International Equity Fund. Top detractors from relative performance A position in the Nuveen Dividend Growth Fund. Holding the Nuveen International Opportunities Fund. An allocation to the Nuveen Dividend Value Fund. |
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, 2016 through May 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
|
|
| Retirement Class Shares at NAV |
|
|
17.80 |
% |
|
|
5.90 |
% |
|
|
8.25 |
% |
| |
|
|
|
| Russell 3000® Index |
|
|
29.45 |
% |
|
|
12.92 |
% |
|
|
15.12 |
% |
| |
|
|
|
| Bloomberg U.S. Aggregate Bond Index |
|
|
5.13 |
% |
|
|
0.17 |
% |
|
|
1.70 |
% |
| |
|
|
|
| Managed Allocation Fund Composite Index |
|
|
20.02 |
% |
|
|
7.04 |
% |
|
|
8.88 |
% |
| |
|
|
|
| Morningstar Moderate Target Risk Index |
|
|
18.36 |
% |
|
|
6.16 |
% |
|
|
8.23 |
% |
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.
Fund Statistics (as of May 31, 2026)
|
|
|
|
|
|
|
| Fund net assets |
|
$ |
950,019,737 |
|
|
|
| Total number of portfolio holdings |
|
|
16 |
|
|
|
| Portfolio turnover (%) |
|
|
19% |
|
|
|
| Total management fees paid for the year |
|
$ |
0 |
|
What did the Fund invest in? (as of May 31, 2026)
| |
(1) |
Affiliated investment companies (Underlying Funds), except for repurchase agreements, where applicable. |
How has the Fund changed?
Portfolio manager update: Effective October 1, 2025, Jeff Sun, CFA was added as a portfolio manager of the Fund.
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 1, 2026 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_0526 5520433 |
|
|
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 and Loren M. Starr, 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 Board 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).
| 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, 2026 |
|
$514,833 |
|
|
|
$0 |
|
|
|
|
$0 |
|
|
|
|
$0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage approved pursuant to pre-approval exception |
|
0% |
|
|
|
0% |
|
|
|
|
0% |
|
|
|
|
0% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| May 31, 2025 |
|
$482,125 |
|
|
|
$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, 2026 |
|
$0 |
|
$0 |
|
$0 |
| |
|
|
|
|
|
|
| Percentage approved pursuant to pre-approval exception |
|
0% |
|
0% |
|
0% |
| |
|
|
|
|
|
|
| May 31, 2025 |
|
$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, 2026 |
|
|
$0 |
|
|
|
$0 |
|
|
|
$10,413,055 |
|
|
|
$10,413,055 |
|
| May 31, 2025 |
|
|
$0 |
|
|
|
$0 |
|
|
|
$10,974,000 |
|
|
|
$10,974,000 |
|
“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.
| (a) |
Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR. |
| 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, Nuveen
Lifecycle 2065 Fund and Nuveen Lifecycle 2070 Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the
table below (fourteen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the "Funds") as of May 31, 2026, the related
statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the
financial highlights for each of the periods indicated in the table below1 (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 listed in the table below as of May 31, 2026,
the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in
the table below, 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, 2026 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our
opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
July 28, 2026
We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.
Fund
Statement of
Operations
Statement of changes in net
assets
Financial Highlights
Nuveen Lifecycle Retirement Income Fund
For the year ended May
31, 2026
For the years ended May 31, 2026
and 2025
For the years ended May 31, 2026,
2025, 2024, 2023 and 2022
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
Nuveen Lifecycle 2070 Fund
For the period September 30, 2025 (commencement of operations) through May 31, 2026
Lifecycle Retirement Income
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
DIRECT REAL ESTATE—4.1%
1,701,266
(b)
Nuveen Real Property Fund LP (purchased 8/01/16-4/30/26; cost $17,315,542)
$
16,162,027
TOTAL DIRECT REAL ESTATE
16,162,027
FIXED INCOME—39.8%
5,356,302
Nuveen Core Bond Fund, Class W
49,117,290
4,031,885
Nuveen Core Plus Bond Fund, Class W
37,093,347
819,609
Nuveen Floating Rate Income Fund, Class R6
14,630,013
1,926,924
Nuveen High Yield Fund, Class W
17,149,625
3,883,840
Nuveen Short Term Bond Fund, Class W
39,382,142
TOTAL FIXED INCOME
157,372,417
INFLATION-PROTECTED ASSETS—9.9%
3,568,201
Nuveen Inflation Linked Bond Fund, Class W
39,143,169
TOTAL INFLATION-PROTECTED ASSETS
39,143,169
INTERNATIONAL EQUITY—12.7%
770,030
Nuveen Emerging Markets Equity Fund, Class W
9,571,475
764,577
Nuveen International Equity Fund, Class W
12,898,408
826,421
Nuveen International Opportunities Fund, Class W
14,792,939
150,606
Nuveen International Value Fund, Class I
6,049,859
440,906
Nuveen Quant International Small Cap Equity Fund, Class W
6,926,631
TOTAL INTERNATIONAL EQUITY
50,239,312
INTERNATIONAL FIXED INCOME—9.8%
1,873,278
Nuveen Emerging Markets Debt Fund, Class W
17,215,423
2,415,781
Nuveen International Bond Fund, Class W
21,645,399
TOTAL INTERNATIONAL FIXED INCOME
38,860,822
U.S. EQUITY—23.6%
775,599
Nuveen Core Equity Fund, Class W
12,580,218
239,238
Nuveen Dividend Growth Fund, Class R6
15,019,387
845,549
Nuveen Dividend Value Fund, Class R6
14,112,209
336,563
Nuveen Growth Opportunities ETF
14,758,287
502,222
Nuveen Large Cap Growth Fund, Class W
15,764,750
565,426
Nuveen Large Cap Value Fund, Class W
14,887,671
63,931
Nuveen Quant Small Cap Equity Fund, Class W
1,483,842
79,535
Nuveen Small Cap Select Fund, Class R6
1,413,330
180,379
Nuveen Quant Small/Mid Cap Equity Fund, Class W
3,407,355
TOTAL U.S. EQUITY
93,427,049
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $334,908,677)
395,204,796
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$225,000
(c)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
225,000
TOTAL REPURCHASE AGREEMENT
225,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $225,000)
225,000
TOTAL INVESTMENTS—100.0%
(Cost $335,133,677)
395,429,796
OTHER ASSETS & LIABILITIES, NET—0.0%
106,261
NET ASSETS—100.0%
$
395,536,057
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
(c)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $225,067 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
4.000% and maturity date 12/15/27, valued at $229,509.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.0%(a)
DIRECT REAL ESTATE—1.7%
1,206,590
(b)
Nuveen Real Property Fund LP (purchased 7/01/16-4/30/26; cost $12,144,383)
$
11,462,600
TOTAL DIRECT REAL ESTATE
11,462,600
FIXED INCOME—45.7%
9,133,118
Nuveen Core Bond Fund, Class W
83,750,694
6,874,829
Nuveen Core Plus Bond Fund, Class W
63,248,427
1,398,910
Nuveen Floating Rate Income Fund, Class R6
24,970,543
3,284,998
Nuveen High Yield Fund, Class W
29,236,483
10,451,762
Nuveen Short Term Bond Fund, Class W
105,980,869
TOTAL FIXED INCOME
307,187,016
INFLATION-PROTECTED ASSETS—9.9%
6,084,192
Nuveen Inflation Linked Bond Fund, Class W
66,743,590
TOTAL INFLATION-PROTECTED ASSETS
66,743,590
INTERNATIONAL EQUITY—11.5%
1,185,864
Nuveen Emerging Markets Equity Fund, Class W
14,740,293
1,171,674
Nuveen International Equity Fund, Class W
19,766,132
1,273,558
Nuveen International Opportunities Fund, Class W
22,796,689
232,076
Nuveen International Value Fund, Class I
9,322,492
675,212
Nuveen Quant International Small Cap Equity Fund, Class W
10,607,577
TOTAL INTERNATIONAL EQUITY
77,233,183
INTERNATIONAL FIXED INCOME—9.8%
3,191,124
Nuveen Emerging Markets Debt Fund, Class W
29,326,429
4,113,486
Nuveen International Bond Fund, Class W
36,856,838
TOTAL INTERNATIONAL FIXED INCOME
66,183,267
U.S. EQUITY—21.4%
1,193,854
Nuveen Core Equity Fund, Class W
19,364,304
369,629
Nuveen Dividend Growth Fund, Class R6
23,205,338
1,301,714
Nuveen Dividend Value Fund, Class R6
21,725,606
518,533
Nuveen Growth Opportunities ETF
22,737,672
772,083
Nuveen Large Cap Growth Fund, Class W
24,235,676
870,043
Nuveen Large Cap Value Fund, Class W
22,908,226
98,665
Nuveen Quant Small Cap Equity Fund, Class W
2,290,024
122,673
Nuveen Small Cap Select Fund, Class R6
2,179,905
278,256
Nuveen Quant Small/Mid Cap Equity Fund, Class W
5,256,259
TOTAL U.S. EQUITY
143,903,010
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $567,748,476)
672,712,666
TOTAL INVESTMENTS—100.0%
(Cost $567,748,476)
672,712,666
OTHER ASSETS & LIABILITIES, NET—0.0%
245,431
NET ASSETS—100.0%
$
672,958,097
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
DIRECT REAL ESTATE—3.7%
3,683,138
(b)
Nuveen Real Property Fund LP (purchased 11/28/16-3/31/26; cost $37,440,769)
$
34,989,810
TOTAL DIRECT REAL ESTATE
34,989,810
FIXED INCOME—40.7%
12,653,962
Nuveen Core Bond Fund, Class W
116,036,831
9,525,079
Nuveen Core Plus Bond Fund, Class W
87,630,730
1,937,614
Nuveen Floating Rate Income Fund, Class R6
34,586,409
4,555,413
Nuveen High Yield Fund, Class W
40,543,177
9,964,681
Nuveen Short Term Bond Fund, Class W
101,041,868
TOTAL FIXED INCOME
379,839,015
INFLATION-PROTECTED ASSETS—9.9%
8,429,673
Nuveen Inflation Linked Bond Fund, Class W
92,473,512
TOTAL INFLATION-PROTECTED ASSETS
92,473,512
INTERNATIONAL EQUITY—12.5%
1,795,517
Nuveen Emerging Markets Equity Fund, Class W
22,318,281
1,773,315
Nuveen International Equity Fund, Class W
29,915,821
1,925,865
Nuveen International Opportunities Fund, Class W
34,472,976
350,841
Nuveen International Value Fund, Class I
14,093,285
1,021,247
Nuveen Quant International Small Cap Equity Fund, Class W
16,043,787
TOTAL INTERNATIONAL EQUITY
116,844,150
INTERNATIONAL FIXED INCOME—9.8%
4,419,363
Nuveen Emerging Markets Debt Fund, Class W
40,613,945
5,699,219
Nuveen International Bond Fund, Class W
51,065,006
TOTAL INTERNATIONAL FIXED INCOME
91,678,951
U.S. EQUITY—23.3%
1,805,306
Nuveen Core Equity Fund, Class W
29,282,067
560,659
Nuveen Dividend Growth Fund, Class R6
35,198,156
1,966,749
Nuveen Dividend Value Fund, Class R6
32,825,043
783,643
Nuveen Growth Opportunities ETF
34,362,746
1,167,018
Nuveen Large Cap Growth Fund, Class W
36,632,700
1,312,622
Nuveen Large Cap Value Fund, Class W
34,561,344
148,900
Nuveen Quant Small Cap Equity Fund, Class W
3,455,959
185,237
Nuveen Small Cap Select Fund, Class R6
3,291,670
420,473
Nuveen Quant Small/Mid Cap Equity Fund, Class W
7,942,742
TOTAL U.S. EQUITY
217,552,427
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $805,646,900)
933,377,865
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.0%
REPURCHASE AGREEMENT—0.0%
$281,000
(c)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
281,000
TOTAL REPURCHASE AGREEMENT
281,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $281,000)
281,000
TOTAL INVESTMENTS—99.9%
(Cost $805,927,900)
933,658,865
OTHER ASSETS & LIABILITIES, NET—0.1%
717,842
NET ASSETS—100.0%
$
934,376,707
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
(c)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $281,084 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
3.875% and maturity date 3/15/28, valued at $286,635.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.0%(a)
DIRECT REAL ESTATE—4.1%
8,599,502
(b)
Nuveen Real Property Fund LP (purchased 11/28/16-3/31/26; cost $88,221,697)
$
81,695,273
TOTAL DIRECT REAL ESTATE
81,695,273
FIXED INCOME—37.5%
26,500,223
Nuveen Core Bond Fund, Class W
243,007,041
19,947,619
Nuveen Core Plus Bond Fund, Class W
183,518,096
4,056,371
Nuveen Floating Rate Income Fund, Class R6
72,406,218
9,536,632
Nuveen High Yield Fund, Class W
84,876,020
16,355,037
Nuveen Short Term Bond Fund, Class W
165,840,076
TOTAL FIXED INCOME
749,647,451
INFLATION-PROTECTED ASSETS—8.3%
15,056,402
Nuveen Inflation Linked Bond Fund, Class W
165,168,730
TOTAL INFLATION-PROTECTED ASSETS
165,168,730
INTERNATIONAL EQUITY—14.2%
4,355,178
Nuveen Emerging Markets Equity Fund, Class W
54,134,866
4,292,163
Nuveen International Equity Fund, Class W
72,408,786
4,660,218
Nuveen International Opportunities Fund, Class W
83,417,894
848,806
Nuveen International Value Fund, Class I
34,096,551
2,464,511
Nuveen Quant International Small Cap Equity Fund, Class W
38,717,466
TOTAL INTERNATIONAL EQUITY
282,775,563
INTERNATIONAL FIXED INCOME—9.6%
9,247,421
Nuveen Emerging Markets Debt Fund, Class W
84,983,795
11,942,862
Nuveen International Bond Fund, Class W
107,008,042
TOTAL INTERNATIONAL FIXED INCOME
191,991,837
U.S. EQUITY—26.3%
4,371,581
Nuveen Core Equity Fund, Class W
70,907,047
1,346,338
Nuveen Dividend Growth Fund, Class R6
84,523,130
4,771,549
Nuveen Dividend Value Fund, Class R6
79,637,157
1,898,025
Nuveen Growth Opportunities ETF
83,228,396
2,823,389
Nuveen Large Cap Growth Fund, Class W
88,626,194
3,184,177
Nuveen Large Cap Value Fund, Class W
83,839,372
360,667
Nuveen Quant Small Cap Equity Fund, Class W
8,371,083
448,751
Nuveen Small Cap Select Fund, Class R6
7,974,335
1,017,465
Nuveen Quant Small/Mid Cap Equity Fund, Class W
19,219,914
TOTAL U.S. EQUITY
526,326,628
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $1,686,171,031)
1,997,605,482
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.0%
REPURCHASE AGREEMENT—0.0%
$103,000
(c)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
103,000
TOTAL REPURCHASE AGREEMENT
103,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $103,000)
103,000
TOTAL INVESTMENTS—100.0%
(Cost $1,686,274,031)
1,997,708,482
OTHER ASSETS & LIABILITIES, NET—0.0%
795,584
NET ASSETS—100.0%
$
1,998,504,066
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
(c)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $103,031 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
3.500% and maturity date 9/30/29, valued at $105,181.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.8%(a)
DIRECT REAL ESTATE—4.1%
14,087,420
(b)
Nuveen Real Property Fund LP (purchased 8/01/16-3/31/26; cost $146,170,462)
$
133,830,492
TOTAL DIRECT REAL ESTATE
133,830,492
FIXED INCOME—34.7%
42,253,169
Nuveen Core Bond Fund, Class W
387,461,557
31,805,377
Nuveen Core Plus Bond Fund, Class W
292,609,466
6,467,492
Nuveen Floating Rate Income Fund, Class R6
115,444,736
15,198,211
Nuveen High Yield Fund, Class W
135,264,075
20,418,718
Nuveen Short Term Bond Fund, Class W
207,045,797
TOTAL FIXED INCOME
1,137,825,631
INFLATION-PROTECTED ASSETS—6.3%
18,728,829
Nuveen Inflation Linked Bond Fund, Class W
205,455,251
TOTAL INFLATION-PROTECTED ASSETS
205,455,251
INTERNATIONAL EQUITY—15.9%
8,010,292
Nuveen Emerging Markets Equity Fund, Class W
99,567,935
7,889,219
Nuveen International Equity Fund, Class W
133,091,128
8,575,768
Nuveen International Opportunities Fund, Class W
153,506,242
1,562,380
Nuveen International Value Fund, Class I
62,760,808
4,535,068
Nuveen Quant International Small Cap Equity Fund, Class W
71,245,912
TOTAL INTERNATIONAL EQUITY
520,172,025
INTERNATIONAL FIXED INCOME—9.3%
14,750,594
Nuveen Emerging Markets Debt Fund, Class W
135,557,963
19,030,266
Nuveen International Bond Fund, Class W
170,511,186
TOTAL INTERNATIONAL FIXED INCOME
306,069,149
U.S. EQUITY—29.5%
8,039,108
Nuveen Core Equity Fund, Class W
130,394,336
2,487,528
Nuveen Dividend Growth Fund, Class R6
156,167,037
8,779,480
Nuveen Dividend Value Fund, Class R6
146,529,518
3,495,279
Nuveen Growth Opportunities ETF
153,267,984
5,193,382
Nuveen Large Cap Growth Fund, Class W
163,020,250
5,854,095
Nuveen Large Cap Value Fund, Class W
154,138,321
663,617
Nuveen Quant Small Cap Equity Fund, Class W
15,402,542
825,698
Nuveen Small Cap Select Fund, Class R6
14,672,647
1,872,099
Nuveen Quant Small/Mid Cap Equity Fund, Class W
35,363,952
TOTAL U.S. EQUITY
968,956,587
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $2,696,237,241)
3,272,309,135
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.0%
REPURCHASE AGREEMENT—0.0%
$1,196,000
(c)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
1,196,000
TOTAL REPURCHASE AGREEMENT
1,196,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,196,000)
1,196,000
TOTAL INVESTMENTS—99.8%
(Cost $2,697,433,241)
3,273,505,135
OTHER ASSETS & LIABILITIES, NET—0.2%
4,958,307
NET ASSETS—100.0%
$
3,278,463,442
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
(c)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $1,196,357 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
3.375% and maturity date 11/30/27, valued at $1,220,030.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.0%(a)
DIRECT REAL ESTATE—4.1%
19,546,588
(b)
Nuveen Real Property Fund LP (purchased 8/01/16-3/31/26; cost $206,041,488)
$
185,692,590
TOTAL DIRECT REAL ESTATE
185,692,590
FIXED INCOME—29.9%
56,084,863
Nuveen Core Bond Fund, Class W
514,298,195
42,211,176
Nuveen Core Plus Bond Fund, Class W
388,342,821
6,669,486
Nuveen Floating Rate Income Fund, Class R6
119,050,322
15,670,521
Nuveen High Yield Fund, Class W
139,467,641
19,318,836
Nuveen Short Term Bond Fund, Class W
195,892,996
TOTAL FIXED INCOME
1,357,051,975
INFLATION-PROTECTED ASSETS—4.3%
17,778,030
Nuveen Inflation Linked Bond Fund, Class W
195,024,991
TOTAL INFLATION-PROTECTED ASSETS
195,024,991
INTERNATIONAL EQUITY—18.7%
13,079,465
Nuveen Emerging Markets Equity Fund, Class W
162,577,744
12,911,166
Nuveen International Equity Fund, Class W
217,811,365
14,030,329
Nuveen International Opportunities Fund, Class W
251,142,898
2,556,754
Nuveen International Value Fund, Class I
102,704,824
7,428,700
Nuveen Quant International Small Cap Equity Fund, Class W
116,704,884
TOTAL INTERNATIONAL EQUITY
850,941,715
INTERNATIONAL FIXED INCOME—8.1%
15,232,503
Nuveen Emerging Markets Debt Fund, Class W
139,986,706
25,256,366
Nuveen International Bond Fund, Class W
226,297,036
TOTAL INTERNATIONAL FIXED INCOME
366,283,742
U.S. EQUITY—34.9%
13,152,287
Nuveen Core Equity Fund, Class W
213,330,100
4,061,147
Nuveen Dividend Growth Fund, Class R6
254,958,796
14,359,916
Nuveen Dividend Value Fund, Class R6
239,666,996
5,716,417
Nuveen Growth Opportunities ETF
250,664,886
8,505,827
Nuveen Large Cap Growth Fund, Class W
266,997,919
9,587,853
Nuveen Large Cap Value Fund, Class W
252,448,161
1,086,720
Nuveen Quant Small Cap Equity Fund, Class W
25,222,763
1,351,511
Nuveen Small Cap Select Fund, Class R6
24,016,350
3,061,497
Nuveen Quant Small/Mid Cap Equity Fund, Class W
57,831,672
TOTAL U.S. EQUITY
1,585,137,643
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $3,630,854,090)
4,540,132,656
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.0%
REPURCHASE AGREEMENT—0.0%
$113,000
(c)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
113,000
TOTAL REPURCHASE AGREEMENT
113,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $113,000)
113,000
TOTAL INVESTMENTS—100.0%
(Cost $3,630,967,090)
4,540,245,656
OTHER ASSETS & LIABILITIES, NET—0.0%
108,280
NET ASSETS—100.0%
$
4,540,353,936
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
(c)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $113,034 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
4.625% and maturity date 4/30/31, valued at $115,282.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
DIRECT REAL ESTATE—4.1%
22,589,231
(b)
Nuveen Real Property Fund LP (purchased 8/01/16-5/18/26; cost $240,823,159)
$
214,597,690
TOTAL DIRECT REAL ESTATE
214,597,690
FIXED INCOME—24.5%
60,191,259
Nuveen Core Bond Fund, Class W
551,953,844
45,310,558
Nuveen Core Plus Bond Fund, Class W
416,857,135
5,014,553
Nuveen Floating Rate Income Fund, Class R6
89,509,766
11,788,769
Nuveen High Yield Fund, Class W
104,920,042
12,184,234
Nuveen Short Term Bond Fund, Class W
123,548,130
TOTAL FIXED INCOME
1,286,788,917
INFLATION-PROTECTED ASSETS—2.3%
11,081,821
Nuveen Inflation Linked Bond Fund, Class W
121,567,574
TOTAL INFLATION-PROTECTED ASSETS
121,567,574
INTERNATIONAL EQUITY—21.8%
17,560,055
Nuveen Emerging Markets Equity Fund, Class W
218,271,482
17,389,158
Nuveen International Equity Fund, Class W
293,355,100
18,892,322
Nuveen International Opportunities Fund, Class W
338,172,561
3,434,426
Nuveen International Value Fund, Class I
137,960,877
10,009,722
Nuveen Quant International Small Cap Equity Fund, Class W
157,252,731
TOTAL INTERNATIONAL EQUITY
1,145,012,751
INTERNATIONAL FIXED INCOME—6.7%
11,462,074
Nuveen Emerging Markets Debt Fund, Class W
105,336,459
27,216,213
Nuveen International Bond Fund, Class W
243,857,266
TOTAL INTERNATIONAL FIXED INCOME
349,193,725
U.S. EQUITY—40.5%
17,679,039
Nuveen Core Equity Fund, Class W
286,754,006
5,439,576
Nuveen Dividend Growth Fund, Class R6
341,496,601
19,298,550
Nuveen Dividend Value Fund, Class R6
322,092,799
7,681,586
Nuveen Growth Opportunities ETF
336,837,546
11,423,754
Nuveen Large Cap Growth Fund, Class W
358,591,625
12,904,589
Nuveen Large Cap Value Fund, Class W
339,777,841
1,457,773
Nuveen Quant Small Cap Equity Fund, Class W
33,834,919
1,818,133
Nuveen Small Cap Select Fund, Class R6
32,308,225
4,113,009
Nuveen Quant Small/Mid Cap Equity Fund, Class W
77,694,732
TOTAL U.S. EQUITY
2,129,388,294
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $4,040,772,685)
5,246,548,951
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$4,687,000
(c)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
4,687,000
TOTAL REPURCHASE AGREEMENT
4,687,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,687,000)
4,687,000
TOTAL INVESTMENTS—100.0%
(Cost $4,045,459,685)
5,251,235,951
OTHER ASSETS & LIABILITIES, NET—0.0%
1,406,197
NET ASSETS—100.0%
$
5,252,642,148
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
(c)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $4,688,398 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
4.625% and maturity date 4/30/31, valued at $4,780,831.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
DIRECT REAL ESTATE—4.1%
28,145,190
(b)
Nuveen Real Property Fund LP (purchased 8/01/16-5/18/26; cost $297,951,295)
$
267,379,302
TOTAL DIRECT REAL ESTATE
267,379,302
FIXED INCOME—16.5%
58,260,577
Nuveen Core Bond Fund, Class W
534,249,491
43,815,502
Nuveen Core Plus Bond Fund, Class W
403,102,620
3,083,293
Nuveen Floating Rate Income Fund, Class R6
55,036,782
7,248,340
Nuveen High Yield Fund, Class W
64,510,223
2,220,763
Nuveen Short Term Bond Fund, Class W
22,518,535
TOTAL FIXED INCOME
1,079,417,651
INFLATION-PROTECTED ASSETS—0.3%
2,065,258
Nuveen Inflation Linked Bond Fund, Class W
22,655,880
TOTAL INFLATION-PROTECTED ASSETS
22,655,880
INTERNATIONAL EQUITY—26.0%
26,192,998
Nuveen Emerging Markets Equity Fund, Class W
325,578,969
25,839,621
Nuveen International Equity Fund, Class W
435,914,413
28,062,951
Nuveen International Opportunities Fund, Class W
502,326,822
5,114,877
Nuveen International Value Fund, Class I
205,464,610
14,831,873
Nuveen Quant International Small Cap Equity Fund, Class W
233,008,731
TOTAL INTERNATIONAL EQUITY
1,702,293,545
INTERNATIONAL FIXED INCOME—4.6%
7,036,670
Nuveen Emerging Markets Debt Fund, Class W
64,667,001
26,350,216
Nuveen International Bond Fund, Class W
236,097,934
TOTAL INTERNATIONAL FIXED INCOME
300,764,935
U.S. EQUITY—48.4%
26,286,766
Nuveen Core Equity Fund, Class W
426,371,339
8,080,268
Nuveen Dividend Growth Fund, Class R6
507,279,256
28,695,667
Nuveen Dividend Value Fund, Class R6
478,930,676
11,410,858
Nuveen Growth Opportunities ETF
500,366,123
16,985,807
Nuveen Large Cap Growth Fund, Class W
533,184,472
19,193,326
Nuveen Large Cap Value Fund, Class W
505,360,276
2,153,846
Nuveen Quant Small Cap Equity Fund, Class W
49,990,773
2,683,117
Nuveen Small Cap Select Fund, Class R6
47,678,984
6,078,265
Nuveen Quant Small/Mid Cap Equity Fund, Class W
114,818,425
TOTAL U.S. EQUITY
3,163,980,324
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $4,765,257,201)
6,536,491,637
TOTAL INVESTMENTS—99.9%
(Cost $4,765,257,201)
6,536,491,637
OTHER ASSETS & LIABILITIES, NET—0.1%
3,734,360
NET ASSETS—100.0%
$
6,540,225,997
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
DIRECT REAL ESTATE—4.1%
21,476,441
(b)
Nuveen Real Property Fund LP (purchased 8/01/16-5/18/26; cost $226,982,635)
$
204,026,188
TOTAL DIRECT REAL ESTATE
204,026,188
FIXED INCOME—9.5%
27,669,854
Nuveen Core Bond Fund, Class W
253,732,559
20,763,051
Nuveen Core Plus Bond Fund, Class W
191,020,066
737,231
Nuveen Floating Rate Income Fund, Class R6
13,159,569
1,733,866
Nuveen High Yield Fund, Class W
15,431,408
TOTAL FIXED INCOME
473,343,602
INTERNATIONAL EQUITY—29.3%
22,502,508
Nuveen Emerging Markets Equity Fund, Class W
279,706,177
22,208,706
Nuveen International Equity Fund, Class W
374,660,870
24,092,515
Nuveen International Opportunities Fund, Class W
431,256,024
4,386,438
Nuveen International Value Fund, Class I
176,203,207
12,748,101
Nuveen Quant International Small Cap Equity Fund, Class W
200,272,660
TOTAL INTERNATIONAL EQUITY
1,462,098,938
INTERNATIONAL FIXED INCOME—2.5%
1,683,589
Nuveen Emerging Markets Debt Fund, Class W
15,472,187
12,516,581
Nuveen International Bond Fund, Class W
112,148,562
TOTAL INTERNATIONAL FIXED INCOME
127,620,749
U.S. EQUITY—54.5%
22,585,154
Nuveen Core Equity Fund, Class W
366,331,190
6,945,342
Nuveen Dividend Growth Fund, Class R6
436,028,590
24,654,857
Nuveen Dividend Value Fund, Class R6
411,489,565
9,813,589
Nuveen Growth Opportunities ETF
430,325,878
14,593,733
Nuveen Large Cap Growth Fund, Class W
458,097,269
16,491,827
Nuveen Large Cap Value Fund, Class W
434,229,804
1,865,134
Nuveen Quant Small Cap Equity Fund, Class W
43,289,770
2,322,706
Nuveen Small Cap Select Fund, Class R6
41,274,486
5,259,690
Nuveen Quant Small/Mid Cap Equity Fund, Class W
99,355,539
TOTAL U.S. EQUITY
2,720,422,091
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $3,497,065,153)
4,987,511,568
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$4,379,000
(c)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
4,379,000
TOTAL REPURCHASE AGREEMENT
4,379,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,379,000)
4,379,000
TOTAL INVESTMENTS—100.0%
(Cost $3,501,444,153)
4,991,890,568
OTHER ASSETS & LIABILITIES, NET—0.0%
892,064
NET ASSETS—100.0%
$
4,992,782,632
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
(c)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $4,380,306 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
3.500% and maturity date 9/30/29, valued at $4,466,602.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
DIRECT REAL ESTATE—4.1%
17,690,639
(b)
Nuveen Real Property Fund LP (purchased 8/01/16-5/18/26; cost $186,301,072)
$
168,061,074
TOTAL DIRECT REAL ESTATE
168,061,074
FIXED INCOME—5.3%
13,327,982
Nuveen Core Bond Fund, Class W
122,217,593
9,978,628
Nuveen Core Plus Bond Fund, Class W
91,803,376
50,075
Nuveen Floating Rate Income Fund, Class R6
893,832
117,228
Nuveen High Yield Fund, Class W
1,043,326
TOTAL FIXED INCOME
215,958,127
INTERNATIONAL EQUITY—31.2%
19,741,013
Nuveen Emerging Markets Equity Fund, Class W
245,380,787
19,475,195
Nuveen International Equity Fund, Class W
328,546,535
21,147,259
Nuveen International Opportunities Fund, Class W
378,535,934
3,847,594
Nuveen International Value Fund, Class I
154,557,867
11,179,252
Nuveen Quant International Small Cap Equity Fund, Class W
175,626,051
TOTAL INTERNATIONAL EQUITY
1,282,647,174
INTERNATIONAL FIXED INCOME—1.3%
114,168
Nuveen Emerging Markets Debt Fund, Class W
1,049,204
6,042,655
Nuveen International Bond Fund, Class W
54,142,187
TOTAL INTERNATIONAL FIXED INCOME
55,191,391
U.S. EQUITY—58.0%
19,805,997
Nuveen Core Equity Fund, Class W
321,253,269
6,097,862
Nuveen Dividend Growth Fund, Class R6
382,823,784
21,626,735
Nuveen Dividend Value Fund, Class R6
360,950,214
8,607,256
Nuveen Growth Opportunities ETF
377,428,176
12,797,936
Nuveen Large Cap Growth Fund, Class W
401,727,202
14,466,812
Nuveen Large Cap Value Fund, Class W
380,911,160
1,635,642
Nuveen Quant Small Cap Equity Fund, Class W
37,963,240
2,036,927
Nuveen Small Cap Select Fund, Class R6
36,196,197
4,612,482
Nuveen Quant Small/Mid Cap Equity Fund, Class W
87,129,781
TOTAL U.S. EQUITY
2,386,383,023
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $2,878,024,744)
4,108,240,789
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$4,240,000
(c)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
4,240,000
TOTAL REPURCHASE AGREEMENT
4,240,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,240,000)
4,240,000
TOTAL INVESTMENTS—100.0%
(Cost $2,882,264,744)
4,112,480,789
OTHER ASSETS & LIABILITIES, NET—0.0%
434,870
NET ASSETS—100.0%
$
4,112,915,659
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
(c)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $4,241,265 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
3.375% and maturity date 11/30/27, valued at $4,324,870.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
DIRECT REAL ESTATE—4.1%
9,675,692
(b)
Nuveen Real Property Fund LP (purchased 8/01/16-5/18/26; cost $102,522,848)
$
91,919,069
TOTAL DIRECT REAL ESTATE
91,919,069
FIXED INCOME—3.8%
5,311,707
Nuveen Core Bond Fund, Class W
48,708,358
3,958,427
Nuveen Core Plus Bond Fund, Class W
36,417,532
TOTAL FIXED INCOME
85,125,890
INTERNATIONAL EQUITY—31.8%
11,006,439
Nuveen Emerging Markets Equity Fund, Class W
136,810,041
10,868,550
Nuveen International Equity Fund, Class W
183,352,445
11,797,616
Nuveen International Opportunities Fund, Class W
211,177,329
2,147,496
Nuveen International Value Fund, Class I
86,264,921
6,250,379
Nuveen Quant International Small Cap Equity Fund, Class W
98,193,460
TOTAL INTERNATIONAL EQUITY
715,798,196
INTERNATIONAL FIXED INCOME—1.0%
2,407,741
Nuveen International Bond Fund, Class W
21,573,363
TOTAL INTERNATIONAL FIXED INCOME
21,573,363
U.S. EQUITY—59.2%
11,057,705
Nuveen Core Equity Fund, Class W
179,355,970
3,413,633
Nuveen Dividend Growth Fund, Class R6
214,307,889
12,066,922
Nuveen Dividend Value Fund, Class R6
201,396,927
4,803,621
Nuveen Growth Opportunities ETF
210,638,781
7,145,067
Nuveen Large Cap Growth Fund, Class W
224,283,653
8,070,604
Nuveen Large Cap Value Fund, Class W
212,498,990
913,178
Nuveen Quant Small Cap Equity Fund, Class W
21,194,850
1,137,219
Nuveen Small Cap Select Fund, Class R6
20,208,384
2,575,213
Nuveen Quant Small/Mid Cap Equity Fund, Class W
48,645,765
TOTAL U.S. EQUITY
1,332,531,209
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $1,624,948,074)
2,246,947,727
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$2,669,000
(c)
Fixed Income Clearing Corporation
3
.620
%
06/01/26
2,669,000
TOTAL REPURCHASE AGREEMENT
2,669,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,669,000)
2,669,000
TOTAL INVESTMENTS—100.0%
(Cost $1,627,617,074)
2,249,616,727
OTHER ASSETS & LIABILITIES, NET—0.0%
310,366
NET ASSETS—100.0%
$
2,249,927,093
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
(c)
Agreement with Fixed Income Clearing Corporation, 3.620% dated 5/29/26 to be repurchased at $2,669,805 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
4.625% and maturity date 4/30/31, valued at $2,722,392.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
DIRECT REAL ESTATE—4.1%
4,808,955
(b)
Nuveen Real Property Fund LP (purchased 8/01/16-5/18/26; cost $50,739,330)
$
45,685,071
TOTAL DIRECT REAL ESTATE
45,685,071
FIXED INCOME—2.8%
1,940,282
Nuveen Core Bond Fund, Class W
17,792,386
1,453,309
Nuveen Core Plus Bond Fund, Class W
13,370,446
TOTAL FIXED INCOME
31,162,832
INTERNATIONAL EQUITY—32.3%
5,549,169
Nuveen Emerging Markets Equity Fund, Class W
68,976,171
5,476,001
Nuveen International Equity Fund, Class W
92,380,132
5,958,555
Nuveen International Opportunities Fund, Class W
106,658,128
1,081,064
Nuveen International Value Fund, Class I
43,426,336
3,147,158
Nuveen Quant International Small Cap Equity Fund, Class W
49,441,854
TOTAL INTERNATIONAL EQUITY
360,882,621
INTERNATIONAL FIXED INCOME—0.7%
879,012
Nuveen International Bond Fund, Class W
7,875,946
TOTAL INTERNATIONAL FIXED INCOME
7,875,946
U.S. EQUITY—60.0%
5,571,055
Nuveen Core Equity Fund, Class W
90,362,508
1,730,002
Nuveen Dividend Growth Fund, Class R6
108,609,517
6,077,591
Nuveen Dividend Value Fund, Class R6
101,435,002
2,414,291
Nuveen Growth Opportunities ETF
105,866,660
3,596,641
Nuveen Large Cap Growth Fund, Class W
112,898,571
4,050,595
Nuveen Large Cap Value Fund, Class W
106,652,167
459,673
Nuveen Quant Small Cap Equity Fund, Class W
10,669,017
572,455
Nuveen Small Cap Select Fund, Class R6
10,172,525
1,296,289
Nuveen Quant Small/Mid Cap Equity Fund, Class W
24,486,902
TOTAL U.S. EQUITY
671,152,869
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $846,878,222)
1,116,759,339
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$1,380,000
(c)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
1,380,000
TOTAL REPURCHASE AGREEMENT
1,380,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,380,000)
1,380,000
TOTAL INVESTMENTS—100.0%
(Cost $848,258,222)
1,118,139,339
OTHER ASSETS & LIABILITIES, NET—0.0%
511,221
NET ASSETS—100.0%
$
1,118,650,560
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
(c)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $1,380,412 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
3.375% and maturity date 11/30/27, valued at $1,407,634.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.7%(a)
DIRECT REAL ESTATE—4.1%
1,018,925
(b)
Nuveen Real Property Fund LP (purchased 9/30/20-5/18/26; cost $10,342,753)
$
9,679,791
TOTAL DIRECT REAL ESTATE
9,679,791
FIXED INCOME—1.8%
266,808
Nuveen Core Bond Fund, Class W
2,446,627
200,388
Nuveen Core Plus Bond Fund, Class W
1,843,568
TOTAL FIXED INCOME
4,290,195
INTERNATIONAL EQUITY—32.6%
1,194,028
Nuveen Emerging Markets Equity Fund, Class W
14,841,767
1,176,504
Nuveen International Equity Fund, Class W
19,847,621
1,275,438
Nuveen International Opportunities Fund, Class W
22,830,337
232,856
Nuveen International Value Fund, Class I
9,353,835
677,850
Nuveen Quant International Small Cap Equity Fund, Class W
10,649,024
TOTAL INTERNATIONAL EQUITY
77,522,584
INTERNATIONAL FIXED INCOME—0.5%
120,525
Nuveen International Bond Fund, Class W
1,079,905
TOTAL INTERNATIONAL FIXED INCOME
1,079,905
U.S. EQUITY—60.7%
1,197,659
Nuveen Core Equity Fund, Class W
19,426,022
371,967
Nuveen Dividend Growth Fund, Class R6
23,352,065
1,305,000
Nuveen Dividend Value Fund, Class R6
21,780,449
516,001
Nuveen Growth Opportunities ETF
22,626,644
772,344
Nuveen Large Cap Growth Fund, Class W
24,243,892
869,740
Nuveen Large Cap Value Fund, Class W
22,900,242
98,529
Nuveen Quant Small Cap Equity Fund, Class W
2,286,864
122,748
Nuveen Small Cap Select Fund, Class R6
2,181,239
278,048
Nuveen Quant Small/Mid Cap Equity Fund, Class W
5,252,336
TOTAL U.S. EQUITY
144,049,753
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $194,304,452)
236,622,228
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.0%
REPURCHASE AGREEMENT—0.0%
$62,000
(c)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
62,000
TOTAL REPURCHASE AGREEMENT
62,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $62,000)
62,000
TOTAL INVESTMENTS—99.7%
(Cost $194,366,452)
236,684,228
OTHER ASSETS & LIABILITIES, NET—0.3%
804,790
NET ASSETS—100.0%
$
237,489,018
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
(c)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $62,019 on 6/1/26, collateralized by Government Agency Securities, with coupon rate 3.500%
and maturity date 9/30/29, valued at $63,300.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.1%(a)
DIRECT REAL ESTATE—4.1%
24,887
(b)
Nuveen Real Property Fund LP (purchased 9/30/25-5/18/26; cost $236,872)
$
236,426
TOTAL DIRECT REAL ESTATE
236,426
FIXED INCOME—0.9%
3,143
Nuveen Core Bond Fund, Class W
28,817
2,365
Nuveen Core Plus Bond Fund, Class W
21,761
TOTAL FIXED INCOME
50,578
INTERNATIONAL EQUITY—33.2%
29,436
Nuveen Emerging Markets Equity Fund, Class W
365,884
29,067
Nuveen International Equity Fund, Class W
490,360
31,559
Nuveen International Opportunities Fund, Class W
564,905
5,744
Nuveen International Value Fund, Class I
230,723
16,758
Nuveen Quant International Small Cap Equity Fund, Class W
263,275
TOTAL INTERNATIONAL EQUITY
1,915,147
INTERNATIONAL FIXED INCOME—0.2%
1,400
Nuveen International Bond Fund, Class W
12,545
TOTAL INTERNATIONAL FIXED INCOME
12,545
U.S. EQUITY—61.7%
29,581
Nuveen Core Equity Fund, Class W
479,811
9,212
Nuveen Dividend Growth Fund, Class R6
578,341
32,290
Nuveen Dividend Value Fund, Class R6
538,925
12,764
Nuveen Growth Opportunities ETF
559,701
19,129
Nuveen Large Cap Growth Fund, Class W
600,464
21,532
Nuveen Large Cap Value Fund, Class W
566,950
2,439
Nuveen Quant Small Cap Equity Fund, Class W
56,603
3,035
Nuveen Small Cap Select Fund, Class R6
53,934
6,882
Nuveen Quant Small/Mid Cap Equity Fund, Class W
130,000
TOTAL U.S. EQUITY
3,564,729
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $5,531,050)
5,779,425
TOTAL INVESTMENTS—100.1%
(Cost $5,531,050)
5,779,425
OTHER ASSETS & LIABILITIES, NET—(0.1)%
(
8,603
)
NET ASSETS—100.0%
$
5,770,822
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Restricted security.
Statement of Assets and Liabilities
See Notes to Financial Statements
May
31,
2026
12.1
Lifecycle Retirement
Income
12.2
Lifecycle 2010
12.3
Lifecycle 2015
ASSETS
Affiliated investments, at value
‡
$
395,204,796
$
672,712,666
$
933,377,865
Short-term investments, at value
#
225,000
–
281,000
Cash
39
–
210
Receivables:
Dividends
684,558
1,323,943
1,647,585
Interest
67
–
84
Investments sold
1,894,189
3,510,722
5,000,087
Reimbursement from Adviser
72,059
155,785
135,126
Shares sold
25,625
34,740
145,376
Other
99,788
282,250
394,554
Total assets
398,206,121
678,020,106
940,981,887
LIABILITIES
Due to affiliates
3,409
3,086
11,910
Cash overdraft
–
431,246
–
Payables:
Management fees
136,446
235,993
323,677
Investments purchased - regular settlement
2,268,583
3,477,301
5,662,723
Shares redeemed
81,985
570,670
129,745
Service agreement fees
23,988
37,530
56,798
Accrued expenses:
Custodian fees
8,146
8,145
8,128
Professional fees
15,191
15,453
15,709
Shareholder reporting expenses
13,742
14,163
13,830
Shareholder servicing agent fees
12,315
412
485
Trustees fees
70,901
256,513
368,671
12b-1 distribution and service fees
28,411
2,143
3,290
Other
6,947
9,354
10,214
Total liabilities
2,670,064
5,062,009
6,605,180
Net assets
$
395,536,057
$
672,958,097
$
934,376,707
NET ASSETS CONSIST OF:
Paid-in capital
$
340,197,389
$
575,412,798
$
819,390,837
Total distributable earnings (loss)
55,338,668
97,545,299
114,985,870
Net assets
$
395,536,057
$
672,958,097
$
934,376,707
‡
Affiliated investments, cost
$
334,908,677
$
567,748,476
$
805,646,900
#
Short-term investments, cost
$
225,000
$
–
$
281,000
See Notes to Financial Statements
12.4
Lifecycle 2020
12.5
Lifecycle 2025
12.6
Lifecycle 2030
12.7
Lifecycle 2035
12.8
Lifecycle 2040
12.9
Lifecycle 2045
13.01
Lifecycle 2050
$
1,997,605,482
$
3,272,309,135
$
4,540,132,656
$
5,246,548,951
$
6,536,491,637
$
4,987,511,568
$
4,108,240,789
103,000
1,196,000
113,000
4,687,000
–
4,379,000
4,240,000
341
683
932
916
–
975
752
3,273,285
4,996,474
5,890,154
5,493,658
4,546,666
1,949,068
866,420
31
357
34
1,398
–
1,306
1,265
10,994,923
18,030,717
26,191,520
26,796,188
35,316,586
18,922,420
11,981,603
292,447
484,632
717,575
830,417
1,151,418
868,518
710,990
144,860
4,477,349
782,051
1,750,756
591,572
1,486,010
1,707,769
584,621
631,785
636,619
642,944
821,069
340,954
235,071
2,012,998,990
3,302,127,132
4,574,464,541
5,286,752,228
6,578,918,948
5,015,459,819
4,127,984,659
49,322
75,794
86,681
89,234
109,513
75,021
44,989
–
–
–
–
784,093
–
–
696,417
1,148,446
1,599,177
1,853,104
2,328,113
1,773,847
1,458,348
11,696,014
19,893,289
26,495,090
30,756,172
31,827,446
20,005,438
12,886,476
1,332,920
1,726,890
5,054,600
513,013
2,509,825
273,469
274,863
92,671
123,104
157,894
162,605
198,486
120,149
88,993
8,202
8,340
8,314
8,228
8,150
8,255
8,295
16,735
17,927
19,051
19,603
20,738
19,276
18,463
17,570
21,300
23,536
24,555
29,473
25,295
27,626
853
983
1,177
1,185
1,206
1,196
1,206
559,391
606,502
608,351
617,652
796,983
319,220
212,371
6,568
11,195
15,954
16,919
20,316
14,531
11,989
18,261
29,920
40,780
47,810
58,609
41,490
35,381
14,494,924
23,663,690
34,110,605
34,110,080
38,692,951
22,677,187
15,069,000
$
1,998,504,066
$
3,278,463,442
$
4,540,353,936
$
5,252,642,148
$
6,540,225,997
$
4,992,782,632
$
4,112,915,659
$
1,698,848,882
$
2,707,716,606
$
3,587,042,782
$
3,935,712,306
$
4,543,911,195
$
3,298,154,612
$
2,707,325,715
299,655,184
570,746,836
953,311,154
1,316,929,842
1,996,314,802
1,694,628,020
1,405,589,944
$
1,998,504,066
$
3,278,463,442
$
4,540,353,936
$
5,252,642,148
$
6,540,225,997
$
4,992,782,632
$
4,112,915,659
$
1,686,171,031
$
2,696,237,241
$
3,630,854,090
$
4,040,772,685
$
4,765,257,201
$
3,497,065,153
$
2,878,024,744
$
103,000
$
1,196,000
$
113,000
$
4,687,000
$
–
$
4,379,000
$
4,240,000
Statement of Assets and Liabilities
(continued)
See Notes to Financial Statements
Statement of Assets and Liabilities
(continued)
May
31,
2026
12.1
Lifecycle Retirement
Income
12.2
Lifecycle 2010
12.3
Lifecycle 2015
CLASS A:
Net assets
$
131,269,224
$
–
$
–
Shares outstanding
10,622,892
–
–
Net asset value ("NAV") per share
$
12
.36
$
–
$
–
Maximum sales charge
5.75%
–%
–%
Offering price per share (NAV per share plus maximum sales charge)
$
13
.11
$
–
$
–
CLASS I:
Net assets
$
273,132
$
99,746
$
130,421
Shares outstanding
22,058
9,256
13,143
NAV and offering price per share
$
12
.38
$
10
.78
$
9
.92
PREMIER CLASS:
Net assets
$
4,782,285
$
15,506,281
$
25,240,765
Shares outstanding
386,465
1,447,242
2,553,847
NAV and offering price per share
$
12
.37
$
10
.71
$
9
.88
CLASS R6:
Net assets
$
146,105,268
$
480,232,238
$
642,065,593
Shares outstanding
11,802,785
44,718,787
64,652,197
NAV and offering price per share
$
12
.38
$
10
.74
$
9
.93
RETIREMENT CLASS:
Net assets
$
113,106,148
$
177,119,832
$
266,939,928
Shares outstanding
9,164,680
12,655,902
19,474,348
NAV and offering price per share
$
12
.34
$
14
.00
$
13
.71
Authorized shares - per class
Unlimited
Unlimited
Unlimited
Par value per share
$
0
.0001
$
0
.0001
$
0
.0001
See Notes to Financial Statements
12.4
Lifecycle 2020
12.5
Lifecycle 2025
12.6
Lifecycle 2030
12.7
Lifecycle 2035
12.8
Lifecycle 2040
12.9
Lifecycle 2045
13.01
Lifecycle 2050
$
–
$
–
$
–
$
–
$
–
$
–
$
–
–
–
–
–
–
–
–
$
–
$
–
$
–
$
–
$
–
$
–
$
–
–%
–%
–%
–%
–%
–%
–%
$
–
$
–
$
–
$
–
$
–
$
–
$
–
$
257,845
$
598,994
$
722,981
$
1,141,139
$
402,258
$
848,118
$
618,957
24,935
54,862
62,926
94,088
31,622
50,853
35,337
$
10
.34
$
10
.92
$
11
.49
$
12
.13
$
12
.72
$
16
.68
$
17
.52
$
49,267,229
$
85,466,983
$
121,030,001
$
129,969,100
$
157,730,878
$
111,806,788
$
93,038,508
4,769,965
7,869,111
10,604,259
10,737,877
12,429,304
6,744,836
5,343,236
$
10
.33
$
10
.86
$
11
.41
$
12
.10
$
12
.69
$
16
.58
$
17
.41
$
1,511,242,155
$
2,609,993,065
$
3,674,927,680
$
4,353,742,136
$
5,446,606,329
$
4,310,135,606
$
3,597,415,594
145,974,970
238,956,616
319,785,686
358,333,623
427,481,042
258,381,847
205,547,861
$
10
.35
$
10
.92
$
11
.49
$
12
.15
$
12
.74
$
16
.68
$
17
.50
$
437,736,837
$
582,404,400
$
743,673,274
$
767,789,773
$
935,486,532
$
569,992,120
$
421,842,600
29,479,598
36,470,563
42,890,720
40,439,164
44,926,955
34,583,157
24,397,759
$
14
.85
$
15
.97
$
17
.34
$
18
.99
$
20
.82
$
16
.48
$
17
.29
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
Statement of Assets and Liabilities
(continued)
See Notes to Financial Statements
Statement of Assets and Liabilities
(continued)
May
31,
2026
13.1
Lifecycle 2055
13.2
Lifecycle 2060
13.3
Lifecycle 2065
ASSETS
Affiliated investments, at value
‡
$
2,246,947,727
$
1,116,759,339
$
236,622,228
Short-term investments, at value
#
2,669,000
1,380,000
62,000
Cash
114
898
994
Receivables:
Dividends
341,746
124,640
17,196
Interest
805
412
19
Investments sold
5,064,455
1,959,455
586,460
Reimbursement from Adviser
407,889
211,148
56,556
Shares sold
1,313,194
1,012,057
690,538
Other
104,444
36,532
14,705
Total assets
2,256,849,374
1,121,484,481
238,050,696
LIABILITIES
Due to affiliates
3,924
3,226
2,721
Payables:
Management fees
797,119
393,315
82,598
Investments purchased - regular settlement
5,792,453
2,325,807
427,595
Shares redeemed
137,947
9,791
952
Service agreement fees
45,755
21,329
5,532
Accrued expenses:
Custodian fees
8,050
8,094
8,171
Professional fees
16,796
15,782
15,006
Shareholder reporting expenses
22,181
21,730
11,793
Shareholder servicing agent fees
1,121
1,006
499
Trustees fees
70,443
19,912
1,839
12b-1 distribution and service fees
7,046
2,975
959
Other
19,446
10,954
4,013
Total liabilities
6,922,281
2,833,921
561,678
Net assets
$
2,249,927,093
$
1,118,650,560
$
237,489,018
NET ASSETS CONSIST OF:
Paid-in capital
$
1,543,286,812
$
809,960,934
$
186,719,330
Total distributable earnings (loss)
706,640,281
308,689,626
50,769,688
Net assets
$
2,249,927,093
$
1,118,650,560
$
237,489,018
‡
Affiliated investments, cost
$
1,624,948,074
$
846,878,222
$
194,304,452
#
Short-term investments, cost
$
2,669,000
$
1,380,000
$
62,000
CLASS I:
Net assets
$
555,205
$
518,043
$
168,405
Shares outstanding
26,458
28,024
10,619
NAV and offering price per share
$
20
.98
$
18
.49
$
15
.86
PREMIER CLASS:
Net assets
$
53,939,164
$
23,378,786
$
7,638,608
Shares outstanding
2,582,901
1,267,910
475,950
NAV and offering price per share
$
20
.88
$
18
.44
$
16
.05
CLASS R6:
Net assets
$
1,978,162,552
$
993,692,190
$
203,292,964
Shares outstanding
94,244,434
53,700,377
12,463,072
NAV and offering price per share
$
20
.99
$
18
.50
$
16
.31
RETIREMENT CLASS:
Net assets
$
217,270,172
$
101,061,541
$
26,389,041
Shares outstanding
10,415,849
5,492,341
1,621,055
NAV and offering price per share
$
20
.86
$
18
.40
$
16
.28
Authorized shares - per class
Unlimited
Unlimited
Unlimited
Par value per share
$
0
.0001
$
0
.0001
$
0
.0001
See Notes to Financial Statements
13.4
Lifecycle 2070
$
5,779,425
–
7,489
195
–
8,826
1,022
878
29,772
5,827,607
5,115
1,891
10,022
–
143
4,804
15,433
16,241
77
90
69
2,900
56,785
$
5,770,822
$
5,223,651
547,171
$
5,770,822
$
5,531,050
$
–
$
553,633
50,000
$
11
.07
$
553,633
50,000
$
11
.07
$
3,943,984
355,968
$
11
.08
$
719,572
65,017
$
11
.07
Unlimited
$
0
.0001
See Notes to Financial Statements
Year Ended May 31, 2026
12.1
Lifecycle
Retirement Income
12.2
Lifecycle 2010
12.3
Lifecycle 2015
12.4
Lifecycle 2020
INVESTMENT INCOME
Dividends from affiliated investments
$
14,480,946
$
25,607,051
$
34,981,949
$
72,467,637
Interest
11,450
18,774
22,737
44,651
Total investment income
14,492,396
25,625,825
35,004,686
72,512,288
EXPENSES
Management fees
1,553,159
2,689,823
3,748,293
8,102,906
12b-1 distribution and service fees —
Class A
320,338
–
–
–
12b-1 distribution and service fees —
Premier Class
10,562
34,866
52,504
107,123
Shareholder servicing agent fees —
Class A
41,887
–
–
–
Shareholder servicing agent fees —
Class I
147
110
157
361
Shareholder servicing agent fees —
Premier Class
128
81
87
99
Shareholder servicing agent fees —
Class R6
1,711
1,094
1,370
2,541
Shareholder servicing agent fees —
Retirement Class
296,940
455,291
670,302
1,130,942
Administrative service fees
25,250
22,781
24,175
29,734
Trustees fees
3,300
5,586
7,834
16,746
Custodian expenses
7,848
7,857
7,872
7,911
Overdraft expense
2,530
2,149
5,191
5,851
Professional fees
16,095
16,616
17,120
19,131
Registration fees
38,181
35,377
37,302
37,878
Shareholder reporting expenses
22,004
12,808
1,955
–
Other
71,295
106,785
136,830
236,732
Total expenses
2,411,375
3,391,224
4,710,992
9,697,955
Expenses reimbursed by the investment adviser
(
181,865
)
(
127,557
)
(
123,671
)
(
114,163
)
Fee waiver by investment adviser
(
602,816
)
(
1,582,586
)
(
1,492,801
)
(
3,257,789
)
Net expenses
1,626,694
1,681,081
3,094,520
6,326,003
Net investment income (loss)
12,865,702
23,944,744
31,910,166
66,186,285
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Affiliated investments
3,889,793
16,126,342
12,088,190
42,097,921
Distributions from affiliated investments
9,028,905
13,979,572
21,351,549
52,055,458
Net realized gain (loss)
12,918,698
30,105,914
33,439,739
94,153,379
Change in unrealized appreciation (depreciation) on:
Affiliated investments
22,650,841
26,893,482
52,619,043
111,754,731
Net change in unrealized appreciation (depreciation)
22,650,841
26,893,482
52,619,043
111,754,731
Net realized and unrealized gain (loss)
35,569,539
56,999,396
86,058,782
205,908,110
Net increase (decrease) in net assets from operations
$
48,435,241
$
80,944,140
$
117,968,948
$
272,094,395
See Notes to Financial Statements
12.5
Lifecycle 2025
12.6
Lifecycle 2030
12.7
Lifecycle 2035
12.8
Lifecycle 2040
12.9
Lifecycle 2045
$
113,091,866
$
140,725,972
$
144,903,787
$
155,504,201
$
103,340,899
78,159
143,273
178,409
216,504
177,199
113,170,025
140,869,245
145,082,196
155,720,705
103,518,098
13,215,459
17,972,834
20,452,966
25,503,055
19,163,417
–
–
–
–
–
179,187
251,164
269,099
300,069
225,244
–
–
–
–
–
276
276
355
165
228
140
147
182
168
155
3,315
3,899
4,213
4,909
4,301
1,499,805
1,889,296
1,935,885
2,326,565
1,396,756
36,097
42,039
44,930
50,844
42,885
27,137
36,981
41,698
51,384
38,531
8,039
8,025
7,983
7,939
7,998
8,091
11,206
7,034
7,594
6,694
21,442
23,570
24,611
26,268
23,913
37,403
35,891
38,285
39,952
31,895
–
–
–
–
–
358,571
472,182
519,776
612,090
465,721
15,394,962
20,747,510
23,347,017
28,931,002
21,407,738
(
110,923
)
(
122,119
)
(
132,370
)
(
139,765
)
(
141,139
)
(
5,371,802
)
(
7,835,164
)
(
9,135,780
)
(
12,486,451
)
(
9,489,454
)
9,912,237
12,790,227
14,078,867
16,304,786
11,777,145
103,257,788
128,079,018
131,003,329
139,415,919
91,740,953
81,166,736
115,307,384
156,801,258
249,749,084
183,820,652
94,967,117
153,041,340
200,148,669
295,929,141
249,121,540
176,133,853
268,348,724
356,949,927
545,678,225
432,942,192
192,136,441
303,530,934
378,838,734
520,743,173
451,738,517
192,136,441
303,530,934
378,838,734
520,743,173
451,738,517
368,270,294
571,879,658
735,788,661
1,066,421,398
884,680,709
$
471,528,082
$
699,958,676
$
866,791,990
$
1,205,837,317
$
976,421,662
Statement of Operations
(continued)
See Notes to Financial Statements
Statement of Operations
(continued)
(a) For the period September 30, 2025 (commencement of operations) through May 31, 2026.
Year Ended May 31, 2026
13.01
Lifecycle 2050
13.1
Lifecycle 2055
13.2
Lifecycle 2060
13.3
Lifecycle 2065
INVESTMENT INCOME
Dividends from affiliated investments
$
78,172,910
$
41,328,678
$
19,599,974
$
3,611,369
Interest
151,037
92,462
56,416
17,991
Total investment income
78,323,947
41,421,140
19,656,390
3,629,360
EXPENSES
Management fees
15,614,924
8,429,471
4,054,146
759,983
12b-1 distribution and service fees —
Premier Class
169,411
98,234
40,555
10,740
Shareholder servicing agent fees —
Class I
201
175
140
120
Shareholder servicing agent fees —
Premier Class
144
138
130
96
Shareholder servicing agent fees —
Class R6
4,111
3,379
2,839
1,265
Shareholder servicing agent fees —
Retirement Class
1,044,767
522,932
240,812
55,347
Administrative service fees
38,473
29,672
24,304
20,238
Trustees fees
31,352
16,986
8,244
1,547
Custodian expenses
8,034
7,858
7,885
7,907
Overdraft expense
3,421
2,018
1,791
520
Professional fees
22,327
19,131
17,184
15,713
Registration fees
32,726
20,811
38,749
37,969
Shareholder reporting expenses
–
15,324
48,368
52,342
Other
395,432
230,704
122,967
41,804
Total expenses
17,365,323
9,396,833
4,608,114
1,005,591
Expenses reimbursed by the investment adviser
(
153,557
)
(
140,327
)
(
172,998
)
(
160,682
)
Fee waiver by investment adviser
(
7,708,042
)
(
4,161,331
)
(
2,002,366
)
(
379,971
)
Net expenses
9,503,724
5,095,175
2,432,750
464,938
Net investment income (loss)
68,820,223
36,325,965
17,223,640
3,164,422
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
–
–
–
29,023
Affiliated investments
134,051,802
56,147,620
16,205,114
722,475
Distributions from affiliated investments
215,509,271
118,594,793
58,330,506
11,216,368
Net realized gain (loss)
349,561,073
174,742,413
74,535,620
11,967,866
Change in unrealized appreciation (depreciation) on:
Affiliated investments
409,099,594
240,377,103
126,714,899
25,846,806
Net change in unrealized appreciation (depreciation)
409,099,594
240,377,103
126,714,899
25,846,806
Net realized and unrealized gain (loss)
758,660,667
415,119,516
201,250,519
37,814,672
Net increase (decrease) in net assets from operations
$
827,480,890
$
451,445,481
$
218,474,159
$
40,979,094
See Notes to Financial Statements
13.4
Lifecycle 2070
(a)
$
83,615
43
83,658
13,701
515
1,514
1,520
1,582
2,425
14,059
98
4,804
61
15,435
52,584
34,919
16,512
159,729
(
143,628
)
(
7,407
)
8,694
74,964
–
(
3,021
)
300,696
297,675
248,375
248,375
546,050
$
621,014
Statement of Changes in Net Assets
See Notes to Financial Statements
12.1
Lifecycle Retirement Income
12.2
Lifecycle 2010
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
OPERATIONS
Net investment income (loss)
$
12,865,702
$
14,087,646
$
23,944,744
$
26,421,807
Net realized gain (loss)
12,918,698
5,901,380
30,105,914
16,747,931
Net change in unrealized appreciation
(depreciation)
22,650,841
8,649,040
26,893,482
10,225,320
Net increase (decrease) in net assets from
operations
48,435,241
28,638,066
80,944,140
53,395,058
DISTRIBUTIONS TO SHAREHOLDERS
–
–
–
–
Dividends:
Class A
(
6,371,961
)
(
4,078,576
)
–
–
Class I
(
10,760
)
(
7,945
)
(
6,577
)
(
4,956
)
Premier Class
(
351,587
)
(
295,128
)
(
1,615,584
)
(
1,621,020
)
Class R6
(
7,616,155
)
(
5,257,423
)
(
32,772,166
)
(
29,104,411
)
Retirement Class
(
5,993,120
)
(
4,039,158
)
(
9,097,154
)
(
9,067,334
)
Total distributions
(
20,343,583
)
(
13,678,230
)
(
43,491,481
)
(
39,797,721
)
FUND SHARE TRANSACTIONS
Subscriptions
35,926,151
35,151,487
39,846,999
64,271,790
Reinvestments of distributions
20,092,031
13,508,864
43,487,424
39,795,437
Redemptions
(
81,362,216
)
(
89,531,953
)
(
136,571,955
)
(
233,387,950
)
Net increase (decrease) from Fund share
transactions
(
25,344,034
)
(
40,871,602
)
(
53,237,532
)
(
129,320,723
)
Net increase (decrease) in net assets
2,747,624
(
25,911,766
)
(
15,784,873
)
(
115,723,386
)
Net assets at the beginning of period
392,788,433
418,700,199
688,742,970
804,466,356
Net assets at the end of period
$
395,536,057
$
392,788,433
$
672,958,097
$
688,742,970
See Notes to Financial Statements
12.3
Lifecycle 2015
12.4
Lifecycle 2020
12.5
Lifecycle 2025
12.6
Lifecycle 2030
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
$
31,910,166
$
37,669,720
$
66,186,285
$
78,241,497
$
103,257,788
$
119,237,423
$
128,079,018
$
136,965,182
33,439,739
18,526,654
94,153,379
54,754,875
176,133,853
103,944,467
268,348,724
146,582,853
52,619,043
20,191,165
111,754,731
36,159,988
192,136,441
51,182,130
303,530,934
72,900,832
117,968,948
76,387,539
272,094,395
169,156,360
471,528,082
274,364,020
699,958,676
356,448,867
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(
7,314
)
(
11,250
)
(
22,239
)
(
18,848
)
(
48,105
)
(
33,235
)
(
45,777
)
(
38,938
)
(
2,005,140
)
(
1,732,420
)
(
4,547,921
)
(
3,999,247
)
(
8,345,412
)
(
7,244,493
)
(
11,983,691
)
(
8,641,673
)
(
38,384,727
)
(
30,844,386
)
(
98,981,115
)
(
80,430,468
)
(
182,530,491
)
(
140,567,956
)
(
254,515,236
)
(
167,870,196
)
(
10,707,701
)
(
8,951,414
)
(
19,497,003
)
(
17,029,727
)
(
27,594,330
)
(
23,487,619
)
(
34,405,063
)
(
25,191,754
)
(
51,104,882
)
(
41,539,470
)
(
123,048,278
)
(
101,478,290
)
(
218,518,338
)
(
171,333,303
)
(
300,949,767
)
(
201,742,561
)
43,185,572
68,186,554
77,530,643
105,934,257
148,285,271
207,300,117
240,841,510
264,887,553
51,101,947
41,470,195
122,817,120
101,285,207
217,806,264
170,710,985
300,642,610
201,568,037
(
208,899,418
)
(
320,496,059
)
(
452,766,648
)
(
687,634,259
)
(
708,130,024
)
(
1,029,440,184
)
(
765,306,526
)
(
1,008,798,089
)
(
114,611,899
)
(
210,839,310
)
(
252,418,885
)
(
480,414,795
)
(
342,038,489
)
(
651,429,082
)
(
223,822,406
)
(
542,342,499
)
(
47,747,833
)
(
175,991,241
)
(
103,372,768
)
(
412,736,725
)
(
89,028,745
)
(
548,398,365
)
175,186,503
(
387,636,193
)
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
$
934,376,707
$
982,124,540
$
1,998,504,066
$
2,101,876,834
$
3,278,463,442
$
3,367,492,187
$
4,540,353,936
$
4,365,167,433
Statement of Changes in Net Assets
(continued)
See Notes to Financial Statements
Statement of Changes in Net Assets
(continued)
12.7
Lifecycle 2035
12.8
Lifecycle 2040
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
OPERATIONS
Net investment income (loss)
$
131,003,329
$
136,277,430
$
139,415,919
$
144,839,128
Net realized gain (loss)
356,949,927
197,716,734
545,678,225
276,991,188
Net change in unrealized appreciation
(depreciation)
378,838,734
70,335,322
520,743,173
95,582,656
Net increase (decrease) in net assets from
operations
866,791,990
404,329,486
1,205,837,317
517,412,972
DISTRIBUTIONS TO SHAREHOLDERS
–
–
–
–
Dividends:
Class I
(
73,559
)
(
39,306
)
(
28,846
)
(
22,636
)
Premier Class
(
13,683,853
)
(
8,527,791
)
(
15,635,478
)
(
9,174,380
)
Class R6
(
307,950,716
)
(
172,639,733
)
(
406,091,647
)
(
203,141,552
)
Retirement Class
(
35,873,874
)
(
22,167,807
)
(
43,708,194
)
(
23,548,314
)
Total distributions
(
357,582,002
)
(
203,374,637
)
(
465,464,165
)
(
235,886,882
)
FUND SHARE TRANSACTIONS
Subscriptions
274,695,876
304,972,586
238,767,887
293,035,890
Reinvestments of distributions
357,104,556
203,116,579
465,039,755
235,712,156
Redemptions
(
723,540,976
)
(
988,470,092
)
(
830,123,767
)
(
1,051,404,392
)
Net increase (decrease) from Fund share
transactions
(
91,740,544
)
(
480,380,927
)
(
126,316,125
)
(
522,656,346
)
Net increase (decrease) in net assets
417,469,444
(
279,426,078
)
614,057,027
(
241,130,256
)
Net assets at the beginning of period
4,835,172,704
5,114,598,782
5,926,168,970
6,167,299,226
Net assets at the end of period
$
5,252,642,148
$
4,835,172,704
$
6,540,225,997
$
5,926,168,970
See Notes to Financial Statements
12.9
Lifecycle 2045
13.01
Lifecycle 2050
13.1
Lifecycle 2055
13.2
Lifecycle 2060
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
$
91,740,953
$
94,364,562
$
68,820,223
$
70,897,708
$
36,325,965
$
35,916,143
$
17,223,640
$
15,520,766
432,942,192
212,817,308
349,561,073
157,973,193
174,742,413
70,248,163
74,535,620
25,476,829
451,738,517
82,614,932
409,099,594
86,698,584
240,377,103
57,291,729
126,714,899
30,778,920
976,421,662
389,796,802
827,480,890
315,569,485
451,445,481
163,456,035
218,474,159
71,776,515
–
–
–
–
–
–
–
–
(
55,076
)
(
28,881
)
(
42,129
)
(
15,129
)
(
30,735
)
(
15,902
)
(
22,623
)
(
10,698
)
(
11,151,381
)
(
6,339,340
)
(
7,840,686
)
(
4,374,389
)
(
4,033,677
)
(
2,469,848
)
(
1,406,799
)
(
828,467
)
(
292,753,149
)
(
138,161,083
)
(
228,160,139
)
(
107,879,742
)
(
111,143,183
)
(
58,177,790
)
(
45,964,582
)
(
22,926,985
)
(
39,138,128
)
(
21,129,752
)
(
27,513,859
)
(
14,695,039
)
(
12,194,803
)
(
7,402,119
)
(
4,663,533
)
(
2,647,674
)
(
343,097,734
)
(
165,659,056
)
(
263,556,813
)
(
126,964,299
)
(
127,402,398
)
(
68,065,659
)
(
52,057,537
)
(
26,413,824
)
282,160,813
290,731,183
226,040,391
260,131,714
193,547,770
215,374,673
171,339,973
170,143,384
342,805,996
165,518,216
263,367,672
126,886,622
127,151,701
67,956,803
51,814,066
26,263,851
(
628,101,945
)
(
765,035,736
)
(
442,981,214
)
(
578,892,864
)
(
249,541,170
)
(
290,244,704
)
(
122,042,298
)
(
125,358,077
)
(
3,135,136
)
(
308,786,337
)
46,426,849
(
191,874,528
)
71,158,301
(
6,913,228
)
101,111,741
71,049,158
630,188,792
(
84,648,591
)
610,350,926
(
3,269,342
)
395,201,384
88,477,148
267,528,363
116,411,849
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
$
4,992,782,632
$
4,362,593,840
$
4,112,915,659
$
3,502,564,733
$
2,249,927,093
$
1,854,725,709
$
1,118,650,560
$
851,122,197
Statement of Changes in Net Assets
(continued)
See Notes to Financial Statements
Statement of Changes in Net Assets
(continued)
13.3
Lifecycle 2065
13.4
Lifecycle 2070
Year Ended
5/31/26
Year Ended
5/31/25
For the period
9/30/25
(commencement of operations)
through
5/31/26
OPERATIONS
Net investment income (loss)
$
3,164,422
$
2,097,686
$
74,964
Net realized gain (loss)
11,967,866
3,118,214
297,675
Net change in unrealized appreciation (depreciation)
25,846,806
4,943,935
248,375
Net increase (decrease) in net assets from operations
40,979,094
10,159,835
621,014
DISTRIBUTIONS TO SHAREHOLDERS
–
–
–
Dividends:
Class I
(
6,500
)
(
4,065
)
(
6,967
)
Premier Class
(
298,821
)
(
150,235
)
(
6,967
)
Class R6
(
6,203,356
)
(
2,730,931
)
(
50,120
)
Retirement Class
(
833,475
)
(
482,116
)
(
6,839
)
Total distributions
(
7,342,152
)
(
3,367,347
)
(
70,893
)
FUND SHARE TRANSACTIONS
Subscriptions
90,577,127
70,752,055
5,314,039
Reinvestments of distributions
7,333,530
3,365,436
–
Redemptions
(
33,956,894
)
(
31,948,510
)
(
93,338
)
Net increase (decrease) from Fund share transactions
63,953,763
42,168,981
5,220,701
Net increase (decrease) in net assets
97,590,705
48,961,469
5,770,822
Net assets at the beginning of period
139,898,313
90,936,844
–
Net assets at the end of period
$
237,489,018
$
139,898,313
$
5,770,822
See Notes to Financial Statements
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
12.1
Lifecycle Retirement Income
Class A:
5/31/26
$
11
.52
$
0
.37
$
1
.06
$
1
.43
$
(
0
.36
)
$
(
0
.23
)
$
(
0
.59
)
$
12
.36
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
Class I:
5/31/26
11
.54
0
.40
1
.06
1
.46
(
0
.39
)
(
0
.23
)
(
0
.62
)
12
.38
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
Premier Class:
5/31/26
11
.53
0
.38
1
.07
1
.45
(
0
.38
)
(
0
.23
)
(
0
.61
)
12
.37
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
Class R6:
5/31/26
11
.54
0
.40
1
.06
1
.46
(
0
.39
)
(
0
.23
)
(
0
.62
)
12
.38
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
Retirement Class:
5/31/26
11
.51
0
.37
1
.05
1
.42
(
0
.36
)
(
0
.23
)
(
0
.59
)
12
.34
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
(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, Floating Rate Income, Growth
Opportunities ETF, International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
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
.84
%
$
131,269
0
.72
%
0
.50
%
3
.12
%
29
%
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
13
.02
273
0
.51
0
.32
3
.31
29
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
12
.93
4,782
0
.59
0
.40
3
.16
29
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
13
.10
146,105
0
.44
0
.25
3
.37
29
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
12
.76
113,106
0
.68
0
.50
3
.13
29
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
12.2
Lifecycle 2010
Class I:
5/31/26
$
10
.28
$
0
.37
$
0
.88
$
1
.25
$
(
0
.41
)
$
(
0
.34
)
$
(
0
.75
)
$
10
.78
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
Premier Class:
5/31/26
10
.22
0
.37
0
.86
1
.23
(
0
.40
)
(
0
.34
)
(
0
.74
)
10
.71
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
Class R6:
5/31/26
10
.24
0
.38
0
.87
1
.25
(
0
.41
)
(
0
.34
)
(
0
.75
)
10
.74
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
Retirement Class:
5/31/26
13
.13
0
.45
1
.14
1
.59
(
0
.38
)
(
0
.34
)
(
0
.72
)
14
.00
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
(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, Floating Rate Income, Growth
Opportunities ETF, International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
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
.46
%
$
100
0
.54
%
0
.29
%
3
.44
%
28
%
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
12
.29
15,506
0
.57
0
.32
3
.45
28
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
12
.55
480,232
0
.42
0
.17
3
.55
28
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
12
.32
177,120
0
.67
0
.42
3
.30
28
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
12.3
Lifecycle 2015
Class I:
5/31/26
$
9
.33
$
0
.30
$
0
.88
$
1
.18
$
(
0
.37
)
$
(
0
.22
)
$
(
0
.59
)
$
9
.92
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
Premier Class:
5/31/26
9
.28
0
.32
0
.85
1
.17
(
0
.35
)
(
0
.22
)
(
0
.57
)
9
.88
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
Class R6:
5/31/26
9
.33
0
.33
0
.85
1
.18
(
0
.36
)
(
0
.22
)
(
0
.58
)
9
.93
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
Retirement Class:
5/31/26
12
.67
0
.42
1
.17
1
.59
(
0
.33
)
(
0
.22
)
(
0
.55
)
13
.71
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
(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, Floating Rate Income, Growth
Opportunities ETF, International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
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
.95
%
$
130
0
.49
%
0
.32
%
3
.05
%
28
%
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
12
.87
25,241
0
.56
0
.40
3
.25
28
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
12
.99
642,066
0
.41
0
.25
3
.38
28
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
12
.75
266,940
0
.66
0
.50
3
.12
28
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
12.4
Lifecycle 2020
Class I:
5/31/26
$
9
.69
$
0
.33
$
0
.99
$
1
.32
$
(
0
.35
)
$
(
0
.32
)
$
(
0
.67
)
$
10
.34
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
Premier Class:
5/31/26
9
.67
0
.32
1
.00
1
.32
(
0
.34
)
(
0
.32
)
(
0
.66
)
10
.33
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
Class R6:
5/31/26
9
.70
0
.33
1
.00
1
.33
(
0
.36
)
(
0
.32
)
(
0
.68
)
10
.35
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
Retirement Class:
5/31/26
13
.64
0
.43
1
.42
1
.85
(
0
.32
)
(
0
.32
)
(
0
.64
)
14
.85
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
(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, Floating Rate Income, Growth
Opportunities ETF, International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
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
13
.98
%
$
258
0
.52
%
0
.36
%
3
.25
%
28
%
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
13
.96
49,267
0
.56
0
.40
3
.13
28
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
14
.00
1,511,242
0
.41
0
.25
3
.25
28
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
13
.77
437,737
0
.66
0
.50
3
.01
28
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
12.5
Lifecycle 2025
Class I:
5/31/26
$
10
.19
$
0
.34
$
1
.16
$
1
.50
$
(
0
.35
)
$
(
0
.42
)
$
(
0
.77
)
$
10
.92
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
Premier Class:
5/31/26
10
.14
0
.32
1
.15
1
.47
(
0
.33
)
(
0
.42
)
(
0
.75
)
10
.86
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
Class R6:
5/31/26
10
.19
0
.33
1
.17
1
.50
(
0
.35
)
(
0
.42
)
(
0
.77
)
10
.92
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
Retirement Class:
5/31/26
14
.57
0
.44
1
.69
2
.13
(
0
.31
)
(
0
.42
)
(
0
.73
)
15
.97
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
(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, Floating Rate Income, Growth
Opportunities ETF, International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
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
15
.17
%
$
599
0
.45
%
0
.29
%
3
.15
%
29
%
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
14
.94
85,467
0
.56
0
.40
3
.01
29
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
15
.15
2,609,993
0
.41
0
.25
3
.13
29
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
14
.90
582,404
0
.66
0
.50
2
.88
29
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
12.6
Lifecycle 2030
Class I:
5/31/26
$
10
.58
$
0
.30
$
1
.43
$
1
.73
$
(
0
.33
)
$
(
0
.49
)
$
(
0
.82
)
$
11
.49
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
Premier Class:
5/31/26
10
.51
0
.31
1
.39
1
.70
(
0
.31
)
(
0
.49
)
(
0
.80
)
11
.41
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
Class R6:
5/31/26
10
.58
0
.32
1
.40
1
.72
(
0
.32
)
(
0
.49
)
(
0
.81
)
11
.49
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
Retirement Class:
5/31/26
15
.58
0
.44
2
.09
2
.53
(
0
.28
)
(
0
.49
)
(
0
.77
)
17
.34
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
(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, Floating Rate Income, Growth
Opportunities ETF, International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
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
16
.87
%
$
723
0
.45
%
0
.27
%
2
.65
%
28
%
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
16
.64
121,030
0
.56
0
.39
2
.76
28
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
16
.82
3,674,928
0
.41
0
.24
2
.88
28
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
16
.58
743,673
0
.66
0
.49
2
.64
28
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
12.7
Lifecycle 2035
Class I:
5/31/26
$
11
.04
$
0
.30
$
1
.71
$
2
.01
$
(
0
.31
)
$
(
0
.61
)
$
(
0
.92
)
$
12
.13
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
Premier Class:
5/31/26
11
.02
0
.29
1
.69
1
.98
(
0
.29
)
(
0
.61
)
(
0
.90
)
12
.10
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
Class R6:
5/31/26
11
.06
0
.31
1
.70
2
.01
(
0
.31
)
(
0
.61
)
(
0
.92
)
12
.15
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
Retirement Class:
5/31/26
16
.81
0
.43
2
.62
3
.05
(
0
.26
)
(
0
.61
)
(
0
.87
)
18
.99
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
(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, Floating Rate Income, Growth
Opportunities ETF, International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
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
18
.72
%
$
1,141
0
.45
%
0
.27
%
2
.55
%
27
%
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
18
.45
129,969
0
.56
0
.38
2
.51
27
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
18
.67
4,353,742
0
.42
0
.23
2
.61
27
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
18
.46
767,790
0
.67
0
.48
2
.38
27
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
12.8
Lifecycle 2040
Class I:
5/31/26
$
11
.39
$
0
.26
$
2
.08
$
2
.34
$
(
0
.27
)
$
(
0
.74
)
$
(
1
.01
)
$
12
.72
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
Premier Class:
5/31/26
11
.35
0
.26
2
.07
2
.33
(
0
.25
)
(
0
.74
)
(
0
.99
)
12
.69
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
Class R6:
5/31/26
11
.40
0
.28
2
.07
2
.35
(
0
.27
)
(
0
.74
)
(
1
.01
)
12
.74
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
Retirement Class:
5/31/26
18
.06
0
.40
3
.32
3
.72
(
0
.22
)
(
0
.74
)
(
0
.96
)
20
.82
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
(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, Floating Rate Income, Growth
Opportunities ETF, International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
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
21
.27
%
$
402
0
.46
%
0
.26
%
2
.17
%
25
%
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
21
.19
157,731
0
.57
0
.37
2
.12
25
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
21
.29
5,446,606
0
.42
0
.22
2
.26
25
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
21
.00
935,487
0
.67
0
.47
2
.03
25
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
12.9
Lifecycle 2045
Class I:
5/31/26
$
14
.60
$
0
.31
$
2
.98
$
3
.29
$
(
0
.30
)
$
(
0
.91
)
$
(
1
.21
)
$
16
.68
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
Premier Class:
5/31/26
14
.51
0
.29
2
.96
3
.25
(
0
.27
)
(
0
.91
)
(
1
.18
)
16
.58
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
Class R6:
5/31/26
14
.60
0
.31
2
.98
3
.29
(
0
.30
)
(
0
.91
)
(
1
.21
)
16
.68
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
Retirement Class:
5/31/26
14
.44
0
.27
2
.94
3
.21
(
0
.26
)
(
0
.91
)
(
1
.17
)
16
.48
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
(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, Floating Rate Income, Growth
Opportunities ETF, International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
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
23
.27
%
$
848
0
.45
%
0
.25
%
1
.94
%
26
%
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
23
.11
111,807
0
.57
0
.37
1
.87
26
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
23
.23
4,310,136
0
.42
0
.22
1
.98
26
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
22
.89
569,992
0
.67
0
.47
1
.76
26
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
13.01
Lifecycle 2050
Class I:
5/31/26
$
15
.13
$
0
.30
$
3
.28
$
3
.58
$
(
0
.29
)
$
(
0
.90
)
$
(
1
.19
)
$
17
.52
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
Premier Class:
5/31/26
15
.04
0
.28
3
.25
3
.53
(
0
.26
)
(
0
.90
)
(
1
.16
)
17
.41
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
Class R6:
5/31/26
15
.12
0
.30
3
.27
3
.57
(
0
.29
)
(
0
.90
)
(
1
.19
)
17
.50
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
Retirement Class:
5/31/26
14
.94
0
.26
3
.23
3
.49
(
0
.24
)
(
0
.90
)
(
1
.14
)
17
.29
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
(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, Floating Rate Income, Growth
Opportunities ETF, International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
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
24
.34
%
$
619
0
.46
%
0
.25
%
1
.83
%
24
%
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
24
.15
93,039
0
.57
0
.37
1
.71
24
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
24
.29
3,597,416
0
.42
0
.22
1
.83
24
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
24
.05
421,843
0
.67
0
.47
1
.60
24
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
13.1
Lifecycle 2055
Class I:
5/31/26
$
17
.95
$
0
.34
$
3
.95
$
4
.29
$
(
0
.32
)
$
(
0
.94
)
$
(
1
.26
)
$
20
.98
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
Premier Class:
5/31/26
17
.86
0
.32
3
.93
4
.25
(
0
.29
)
(
0
.94
)
(
1
.23
)
20
.88
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
Class R6:
5/31/26
17
.94
0
.35
3
.96
4
.31
(
0
.32
)
(
0
.94
)
(
1
.26
)
20
.99
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
Retirement Class:
5/31/26
17
.84
0
.30
3
.93
4
.23
(
0
.27
)
(
0
.94
)
(
1
.21
)
20
.86
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
(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,
International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
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
24
.62
%
$
555
0
.46
%
0
.25
%
1
.76
%
23
%
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
24
.41
53,939
0
.57
0
.37
1
.66
23
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
24
.67
1,978,163
0
.43
0
.22
1
.79
23
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
24
.32
217,270
0
.68
0
.47
1
.56
23
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
13.2
Lifecycle 2060
Class I:
5/31/26
$
15
.62
$
0
.29
$
3
.51
$
3
.80
$
(
0
.28
)
$
(
0
.65
)
$
(
0
.93
)
$
18
.49
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
Premier Class:
5/31/26
15
.57
0
.28
3
.49
3
.77
(
0
.25
)
(
0
.65
)
(
0
.90
)
18
.44
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
Class R6:
5/31/26
15
.63
0
.30
3
.49
3
.79
(
0
.27
)
(
0
.65
)
(
0
.92
)
18
.50
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
Retirement Class:
5/31/26
15
.54
0
.26
3
.48
3
.74
(
0
.23
)
(
0
.65
)
(
0
.88
)
18
.40
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
(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,
International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
(e)
Value rounded to zero.
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
24
.87
%
$
518
0
.47
%
0
.25
%
1
.69
%
22
%
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
24
.75
23,379
0
.59
0
.37
1
.65
22
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
24
.84
993,692
0
.44
0
.22
1
.76
22
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
24
.61
101,062
0
.69
0
.47
1
.54
22
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
Financial Highlights
(continued)
See Notes to Financial Statements
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
e
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
13.3
Lifecycle 2065
Class I:
5/31/26
$
13
.20
$
0
.24
$
3
.01
$
3
.25
$
(
0
.21
)
$
(
0
.38
)
$
(
0
.59
)
$
15
.86
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
Premier Class:
5/31/26
13
.35
0
.25
3
.04
3
.29
(
0
.21
)
(
0
.38
)
(
0
.59
)
16
.05
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
Class R6:
5/31/26
13
.56
0
.26
3
.09
3
.35
(
0
.22
)
(
0
.38
)
(
0
.60
)
16
.31
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
Retirement Class:
5/31/26
13
.54
0
.23
3
.08
3
.31
(
0
.19
)
(
0
.38
)
(
0
.57
)
16
.28
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
(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,
International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
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
25
.04
%
$
168
0
.58
%
0
.29
%
1
.66
%
29
%
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
25
.01
7,639
0
.65
0
.36
1
.67
29
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
25
.14
203,293
0
.50
0
.21
1
.72
29
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
24
.84
26,389
0
.75
0
.46
1
.55
29
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
Financial Highlights
(continued)
See Notes to Financial Statements
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
e
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
13.4
Lifecycle 2070
Class I:
5/31/26
(e)
$
10.00
$
0.14
$
1.07
$
1.21
$
(0.14)
$
—
$
(0.14)
$
11.07
Premier Class:
5/31/26
(e)
10.00
0.14
1.07
1.21
(0.14)
—
(0.14)
11.07
Class R6:
5/31/26
(e)
10.00
0.15
1.07
1.22
(0.14)
—
(0.14)
11.08
Retirement Class:
5/31/26
(e)
10.00
0.13
1.08
1.21
(0.14)
—
(0.14)
11.07
(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,
International Value, Small Cap Select and the Nuveen Real Property Fund LP and exclude the income of the Underlying Funds.
(e)
For the period September 30, 2025 (commencement of operations) through May 31, 2026.
(f)
Annualized.
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
12.23
%
$
554
4.84
%
(f)
0.35
%
(f)
2.09
%
(f)
9
%
12.23
554
4.99
(f)
0.35
(f)
2.09
(f)
9
12.37
3,944
4.46
(f)
0.20
(f)
2.23
(f)
9
12.20
720
5.08
(f)
0.45
(f)
1.89
(f)
9
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:
Current Fiscal Period:
The end of the reporting period for the Funds is May 31, 2026, and the period covered by these Notes to
Financial Statements is the fiscal year ended May 31, 2026 while the period for Lifecycle 2070 is the period September 30, 2025
(commencement of operations) through May 31, 2026 (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, Class I or Class
R6 shares of other Nuveen mutual funds and potentially other investment pools or investment products including other funds or
exchange-traded funds ("ETFs") advised by the Adviser or its affiliates. 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 security and common share transactions.
The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return
is computed based on the NAV used for processing security and common share 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.
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
Nuveen Lifecycle 2070 Fund
Lifecycle 2070
Indemnifications:
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 current fiscal period, if any, are further described later in
these Notes to Financial Statements.
Segment Reporting:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision
maker (“CODM”), as defined in U.S. GAAP. 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 (ASU No. 2023-09):
In December 2023, the FASB issued Accounting Standard Update ("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. During the current fiscal period, the Funds adopted the new guidance. See Note 7 for more
income tax information.
New Accounting Pronouncement (ASU No. 2025-11):
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic
270) Narrow Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of interim
disclosures that are required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events
since the end of the last annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are
effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted
for all entities. 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, and the fair value of certain other assets and liabilities,
when applicable, 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
expedient
a
Total
Lifecycle Retirement Income
Affiliated investment companies
$
379,042,769
$
—
$
—
16,162,027
$
395,204,796
Short-Term Investments
:
Repurchase agreements
—
225,000
—
—
225,000
$
379,042,769
$
225,000
$
—
$
16,162,027
$
395,429,796
Lifecycle 2010
Affiliated investment companies
$
661,250,066
$
—
$
—
11,462,600
$
672,712,666
$
661,250,066
$
—
$
—
$
11,462,600
$
672,712,666
Lifecycle 2015
Affiliated investment companies
$
898,388,055
$
—
$
—
34,989,810
$
933,377,865
Short-Term Investments
:
Repurchase agreements
—
281,000
—
—
281,000
$
898,388,055
$
281,000
$
—
$
34,989,810
$
933,658,865
Lifecycle 2020
Affiliated investment companies
$
1,915,910,209
$
—
$
—
81,695,273
$
1,997,605,482
Short-Term Investments
:
Repurchase agreements
—
103,000
—
—
103,000
$
1,915,910,209
$
103,000
$
—
$
81,695,273
$
1,997,708,482
Lifecycle 2025
Affiliated investment companies
$
3,138,478,643
$
—
$
—
133,830,492
$
3,272,309,135
Short-Term Investments
:
Repurchase agreements
—
1,196,000
—
—
1,196,000
$
3,138,478,643
$
1,196,000
$
—
$
133,830,492
$
3,273,505,135
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 current fiscal period, and the collateral delivered related to those repurchase agreements.
Fund
Level 1
Level 2
Level 3
Fair value
using practical
expedient
a
Total
Lifecycle 2030
Affiliated investment companies
$
4,354,440,066
$
—
$
—
185,692,590
$
4,540,132,656
Short-Term Investments
:
Repurchase agreements
—
113,000
—
—
113,000
$
4,354,440,066
$
113,000
$
—
$
185,692,590
$
4,540,245,656
Lifecycle 2035
Affiliated investment companies
$
5,031,951,261
$
—
$
—
214,597,690
$
5,246,548,951
Short-Term Investments
:
Repurchase agreements
—
4,687,000
—
—
4,687,000
$
5,031,951,261
$
4,687,000
$
—
$
214,597,690
$
5,251,235,951
Lifecycle 2040
Affiliated investment companies
$
6,269,112,335
$
—
$
—
267,379,302
$
6,536,491,637
$
6,269,112,335
$
—
$
—
$
267,379,302
$
6,536,491,637
Lifecycle 2045
Affiliated investment companies
$
4,783,485,380
$
—
$
—
204,026,188
$
4,987,511,568
Short-Term Investments
:
Repurchase agreements
—
4,379,000
—
—
4,379,000
$
4,783,485,380
$
4,379,000
$
—
$
204,026,188
$
4,991,890,568
Lifecycle 2050
Affiliated investment companies
$
3,940,179,715
$
—
$
—
168,061,074
$
4,108,240,789
Short-Term Investments
:
Repurchase agreements
—
4,240,000
—
—
4,240,000
$
3,940,179,715
$
4,240,000
$
—
$
168,061,074
$
4,112,480,789
Lifecycle 2055
Affiliated investment companies
$
2,155,028,658
$
—
$
—
91,919,069
$
2,246,947,727
Short-Term Investments
:
Repurchase agreements
—
2,669,000
—
—
2,669,000
$
2,155,028,658
$
2,669,000
$
—
$
91,919,069
$
2,249,616,727
Lifecycle 2060
Affiliated investment companies
$
1,071,074,268
$
—
$
—
45,685,071
$
1,116,759,339
Short-Term Investments
:
Repurchase agreements
—
1,380,000
—
—
1,380,000
$
1,071,074,268
$
1,380,000
$
—
$
45,685,071
$
1,118,139,339
Lifecycle 2065
Affiliated investment companies
$
226,942,437
$
—
$
—
9,679,791
$
236,622,228
Short-Term Investments
:
Repurchase agreements
—
62,000
—
—
62,000
$
226,942,437
$
62,000
$
—
$
9,679,791
$
236,684,228
Lifecycle 2070
Affiliated investment companies
$
5,542,999
$
—
$
—
236,426
$
5,779,425
$
5,542,999
$
—
$
—
$
236,426
$
5,779,425
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.
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 publicly traded.
Purchases and Sales:
Long-term purchases and sales during the current fiscal period were as follows:
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.
Fund
Counterparty
Short-term Investments,
at Value
Collateral Pledged
(From) Counterparty
Lifecycle Retirement Income
Fixed Income Clearing Corporation
$
225,000
$
(229,509)
Lifecycle 2015
Fixed Income Clearing Corporation
281,000
(286,635)
Lifecycle 2020
Fixed Income Clearing Corporation
103,000
(105,181)
Lifecycle 2025
Fixed Income Clearing Corporation
1,196,000
(1,220,030)
Lifecycle 2030
Fixed Income Clearing Corporation
113,000
(115,282)
Lifecycle 2035
Fixed Income Clearing Corporation
4,687,000
(4,780,831)
Lifecycle 2045
Fixed Income Clearing Corporation
4,379,000
(4,466,602)
Lifecycle 2050
Fixed Income Clearing Corporation
4,240,000
(4,324,870)
Lifecycle 2055
Fixed Income Clearing Corporation
2,669,000
(2,722,392)
Lifecycle 2060
Fixed Income Clearing Corporation
1,380,000
(1,407,634)
Lifecycle 2065
Fixed Income Clearing Corporation
62,000
(63,300)
Fund
Non-U.S. Government
Purchases
Non-U.S. Government
Sales
12.1
Lifecycle Retirement Income
$
115,330,202
$
139,813,724
12.2
Lifecycle 2010
190,454,386
249,428,905
12.3
Lifecycle 2015
270,990,736
384,090,910
12.4
Lifecycle 2020
575,272,220
831,076,954
12.5
Lifecycle 2025
958,731,968
1,323,006,334
12.6
Lifecycle 2030
1,262,187,392
1,501,393,357
12.7
Lifecycle 2035
1,359,644,208
1,476,642,719
12.8
Lifecycle 2040
1,573,457,281
1,725,663,094
12.9
Lifecycle 2045
1,208,392,876
1,212,482,581
13.01
Lifecycle 2050
985,627,503
918,187,585
13.1
Lifecycle 2055
576,473,149
476,998,737
13.2
Lifecycle 2060
338,775,184
214,129,530
13.3
Lifecycle 2065
124,341,797
53,771,960
13.4
Lifecycle 2070
5,995,584
461,513
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
5/31/26
Year Ended
5/31/25
12.1
Lifecycle Retirement Income
Shares
Value
Shares
Value
Subscriptions:
Class A
350,081
$
4,197,375
311,386
$
3,550,796
Class I
5,983
72,991
–
–
Premier Class
186,323
2,242,955
118,822
1,357,688
Class R6
2,137,209
25,568,801
1,865,588
21,220,360
Retirement Class
323,581
3,844,029
797,495
9,022,643
Total subscriptions
3,003,177
35,926,151
3,093,291
35,151,487
Reinvestments of distributions:
Class A
527,720
6,213,390
348,227
3,958,189
Class I
912
10,760
627
7,135
Premier Class
29,709
349,886
25,875
294,232
Class R6
638,362
7,524,875
457,983
5,210,150
Retirement Class
509,573
5,993,120
355,881
4,039,158
Total reinvestments of distributions
1,706,276
20,092,031
1,188,593
13,508,864
Redemptions:
Class A
(920,483)
(11,005,683)
(1,177,599)
(13,387,343)
Class I
(754)
(9,101)
(14,967)
(171,274)
Premier Class
(490,581)
(5,907,511)
(377,393)
(4,318,536)
Class R6
(3,269,733)
(39,136,893)
(4,065,192)
(46,211,655)
Retirement Class
(2,114,058)
(25,303,028)
(2,243,007)
(25,443,145)
Total redemptions
(6,795,609)
(81,362,216)
(7,878,158)
(89,531,953)
Net increase (decrease) from shareholder transactions
(2,086,156)
$
(25,344,034)
(3,596,274)
$
(40,871,602)
Year Ended
5/31/26
Year Ended
5/31/25
12.2
Lifecycle 2010
Shares
Value
Shares
Value
Subscriptions:
Class I
2
$
11
–
$
–
Premier Class
228,863
2,400,621
868,478
9,119,759
Class R6
2,802,042
29,539,068
4,083,812
42,681,705
Retirement Class
577,019
7,907,299
962,197
12,470,326
Total subscriptions
3,607,926
39,846,999
5,914,487
64,271,790
Reinvestments of distributions:
Class I
466
4,817
353
3,575
Premier Class
157,311
1,615,584
160,975
1,621,021
Class R6
3,184,633
32,769,869
2,887,253
29,103,507
Retirement Class
677,880
9,097,154
700,180
9,067,334
Total reinvestments of distributions
4,020,290
43,487,424
3,748,761
39,795,437
Redemptions:
Class I
(1)
(11)
(7,034)
(74,774)
Premier Class
(1,588,062)
(16,699,887)
(1,756,554)
(18,255,634)
Class R6
(7,825,633)
(83,152,691)
(13,282,630)
(135,837,303)
Retirement Class
(2,670,281)
(36,719,366)
(6,049,185)
(79,220,239)
Total redemptions
(12,083,977)
(136,571,955)
(21,095,403)
(233,387,950)
Net increase (decrease) from shareholder transactions
(4,455,761)
$
(53,237,532)
(11,432,155)
$
(129,320,723)
Notes to Financial Statements
(continued)
Year Ended
5/31/26
Year Ended
5/31/25
12.3
Lifecycle 2015
Shares
Value
Shares
Value
Subscriptions:
Class I
1
$
10
–
$
–
Premier Class
127,991
1,234,722
1,144,467
10,857,584
Class R6
2,139,605
20,788,775
4,078,341
38,187,664
Retirement Class
1,584,818
21,162,065
1,520,308
19,141,306
Total subscriptions
3,852,415
43,185,572
6,743,116
68,186,554
Reinvestments of distributions:
Class I
771
7,314
1,225
11,250
Premier Class
212,184
2,005,140
189,129
1,732,421
Class R6
4,044,446
38,381,792
3,348,761
30,775,110
Retirement Class
816,136
10,707,701
716,113
8,951,414
Total reinvestments of distributions
5,073,537
51,101,947
4,255,228
41,470,195
Redemptions:
Class I
(17,398)
(174,254)
(10,644)
(101,114)
Premier Class
(1,996,314)
(19,317,567)
(1,792,289)
(16,700,990)
Class R6
(14,421,819)
(140,207,699)
(20,824,544)
(192,551,456)
Retirement Class
(3,682,389)
(49,199,898)
(8,866,118)
(111,142,499)
Total redemptions
(20,117,920)
(208,899,418)
(31,493,595)
(320,496,059)
Net increase (decrease) from shareholder transactions
(11,191,968)
$
(114,611,899)
(20,495,251)
$
(210,839,310)
Year Ended
5/31/26
Year Ended
5/31/25
12.4
Lifecycle 2020
Shares
Value
Shares
Value
Subscriptions:
Class I
1,813
$
18,006
80,365
$
781,146
Premier Class
493,940
4,914,748
1,729,246
17,096,584
Class R6
4,904,134
49,492,191
7,391,377
71,835,625
Retirement Class
1,593,903
23,105,698
1,201,634
16,220,902
Total subscriptions
6,993,790
77,530,643
10,402,622
105,934,257
Reinvestments of distributions:
Class I
2,258
22,239
1,972
18,848
Premier Class
462,187
4,547,920
418,465
3,996,339
Class R6
10,015,517
98,753,000
8,384,778
80,242,330
Retirement Class
1,377,665
19,493,961
1,264,120
17,027,690
Total reinvestments of distributions
11,857,627
122,817,120
10,069,335
101,285,207
Redemptions:
Class I
(14,998)
(150,023)
(101,495)
(981,361)
Premier Class
(4,579,014)
(46,182,436)
(3,632,966)
(35,311,497)
Class R6
(29,708,048)
(301,046,391)
(47,551,522)
(458,083,344)
Retirement Class
(7,330,906)
(105,387,798)
(14,300,892)
(193,258,057)
Total redemptions
(41,632,966)
(452,766,648)
(65,586,875)
(687,634,259)
Net increase (decrease) from shareholder transactions
(22,781,549)
$
(252,418,885)
(45,114,918)
$
(480,414,795)
Year Ended
5/31/26
Year Ended
5/31/25
12.5
Lifecycle 2025
Shares
Value
Shares
Value
Subscriptions:
Class I
7,281
$
78,028
5,061
$
51,436
Premier Class
887,710
9,427,935
2,825,185
29,321,643
Class R6
9,235,721
98,624,864
14,371,593
146,953,109
Retirement Class
2,595,893
40,154,444
2,150,740
30,973,929
Total subscriptions
12,726,605
148,285,271
19,352,579
207,300,117
Reinvestments of distributions:
Class I
4,648
48,106
3,300
33,235
Premier Class
809,448
8,345,413
722,970
7,244,158
Class R6
17,550,323
181,821,343
13,897,488
139,947,702
Retirement Class
1,820,013
27,591,402
1,629,833
23,485,890
Total reinvestments of distributions
20,184,432
217,806,264
16,253,591
170,710,985
Redemptions:
Class I
(20,947)
(221,836)
(22,265)
(228,840)
Premier Class
(7,131,654)
(75,424,991)
(6,549,139)
(66,636,407)
Class R6
(45,513,254)
(485,758,476)
(66,180,199)
(669,557,704)
Retirement Class
(9,494,980)
(146,724,721)
(20,317,544)
(293,017,233)
Total redemptions
(62,160,835)
(708,130,024)
(93,069,147)
(1,029,440,184)
Net increase (decrease) from shareholder transactions
(29,249,798)
$
(342,038,489)
(57,462,977)
$
(651,429,082)
Year Ended
5/31/26
Year Ended
5/31/25
12.6
Lifecycle 2030
Shares
Value
Shares
Value
Subscriptions:
Class I
10,007
$
111,662
11,062
$
116,013
Premier Class
1,405,261
15,578,797
3,065,099
32,746,016
Class R6
15,411,741
171,671,345
18,342,102
193,396,344
Retirement Class
3,197,668
53,479,706
2,514,662
38,629,180
Total subscriptions
20,024,677
240,841,510
23,932,925
264,887,553
Reinvestments of distributions:
Class I
4,231
45,777
3,723
38,938
Premier Class
1,113,726
11,983,691
830,930
8,641,674
Class R6
23,494,712
254,212,789
16,032,827
167,703,368
Retirement Class
2,103,997
34,400,353
1,633,207
25,184,057
Total reinvestments of distributions
26,716,666
300,642,610
18,500,687
201,568,037
Redemptions:
Class I
(30,735)
(357,470)
(18,577)
(195,989)
Premier Class
(9,437,663)
(104,173,919)
(5,989,961)
(63,118,887)
Class R6
(43,879,902)
(489,318,684)
(63,627,765)
(665,202,863)
Retirement Class
(10,296,756)
(171,456,453)
(18,195,552)
(280,280,350)
Total redemptions
(63,645,056)
(765,306,526)
(87,831,855)
(1,008,798,089)
Net increase (decrease) from shareholder transactions
(16,903,713)
$
(223,822,406)
(45,398,243)
$
(542,342,499)
Year Ended
5/31/26
Year Ended
5/31/25
12.7
Lifecycle 2035
Shares
Value
Shares
Value
Subscriptions:
Class I
14,607
$
171,415
17,265
$
187,549
Premier Class
1,356,425
15,878,018
2,541,611
28,254,177
Class R6
18,238,320
212,372,652
21,563,503
237,682,922
Retirement Class
2,554,242
46,273,791
2,352,258
38,847,938
Total subscriptions
22,163,594
274,695,876
26,474,637
304,972,586
Reinvestments of distributions:
Class I
6,481
73,558
3,593
39,306
Premier Class
1,207,754
13,683,854
780,933
8,527,791
Class R6
27,066,367
307,473,923
15,742,619
172,381,675
Retirement Class
2,017,616
35,873,221
1,329,005
22,167,807
Total reinvestments of distributions
30,298,218
357,104,556
17,856,150
203,116,579
Redemptions:
Class I
(6,515)
(78,674)
(27,739)
(300,273)
Premier Class
(9,840,280)
(114,294,564)
(5,596,196)
(61,724,127)
Class R6
(37,866,902)
(443,884,083)
(60,998,041)
(664,461,351)
Retirement Class
(9,104,500)
(165,283,655)
(15,803,664)
(261,984,341)
Total redemptions
(56,818,197)
(723,540,976)
(82,425,640)
(988,470,092)
Net increase (decrease) from shareholder transactions
(4,356,385)
$
(91,740,544)
(38,094,853)
$
(480,380,927)
Year Ended
5/31/26
Year Ended
5/31/25
12.8
Lifecycle 2040
Shares
Value
Shares
Value
Subscriptions:
Class I
22,745
$
277,062
9,275
$
104,427
Premier Class
1,262,521
15,298,889
2,288,560
26,006,427
Class R6
15,562,138
188,555,864
20,787,395
235,509,976
Retirement Class
1,766,846
34,636,072
1,780,883
31,415,060
Total subscriptions
18,614,250
238,767,887
24,866,113
293,035,890
Reinvestments of distributions:
Class I
2,449
28,846
2,003
22,636
Premier Class
1,329,547
15,635,478
813,904
9,172,701
Class R6
34,380,721
405,692,511
17,947,075
202,981,414
Retirement Class
2,263,364
43,682,920
1,311,895
23,535,405
Total reinvestments of distributions
37,976,081
465,039,755
20,074,877
235,712,156
Redemptions:
Class I
(21,628)
(260,443)
(37,488)
(412,368)
Premier Class
(10,129,904)
(122,284,875)
(6,136,127)
(69,946,172)
Class R6
(44,245,148)
(538,881,339)
(62,739,358)
(700,573,784)
Retirement Class
(8,523,205)
(168,697,110)
(15,816,093)
(280,472,068)
Total redemptions
(62,919,885)
(830,123,767)
(84,729,066)
(1,051,404,392)
Net increase (decrease) from shareholder transactions
(6,329,554)
$
(126,316,125)
(39,788,076)
$
(522,656,346)
Notes to Financial Statements
(continued)
Year Ended
5/31/26
Year Ended
5/31/25
12.9
Lifecycle 2045
Shares
Value
Shares
Value
Subscriptions:
Class I
6,006
$
95,120
7,710
$
110,364
Premier Class
928,958
14,537,514
1,580,159
22,813,700
Class R6
13,946,630
219,152,422
16,452,815
237,049,503
Retirement Class
3,094,486
48,375,757
2,161,263
30,757,616
Total subscriptions
17,976,080
282,160,813
20,201,947
290,731,183
Reinvestments of distributions:
Class I
3,593
55,076
1,992
28,881
Premier Class
731,718
11,151,381
439,621
6,339,340
Class R6
19,078,690
292,476,310
9,519,245
138,029,050
Retirement Class
2,580,688
39,123,229
1,471,843
21,120,945
Total reinvestments of distributions
22,394,689
342,805,996
11,432,701
165,518,216
Redemptions:
Class I
(2,861)
(45,973)
(26,020)
(371,613)
Premier Class
(6,871,420)
(107,336,244)
(3,625,356)
(52,513,904)
Class R6
(24,571,168)
(387,272,839)
(36,594,169)
(522,648,420)
Retirement Class
(8,485,787)
(133,446,889)
(13,303,707)
(189,501,799)
Total redemptions
(39,931,236)
(628,101,945)
(53,549,252)
(765,035,736)
Net increase (decrease) from shareholder transactions
439,533
$
(3,135,136)
(21,914,604)
$
(308,786,337)
Year Ended
5/31/26
Year Ended
5/31/25
13.01
Lifecycle 2050
Shares
Value
Shares
Value
Subscriptions:
Class I
6,660
$
110,231
17,307
$
256,972
Premier Class
719,372
11,723,270
1,194,003
17,811,192
Class R6
11,842,315
193,816,847
14,459,532
214,653,153
Retirement Class
1,254,535
20,390,043
1,870,058
27,410,397
Total subscriptions
13,822,882
226,040,391
17,540,900
260,131,714
Reinvestments of distributions:
Class I
2,628
42,130
1,007
15,129
Premier Class
491,887
7,840,685
292,503
4,372,922
Class R6
14,239,288
227,970,998
7,177,332
107,803,532
Retirement Class
1,736,986
27,513,859
988,899
14,695,039
Total reinvestments of distributions
16,470,789
263,367,672
8,459,741
126,886,622
Redemptions:
Class I
(8,975)
(147,302)
(15,237)
(225,540)
Premier Class
(4,283,960)
(69,580,974)
(2,745,397)
(41,232,835)
Class R6
(17,036,812)
(279,924,459)
(27,845,409)
(410,062,487)
Retirement Class
(5,704,895)
(93,328,479)
(8,658,012)
(127,372,002)
Total redemptions
(27,034,642)
(442,981,214)
(39,264,055)
(578,892,864)
Net increase (decrease) from shareholder transactions
3,259,029
$
46,426,849
(13,263,414)
$
(191,874,528)
Year Ended
5/31/26
Year Ended
5/31/25
13.1
Lifecycle 2055
Shares
Value
Shares
Value
Subscriptions:
Class I
6,761
$
133,073
7,456
$
131,013
Premier Class
536,118
10,385,760
814,240
14,404,501
Class R6
8,431,767
164,497,976
10,201,404
179,433,691
Retirement Class
952,937
18,530,961
1,222,434
21,405,468
Total subscriptions
9,927,583
193,547,770
12,245,534
215,374,673
Reinvestments of distributions:
Class I
1,603
30,735
892
15,901
Premier Class
211,298
4,033,676
139,142
2,469,773
Class R6
5,785,038
110,899,177
3,256,970
58,071,779
Retirement Class
638,790
12,188,113
417,100
7,399,350
Total reinvestments of distributions
6,636,729
127,151,701
3,814,104
67,956,803
Redemptions:
Class I
(5,208)
(100,376)
(16,925)
(299,171)
Premier Class
(2,193,593)
(42,636,691)
(1,166,804)
(20,877,747)
Class R6
(8,098,694)
(158,942,572)
(11,903,855)
(207,938,000)
Retirement Class
(2,455,440)
(47,861,531)
(3,484,380)
(61,129,786)
Total redemptions
(12,752,935)
(249,541,170)
(16,571,964)
(290,244,704)
Net increase (decrease) from shareholder transactions
3,811,377
$
71,158,301
(512,326)
$
(6,913,228)
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.
Year Ended
5/31/26
Year Ended
5/31/25
13.2
Lifecycle 2060
Shares
Value
Shares
Value
Subscriptions:
Class I
9,277
$
159,669
13,677
$
207,733
Premier Class
418,133
7,124,941
606,896
9,291,901
Class R6
8,734,662
149,432,472
9,471,481
144,656,227
Retirement Class
858,664
14,622,891
1,055,656
15,987,523
Total subscriptions
10,020,736
171,339,973
11,147,710
170,143,384
Reinvestments of distributions:
Class I
1,341
22,623
689
10,697
Premier Class
83,494
1,406,039
53,478
828,382
Class R6
2,707,038
45,721,871
1,466,651
22,777,097
Retirement Class
277,426
4,663,533
171,260
2,647,675
Total reinvestments of distributions
3,069,299
51,814,066
1,692,078
26,263,851
Redemptions:
Class I
(5,181)
(89,547)
(27,810)
(430,955)
Premier Class
(1,096,562)
(18,628,225)
(592,809)
(9,191,725)
Class R6
(4,509,138)
(77,797,801)
(6,293,150)
(95,218,919)
Retirement Class
(1,495,611)
(25,526,725)
(1,342,545)
(20,516,478)
Total redemptions
(7,106,492)
(122,042,298)
(8,256,314)
(125,358,077)
Net increase (decrease) from shareholder transactions
5,983,543
$
101,111,741
4,583,474
$
71,049,158
Year Ended
5/31/26
Year Ended
5/31/25
13.3
Lifecycle 2065
Shares
Value
Shares
Value
Subscriptions:
Class I
1,539
$
22,473
4,251
$
54,290
Premier Class
264,769
3,915,597
277,281
3,640,483
Class R6
4,960,297
74,551,953
4,270,543
56,517,039
Retirement Class
807,498
12,087,104
799,201
10,540,243
Total subscriptions
6,034,103
90,577,127
5,351,276
70,752,055
Reinvestments of distributions:
Class I
371
5,371
238
3,125
Premier Class
20,411
298,821
11,304
150,234
Class R6
416,669
6,195,863
202,519
2,729,961
Retirement Class
56,088
833,475
35,792
482,116
Total reinvestments of distributions
493,539
7,333,530
249,853
3,365,436
Redemptions:
Class I
(2,382)
(35,014)
(48,382)
(630,845)
Premier Class
(269,357)
(3,933,929)
(172,656)
(2,280,812)
Class R6
(1,340,496)
(20,190,453)
(1,655,789)
(21,785,840)
Retirement Class
(671,111)
(9,797,498)
(545,624)
(7,251,013)
Total redemptions
(2,283,346)
(33,956,894)
(2,422,451)
(31,948,510)
Net increase (decrease) from shareholder transactions
4,244,296
$
63,953,763
3,178,678
$
42,168,981
For the period
9/30/25
(commencement of operations)
through
5/31/26
13.4
Lifecycle 2070
Shares
Value
Subscriptions:
Class I
50,001
$
500,010
Premier Class
50,002
500,020
Class R6
364,708
3,653,859
Retirement Class
65,105
660,150
Total subscriptions
529,816
5,314,039
Redemptions:
Class I
(1)
(10)
Premier Class
(2)
(20)
Class R6
(8,740)
(92,389)
Retirement Class
(88)
(919)
Total redemptions
(8,831)
(93,338)
Net increase (decrease) from shareholder transactions
520,985
$
5,220,701
Notes to Financial Statements
(continued)
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, nondeductible expenses, 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:
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
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
(Depreciation)
Net Unrealized
Appreciation
(Depreciation)
12.1
Lifecycle Retirement Income
$351,341,855
$64,427,272
$(20,339,331)
$44,087,941
12.2
Lifecycle 2010
599,053,604
109,441,282
(35,782,220)
73,659,062
12.3
Lifecycle 2015
853,711,268
136,058,055
(56,110,458)
79,947,597
12.4
Lifecycle 2020
1,781,432,854
327,768,191
(111,492,563)
216,275,628
12.5
Lifecycle 2025
2,845,103,190
596,945,133
(168,543,188)
428,401,945
12.6
Lifecycle 2030
3,798,506,172
940,830,005
(199,090,521)
741,739,484
12.7
Lifecycle 2035
4,191,173,379
1,238,993,954
(178,931,382)
1,060,062,572
12.8
Lifecycle 2040
4,909,245,509
1,804,800,668
(177,554,540)
1,627,246,128
12.9
Lifecycle 2045
3,588,910,908
1,513,499,836
(110,520,176)
1,402,979,660
13.01
Lifecycle 2050
2,946,952,314
1,248,460,453
(82,931,978)
1,165,528,475
13.1
Lifecycle 2055
1,669,662,652
632,603,432
(52,649,357)
579,954,075
13.2
Lifecycle 2060
868,399,180
274,935,376
(25,195,217)
249,740,159
13.3
Lifecycle 2065
196,421,589
42,980,738
(2,718,099)
40,262,639
13.4
Lifecycle 2070
5,509,689
295,279
(25,543)
269,736
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
12.1
Lifecycle Retirement Income
$2,276,180
$9,045,184
$44,087,941
$–
$–
$(70,637)
$55,338,668
12.2
Lifecycle 2010
9,098,274
15,044,034
73,659,062
–
–
(256,071)
97,545,299
12.3
Lifecycle 2015
12,452,845
22,953,462
79,947,597
–
–
(368,034)
114,985,870
12.4
Lifecycle 2020
25,377,994
58,559,575
216,275,628
–
–
(558,013)
299,655,184
12.5
Lifecycle 2025
39,609,923
103,339,239
428,401,945
–
–
(604,271)
570,746,836
12.6
Lifecycle 2030
48,312,323
163,864,708
741,739,485
–
–
(605,362)
953,311,154
12.7
Lifecycle 2035
48,063,047
209,418,559
1,060,062,572
–
–
(614,336)
1,316,929,842
12.8
Lifecycle 2040
49,633,044
320,228,530
1,627,246,128
–
–
(792,900)
1,996,314,802
12.9
Lifecycle 2045
27,264,398
264,700,134
1,402,979,660
–
–
(316,172)
1,694,628,020
13.01
Lifecycle 2050
16,083,934
224,187,434
1,165,528,475
–
–
(209,899)
1,405,589,944
13.1
Lifecycle 2055
7,757,787
118,997,547
579,954,075
–
–
(69,128)
706,640,281
13.2
Lifecycle 2060
3,148,484
55,820,268
249,740,159
–
–
(19,285)
308,689,626
13.3
Lifecycle 2065
–
10,552,463
40,262,639
–
(43,674)
(1,740)
50,769,688
13.4
Lifecycle 2070
–
296,418
269,736
–
(18,969)
(14)
547,171
The tax character of distributions paid was as follows:
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, 2028, 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, 2026. 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:
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.
5/31/26
5/31/25
Fund
Ordinary
Income
Long-Term
Capital Gains
Ordinary
Income
Long-Term
Capital Gains
12.1
Lifecycle Retirement Income
$
12,895,509
$
7,448,074
$
12,597,188
$
1,081,042
12.2
Lifecycle 2010
24,034,481
19,457,000
25,749,339
14,048,382
12.3
Lifecycle 2015
31,464,676
19,640,206
35,502,381
6,037,089
12.4
Lifecycle 2020
64,343,849
58,704,429
74,519,723
26,958,567
12.5
Lifecycle 2025
98,541,899
119,976,439
112,300,634
59,032,669
12.6
Lifecycle 2030
121,078,755
179,871,012
130,692,638
71,049,923
12.7
Lifecycle 2035
123,281,450
234,300,552
130,824,254
72,550,383
12.8
Lifecycle 2040
130,210,255
335,253,910
145,666,837
90,220,045
12.9
Lifecycle 2045
92,032,329
251,065,405
98,744,262
66,914,794
13.01
Lifecycle 2050
71,575,847
191,980,966
73,605,516
53,358,783
13.1
Lifecycle 2055
37,653,133
89,749,265
37,077,471
30,988,188
13.2
Lifecycle 2060
17,867,997
34,189,540
15,327,495
11,086,329
13.3
Lifecycle 2065
3,573,438
3,768,714
1,948,862
1,418,485
For the period 9/30/25 (commencement
of operations) through 5/31/26
Fund
Ordinary
Income
Long-Term
Capital Gains
13.4
Lifecycle 2070
$
70,893
$
–
Investment Management Fee Waiver
Fund
Investment Management Fee—Effective Rate
Effective 10/1/25
Prior to 10/1/25
Lifecycle Retirement Income
0.290%
0.059%
0.034%
Lifecycle 2010
0.290
0.066
0.018
Lifecycle 2015
0.290
0.070
0.024
Lifecycle 2020
0.290
0.072
0.028
Lifecycle 2025
0.290
0.074
0.033
Lifecycle 2030
0.300
0.086
0.048
Lifecycle 2035
0.300
0.087
0.064
Lifecycle 2040
0.310
0.108
0.080
Lifecycle 2045
0.310
0.106
0.093
Lifecycle 2050
0.310
0.105
0.094
Lifecycle 2055
0.310
0.105
0.094
Lifecycle 2060
0.310
0.105
0.094
Lifecycle 2065
0.310
0.106
0.098
Lifecycle 2070
0.300
0.114
—
Notes to Financial Statements
(continued)
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, 2026,
unless changed with approval of the Board.
For Lifecycle 2010, the Adviser has voluntarily agreed to reimburse the Fund 0.080% of each share class's Total Expenses
attributable to Class W shares of the Underlying Funds. This commitment was effective from May 1, 2025, through April 30, 2026,
and was extended on May 1, 2026, through July 31, 2028.
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:
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
Purchases
Sales
Realized Gain (Loss)
Lifecycle Retirement Income
$
10,407,519
$
127,257
$
36,733
Lifecycle 2010
17,934,624
352,497
120,263
Lifecycle 2015
25,429,950
563,219
189,778
Lifecycle 2020
56,132,897
1,345,562
449,308
Lifecycle 2025
93,006,934
2,306,822
757,446
Lifecycle 2030
111,878,886
1,988,991
643,698
Lifecycle 2035
114,641,786
1,729,673
553,669
Lifecycle 2040
133,439,244
3,155,504
670,594
Lifecycle 2045
97,570,495
2,071,762
225,115
Lifecycle 2050
81,258,620
1,938,666
(100,725)
Lifecycle 2055
45,906,649
601,694
(32,452)
Lifecycle 2060
24,638,218
39,423
(4,702)
Lifecycle 2065
6,861,212
201,378
552
Lifecycle 2070
4,494,782
2,513
18
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:
Affiliated Investment Companies:
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, https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, or upon
request by calling (800) 842-2252. Information regarding transactions with affiliated investment companies is as follows:
Fund
Sales Charges Collected
(Unaudited)
Paid to Financial
Intermediaries
(Unaudited)
Lifecycle Retirement Income
$
3,939
$
3,411
Lifecycle 2010
—
—
Lifecycle 2015
—
—
Lifecycle 2020
—
—
Lifecycle 2025
—
—
Lifecycle 2030
—
—
Lifecycle 2035
—
—
Lifecycle 2040
—
—
Lifecycle 2045
—
—
Lifecycle 2050
—
—
Lifecycle 2055
—
—
Lifecycle 2060
—
—
Lifecycle 2065
—
—
Lifecycle 2070
—
—
Underlying Fund
TIAA
TIAA Access
Total
12.1
Lifecycle Retirement Income
–
%
13
%
13
%
12.2
Lifecycle 2010
–
19
19
12.3
Lifecycle 2015
–
17
17
12.4
Lifecycle 2020
–
19
19
12.5
Lifecycle 2025
–
20
20
12.6
Lifecycle 2030
–
20
20
12.7
Lifecycle 2035
–
20
20
12.8
Lifecycle 2040
–
20
20
12.9
Lifecycle 2045
–
21
21
13.01
Lifecycle 2050
–
23
23
13.1
Lifecycle 2055
–
19
19
13.2
Lifecycle 2060
–
21
21
13.3
Lifecycle 2065
–
3
3
13.4
Lifecycle 2070
96
–
96
Notes to Financial Statements
(continued)
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Retirement Income
Nuveen Funds:
Core Bond, Class W
$
81,568,623
$
7,096,708
$
41,113,992
$
(3,917,224)
$
5,483,175
$
49,117,290
5,356,302
$
2,917,269
$
–
Core Equity, Class W
13,837,273
2,457,101
5,245,529
679,385
851,988
12,580,218
775,599
160,856
1,491,194
Core Plus Bond, Class W
50,470,709
4,182,520
18,317,529
(2,111,411)
2,869,058
37,093,347
4,031,885
2,148,041
–
Dividend Growth, Class
R6
13,863,836
4,227,088
3,019,189
(9,340)
(43,008)
15,019,387
239,238
174,662
1,484,995
Dividend Value, Class
R6
13,604,648
2,723,526
4,287,372
182,901
1,888,506
14,112,209
845,549
206,453
791,283
Emerging Markets Debt,
Class W
7,342,730
11,262,819
1,964,180
(55,812)
629,866
17,215,423
1,873,278
870,839
–
Emerging Markets
Equity, Class W
8,494,082
1,812,559
4,367,594
632,135
3,000,293
9,571,475
770,030
377,267
–
Floating Rate Income,
Class R6
–
16,892,738
2,101,225
(27,627)
(133,873)
14,630,013
819,609
662,478
–
Growth Opportunities
ETF
16,052,106
193,113
5,566,968
1,703,347
2,376,689
14,758,287
336,563
–
–
High Yield, Class W
7,728,011
10,987,367
1,744,498
(9,821)
188,566
17,149,625
1,926,924
957,233
–
Inflation Linked Bond,
Class W
38,920,758
6,457,956
6,813,071
(243,631)
821,157
39,143,169
3,568,201
1,390,551
–
International Bond,
Class W
8,098,076
15,625,612
2,123,031
(200,626)
245,368
21,645,399
2,415,781
508,235
–
International Equity,
Class W
21,312,722
2,652,404
13,365,981
4,515,288
(2,216,025)
12,898,408
764,577
483,573
1,054,642
International
Opportunities,
Class W
12,751,896
4,023,471
3,578,947
131,210
1,465,309
14,792,939
826,421
382,855
643,850
International Value,
Class I
–
6,839,017
1,555,771
116,626
649,987
6,049,859
150,606
14,848
–
Large Cap Growth,
Class W
16,030,119
3,220,179
5,141,208
1,009,302
646,358
15,764,750
502,222
68,722
1,968,196
Large Cap Value,
Class W
13,603,613
2,782,701
3,630,429
227,119
1,904,667
14,887,671
565,426
287,594
973,659
Quant International
Small Cap Equity,
Class W
6,992,755
1,008,154
2,850,579
586,154
1,190,147
6,926,631
440,906
363,340
245,176
Quant Small Cap Equity,
Class W
2,659,871
268,012
2,053,101
783,025
(173,965)
1,483,842
63,931
22,703
104,206
Quant Small/Mid Cap
Equity, Class W
3,303,780
469,955
1,288,182
273,322
648,480
3,407,355
180,379
43,798
240,656
Short Term Bond,
Class W
38,855,426
7,639,625
7,108,647
(75,647)
71,385
39,382,142
3,883,840
1,818,317
–
Small Cap Select,
Class R6
–
1,567,036
286,486
4,084
128,696
1,413,330
79,535
3,470
31,047
Nuveen Real Property
Fund LP
a
17,656,650
940,541
2,290,215
(302,966)
158,017
16,162,027
1,701,266
617,842
–
$393,147,684
$115,330,202
$139,813,724
$3,889,793
$22,650,841
$395,204,796
32,118,068
$14,480,946
$9,028,904
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2010
Nuveen Funds:
Core Bond, Class W
$
143,115,477
$
11,258,084
$
73,343,141
$
(5,116,297)
$
7,836,571
$
83,750,694
9,133,118
$
5,032,109
$
–
Core Equity, Class W
22,411,579
3,662,029
9,199,647
2,508,266
(17,923)
19,364,304
1,193,854
254,689
2,311,399
Core Plus Bond, Class W
88,662,743
6,718,885
33,498,326
(3,678,916)
5,044,041
63,248,427
6,874,829
3,699,475
–
Dividend Growth, Class
R6
22,155,211
6,580,152
5,489,194
282,372
(323,203)
23,205,338
369,629
275,118
2,307,204
Dividend Value, Class
R6
22,097,153
3,973,214
7,635,479
617,841
2,672,877
21,725,606
1,301,714
327,326
1,231,168
Emerging Markets Debt,
Class W
12,868,369
18,573,804
3,115,791
(46,064)
1,046,111
29,326,429
3,191,124
1,490,725
–
Emerging Markets
Equity, Class W
13,742,062
2,658,305
7,391,606
1,242,152
4,489,380
14,740,293
1,185,864
583,906
–
Floating Rate Income,
Class R6
–
29,021,741
3,778,384
(42,980)
(229,834)
24,970,543
1,398,910
1,130,649
–
Growth Opportunities
ETF
25,977,584
467,071
10,231,514
3,222,979
3,301,552
22,737,672
518,533
–
–
High Yield, Class W
13,560,311
18,885,190
3,525,900
(12,098)
328,980
29,236,483
3,284,998
1,643,015
–
Inflation Linked Bond,
Class W
68,309,177
7,453,121
10,011,569
(240,395)
1,233,256
66,743,590
6,084,192
2,410,095
–
International Bond,
Class W
14,211,452
25,667,987
3,106,996
(232,766)
317,161
36,856,838
4,113,486
862,813
–
International Equity,
Class W
34,530,248
4,582,989
23,030,836
9,742,031
(6,058,300)
19,766,132
1,171,674
748,532
1,632,500
International
Opportunities,
Class W
20,661,585
5,597,254
6,004,604
573,588
1,968,866
22,796,689
1,273,558
593,088
997,400
International Value,
Class I
–
10,735,416
2,589,675
175,145
1,001,606
9,322,492
232,076
23,158
–
Large Cap Growth,
Class W
25,944,414
4,961,343
9,410,397
3,088,649
(348,333)
24,235,676
772,083
106,195
3,041,407
Large Cap Value,
Class W
22,093,478
4,162,320
6,739,405
1,216,281
2,175,552
22,908,226
870,043
442,764
1,498,994
Quant International
Small Cap Equity,
Class W
11,312,232
1,517,695
5,006,766
1,176,864
1,607,552
10,607,577
675,212
560,350
378,116
Quant Small Cap Equity,
Class W
4,304,915
475,670
3,462,294
1,425,133
(453,400)
2,290,024
98,665
35,150
161,336
Quant Small/Mid Cap
Equity, Class W
5,347,111
665,838
2,221,464
631,529
833,245
5,256,259
278,256
67,636
371,630
Short Term Bond,
Class W
101,382,509
20,276,570
15,644,474
(87,542)
53,806
105,980,869
10,451,762
4,814,197
–
Small Cap Select,
Class R6
–
2,375,416
404,219
10,259
198,449
2,179,905
122,673
5,348
48,417
Nuveen Real Property
Fund LP
a
15,979,751
184,292
4,587,224
(329,689)
215,470
11,462,600
1,206,590
500,713
–
$688,667,361
$190,454,386
$249,428,905
$16,126,342
$26,893,482
$672,712,666
55,802,843
$25,607,051
$13,979,571
Notes to Financial Statements
(continued)
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2015
Nuveen Funds:
Core Bond, Class W
$
203,541,406
$
15,127,933
$
106,520,766
$
(12,913,579)
$
16,801,837
$
116,036,831
12,653,962
$
7,077,402
$
–
Core Equity, Class W
34,664,057
5,035,769
14,216,425
2,437,427
1,361,239
29,282,067
1,805,306
388,087
3,535,119
Core Plus Bond, Class W
126,138,191
9,529,885
49,962,220
(6,235,406)
8,160,280
87,630,730
9,525,079
5,193,507
–
Dividend Growth, Class
R6
34,687,980
9,170,818
8,605,793
499,654
(554,503)
35,198,156
560,659
418,999
3,523,399
Dividend Value, Class
R6
34,077,616
6,017,962
12,272,001
1,107,038
3,894,428
32,825,043
1,966,749
498,673
1,881,304
Emerging Markets Debt,
Class W
18,315,101
26,314,355
5,431,093
(93,809)
1,509,391
40,613,945
4,419,363
2,085,282
–
Emerging Markets
Equity, Class W
21,276,157
3,526,777
11,223,129
1,956,454
6,782,022
22,318,281
1,795,517
892,513
–
Floating Rate Income,
Class R6
–
40,983,456
6,012,994
(69,261)
(314,792)
34,586,409
1,937,614
1,581,289
–
Growth Opportunities
ETF
40,210,464
369,289
16,126,454
5,214,905
4,694,542
34,362,746
783,643
–
–
High Yield, Class W
19,290,142
26,749,128
5,946,508
(14,886)
465,301
40,543,177
4,555,413
2,302,122
–
Inflation Linked Bond,
Class W
96,689,984
13,205,633
18,820,428
(830,438)
2,228,761
92,473,512
8,429,673
3,378,707
–
International Bond,
Class W
20,214,024
36,793,230
6,059,982
(597,981)
715,715
51,065,006
5,699,219
1,212,035
–
International Equity,
Class W
53,379,257
6,816,669
35,900,011
11,272,068
(5,652,162)
29,915,821
1,773,315
1,143,682
2,494,298
International
Opportunities,
Class W
31,971,794
8,560,369
9,949,309
964,775
2,925,347
34,472,976
1,925,865
906,604
1,524,640
International Value,
Class I
–
15,908,863
3,603,184
273,092
1,514,514
14,093,285
350,841
35,324
–
Large Cap Growth,
Class W
40,152,938
7,655,820
15,317,508
3,702,106
439,344
36,632,700
1,167,018
161,979
4,639,075
Large Cap Value,
Class W
34,075,099
6,266,133
10,940,377
1,742,631
3,417,858
34,561,344
1,312,622
676,176
2,289,221
Quant International
Small Cap Equity,
Class W
17,504,494
2,461,054
8,164,107
1,804,968
2,437,378
16,043,787
1,021,247
856,142
577,712
Quant Small Cap Equity,
Class W
6,662,570
624,012
5,312,385
2,172,685
(690,923)
3,455,959
148,900
53,599
246,013
Quant Small/Mid Cap
Equity, Class W
8,275,491
1,252,488
3,815,411
1,010,256
1,219,918
7,942,742
420,473
103,152
566,775
Short Term Bond,
Class W
96,551,639
24,564,999
20,041,635
(227,941)
194,806
101,041,868
9,964,681
4,557,361
–
Small Cap Select,
Class R6
–
3,615,526
638,820
13,117
301,847
3,291,670
185,237
8,303
73,992
Nuveen Real Property
Fund LP
a
44,092,402
440,568
9,210,370
(1,099,685)
766,895
34,989,810
3,683,138
1,451,011
–
$981,770,806
$270,990,736
$384,090,910
$12,088,190
$52,619,043
$933,377,865
76,085,534
$34,981,949
$21,351,548
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2020
Nuveen Funds:
Core Bond, Class W
$
423,660,584
$
34,774,589
$
223,556,874
$
(23,784,010)
$
31,912,752
$
243,007,041
26,500,223
$
14,808,383
$
–
Core Equity, Class W
84,284,321
12,100,196
34,569,840
5,823,974
3,268,396
70,907,047
4,371,581
945,956
8,637,119
Core Plus Bond, Class W
262,484,588
20,148,780
103,125,197
(12,778,584)
16,788,509
183,518,096
19,947,619
10,879,451
–
Dividend Growth, Class
R6
83,618,651
19,422,382
18,405,000
1,200,751
(1,313,654)
84,523,130
1,346,338
1,023,816
8,545,713
Dividend Value, Class
R6
82,890,129
13,822,401
29,216,090
2,816,929
9,323,788
79,637,157
4,771,549
1,212,455
4,590,455
Emerging Markets Debt,
Class W
38,068,440
56,206,352
12,242,566
(262,741)
3,214,310
84,983,795
9,247,421
4,373,406
–
Emerging Markets
Equity, Class W
51,758,728
7,801,206
26,740,268
4,936,324
16,378,876
54,134,866
4,355,178
2,175,716
–
Floating Rate Income,
Class R6
–
86,322,916
13,105,459
(158,873)
(652,366)
72,406,218
4,056,371
3,314,816
–
Growth Opportunities
ETF
97,861,432
682,830
39,358,060
12,835,580
11,206,614
83,228,396
1,898,025
–
–
High Yield, Class W
40,419,259
55,997,180
12,476,199
(33,025)
968,805
84,876,020
9,536,632
4,822,781
–
Inflation Linked Bond,
Class W
165,052,211
30,445,777
32,779,277
(1,217,544)
3,667,563
165,168,730
15,056,402
5,856,990
–
International Bond,
Class W
42,251,688
77,165,980
12,654,666
(1,249,154)
1,494,194
107,008,042
11,942,862
2,542,418
–
International Equity,
Class W
130,352,894
14,723,221
86,378,977
27,475,938
(13,764,290)
72,408,786
4,292,163
2,792,021
6,089,220
International
Opportunities,
Class W
77,815,354
19,335,414
23,142,922
2,265,813
7,144,235
83,417,894
4,660,218
2,207,928
3,713,083
International Value,
Class I
–
38,994,811
9,259,108
692,843
3,668,005
34,096,551
848,806
86,585
–
Large Cap Growth,
Class W
97,856,010
17,207,610
36,488,072
9,026,855
1,023,791
88,626,194
2,823,389
395,650
11,331,403
Large Cap Value,
Class W
82,987,528
14,556,894
26,288,121
4,348,465
8,234,606
83,839,372
3,184,177
1,648,143
5,579,853
Quant International
Small Cap Equity,
Class W
42,646,633
5,459,225
19,753,551
4,491,019
5,874,140
38,717,466
2,464,511
2,086,819
1,408,155
Quant Small Cap Equity,
Class W
16,270,013
1,342,660
12,862,476
5,275,210
(1,654,324)
8,371,083
360,667
130,573
599,319
Quant Small/Mid Cap
Equity, Class W
20,205,843
2,732,425
9,116,044
2,477,072
2,920,618
19,219,914
1,017,465
251,266
1,380,597
Short Term Bond,
Class W
164,774,288
35,751,079
34,663,444
(359,026)
337,179
165,840,076
16,355,037
7,679,871
–
Small Cap Select,
Class R6
–
8,658,608
1,418,298
13,177
720,848
7,974,335
448,751
19,983
180,541
Nuveen Real Property
Fund LP
a
94,298,970
1,619,684
13,476,445
(1,739,072)
992,136
81,695,273
8,599,502
3,212,610
–
$2,099,557,564
$575,272,220
$831,076,954
$42,097,921
$111,754,731
$1,997,605,482
158,084,887
$72,467,637
$52,055,458
Notes to Financial Statements
(continued)
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2025
Nuveen Funds:
Core Bond, Class W
$
658,684,059
$
65,171,252
$
349,026,997
$
(35,303,632)
$
47,936,875
$
387,461,557
42,253,169
$
23,292,545
$
–
Core Equity, Class W
151,686,045
21,638,134
59,300,477
10,139,466
6,231,168
130,394,336
8,039,108
1,713,061
15,748,208
Core Plus Bond, Class W
408,096,462
36,517,665
158,211,887
(19,685,284)
25,892,510
292,609,466
31,805,377
17,111,093
–
Dividend Growth, Class
R6
151,058,146
37,444,281
31,985,751
2,185,381
(2,535,020)
156,167,037
2,487,528
1,853,521
15,608,252
Dividend Value, Class
R6
149,448,633
23,937,988
48,903,759
4,572,967
17,473,689
146,529,518
8,779,480
2,202,233
8,357,163
Emerging Markets Debt,
Class W
59,253,243
90,050,550
18,384,175
(325,402)
4,963,747
135,557,963
14,750,594
6,888,312
–
Emerging Markets
Equity, Class W
93,162,661
14,347,805
46,652,956
8,402,739
30,307,686
99,567,935
8,010,292
3,969,881
–
Floating Rate Income,
Class R6
–
135,712,559
18,983,237
(241,131)
(1,043,455)
115,444,736
6,467,492
5,239,585
–
Growth Opportunities
ETF
176,829,815
1,411,764
68,604,119
22,292,067
21,338,457
153,267,984
3,495,279
–
–
High Yield, Class W
62,358,799
89,467,253
18,030,431
(55,407)
1,523,861
135,264,075
15,198,211
7,605,069
–
Inflation Linked Bond,
Class W
197,575,130
43,109,710
38,224,735
(1,388,733)
4,383,879
205,455,251
18,728,829
7,090,815
–
International Bond,
Class W
65,418,939
123,985,419
19,259,743
(1,892,550)
2,259,121
170,511,186
19,030,266
4,021,823
–
International Equity,
Class W
234,042,309
24,664,245
150,334,289
46,975,168
(22,256,305)
133,091,128
7,889,219
5,092,861
11,107,206
International
Opportunities,
Class W
139,945,441
35,977,916
39,521,672
3,759,931
13,344,626
153,506,242
8,575,768
4,027,190
6,772,542
International Value,
Class I
–
72,152,605
17,325,605
1,178,915
6,754,893
62,760,808
1,562,380
157,003
–
Large Cap Growth,
Class W
175,869,144
32,430,450
63,311,153
15,862,492
2,169,317
163,020,250
5,193,382
721,834
20,673,243
Large Cap Value,
Class W
149,254,256
26,321,252
44,274,793
7,199,030
15,638,576
154,138,321
5,854,095
3,008,469
10,185,289
Quant International
Small Cap Equity,
Class W
76,684,344
9,313,017
33,569,161
7,191,251
11,626,461
71,245,912
4,535,068
3,807,246
2,569,074
Quant Small Cap Equity,
Class W
29,182,403
2,285,377
22,593,711
9,118,248
(2,589,775)
15,402,542
663,617
239,308
1,098,408
Quant Small/Mid Cap
Equity, Class W
36,250,747
4,325,181
15,028,474
4,292,693
5,523,805
35,363,952
1,872,099
458,430
2,518,881
Short Term Bond,
Class W
197,413,628
49,937,588
40,249,365
(376,308)
320,254
207,045,797
20,418,718
9,364,636
–
Small Cap Select,
Class R6
–
15,529,598
2,206,068
31,542
1,317,575
14,672,647
825,698
36,868
328,852
Nuveen Real Property
Fund LP
a
151,066,120
3,000,359
19,023,776
(2,766,707)
1,554,496
133,830,492
14,087,420
5,190,083
–
$3,363,280,324
$958,731,968
$1,323,006,334
$81,166,736
$192,136,441
$3,272,309,135
250,523,089
$113,091,866
$94,967,118
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2030
Nuveen Funds:
Core Bond, Class W
$
741,201,867
$
103,105,120
$
343,527,266
$
(34,651,250)
$
48,169,724
$
514,298,195
56,084,863
$
28,608,021
$
–
Core Equity, Class W
234,115,634
36,524,666
83,291,019
11,491,335
14,489,484
213,330,100
13,152,287
2,730,701
25,305,829
Core Plus Bond, Class W
459,102,855
56,287,149
133,415,374
(16,903,431)
23,271,622
388,342,821
42,211,176
21,059,784
–
Dividend Growth, Class
R6
233,050,242
62,402,559
39,339,226
699,216
(1,853,995)
254,958,796
4,061,147
2,965,889
25,220,643
Dividend Value, Class
R6
230,375,353
41,481,882
67,180,822
3,270,032
31,720,551
239,666,996
14,359,916
3,506,056
13,382,841
Emerging Markets Debt,
Class W
66,758,758
80,171,673
11,906,537
(322,504)
5,285,316
139,986,706
15,232,503
7,135,905
–
Emerging Markets
Equity, Class W
143,833,651
22,687,619
65,651,395
10,517,770
51,190,099
162,577,744
13,079,465
6,396,952
–
Floating Rate Income,
Class R6
–
136,947,987
16,658,326
(219,137)
(1,020,202)
119,050,322
6,669,486
5,182,476
–
Growth Opportunities
ETF
271,735,825
2,102,856
92,610,370
29,392,379
40,044,196
250,664,886
5,716,417
–
–
High Yield, Class W
70,677,303
79,238,476
12,041,454
(64,993)
1,658,309
139,467,641
15,670,521
7,795,992
–
Inflation Linked Bond,
Class W
169,656,801
51,567,594
28,913,554
(1,549,031)
4,263,181
195,024,991
17,778,030
6,340,847
–
International Bond,
Class W
73,942,939
176,828,057
24,699,788
(2,225,483)
2,451,311
226,297,036
25,256,366
5,221,082
–
International Equity,
Class W
362,225,419
39,134,042
222,737,456
67,064,515
(27,875,155)
217,811,365
12,911,166
8,195,106
17,873,006
International
Opportunities,
Class W
216,302,933
59,291,034
51,660,491
2,103,570
25,105,852
251,142,898
14,030,329
6,463,918
10,870,397
International Value,
Class I
–
114,098,333
24,209,212
1,787,992
11,027,711
102,704,824
2,556,754
253,121
–
Large Cap Growth,
Class W
271,933,728
51,753,490
84,736,753
16,377,388
11,670,066
266,997,919
8,505,827
1,165,234
33,372,184
Large Cap Value,
Class W
230,544,857
40,465,533
54,705,382
4,779,668
31,363,485
252,448,161
9,587,853
4,864,091
16,467,571
Quant International
Small Cap Equity,
Class W
118,709,177
14,250,174
46,215,533
9,287,086
20,673,980
116,704,884
7,428,700
6,184,248
4,173,040
Quant Small Cap Equity,
Class W
45,115,827
3,077,868
33,295,296
11,916,631
(1,592,267)
25,222,763
1,086,720
384,158
1,763,265
Quant Small/Mid Cap
Equity, Class W
56,058,880
5,829,363
19,672,156
4,942,205
10,673,380
57,831,672
3,061,497
743,452
4,084,957
Short Term Bond,
Class W
169,280,927
56,258,371
29,501,372
(268,113)
123,183
195,892,996
19,318,836
8,506,291
–
Small Cap Select,
Class R6
–
25,027,971
3,202,881
25,294
2,165,966
24,016,350
1,351,511
58,659
527,607
Nuveen Real Property
Fund LP
a
195,877,327
3,655,575
12,221,694
(2,143,755)
525,137
185,692,590
19,546,588
6,963,989
–
$4,360,500,303
$1,262,187,392
$1,501,393,357
$115,307,384
$303,530,934
$4,540,132,656
328,657,958
$140,725,972
$153,041,340
Notes to Financial Statements
(continued)
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2035
Nuveen Funds:
Core Bond, Class W
$
693,963,043
$
125,307,391
$
279,255,603
$
(22,902,475)
$
34,841,488
$
551,953,844
60,191,259
$
28,781,609
$
–
Core Equity, Class W
300,819,216
44,748,109
92,800,572
12,086,516
21,900,737
286,754,006
17,679,039
3,569,120
33,063,502
Core Plus Bond, Class W
429,743,093
81,128,125
99,482,010
(12,428,436)
17,896,363
416,857,135
45,310,558
21,216,835
–
Dividend Growth, Class
R6
299,845,153
84,952,893
41,471,709
324,811
(2,154,547)
341,496,601
5,439,576
3,870,168
33,076,318
Dividend Value, Class
R6
296,562,896
53,649,720
73,942,182
2,795,254
43,027,111
322,092,799
19,298,550
4,603,030
17,511,781
Emerging Markets Debt,
Class W
62,727,270
45,970,435
7,665,483
(164,060)
4,468,297
105,336,459
11,462,074
5,711,041
–
Emerging Markets
Equity, Class W
184,893,844
27,995,873
75,609,856
12,350,366
68,641,255
218,271,482
17,560,055
8,359,833
–
Floating Rate Income,
Class R6
–
101,497,680
11,090,888
(150,368)
(746,658)
89,509,766
5,014,553
3,797,219
–
Growth Opportunities
ETF
349,296,033
5,049,579
108,401,867
33,147,855
57,745,946
336,837,546
7,681,586
–
–
High Yield, Class W
66,311,339
44,244,461
7,071,313
(42,632)
1,478,187
104,920,042
11,788,769
6,131,928
–
Inflation Linked Bond,
Class W
92,524,787
40,213,450
12,771,785
(1,338,369)
2,939,491
121,567,574
11,081,821
3,615,827
–
International Bond,
Class W
69,043,607
194,353,977
19,609,303
(1,538,222)
1,607,207
243,857,266
27,216,213
5,448,855
–
International Equity,
Class W
465,670,542
52,474,760
275,871,409
81,805,930
(30,724,723)
293,355,100
17,389,158
10,696,224
23,327,786
International
Opportunities,
Class W
278,301,713
79,248,097
55,000,950
1,266,989
34,356,712
338,172,561
18,892,322
8,453,399
14,216,114
International Value,
Class I
–
150,455,471
29,346,776
2,084,479
14,767,703
137,960,877
3,434,426
333,724
–
Large Cap Growth,
Class W
349,729,091
64,936,549
92,849,568
18,436,913
18,338,640
358,591,625
11,423,754
1,523,327
43,627,928
Large Cap Value,
Class W
296,595,746
53,345,206
57,490,911
4,123,878
43,203,922
339,777,841
12,904,589
6,366,877
21,555,309
Quant International
Small Cap Equity,
Class W
152,613,205
18,336,378
52,997,302
10,209,775
29,090,675
157,252,731
10,009,722
8,072,572
5,447,252
Quant Small Cap Equity,
Class W
57,964,047
4,690,548
42,335,756
12,704,655
811,425
33,834,919
1,457,773
501,830
2,303,371
Quant Small/Mid Cap
Equity, Class W
72,040,900
7,499,977
22,270,296
4,836,029
15,588,122
77,694,732
4,113,009
970,528
5,332,649
Short Term Bond,
Class W
92,366,397
44,191,360
12,860,136
(151,274)
1,783
123,548,130
12,184,234
4,966,856
–
Small Cap Select,
Class R6
–
32,531,776
3,142,743
18,219
2,900,973
32,308,225
1,818,133
76,638
686,658
Nuveen Real Property
Fund LP
a
216,895,548
2,822,393
3,304,301
(674,575)
(1,141,375)
214,597,690
22,589,231
7,836,347
–
$4,827,907,470
$1,359,644,208
$1,476,642,719
$156,801,258
$378,838,734
$5,246,548,951
355,940,404
$144,903,787
$200,148,668
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2040
Nuveen Funds:
Core Bond, Class W
$
577,062,858
$
145,654,107
$
197,463,190
$
(8,591,838)
$
17,587,554
$
534,249,491
58,260,577
$
25,912,297
$
–
Core Equity, Class W
441,032,237
63,810,707
128,159,537
14,924,642
34,763,290
426,371,339
26,286,766
5,266,463
48,946,605
Core Plus Bond, Class W
357,105,731
94,115,214
52,122,469
(6,160,928)
10,165,072
403,102,620
43,815,502
19,107,522
–
Dividend Growth, Class
R6
438,087,125
118,665,732
46,588,546
(1,340,436)
(1,544,619)
507,279,256
8,080,268
5,708,336
48,925,018
Dividend Value, Class
R6
436,043,896
78,730,835
103,293,803
3,385,763
64,063,985
478,930,676
28,695,667
6,783,427
25,923,039
Emerging Markets Debt,
Class W
52,054,685
15,103,070
5,749,436
(33,776)
3,292,458
64,667,001
7,036,670
3,934,703
–
Emerging Markets
Equity, Class W
270,753,478
41,443,655
105,999,602
16,387,604
102,993,834
325,578,969
26,192,998
12,374,931
–
Floating Rate Income,
Class R6
–
62,063,047
6,494,871
(92,885)
(438,509)
55,036,782
3,083,293
2,255,837
–
Growth Opportunities
ETF
511,992,961
6,848,652
152,091,235
45,905,834
87,709,911
500,366,123
11,410,858
–
–
High Yield, Class W
55,140,047
16,471,267
8,245,499
(8,259)
1,152,667
64,510,223
7,248,340
4,084,992
–
Inflation Linked Bond,
Class W
–
23,158,843
645,773
(6,684)
149,494
22,655,880
2,065,258
190,321
–
International Bond,
Class W
57,680,326
196,860,657
18,351,777
(524,352)
433,080
236,097,934
26,350,216
5,110,645
–
International Equity,
Class W
683,058,884
77,249,990
399,770,732
117,309,848
(41,933,577)
435,914,413
25,839,621
15,833,611
34,532,100
International
Opportunities,
Class W
408,988,594
114,114,877
73,203,504
1,361,791
51,065,064
502,326,822
28,062,951
12,496,291
21,015,061
International Value,
Class I
–
221,750,663
41,251,189
3,012,759
21,952,377
205,464,610
5,114,877
490,767
–
Large Cap Growth,
Class W
513,253,209
95,941,005
130,005,501
23,847,015
30,148,744
533,184,472
16,985,807
2,249,139
64,415,114
Large Cap Value,
Class W
435,578,185
79,142,855
79,070,837
5,076,178
64,633,895
505,360,276
19,193,326
9,398,201
31,817,980
Quant International
Small Cap Equity,
Class W
223,739,635
26,439,708
75,075,682
14,239,670
43,665,400
233,008,731
14,831,873
11,929,068
8,049,560
Quant Small Cap Equity,
Class W
85,021,090
6,420,910
61,346,231
15,468,964
4,426,040
49,990,773
2,153,846
748,825
3,437,063
Quant Small/Mid Cap
Equity, Class W
105,697,090
10,888,927
31,904,166
6,278,364
23,858,210
114,818,425
6,078,265
1,429,416
7,854,045
Short Term Bond,
Class W
–
23,622,701
980,384
(6,562)
(117,220)
22,518,535
2,220,763
432,879
–
Small Cap Select,
Class R6
–
47,165,065
3,738,901
51,534
4,201,286
47,678,984
2,683,117
114,012
1,013,556
Nuveen Real Property
Fund LP
a
265,915,162
7,794,794
4,110,229
(735,162)
(1,485,263)
267,379,302
28,145,190
9,652,518
–
$5,918,205,193
$1,573,457,281
$1,725,663,094
$249,749,084
$520,743,173
$6,536,491,637
399,836,049
$155,504,201
$295,929,141
Notes to Financial Statements
(continued)
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2045
Nuveen Funds:
Core Bond, Class W
$
226,710,516
$
96,044,204
$
72,187,103
$
163,793
$
3,001,149
$
253,732,559
27,669,854
$
11,255,615
$
–
Core Equity, Class W
360,773,788
58,181,501
93,989,932
8,283,726
33,082,107
366,331,190
22,585,154
4,401,656
41,155,300
Core Plus Bond, Class W
140,716,158
67,917,790
18,886,356
(583,554)
1,856,028
191,020,066
20,763,051
8,355,978
–
Dividend Growth, Class
R6
360,035,526
116,724,093
37,694,616
(1,642,017)
(1,394,396)
436,028,590
6,945,342
4,782,540
41,282,970
Dividend Value, Class
R6
356,290,932
71,666,752
72,817,644
1,671,878
54,677,647
411,489,565
24,654,857
5,678,680
21,868,071
Emerging Markets Debt,
Class W
20,572,039
6,126,179
12,399,786
742,309
431,446
15,472,187
1,683,589
1,205,317
–
Emerging Markets
Equity, Class W
221,652,772
47,390,605
89,509,283
11,868,217
88,303,866
279,706,177
22,502,508
10,390,834
–
Floating Rate Income,
Class R6
–
14,677,384
1,401,025
(19,817)
(96,973)
13,159,569
737,231
510,027
–
Growth Opportunities
ETF
418,280,048
8,183,929
107,806,641
30,084,369
81,584,173
430,325,878
9,813,589
–
–
High Yield, Class W
21,671,393
6,220,617
12,903,921
414,243
29,076
15,431,408
1,733,866
1,196,058
–
International Bond,
Class W
22,742,804
98,665,861
9,146,812
(186,916)
73,625
112,148,562
12,516,581
2,320,806
–
International Equity,
Class W
559,326,591
68,430,906
315,678,707
92,651,711
(30,069,631)
374,660,870
22,208,706
13,339,425
29,092,440
International
Opportunities,
Class W
336,079,483
106,170,850
54,905,775
(101,591)
44,013,057
431,256,024
24,092,515
10,516,459
17,685,570
International Value,
Class I
–
188,024,680
32,834,350
2,307,995
18,704,882
176,203,207
4,386,438
414,076
–
Large Cap Growth,
Class W
420,008,244
85,345,815
92,209,108
12,200,108
32,752,210
458,097,269
14,593,733
1,890,883
54,154,726
Large Cap Value,
Class W
355,764,589
75,671,154
55,459,805
2,157,099
56,096,767
434,229,804
16,491,827
7,910,204
26,780,307
Quant International
Small Cap Equity,
Class W
183,538,843
23,617,699
55,556,805
9,629,520
39,043,403
200,272,660
12,748,101
10,031,827
6,769,330
Quant Small Cap Equity,
Class W
69,668,525
5,287,460
48,172,436
12,221,546
4,284,675
43,289,770
1,865,134
625,221
2,869,728
Quant Small/Mid Cap
Equity, Class W
86,466,518
9,547,242
21,981,240
2,644,478
22,678,541
99,355,539
5,259,690
1,202,409
6,606,742
Small Cap Select,
Class R6
–
41,248,637
3,635,561
(6,698)
3,668,108
41,274,486
2,322,706
95,305
856,357
Nuveen Real Property
Fund LP
a
195,743,335
13,249,518
3,305,675
(679,747)
(981,243)
204,026,188
21,476,441
7,217,579
–
$4,356,042,104
$1,208,392,876
$1,212,482,581
$183,820,652
$451,738,517
$4,987,511,568
277,050,913
$103,340,899
$249,121,541
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2050
Nuveen Funds:
Core Bond, Class W
$
95,310,257
$
57,046,564
$
31,328,541
$
(31,806)
$
1,221,119
$
122,217,593
13,327,982
$
5,161,269
$
–
Core Equity, Class W
305,680,530
51,079,800
70,985,354
5,450,706
30,027,587
321,253,269
19,805,997
3,782,569
35,582,676
Core Plus Bond, Class W
59,050,267
43,629,994
11,326,062
(134,360)
583,537
91,803,376
9,978,628
3,854,651
–
Dividend Growth, Class
R6
305,686,296
109,891,405
29,829,246
(1,248,786)
(1,675,885)
382,823,784
6,097,862
4,110,110
35,806,471
Dividend Value, Class
R6
301,838,977
65,429,475
54,785,064
1,055,763
47,411,063
360,950,214
21,626,735
4,888,043
18,865,233
Emerging Markets Debt,
Class W
8,565,251
2,091,077
10,039,571
1,017,888
(585,441)
1,049,204
114,168
335,659
–
Emerging Markets
Equity, Class W
188,257,335
39,218,151
68,509,624
8,899,609
77,515,316
245,380,787
19,741,013
8,981,672
–
Floating Rate Income,
Class R6
–
898,242
–
–
(4,410)
893,832
50,075
23,013
–
Growth Opportunities
ETF
354,601,972
9,749,585
83,006,264
20,843,452
75,239,431
377,428,176
8,607,256
–
–
High Yield, Class W
9,155,313
2,353,802
10,650,103
575,893
(391,579)
1,043,326
117,228
272,522
–
International Bond,
Class W
9,598,598
49,413,728
4,790,774
(103,796)
24,431
54,142,187
6,042,655
1,094,572
–
International Equity,
Class W
473,642,125
61,911,261
260,690,130
72,179,643
(18,496,364)
328,546,535
19,475,195
11,521,893
25,128,516
International
Opportunities,
Class W
284,217,445
96,083,423
39,140,942
(679,434)
38,055,442
378,535,934
21,147,259
9,104,592
15,311,228
International Value,
Class I
–
163,195,882
26,824,278
1,865,016
16,321,247
154,557,867
3,847,594
359,523
–
Large Cap Growth,
Class W
356,023,113
78,497,374
71,140,767
7,309,398
31,038,084
401,727,202
12,797,936
1,635,570
46,842,567
Large Cap Value,
Class W
301,420,713
69,100,836
39,655,872
686,741
49,358,742
380,911,160
14,466,812
6,843,884
23,170,241
Quant International
Small Cap Equity,
Class W
154,962,704
20,808,530
42,086,324
6,613,147
35,327,994
175,626,051
11,179,252
8,672,418
5,852,020
Quant Small Cap Equity,
Class W
59,140,385
5,146,464
40,612,519
9,324,196
4,964,714
37,963,240
1,635,642
542,951
2,492,114
Quant Small/Mid Cap
Equity, Class W
73,319,062
8,933,827
16,895,876
1,268,424
20,504,344
87,129,781
4,612,482
1,040,909
5,719,363
Small Cap Select,
Class R6
–
35,191,085
2,160,566
(3,914)
3,169,592
36,196,197
2,036,927
82,708
738,841
Nuveen Real Property
Fund LP
a
157,179,132
15,956,998
3,729,708
(835,978)
(509,370)
168,061,074
17,690,639
5,864,382
–
$3,497,649,475
$985,627,503
$918,187,585
$134,051,802
$409,099,594
$4,108,240,789
214,399,337
$78,172,910
$215,509,270
Notes to Financial Statements
(continued)
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2055
Nuveen Funds:
Core Bond, Class W
$
38,886,008
$
25,425,117
$
16,085,303
$
(17,228)
$
499,764
$
48,708,358
5,311,707
$
2,100,387
$
–
Core Equity, Class W
164,515,289
33,309,333
37,750,928
2,134,229
17,148,047
179,355,970
11,057,705
2,072,164
19,577,017
Core Plus Bond, Class W
24,084,597
19,741,172
7,585,796
(88,429)
265,988
36,417,532
3,958,427
1,569,529
–
Dividend Growth, Class
R6
163,824,292
67,708,245
15,392,517
(748,078)
(1,084,053)
214,307,889
3,413,633
2,254,855
19,769,954
Dividend Value, Class
R6
161,745,725
42,249,998
29,113,617
419,883
26,094,938
201,396,927
12,066,922
2,679,552
10,381,997
Emerging Markets Debt,
Class W
3,476,675
695,461
4,325,641
419,659
(266,154)
–
–
128,506
–
Emerging Markets
Equity, Class W
100,995,541
26,051,108
37,638,829
4,108,738
43,293,483
136,810,041
11,006,439
4,942,297
–
Growth Opportunities
ETF
189,268,298
8,688,640
39,861,695
7,766,365
44,777,173
210,638,781
4,803,621
–
–
High Yield, Class W
3,739,570
665,174
4,492,994
241,651
(153,401)
–
–
97,113
–
International Bond,
Class W
3,911,342
20,549,458
2,848,040
(61,752)
22,355
21,573,363
2,407,741
447,253
–
International Equity,
Class W
253,878,648
40,580,150
140,199,674
32,975,014
(3,881,693)
183,352,445
10,868,550
6,329,550
13,804,346
International
Opportunities,
Class W
152,670,526
59,165,152
21,246,716
(401,660)
20,990,027
211,177,329
11,797,616
5,007,832
8,421,691
International Value,
Class I
–
89,515,844
13,239,880
890,006
9,098,951
86,264,921
2,147,496
197,557
–
Large Cap Growth,
Class W
190,971,643
44,707,474
32,256,538
1,524,710
19,336,364
224,283,653
7,145,067
900,392
25,787,140
Large Cap Value,
Class W
161,411,381
44,579,626
20,859,306
(26,429)
27,393,718
212,498,990
8,070,604
3,758,868
12,725,797
Quant International
Small Cap Equity,
Class W
83,449,952
13,136,457
21,420,169
2,675,376
20,351,844
98,193,460
6,250,379
4,767,555
3,217,076
Quant Small Cap Equity,
Class W
31,666,379
3,248,875
21,505,337
4,315,589
3,469,344
21,194,850
913,178
297,317
1,364,669
Quant Small/Mid Cap
Equity, Class W
39,272,650
5,906,565
8,509,694
417,863
11,558,381
48,645,765
2,575,213
570,998
3,137,399
Small Cap Select,
Class R6
–
19,833,016
1,417,764
(6,236)
1,799,368
20,208,384
1,137,219
45,828
407,707
Nuveen Real Property
Fund LP
a
83,180,076
10,716,284
1,248,299
(391,651)
(337,341)
91,919,069
9,675,692
3,161,125
–
$1,850,948,592
$576,473,149
$476,998,737
$56,147,620
$240,377,103
$2,246,947,727
114,607,209
$41,328,678
$118,594,793
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2060
Nuveen Funds:
Core Bond, Class W
$
12,406,660
$
12,073,207
$
6,823,722
$
(27,242)
$
163,483
$
17,792,386
1,940,282
$
734,498
$
–
Core Equity, Class W
76,463,949
20,737,607
16,039,557
436,217
8,764,292
90,362,508
5,571,055
1,006,994
9,614,592
Core Plus Bond, Class W
7,706,125
9,155,572
3,534,976
(39,891)
83,616
13,370,446
1,453,309
550,669
–
Dividend Growth, Class
R6
76,646,497
42,404,702
9,241,958
(521,883)
(677,841)
108,609,517
1,730,002
1,102,707
9,845,683
Dividend Value, Class
R6
75,230,078
26,630,372
13,215,419
(16,962)
12,806,933
101,435,002
6,077,591
1,302,421
5,093,036
Emerging Markets Debt,
Class W
1,129,085
357,681
1,537,406
125,820
(75,180)
–
–
43,556
–
Emerging Markets
Equity, Class W
46,985,451
16,195,952
17,284,601
1,372,588
21,706,781
68,976,171
5,549,169
2,424,620
–
Growth Opportunities
ETF
87,866,990
7,035,477
14,429,765
1,110,122
24,283,836
105,866,660
2,414,291
–
–
High Yield, Class W
1,197,991
406,706
1,634,025
69,043
(39,715)
–
–
32,798
–
International Bond,
Class W
1,243,714
8,022,023
1,373,694
(28,429)
12,332
7,875,946
879,012
158,570
–
International Equity,
Class W
117,829,318
26,095,514
65,494,202
11,473,348
2,476,154
92,380,132
5,476,001
3,110,413
6,783,615
International
Opportunities,
Class W
70,523,565
36,749,010
10,646,571
(233,809)
10,265,933
106,658,128
5,958,555
2,463,879
4,143,516
International Value,
Class I
–
44,620,114
6,120,257
387,095
4,539,384
43,426,336
1,081,064
95,970
–
Large Cap Growth,
Class W
88,945,522
28,560,156
14,522,198
(85,600)
10,000,691
112,898,571
3,596,641
441,323
12,639,453
Large Cap Value,
Class W
75,211,585
27,225,411
9,058,837
(57,987)
13,331,995
106,652,167
4,050,595
1,839,999
6,229,389
Quant International
Small Cap Equity,
Class W
38,660,595
7,660,464
8,079,740
675,467
10,525,068
49,441,854
3,147,158
2,327,277
1,570,412
Quant Small Cap Equity,
Class W
14,716,258
2,687,665
10,490,296
1,581,193
2,174,197
10,669,017
459,673
145,929
669,804
Quant Small/Mid Cap
Equity, Class W
18,267,884
3,932,545
3,542,758
99,431
5,729,800
24,486,902
1,296,289
280,524
1,541,360
Small Cap Select,
Class R6
–
10,065,629
773,283
(8,380)
888,559
10,172,525
572,455
22,683
199,646
Nuveen Real Property
Fund LP
a
38,162,405
8,159,377
286,265
(105,027)
(245,419)
45,685,071
4,808,955
1,515,144
–
$849,193,672
$338,775,184
$214,129,530
$16,205,114
$126,714,899
$1,116,759,339
56,062,097
$19,599,974
$58,330,506
Notes to Financial Statements
(continued)
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2065
Nuveen Funds:
Core Bond, Class W
$
1,153,475
$
2,985,763
$
1,696,308
$
(10,893)
$
14,590
$
2,446,627
266,808
$
87,189
$
–
Core Equity, Class W
12,753,316
8,027,796
3,036,138
(103,301)
1,784,349
19,426,022
1,197,659
188,025
1,834,850
Core Plus Bond, Class W
717,905
2,210,429
1,081,777
(10,464)
7,475
1,843,568
200,388
66,130
–
Dividend Growth, Class
R6
12,750,026
13,511,624
2,509,969
(174,283)
(225,333)
23,352,065
371,967
208,037
1,957,625
Dividend Value, Class
R6
12,511,304
9,693,526
2,803,846
(67,366)
2,446,831
21,780,449
1,305,000
246,031
972,331
Emerging Markets Debt,
Class W
105,716
87,349
198,060
9,603
(4,608)
–
–
4,504
–
Emerging Markets
Equity, Class W
7,805,484
5,795,437
3,144,588
12,189
4,373,245
14,841,767
1,194,028
461,878
–
Growth Opportunities
ETF
14,501,389
5,717,048
2,378,396
57,048
4,729,555
22,626,644
516,001
–
–
High Yield, Class W
110,154
98,038
211,058
4,890
(2,024)
–
–
3,355
–
International Bond,
Class W
114,590
1,519,720
551,215
(9,308)
6,118
1,079,905
120,525
19,686
–
International Equity,
Class W
19,590,946
9,956,094
12,182,336
1,106,374
1,376,543
19,847,621
1,176,504
593,355
1,294,069
International
Opportunities,
Class W
11,715,255
12,017,479
2,797,982
(57,631)
1,953,216
22,830,337
1,275,438
469,576
789,688
International Value,
Class I
–
9,361,275
963,436
10,138
945,858
9,353,835
232,856
18,566
–
Large Cap Growth,
Class W
14,940,126
11,975,944
4,509,546
(175,119)
2,012,487
24,243,892
772,344
84,673
2,425,004
Large Cap Value,
Class W
12,508,241
10,080,235
2,189,541
(15,963)
2,517,270
22,900,242
869,740
349,921
1,184,673
Quant International
Small Cap Equity,
Class W
6,423,499
3,661,828
1,579,060
32,383
2,110,374
10,649,024
677,850
443,061
298,971
Quant Small Cap Equity,
Class W
2,447,445
1,047,096
1,896,992
147,553
541,762
2,286,864
98,529
27,735
127,303
Quant Small/Mid Cap
Equity, Class W
3,038,126
1,717,050
615,161
(3,303)
1,115,624
5,252,336
278,048
53,438
293,617
Small Cap Select,
Class R6
–
2,175,880
175,586
(2,836)
183,781
2,181,239
122,748
4,385
38,238
Nuveen Real Property
Fund LP
a
6,267,091
3,556,375
76,132
(27,236)
(40,307)
9,679,791
1,018,925
281,824
–
$139,454,088
$115,195,986
$44,597,127
$722,475
$25,846,806
$236,622,228
11,695,358
$3,611,369
$11,216,369
9. Subsequent Events
Investment Adviser and Sub-Adviser: On or about the close of business on July 31, 2026, the Adviser is expected to merge into
Nuveen Asset Management, LLC (“Nuveen Asset Management”). In connection with this merger, Nuveen Fund Advisors, LLC (“Nuveen
Fund Advisors”) will become the investment adviser and Nuveen Asset Management will become the sub-adviser to the Funds. The
Adviser, Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately,
TIAA.
Issue
Value at
9/30/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle 2070
Nuveen Funds:
Core Bond, Class W
$
–
$
46,229
$
17,099
$
(134)
$
(179)
$
28,817
3,143
$
689
$
–
Core Equity, Class W
–
509,945
27,102
(1,225)
(1,807)
479,811
29,581
2,406
49,445
Core Plus Bond, Class W
–
30,050
8,079
(45)
(165)
21,761
2,365
553
–
Dividend Growth, Class
R6
–
651,086
36,616
(1,922)
(34,207)
578,341
9,212
3,187
51,055
Dividend Value, Class
R6
–
537,372
27,675
95
29,133
538,925
32,290
3,783
26,185
Emerging Markets
Equity, Class W
–
337,384
39,969
1,637
66,832
365,884
29,436
12,508
–
Growth Opportunities
ETF
–
520,200
18,875
399
57,977
559,701
12,764
–
–
International Bond,
Class W
–
19,544
6,965
(87)
53
12,545
1,400
214
–
International Equity,
Class W
–
549,071
69,964
(66)
11,319
490,360
29,067
15,956
34,800
International
Opportunities,
Class W
–
585,799
41,111
(68)
20,285
564,905
31,559
12,677
21,319
International Value,
Class I
–
238,605
33,413
2,651
22,880
230,723
5,744
491
–
Large Cap Growth,
Class W
–
655,335
40,632
(4,138)
(10,101)
600,464
19,129
2,280
65,307
Large Cap Value,
Class W
–
567,468
30,548
(699)
30,729
566,950
21,532
9,476
32,081
Quant International
Small Cap Equity,
Class W
–
271,054
37,684
303
29,602
263,275
16,758
12,042
8,125
Quant Small Cap Equity,
Class W
–
54,877
5,104
114
6,716
56,603
2,439
746
3,427
Quant Small/Mid Cap
Equity, Class W
–
124,028
9,155
129
14,998
130,000
6,882
1,443
7,926
Small Cap Select,
Class R6
–
53,982
4,837
33
4,756
53,934
3,035
116
1,028
Nuveen Real Property
Fund LP
a
–
243,555
6,685
2
(446)
236,426
24,887
5,048
–
$–
$5,995,584
$461,513
$(3,021)
$248,375
$5,779,425
281,223
$83,615
$300,698
a
Restricted security
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 |
|
$ |
7,993,982 |
|
| Lifecycle 2010 |
|
|
21,143,547 |
|
| Lifecycle 2015 |
|
|
21,578,484 |
|
| Lifecycle 2020 |
|
|
64,062,684 |
|
| Lifecycle 2025 |
|
|
128,861,899 |
|
| Lifecycle 2030 |
|
|
192,065,805 |
|
| Lifecycle 2035 |
|
|
247,052,488 |
|
| Lifecycle 2040 |
|
|
353,609,003 |
|
| Lifecycle 2045 |
|
|
266,625,085 |
|
| Lifecycle 2050 |
|
|
203,006,644 |
|
| Lifecycle 2055 |
|
|
95,608,659 |
|
| Lifecycle 2060 |
|
|
37,096,568 |
|
| Lifecycle 2065 |
|
|
4,407,044 |
|
| Lifecycle 2070 |
|
|
3,465 |
|
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 |
|
|
7.5% |
|
| Lifecycle 2010 |
|
|
6.3 |
|
| Lifecycle 2015 |
|
|
7.4 |
|
| Lifecycle 2020 |
|
|
8.8 |
|
| Lifecycle 2025 |
|
|
10.4 |
|
| Lifecycle 2030 |
|
|
13.4 |
|
| Lifecycle 2035 |
|
|
17.0 |
|
| Lifecycle 2040 |
|
|
23.5 |
|
| Lifecycle 2045 |
|
|
27.5 |
|
| Lifecycle 2050 |
|
|
30.3 |
|
| Lifecycle 2055 |
|
|
31.3 |
|
| Lifecycle 2060 |
|
|
31.8 |
|
| Lifecycle 2065 |
|
|
29.0 |
|
| Lifecycle 2070 |
|
|
24.8 |
|
88
Important Tax Information (continued)
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 |
|
|
14.4% |
|
| Lifecycle 2010 |
|
|
12.1 |
|
| Lifecycle 2015 |
|
|
14.1 |
|
| Lifecycle 2020 |
|
|
16.8 |
|
| Lifecycle 2025 |
|
|
19.9 |
|
| Lifecycle 2030 |
|
|
25.8 |
|
| Lifecycle 2035 |
|
|
32.8 |
|
| Lifecycle 2040 |
|
|
45.5 |
|
| Lifecycle 2045 |
|
|
53.6 |
|
| Lifecycle 2050 |
|
|
59.1 |
|
| Lifecycle 2055 |
|
|
61.4 |
|
| Lifecycle 2060 |
|
|
62.9 |
|
| Lifecycle 2065 |
|
|
58.7 |
|
| Lifecycle 2070 |
|
|
64.6 |
|
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 |
|
|
$ 1,191,427 |
|
|
|
$0.03723 |
|
|
|
$113,760 |
|
|
|
$0.00356 |
|
| Lifecycle 2010 |
|
|
1,843,313 |
|
|
|
0.03133 |
|
|
|
175,957 |
|
|
|
0.00299 |
|
| Lifecycle 2015 |
|
|
2,816,802 |
|
|
|
0.03249 |
|
|
|
268,898 |
|
|
|
0.00310 |
|
| Lifecycle 2020 |
|
|
6,869,543 |
|
|
|
0.03811 |
|
|
|
655,603 |
|
|
|
0.00364 |
|
| Lifecycle 2025 |
|
|
12,530,567 |
|
|
|
0.04422 |
|
|
|
1,195,946 |
|
|
|
0.00422 |
|
| Lifecycle 2030 |
|
|
20,196,079 |
|
|
|
0.05410 |
|
|
|
1,929,136 |
|
|
|
0.00517 |
|
| Lifecycle 2035 |
|
|
26,380,724 |
|
|
|
0.06441 |
|
|
|
2,520,284 |
|
|
|
0.00615 |
|
| Lifecycle 2040 |
|
|
39,022,747 |
|
|
|
0.08048 |
|
|
|
3,727,770 |
|
|
|
0.00769 |
|
| Lifecycle 2045 |
|
|
32,838,126 |
|
|
|
0.10955 |
|
|
|
3,135,079 |
|
|
|
0.01046 |
|
| Lifecycle 2050 |
|
|
28,388,216 |
|
|
|
0.12063 |
|
|
|
2,710,558 |
|
|
|
0.01152 |
|
| Lifecycle 2055 |
|
|
15,605,892 |
|
|
|
0.14548 |
|
|
|
1,490,487 |
|
|
|
0.01389 |
|
| Lifecycle 2060 |
|
|
7,657,237 |
|
|
|
0.12659 |
|
|
|
730,841 |
|
|
|
0.01208 |
|
| Lifecycle 2065 |
|
|
1,459,756 |
|
|
|
0.10018 |
|
|
|
139,279 |
|
|
|
0.00956 |
|
| Lifecycle 2070 |
|
|
39,410 |
|
|
|
0.07565 |
|
|
|
3,766 |
|
|
|
0.00723 |
|
89
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, Nuveen Lifecycle Index 2065 Fund and Nuveen Lifecycle Index 2070 Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the
table below (fourteen of the funds constituting TIAA-CREF Funds, hereafter collectively referred to as the "Funds") as of May 31, 2026, the related
statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the
financial highlights for each of the periods indicated in the table below (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 listed in the table below as of May 31, 2026,
the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in
the table below, 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, 2026 by correspondence with the custodian, transfer agent, and broker; when replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
July 28, 2026
We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.
Fund
Statement of
Operations
Statement of changes in net
assets
Financial Highlights
Nuveen Lifecycle Index Retirement Income
Fund
For the year ended May
31, 2026
For the years ended May 31, 2026
and 2025
For the years ended May 31, 2026,
2025, 2024, 2023 and 2022
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
Nuveen Lifecycle Index 2070 Fund
For the period September 30, 2025 (commencement of operations) through May 31, 2026
Lifecycle Index Retirement Income
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.0%(a)
FIXED INCOME—42.7%
23,709,329
Nuveen Bond Index Fund, Class W
$
229,506,306
1,844,338
Nuveen High Yield Corporate Bond ETF
45,794,913
8,640,638
Nuveen Short Term Bond Index Fund, Class W
83,036,533
TOTAL FIXED INCOME
358,337,752
INFLATION-PROTECTED ASSETS—9.9%
7,570,555
Nuveen Inflation Linked Bond Fund, Class W
83,048,991
TOTAL INFLATION-PROTECTED ASSETS
83,048,991
INTERNATIONAL EQUITY—14.1%
2,465,963
Nuveen Emerging Markets Equity Index Fund, Class W
43,548,909
2,468,278
Nuveen International Equity Index Fund, Class W
75,282,493
TOTAL INTERNATIONAL EQUITY
118,831,402
INTERNATIONAL FIXED INCOME—6.9%
2,308,219
Nuveen International Aggregate Bond ETF
57,590,064
TOTAL INTERNATIONAL FIXED INCOME
57,590,064
U.S. EQUITY—26.4%
4,241,957
Nuveen Equity Index Fund, Class W
221,260,497
TOTAL U.S. EQUITY
221,260,497
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $631,288,092)
839,068,706
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.0%
REPURCHASE AGREEMENT—0.0%
$277,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
277,000
TOTAL REPURCHASE AGREEMENT
277,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $277,000)
277,000
TOTAL INVESTMENTS—100.0%
(Cost $631,565,092)
839,345,706
OTHER ASSETS & LIABILITIES, NET—(0.0)%
(
275,915
)
NET ASSETS—100.0%
$
839,069,791
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $277,083 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
3.500% and maturity date 9/30/29, valued at $282,644.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
FIXED INCOME—48.6%
19,358,828
Nuveen Bond Index Fund, Class W
$
187,393,455
1,504,194
Nuveen High Yield Corporate Bond ETF
37,349,137
11,218,039
Nuveen Short Term Bond Index Fund, Class W
107,805,356
TOTAL FIXED INCOME
332,547,948
INFLATION-PROTECTED ASSETS—9.9%
6,179,931
Nuveen Inflation Linked Bond Fund, Class W
67,793,838
TOTAL INFLATION-PROTECTED ASSETS
67,793,838
INTERNATIONAL EQUITY—12.1%
1,715,383
Nuveen Emerging Markets Equity Index Fund, Class W
30,293,655
1,720,335
Nuveen International Equity Index Fund, Class W
52,470,228
TOTAL INTERNATIONAL EQUITY
82,763,883
INTERNATIONAL FIXED INCOME—6.8%
1,882,523
Nuveen International Aggregate Bond ETF
46,968,949
TOTAL INTERNATIONAL FIXED INCOME
46,968,949
U.S. EQUITY—22.5%
2,956,603
Nuveen Equity Index Fund, Class W
154,216,408
TOTAL U.S. EQUITY
154,216,408
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $515,130,127)
684,291,026
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$484,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
484,000
TOTAL REPURCHASE AGREEMENT
484,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $484,000)
484,000
TOTAL INVESTMENTS—100.0%
(Cost $515,614,127)
684,775,026
OTHER ASSETS & LIABILITIES, NET—(0.0)%
(
249,770
)
NET ASSETS—100.0%
$
684,525,256
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $484,144 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
1.625% and maturity date 10/15/29, valued at $493,747.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.0%(a)
FIXED INCOME—43.6%
27,223,410
Nuveen Bond Index Fund, Class W
$
263,522,604
2,117,012
Nuveen High Yield Corporate Bond ETF
52,565,408
10,781,948
Nuveen Short Term Bond Index Fund, Class W
103,614,516
TOTAL FIXED INCOME
419,702,528
INFLATION-PROTECTED ASSETS—9.9%
8,692,763
Nuveen Inflation Linked Bond Fund, Class W
95,359,613
TOTAL INFLATION-PROTECTED ASSETS
95,359,613
INTERNATIONAL EQUITY—13.8%
2,770,236
Nuveen Emerging Markets Equity Index Fund, Class W
48,922,371
2,770,703
Nuveen International Equity Index Fund, Class W
84,506,427
TOTAL INTERNATIONAL EQUITY
133,428,798
INTERNATIONAL FIXED INCOME—6.9%
2,649,475
Nuveen International Aggregate Bond ETF
66,104,401
TOTAL INTERNATIONAL FIXED INCOME
66,104,401
U.S. EQUITY—25.8%
4,764,534
Nuveen Equity Index Fund, Class W
248,518,106
TOTAL U.S. EQUITY
248,518,106
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $691,538,076)
963,113,446
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.0%
REPURCHASE AGREEMENT—0.0%
$191,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
191,000
TOTAL REPURCHASE AGREEMENT
191,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $191,000)
191,000
TOTAL INVESTMENTS—100.0%
(Cost $691,729,076)
963,304,446
OTHER ASSETS & LIABILITIES, NET—0.0%
93,713
NET ASSETS—100.0%
$
963,398,159
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $191,057 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
1.625% and maturity date 10/15/29, valued at $195,026.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.8%(a)
FIXED INCOME—40.2%
79,677,251
Nuveen Bond Index Fund, Class W
$
771,275,789
5,504,133
Nuveen High Yield Corporate Bond ETF
136,667,622
24,354,086
Nuveen Short Term Bond Index Fund, Class W
234,042,762
TOTAL FIXED INCOME
1,141,986,173
INFLATION-PROTECTED ASSETS—8.2%
21,351,736
Nuveen Inflation Linked Bond Fund, Class W
234,228,541
TOTAL INFLATION-PROTECTED ASSETS
234,228,541
INTERNATIONAL EQUITY—15.6%
9,180,387
Nuveen Emerging Markets Equity Index Fund, Class W
162,125,641
9,192,607
Nuveen International Equity Index Fund, Class W
280,374,516
TOTAL INTERNATIONAL EQUITY
442,500,157
INTERNATIONAL FIXED INCOME—6.8%
7,763,056
Nuveen International Aggregate Bond ETF
193,688,247
TOTAL INTERNATIONAL FIXED INCOME
193,688,247
U.S. EQUITY—29.0%
15,801,890
Nuveen Equity Index Fund, Class W
824,226,577
TOTAL U.S. EQUITY
824,226,577
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $1,988,813,978)
2,836,629,695
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$1,401,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
1,401,000
TOTAL REPURCHASE AGREEMENT
1,401,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,401,000)
1,401,000
TOTAL INVESTMENTS—99.9%
(Cost $1,990,214,978)
2,838,030,695
OTHER ASSETS & LIABILITIES, NET—0.1%
3,072,238
NET ASSETS—100.0%
$
2,841,102,933
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $1,401,418 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
3.375% and maturity date 11/30/27, valued at $1,429,144.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
FIXED INCOME—37.2%
163,990,403
Nuveen Bond Index Fund, Class W
$
1,587,427,103
9,557,984
Nuveen High Yield Corporate Bond ETF
237,324,743
38,344,414
Nuveen Short Term Bond Index Fund, Class W
368,489,816
TOTAL FIXED INCOME
2,193,241,662
INFLATION-PROTECTED ASSETS—6.3%
33,617,655
Nuveen Inflation Linked Bond Fund, Class W
368,785,674
TOTAL INFLATION-PROTECTED ASSETS
368,785,674
INTERNATIONAL EQUITY—17.3%
21,178,171
Nuveen Emerging Markets Equity Index Fund, Class W
374,006,497
21,209,932
Nuveen International Equity Index Fund, Class W
646,902,937
TOTAL INTERNATIONAL EQUITY
1,020,909,434
INTERNATIONAL FIXED INCOME—6.8%
15,995,989
Nuveen International Aggregate Bond ETF
399,099,925
TOTAL INTERNATIONAL FIXED INCOME
399,099,925
U.S. EQUITY—32.3%
36,432,265
Nuveen Equity Index Fund, Class W
1,900,306,928
TOTAL U.S. EQUITY
1,900,306,928
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $4,047,541,293)
5,882,343,623
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.0%
REPURCHASE AGREEMENT—0.0%
$3,576,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
3,576,000
TOTAL REPURCHASE AGREEMENT
3,576,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,576,000)
3,576,000
TOTAL INVESTMENTS—99.9%
(Cost $4,051,117,293)
5,885,919,623
OTHER ASSETS & LIABILITIES, NET—0.1%
3,187,828
NET ASSETS—100.0%
$
5,889,107,451
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $3,577,067 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
1.625% and maturity date 10/15/29, valued at $3,647,537.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.0%(a)
FIXED INCOME—32.3%
243,270,511
Nuveen Bond Index Fund, Class W
$
2,354,858,543
12,427,743
Nuveen High Yield Corporate Bond ETF
308,580,859
42,354,042
Nuveen Short Term Bond Index Fund, Class W
407,022,344
TOTAL FIXED INCOME
3,070,461,746
INFLATION-PROTECTED ASSETS—4.3%
37,119,745
Nuveen Inflation Linked Bond Fund, Class W
407,203,602
TOTAL INFLATION-PROTECTED ASSETS
407,203,602
INTERNATIONAL EQUITY—20.0%
39,313,167
Nuveen Emerging Markets Equity Index Fund, Class W
694,270,522
39,355,345
Nuveen International Equity Index Fund, Class W
1,200,338,029
TOTAL INTERNATIONAL EQUITY
1,894,608,551
INTERNATIONAL FIXED INCOME—6.3%
23,784,837
Nuveen International Aggregate Bond ETF
593,431,683
TOTAL INTERNATIONAL FIXED INCOME
593,431,683
U.S. EQUITY—37.1%
67,598,055
Nuveen Equity Index Fund, Class W
3,525,914,573
TOTAL U.S. EQUITY
3,525,914,573
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $6,252,801,610)
9,491,620,155
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$10,549,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
10,549,000
TOTAL REPURCHASE AGREEMENT
10,549,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,549,000)
10,549,000
TOTAL INVESTMENTS—100.1%
(Cost $6,263,350,610)
9,502,169,155
OTHER ASSETS & LIABILITIES, NET—(0.1)%
(
9,254,574
)
NET ASSETS—100.0%
$
9,492,914,581
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $10,552,147 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
1.625% and maturity date 10/15/29, valued at $10,760,121.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
FIXED INCOME—27.0%
247,616,676
Nuveen Bond Index Fund, Class W
$
2,396,929,420
10,717,165
Nuveen High Yield Corporate Bond ETF
266,107,207
25,937,104
Nuveen Short Term Bond Index Fund, Class W
249,255,574
TOTAL FIXED INCOME
2,912,292,201
INFLATION-PROTECTED ASSETS—2.3%
22,739,650
Nuveen Inflation Linked Bond Fund, Class W
249,453,959
TOTAL INFLATION-PROTECTED ASSETS
249,453,959
INTERNATIONAL EQUITY—22.7%
50,847,518
Nuveen Emerging Markets Equity Index Fund, Class W
897,967,173
51,005,840
Nuveen International Equity Index Fund, Class W
1,555,678,128
TOTAL INTERNATIONAL EQUITY
2,453,645,301
INTERNATIONAL FIXED INCOME—5.6%
24,245,979
Nuveen International Aggregate Bond ETF
604,937,176
TOTAL INTERNATIONAL FIXED INCOME
604,937,176
U.S. EQUITY—42.3%
87,481,581
Nuveen Equity Index Fund, Class W
4,563,039,289
TOTAL U.S. EQUITY
4,563,039,289
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $6,703,915,608)
10,783,367,926
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$11,701,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
11,701,000
TOTAL REPURCHASE AGREEMENT
11,701,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,701,000)
11,701,000
TOTAL INVESTMENTS—100.0%
(Cost $6,715,616,608)
10,795,068,926
OTHER ASSETS & LIABILITIES, NET—(0.0)%
(
3,510,150
)
NET ASSETS—100.0%
$
10,791,558,776
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $11,704,491 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
1.625% and maturity date 10/15/29, valued at $11,935,170.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
FIXED INCOME—19.1%
205,230,343
Nuveen Bond Index Fund, Class W
$
1,986,629,721
7,904,793
Nuveen High Yield Corporate Bond ETF
196,276,010
4,528,800
Nuveen Short Term Bond Index Fund, Class W
43,521,766
TOTAL FIXED INCOME
2,226,427,497
INFLATION-PROTECTED ASSETS—0.3%
3,641,456
Nuveen Inflation Linked Bond Fund, Class W
39,946,771
TOTAL INFLATION-PROTECTED ASSETS
39,946,771
INTERNATIONAL EQUITY—26.6%
64,450,066
Nuveen Emerging Markets Equity Index Fund, Class W
1,138,188,164
64,492,833
Nuveen International Equity Index Fund, Class W
1,967,031,413
TOTAL INTERNATIONAL EQUITY
3,105,219,577
INTERNATIONAL FIXED INCOME—4.3%
20,155,091
Nuveen International Aggregate Bond ETF
502,869,520
TOTAL INTERNATIONAL FIXED INCOME
502,869,520
U.S. EQUITY—49.6%
110,763,497
Nuveen Equity Index Fund, Class W
5,777,424,025
TOTAL U.S. EQUITY
5,777,424,025
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $6,610,538,135)
11,651,887,390
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.2%
REPURCHASE AGREEMENT—0.2%
$16,712,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
16,712,000
TOTAL REPURCHASE AGREEMENT
16,712,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,712,000)
16,712,000
TOTAL INVESTMENTS—100.1%
(Cost $6,627,250,135)
11,668,599,390
OTHER ASSETS & LIABILITIES, NET—(0.1)%
(
9,274,438
)
NET ASSETS—100.0%
$
11,659,324,952
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $16,716,986 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
4.000% and maturity date 12/15/27, valued at $17,046,282.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.0%(a)
FIXED INCOME—12.3%
121,037,519
Nuveen Bond Index Fund, Class W
$
1,171,643,182
3,758,099
Nuveen High Yield Corporate Bond ETF
93,313,598
TOTAL FIXED INCOME
1,264,956,780
INTERNATIONAL EQUITY—29.6%
63,479,598
Nuveen Emerging Markets Equity Index Fund, Class W
1,121,049,697
63,504,488
Nuveen International Equity Index Fund, Class W
1,936,886,890
TOTAL INTERNATIONAL EQUITY
3,057,936,587
INTERNATIONAL FIXED INCOME—2.9%
11,884,756
Nuveen International Aggregate Bond ETF
296,524,662
TOTAL INTERNATIONAL FIXED INCOME
296,524,662
U.S. EQUITY—55.2%
109,124,646
Nuveen Equity Index Fund, Class W
5,691,941,561
TOTAL U.S. EQUITY
5,691,941,561
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $5,745,413,918)
10,311,359,590
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$12,416,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
12,416,000
TOTAL REPURCHASE AGREEMENT
12,416,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,416,000)
12,416,000
TOTAL INVESTMENTS—100.1%
(Cost $5,757,829,918)
10,323,775,590
OTHER ASSETS & LIABILITIES, NET—(0.1)%
(
8,242,553
)
NET ASSETS—100.0%
$
10,315,533,037
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $12,419,704 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
1.625% and maturity date 10/15/29, valued at $12,664,458.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.0%(a)
FIXED INCOME—8.4%
76,967,355
Nuveen Bond Index Fund, Class W
$
745,043,998
488,303
Nuveen High Yield Corporate Bond ETF
12,124,563
TOTAL FIXED INCOME
757,168,561
INTERNATIONAL EQUITY—31.3%
58,415,072
Nuveen Emerging Markets Equity Index Fund, Class W
1,031,610,165
58,429,064
Nuveen International Equity Index Fund, Class W
1,782,086,441
TOTAL INTERNATIONAL EQUITY
2,813,696,606
INTERNATIONAL FIXED INCOME—2.1%
7,531,042
Nuveen International Aggregate Bond ETF
187,899,498
TOTAL INTERNATIONAL FIXED INCOME
187,899,498
U.S. EQUITY—58.2%
100,489,527
Nuveen Equity Index Fund, Class W
5,241,533,731
TOTAL U.S. EQUITY
5,241,533,731
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $4,989,311,503)
9,000,298,396
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.2%
REPURCHASE AGREEMENT—0.2%
$13,544,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
13,544,000
TOTAL REPURCHASE AGREEMENT
13,544,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $13,544,000)
13,544,000
TOTAL INVESTMENTS—100.2%
(Cost $5,002,855,503)
9,013,842,396
OTHER ASSETS & LIABILITIES, NET—(0.2)%
(
18,048,110
)
NET ASSETS—100.0%
$
8,995,794,286
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $13,548,041 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
1.625% and maturity date 10/15/29, valued at $13,815,070.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.2%(a)
FIXED INCOME—7.0%
43,317,815
Nuveen Bond Index Fund, Class W
$
419,316,449
TOTAL FIXED INCOME
419,316,449
INTERNATIONAL EQUITY—31.9%
39,443,929
Nuveen Emerging Markets Equity Index Fund, Class W
696,579,784
39,480,558
Nuveen International Equity Index Fund, Class W
1,204,157,025
TOTAL INTERNATIONAL EQUITY
1,900,736,809
INTERNATIONAL FIXED INCOME—1.8%
4,224,254
Nuveen International Aggregate Bond ETF
105,395,138
TOTAL INTERNATIONAL FIXED INCOME
105,395,138
U.S. EQUITY—59.5%
67,891,866
Nuveen Equity Index Fund, Class W
3,541,239,743
TOTAL U.S. EQUITY
3,541,239,743
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $3,548,658,122)
5,966,688,139
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.2%
REPURCHASE AGREEMENT—0.2%
$9,045,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
9,045,000
TOTAL REPURCHASE AGREEMENT
9,045,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $9,045,000)
9,045,000
TOTAL INVESTMENTS—100.4%
(Cost $3,557,703,122)
5,975,733,139
OTHER ASSETS & LIABILITIES, NET—(0.4)%
(
22,180,563
)
NET ASSETS—100.0%
$
5,953,552,576
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $9,047,698 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
4.000% and maturity date 12/15/27, valued at $9,226,102.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.6%(a)
FIXED INCOME—6.1%
22,548,581
Nuveen Bond Index Fund, Class W
$
218,270,267
TOTAL FIXED INCOME
218,270,267
INTERNATIONAL EQUITY—32.5%
24,058,846
Nuveen Emerging Markets Equity Index Fund, Class W
424,879,223
24,081,214
Nuveen International Equity Index Fund, Class W
734,477,042
TOTAL INTERNATIONAL EQUITY
1,159,356,265
INTERNATIONAL FIXED INCOME—1.5%
2,184,192
Nuveen International Aggregate Bond ETF
54,495,590
TOTAL INTERNATIONAL FIXED INCOME
54,495,590
U.S. EQUITY—60.5%
41,414,939
Nuveen Equity Index Fund, Class W
2,160,203,222
TOTAL U.S. EQUITY
2,160,203,222
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $2,261,494,610)
3,592,325,344
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.2%
REPURCHASE AGREEMENT—0.2%
$8,026,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
8,026,000
TOTAL REPURCHASE AGREEMENT
8,026,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,026,000)
8,026,000
TOTAL INVESTMENTS—100.8%
(Cost $2,269,520,610)
3,600,351,344
OTHER ASSETS & LIABILITIES, NET—(0.8)%
(
28,588,989
)
NET ASSETS—100.0%
$
3,571,762,355
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $8,028,394 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
1.625% and maturity date 10/15/29, valued at $8,186,595.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.6%(a)
FIXED INCOME—5.2%
5,802,069
Nuveen Bond Index Fund, Class W
$
56,164,029
TOTAL FIXED INCOME
56,164,029
INTERNATIONAL EQUITY—32.9%
7,351,892
Nuveen Emerging Markets Equity Index Fund, Class W
129,834,408
7,358,725
Nuveen International Equity Index Fund, Class W
224,441,109
TOTAL INTERNATIONAL EQUITY
354,275,517
INTERNATIONAL FIXED INCOME—1.3%
553,434
Nuveen International Aggregate Bond ETF
13,808,178
TOTAL INTERNATIONAL FIXED INCOME
13,808,178
U.S. EQUITY—61.2%
12,655,523
Nuveen Equity Index Fund, Class W
660,112,087
TOTAL U.S. EQUITY
660,112,087
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $808,791,743)
1,084,359,811
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.4%
REPURCHASE AGREEMENT—0.4%
$4,429,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
4,429,000
TOTAL REPURCHASE AGREEMENT
4,429,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,429,000)
4,429,000
TOTAL INVESTMENTS—101.0%
(Cost $813,220,743)
1,088,788,811
OTHER ASSETS & LIABILITIES, NET—(1.0)%
(
10,246,228
)
NET ASSETS—100.0%
$
1,078,542,583
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $4,430,321 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
1.625% and maturity date 10/15/29, valued at $4,517,703.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.5%(a)
FIXED INCOME—4.2%
45,311
Nuveen Bond Index Fund, Class W
$
438,610
TOTAL FIXED INCOME
438,610
INTERNATIONAL EQUITY—33.0%
71,973
Nuveen Emerging Markets Equity Index Fund, Class W
1,271,052
72,378
Nuveen International Equity Index Fund, Class W
2,207,530
TOTAL INTERNATIONAL EQUITY
3,478,582
INTERNATIONAL FIXED INCOME—1.0%
4,387
Nuveen International Aggregate Bond ETF
109,456
TOTAL INTERNATIONAL FIXED INCOME
109,456
U.S. EQUITY—61.3%
123,961
Nuveen Equity Index Fund, Class W
6,465,809
TOTAL U.S. EQUITY
6,465,809
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $9,622,190)
10,492,457
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—1.6%
REPURCHASE AGREEMENT—1.6%
$165,000
(b)
Fixed Income Clearing Corporation
3.580
%
06/01/26
165,000
TOTAL REPURCHASE AGREEMENT
165,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $165,000)
165,000
TOTAL INVESTMENTS—101.1%
(Cost $9,787,190)
10,657,457
OTHER ASSETS & LIABILITIES, NET—(1.1)%
(115,076)
NET ASSETS—100.0%
$
10,542,381
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $165,049 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
3.875% and maturity date 3/15/28, valued at $168,495.
Statement of Assets and Liabilities
See Notes to Financial Statements
May
31,
2026
14.1
Lifecycle Index Retirement
Income
14.2
Lifecycle Index 2010
14.3
Lifecycle Index 2015
ASSETS
Affiliated investments, at value
‡
$
839,068,706
$
684,291,026
$
963,113,446
Short-term investments, at value
#
277,000
484,000
191,000
Cash
545
624
1,223
Receivables:
Dividends
1,049,054
984,143
1,232,844
Interest
83
144
57
Investments sold
4,577,895
3,573,017
5,515,837
Reimbursement from Adviser
73,920
61,616
81,069
Shares sold
2,178,104
80,647
602,719
Other
48,882
69,395
107,665
Total assets
847,274,189
689,544,612
970,845,860
LIABILITIES
Due to affiliates
3,158
3,054
3,297
Payables:
Management fees
118,445
96,536
136,720
Investments purchased - regular settlement
4,967,669
4,263,215
5,861,283
Shares redeemed
3,015,133
543,412
1,282,447
Service agreement fees
9,534
7,773
13,374
Accrued expenses:
Custodian fees
7,954
7,930
8,004
Professional fees
15,599
15,429
15,710
Shareholder reporting expenses
18,268
14,844
17,183
Shareholder servicing agent fees
7,340
4,406
5,422
Trustees fees
31,696
52,383
90,549
12b-1 distribution and service fees
458
2,521
3,803
Other
9,144
7,853
9,909
Total liabilities
8,204,398
5,019,356
7,447,701
Net assets
$
839,069,791
$
684,525,256
$
963,398,159
NET ASSETS CONSIST OF:
Paid-in capital
$
657,392,152
$
535,004,858
$
702,945,520
Total distributable earnings (loss)
181,677,639
149,520,398
260,452,639
Net assets
$
839,069,791
$
684,525,256
$
963,398,159
‡
Affiliated investments, cost
$
631,288,092
$
515,130,127
$
691,538,076
#
Short-term investments, cost
$
277,000
$
484,000
$
191,000
CLASS I:
Net assets
$
2,295,609
$
737,964
$
1,837,429
Shares outstanding
125,570
41,054
98,057
Net asset value ("NAV") and offering price per share
$
18
.28
$
17
.98
$
18
.74
PREMIER CLASS:
Net assets
$
3,626,004
$
19,926,268
$
30,177,229
Shares outstanding
198,366
1,114,166
1,620,019
NAV and offering price per share
$
18
.28
$
17
.88
$
18
.63
CLASS R6:
Net assets
$
788,351,280
$
627,323,732
$
868,455,716
Shares outstanding
43,079,555
34,924,897
46,350,449
NAV and offering price per share
$
18
.30
$
17
.96
$
18
.74
RETIREMENT CLASS:
Net assets
$
44,796,898
$
36,537,292
$
62,927,785
Shares outstanding
2,453,938
2,056,224
3,390,757
NAV and offering price per share
$
18
.26
$
17
.77
$
18
.56
Authorized shares - per class
Unlimited
Unlimited
Unlimited
Par value per share
$
0
.0001
$
0
.0001
$
0
.0001
See Notes to Financial Statements
14.4
Lifecycle Index 2020
14.5
Lifecycle Index 2025
14.6
Lifecycle Index 2030
14.7
Lifecycle Index 2035
14.8
Lifecycle Index 2040
14.9
Lifecycle Index 2045
15.01
Lifecycle Index 2050
$
2,836,629,695
$
5,882,343,623
$
9,491,620,155
$
10,783,367,926
$
11,651,887,390
$
10,311,359,590
$
9,000,298,396
1,401,000
3,576,000
10,549,000
11,701,000
16,712,000
12,416,000
13,544,000
696
2,723
5,157
5,306
4,696
625
2,464
3,388,385
6,578,541
9,250,724
8,837,675
6,734,227
3,876,469
2,462,802
418
1,067
3,147
3,491
4,986
3,704
4,041
17,326,409
36,989,137
60,727,297
66,033,506
64,907,189
41,269,950
23,640,345
200,213
377,793
557,065
584,527
579,331
507,210
436,815
5,342,390
10,055,026
10,083,005
11,204,798
13,294,404
12,881,391
12,765,395
210,248
287,824
339,978
336,916
359,477
258,113
212,207
2,864,499,454
5,940,211,734
9,583,135,528
10,882,075,145
11,754,483,700
10,382,573,052
9,053,366,465
4,703
6,843
8,851
9,468
9,733
8,864
8,051
396,238
800,413
1,254,482
1,385,632
1,453,861
1,280,826
1,118,647
16,974,246
36,531,115
63,555,475
67,449,302
67,995,698
39,711,479
24,131,065
5,697,223
13,280,919
24,777,582
21,035,775
25,028,589
25,500,293
31,850,722
31,340
62,915
96,053
93,198
92,825
80,286
67,364
7,974
8,045
7,955
7,958
8,020
7,958
7,918
17,492
20,389
23,500
24,520
25,083
23,863
22,653
27,322
38,307
47,009
50,609
54,417
54,978
59,342
11,413
17,122
23,172
22,178
24,149
24,248
23,630
194,309
272,715
324,942
321,255
346,124
243,065
195,654
10,259
18,724
27,786
34,473
35,215
27,438
19,632
24,002
46,776
74,140
82,001
85,034
76,717
67,501
23,396,521
51,104,283
90,220,947
90,516,369
95,158,748
67,040,015
57,572,179
$
2,841,102,933
$
5,889,107,451
$
9,492,914,581
$
10,791,558,776
$
11,659,324,952
$
10,315,533,037
$
8,995,794,286
$
1,987,857,768
$
4,005,837,951
$
6,180,614,166
$
6,670,244,382
$
6,569,779,867
$
5,726,024,666
$
4,969,155,104
853,245,165
1,883,269,500
3,312,300,415
4,121,314,394
5,089,545,085
4,589,508,371
4,026,639,182
$
2,841,102,933
$
5,889,107,451
$
9,492,914,581
$
10,791,558,776
$
11,659,324,952
$
10,315,533,037
$
8,995,794,286
$
1,988,813,978
$
4,047,541,293
$
6,252,801,610
$
6,703,915,608
$
6,610,538,135
$
5,745,413,918
$
4,989,311,503
$
1,401,000
$
3,576,000
$
10,549,000
$
11,701,000
$
16,712,000
$
12,416,000
$
13,544,000
$
12,677,292
$
25,906,068
$
51,183,243
$
43,424,807
$
44,845,562
$
50,471,622
$
38,869,906
599,870
1,057,793
1,779,607
1,329,412
1,221,495
1,272,265
949,772
$
21
.13
$
24
.49
$
28
.76
$
32
.66
$
36
.71
$
39
.67
$
40
.93
$
81,438,672
$
148,321,959
$
221,189,773
$
274,996,868
$
281,582,965
$
220,228,422
$
157,787,553
3,873,252
6,075,726
7,726,738
8,461,042
7,712,494
5,573,689
3,873,972
$
21
.03
$
24
.41
$
28
.63
$
32
.50
$
36
.51
$
39
.51
$
40
.73
$
2,598,870,582
$
5,416,885,019
$
8,764,300,555
$
10,027,756,199
$
10,886,791,049
$
9,659,390,771
$
8,474,878,772
122,828,394
220,705,981
304,168,252
306,403,010
296,128,050
242,969,991
206,677,702
$
21
.16
$
24
.54
$
28
.81
$
32
.73
$
36
.76
$
39
.76
$
41
.01
$
148,116,387
$
297,994,405
$
456,241,010
$
445,380,902
$
446,105,376
$
385,442,222
$
324,258,055
7,071,422
12,275,448
16,013,649
13,767,961
12,268,599
9,808,309
8,005,200
$
20
.95
$
24
.28
$
28
.49
$
32
.35
$
36
.36
$
39
.30
$
40
.51
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
Statement of Assets and Liabilities
(continued)
See Notes to Financial Statements
Statement of Assets and Liabilities
(continued)
May
31,
2026
15.1
Lifecycle Index 2055
15.2
Lifecycle Index 2060
15.3
Lifecycle Index 2065
ASSETS
Affiliated investments, at value
‡
$
5,966,688,139
$
3,592,325,344
$
1,084,359,811
Short-term investments, at value
#
9,045,000
8,026,000
4,429,000
Cash
1,612
124
773
Receivables:
Dividends
1,387,868
717,317
180,250
Interest
2,698
2,394
1,321
Investments sold
12,800,890
6,002,559
904,249
Reimbursement from Adviser
297,537
190,598
71,247
Shares sold
9,221,029
5,512,754
2,954,981
Other
136,772
64,709
21,346
Total assets
5,999,581,545
3,612,841,799
1,092,922,978
LIABILITIES
Due to affiliates
6,109
4,644
3,087
Payables:
Management fees
739,624
444,017
132,691
Investments purchased - regular settlement
12,966,669
8,574,228
3,654,818
Shares redeemed
32,010,814
31,836,473
10,509,613
Service agreement fees
40,342
25,785
5,208
Accrued expenses:
Custodian fees
8,008
7,973
8,010
Professional fees
19,873
17,940
15,630
Shareholder reporting expenses
60,375
62,471
26,206
Shareholder servicing agent fees
22,246
22,520
7,672
Trustees fees
100,771
48,422
7,086
12b-1 distribution and service fees
8,815
6,680
1,071
Other
45,323
28,291
9,303
Total liabilities
46,028,969
41,079,444
14,380,395
Net assets
$
5,953,552,576
$
3,571,762,355
$
1,078,542,583
NET ASSETS CONSIST OF:
Paid-in capital
$
3,530,154,797
$
2,235,049,453
$
802,725,109
Total distributable earnings (loss)
2,423,397,779
1,336,712,902
275,817,474
Net assets
$
5,953,552,576
$
3,571,762,355
$
1,078,542,583
‡
Affiliated investments, cost
$
3,548,658,122
$
2,261,494,610
$
808,791,743
#
Short-term investments, cost
$
9,045,000
$
8,026,000
$
4,429,000
CLASS I:
Net assets
$
38,458,303
$
24,800,419
$
10,102,111
Shares outstanding
1,153,168
952,751
545,624
Net asset value ("NAV") and offering price per share
$
33
.35
$
26
.03
$
18
.51
PREMIER CLASS:
Net assets
$
71,162,475
$
54,015,764
$
8,836,270
Shares outstanding
2,138,648
2,080,166
478,073
NAV and offering price per share
$
33
.27
$
25
.97
$
18
.48
CLASS R6:
Net assets
$
5,649,751,406
$
3,368,884,952
$
1,034,057,799
Shares outstanding
169,117,298
129,299,081
55,121,547
NAV and offering price per share
$
33
.41
$
26
.05
$
18
.76
RETIREMENT CLASS:
Net assets
$
194,180,392
$
124,061,220
$
25,546,403
Shares outstanding
5,853,961
4,790,724
1,381,707
NAV and offering price per share
$
33
.17
$
25
.90
$
18
.49
Authorized shares - per class
Unlimited
Unlimited
Unlimited
Par value per share
$
0
.0001
$
0
.0001
$
0
.0001
See Notes to Financial Statements
15.4
Lifecycle Index 2070
$
10,492,457
165,000
341
1,233
49
–
426
59,821
30,193
10,749,520
4,232
1,095
155,573
2,387
134
4,804
15,433
20,421
123
162
70
2,705
207,139
$
10,542,381
$
9,641,851
900,530
$
10,542,381
$
9,622,190
$
165,000
$
562,997
50,000
$
11
.26
$
562,997
50,000
$
11
.26
$
8,751,597
776,947
$
11
.26
$
664,790
59,067
$
11
.25
Unlimited
$
0
.0001
See Notes to Financial Statements
Year Ended May 31, 2026
14.1
Lifecycle Index
Retirement Income
14.2
Lifecycle Index 2010
14.3
Lifecycle Index 2015
INVESTMENT INCOME
Dividends from affiliated investments
$
26,029,797
$
21,516,377
$
30,990,298
Interest
47,718
30,809
33,561
Total investment income
26,077,515
21,547,186
31,023,859
EXPENSES
Management fees
1,381,176
1,111,638
1,647,670
12b-1 distribution and service fees —
Premier Class
5,428
29,936
43,744
Shareholder servicing agent fees —
Class I
1,105
313
486
Shareholder servicing agent fees —
Premier Class
179
101
156
Shareholder servicing agent fees —
Class R6
22,979
15,255
18,200
Shareholder servicing agent fees —
Retirement Class
105,863
104,363
168,769
Administrative service fees
23,608
22,685
24,298
Trustees fees
7,047
5,520
8,142
Custodian expenses
7,729
7,706
7,758
Overdraft expense
2,693
3,322
4,373
Professional fees
16,882
16,562
17,127
Registration fees
42,820
40,939
41,602
Shareholder reporting expenses
35,836
26,304
24,821
Other
82,899
73,405
94,341
Total expenses
1,736,244
1,458,049
2,101,487
Expenses reimbursed by the investment adviser
(
183,000
)
(
160,404
)
(
168,387
)
Fee waiver by investment adviser
(
672,796
)
(
536,347
)
(
782,301
)
Net expenses
880,448
761,298
1,150,799
Net investment income (loss)
25,197,067
20,785,888
29,873,060
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
–
–
–
Affiliated investments
4,594,442
17,732,071
57,131,510
Distributions from affiliated investments
2,479,104
1,666,669
2,860,747
Net realized gain (loss)
7,073,546
19,398,740
59,992,257
Change in unrealized appreciation (depreciation) on:
Affiliated investments
81,475,211
43,326,008
45,470,353
Net change in unrealized appreciation (depreciation)
81,475,211
43,326,008
45,470,353
Net realized and unrealized gain (loss)
88,548,757
62,724,748
105,462,610
Net increase (decrease) in net assets from operations
$
113,745,824
$
83,510,636
$
135,335,670
See Notes to Financial Statements
14.4
Lifecycle
Index 2020
14.5
Lifecycle
Index 2025
14.6
Lifecycle
Index 2030
14.7
Lifecycle
Index 2035
14.8
Lifecycle
Index 2040
14.9
Lifecycle
Index 2045
15.01
Lifecycle
Index 2050
15.1
Lifecycle
Index 2055
$
89,667,104
$
178,636,902
$
260,320,993
$
273,674,498
$
265,411,229
$
218,059,555
$
181,150,584
$
115,540,127
95,435
211,140
425,769
513,958
540,417
493,133
431,875
313,066
89,762,539
178,848,042
260,746,762
274,188,456
265,951,646
218,552,688
181,582,459
115,853,193
4,833,504
9,703,570
14,496,254
15,713,135
16,171,241
14,112,459
12,219,208
7,870,006
116,361
214,691
304,103
373,487
378,446
288,509
204,640
93,171
2,735
5,866
11,066
8,571
9,441
9,767
7,562
6,847
183
251
350
345
351
326
256
261
33,449
45,845
55,467
57,718
62,490
62,137
63,876
59,829
394,653
783,454
1,130,184
1,080,255
1,060,686
922,202
771,273
459,944
34,375
50,279
66,801
72,147
74,881
68,129
61,681
46,646
24,581
50,829
78,365
87,231
91,921
80,852
70,083
45,237
7,717
7,787
7,760
7,748
7,807
7,745
7,713
7,774
15,240
24,834
27,573
36,153
25,512
32,607
27,717
22,015
20,653
26,272
32,155
34,068
35,129
32,722
30,403
25,041
42,739
47,350
46,993
47,785
46,825
51,806
50,671
30,400
15,101
2,334
2,338
9,231
12,667
31,126
57,059
87,122
231,016
442,627
661,518
727,587
768,006
687,402
605,454
400,779
5,772,307
11,405,989
16,920,927
18,255,461
18,745,403
16,387,789
14,177,596
9,155,072
(
209,292
)
(
267,338
)
(
334,515
)
(
363,832
)
(
381,033
)
(
381,534
)
(
385,661
)
(
340,178
)
(
2,206,241
)
(
4,270,564
)
(
6,112,066
)
(
6,315,923
)
(
6,138,613
)
(
5,315,809
)
(
4,522,021
)
(
2,913,465
)
3,356,774
6,868,087
10,474,346
11,575,706
12,225,757
10,690,446
9,269,914
5,901,429
86,405,765
171,979,955
250,272,416
262,612,750
253,725,889
207,862,242
172,312,545
109,951,764
–
–
–
–
–
193,939
–
–
178,861,700
317,897,648
291,982,153
235,042,066
281,905,214
177,307,674
145,298,249
66,162,754
9,599,545
22,158,028
39,510,739
49,944,427
61,958,974
60,180,136
54,423,363
35,738,597
188,461,245
340,055,676
331,492,892
284,986,493
343,864,188
237,681,749
199,721,612
101,901,351
164,489,923
454,256,021
1,052,484,390
1,451,855,065
1,798,856,331
1,822,810,931
1,669,974,783
1,121,874,506
164,489,923
454,256,021
1,052,484,390
1,451,855,065
1,798,856,331
1,822,810,931
1,669,974,783
1,121,874,506
352,951,168
794,311,697
1,383,977,282
1,736,841,558
2,142,720,519
2,060,492,680
1,869,696,395
1,223,775,857
$
439,356,933
$
966,291,652
$
1,634,249,698
$
1,999,454,308
$
2,396,446,408
$
2,268,354,922
$
2,042,008,940
$
1,333,727,621
Statement of Operations
(continued)
See Notes to Financial Statements
Statement of Operations
(continued)
Year Ended May 31, 2026
15.2
Lifecycle Index 2060
15.3
Lifecycle Index 2065
15.4
Lifecycle Index 2070
(a)
INVESTMENT INCOME
Dividends from affiliated investments
$
69,609,872
$
17,441,533
$
105,651
Interest
210,083
85,947
749
Total investment income
69,819,955
17,527,480
106,400
EXPENSES
Management fees
4,728,356
1,210,382
5,733
12b-1 distribution and service fees —
Premier Class
67,350
9,684
515
Shareholder servicing agent fees —
Class I
4,638
42
1,514
Shareholder servicing agent fees —
Premier Class
235
95
1,514
Shareholder servicing agent fees —
Class R6
64,475
21,974
1,662
Shareholder servicing agent fees —
Retirement Class
276,397
51,012
2,416
Administrative service fees
35,807
23,505
14,060
Trustees fees
27,499
6,927
169
Custodian expenses
7,756
7,789
4,804
Overdraft expense
16,893
550
29
Professional fees
21,267
16,376
15,435
Registration fees
45,354
41,323
52,549
Shareholder reporting expenses
109,550
83,512
36,853
Other
252,207
82,863
16,972
Total expenses
5,657,784
1,556,034
154,225
Expenses reimbursed by the investment adviser
(
345,783
)
(
228,488
)
(
146,221
)
Fee waiver by investment adviser
(
1,751,262
)
(
450,488
)
(
2,229
)
Net expenses
3,560,739
877,058
5,775
Net investment income (loss)
66,259,216
16,650,422
100,625
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
–
–
2,061
Affiliated investments
35,821,447
981,693
3,883
Distributions from affiliated investments
22,081,821
5,657,674
35,951
Net realized gain (loss)
57,903,268
6,639,367
41,895
Change in unrealized appreciation (depreciation) on:
Affiliated investments
684,928,195
187,522,568
870,267
Net change in unrealized appreciation (depreciation)
684,928,195
187,522,568
870,267
Net realized and unrealized gain (loss)
742,831,463
194,161,935
912,162
Net increase (decrease) in net assets from operations
$
809,090,679
$
210,812,357
$
1,012,787
(a)
For the period September 30, 2025 (commencement of operations) through May 31, 2026.
Statement of Changes in Net Assets
See Notes to Financial Statements
14.1
Lifecycle Index Retirement Income
14.2
Lifecycle Index 2010
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
OPERATIONS
Net investment income (loss)
$
25,197,067
$
21,061,145
$
20,785,888
$
19,708,913
Net realized gain (loss)
7,073,546
8,642,743
19,398,740
8,595,249
Net change in unrealized appreciation
(depreciation)
81,475,211
30,549,753
43,326,008
23,288,661
Net increase (decrease) in net assets from
operations
113,745,824
60,253,641
83,510,636
51,592,823
DISTRIBUTIONS TO SHAREHOLDERS
–
–
–
–
Dividends:
Class I
(
68,553
)
(
117,405
)
(
72,766
)
(
63,151
)
Premier Class
(
119,370
)
(
169,007
)
(
1,233,902
)
(
1,082,179
)
Class R6
(
26,843,655
)
(
34,079,677
)
(
35,136,872
)
(
35,269,602
)
Retirement Class
(
1,338,950
)
(
1,777,446
)
(
2,345,005
)
(
3,166,503
)
Total distributions
(
28,370,528
)
(
36,143,535
)
(
38,788,545
)
(
39,581,435
)
FUND SHARE TRANSACTIONS
Subscriptions
281,767,608
291,021,152
139,814,518
151,595,921
Reinvestments of distributions
25,515,252
32,356,472
37,747,103
38,618,995
Redemptions
(
326,220,881
)
(
279,862,514
)
(
196,071,395
)
(
173,126,796
)
Net increase (decrease) from Fund share
transactions
(
18,938,021
)
43,515,110
(
18,509,774
)
17,088,120
Net increase (decrease) in net assets
66,437,275
67,625,216
26,212,317
29,099,508
Net assets at the beginning of period
772,632,516
705,007,300
658,312,939
629,213,431
Net assets at the end of period
$
839,069,791
$
772,632,516
$
684,525,256
$
658,312,939
See Notes to Financial Statements
14.3
Lifecycle Index 2015
14.4
Lifecycle Index 2020
14.5
Lifecycle Index 2025
14.6
Lifecycle Index 2030
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
$
29,873,060
$
30,237,872
$
86,405,765
$
86,426,109
$
171,979,955
$
163,880,170
$
250,272,416
$
216,661,330
59,992,257
28,235,099
188,461,245
74,471,482
340,055,676
117,299,924
331,492,892
75,441,961
45,470,353
28,005,958
164,489,923
104,194,088
454,256,021
259,274,376
1,052,484,390
507,666,487
135,335,670
86,478,929
439,356,933
265,091,679
966,291,652
540,454,470
1,634,249,698
799,769,778
–
–
–
–
–
–
–
–
(
152,154
)
(
88,784
)
(
824,491
)
(
498,250
)
(
1,507,314
)
(
1,003,354
)
(
1,964,703
)
(
1,182,128
)
(
2,131,851
)
(
2,068,961
)
(
5,294,030
)
(
4,616,954
)
(
8,047,993
)
(
7,179,439
)
(
8,075,242
)
(
5,945,242
)
(
64,295,703
)
(
67,904,425
)
(
182,253,322
)
(
181,210,212
)
(
318,823,404
)
(
303,398,019
)
(
346,062,528
)
(
273,631,618
)
(
4,887,630
)
(
5,598,328
)
(
10,197,846
)
(
11,760,622
)
(
17,330,792
)
(
18,513,073
)
(
17,299,169
)
(
14,885,398
)
(
71,467,338
)
(
75,660,498
)
(
198,569,689
)
(
198,086,038
)
(
345,709,503
)
(
330,093,885
)
(
373,401,642
)
(
295,644,386
)
140,879,218
172,676,982
400,095,934
478,699,383
945,501,463
1,108,526,763
1,608,544,130
1,686,687,488
69,135,594
73,233,137
187,577,085
187,563,849
322,941,376
309,535,961
351,154,625
279,825,532
(
312,974,860
)
(
301,583,382
)
(
997,890,379
)
(
806,495,302
)
(
2,030,192,352
)
(
1,550,158,915
)
(
2,554,491,184
)
(
1,662,264,742
)
(
102,960,048
)
(
55,673,263
)
(
410,217,360
)
(
140,232,070
)
(
761,749,513
)
(
132,096,191
)
(
594,792,429
)
304,248,278
(
39,091,716
)
(
44,854,832
)
(
169,430,116
)
(
73,226,429
)
(
141,167,364
)
78,264,394
666,055,627
808,373,670
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
$
963,398,159
$
1,002,489,875
$
2,841,102,933
$
3,010,533,049
$
5,889,107,451
$
6,030,274,815
$
9,492,914,581
$
8,826,858,954
Statement of Changes in Net Assets
(continued)
See Notes to Financial Statements
Statement of Changes in Net Assets
(continued)
14.7
Lifecycle Index 2035
14.8
Lifecycle Index 2040
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
OPERATIONS
Net investment income (loss)
$
262,612,750
$
217,203,751
$
253,725,889
$
208,973,775
Net realized gain (loss)
284,986,493
69,096,194
343,864,188
63,695,673
Net change in unrealized appreciation
(depreciation)
1,451,855,065
617,653,961
1,798,856,331
751,492,485
Net increase (decrease) in net assets from
operations
1,999,454,308
903,953,906
2,396,446,408
1,024,161,933
DISTRIBUTIONS TO SHAREHOLDERS
–
–
–
–
Dividends:
Class I
(
1,458,259
)
(
813,802
)
(
1,561,297
)
(
651,409
)
Premier Class
(
8,709,565
)
(
5,989,524
)
(
9,089,132
)
(
4,840,887
)
Class R6
(
341,710,333
)
(
253,729,318
)
(
373,444,872
)
(
218,138,231
)
Retirement Class
(
14,256,696
)
(
11,900,721
)
(
14,482,565
)
(
9,014,779
)
Total distributions
(
366,134,853
)
(
272,433,365
)
(
398,577,866
)
(
232,645,306
)
FUND SHARE TRANSACTIONS
Subscriptions
1,829,843,538
1,806,236,316
1,785,897,102
1,756,021,929
Reinvestments of distributions
345,302,202
258,157,477
381,045,108
223,656,958
Redemptions
(
2,666,182,996
)
(
1,504,510,809
)
(
2,712,432,897
)
(
1,438,406,436
)
Net increase (decrease) from Fund share
transactions
(
491,037,256
)
559,882,984
(
545,490,687
)
541,272,451
Net increase (decrease) in net assets
1,142,282,199
1,191,403,525
1,452,377,855
1,332,789,078
Net assets at the beginning of period
9,649,276,577
8,457,873,052
10,206,947,097
8,874,158,019
Net assets at the end of period
$
10,791,558,776
$
9,649,276,577
$
11,659,324,952
$
10,206,947,097
See Notes to Financial Statements
14.9
Lifecycle Index 2045
15.01
Lifecycle Index 2050
15.1
Lifecycle Index 2055
15.2
Lifecycle Index 2060
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
$
207,862,242
$
167,502,352
$
172,312,545
$
138,659,077
$
109,951,764
$
84,437,383
$
66,259,216
$
47,534,725
237,681,749
19,773,083
199,721,612
8,259,521
101,901,351
(
3,468,689
)
57,903,268
(
1,546,987
)
1,822,810,931
722,367,306
1,669,974,783
648,549,037
1,121,874,506
410,171,669
684,928,195
237,114,145
2,268,354,922
909,642,741
2,042,008,940
795,467,635
1,333,727,621
491,140,363
809,090,679
283,101,883
–
–
–
–
–
–
–
–
(
1,481,407
)
(
613,058
)
(
1,061,825
)
(
499,834
)
(
899,815
)
(
416,694
)
(
559,620
)
(
279,754
)
(
5,919,417
)
(
3,279,927
)
(
4,036,859
)
(
2,272,007
)
(
1,634,219
)
(
998,833
)
(
1,092,101
)
(
646,601
)
(
279,999,934
)
(
174,404,153
)
(
234,754,370
)
(
144,424,672
)
(
135,851,756
)
(
86,948,304
)
(
78,146,763
)
(
48,633,549
)
(
10,767,631
)
(
6,929,507
)
(
8,612,143
)
(
5,627,412
)
(
4,453,769
)
(
3,326,374
)
(
2,549,020
)
(
1,767,146
)
(
298,168,389
)
(
185,226,645
)
(
248,465,197
)
(
152,823,925
)
(
142,839,559
)
(
91,690,205
)
(
82,347,504
)
(
51,327,050
)
1,780,112,803
1,685,678,833
1,619,959,960
1,554,428,479
1,343,774,965
1,211,338,705
1,046,052,865
916,864,515
283,265,990
176,964,444
236,816,524
146,386,863
135,476,908
87,358,025
77,826,561
48,792,262
(
2,510,613,321
)
(
1,213,874,110
)
(
2,253,028,545
)
(
1,009,906,407
)
(
1,485,246,932
)
(
677,868,661
)
(
1,069,009,176
)
(
485,389,715
)
(
447,234,528
)
648,769,167
(
396,252,061
)
690,908,935
(
5,995,059
)
620,828,069
54,870,250
480,267,062
1,522,952,005
1,373,185,263
1,397,291,682
1,333,552,645
1,184,893,003
1,020,278,227
781,613,425
712,041,895
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
$
10,315,533,037
$
8,792,581,032
$
8,995,794,286
$
7,598,502,604
$
5,953,552,576
$
4,768,659,573
$
3,571,762,355
$
2,790,148,930
Statement of Changes in Net Assets
(continued)
See Notes to Financial Statements
Statement of Changes in Net Assets
(continued)
15.3
Lifecycle Index 2065
15.4
Lifecycle Index 2070
Year Ended
5/31/26
Year Ended
5/31/25
For the period
9/30/25
(commencement of operations)
through
5/31/26
OPERATIONS
Net investment income (loss)
$
16,650,422
$
8,927,243
$
100,625
Net realized gain (loss)
6,639,367
(
303,102
)
41,895
Net change in unrealized appreciation (depreciation)
187,522,568
44,805,580
870,267
Net increase (decrease) in net assets from operations
210,812,357
53,429,721
1,012,787
DISTRIBUTIONS TO SHAREHOLDERS
–
–
–
Dividends:
Class I
(
200,402
)
(
77,380
)
(
11,155
)
Premier Class
(
151,261
)
(
64,806
)
(
11,155
)
Class R6
(
18,781,779
)
(
9,175,272
)
(
79,436
)
Retirement Class
(
443,546
)
(
241,122
)
(
11,026
)
Total distributions
(
19,576,988
)
(
9,558,580
)
(
112,772
)
FUND SHARE TRANSACTIONS
Subscriptions
468,008,023
318,780,874
9,900,628
Reinvestments of distributions
18,884,804
9,305,846
–
Redemptions
(
212,834,120
)
(
97,733,433
)
(
258,262
)
Net increase (decrease) from Fund share transactions
274,058,707
230,353,287
9,642,366
Net increase (decrease) in net assets
465,294,076
274,224,428
10,542,381
Net assets at the beginning of period
613,248,507
339,024,079
–
Net assets at the end of period
$
1,078,542,583
$
613,248,507
$
10,542,381
See Notes to Financial Statements
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
14.1
Lifecycle Index Retirement Income
Class I:
5/31/26
$
16
.49
$
0
.52
$
1
.88
$
2
.40
$
(
0
.55
)
$
(
0
.06
)
$
(
0
.61
)
$
18
.28
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
Premier Class:
5/31/26
16
.49
0
.51
1
.86
2
.37
(
0
.52
)
(
0
.06
)
(
0
.58
)
18
.28
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
Class R6:
5/31/26
16
.51
0
.54
1
.86
2
.40
(
0
.55
)
(
0
.06
)
(
0
.61
)
18
.30
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
Retirement Class:
5/31/26
16
.47
0
.49
1
.87
2
.36
(
0
.51
)
(
0
.06
)
(
0
.57
)
18
.26
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
14
.78
%
$
2,296
0
.25
%
0
.15
%
2
.96
%
36
%
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
14
.63
3,626
0
.35
0
.24
2
.92
36
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
14
.79
788,351
0
.20
0
.09
3
.07
36
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
14
.54
44,797
0
.45
0
.34
2
.81
36
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
14.2
Lifecycle Index 2010
Class I:
5/31/26
$
16
.89
$
0
.57
$
1
.63
$
2
.20
$
(
0
.62
)
$
(
0
.49
)
$
(
1
.11
)
$
17
.98
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
Premier Class:
5/31/26
16
.80
0
.54
1
.62
2
.16
(
0
.59
)
(
0
.49
)
(
1
.08
)
17
.88
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
Class R6:
5/31/26
16
.87
0
.55
1
.64
2
.19
(
0
.61
)
(
0
.49
)
(
1
.10
)
17
.96
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
Retirement Class:
5/31/26
16
.69
0
.52
1
.61
2
.13
(
0
.56
)
(
0
.49
)
(
1
.05
)
17
.77
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
13
.36
%
$
738
0
.23
%
0
.12
%
3
.23
%
32
%
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
13
.16
19,926
0
.35
0
.24
3
.06
32
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
13
.34
627,324
0
.20
0
.09
3
.15
32
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
13
.10
36,537
0
.45
0
.34
2
.98
32
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
14.3
Lifecycle Index 2015
Class I:
5/31/26
$
17
.66
$
0
.58
$
1
.93
$
2
.51
$
(
0
.64
)
$
(
0
.79
)
$
(
1
.43
)
$
18
.74
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
Premier Class:
5/31/26
17
.55
0
.53
1
.95
2
.48
(
0
.61
)
(
0
.79
)
(
1
.40
)
18
.63
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
Class R6:
5/31/26
17
.65
0
.56
1
.95
2
.51
(
0
.63
)
(
0
.79
)
(
1
.42
)
18
.74
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
Retirement Class:
5/31/26
17
.49
0
.52
1
.93
2
.45
(
0
.59
)
(
0
.79
)
(
1
.38
)
18
.56
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
14
.64
%
$
1,837
0
.22
%
0
.12
%
3
.16
%
25
%
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
14
.54
30,177
0
.34
0
.25
2
.92
25
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
14
.69
868,456
0
.19
0
.10
3
.06
25
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
14
.41
62,928
0
.44
0
.35
2
.83
25
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
14.4
Lifecycle Index 2020
Class I:
5/31/26
$
19
.58
$
0
.61
$
2
.42
$
3
.03
$
(
0
.69
)
$
(
0
.79
)
$
(
1
.48
)
$
21
.13
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
Premier Class:
5/31/26
19
.48
0
.58
2
.42
3
.00
(
0
.66
)
(
0
.79
)
(
1
.45
)
21
.03
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
Class R6:
5/31/26
19
.60
0
.61
2
.43
3
.04
(
0
.69
)
(
0
.79
)
(
1
.48
)
21
.16
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
Retirement Class:
5/31/26
19
.41
0
.55
2
.41
2
.96
(
0
.63
)
(
0
.79
)
(
1
.42
)
20
.95
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
15
.94
%
$
12,677
0
.20
%
0
.12
%
2
.97
%
23
%
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
15
.83
81,439
0
.33
0
.25
2
.83
23
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
15
.95
2,598,871
0
.18
0
.10
2
.95
23
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
15
.68
148,116
0
.43
0
.35
2
.70
23
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
14.5
Lifecycle Index 2025
Class I:
5/31/26
$
22
.18
$
0
.67
$
3
.05
$
3
.72
$
(
0
.75
)
$
(
0
.66
)
$
(
1
.41
)
$
24
.49
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
Premier Class:
5/31/26
22
.11
0
.63
3
.04
3
.67
(
0
.71
)
(
0
.66
)
(
1
.37
)
24
.41
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
Class R6:
5/31/26
22
.22
0
.67
3
.06
3
.73
(
0
.75
)
(
0
.66
)
(
1
.41
)
24
.54
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
Retirement Class:
5/31/26
21
.99
0
.61
3
.02
3
.63
(
0
.68
)
(
0
.66
)
(
1
.34
)
24
.28
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
17
.24
%
$
25,906
0
.19
%
0
.12
%
2
.84
%
22
%
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
17
.04
148,322
0
.32
0
.25
2
.71
22
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
17
.22
5,416,885
0
.17
0
.10
2
.86
22
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
16
.96
297,994
0
.42
0
.35
2
.62
22
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
14.6
Lifecycle Index 2030
Class I:
5/31/26
$
25
.15
$
0
.72
$
4
.03
$
4
.75
$
(
0
.80
)
$
(
0
.34
)
$
(
1
.14
)
$
28
.76
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
Premier Class:
5/31/26
25
.03
0
.70
3
.99
4
.69
(
0
.75
)
(
0
.34
)
(
1
.09
)
28
.63
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
Class R6:
5/31/26
25
.18
0
.74
4
.02
4
.76
(
0
.79
)
(
0
.34
)
(
1
.13
)
28
.81
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
Retirement Class:
5/31/26
24
.91
0
.66
3
.98
4
.64
(
0
.72
)
(
0
.34
)
(
1
.06
)
28
.49
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
19
.21
%
$
51,183
0
.19
%
0
.12
%
2
.67
%
23
%
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
19
.07
221,190
0
.32
0
.25
2
.58
23
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
19
.24
8,764,301
0
.17
0
.10
2
.72
23
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
18
.95
456,241
0
.42
0
.35
2
.47
23
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
14.7
Lifecycle Index 2035
Class I:
5/31/26
$
27
.93
$
0
.77
$
5
.09
$
5
.86
$
(
0
.85
)
$
(
0
.28
)
$
(
1
.13
)
$
32
.66
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
Premier Class:
5/31/26
27
.79
0
.74
5
.05
5
.79
(
0
.80
)
(
0
.28
)
(
1
.08
)
32
.50
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
Class R6:
5/31/26
27
.97
0
.78
5
.10
5
.88
(
0
.84
)
(
0
.28
)
(
1
.12
)
32
.73
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
Retirement Class:
5/31/26
27
.66
0
.69
5
.04
5
.73
(
0
.76
)
(
0
.28
)
(
1
.04
)
32
.35
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
21
.35
%
$
43,425
0
.18
%
0
.12
%
2
.53
%
22
%
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
21
.14
274,997
0
.31
0
.25
2
.44
22
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
21
.36
10,027,756
0
.16
0
.10
2
.56
22
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
21
.04
445,381
0
.41
0
.35
2
.31
22
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
14.8
Lifecycle Index 2040
Class I:
5/31/26
$
30
.66
$
0
.79
$
6
.55
$
7
.34
$
(
0
.88
)
$
(
0
.41
)
$
(
1
.29
)
$
36
.71
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
Premier Class:
5/31/26
30
.48
0
.74
6
.52
7
.26
(
0
.82
)
(
0
.41
)
(
1
.23
)
36
.51
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
Class R6:
5/31/26
30
.68
0
.79
6
.57
7
.36
(
0
.87
)
(
0
.41
)
(
1
.28
)
36
.76
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
Retirement Class:
5/31/26
30
.36
0
.70
6
.50
7
.20
(
0
.79
)
(
0
.41
)
(
1
.20
)
36
.36
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
24
.35
%
$
44,846
0
.18
%
0
.12
%
2
.33
%
20
%
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
24
.23
281,583
0
.31
0
.25
2
.22
20
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
24
.41
10,886,791
0
.16
0
.10
2
.34
20
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
24
.09
446,105
0
.41
0
.35
2
.09
20
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
14.9
Lifecycle Index 2045
Class I:
5/31/26
$
32
.37
$
0
.79
$
7
.68
$
8
.47
$
(
0
.89
)
$
(
0
.28
)
$
(
1
.17
)
$
39
.67
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
Premier Class:
5/31/26
32
.23
0
.74
7
.66
8
.40
(
0
.84
)
(
0
.28
)
(
1
.12
)
39
.51
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
Class R6:
5/31/26
32
.42
0
.79
7
.72
8
.51
(
0
.89
)
(
0
.28
)
(
1
.17
)
39
.76
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
Retirement Class:
5/31/26
32
.06
0
.69
7
.63
8
.32
(
0
.80
)
(
0
.28
)
(
1
.08
)
39
.30
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
26
.57
%
$
50,472
0
.18
%
0
.12
%
2
.19
%
21
%
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
26
.42
220,228
0
.31
0
.25
2
.08
21
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
26
.63
9,659,391
0
.16
0
.10
2
.19
21
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
26
.30
385,442
0
.41
0
.35
1
.95
21
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
15.01
Lifecycle Index 2050
Class I:
5/31/26
$
33
.06
$
0
.77
$
8
.26
$
9
.03
$
(
0
.90
)
$
(
0
.26
)
$
(
1
.16
)
$
40
.93
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
Premier Class:
5/31/26
32
.89
0
.73
8
.21
8
.94
(
0
.84
)
(
0
.26
)
(
1
.10
)
40
.73
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
Class R6:
5/31/26
33
.10
0
.77
8
.29
9
.06
(
0
.89
)
(
0
.26
)
(
1
.15
)
41
.01
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
Retirement Class:
5/31/26
32
.71
0
.67
8
.19
8
.86
(
0
.80
)
(
0
.26
)
(
1
.06
)
40
.51
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
27
.72
%
$
38,870
0
.18
%
0
.12
%
2
.09
%
17
%
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
27
.57
157,788
0
.31
0
.25
1
.99
17
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
27
.78
8,474,879
0
.16
0
.10
2
.09
17
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
27
.46
324,258
0
.41
0
.35
1
.85
17
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
15.1
Lifecycle Index 2055
Class I:
5/31/26
$
26
.76
$
0
.62
$
6
.80
$
7
.42
$
(
0
.72
)
$
(
0
.11
)
$
(
0
.83
)
$
33
.35
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
Premier Class:
5/31/26
26
.70
0
.59
6
.76
7
.35
(
0
.67
)
(
0
.11
)
(
0
.78
)
33
.27
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
Class R6:
5/31/26
26
.80
0
.62
6
.82
7
.44
(
0
.72
)
(
0
.11
)
(
0
.83
)
33
.41
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
Retirement Class:
5/31/26
26
.61
0
.54
6
.77
7
.31
(
0
.64
)
(
0
.11
)
(
0
.75
)
33
.17
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
28
.12
%
$
38,458
0
.18
%
0
.12
%
2
.06
%
20
%
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
27
.91
71,162
0
.31
0
.25
1
.97
20
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
28
.13
5,649,751
0
.16
0
.10
2
.07
20
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
27
.83
194,180
0
.41
0
.35
1
.83
20
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
15.2
Lifecycle Index 2060
Class I:
5/31/26
$
20
.80
$
0
.48
$
5
.36
$
5
.84
$
(
0
.55
)
$
(
0
.06
)
$
(
0
.61
)
$
26
.03
5/31/25
18
.87
0
.36
1
.98
2
.34
(
0
.41
)
(
0
.00
)
(f)
(
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
Premier Class:
5/31/26
20
.75
0
.45
5
.35
5
.80
(
0
.52
)
(
0
.06
)
(
0
.58
)
25
.97
5/31/25
18
.84
0
.35
1
.96
2
.31
(
0
.40
)
(
0
.00
)
(f)
(
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
Class R6:
5/31/26
20
.81
0
.48
5
.37
5
.85
(
0
.55
)
(
0
.06
)
(
0
.61
)
26
.05
5/31/25
18
.89
0
.39
1
.95
2
.34
(
0
.42
)
(
0
.00
)
(f)
(
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
Retirement Class:
5/31/26
20
.69
0
.42
5
.35
5
.77
(
0
.50
)
(
0
.06
)
(
0
.56
)
25
.90
5/31/25
18
.79
0
.35
1
.93
2
.28
(
0
.38
)
(
0
.00
)
(f)
(
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(f)
Value rounded to zero.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
28
.45
%
$
24,800
0
.19
%
0
.12
%
2
.05
%
22
%
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
28
.28
54,016
0
.31
0
.25
1
.92
22
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
28
.51
3,368,885
0
.17
0
.10
2
.08
22
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
28
.18
124,061
0
.41
0
.35
1
.81
22
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
15.3
Lifecycle Index 2065
Class I:
5/31/26
$
14
.74
$
0
.34
$
3
.84
$
4
.18
$
(
0
.39
)
$
(
0
.02
)
$
(
0
.41
)
$
18
.51
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
(f)
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
Premier Class:
5/31/26
14
.71
0
.32
3
.84
4
.16
(
0
.37
)
(
0
.02
)
(
0
.39
)
18
.48
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
Class R6:
5/31/26
14
.92
0
.34
3
.91
4
.25
(
0
.39
)
(
0
.02
)
(
0
.41
)
18
.76
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
Retirement Class:
5/31/26
14
.72
0
.30
3
.84
4
.14
(
0
.35
)
(
0
.02
)
(
0
.37
)
18
.49
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
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(f)
Value rounded to zero.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
28
.72
%
$
10,102
0
.18
%
0
.10
%
2
.06
%
12
%
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
28
.60
8,836
0
.33
0
.25
1
.93
12
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
28
.82
1,034,058
0
.18
0
.10
2
.03
12
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
28
.46
25,546
0
.43
0
.35
1
.83
12
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
15.4
Lifecycle Index 2070
Class I:
5/31/26
(f)
$
10
.00
$
0
.20
$
1
.28
$
1
.48
$
(
0
.22
)
$
—
$
(
0
.22
)
$
11
.26
Premier Class:
5/31/26
(f)
10
.00
0
.20
1
.28
1
.48
(
0
.22
)
—
(
0
.22
)
11
.26
Class R6:
5/31/26
(f)
10
.00
0
.17
1
.32
1
.49
(
0
.23
)
—
(
0
.23
)
11
.26
Retirement Class:
5/31/26
(f)
10
.00
0
.18
1
.29
1
.47
(
0
.22
)
—
(
0
.22
)
11
.25
(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 exclude the expenses of Underlying Funds that are exchange-traded funds, include the expenses of all other Underlying Funds, and exclude the
income of all Underlying Funds.
(e)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(f)
For the period September 30, 2025 (commencement of operations) through May 31, 2026.
(g)
Annualized.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
15
.11
%
$
563
4
.17
%
(g)
0
.22
%
(g)
2
.85
%
(g)
23
%
15
.11
563
4
.32
(g)
0
.22
(g)
2
.85
(g)
23
15
.15
8,752
3
.82
(g)
0
.11
(g)
2
.50
(g)
23
14
.98
665
4
.42
(g)
0
.33
(g)
2
.67
(g)
23
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:
Current Fiscal Period:
The end of the reporting period for the Funds is May 31, 2026, and the period covered by these Notes to
Financial Statements is the fiscal year ended May 31, 2026 (the “current fiscal period”), while the reporting period for Lifecycle Index
2070 is the period September 30, 2025 (commencement of operations) through May 31, 2026.
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 including other funds or exchange-traded
funds ("ETFs") advised by the Adviser or its affiliates. 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 security and common
share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of
the report. Total return is computed based on the NAV used for processing security and common share 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.
Indemnifications:
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.
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
Nuveen Lifecycle Index 2070 Fund
Lifecycle Index 2070
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 current fiscal period, if any, are further described later in
these Notes to Financial Statements.
Segment Reporting:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision
maker (“CODM”), as defined in U.S. GAAP. 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 (ASU No. 2023-09):
In December 2023, the FASB issued Accounting Standard Update ("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. During the current fiscal period, the Funds adopted the new guidance. See Note 7 for more
income tax information.
New Accounting Pronouncement (ASU No. 2025-11):
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic
270) Narrow Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of interim
disclosures that are required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events
since the end of the last annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are
effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted
for all entities. 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, and the fair value of certain other assets and liabilities,
when applicable, 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
$839,068,706
$—
$—
$839,068,706
Short-Term Investments
:
Repurchase agreements
—
277,000
—
277,000
$839,068,706
$277,000
$—
$839,345,706
1
1
1
1
1
Lifecycle Index 2010
Affiliated investment companies
$684,291,026
$—
$—
$684,291,026
Short-Term Investments
:
Repurchase agreements
—
484,000
—
484,000
$684,291,026
$484,000
$—
$684,775,026
1
1
1
1
1
Lifecycle Index 2015
Affiliated investment companies
$963,113,446
$—
$—
$963,113,446
Short-Term Investments
:
Repurchase agreements
—
191,000
—
191,000
$963,113,446
$191,000
$—
$963,304,446
1
1
1
1
1
Lifecycle Index 2020
Affiliated investment companies
$2,836,629,695
$—
$—
$2,836,629,695
Short-Term Investments
:
Repurchase agreements
—
1,401,000
—
1,401,000
$2,836,629,695
$1,401,000
$—
$2,838,030,695
1
1
1
1
1
Lifecycle Index 2025
Affiliated investment companies
$5,882,343,623
$—
$—
$5,882,343,623
Short-Term Investments
:
Repurchase agreements
—
3,576,000
—
3,576,000
$5,882,343,623
$3,576,000
$—
$5,885,919,623
1
1
1
1
1
Lifecycle Index 2030
Affiliated investment companies
$9,491,620,155
$—
$—
$9,491,620,155
Short-Term Investments
:
Repurchase agreements
—
10,549,000
—
10,549,000
$9,491,620,155
$10,549,000
$—
$9,502,169,155
1
1
1
1
1
Lifecycle Index 2035
Affiliated investment companies
$10,783,367,926
$—
$—
$10,783,367,926
Short-Term Investments
:
Repurchase agreements
—
11,701,000
—
11,701,000
$10,783,367,926
$11,701,000
$—
$10,795,068,926
1
1
1
1
1
Lifecycle Index 2040
Affiliated investment companies
$11,651,887,390
$—
$—
$11,651,887,390
Short-Term Investments
:
Repurchase agreements
—
16,712,000
—
16,712,000
$11,651,887,390
$16,712,000
$—
$11,668,599,390
1
1
1
1
1
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 current fiscal period, and the collateral delivered related to those repurchase agreements.
Fund
Level 1
Level 2
Level 3
Total
Lifecycle Index 2045
Affiliated investment companies
$10,311,359,590
$—
$—
$10,311,359,590
Short-Term Investments
:
Repurchase agreements
—
12,416,000
—
12,416,000
$10,311,359,590
$12,416,000
$—
$10,323,775,590
1
1
1
1
1
Lifecycle Index 2050
Affiliated investment companies
$9,000,298,396
$—
$—
$9,000,298,396
Short-Term Investments
:
Repurchase agreements
—
13,544,000
—
13,544,000
$9,000,298,396
$13,544,000
$—
$9,013,842,396
1
1
1
1
1
Lifecycle Index 2055
Affiliated investment companies
$5,966,688,139
$—
$—
$5,966,688,139
Short-Term Investments
:
Repurchase agreements
—
9,045,000
—
9,045,000
$5,966,688,139
$9,045,000
$—
$5,975,733,139
1
1
1
1
1
Lifecycle Index 2060
Affiliated investment companies
$3,592,325,344
$—
$—
$3,592,325,344
Short-Term Investments
:
Repurchase agreements
—
8,026,000
—
8,026,000
$3,592,325,344
$8,026,000
$—
$3,600,351,344
1
1
1
1
1
Lifecycle Index 2065
Affiliated investment companies
$1,084,359,811
$—
$—
$1,084,359,811
Short-Term Investments
:
Repurchase agreements
—
4,429,000
—
4,429,000
$1,084,359,811
$4,429,000
$—
$1,088,788,811
1
1
1
1
1
Lifecycle Index 2070
Affiliated investment companies
$10,492,457
$—
$—
$10,492,457
Short-Term Investments
:
Repurchase agreements
—
165,000
—
165,000
$10,492,457
$165,000
$—
$10,657,457
1
1
1
1
1
Fund
Counterparty
Short-term Investments,
at Value
Collateral Pledged
(From) Counterparty
Lifecycle Index Retirement Income
Fixed Income Clearing Corporation
$
277,000
$
(282,644)
Lifecycle Index 2010
Fixed Income Clearing Corporation
484,000
(493,747)
Lifecycle Index 2015
Fixed Income Clearing Corporation
191,000
(195,026)
Lifecycle Index 2020
Fixed Income Clearing Corporation
1,401,000
(1,429,144)
Lifecycle Index 2025
Fixed Income Clearing Corporation
3,576,000
(3,647,537)
Lifecycle Index 2030
Fixed Income Clearing Corporation
10,549,000
(10,760,121)
Lifecycle Index 2035
Fixed Income Clearing Corporation
11,701,000
(11,935,170)
Lifecycle Index 2040
Fixed Income Clearing Corporation
16,712,000
(17,046,282)
Lifecycle Index 2045
Fixed Income Clearing Corporation
12,416,000
(12,664,458)
Lifecycle Index 2050
Fixed Income Clearing Corporation
13,544,000
(13,815,070)
Lifecycle Index 2055
Fixed Income Clearing Corporation
9,045,000
(9,226,102)
Lifecycle Index 2060
Fixed Income Clearing Corporation
8,026,000
(8,186,595)
Lifecycle Index 2065
Fixed Income Clearing Corporation
4,429,000
(4,517,703)
Lifecycle Index 2070
Fixed Income Clearing Corporation
165,000
(168,495)
Notes to Financial Statements
(continued)
Purchases and Sales:
Long-term purchases and sales during the current fiscal period were as follows:
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.
6. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
Fund
Non-U.S. Government
Purchases
Non-U.S. Government
Sales
14.1
Lifecycle Index Retirement Income
$
297,021,676
$
312,916,612
14.2
Lifecycle Index 2010
212,170,073
246,833,738
14.3
Lifecycle Index 2015
248,773,626
390,270,144
14.4
Lifecycle Index 2020
673,117,512
1,190,724,033
14.5
Lifecycle Index 2025
1,330,262,050
2,246,247,291
14.6
Lifecycle Index 2030
2,131,420,980
2,798,550,207
14.7
Lifecycle Index 2035
2,306,667,864
2,843,268,762
14.8
Lifecycle Index 2040
2,183,596,875
2,803,573,232
14.9
Lifecycle Index 2045
2,041,657,294
2,506,413,567
15.01
Lifecycle Index 2050
1,396,922,697
1,796,300,764
15.1
Lifecycle Index 2055
1,061,510,104
1,041,098,570
15.2
Lifecycle Index 2060
779,876,061
691,337,508
15.3
Lifecycle Index 2065
384,315,092
99,528,271
15.4
Lifecycle Index 2070
11,020,861
1,404,618
Year Ended
5/31/26
Year Ended
5/31/25
14.1
Lifecycle Index Retirement Income
Shares
Value
Shares
Value
Subscriptions:
Class I
30,013
$
534,799
220,538
$
3,585,353
Premier Class
33,384
581,636
69,127
1,129,152
Class R6
15,459,974
269,270,232
16,897,213
275,818,128
Retirement Class
655,564
11,380,941
643,665
10,488,519
Total subscriptions
16,178,935
281,767,608
17,830,543
291,021,152
Reinvestments of distributions:
Class I
3,986
68,552
7,179
116,654
Premier Class
2,886
49,706
4,313
70,047
Class R6
1,396,438
24,058,045
1,869,629
30,392,415
Retirement Class
77,824
1,338,949
109,573
1,777,356
Total reinvestments of distributions
1,481,134
25,515,252
1,990,694
32,356,472
Redemptions:
Class I
(49,065)
(843,829)
(238,280)
(3,904,264)
Premier Class
(45,872)
(804,147)
(72,409)
(1,176,408)
Class R6
(17,958,162)
(314,689,183)
(16,115,324)
(264,168,974)
Retirement Class
(565,709)
(9,883,722)
(649,988)
(10,612,868)
Total redemptions
(18,618,808)
(326,220,881)
(17,076,001)
(279,862,514)
Net increase (decrease) from shareholder transactions
(958,739)
$
(18,938,021)
2,745,236
$
43,515,110
Year Ended
5/31/26
Year Ended
5/31/25
14.2
Lifecycle Index 2010
Shares
Value
Shares
Value
Subscriptions:
Class I
3,774
$
66,252
18,749
$
310,838
Premier Class
104,104
1,855,503
145,046
2,407,916
Class R6
7,606,446
132,938,569
8,021,458
134,888,648
Retirement Class
282,624
4,954,194
843,382
13,988,519
Total subscriptions
7,996,948
139,814,518
9,028,635
151,595,921
Reinvestments of distributions:
Class I
4,253
72,765
3,825
63,151
Premier Class
70,864
1,206,816
62,196
1,022,499
Class R6
1,996,636
34,122,517
2,082,839
34,366,842
Retirement Class
138,512
2,345,005
193,788
3,166,503
Total reinvestments of distributions
2,210,265
37,747,103
2,342,648
38,618,995
Redemptions:
Class I
(42,069)
(739,043)
(19,088)
(328,434)
Premier Class
(202,477)
(3,544,655)
(149,632)
(2,545,267)
Class R6
(9,875,713)
(174,090,329)
(8,648,583)
(145,828,899)
Retirement Class
(1,013,606)
(17,697,368)
(1,483,425)
(24,424,196)
Total redemptions
(11,133,865)
(196,071,395)
(10,300,728)
(173,126,796)
Net increase (decrease) from shareholder transactions
(926,652)
$
(18,509,774)
1,070,555
$
17,088,120
Year Ended
5/31/26
Year Ended
5/31/25
14.3
Lifecycle Index 2015
Shares
Value
Shares
Value
Subscriptions:
Class I
66,326
$
1,203,510
40,292
$
697,035
Premier Class
133,407
2,454,755
144,223
2,536,874
Class R6
6,985,971
128,765,566
8,682,290
153,507,277
Retirement Class
456,209
8,455,387
909,299
15,935,796
Total subscriptions
7,641,913
140,879,218
9,776,104
172,676,982
Reinvestments of distributions:
Class I
8,582
152,154
5,141
88,784
Premier Class
112,883
1,991,253
110,301
1,894,963
Class R6
3,502,795
62,104,557
3,803,654
65,651,062
Retirement Class
278,022
4,887,630
326,814
5,598,328
Total reinvestments of distributions
3,902,282
69,135,594
4,245,910
73,233,137
Redemptions:
Class I
(79,070)
(1,436,107)
(15,116)
(272,800)
Premier Class
(236,032)
(4,350,619)
(322,196)
(5,729,687)
Class R6
(15,317,572)
(283,373,516)
(14,650,868)
(259,821,015)
Retirement Class
(1,303,705)
(23,814,618)
(2,044,699)
(35,759,880)
Total redemptions
(16,936,379)
(312,974,860)
(17,032,879)
(301,583,382)
Net increase (decrease) from shareholder transactions
(5,392,184)
$
(102,960,048)
(3,010,865)
$
(55,673,263)
Year Ended
5/31/26
Year Ended
5/31/25
14.4
Lifecycle Index 2020
Shares
Value
Shares
Value
Subscriptions:
Class I
81,360
$
1,689,008
227,497
$
4,328,145
Premier Class
310,232
6,369,114
399,756
7,745,730
Class R6
18,363,592
377,578,611
22,751,892
443,198,611
Retirement Class
710,252
14,459,201
1,218,082
23,426,897
Total subscriptions
19,465,436
400,095,934
24,597,227
478,699,383
Reinvestments of distributions:
Class I
41,453
824,491
26,018
498,251
Premier Class
242,794
4,807,327
213,714
4,075,518
Class R6
8,626,189
171,747,421
8,932,157
171,229,458
Retirement Class
516,870
10,197,846
618,654
11,760,622
Total reinvestments of distributions
9,427,306
187,577,085
9,790,543
187,563,849
Redemptions:
Class I
(52,835)
(1,088,558)
(166,152)
(3,243,832)
Premier Class
(454,170)
(9,304,478)
(654,158)
(12,777,145)
Class R6
(44,906,309)
(929,580,975)
(37,054,241)
(722,834,023)
Retirement Class
(2,840,500)
(57,916,368)
(3,503,767)
(67,640,302)
Total redemptions
(48,253,814)
(997,890,379)
(41,378,318)
(806,495,302)
Net increase (decrease) from shareholder transactions
(19,361,072)
$
(410,217,360)
(6,990,548)
$
(140,232,070)
Notes to Financial Statements
(continued)
Year Ended
5/31/26
Year Ended
5/31/25
14.5
Lifecycle Index 2025
Shares
Value
Shares
Value
Subscriptions:
Class I
191,310
$
4,499,253
428,704
$
9,313,380
Premier Class
586,867
13,725,810
846,651
18,513,578
Class R6
37,875,604
892,281,494
47,238,687
1,039,044,473
Retirement Class
1,495,954
34,994,906
1,921,603
41,655,332
Total subscriptions
40,149,735
945,501,463
50,435,645
1,108,526,763
Reinvestments of distributions:
Class I
65,764
1,507,315
46,238
1,003,354
Premier Class
302,183
6,907,912
267,499
5,791,343
Class R6
12,938,413
297,195,358
13,067,963
284,228,191
Retirement Class
762,128
17,330,791
859,075
18,513,073
Total reinvestments of distributions
14,068,488
322,941,376
14,240,775
309,535,961
Redemptions:
Class I
(355,503)
(8,387,931)
(283,271)
(6,248,579)
Premier Class
(972,641)
(22,946,997)
(966,666)
(21,202,485)
Class R6
(79,899,947)
(1,894,052,810)
(63,595,278)
(1,396,647,583)
Retirement Class
(4,479,924)
(104,804,614)
(5,791,567)
(126,060,268)
Total redemptions
(85,708,015)
(2,030,192,352)
(70,636,782)
(1,550,158,915)
Net increase (decrease) from shareholder transactions
(31,489,792)
$
(761,749,513)
(5,960,362)
$
(132,096,191)
Year Ended
5/31/26
Year Ended
5/31/25
14.6
Lifecycle Index 2030
Shares
Value
Shares
Value
Subscriptions:
Class I
194,494
$
5,268,316
593,893
$
14,520,135
Premier Class
800,319
21,524,524
1,070,246
26,132,156
Class R6
55,500,119
1,505,824,755
63,756,006
1,568,016,210
Retirement Class
2,824,670
75,926,535
3,207,456
78,018,987
Total subscriptions
59,319,602
1,608,544,130
68,627,601
1,686,687,488
Reinvestments of distributions:
Class I
73,612
1,964,703
48,034
1,182,128
Premier Class
264,178
7,021,858
206,894
5,073,034
Class R6
12,149,173
324,868,894
10,494,319
258,684,972
Retirement Class
653,539
17,299,170
609,807
14,885,398
Total reinvestments of distributions
13,140,502
351,154,625
11,359,054
279,825,532
Redemptions:
Class I
(385,860)
(10,540,629)
(217,139)
(5,345,452)
Premier Class
(645,638)
(17,420,316)
(822,496)
(20,140,836)
Class R6
(87,460,526)
(2,391,067,304)
(61,001,007)
(1,497,705,496)
Retirement Class
(5,025,846)
(135,462,935)
(5,708,458)
(139,072,958)
Total redemptions
(93,517,870)
(2,554,491,184)
(67,749,100)
(1,662,264,742)
Net increase (decrease) from shareholder transactions
(21,057,766)
$
(594,792,429)
12,237,555
$
304,248,278
Year Ended
5/31/26
Year Ended
5/31/25
14.7
Lifecycle Index 2035
Shares
Value
Shares
Value
Subscriptions:
Class I
232,794
$
7,153,796
443,768
$
12,038,764
Premier Class
816,543
24,685,885
1,097,427
29,632,626
Class R6
56,906,220
1,730,697,137
62,281,974
1,695,599,619
Retirement Class
2,232,430
67,306,720
2,558,090
68,965,307
Total subscriptions
60,187,987
1,829,843,538
66,381,259
1,806,236,316
Reinvestments of distributions:
Class I
48,528
1,458,259
29,766
813,802
Premier Class
242,204
7,246,733
179,598
4,890,462
Class R6
10,708,987
322,340,513
8,782,493
240,552,492
Retirement Class
478,573
14,256,697
438,817
11,900,721
Total reinvestments of distributions
11,478,292
345,302,202
9,430,674
258,157,477
Redemptions:
Class I
(324,915)
(9,981,606)
(159,484)
(4,341,553)
Premier Class
(657,631)
(19,914,255)
(742,455)
(20,045,919)
Class R6
(81,969,621)
(2,517,640,208)
(49,919,671)
(1,355,059,707)
Retirement Class
(3,927,586)
(118,646,927)
(4,641,286)
(125,063,630)
Total redemptions
(86,879,753)
(2,666,182,996)
(55,462,896)
(1,504,510,809)
Net increase (decrease) from shareholder transactions
(15,213,474)
$
(491,037,256)
20,349,037
$
559,882,984
Year Ended
5/31/26
Year Ended
5/31/25
14.8
Lifecycle Index 2040
Shares
Value
Shares
Value
Subscriptions:
Class I
169,489
$
5,637,342
444,778
$
13,203,145
Premier Class
741,422
24,862,397
909,057
26,717,339
Class R6
49,951,236
1,691,141,496
56,032,691
1,660,817,316
Retirement Class
1,920,748
64,255,867
1,884,847
55,284,129
Total subscriptions
52,782,895
1,785,897,102
59,271,373
1,756,021,929
Reinvestments of distributions:
Class I
46,816
1,561,297
21,706
651,409
Premier Class
248,859
8,257,126
143,496
4,286,231
Class R6
10,684,160
356,744,119
6,980,844
209,704,539
Retirement Class
438,069
14,482,566
302,916
9,014,779
Total reinvestments of distributions
11,417,904
381,045,108
7,448,962
223,656,958
Redemptions:
Class I
(268,224)
(9,095,166)
(211,904)
(6,301,307)
Premier Class
(666,129)
(22,435,330)
(803,266)
(23,629,285)
Class R6
(75,457,045)
(2,569,796,701)
(44,442,557)
(1,311,311,773)
Retirement Class
(3,313,915)
(111,105,700)
(3,295,185)
(97,164,071)
Total redemptions
(79,705,313)
(2,712,432,897)
(48,752,912)
(1,438,406,436)
Net increase (decrease) from shareholder transactions
(15,504,514)
$
(545,490,687)
17,967,423
$
541,272,451
Year Ended
5/31/26
Year Ended
5/31/25
14.9
Lifecycle Index 2045
Shares
Value
Shares
Value
Subscriptions:
Class I
210,283
$
7,583,849
469,723
$
14,693,043
Premier Class
757,586
27,107,784
1,010,059
31,194,174
Class R6
47,062,899
1,698,355,255
50,880,775
1,588,433,989
Retirement Class
1,329,142
47,065,915
1,660,659
51,357,627
Total subscriptions
49,359,910
1,780,112,803
54,021,216
1,685,678,833
Reinvestments of distributions:
Class I
41,508
1,481,407
19,358
613,058
Premier Class
142,846
5,081,029
86,356
2,726,248
Class R6
7,436,687
265,935,923
5,253,565
166,695,631
Retirement Class
304,256
10,767,631
220,544
6,929,507
Total reinvestments of distributions
7,925,297
283,265,990
5,579,823
176,964,444
Redemptions:
Class I
(242,946)
(8,938,589)
(155,775)
(4,831,622)
Premier Class
(484,103)
(17,393,459)
(399,873)
(12,402,494)
Class R6
(65,796,262)
(2,394,866,266)
(35,911,651)
(1,115,277,210)
Retirement Class
(2,491,599)
(89,415,007)
(2,629,368)
(81,362,784)
Total redemptions
(69,014,910)
(2,510,613,321)
(39,096,667)
(1,213,874,110)
Net increase (decrease) from shareholder transactions
(11,729,703)
$
(447,234,528)
20,504,372
$
648,769,167
Year Ended
5/31/26
Year Ended
5/31/25
15.01
Lifecycle Index 2050
Shares
Value
Shares
Value
Subscriptions:
Class I
144,942
$
5,396,386
347,200
$
11,082,776
Premier Class
600,746
22,106,442
618,977
19,595,364
Class R6
41,858,362
1,549,658,633
46,594,581
1,481,558,552
Retirement Class
1,180,391
42,798,499
1,339,061
42,191,787
Total subscriptions
43,784,441
1,619,959,960
48,899,819
1,554,428,479
Reinvestments of distributions:
Class I
28,980
1,061,825
15,456
499,834
Premier Class
86,746
3,164,479
53,307
1,717,017
Class R6
6,101,282
223,978,078
4,276,006
138,542,600
Retirement Class
237,249
8,612,142
175,582
5,627,412
Total reinvestments of distributions
6,454,257
236,816,524
4,520,351
146,386,863
Redemptions:
Class I
(198,350)
(7,299,747)
(120,556)
(3,834,718)
Premier Class
(404,881)
(14,876,466)
(310,933)
(9,802,871)
Class R6
(57,561,629)
(2,149,455,316)
(29,269,827)
(927,222,679)
Retirement Class
(2,223,652)
(81,397,016)
(2,189,205)
(69,046,139)
Total redemptions
(60,388,512)
(2,253,028,545)
(31,890,521)
(1,009,906,407)
Net increase (decrease) from shareholder transactions
(10,149,814)
$
(396,252,061)
21,529,649
$
690,908,935
Notes to Financial Statements
(continued)
Year Ended
5/31/26
Year Ended
5/31/25
15.1
Lifecycle Index 2055
Shares
Value
Shares
Value
Subscriptions:
Class I
204,514
$
6,226,682
425,164
$
10,997,107
Premier Class
413,173
12,410,420
533,906
13,778,312
Class R6
43,206,102
1,298,522,925
44,869,821
1,154,713,271
Retirement Class
895,354
26,614,938
1,246,820
31,850,015
Total subscriptions
44,719,143
1,343,774,965
47,075,711
1,211,338,705
Reinvestments of distributions:
Class I
30,195
899,815
15,916
416,694
Premier Class
37,921
1,128,135
25,261
660,586
Class R6
4,321,447
128,995,189
3,162,576
82,954,371
Retirement Class
150,110
4,453,769
127,545
3,326,374
Total reinvestments of distributions
4,539,673
135,476,908
3,331,298
87,358,025
Redemptions:
Class I
(202,855)
(5,973,605)
(140,680)
(3,644,192)
Premier Class
(350,532)
(10,441,186)
(236,032)
(6,036,638)
Class R6
(46,741,920)
(1,417,499,225)
(24,322,945)
(624,998,494)
Retirement Class
(1,716,420)
(51,332,916)
(1,684,478)
(43,189,337)
Total redemptions
(49,011,727)
(1,485,246,932)
(26,384,135)
(677,868,661)
Net increase (decrease) from shareholder transactions
247,089
$
(5,995,059)
24,022,874
$
620,828,069
Year Ended
5/31/26
Year Ended
5/31/25
15.2
Lifecycle Index 2060
Shares
Value
Shares
Value
Subscriptions:
Class I
220,624
$
5,168,987
366,135
$
7,364,079
Premier Class
585,149
13,628,059
663,341
13,332,527
Class R6
42,896,901
1,001,823,477
43,778,222
873,483,589
Retirement Class
1,101,069
25,432,342
1,142,008
22,684,320
Total subscriptions
44,803,743
1,046,052,865
45,949,706
916,864,515
Reinvestments of distributions:
Class I
24,090
559,620
13,747
279,754
Premier Class
31,695
735,018
20,637
419,341
Class R6
3,182,060
73,982,903
2,274,228
46,326,021
Retirement Class
110,204
2,549,020
87,180
1,767,146
Total reinvestments of distributions
3,348,049
77,826,561
2,395,792
48,792,262
Redemptions:
Class I
(225,683)
(5,216,570)
(155,492)
(3,108,383)
Premier Class
(344,986)
(7,991,314)
(255,361)
(5,063,844)
Class R6
(43,481,502)
(1,030,783,960)
(22,668,107)
(452,990,472)
Retirement Class
(1,072,929)
(25,017,332)
(1,215,239)
(24,227,016)
Total redemptions
(45,125,100)
(1,069,009,176)
(24,294,199)
(485,389,715)
Net increase (decrease) from shareholder transactions
3,026,692
$
54,870,250
24,051,299
$
480,267,062
Year Ended
5/31/26
Year Ended
5/31/25
15.3
Lifecycle Index 2065
Shares
Value
Shares
Value
Subscriptions:
Class I
204,841
$
3,408,937
236,260
$
3,355,493
Premier Class
205,640
3,419,048
193,775
2,740,284
Class R6
26,777,257
450,203,903
21,252,169
304,524,818
Retirement Class
663,403
10,976,135
577,952
8,160,279
Total subscriptions
27,851,141
468,008,023
22,260,156
318,780,874
Reinvestments of distributions:
Class I
12,146
200,403
5,366
77,380
Premier Class
8,912
146,871
4,301
61,977
Class R6
1,082,176
18,093,984
610,908
8,925,367
Retirement Class
26,882
443,546
16,710
241,122
Total reinvestments of distributions
1,130,116
18,884,804
637,285
9,305,846
Redemptions:
Class I
(111,135)
(1,842,212)
(85,309)
(1,205,408)
Premier Class
(56,499)
(924,486)
(88,608)
(1,245,840)
Class R6
(12,053,381)
(204,281,900)
(6,353,739)
(90,778,874)
Retirement Class
(348,347)
(5,785,522)
(319,821)
(4,503,311)
Total redemptions
(12,569,362)
(212,834,120)
(6,847,477)
(97,733,433)
Net increase (decrease) from shareholder transactions
16,411,895
$
274,058,707
16,049,964
$
230,353,287
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 investments in
underlying funds, nondeductible expenses, 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:
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.
For the period
9/30/25
(commencement of operations)
through
5/31/26
15.4
Lifecycle Index 2070
Shares
Value
Subscriptions:
Class I
50,001
$
500,010
Premier Class
50,002
500,020
Class R6
800,515
8,302,658
Retirement Class
59,071
597,940
Total subscriptions
959,589
9,900,628
Reinvestments of distributions:
Class I
–
–
Premier Class
–
–
Class R6
–
–
Retirement Class
–
–
Total reinvestments of distributions
–
–
Redemptions:
Class I
(1)
(10)
Premier Class
(2)
(20)
Class R6
(23,568)
(258,190)
Retirement Class
(4)
(42)
Total redemptions
(23,575)
(258,262)
Net increase (decrease) from shareholder transactions
936,014
$
9,642,366
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
(Depreciation)
Net Unrealized
Appreciation
(Depreciation)
14.1
Lifecycle Index Retirement Income
$662,856,323
$208,445,988
$(31,956,605)
$176,489,383
14.2
Lifecycle Index 2010
547,939,086
169,761,211
(32,925,271)
136,835,940
14.3
Lifecycle Index 2015
736,344,130
272,903,218
(45,942,902)
226,960,316
14.4
Lifecycle Index 2020
2,098,725,044
856,725,798
(117,420,147)
739,305,651
14.5
Lifecycle Index 2025
4,233,442,061
1,843,529,229
(191,051,667)
1,652,477,562
14.6
Lifecycle Index 2030
6,479,208,981
3,245,501,430
(222,541,256)
3,022,960,174
14.7
Lifecycle Index 2035
6,923,607,277
4,085,257,754
(213,796,105)
3,871,461,649
14.8
Lifecycle Index 2040
6,826,699,867
5,046,269,769
(204,370,246)
4,841,899,523
14.9
Lifecycle Index 2045
5,905,203,001
4,568,455,470
(149,882,881)
4,418,572,589
15.01
Lifecycle Index 2050
5,120,632,788
4,012,285,270
(119,075,662)
3,893,209,608
15.1
Lifecycle Index 2055
3,624,819,748
2,418,712,031
(67,798,640)
2,350,913,391
15.2
Lifecycle Index 2060
2,306,708,700
1,331,184,059
(37,541,415)
1,293,642,644
15.3
Lifecycle Index 2065
817,122,353
275,653,303
(3,986,845)
271,666,458
15.4
Lifecycle Index 2070
9,788,341
873,054
(3,938)
869,116
Notes to Financial Statements
(continued)
As of year end, the components of accumulated earnings on a tax basis were as follows:
The tax character of distributions paid was as follows:
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, 2026, 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:
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
14.1
Lifecycle Index Retirement Income
$5,219,392
$–
$176,489,383
$–
$–
$(31,136)
$181,677,639
14.2
Lifecycle Index 2010
6,980,489
5,755,958
136,835,940
–
–
(51,989)
149,520,398
14.3
Lifecycle Index 2015
8,625,882
24,956,348
226,960,316
–
–
(89,907)
260,452,639
14.4
Lifecycle Index 2020
24,364,419
89,767,442
739,305,651
–
–
(192,347)
853,245,165
14.5
Lifecycle Index 2025
47,122,008
183,938,523
1,652,477,562
–
–
(268,593)
1,883,269,500
14.6
Lifecycle Index 2030
68,734,525
220,924,462
3,022,960,174
–
–
(318,746)
3,312,300,415
14.7
Lifecycle Index 2035
63,666,441
186,500,786
3,871,461,649
–
–
(314,482)
4,121,314,394
14.8
Lifecycle Index 2040
51,125,298
196,859,331
4,841,899,523
–
–
(339,067)
5,089,545,085
14.9
Lifecycle Index 2045
59,255,495
111,917,115
4,418,572,589
–
–
(236,828)
4,589,508,371
15.01
Lifecycle Index 2050
55,091,096
78,528,810
3,893,209,608
–
–
(190,332)
4,026,639,182
15.1
Lifecycle Index 2055
26,381,002
46,200,798
2,350,913,391
–
–
(97,412)
2,423,397,779
15.2
Lifecycle Index 2060
17,727,748
25,388,795
1,293,642,644
–
–
(46,285)
1,336,712,902
15.3
Lifecycle Index 2065
1,133,017
3,024,671
271,666,458
–
–
(6,672)
275,817,474
15.4
Lifecycle Index 2070
9,455
21,975
869,116
–
–
(16)
900,530
5/31/26
5/31/25
Fund
Ordinary
Income
Long-Term
Capital Gains
Ordinary
Income
Long-Term
Capital Gains
14.1
Lifecycle Index Retirement Income
$
26,178,484
$
2,192,044
$
24,581,325
$
11,562,210
14.2
Lifecycle Index 2010
22,436,135
16,352,410
19,731,622
19,849,813
14.3
Lifecycle Index 2015
31,957,719
39,509,619
31,071,220
44,589,278
14.4
Lifecycle Index 2020
93,531,319
105,038,370
88,486,702
109,599,336
14.5
Lifecycle Index 2025
185,319,146
160,390,357
171,887,908
158,205,977
14.6
Lifecycle Index 2030
279,267,054
94,134,588
227,946,638
67,697,748
14.7
Lifecycle Index 2035
310,980,832
55,154,021
238,339,264
34,094,101
14.8
Lifecycle Index 2040
329,828,012
68,749,854
225,270,002
7,375,304
14.9
Lifecycle Index 2045
280,029,765
18,138,624
185,063,587
163,058
15.01
Lifecycle Index 2050
246,125,729
2,339,468
152,823,925
–
15.1
Lifecycle Index 2055
142,836,107
3,452
91,690,205
–
15.2
Lifecycle Index 2060
82,233,522
113,982
51,327,050
–
15.3
Lifecycle Index 2065
19,527,602
49,386
9,558,580
–
For the period 9/30/25 (commencement
of operations) through 5/31/26
Fund
Ordinary
Income
Long-Term
Capital Gains
15.4
Lifecycle Index 2070
$
112,772
$
–
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, 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
expenses originally attributable to Class W shares of the affiliated Nuveen Funds) exceeds the following percentages of average daily
net assets for each class:
Investment Management Fee Waiver
Fund
Investment Management Fee—Effective Rate
Effective 10/1/25
Prior to 10/1/25
Lifecycle Index Retirement Income
0.090%
0.082%
0.081%
Lifecycle Index 2010
0.090
0.081
0.081
Lifecycle Index 2015
0.090
0.080
0.079
Lifecycle Index 2020
0.090
0.075
0.075
Lifecycle Index 2025
0.090
0.071
0.070
Lifecycle Index 2030
0.090
0.066
0.066
Lifecycle Index 2035
0.090
0.061
0.062
Lifecycle Index 2040
0.090
0.056
0.057
Lifecycle Index 2045
0.090
0.055
0.057
Lifecycle Index 2050
0.090
0.054
0.056
Lifecycle Index 2055
0.090
0.054
0.056
Lifecycle Index 2060
0.090
0.054
0.056
Lifecycle Index 2065
0.090
0.054
0.057
Lifecycle Index 2070
0.090
0.057
-
Maximum Expense Amounts
Class I
Premier Class
Class R6
Retirement Class
Fund
Effective
10/1/25*
Prior to
10/1/25
Effective
10/1/25*
Prior to
10/1/25
Effective
10/1/25*
Prior to
10/1/25
Effective
10/1/25*
Prior to
10/1/25
Lifecycle Index Retirement Income
0.168%
0.169%
0.168%
0.169%
0.018%
0.019%
0.268%
0.269%
Lifecycle Index 2010
0.169
0.169
0.169
0.169
0.019
0.019
0.269
0.269
Lifecycle Index 2015
0.170
0.171
0.170
0.171
0.020
0.021
0.270
0.271
Lifecycle Index 2020
0.175
0.175
0.175
0.175
0.025
0.025
0.275
0.275
Lifecycle Index 2025
0.179
0.180
0.179
0.180
0.029
0.030
0.279
0.280
Lifecycle Index 2030
0.184
0.184
0.184
0.184
0.034
0.034
0.284
0.284
Lifecycle Index 2035
0.189
0.188
0.189
0.188
0.039
0.038
0.289
0.288
Lifecycle Index 2040
0.194
0.193
0.194
0.193
0.044
0.043
0.294
0.293
Lifecycle Index 2045
0.195
0.193
0.195
0.193
0.045
0.043
0.295
0.293
Lifecycle Index 2050
0.196
0.194
0.196
0.194
0.046
0.044
0.296
0.294
Lifecycle Index 2055
0.196
0.194
0.196
0.194
0.046
0.044
0.296
0.294
Lifecycle Index 2060
0.196
0.194
0.196
0.194
0.046
0.044
0.296
0.294
Lifecycle Index 2065
0.196
0.193
0.196
0.193
0.046
0.043
0.296
0.293
Lifecycle Index 2070
0.193
-
0.193
-
0.043
-
0.293
-
* The expense reimbursement agreements will continue through at least September 30, 2026, unless changed with approval of the Board.
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:
Affiliated Owned Shares:
The following is the percentage of the Funds’ shares owned by TIAA as of the end of the current fiscal
period:
Affiliated Investment Companies:
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, https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, or upon
request by calling (800) 842-2252. Information regarding transactions with affiliated investment companies is as follows:
Fund
Purchases
Sales
Realized Gain (Loss)
Lifecycle Index Retirement Income
$
110,593
$
105,971
$
(816)
Lifecycle Index 2010
282,577
219,887
(3,766)
Lifecycle Index 2015
–
594,285
(5,678)
Lifecycle Index 2020
39,147
460,865
(3,323)
Lifecycle Index 2025
307,621
938,275
(4,159)
Lifecycle Index 2030
119,398
219,184
(1,040)
Lifecycle Index 2035
257,680
169,575
(751)
Lifecycle Index 2040
371,912
43,895
(696)
Lifecycle Index 2045
333,905
38,961
(139)
Lifecycle Index 2050
436,041
22,591
85
Lifecycle Index 2055
47,843
6,996
24
Lifecycle Index 2060
37,912
11,702
44
Lifecycle Index 2065
487,557
–
–
Lifecycle Index 2070
4,944,839
522
6
Underlying Fund
TIAA
Total
15.4
Lifecycle Index 2070
53
%
53
%
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index Retirement Income
Nuveen Funds:
Bond Index,
Class W
$
304,039,798
$
64,960,053
$
144,852,868
$
(7,546,092)
$
12,905,415
$
229,506,306
23,709,329
$
10,748,449
$
–
Emerging
Markets
Equity Index,
Class W
33,647,817
10,678,829
17,210,305
2,441,393
13,991,175
43,548,909
2,465,963
1,142,037
–
Equity Index,
Class W
203,994,808
35,934,007
69,304,410
5,786,610
44,849,482
221,260,497
4,241,957
2,641,654
2,479,104
High Yield
Corporate
Bond ETF
–
49,416,778
3,331,994
(34,111)
(255,760)
45,794,913
1,844,338
1,605,967
–
Inflation Linked
Bond, Class
W
76,119,986
23,620,016
17,944,090
(518,325)
1,771,404
83,048,991
7,570,555
2,818,793
–
International
Aggregate
Bond ETF
–
62,377,764
4,370,440
(7,648)
(409,612)
57,590,064
2,308,219
672,735
–
International
Equity Index,
Class W
75,054,666
20,702,567
33,908,865
4,702,260
8,731,865
75,282,493
2,468,278
3,001,010
–
Short Term
Bond Index,
Class W
76,036,914
29,331,662
21,993,640
(229,645)
(108,758)
83,036,533
8,640,638
3,399,152
–
$768,893,989
$297,021,676
$312,916,612
$4,594,442
$81,475,211
$839,068,706
53,249,277
$26,029,797
$2,479,104
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2010
Nuveen Funds:
Bond Index,
Class W
$
260,535,505
$
43,031,381
$
120,486,190
$
(8,919,696)
$
13,232,455
$
187,393,455
19,358,828
$
8,667,620
$
–
Emerging
Markets
Equity Index,
Class W
25,305,350
6,519,224
13,024,118
2,229,028
9,264,171
30,293,655
1,715,383
767,913
–
Equity Index,
Class W
153,425,112
20,342,475
55,585,888
19,833,353
16,201,356
154,216,408
2,956,603
1,775,951
1,666,669
High Yield
Corporate
Bond ETF
–
38,497,199
900,845
(19,722)
(227,495)
37,349,137
1,504,194
1,280,767
–
Inflation Linked
Bond, Class
W
65,221,958
14,289,228
12,742,415
(469,657)
1,494,724
67,793,838
6,179,931
2,279,141
–
International
Aggregate
Bond ETF
–
48,445,355
1,100,845
(23,770)
(351,791)
46,968,949
1,882,523
541,136
–
International
Equity Index,
Class W
56,448,252
11,772,059
25,008,240
5,500,474
3,757,683
52,470,228
1,720,335
2,016,880
–
Short Term
Bond Index,
Class W
96,960,435
29,273,152
17,985,197
(397,939)
(45,095)
107,805,356
11,218,039
4,186,969
–
$657,896,612
$212,170,073
$246,833,738
$17,732,071
$43,326,008
$684,291,026
46,535,836
$21,516,377
$1,666,669
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2015
Nuveen Funds:
Bond Index,
Class W
$
395,881,508
$
39,590,070
$
178,802,946
$
(14,220,093)
$
21,074,065
$
263,522,604
27,223,410
$
12,891,975
$
–
Emerging
Markets
Equity Index,
Class W
43,991,988
8,211,794
22,580,296
4,595,586
14,703,299
48,922,371
2,770,236
1,317,469
–
Equity Index,
Class W
266,715,179
18,006,335
96,855,250
56,345,329
4,306,513
248,518,106
4,764,534
3,048,321
2,860,747
High Yield
Corporate
Bond ETF
–
57,534,126
4,605,897
(50,911)
(311,910)
52,565,408
2,117,012
1,883,026
–
Inflation Linked
Bond, Class
W
98,698,685
17,009,435
21,841,307
(879,822)
2,372,622
95,359,613
8,692,763
3,413,702
–
International
Aggregate
Bond ETF
–
69,710,974
3,047,433
(50,087)
(509,053)
66,104,401
2,649,475
783,245
–
International
Equity Index,
Class W
98,130,474
13,649,361
42,910,454
11,817,357
3,819,689
84,506,427
2,770,703
3,465,225
–
Short Term
Bond Index,
Class W
98,590,267
25,061,531
19,626,561
(425,849)
15,128
103,614,516
10,781,948
4,187,335
–
$1,002,008,101
$248,773,626
$390,270,144
$57,131,510
$45,470,353
$963,113,446
61,770,081
$30,990,298
$2,860,747
Notes to Financial Statements
(continued)
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2020
Nuveen Funds:
Bond Index,
Class W
$
1,158,264,084
$
115,386,414
$
522,696,073
$
(46,158,522)
$
66,479,886
$
771,275,789
79,677,251
$
38,039,627
$
–
Emerging
Markets
Equity Index,
Class W
148,450,166
22,854,941
74,248,723
15,859,455
49,209,802
162,125,641
9,180,387
4,424,404
–
Equity Index,
Class W
899,993,019
45,254,791
325,660,187
174,126,998
30,511,956
824,226,577
15,801,890
10,228,971
9,599,545
High Yield
Corporate
Bond ETF
–
148,374,852
10,756,281
(125,381)
(825,568)
136,667,622
5,504,133
4,893,050
–
Inflation Linked
Bond, Class
W
236,645,669
45,622,684
51,683,804
(2,439,462)
6,083,454
234,228,541
21,351,736
8,306,636
–
International
Aggregate
Bond ETF
–
207,467,351
12,152,500
(156,981)
(1,469,623)
193,688,247
7,763,056
2,306,881
–
International
Equity Index,
Class W
331,129,768
40,430,445
144,308,020
38,909,191
14,213,132
280,374,516
9,192,607
11,620,079
–
Short Term
Bond Index,
Class W
236,401,887
47,726,034
49,218,445
(1,153,598)
286,884
234,042,762
24,354,086
9,847,456
–
$3,010,884,593
$673,117,512
$1,190,724,033
$178,861,700
$164,489,923
$2,836,629,695
172,825,146
$89,667,104
$9,599,545
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2025
Nuveen Funds:
Bond Index,
Class W
$
2,251,287,349
$
249,762,823
$
953,002,788
$
(95,399,168)
$
134,778,887
$
1,587,427,103
163,990,403
$
76,767,859
$
–
Emerging
Markets
Equity Index,
Class W
330,055,510
47,904,130
152,310,330
30,880,038
117,477,149
374,006,497
21,178,171
10,217,082
–
Equity Index,
Class W
2,000,942,246
83,757,428
648,007,461
316,726,819
146,887,896
1,900,306,928
36,432,265
23,610,895
22,158,028
High Yield
Corporate
Bond ETF
–
258,287,187
19,343,163
(212,222)
(1,407,059)
237,324,743
9,557,984
8,436,402
–
Inflation Linked
Bond, Class
W
354,046,919
80,787,972
71,639,788
(4,167,173)
9,757,744
368,785,674
33,617,655
12,771,123
–
International
Aggregate
Bond ETF
–
434,256,700
31,941,711
(276,876)
(2,938,188)
399,099,925
15,995,989
4,726,478
–
International
Equity Index,
Class W
736,201,441
84,957,122
295,714,315
72,327,579
49,131,110
646,902,937
21,209,932
26,845,229
–
Short Term
Bond Index,
Class W
353,641,730
90,548,688
74,287,735
(1,981,349)
568,482
368,489,816
38,344,414
15,261,834
–
$6,026,175,195
$1,330,262,050
$2,246,247,291
$317,897,648
$454,256,021
$5,882,343,623
340,326,813
$178,636,902
$22,158,028
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2030
Nuveen Funds:
Bond Index,
Class W
$
2,939,842,691
$
491,437,851
$
1,126,116,779
$
(118,133,498)
$
167,828,278
$
2,354,858,543
243,270,511
$
106,139,289
$
–
Emerging
Markets
Equity Index,
Class W
558,062,420
97,971,160
225,146,034
37,667,760
225,715,216
694,270,522
39,313,167
18,192,576
–
Equity Index,
Class W
3,384,250,543
186,874,761
863,971,662
294,706,821
524,054,110
3,525,914,573
67,598,055
42,101,397
39,510,739
High Yield
Corporate
Bond ETF
–
324,338,562
13,670,833
(219,785)
(1,867,085)
308,580,859
12,427,743
10,572,724
–
Inflation Linked
Bond, Class
W
343,154,615
112,095,619
53,873,292
(4,793,817)
10,620,477
407,203,602
37,119,745
12,898,608
–
International
Aggregate
Bond ETF
–
637,186,359
39,082,701
(418,527)
(4,253,448)
593,431,683
23,784,837
6,810,317
–
International
Equity Index,
Class W
1,245,997,509
155,194,432
416,105,459
85,101,653
130,149,894
1,200,338,029
39,355,345
47,824,952
–
Short Term
Bond Index,
Class W
342,975,061
126,322,236
60,583,447
(1,928,454)
236,948
407,022,344
42,354,042
15,781,130
–
$8,814,282,839
$2,131,420,980
$2,798,550,207
$291,982,153
$1,052,484,390
$9,491,620,155
505,223,445
$260,320,993
$39,510,739
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2035
Nuveen Funds:
Bond Index,
Class W
$
2,818,383,687
$
587,561,259
$
1,056,297,244
$
(96,322,179)
$
143,603,897
$
2,396,929,420
247,616,676
$
104,815,724
$
–
Emerging
Markets
Equity Index,
Class W
693,703,470
131,507,271
261,014,113
41,344,059
292,426,486
897,967,173
50,847,518
23,029,016
–
Equity Index,
Class W
4,204,684,542
257,577,262
936,430,325
208,070,364
829,137,446
4,563,039,289
87,481,581
53,219,204
49,944,427
High Yield
Corporate
Bond ETF
–
278,042,867
10,140,216
(190,144)
(1,605,300)
266,107,207
10,717,165
8,913,526
–
Inflation Linked
Bond, Class
W
184,771,953
91,929,239
30,628,029
(3,361,431)
6,742,227
249,453,959
22,739,650
7,267,519
–
International
Aggregate
Bond ETF
–
648,317,260
38,750,043
(429,905)
(4,200,136)
604,937,176
24,245,979
6,860,217
–
International
Equity Index,
Class W
1,546,879,811
212,969,173
476,942,008
86,815,810
185,955,342
1,555,678,128
51,005,840
60,446,645
–
Short Term
Bond Index,
Class W
184,648,230
98,763,533
33,066,784
(884,508)
(204,897)
249,255,574
25,937,104
9,122,647
–
$9,633,071,693
$2,306,667,864
$2,843,268,762
$235,042,066
$1,451,855,065
$10,783,367,926
520,591,513
$273,674,498
$49,944,427
Notes to Financial Statements
(continued)
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2040
Nuveen Funds:
Bond Index,
Class W
$
2,175,057,354
$
569,356,645
$
793,633,884
$
(59,708,421)
$
95,558,027
$
1,986,629,721
205,230,343
$
82,752,961
$
–
Emerging
Markets
Equity Index,
Class W
863,160,406
171,484,908
313,643,712
47,794,542
369,392,020
1,138,188,164
64,450,066
28,542,268
–
Equity Index,
Class W
5,229,216,814
341,882,799
1,087,644,601
197,360,604
1,096,608,409
5,777,424,025
110,763,497
66,021,527
61,958,974
High Yield
Corporate
Bond ETF
–
203,791,866
6,219,647
(137,130)
(1,159,079)
196,276,010
7,904,793
6,367,900
–
Inflation Linked
Bond, Class
W
–
40,048,604
380,347
1,379
277,135
39,946,771
3,641,456
323,975
–
International
Aggregate
Bond ETF
–
531,324,679
24,392,410
(493,289)
(3,569,460)
502,869,520
20,155,091
5,539,592
–
International
Equity Index,
Class W
1,923,667,628
251,678,498
547,371,550
97,115,583
241,941,254
1,967,031,413
64,492,833
75,001,719
–
Short Term
Bond Index,
Class W
–
74,028,876
30,287,081
(28,054)
(191,975)
43,521,766
4,528,800
861,287
–
$10,191,102,202
$2,183,596,875
$2,803,573,232
$281,905,214
$1,798,856,331
$11,651,887,390
481,166,879
$265,411,229
$61,958,974
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2045
Nuveen Funds:
Bond Index,
Class W
$
1,192,597,095
$
398,344,039
$
438,577,512
$
(29,199,908)
$
48,479,468
$
1,171,643,182
121,037,519
$
47,250,212
$
–
Emerging
Markets
Equity Index,
Class W
816,871,300
180,127,481
279,964,929
40,777,727
363,238,118
1,121,049,697
63,479,598
27,705,157
–
Equity Index,
Class W
4,945,983,702
462,361,542
967,248,255
88,878,167
1,161,966,405
5,691,941,561
109,124,646
64,126,053
60,180,136
High Yield
Corporate
Bond ETF
–
95,967,574
2,071,836
(45,804)
(536,336)
93,313,598
3,758,099
2,924,171
–
International
Aggregate
Bond ETF
–
315,499,369
16,561,304
(439,941)
(1,973,462)
296,524,662
11,884,756
3,223,305
–
International
Equity Index,
Class W
1,820,545,161
286,969,811
499,602,253
77,337,433
251,636,738
1,936,886,890
63,504,488
72,830,657
–
$8,775,997,258
$1,739,269,816
$2,204,026,089
$177,307,674
$1,822,810,931
$10,311,359,590
372,789,106
$218,059,555
$60,180,136
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2050
Nuveen Funds:
Bond Index,
Class W
$
737,968,816
$
254,351,455
$
258,887,306
$
(19,099,799)
$
30,710,832
$
745,043,998
76,967,355
$
29,753,347
$
–
Emerging
Markets
Equity Index,
Class W
737,291,829
168,816,027
242,549,126
34,675,232
333,376,203
1,031,610,165
58,415,072
25,095,978
–
Equity Index,
Class W
4,465,351,510
475,872,588
837,988,289
67,246,450
1,071,051,472
5,241,533,731
100,489,527
57,991,816
54,423,363
High Yield
Corporate
Bond ETF
–
12,165,568
–
–
(41,005)
12,124,563
488,303
245,423
–
International
Aggregate
Bond ETF
–
201,336,006
12,016,245
(162,891)
(1,257,372)
187,899,498
7,531,042
2,054,701
–
International
Equity Index,
Class W
1,643,791,276
284,381,053
444,859,798
62,639,257
236,134,653
1,782,086,441
58,429,064
66,009,319
–
$7,584,403,431
$1,396,922,697
$1,796,300,764
$145,298,249
$1,669,974,783
$9,000,298,396
302,320,363
$181,150,584
$54,423,363
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2055
Nuveen Funds:
Bond Index,
Class W
$
405,382,122
$
149,061,835
$
141,413,145
$
(8,287,846)
$
14,573,483
$
419,316,449
43,317,815
$
16,546,122
$
–
Emerging
Markets
Equity Index,
Class W
469,028,621
136,641,281
150,257,929
17,336,601
223,831,210
696,579,784
39,443,929
16,480,389
–
Equity Index,
Class W
2,839,218,526
430,674,291
474,583,830
26,801,578
719,129,178
3,541,239,743
67,891,866
38,081,921
35,738,597
International
Aggregate
Bond ETF
–
112,129,522
5,952,842
(99,528)
(682,014)
105,395,138
4,224,254
1,143,381
–
International
Equity Index,
Class W
1,044,610,076
233,003,175
268,890,824
30,411,949
165,022,649
1,204,157,025
39,480,558
43,288,314
–
$4,758,239,345
$1,061,510,104
$1,041,098,570
$66,162,754
$1,121,874,506
$5,966,688,139
194,358,422
$115,540,127
$35,738,597
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2060
Nuveen Funds:
Bond Index,
Class W
$
203,466,221
$
88,076,392
$
76,500,665
$
(2,848,954)
$
6,077,273
$
218,270,267
22,548,581
$
8,538,252
$
–
Emerging
Markets
Equity Index,
Class W
278,150,768
97,350,633
97,943,030
11,611,850
135,709,002
424,879,223
24,058,846
10,176,271
–
Equity Index,
Class W
1,682,219,082
360,585,400
333,051,505
8,789,786
441,660,459
2,160,203,222
41,414,939
23,529,692
22,081,821
International
Aggregate
Bond ETF
–
59,061,602
4,173,468
(39,218)
(353,326)
54,495,590
2,184,192
591,964
–
International
Equity Index,
Class W
619,201,078
174,802,034
179,668,840
18,307,983
101,834,787
734,477,042
24,081,214
26,773,693
–
$2,783,037,149
$779,876,061
$691,337,508
$35,821,447
$684,928,195
$3,592,325,344
114,287,772
$69,609,872
$22,081,821
Notes to Financial Statements
(continued)
9. Subsequent Events
Investment Adviser and Sub-Adviser: On or about the close of business on July 31, 2026, the Adviser is expected to merge into
Nuveen Asset Management, LLC (“Nuveen Asset Management”). In connection with this merger, Nuveen Fund Advisors, LLC (“Nuveen
Fund Advisors”) will become the investment adviser and Nuveen Asset Management will become the sub-adviser to the Funds. The
Adviser, Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately,
TIAA.
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2065
Nuveen Funds:
Bond Index,
Class W
$
37,438,185
$
29,665,679
$
11,394,167
$
(27,351)
$
481,683
$
56,164,029
5,802,069
$
1,816,237
$
–
Emerging
Markets
Equity Index,
Class W
61,877,119
43,685,927
14,579,604
302,424
38,548,542
129,834,408
7,351,892
2,604,366
–
Equity Index,
Class W
373,924,587
215,439,205
47,847,229
197,474
118,398,050
660,112,087
12,655,523
6,028,640
5,657,674
International
Aggregate
Bond ETF
–
14,398,548
492,423
(12,712)
(85,235)
13,808,178
553,434
138,469
–
International
Equity Index,
Class W
137,828,838
81,125,733
25,214,848
521,858
30,179,528
224,441,109
7,358,725
6,853,821
–
$611,068,729
$384,315,092
$99,528,271
$981,693
$187,522,568
$1,084,359,811
33,721,643
$17,441,533
$5,657,674
Issue
Value at
9/30/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifecycle Index 2070
Nuveen Funds:
Bond Index,
Class W
$
–
$
460,694
$
19,396
$
(171)
$
(2,517)
$
438,610
45,311
$
6,363
$
–
Emerging
Markets
Equity Index,
Class W
–
1,135,456
61,278
1,194
195,680
1,271,052
71,973
16,590
–
Equity Index,
Class W
–
6,096,406
167,976
818
536,561
6,465,809
123,961
38,307
35,951
International
Aggregate
Bond ETF
–
109,726
–
–
(270)
109,456
4,387
837
–
International
Equity Index,
Class W
–
2,199,075
134,400
2,042
140,813
2,207,530
72,378
43,554
–
$–
$10,001,357
$383,050
$3,883
$870,267
$10,492,457
318,010
$105,651
$35,951
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:
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
Net Long-Term
Capital Gains
14.1
Lifecycle Index Retirement Income
$
2,192,044
14.2
Lifecycle Index 2010
17,715,701
14.3
Lifecycle Index 2015
43,915,289
14.4
Lifecycle Index 2020
119,526,200
14.5
Lifecycle Index 2025
183,862,852
14.6
Lifecycle Index 2030
110,352,957
14.7
Lifecycle Index 2035
64,940,549
14.8
Lifecycle Index 2040
81,535,168
14.9
Lifecycle Index 2045
26,738,562
15.01
Lifecycle Index 2050
9,718,903
15.1
Lifecycle Index 2055
4,626,987
15.2
Lifecycle Index 2060
2,969,202
15.3
Lifecycle Index 2065
461,277
15.4
Lifecycle Index 2070
–
Fund
Percentage
14.1
Lifecycle Index Retirement Income
8
.6
%
14.2
Lifecycle Index 2010
6
.8
14.3
Lifecycle Index 2015
8
.2
14.4
Lifecycle Index 2020
9
.4
14.5
Lifecycle Index 2025
10
.9
14.6
Lifecycle Index 2030
12
.9
14.7
Lifecycle Index 2035
14
.6
14.8
Lifecycle Index 2040
17
.0
14.9
Lifecycle Index 2045
19
.4
15.01
Lifecycle Index 2050
19
.9
15.1
Lifecycle Index 2055
22
.5
15.2
Lifecycle Index 2060
24
.1
15.3
Lifecycle Index 2065
26
.0
15.4
Lifecycle Index 2070
28
.5
Important Tax Information
(continued)
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:
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
Percentage
14.1
Lifecycle Index Retirement Income
17
.6
%
14.2
Lifecycle Index 2010
13
.9
14.3
Lifecycle Index 2015
16
.7
14.4
Lifecycle Index 2020
19
.1
14.5
Lifecycle Index 2025
22
.3
14.6
Lifecycle Index 2030
26
.3
14.7
Lifecycle Index 2035
29
.8
14.8
Lifecycle Index 2040
34
.7
14.9
Lifecycle Index 2045
39
.6
15.01
Lifecycle Index 2050
40
.8
15.1
Lifecycle Index 2055
46
.0
15.2
Lifecycle Index 2060
49
.2
15.3
Lifecycle Index 2065
53
.0
15.4
Lifecycle Index 2070
58
.2
Fund
Foreign
Source Income
Foreign
Source Income
Per Share
Qualifying
Foreign
Taxes Paid
Qualifying
Foreign Taxes
Paid per Share
14.1
Lifecycle Index Retirement Income
$
3,189,835
$
0.06956
$
259,539
$
0.00566
14.2
Lifecycle Index 2010
2,144,111
0.05622
174,477
0.00458
14.3
Lifecycle Index 2015
3,682,222
0.07156
299,529
0.00582
14.4
Lifecycle Index 2020
12,353,229
0.09193
1,005,254
0.00748
14.5
Lifecycle Index 2025
28,535,282
0.11884
2,321,821
0.00967
14.6
Lifecycle Index 2030
50,827,988
0.15417
4,135,157
0.01254
14.7
Lifecycle Index 2035
64,271,977
0.19479
5,230,995
0.01585
14.8
Lifecycle Index 2040
79,721,121
0.25122
6,486,478
0.02044
14.9
Lifecycle Index 2045
77,404,220
0.29814
6,297,316
0.02426
15.01
Lifecycle Index 2050
70,142,414
0.31955
5,705,672
0.02599
15.1
Lifecycle Index 2055
46,017,948
0.25815
3,744,637
0.02101
15.2
Lifecycle Index 2060
28,447,746
0.20746
2,313,891
0.01687
15.3
Lifecycle Index 2065
7,281,800
0.12658
592,250
0.01030
15.4
Lifecycle Index 2070
46,307
0.04947
3,769
0.00403
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, 2026, the related statements of operations for the year ended May 31, 2026, the
statements of changes in net assets for each of the two years in the period ended May 31, 2026, including the related notes,
and the financial highlights for each of the five years in the period ended May 31, 2026 (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, 2026, 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, 2026 and each of the financial highlights for each of the five years in the period
ended May 31, 2026 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, 2026 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, 2026
We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
FIXED INCOME—79.6%
1,535,088
Nuveen Core Bond Fund, Class R6
$
14,076,759
1,531,726
Nuveen Core Plus Bond Fund, Class R6
14,091,877
2,783,843
Nuveen Short Term Bond Fund, Class R6
28,228,168
TOTAL FIXED INCOME
56,396,804
INTERNATIONAL EQUITY—7.1%
77,655
Nuveen Emerging Markets Equity Fund, Class R6
960,591
76,507
Nuveen International Equity Fund, Class R6
1,286,852
83,129
Nuveen International Opportunities Fund, Class R6
1,480,535
15,106
Nuveen International Value Fund, Class I
606,824
44,125
Nuveen Quant International Small Cap Equity Fund, Class R6
690,109
TOTAL INTERNATIONAL EQUITY
5,024,911
U.S. EQUITY—13.2%
77,279
Nuveen Core Equity Fund, Class R6
1,255,016
24,042
Nuveen Dividend Growth Fund, Class R6
1,509,367
84,481
Nuveen Dividend Value Fund, Class R6
1,409,994
34,691
Nuveen Growth Opportunities ETF
1,521,200
49,034
Nuveen Large Cap Growth Fund, Class R6
1,537,699
56,415
Nuveen Large Cap Value Fund, Class R6
1,483,713
6,368
Nuveen Quant Small Cap Equity Fund, Class R6
148,430
7,953
Nuveen Small Cap Select Fund, Class R6
141,322
18,087
Nuveen Quant Small/Mid Cap Equity Fund, Class R6
340,947
TOTAL U.S. EQUITY
9,347,688
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $66,455,020)
70,769,403
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$66,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
66,000
TOTAL REPURCHASE AGREEMENT
66,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $66,000)
66,000
TOTAL INVESTMENTS—100.0%
(Cost $66,521,020)
70,835,403
OTHER ASSETS & LIABILITIES, NET—0.0%
12,357
NET ASSETS—100.0%
$
70,847,760
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $66,020 on 6/1/26, collateralized by Government Agency Securities, with coupon rate 1.625%
and maturity date 10/15/29, valued at $67,358.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.1%(a)
FIXED INCOME—59.6%
3,507,883
Nuveen Core Bond Fund, Class R6
$
32,167,287
10,502,890
Nuveen Core Plus Bond Fund, Class R6
96,626,592
6,378,672
Nuveen Short Term Bond Fund, Class R6
64,679,739
TOTAL FIXED INCOME
193,473,618
INTERNATIONAL EQUITY—14.2%
708,917
Nuveen Emerging Markets Equity Fund, Class R6
8,769,304
699,709
Nuveen International Equity Fund, Class R6
11,769,106
759,851
Nuveen International Opportunities Fund, Class R6
13,532,947
137,691
Nuveen International Value Fund, Class I
5,531,046
403,336
Nuveen Quant International Small Cap Equity Fund, Class R6
6,308,174
TOTAL INTERNATIONAL EQUITY
45,910,577
U.S. EQUITY—26.3%
710,503
Nuveen Core Equity Fund, Class R6
11,538,566
219,062
Nuveen Dividend Growth Fund, Class R6
13,752,733
774,780
Nuveen Dividend Value Fund, Class R6
12,931,080
307,763
Nuveen Growth Opportunities ETF
13,495,407
458,536
Nuveen Large Cap Growth Fund, Class R6
14,379,674
515,318
Nuveen Large Cap Value Fund, Class R6
13,552,870
58,246
Nuveen Quant Small Cap Equity Fund, Class R6
1,357,714
72,724
Nuveen Small Cap Select Fund, Class R6
1,292,314
165,670
Nuveen Quant Small/Mid Cap Equity Fund, Class R6
3,122,875
TOTAL U.S. EQUITY
85,423,233
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $284,590,433)
324,807,428
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$487,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
487,000
TOTAL REPURCHASE AGREEMENT
487,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $487,000)
487,000
TOTAL INVESTMENTS—100.2%
(Cost $285,077,433)
325,294,428
OTHER ASSETS & LIABILITIES, NET—(0.2)%
(
795,365
)
NET ASSETS—100.0%
$
324,499,063
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $487,145 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
1.625% and maturity date 10/15/29, valued at $496,828.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
FIXED INCOME—39.5%
26,845,401
Nuveen Core Plus Bond Fund, Class R6
$
246,977,689
TOTAL FIXED INCOME
246,977,689
INTERNATIONAL EQUITY—21.1%
2,035,777
Nuveen Emerging Markets Equity Fund, Class R6
25,182,558
2,008,528
Nuveen International Equity Fund, Class R6
33,783,436
2,180,866
Nuveen International Opportunities Fund, Class R6
38,841,224
395,426
Nuveen International Value Fund, Class I
15,884,248
1,155,406
Nuveen Quant International Small Cap Equity Fund, Class R6
18,070,553
TOTAL INTERNATIONAL EQUITY
131,762,019
U.S. EQUITY—39.3%
2,036,929
Nuveen Core Equity Fund, Class R6
33,079,733
625,357
Nuveen Dividend Growth Fund, Class R6
39,259,915
2,227,920
Nuveen Dividend Value Fund, Class R6
37,183,985
884,226
Nuveen Growth Opportunities ETF
38,773,310
1,316,927
Nuveen Large Cap Growth Fund, Class R6
41,298,832
1,482,249
Nuveen Large Cap Value Fund, Class R6
38,983,140
167,452
Nuveen Quant Small Cap Equity Fund, Class R6
3,903,302
208,960
Nuveen Small Cap Select Fund, Class R6
3,713,226
475,366
Nuveen Quant Small/Mid Cap Equity Fund, Class R6
8,960,652
TOTAL U.S. EQUITY
245,156,095
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $504,092,101)
623,895,803
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$477,000
(b)
Fixed Income Clearing Corporation
3
.620
%
06/01/26
477,000
TOTAL REPURCHASE AGREEMENT
477,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $477,000)
477,000
TOTAL INVESTMENTS—100.0%
(Cost $504,569,101)
624,372,803
OTHER ASSETS & LIABILITIES, NET—0.0%
46,571
NET ASSETS—100.0%
$
624,419,374
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.620% dated 5/29/26 to be repurchased at $477,144 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
4.000% and maturity date 12/15/27, valued at $486,665.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
FIXED INCOME—19.7%
7,597,970
Nuveen Core Plus Bond Fund, Class R6
$
69,901,327
TOTAL FIXED INCOME
69,901,327
INTERNATIONAL EQUITY—28.0%
1,535,083
Nuveen Emerging Markets Equity Fund, Class R6
18,988,982
1,514,583
Nuveen International Equity Fund, Class R6
25,475,293
1,645,036
Nuveen International Opportunities Fund, Class R6
29,298,087
299,654
Nuveen International Value Fund, Class I
12,037,114
871,938
Nuveen Quant International Small Cap Equity Fund, Class R6
13,637,105
TOTAL INTERNATIONAL EQUITY
99,436,581
U.S. EQUITY—52.2%
1,534,236
Nuveen Core Equity Fund, Class R6
24,915,995
470,863
Nuveen Dividend Growth Fund, Class R6
29,560,765
1,679,662
Nuveen Dividend Value Fund, Class R6
28,033,562
668,518
Nuveen Growth Opportunities ETF
29,314,514
993,346
Nuveen Large Cap Growth Fund, Class R6
31,151,323
1,121,828
Nuveen Large Cap Value Fund, Class R6
29,504,088
126,148
Nuveen Quant Small Cap Equity Fund, Class R6
2,940,510
157,565
Nuveen Small Cap Select Fund, Class R6
2,799,928
358,204
Nuveen Quant Small/Mid Cap Equity Fund, Class R6
6,752,145
TOTAL U.S. EQUITY
184,972,830
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $260,723,846)
354,310,738
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$264,000
(b)
Fixed Income Clearing Corporation
3
.620
%
06/01/26
264,000
TOTAL REPURCHASE AGREEMENT
264,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $264,000)
264,000
TOTAL INVESTMENTS—100.0%
(Cost $260,987,846)
354,574,738
OTHER ASSETS & LIABILITIES, NET—0.0%
3,511
NET ASSETS—100.0%
$
354,578,249
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.620% dated 5/29/26 to be repurchased at $264,080 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
3.875% and maturity date 3/15/28, valued at $269,391.
Lifestyle Aggressive Growth
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—100.0%(a)
INTERNATIONAL EQUITY—35.0%
1,573,959
Nuveen Emerging Markets Equity Fund, Class R6
$
19,469,878
1,551,034
Nuveen International Equity Fund, Class R6
26,088,385
1,687,077
Nuveen International Opportunities Fund, Class R6
30,046,845
309,195
Nuveen International Value Fund, Class I
12,420,369
892,077
Nuveen Quant International Small Cap Equity Fund, Class R6
13,952,078
TOTAL INTERNATIONAL EQUITY
101,977,555
U.S. EQUITY—65.0%
1,571,487
Nuveen Core Equity Fund, Class R6
25,520,948
483,108
Nuveen Dividend Growth Fund, Class R6
30,329,513
1,723,874
Nuveen Dividend Value Fund, Class R6
28,771,461
689,136
Nuveen Growth Opportunities ETF
30,218,614
1,018,058
Nuveen Large Cap Growth Fund, Class R6
31,926,286
1,148,633
Nuveen Large Cap Value Fund, Class R6
30,209,043
129,194
Nuveen Quant Small Cap Equity Fund, Class R6
3,011,513
161,605
Nuveen Small Cap Select Fund, Class R6
2,871,726
367,225
Nuveen Quant Small/Mid Cap Equity Fund, Class R6
6,922,187
TOTAL U.S. EQUITY
189,781,291
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $197,325,446)
291,758,846
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$366,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
366,000
TOTAL REPURCHASE AGREEMENT
366,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $366,000)
366,000
TOTAL INVESTMENTS—100.1%
(Cost $197,691,446)
292,124,846
OTHER ASSETS & LIABILITIES, NET—(0.1)%
(
317,493
)
NET ASSETS—100.0%
$
291,807,353
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $366,109 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
3.375% and maturity date 11/30/27, valued at $373,419.
Portfolio of Investments May 31, 2026
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
AFFILIATED INVESTMENT COMPANIES—99.9%(a)
FIXED INCOME—39.5%
40,841,719
Nuveen Core Plus Bond Fund, Class R6
$
375,743,817
TOTAL FIXED INCOME
375,743,817
INTERNATIONAL EQUITY—21.1%
3,090,115
Nuveen Emerging Markets Equity Fund, Class R6
38,224,727
3,056,606
Nuveen International Equity Fund, Class R6
51,412,105
3,320,626
Nuveen International Opportunities Fund, Class R6
59,140,344
601,701
Nuveen International Value Fund, Class I
24,170,321
1,770,404
Nuveen Quant International Small Cap Equity Fund, Class R6
27,689,114
TOTAL INTERNATIONAL EQUITY
200,636,611
U.S. EQUITY—39.3%
3,106,933
Nuveen Core Equity Fund, Class R6
50,456,591
948,823
Nuveen Dividend Growth Fund, Class R6
59,567,086
3,388,509
Nuveen Dividend Value Fund, Class R6
56,554,219
1,346,005
Nuveen Growth Opportunities ETF
59,022,319
2,002,692
Nuveen Large Cap Growth Fund, Class R6
62,804,420
2,256,175
Nuveen Large Cap Value Fund, Class R6
59,337,401
254,327
Nuveen Quant Small Cap Equity Fund, Class R6
5,928,368
317,867
Nuveen Small Cap Select Fund, Class R6
5,648,493
722,092
Nuveen Quant Small/Mid Cap Equity Fund, Class R6
13,611,428
TOTAL U.S. EQUITY
372,930,325
TOTAL AFFILIATED INVESTMENT COMPANIES
(Cost $732,287,231)
949,310,753
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS—0.1%
REPURCHASE AGREEMENT—0.1%
$812,000
(b)
Fixed Income Clearing Corporation
3
.580
%
06/01/26
812,000
TOTAL REPURCHASE AGREEMENT
812,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $812,000)
812,000
TOTAL INVESTMENTS—100.0%
(Cost $733,099,231)
950,122,753
OTHER ASSETS & LIABILITIES, NET—(0.0)%
(
103,016
)
NET ASSETS—100.0%
$
950,019,737
ETF
Exchange Traded Fund
(a)
Affiliated fund.
(b)
Agreement with Fixed Income Clearing Corporation, 3.580% dated 5/29/26 to be repurchased at $812,242 on 6/1/26, collateralized by Government Agency Securities, with coupon rate
4.625% and maturity date 4/30/31, valued at $828,348.
Statement of Assets and Liabilities
See Notes to Financial Statements
May
31,
2026
16.1
Lifestyle Income
16.2
Lifestyle Conservative
16.3
Lifestyle Moderate
16.4
Lifestyle Growth
ASSETS
Affiliated investments, at value
‡
$
70,769,403
$
324,807,428
$
623,895,803
$
354,310,738
Short-term investments, at value
#
66,000
487,000
477,000
264,000
Cash
823
545
541
260
Receivables:
Dividends
215,425
739,993
985,255
277,649
Interest
20
145
144
80
Investments sold
235,622
1,455,815
2,888,447
1,319,332
Reimbursement from Adviser
10,709
12,422
14,355
22,596
Shares sold
5,939
17,127
363,151
139,301
Other
39,852
56,519
69,829
50,925
Total assets
71,343,793
327,576,994
628,694,525
356,384,881
LIABILITIES
Due to affiliates
3,194
3,357
3,524
3,357
Payables:
Management fees
6,106
27,438
52,592
29,801
Investments purchased - regular settlement
425,766
2,286,678
3,632,779
1,479,506
Shares redeemed
2
616,801
341,178
138,476
Service agreement fees
3,600
11,083
28,469
13,419
Accrued expenses:
Custodian fees
7,940
8,187
8,159
8,206
Professional fees
13,999
14,230
14,495
14,245
Shareholder reporting expenses
10,178
15,358
22,358
21,071
Shareholder servicing agent fees
5,277
25,680
50,915
31,469
Trustees fees
8,604
23,834
36,234
18,461
12b-1 distribution and service fees
8,864
43,190
81,292
45,997
Other
2,503
2,095
3,156
2,624
Total liabilities
496,033
3,077,931
4,275,151
1,806,632
Net assets
$
70,847,760
$
324,499,063
$
624,419,374
$
354,578,249
NET ASSETS CONSIST OF:
Paid-in capital
$
68,973,274
$
288,329,971
$
505,956,401
$
256,825,166
Total distributable earnings (loss)
1,874,486
36,169,092
118,462,973
97,753,083
Net assets
$
70,847,760
$
324,499,063
$
624,419,374
$
354,578,249
‡
Affiliated investments, cost
$
66,455,020
$
284,590,433
$
504,092,101
$
260,723,846
#
Short-term investments, cost
$
66,000
$
487,000
$
477,000
$
264,000
See Notes to Financial Statements
16.5
Lifestyle Aggressive
Growth
18.1
Managed Allocation
$
291,758,846
$
949,310,753
366,000
812,000
930
674
–
1,499,492
109
242
656,852
4,617,247
12,334
725
81,658
13,169
46,192
245,479
292,922,921
956,499,781
3,318
2,683
24,540
–
727,980
5,836,783
233,074
96,398
16,394
13,889
8,134
8,217
14,188
14,527
15,570
23,576
26,651
94,033
13,623
204,655
29,487
181,512
2,609
3,771
1,115,568
6,480,044
$
291,807,353
$
950,019,737
$
189,168,771
$
724,134,118
102,638,582
225,885,619
$
291,807,353
$
950,019,737
$
197,325,446
$
732,287,231
$
366,000
$
812,000
Statement of Assets and Liabilities
(continued)
See Notes to Financial Statements
Statement of Assets and Liabilities
(continued)
May
31,
2026
16.1
Lifestyle Income
16.2
Lifestyle Conservative
16.3
Lifestyle Moderate
16.4
Lifestyle Growth
CLASS A:
Net assets
$
41,740,465
$
204,274,744
$
386,033,934
$
218,579,844
Shares outstanding
3,629,619
14,708,873
23,111,795
10,827,101
Net asset value ("NAV") per share
$
11
.50
$
13
.89
$
16
.70
$
20
.19
Maximum sales charge
5.75%
5.75%
5.75%
5.75%
Offering price per share (NAV per share plus maximum sales
charge)
$
12
.20
$
14
.74
$
17
.72
$
21
.42
CLASS I:
Net assets
$
135,204
$
3,967,545
$
7,438,583
$
4,538,315
Shares outstanding
11,782
285,120
444,330
223,227
NAV and offering price per share
$
11
.48
$
13
.92
$
16
.74
$
20
.33
PREMIER CLASS:
Net assets
$
25,956
$
28,434
$
27,817
$
42,532
Shares outstanding
2,257
2,040
1,650
2,081
NAV and offering price per share
$
11
.50
$
13
.94
$
16
.86
$
20
.44
CLASS R6:
Net assets
$
13,138,026
$
63,701,001
$
95,457,536
$
67,748,922
Shares outstanding
1,141,331
4,576,424
5,699,685
3,328,758
NAV and offering price per share
$
11
.51
$
13
.92
$
16
.75
$
20
.35
RETIREMENT CLASS:
Net assets
$
15,808,109
$
52,527,339
$
135,461,504
$
63,668,636
Shares outstanding
1,374,700
3,779,999
8,104,787
3,146,693
NAV and offering price per share
$
11
.50
$
13
.90
$
16
.71
$
20
.23
Authorized shares - per class
Unlimited
Unlimited
Unlimited
Unlimited
Par value per share
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
See Notes to Financial Statements
16.5
Lifestyle Aggressive
Growth
18.1
Managed Allocation
$
140,533,357
$
863,400,801
5,832,931
61,502,001
$
24
.09
$
14
.04
5.75%
5.75%
$
25
.56
$
14
.90
$
6,784,027
$
–
279,061
–
$
24
.31
$
–
$
30,308
$
–
1,235
–
$
24
.55
$
–
$
67,192,836
$
21,270,246
2,764,593
1,522,574
$
24
.30
$
13
.97
$
77,266,825
$
65,348,690
3,198,195
4,685,696
$
24
.16
$
13
.95
Unlimited
Unlimited
$
0
.0001
$
0
.0001
See Notes to Financial Statements
Year Ended May 31, 2026
16.1
Lifestyle Income
16.2
Lifestyle Conservative
16.3
Lifestyle Moderate
INVESTMENT INCOME
Dividends from affiliated investments
$
2,891,880
$
10,546,662
$
16,370,089
Interest
2,832
10,654
20,547
Total investment income
2,894,712
10,557,316
16,390,636
EXPENSES
Management fees
75,581
321,403
597,302
12b-1 distribution and service fees —
Class A
108,406
511,438
934,209
12b-1 distribution and service fees —
Premier Class
38
73
40
Shareholder servicing agent fees —
Class A
17,871
87,478
176,473
Shareholder servicing agent fees —
Class I
76
2,156
4,782
Shareholder servicing agent fees —
Premier Class
68
72
49
Shareholder servicing agent fees —
Class R6
633
2,018
1,065
Shareholder servicing agent fees —
Retirement Class
49,197
128,020
320,412
Administrative service fees
23,614
24,859
26,218
Trustees fees
637
2,680
4,919
Custodian expenses
7,672
7,883
7,857
Overdraft expense
477
768
749
Professional fees
14,615
15,059
15,557
Registration fees
34,995
36,579
39,814
Shareholder reporting expenses
22,674
22,598
26,566
Other
22,835
24,084
24,755
Total expenses
379,389
1,187,168
2,180,767
Expenses reimbursed by the investment adviser
(
125,667
)
(
133,228
)
(
143,816
)
Fee waiver by investment adviser
(
24
)
(
207
)
(
577
)
Net expenses
253,698
1,053,733
2,036,374
Net investment income (loss)
2,641,014
9,503,583
14,354,262
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Affiliated investments
509,489
5,613,771
14,478,884
Distributions from affiliated investments
952,142
8,108,361
22,614,931
Net realized gain (loss)
1,461,631
13,722,132
37,093,815
Change in unrealized appreciation (depreciation) on:
Affiliated investments
2,293,900
16,507,075
45,089,741
Net change in unrealized appreciation (depreciation)
2,293,900
16,507,075
45,089,741
Net realized and unrealized gain (loss)
3,755,531
30,229,207
82,183,556
Net increase (decrease) in net assets from operations
$
6,396,545
$
39,732,790
$
96,537,818
See Notes to Financial Statements
16.4
Lifestyle Growth
16.5
Lifestyle Aggressive
Growth
18.1
Managed Allocation
$
6,970,479
$
3,973,115
$
25,325,083
10,759
9,574
26,474
6,981,238
3,982,689
25,351,557
332,312
270,521
–
521,322
327,784
2,095,142
60
42
–
110,018
88,083
318,496
2,694
1,353
–
48
83
–
1,067
2,207
225
150,141
183,047
163,622
24,887
24,571
20,020
2,718
2,197
7,669
7,911
7,872
7,950
594
737
2,696
15,078
14,966
15,873
36,242
36,054
13,708
31,836
26,391
1,692
24,087
23,417
23,777
1,261,015
1,009,325
2,670,870
(
150,527
)
(
135,567
)
(
409,492
)
(
427
)
(
436
)
–
1,110,061
873,322
2,261,378
5,871,177
3,109,367
23,090,179
10,329,226
9,425,624
26,377,256
16,650,606
17,032,105
34,914,957
26,979,832
26,457,729
61,292,213
32,481,451
32,925,070
66,119,635
32,481,451
32,925,070
66,119,635
59,461,283
59,382,799
127,411,848
$
65,332,460
$
62,492,166
$
150,502,027
Statement of Changes in Net Assets
See Notes to Financial Statements
16.1
Lifestyle Income
16.2
Lifestyle Conservative
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
OPERATIONS
Net investment income (loss)
$
2,641,014
$
2,621,779
$
9,503,583
$
9,031,895
Net realized gain (loss)
1,461,631
148,176
13,722,132
4,527,869
Net change in unrealized appreciation
(depreciation)
2,293,900
1,999,453
16,507,075
8,277,969
Net increase (decrease) in net assets from
operations
6,396,545
4,769,408
39,732,790
21,837,733
DISTRIBUTIONS TO SHAREHOLDERS
–
–
–
–
Dividends:
Class A
(
1,485,278
)
(
1,586,733
)
(
10,725,923
)
(
6,062,850
)
Class I
(
2,937
)
(
1,772
)
(
190,261
)
(
103,286
)
Premier Class
(
901
)
(
2,596
)
(
2,660
)
(
2,774
)
Class R6
(
458,098
)
(
412,489
)
(
3,452,408
)
(
1,906,553
)
Retirement Class
(
689,066
)
(
708,926
)
(
2,712,142
)
(
1,492,298
)
Total distributions
(
2,636,280
)
(
2,712,516
)
(
17,083,394
)
(
9,567,761
)
FUND SHARE TRANSACTIONS
Subscriptions
7,693,435
8,850,890
25,992,701
30,024,198
Reinvestments of distributions
2,571,344
2,644,803
16,905,791
9,450,933
Redemptions
(
18,683,365
)
(
12,967,292
)
(
49,524,122
)
(
52,569,132
)
Net increase (decrease) from Fund share
transactions
(
8,418,586
)
(
1,471,599
)
(
6,625,630
)
(
13,094,001
)
Net increase (decrease) in net assets
(
4,658,321
)
585,293
16,023,766
(
824,029
)
Net assets at the beginning of period
75,506,081
74,920,788
308,475,297
309,299,326
Net assets at the end of period
$
70,847,760
$
75,506,081
$
324,499,063
$
308,475,297
See Notes to Financial Statements
16.3
Lifestyle Moderate
16.4
Lifestyle Growth
16.5
Lifestyle Aggressive Growth
18.1
Managed Allocation
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
Year Ended
5/31/26
Year Ended
5/31/25
$
14,354,262
$
13,218,223
$
5,871,177
$
5,210,212
$
3,109,367
$
2,725,695
$
23,090,179
$
21,466,735
37,093,815
11,393,271
26,979,832
9,772,632
26,457,729
11,138,534
61,292,213
26,063,157
45,089,741
18,667,228
32,481,451
10,413,587
32,925,070
8,839,553
66,119,635
21,092,005
96,537,818
43,278,722
65,332,460
25,396,431
62,492,166
22,703,782
150,502,027
68,621,897
–
–
–
–
–
–
–
–
(
22,814,216
)
(
9,764,344
)
(
13,527,116
)
(
4,898,847
)
(
8,818,399
)
(
3,156,606
)
(
57,196,960
)
(
32,852,489
)
(
442,145
)
(
216,687
)
(
297,147
)
(
110,381
)
(
395,284
)
(
146,859
)
–
–
(
1,683
)
(
1,878
)
(
2,685
)
(
843
)
(
1,969
)
(
528
)
–
–
(
5,603,104
)
(
2,714,486
)
(
3,937,651
)
(
1,448,747
)
(
4,236,825
)
(
1,789,658
)
(
1,460,644
)
(
826,593
)
(
7,998,050
)
(
3,294,845
)
(
3,895,635
)
(
1,477,529
)
(
4,976,146
)
(
1,697,346
)
(
4,487,577
)
(
2,707,155
)
(
36,859,198
)
(
15,992,240
)
(
21,660,234
)
(
7,936,347
)
(
18,428,623
)
(
6,790,997
)
(
63,145,181
)
(
36,386,237
)
51,233,360
48,796,547
26,253,604
22,738,055
27,060,140
25,902,344
21,944,415
21,813,779
36,586,176
15,761,815
21,489,929
7,880,941
18,260,874
6,735,535
61,012,328
35,171,527
(
80,345,344
)
(
97,538,697
)
(
41,014,860
)
(
50,152,352
)
(
40,771,670
)
(
53,206,898
)
(
97,145,560
)
(
93,476,010
)
7,474,192
(
32,980,335
)
6,728,673
(
19,533,356
)
4,549,344
(
20,569,019
)
(
14,188,817
)
(
36,490,704
)
67,152,812
(
5,693,853
)
50,400,899
(
2,073,272
)
48,612,887
(
4,656,234
)
73,168,029
(
4,255,044
)
557,266,562
562,960,415
304,177,350
306,250,622
243,194,466
247,850,700
876,851,708
881,106,752
$
624,419,374
$
557,266,562
$
354,578,249
$
304,177,350
$
291,807,353
$
243,194,466
$
950,019,737
$
876,851,708
See Notes to Financial Statements
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
16.1
Lifestyle Income
Class A:
5/31/26
$
10
.94
$
0
.39
$
0
.56
$
0
.95
$
(
0
.39
)
$
—
$
(
0
.39
)
$
11
.50
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
Class I:
5/31/26
10
.92
0
.42
0
.55
0
.97
(
0
.41
)
—
(
0
.41
)
11
.48
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
Premier Class:
5/31/26
10
.94
0
.40
0
.56
0
.96
(
0
.40
)
—
(
0
.40
)
11
.50
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
Class R6:
5/31/26
10
.95
0
.42
0
.56
0
.98
(
0
.42
)
—
(
0
.42
)
11
.51
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
Retirement Class:
5/31/26
10
.94
0
.39
0
.56
0
.95
(
0
.39
)
—
(
0
.39
)
11
.50
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
(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)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
8
.81
%
$
41,740
0
.56
%
0
.40
%
3
.44
%
16
%
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
9
.01
135
0
.36
0
.19
3
.74
16
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
8
.93
26
0
.69
0
.25
3
.58
16
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
9
.13
13,138
0
.27
0
.10
3
.73
16
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
8
.86
15,808
0
.52
0
.35
3
.48
16
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
16.2
Lifestyle Conservative
Class A:
5/31/26
$
12
.94
$
0
.39
$
1
.28
$
1
.67
$
(
0
.39
)
$
(
0
.33
)
$
(
0
.72
)
$
13
.89
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
Class I:
5/31/26
12
.96
0
.43
1
.28
1
.71
(
0
.42
)
(
0
.33
)
(
0
.75
)
13
.92
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
Premier Class:
5/31/26
12
.99
0
.39
1
.29
1
.68
(
0
.40
)
(
0
.33
)
(
0
.73
)
13
.94
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
Class R6:
5/31/26
12
.97
0
.43
1
.28
1
.71
(
0
.43
)
(
0
.33
)
(
0
.76
)
13
.92
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
Retirement Class:
5/31/26
12
.95
0
.40
1
.27
1
.67
(
0
.39
)
(
0
.33
)
(
0
.72
)
13
.90
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
(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)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
13
.19
%
$
204,275
0
.43
%
0
.39
%
2
.89
%
19
%
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
13
.50
3,968
0
.20
0
.16
3
.15
19
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
13
.26
28
0
.44
0
.25
2
.84
19
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
13
.50
63,701
0
.15
0
.10
3
.19
19
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
13
.23
52,527
0
.39
0
.35
2
.94
19
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
16.3
Lifestyle Moderate
Class A:
5/31/26
$
15
.11
$
0
.38
$
2
.21
$
2
.59
$
(
0
.37
)
$
(
0
.63
)
$
(
1
.00
)
$
16
.70
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
Class I:
5/31/26
15
.14
0
.41
2
.23
2
.64
(
0
.41
)
(
0
.63
)
(
1
.04
)
16
.74
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
Premier Class:
5/31/26
15
.24
0
.41
2
.23
2
.64
(
0
.39
)
(
0
.63
)
(
1
.02
)
16
.86
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
Class R6:
5/31/26
15
.15
0
.43
2
.22
2
.65
(
0
.42
)
(
0
.63
)
(
1
.05
)
16
.75
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
Retirement Class:
5/31/26
15
.12
0
.39
2
.21
2
.60
(
0
.38
)
(
0
.63
)
(
1
.01
)
16
.71
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
(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)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
17
.62
%
$
386,034
0
.42
%
0
.40
%
2
.34
%
20
%
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
17
.92
7,439
0
.19
0
.17
2
.57
20
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
17
.82
28
0
.46
0
.25
2
.50
20
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
18
.00
95,458
0
.13
0
.10
2
.64
20
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
17
.67
135,462
0
.37
0
.35
2
.40
20
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
16.4
Lifestyle Growth
Class A:
5/31/26
$
17
.71
$
0
.33
$
3
.44
$
3
.77
$
(
0
.33
)
$
(
0
.96
)
$
(
1
.29
)
$
20
.19
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
Class I:
5/31/26
17
.84
0
.37
3
.46
3
.83
(
0
.38
)
(
0
.96
)
(
1
.34
)
20
.33
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
Premier Class:
5/31/26
17
.92
0
.36
3
.48
3
.84
(
0
.36
)
(
0
.96
)
(
1
.32
)
20
.44
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
Class R6:
5/31/26
17
.85
0
.38
3
.47
3
.85
(
0
.39
)
(
0
.96
)
(
1
.35
)
20
.35
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
Retirement Class:
5/31/26
17
.75
0
.33
3
.45
3
.78
(
0
.34
)
(
0
.96
)
(
1
.30
)
20
.23
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
(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)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
21
.85
%
$
218,580
0
.45
%
0
.40
%
1
.71
%
21
%
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
22
.09
4,538
0
.20
0
.16
1
.93
21
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
22
.03
43
0
.42
0
.25
1
.88
21
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
22
.18
67,749
0
.14
0
.10
1
.99
21
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
21
.89
63,669
0
.39
0
.35
1
.75
21
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
16.5
Lifestyle Aggressive Growth
Class A:
5/31/26
$
20
.47
$
0
.24
$
4
.94
$
5
.18
$
(
0
.24
)
$
(
1
.32
)
$
(
1
.56
)
$
24
.09
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
)
(f)
(
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
Class I:
5/31/26
20
.63
0
.30
5
.01
5
.31
(
0
.31
)
(
1
.32
)
(
1
.63
)
24
.31
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
)
(f)
(
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
Premier Class:
5/31/26
20
.83
0
.29
5
.03
5
.32
(
0
.28
)
(
1
.32
)
(
1
.60
)
24
.55
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
)
(f)
(
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
Class R6:
5/31/26
20
.64
0
.31
4
.99
5
.30
(
0
.32
)
(
1
.32
)
(
1
.64
)
24
.30
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
)
(f)
(
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
Retirement Class:
5/31/26
20
.53
0
.25
4
.97
5
.22
(
0
.27
)
(
1
.32
)
(
1
.59
)
24
.16
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
)
(f)
(
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
(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)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(f)
Value rounded to zero.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
26
.07
%
$
140,533
0
.47
%
0
.42
%
1
.06
%
23
%
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
26
.50
6,784
0
.17
0
.12
1
.32
23
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
26
.30
30
0
.59
0
.25
1
.26
23
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
26
.47
67,193
0
.15
0
.10
1
.37
23
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
26
.17
77,267
0
.40
0
.35
1
.12
23
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
Financial Highlights
(continued)
See Notes to Financial Statements
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
18.1
Managed Allocation
Class A:
5/31/26
$
12
.78
$
0
.34
$
1
.87
$
2
.21
$
(
0
.34
)
$
(
0
.61
)
$
(
0
.95
)
$
14
.04
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
Class R6:
5/31/26
12
.72
0
.37
1
.86
2
.23
(
0
.37
)
(
0
.61
)
(
0
.98
)
13
.97
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
Retirement Class:
5/31/26
12
.70
0
.34
1
.86
2
.20
(
0
.34
)
(
0
.61
)
(
0
.95
)
13
.95
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
(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)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
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),(e)
Net
Investment
Income (Loss)
(d),(e)
Portfolio
Turnover
Rate
17
.77
%
$
863,401
0
.30
%
0
.25
%
2
.49
%
19
%
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
18
.07
21,270
0
.01
0.00
2
.75
19
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
17
.80
65,349
0
.26
0
.25
2
.49
19
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
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:
Current Fiscal Period:
The end of the reporting period for the Funds is May 31, 2026, and the period covered by these Notes to
Financial Statements is the fiscal year ended May 31, 2026 (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 I or Class R6 shares
of other Nuveen mutual funds and potentially other investment pools or investment products including other funds or exchange-traded
funds ("ETFs") advised by the Adviser or its affiliates. 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 security and common share transactions.
The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return
is computed based on the NAV used for processing security and common share 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.
Indemnifications:
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.
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
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 current fiscal period, if any, are further described later in
these Notes to Financial Statements.
Segment Reporting:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision
maker (“CODM”), as defined in U.S. GAAP. 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 (ASU No. 2023-09):
In December 2023, the FASB issued Accounting Standard Update ("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. During the current fiscal period, the Funds adopted the new guidance. See Note 7 for more
income tax information.
New Accounting Pronouncement (ASU No. 2025-11):
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic
270) Narrow Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of interim
disclosures that are required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events
since the end of the last annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are
effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted
for all entities. 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, and the fair value of certain other assets and liabilities,
when applicable, as of the end of the current fiscal period, based on the inputs used to value them:
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 current fiscal period, and the collateral delivered related to those repurchase agreements.
Fund
Level 1
Level 2
Level 3
Total
Lifestyle Income
Affiliated investment companies
$70,769,403
$—
$—
$70,769,403
Short-Term Investments
:
Repurchase agreements
—
66,000
—
66,000
$70,769,403
$66,000
$—
$70,835,403
1
1
1
1
1
Lifestyle Conservative
Affiliated investment companies
$324,807,428
$—
$—
$324,807,428
Short-Term Investments
:
Repurchase agreements
—
487,000
—
487,000
$324,807,428
$487,000
$—
$325,294,428
1
1
1
1
1
Lifestyle Moderate
Affiliated investment companies
$623,895,803
$—
$—
$623,895,803
Short-Term Investments
:
Repurchase agreements
—
477,000
—
477,000
$623,895,803
$477,000
$—
$624,372,803
1
1
1
1
1
Lifestyle Growth
Affiliated investment companies
$354,310,738
$—
$—
$354,310,738
Short-Term Investments
:
Repurchase agreements
—
264,000
—
264,000
$354,310,738
$264,000
$—
$354,574,738
1
1
1
1
1
Lifestyle Aggressive Growth
Affiliated investment companies
$291,758,846
$—
$—
$291,758,846
Short-Term Investments
:
Repurchase agreements
—
366,000
—
366,000
$291,758,846
$366,000
$—
$292,124,846
1
1
1
1
1
Managed Allocation
Affiliated investment companies
$949,310,753
$—
$—
$949,310,753
Short-Term Investments
:
Repurchase agreements
—
812,000
—
812,000
$949,310,753
$812,000
$—
$950,122,753
1
1
1
1
1
Purchases and Sales:
Long-term purchases and sales during the current fiscal period were as follows:
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.
Fund
Counterparty
Short-term Investments,
at Value
Collateral Pledged
(From) Counterparty
Lifestyle Income
Fixed Income Clearing Corporation
$
66,000
$
(67,358)
Lifestyle Conservative
Fixed Income Clearing Corporation
487,000
(496,828)
Lifestyle Moderate
Fixed Income Clearing Corporation
477,000
(486,665)
Lifestyle Growth
Fixed Income Clearing Corporation
264,000
(269,391)
Lifestyle Aggressive Growth
Fixed Income Clearing Corporation
366,000
(373,419)
Managed Allocation
Fixed Income Clearing Corporation
812,000
(828,348)
Fund
Non-U.S. Government
Purchases
Non-U.S. Government
Sales
16.1
Lifestyle Income
$
12,135,313
$
19,505,859
16.2
Lifestyle Conservative
61,272,394
66,782,014
16.3
Lifestyle Moderate
126,698,143
119,694,804
16.4
Lifestyle Growth
77,914,399
70,442,744
16.5
Lifestyle Aggressive Growth
69,527,608
63,113,077
18.1
Managed Allocation
176,404,410
195,707,308
Notes to Financial Statements
(continued)
6. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
Year Ended
5/31/26
Year Ended
5/31/25
16.1
Lifestyle Income
Shares
Value
Shares
Value
Subscriptions:
Class A
284,834
$
3,226,745
183,151
$
1,985,318
Class I
9,343
105,993
1,167
12,500
Class R6
273,012
3,074,270
368,979
3,996,067
Retirement Class
113,924
1,286,427
262,335
2,857,005
Total subscriptions
681,113
7,693,435
815,632
8,850,890
Reinvestments of distributions:
Class A
127,389
1,422,159
140,597
1,523,472
Class I
181
2,020
9
102
Class R6
41,037
458,098
38,057
412,392
Retirement Class
61,745
689,067
65,460
708,837
Total reinvestments of distributions
230,352
2,571,344
244,123
2,644,803
Redemptions:
Class A
(766,308)
(8,647,515)
(547,043)
(5,922,975)
Class I
–
(11)
(8,378)
(92,450)
Premier Class
–
–
(17,744)
(196,600)
Class R6
(256,121)
(2,878,494)
(354,659)
(3,836,726)
Retirement Class
(629,343)
(7,157,345)
(269,794)
(2,918,541)
Total redemptions
(1,651,772)
(18,683,365)
(1,197,618)
(12,967,292)
Net increase (decrease) from shareholder transactions
(740,307)
$
(8,418,586)
(137,863)
$
(1,471,599)
Year Ended
5/31/26
Year Ended
5/31/25
16.2
Lifestyle Conservative
Shares
Value
Shares
Value
Subscriptions:
Class A
481,553
$
6,531,492
693,404
$
8,806,056
Class I
82,070
1,122,139
166,248
2,122,495
Premier Class
10,737
147,521
–
–
Class R6
833,515
11,276,428
865,956
11,149,351
Retirement Class
507,617
6,915,121
619,620
7,946,296
Total subscriptions
1,915,492
25,992,701
2,345,228
30,024,198
Reinvestments of distributions:
Class A
792,239
10,551,031
465,927
5,951,643
Class I
14,196
189,289
7,929
101,392
Premier Class
93
1,256
42
540
Class R6
258,733
3,452,396
148,939
1,905,139
Retirement Class
203,479
2,711,819
116,827
1,492,219
Total reinvestments of distributions
1,268,740
16,905,791
739,664
9,450,933
Redemptions:
Class A
(1,914,251)
(25,904,745)
(1,913,510)
(24,377,015)
Class I
(44,292)
(601,661)
(211,941)
(2,734,270)
Premier Class
(12,118)
(166,549)
(18,082)
(235,246)
Class R6
(912,081)
(12,361,416)
(1,155,180)
(14,828,231)
Retirement Class
(775,658)
(10,489,751)
(811,250)
(10,394,370)
Total redemptions
(3,658,400)
(49,524,122)
(4,109,963)
(52,569,132)
Net increase (decrease) from shareholder transactions
(474,168)
$
(6,625,630)
(1,025,071)
$
(13,094,001)
Year Ended
5/31/26
Year Ended
5/31/25
16.3
Lifestyle Moderate
Shares
Value
Shares
Value
Subscriptions:
Class A
945,848
$
15,132,347
1,515,357
$
22,539,144
Class I
61,046
989,345
116,961
1,745,398
Class R6
1,252,130
20,162,227
854,003
12,746,059
Retirement Class
927,629
14,949,441
787,248
11,765,946
Total subscriptions
3,186,653
51,233,360
3,273,569
48,796,547
Reinvestments of distributions:
Class A
1,432,416
22,544,872
645,321
9,630,369
Class I
28,057
442,111
14,108
210,655
Class R6
355,308
5,601,450
175,706
2,626,837
Retirement Class
508,112
7,997,743
220,746
3,293,954
Total reinvestments of distributions
2,323,893
36,586,176
1,055,881
15,761,815
Redemptions:
Class A
(2,726,980)
(43,730,048)
(3,033,922)
(45,046,223)
Class I
(85,072)
(1,375,499)
(236,288)
(3,513,997)
Premier Class
–
–
(18,350)
(278,000)
Class R6
(1,024,164)
(16,560,816)
(2,032,535)
(30,221,914)
Retirement Class
(1,167,950)
(18,678,981)
(1,247,870)
(18,478,563)
Total redemptions
(5,004,166)
(80,345,344)
(6,568,965)
(97,538,697)
Net increase (decrease) from shareholder transactions
506,380
$
7,474,192
(2,239,515)
$
(32,980,335)
Year Ended
5/31/26
Year Ended
5/31/25
16.4
Lifestyle Growth
Shares
Value
Shares
Value
Subscriptions:
Class A
319,877
$
6,111,588
485,813
$
8,493,975
Class I
22,992
455,584
62,366
1,105,395
Class R6
777,046
14,909,236
348,520
6,075,392
Retirement Class
250,463
4,777,196
404,713
7,063,293
Total subscriptions
1,370,378
26,253,604
1,301,412
22,738,055
Reinvestments of distributions:
Class A
716,487
13,362,481
275,024
4,845,923
Class I
15,637
293,342
6,138
108,770
Premier Class
44
820
14
253
Class R6
209,673
3,937,651
81,712
1,448,747
Retirement Class
208,434
3,895,635
83,697
1,477,248
Total reinvestments of distributions
1,150,275
21,489,929
446,585
7,880,941
Redemptions:
Class A
(1,206,088)
(23,120,319)
(1,407,925)
(24,441,595)
Class I
(62,859)
(1,204,971)
(84,707)
(1,483,424)
Premier Class
–
–
(18,585)
(328,400)
Class R6
(390,968)
(7,581,779)
(709,037)
(12,364,638)
Retirement Class
(474,974)
(9,107,791)
(682,843)
(11,534,295)
Total redemptions
(2,134,889)
(41,014,860)
(2,903,097)
(50,152,352)
Net increase (decrease) from shareholder transactions
385,764
$
6,728,673
(1,155,100)
$
(19,533,356)
Year Ended
5/31/26
Year Ended
5/31/25
16.5
Lifestyle Aggressive Growth
Shares
Value
Shares
Value
Subscriptions:
Class A
253,338
$
5,686,876
318,604
$
6,345,504
Class I
41,208
931,129
27,347
560,859
Class R6
612,450
13,903,013
533,118
10,652,003
Retirement Class
291,394
6,539,122
415,435
8,343,978
Total subscriptions
1,198,390
27,060,140
1,294,504
25,902,344
Reinvestments of distributions:
Class A
398,253
8,717,761
153,787
3,138,786
Class I
14,991
330,543
5,363
110,204
Premier Class
1
2
–
–
Class R6
192,146
4,236,824
87,088
1,789,658
Retirement Class
226,789
4,975,744
82,937
1,696,887
Total reinvestments of distributions
832,180
18,260,874
329,175
6,735,535
Redemptions:
Class A
(684,680)
(15,419,878)
(769,602)
(15,448,147)
Class I
(33,761)
(736,331)
(56,550)
(1,129,133)
Premier Class
–
–
(18,789)
(380,840)
Class R6
(579,331)
(13,086,913)
(1,354,488)
(27,181,513)
Retirement Class
(506,698)
(11,528,548)
(451,108)
(9,067,265)
Total redemptions
(1,804,470)
(40,771,670)
(2,650,537)
(53,206,898)
Net increase (decrease) from shareholder transactions
226,100
$
4,549,344
(1,026,858)
$
(20,569,019)
Notes to Financial Statements
(continued)
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 year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax
purposes were as follows:
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:
Year Ended
5/31/26
Year Ended
5/31/25
18.1
Managed Allocation
Shares
Value
Shares
Value
Subscriptions:
Class A
1,245,485
$
16,805,393
1,235,824
$
15,652,450
Class R6
163,019
2,209,639
131,794
1,656,006
Retirement Class
218,417
2,929,383
357,301
4,505,323
Total subscriptions
1,626,921
21,944,415
1,724,919
21,813,779
Reinvestments of distributions:
Class A
4,160,612
55,065,844
2,495,441
31,640,731
Class R6
110,838
1,458,907
65,459
825,489
Retirement Class
341,350
4,487,577
214,742
2,705,307
Total reinvestments of distributions
4,612,800
61,012,328
2,775,642
35,171,527
Redemptions:
Class A
(6,102,191)
(82,437,139)
(5,662,271)
(71,419,839)
Class R6
(226,092)
(3,036,870)
(252,888)
(3,167,217)
Retirement Class
(872,484)
(11,671,551)
(1,495,209)
(18,888,954)
Total redemptions
(7,200,767)
(97,145,560)
(7,410,368)
(93,476,010)
Net increase (decrease) from shareholder transactions
(961,046)
$
(14,188,817)
(2,909,807)
$
(36,490,704)
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
(Depreciation)
Net Unrealized
Appreciation
(Depreciation)
16.1
Lifestyle Income
$70,073,131
$5,853,949
$(5,091,677)
$762,272
16.2
Lifestyle Conservative
299,710,705
49,080,064
(23,496,341)
25,583,723
16.3
Lifestyle Moderate
531,805,536
131,317,339
(38,750,072)
92,567,267
16.4
Lifestyle Growth
275,628,551
95,883,702
(16,937,515)
78,946,187
16.5
Lifestyle Aggressive Growth
206,869,072
94,433,400
(9,177,626)
85,255,774
18.1
Managed Allocation
765,940,105
235,164,871
(50,982,223)
184,182,648
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
16.1
Lifestyle Income
$399,890
$720,876
$762,272
$–
$–
$(8,552)
$1,874,486
16.2
Lifestyle Conservative
1,995,665
8,613,327
25,583,723
–
–
(23,623)
36,169,092
16.3
Lifestyle Moderate
3,044,239
22,887,312
92,567,267
–
–
(35,845)
118,462,973
16.4
Lifestyle Growth
1,905,642
16,919,506
78,946,187
–
–
(18,252)
97,753,083
16.5
Lifestyle Aggressive Growth
500,578
16,895,682
85,255,774
–
–
(13,452)
102,638,582
18.1
Managed Allocation
4,861,855
37,032,194
184,182,648
–
–
(191,078)
225,885,619
The tax character of distributions paid was as follows:
As of year end, the Funds utilized the following capital loss carryforwards:
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:
5/31/26
5/31/25
Fund
Ordinary
Income
Long-Term
Capital Gains
Ordinary
Income
Long-Term
Capital Gains
16.1
Lifestyle Income
$
2,636,280
$
–
$
2,712,516
$
–
16.2
Lifestyle Conservative
9,892,456
7,190,938
9,567,761
–
16.3
Lifestyle Moderate
14,996,425
21,862,773
14,555,354
1,436,886
16.4
Lifestyle Growth
6,282,286
15,377,948
6,184,064
1,752,283
16.5
Lifestyle Aggressive Growth
3,627,978
14,800,645
3,899,128
2,891,869
18.1
Managed Allocation
24,851,219
38,293,962
24,451,030
11,935,207
Fund
Utilized
16.1
Lifestyle Income
$967,525
16.2
Lifestyle Conservative
–
16.3
Lifestyle Moderate
–
16.4
Lifestyle Growth
–
16.5
Lifestyle Aggressive Growth
–
18.1
Managed Allocation
–
Maximum Expense Amounts‡
Fund
Class A
Class I
Premier Class
Class R6
Retirement
Class
16.1
Lifestyle Income
0.450
%
0.250
%
0.250
%
0.100
%
0.350
%
16.2
Lifestyle Conservative
0.450
0.250
0.250
0.100
0.350
16.3
Lifestyle Moderate
0.450
0.250
0.250
0.100
0.350
16.4
Lifestyle Growth
0.450
0.250
0.250
0.100
0.350
16.5
Lifestyle Aggressive Growth
0.450
0.250
0.250
0.100
0.350
18.1
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, 2026. The reimbursement arrangements can only be
changed with the approval of the Board.
Notes to Financial Statements
(continued)
Effective May 1, 2026, Teachers Advisors, LLC has agreed to waive fees and/or reimburse expenses of Lifestyle Growth through
July 31, 2028 so that the maximum total annual operating expenses of the Fund (excluding interest expenses, taxes, brokerage
commissions or other transactional expenses, acquired fund fees and expenses and extraordinary expenses) under the Fund’s
contractual expense reimbursement agreements are reduced by 0.03% of the average daily net assets of any class of Fund shares.
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:
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:
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial
intermediaries for providing services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time
of purchase as follows:
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
Fund
Purchases
Sales
Realized Gain (Loss)
Lifestyle Income
$
385,394
$
12,821
$
2,700
Lifestyle Conservative
3,258,515
168,419
37,486
Lifestyle Moderate
8,913,613
63,650
15,688
Lifestyle Growth
6,424,233
61,220
16,679
Lifestyle Aggressive Growth
6,764,955
334,854
(23,150)
Managed Allocation
13,198,505
297,422
62,644
Fund
Sales Charges Collected
(Unaudited)
Paid to Financial
Intermediaries
(Unaudited)
Lifestyle Income
$
34
$
30
Lifestyle Conservative
2,535
2,238
Lifestyle Moderate
13,232
11,604
Lifestyle Growth
6,201
5,411
Lifestyle Aggressive Growth
5,468
4,766
Managed Allocation
2,709
2,364
Fund
Commission
Advances (Unaudited)
16.1
Lifestyle Income
$
—
16.2
Lifestyle Conservative
—
16.3
Lifestyle Moderate
387
16.4
Lifestyle Growth
—
16.5
Lifestyle Aggressive Growth
—
18.1
Managed Allocation
—
Fund
CDSC
Retained (Unaudited)
Lifestyle Income
$
—
Lifestyle Conservative
—
Lifestyle Moderate
102
Lifestyle Growth
1
Lifestyle Aggressive Growth
—
Managed Allocation
—
Affiliated Investment Companies:
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, https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, or upon
request by calling (800) 842-2252. Information regarding transactions with affiliated investment companies is as follows:
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifestyle Income
Nuveen Funds:
Core Bond, Class R6
$
14,969,883
$
1,710,329
$
2,790,210
$
(367,314)
$
554,071
$
14,076,759
1,535,088
$
665,536
$
–
Core Equity, Class R6
1,497,669
318,941
726,685
66,071
99,020
1,255,016
77,279
11,563
157,746
Core Plus Bond, Class
R6
14,969,726
1,457,995
2,504,456
(335,495)
504,107
14,091,877
1,531,726
704,342
–
Dividend Growth, Class
R6
1,500,988
503,323
490,965
(1,732)
(2,247)
1,509,367
24,042
18,587
155,338
Dividend Value, Class
R6
1,472,935
388,761
672,981
36,427
184,852
1,409,994
84,481
22,056
83,479
Emerging Markets
Equity, Class R6
918,059
236,822
582,254
95,586
292,378
960,591
77,655
31,925
–
Growth Opportunities
ETF
1,735,304
37,042
688,661
205,491
232,024
1,521,200
34,691
–
–
International Equity,
Class R6
2,310,295
349,500
1,620,259
489,189
(241,873)
1,286,852
76,507
42,105
112,125
International
Opportunities, Class
R6
1,382,574
544,527
618,474
25,256
146,652
1,480,535
83,130
32,432
68,416
International Value,
Class I
–
758,956
232,596
14,922
65,542
606,824
15,106
1,595
–
Large Cap Growth,
Class R6
1,733,713
503,492
875,525
107,708
68,311
1,537,699
49,034
754
207,272
Large Cap Value, Class
R6
1,472,487
336,665
552,971
65,833
161,699
1,483,713
56,415
24,445
102,202
Quant International
Small Cap Equity,
Class R6
757,051
131,568
387,355
84,152
104,693
690,109
44,125
33,342
25,934
Quant Small Cap Equity,
Class R6
287,970
36,044
240,554
76,973
(12,003)
148,430
6,368
1,400
10,970
Quant Small/Mid Cap
Equity, Class R6
357,429
68,285
183,700
36,510
62,423
340,947
18,087
3,085
25,391
Short Term Bond, Class
R6
29,970,477
4,583,528
6,295,986
(91,162)
61,311
28,228,168
2,783,843
1,298,336
–
Small Cap Select,
Class R6
–
169,535
42,227
1,074
12,940
141,322
7,953
377
3,269
$75,336,560
$12,135,313
$19,505,859
$509,489
$2,293,900
$70,769,403
6,505,530
$2,891,880
$952,142
Notes to Financial Statements
(continued)
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifestyle Conservative
Nuveen Funds:
Core Bond, Class R6
$
30,436,240
$
6,334,223
$
4,972,690
$
(644,826)
$
1,014,340
$
32,167,287
3,507,883
$
1,408,421
$
–
Core Equity, Class R6
12,184,099
2,166,184
4,192,761
365,401
1,015,643
11,538,566
710,503
97,915
1,337,968
Core Plus Bond, Class
R6
91,317,742
11,537,603
7,234,068
(1,070,984)
2,076,299
96,626,592
10,502,890
4,485,145
–
Dividend Growth, Class
R6
12,103,958
3,586,483
1,882,969
(46,629)
(8,110)
13,752,733
219,062
156,620
1,335,930
Dividend Value, Class
R6
12,018,557
2,561,792
3,500,050
110,719
1,740,062
12,931,080
774,780
185,364
708,718
Emerging Markets
Equity, Class R6
7,470,398
1,445,929
3,411,968
470,463
2,794,482
8,769,304
708,917
271,568
–
Growth Opportunities
ETF
14,130,496
447,756
4,784,695
1,373,705
2,328,145
13,495,407
307,763
–
–
International Equity,
Class R6
18,757,131
2,454,717
11,530,530
3,414,749
(1,326,961)
11,769,106
699,709
357,066
950,861
International
Opportunities, Class
R6
11,230,708
3,810,471
2,937,150
28,436
1,400,482
13,532,947
759,851
275,041
580,187
International Value,
Class I
–
6,020,998
1,171,852
88,767
593,133
5,531,046
137,691
13,433
–
Large Cap Growth,
Class R6
14,139,654
3,043,203
4,293,287
389,640
1,100,464
14,379,674
458,536
6,427
1,766,431
Large Cap Value, Class
R6
12,011,012
2,535,905
2,901,713
93,663
1,814,003
13,552,870
515,318
208,296
870,866
Quant International
Small Cap Equity,
Class R6
6,152,426
906,288
2,335,693
431,481
1,153,672
6,308,174
403,336
284,455
221,249
Quant Small Cap Equity,
Class R6
2,345,611
226,367
1,762,376
563,881
(15,769)
1,357,714
58,246
11,877
93,098
Quant Small/Mid Cap
Equity, Class R6
2,908,721
452,200
1,069,410
163,630
667,734
3,122,875
165,670
26,162
215,322
Short Term Bond, Class
R6
60,989,449
12,372,163
8,601,918
(122,139)
42,184
64,679,739
6,378,672
2,755,702
–
Small Cap Select,
Class R6
–
1,370,112
198,884
3,814
117,272
1,292,314
72,725
3,170
27,731
$308,196,202
$61,272,394
$66,782,014
$5,613,771
$16,507,075
$324,807,428
26,381,552
$10,546,662
$8,108,361
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifestyle Moderate
Nuveen Funds:
Core Equity, Class R6
$
32,830,073
$
5,477,198
$
8,985,872
$
828,680
$
2,929,654
$
33,079,733
2,036,929
$
270,652
$
3,735,430
Core Plus Bond, Class
R6
218,867,880
44,326,916
18,549,726
(2,809,595)
5,142,214
246,977,689
26,845,401
11,094,919
–
Dividend Growth, Class
R6
32,671,012
10,290,721
3,476,312
(83,236)
(142,270)
39,259,915
625,357
433,796
3,751,564
Dividend Value, Class
R6
32,363,676
7,205,369
7,501,233
160,158
4,956,015
37,183,985
2,227,920
512,657
1,980,274
Emerging Markets
Equity, Class R6
20,125,368
3,120,301
7,109,944
950,966
8,095,867
25,182,558
2,035,777
756,815
–
Growth Opportunities
ETF
38,098,370
1,061,533
10,560,390
2,941,102
7,232,695
38,773,310
884,226
–
–
International Equity,
Class R6
50,737,967
6,028,253
28,661,552
8,355,280
(2,676,512)
33,783,436
2,008,528
992,009
2,641,704
International
Opportunities, Class
R6
30,330,883
9,443,634
4,814,766
(57,569)
3,939,042
38,841,224
2,180,866
766,863
1,617,668
International Value,
Class I
–
16,886,535
2,904,833
205,929
1,696,617
15,884,248
395,426
37,356
–
Large Cap Growth,
Class R6
38,094,255
8,238,666
9,082,325
974,748
3,073,488
41,298,832
1,316,927
17,880
4,913,986
Large Cap Value, Class
R6
32,398,985
6,768,905
5,471,881
161,414
5,125,717
38,983,140
1,482,249
578,955
2,420,547
Quant International
Small Cap Equity,
Class R6
16,648,065
2,164,024
5,162,352
911,556
3,509,260
18,070,553
1,155,406
793,479
617,167
Quant Small Cap Equity,
Class R6
6,316,809
682,825
4,593,316
1,643,446
(146,462)
3,903,302
167,452
33,121
259,613
Quant Small/Mid Cap
Equity, Class R6
7,840,496
1,230,763
2,423,126
296,878
2,015,641
8,960,652
475,366
72,876
599,811
Small Cap Select,
Class R6
–
3,772,500
397,176
(873)
338,775
3,713,226
208,960
8,711
77,167
$557,323,839
$126,698,143
$119,694,804
$14,478,884
$45,089,741
$623,895,803
44,046,790
$16,370,089
$22,614,931
Notes to Financial Statements
(continued)
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifestyle Growth
Nuveen Funds:
Core Equity, Class R6
$
23,758,892
$
4,475,357
$
6,106,287
$
527,737
$
2,260,296
$
24,915,995
1,534,236
$
199,537
$
2,744,171
Core Plus Bond, Class
R6
59,335,899
15,340,829
5,398,857
(750,456)
1,373,912
69,901,327
7,597,970
3,081,392
–
Dividend Growth, Class
R6
23,815,402
8,063,028
2,104,073
(84,629)
(128,963)
29,560,765
470,863
320,474
2,764,188
Dividend Value, Class
R6
23,390,915
5,381,738
4,513,237
97,319
3,676,827
28,033,562
1,679,662
379,962
1,454,258
Emerging Markets
Equity, Class R6
14,563,923
2,811,828
5,071,269
611,839
6,072,661
18,988,982
1,535,083
556,645
–
Growth Opportunities
ETF
27,547,606
884,373
6,609,030
1,742,693
5,748,872
29,314,514
668,518
–
–
International Equity,
Class R6
36,603,048
4,580,018
19,883,855
5,730,441
(1,554,359)
25,475,293
1,514,583
731,588
1,948,208
International
Opportunities, Class
R6
21,939,836
7,095,312
2,595,242
(55,740)
2,913,921
29,298,087
1,645,036
564,462
1,190,710
International Value,
Class I
–
12,444,969
1,810,877
127,803
1,275,219
12,037,114
299,654
27,556
–
Large Cap Growth,
Class R6
27,514,875
5,936,434
5,288,923
500,655
2,488,282
31,151,323
993,346
13,164
3,617,846
Large Cap Value, Class
R6
23,308,337
5,318,308
3,022,331
63,129
3,836,645
29,504,088
1,121,829
427,653
1,787,975
Quant International
Small Cap Equity,
Class R6
12,021,758
1,433,748
3,083,792
524,096
2,741,295
13,637,105
871,938
583,541
453,878
Quant Small Cap Equity,
Class R6
4,567,195
494,479
3,233,497
1,144,640
(32,307)
2,940,510
126,148
24,361
190,951
Quant Small/Mid Cap
Equity, Class R6
5,660,720
828,313
1,444,816
148,840
1,559,088
6,752,145
358,204
53,629
441,388
Small Cap Select,
Class R6
–
2,825,665
276,658
859
250,062
2,799,928
157,565
6,515
57,033
$304,028,406
$77,914,399
$70,442,744
$10,329,226
$32,481,451
$354,310,738
20,574,635
$6,970,479
$16,650,606
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Lifestyle Aggressive Growth
Nuveen Funds:
Core Equity, Class R6
$
23,590,876
$
4,748,808
$
5,572,990
$
425,541
$
2,328,713
$
25,520,948
1,571,487
$
202,406
$
2,805,206
Dividend Growth, Class
R6
23,621,232
9,305,512
2,344,086
(130,269)
(122,876)
30,329,513
483,108
325,477
2,823,399
Dividend Value, Class
R6
23,198,808
6,050,268
4,267,607
49,790
3,740,202
28,771,461
1,723,874
384,716
1,485,082
Emerging Markets
Equity, Class R6
14,467,801
2,996,319
4,754,847
536,373
6,224,232
19,469,878
1,573,959
570,147
–
Growth Opportunities
ETF
27,407,287
1,127,444
5,861,226
1,405,668
6,139,441
30,218,614
689,136
–
–
International Equity,
Class R6
36,358,990
5,813,183
20,285,393
5,033,163
(831,558)
26,088,385
1,551,034
748,186
1,992,407
International
Opportunities, Class
R6
21,772,187
7,919,279
2,506,765
(60,298)
2,922,442
30,046,845
1,687,077
576,074
1,215,207
International Value,
Class I
–
12,788,180
1,794,634
116,914
1,309,909
12,420,369
309,195
28,158
–
Large Cap Growth,
Class R6
27,303,557
6,868,109
5,203,220
470,059
2,487,781
31,926,286
1,018,058
13,474
3,703,288
Large Cap Value, Class
R6
23,182,554
6,038,258
2,923,070
9,904
3,901,397
30,209,043
1,148,633
438,851
1,834,788
Quant International
Small Cap Equity,
Class R6
11,924,437
1,753,233
3,025,947
436,637
2,863,718
13,952,078
892,077
598,967
465,876
Quant Small Cap Equity,
Class R6
4,535,867
447,081
3,090,494
984,849
134,210
3,011,513
129,194
24,954
195,600
Quant Small/Mid Cap
Equity, Class R6
5,630,025
821,773
1,251,712
151,209
1,570,892
6,922,187
367,225
55,093
453,449
Small Cap Select,
Class R6
–
2,850,161
231,086
(3,916)
256,567
2,871,726
161,605
6,612
57,803
$242,993,621
$69,527,608
$63,113,077
$9,425,624
$32,925,070
$291,758,846
13,305,662
$3,973,115
$17,032,105
Notes to Financial Statements
(continued)
9. Subsequent Events
Investment Adviser and Sub-Adviser:
On or about the close of business on July 31, 2026, the Adviser is expected to merge into
Nuveen Asset Management, LLC (“Nuveen Asset Management”). In connection with this merger, Nuveen Fund Advisors, LLC (“Nuveen
Fund Advisors”) will become the investment adviser and Nuveen Asset Management will become the sub-adviser to the Funds. The
Adviser, Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately,
TIAA.
Issue
Value at
5/31/25
Purchases
Cost
Sales
Proceeds
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
5/31/26
Shares at
5/31/26
Dividend
Income
Capital Gain
Distributions
Managed Allocation
Nuveen Funds:
Core Equity, Class R6
$
51,545,159
$
7,893,531
$
14,849,931
$
1,430,321
$
4,437,511
$
50,456,591
3,106,933
$
419,592
$
5,752,087
Core Plus Bond, Class
R6
344,040,780
59,924,767
31,995,511
(3,889,644)
7,663,425
375,743,817
40,841,719
17,156,484
–
Dividend Growth, Class
R6
51,125,917
13,947,240
5,191,661
(148,163)
(166,247)
59,567,086
948,823
671,458
5,753,038
Dividend Value, Class
R6
50,953,270
9,715,008
12,041,179
323,319
7,603,801
56,554,219
3,388,509
796,245
3,049,610
Emerging Markets
Equity, Class R6
31,674,319
3,495,653
10,912,345
1,570,400
12,396,700
38,224,727
3,090,115
1,172,043
–
Growth Opportunities
ETF
59,830,037
788,048
17,371,744
5,203,430
10,572,548
59,022,319
1,346,005
–
–
International Equity,
Class R6
79,725,108
8,909,121
46,081,477
14,116,624
(5,257,271)
51,412,105
3,056,605
1,532,345
4,080,611
International
Opportunities, Class
R6
47,936,578
14,213,996
9,019,965
(12,884)
6,022,619
59,140,344
3,320,626
1,182,950
2,495,387
International Value,
Class I
–
25,749,099
4,509,735
341,244
2,589,713
24,170,321
601,701
58,041
–
Large Cap Growth,
Class R6
59,975,251
11,307,702
14,733,275
2,260,107
3,994,635
62,804,420
2,002,692
27,699
7,612,686
Large Cap Value, Class
R6
50,870,100
9,273,023
8,981,366
428,733
7,746,911
59,337,401
2,256,175
900,817
3,766,224
Quant International
Small Cap Equity,
Class R6
26,156,251
3,346,268
8,646,645
1,579,234
5,254,006
27,689,114
1,770,404
1,229,966
956,666
Quant Small Cap Equity,
Class R6
9,938,274
705,712
7,063,059
2,582,537
(235,096)
5,928,368
254,327
51,042
400,082
Quant Small/Mid Cap
Equity, Class R6
12,345,716
1,520,830
3,821,447
583,777
2,982,552
13,611,428
722,092
112,961
929,723
Small Cap Select,
Class R6
–
5,614,412
487,968
8,221
513,828
5,648,493
317,867
13,440
118,843
$876,116,760
$176,404,410
$195,707,308
$26,377,256
$66,119,635
$949,310,753
67,024,593
$25,325,083
$34,914,957
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:
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:
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:
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
Net Long-Term
Capital Gains
16.1
Lifestyle Income
$
48,307
16.2
Lifestyle Conservative
7,793,909
16.3
Lifestyle Moderate
23,258,093
16.4
Lifestyle Growth
16,308,195
16.5
Lifestyle Aggressive Growth
15,924,304
18.1
Managed Allocation
40,172,703
Fund
Percentage
16.1
Lifestyle Income
3.2
%
16.2
Lifestyle Conservative
7.1
16.3
Lifestyle Moderate
12.9
16.4
Lifestyle Growth
21.8
16.5
Lifestyle Aggressive Growth
37.2
18.1
Managed Allocation
12.0
Fund
Percentage
16.1
Lifestyle Income
6.1
%
16.2
Lifestyle Conservative
13.8
16.3
Lifestyle Moderate
25.2
16.4
Lifestyle Growth
42.8
16.5
Lifestyle Aggressive Growth
73.5
18.1
Managed Allocation
23.4
Fund
Foreign
Source Income
Foreign
Source Income
Per Share
Qualifying
Foreign
Taxes Paid
Qualifying
Foreign Taxes
Paid per Share
16.1
Lifestyle Income
$
105,463
$
0.01712
$
12,078
$
0.00196
16.2
Lifestyle Conservative
895,857
0.03836
102,679
0.00440
16.3
Lifestyle Moderate
2,494,197
0.06676
286,056
0.00766
16.4
Lifestyle Growth
1,836,787
0.10479
210,546
0.01201
16.5
Lifestyle Aggressive Growth
1,879,577
0.15565
215,547
0.01785
18.1
Managed Allocation
3,856,548
0.05696
442,554
0.00654
| 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 Funds do not pay any remuneration to their officers. Remuneration paid to trustees, officers and Teachers Advisors, LLC, the Funds’ investment adviser and an affiliate of the Funds’ officers, is included in the Statement of Operations under the line items “Trustees fees”, “Management fees” and “Administrative service fees” as part of the financial statements filed 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
Nuveen Lifecycle 2070 Fund
(collectively, the “Funds”)
At an in-person meeting held on April 28 and 29, 2026 (the “Meeting”), the Board of Trustees (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” or the “Adviser”). The Nuveen fund complex consists of the group of funds advised by TAL (the “TC Funds”), including the Funds, and the group of funds advised by Nuveen Fund Advisors, LLC (“NFAL,” and such funds, the “NFAL Funds”; the TC Funds and the NFAL Funds are collectively referred to as the “Nuveen funds” or the “funds”). TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”), and TAL is an indirect wholly owned subsidiary of 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 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 Fund covered by this report that was up for renewal. The Advisory Agreement of the Nuveen Lifecycle 2070 Fund was not up for renewal at the Meeting, and accordingly, the renewal discussion in this Section I would not be applicable to it.
In accordance with applicable law, following up to an initial two-year period, the Board considers the approval of the continuance of each Advisory Agreement on behalf of the applicable Fund on an annual basis. In considering the continuance of each Advisory Agreement, the Board considered information received by it throughout the year as well as materials prepared specifically at the Board’s request for the Board’s evaluation of the Advisory Agreements at the Meeting. The Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board and its committees meet regularly throughout the year, including in executive sessions, providing the Board Members with the opportunity to assess the quality and scope of the various services provided by the Adviser during the year through the written materials, oral presentations and discussions with senior management. The information provided to the Board and/or its committees at these meetings covered a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements, including, but not limited to: (a) the investment performance of the Nuveen funds over various periods and the reasons for any outperformance or underperformance relative to peers and/or benchmarks or other performance metrics (as applicable); (b) strategic priorities for the business of the Adviser, including significant developments impacting the Adviser; (c) product initiatives for various funds; (d) compliance, regulatory and risk management reports, including any initiatives in seeking to strengthen compliance capabilities and controls and to meet regulatory requirements, compliance policies and procedures; (e) other payments to intermediaries, including Rule 12b-1 fees (as applicable); (f) reports on the valuation of securities; (g) periodic investment team presentations; (h) evaluations on fund expenses; (i) trading practices and execution quality of portfolio transactions; and (j) management of distributions.
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. The materials provided in conjunction with the Meeting included, among other things, (a) a description of the nature, extent and quality of services provided by the Adviser; (b) fund performance over various periods with a focus on funds considered to have met certain challenged performance measurements; (c) the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; (d) a list of management fees; (e) an analysis of advisory fees compared to fees assessed to other types of clients; (f) a review of temporary and/or permanent expense caps and fee waivers (as applicable); (g) a description of portfolio manager compensation; (h) certain profitability and/or financial data; (i) a summary of the investments made in 2025 by the Adviser and/or its affiliates in technology enhancements; and (j) 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 applicable Fund to those of a peer universe and also to a peer group of funds, as well as a description of Broadridge’s methodology in compiling the expense universe and expense group, as applicable.
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 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. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the Board and its committees in overseeing the applicable Nuveen funds and working with the Adviser in their review of the Advisory Agreements.
As part of their review, the Board Members and independent legal counsel met in executive session on April 17, 2026 (the “April Executive Session”) 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 received the responses to these follow-up questions and requests. In addition to the April Executive Session, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the materials, 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 had the benefit of independent legal counsel during the annual review process as well as throughout the year and met with independent legal counsel at various executive sessions without the presence of any Adviser management. 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 until May 1, 2027. 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.
At its in-person meeting held on May 27-28, 2026 (the “May Meeting”), management proposed, among other things, an internal restructuring (the “Restructuring”) pursuant to which TAL would be merged into Nuveen Asset Management, LLC (“NAM”), anticipated to be effective on or about August 1, 2026. In connection with the Restructuring, it was proposed, in relevant part, that NFAL would replace its affiliate, TAL, and become the investment adviser on behalf of the Funds pursuant to investment management agreements with NFAL (the “New Advisory Agreements”), and NAM would become the sub-adviser to the Funds pursuant to new sub-advisory agreements (the “New Sub-Advisory Agreements”). At the May Meeting, the Board approved the New Advisory Agreements and New Sub-Advisory Agreements to continue through July 31, 2027. A discussion of the Board’s approval at the May Meeting of the New Advisory Agreements and New Sub-Advisory Agreements is set forth in Section II below.
| A. |
Nature, Extent and Quality of Services |
In evaluating the renewal of the Advisory Agreements at the Meeting, 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 necessary 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. In its review of the services provided by the Adviser and its affiliates, the Board considered a description of the staffing levels of the investment and non-investment personnel; the experience and qualifications of key personnel; succession planning and staffing in seeking to help ensure the continuation of services and avoid business disruptions as a result of retirements or departures; business continuity functions which seek 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; ongoing investments in the infrastructure and technology in enhancing the services provided to the applicable Nuveen funds; certain financial data of the Adviser and/or TIAA in assessing the financial stability and condition of the Adviser to continue to provide a high level of quality services to the applicable Nuveen funds; and portfolio manager compensation structure in seeking to attract and retain high quality talent.
In its evaluation, the Board considered that the Adviser is responsible for providing investment advisory services and does so directly. In this regard, TAL and its investment teams manage the assets of the portfolios of the applicable Nuveen funds directly, including conducting research, identifying investments and placing orders for the purchase or sale of the portfolio investments for the funds. In evaluating the investment advisory services, the Board and/or its investment committee considered the Adviser’s role, among other things, in monitoring and reporting to the Board on fund performance, market conditions and investment team matters; setting and evaluating investment strategies, including changes to mandates, policies and benchmarks; monitoring and overseeing the performance and investment capabilities of the investment teams and recommending changes thereto as appropriate; monitoring compliance with portfolio guidelines; monitoring and analyzing the trade execution of the funds’ portfolios; and managing valuation matters.
In addition to the portfolio management services provided to the Funds, the Board considered the comprehensive package of non-management services the Adviser and its various teams and affiliates provide to manage and operate the applicable Nuveen funds, including compliance, regulatory, administrative and other services which have expanded over the years as a result of market, regulatory and other developments. Such services include, but are 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 Nuveen 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; regulatory and regulatory advocacy services, including monitoring regulatory developments that may impact the fund(s), responding to regulatory inquiries and examinations and fulfilling regulatory filing requirements; Board and committee support services, including organizing meetings and coordinating site visits and presentations with affiliated and/or external investment teams and providing reports on a wide range of topics relating to the operations and management of the funds, including strategic initiatives and priorities, fund performance, trade execution, securities lending (as applicable), compliance matters, valuation matters, liquidity and derivatives risk management; oversight services, including establishing and coordinating the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); and legal support services. 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, 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 its 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 their 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 the Adviser |
The Board, directly or through its Investment Committee, which is comprised of all Board Members, provides oversight of the investment performance process. In evaluating the quality of the services provided by the Adviser, the Board and/or its Investment Committee monitors Fund performance on an ongoing basis, which includes quarterly performance reporting at each of its quarterly meetings with an annual performance review at its February 10-12, 2026 meeting (the “February Meeting”). At the February Meeting, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ended December 31, 2025 on an absolute basis and as compared to the performance of comparable funds (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 various periods ended March 31, 2026.
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 being the most desirable quartile ranking and the 4th quartile being the least desirable. The Board considered, in particular, 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.
In evaluating performance, the Board considered some of the limitations of the performance data including, in particular, that differences between a Nuveen fund and its Performance Peer Group (if any) and its benchmark (such as with respect to the investment objectives and strategies) may lead to significantly different results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of a Performance Peer Group to the respective fund as low, medium and high. In addition, 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. The Board also considered that shareholders may evaluate performance based on their own respective holding periods which may differ from the performance of the periods reviewed by the Board.
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. From year to year, the Board may place different emphasis on particular performance information given changing circumstances in market and economic conditions. 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 evaluating performance, the Board focused particular attention on funds with less favorable performance records over various time periods in its discussions with management. 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 as experiencing performance issues, the Board seeks to discuss with the Adviser the reasons for the underperformance and any recommendations to improve performance and to monitor such funds more closely until performance improves.
Additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above are set forth below in Section I.F.
With respect to each applicable Fund, 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 respective 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.
Further, the Board considered that the separate administrative agreement pursuant to which TAL provides the Funds with certain administrative services also began to be phased out over a three-year period beginning on May 1, 2024 with related savings.
The Board also considered comparative fee and expense information prepared by Broadridge, an independent third-party provider of fund data. More specifically, the Board Members generally considered, among other things, each applicable 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 a more focused group of comparable peers (the “Expense Group”). With respect to the Broadridge comparative expense data, Broadridge applied Class R6 shares 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 most desirable quartile ranking and the fourth quartile representing the least desirable ranking. The Board considered, in particular, each fund with a net total expense ratio that met 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.
In evaluating the fees and expenses of the Nuveen funds and comparative rankings, the Board considered some of the limitations which may reduce some of the value of the comparative data. In particular, although the Board considered the methodology employed by Broadridge to establish its Expense Universe and Expense Group (as applicable), the Board also considered that Broadridge had modified its methodology for open-end funds in 2025 resulting in significant changes to the composition of the Expense Universe and Expense Group (as applicable) and the comparative rankings of the funds from previous periods making comparisons of rankings from prior periods more difficult. In addition, the Board considered that the fee and expense information in the Broadridge report for each fund reflected information for a specific period and that historic asset levels and expenses may differ from current levels, particularly in a period of market volatility.
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 the Funds investing 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. The Board Members took these limitations and differences into account in considering the comparative peer data.
The Board further 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.
Additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above is set forth in Section I.F below. 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 requested and received information concerning the advisory fees and services provided to other clients of the Adviser and/or advisory affiliates which may include, among others: separately managed accounts (“SMAs”), foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts (as applicable). The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the open-end funds compared to the management fee of the applicable fund. The Board considered, among other things, that differences in the breadth of services provided to the funds compared to other types of clients (including the differences in the level of advisory services required of passively managed funds compared to actively managed funds); the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the differences in regulatory, disclosure and governance requirements applicable to funds and the infrastructure and activities necessary to support such requirements; the establishment and maintenance of servicing relationships with various service providers for the funds; the differences in investment policies and strategies, investor profiles and account sizes; and other factors all may contribute to the variations in relative fee rates. Further, the Board considered the differences in risks the Adviser incurs, including entrepreneurial, legal and regulatory risks when sponsoring and managing funds compared to serving as adviser to other types of clients or sub-adviser to other funds. 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 (as well as the Adviser and NFAL on a combined basis) attributable to servicing all applicable funds for 2025 and 2024; (c) certain profitability data of both the Adviser and NFAL on a combined basis derived from the type of fund in the aggregate (i.e., from the closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2025 and 2024; and (d) certain profitability data of both the Adviser and NFAL on a combined basis provided 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 estimated profitability data at the per fund level for the Adviser.
In reviewing the profitability data, the Board Members recognized the subjective nature and difficulty in calculating profitability, particularly on a per fund level. The Board considered that the information is not audited and is based on cost allocation methodologies seeking to allocate various expenses throughout the complex and among the various advisory products. The Board Members considered the allocation methodology used to prepare the profitability data but considered that other valid and reasonable methodologies also could be used and could lead to significantly different profit and loss results.
Further, the Board considered Nuveen’s estimated profitability (pre- and post-distribution margins and pre-tax) from its services to the funds compared to the profitability margins of certain peers. The Board Members, however, considered the inherent limitations of the comparative data given that profitability data is only available from peers which publish publicly available information and may be affected by numerous factors including, among other things, the types of funds a peer manages, its business mix, cost of capital, the assumptions and allocation methodology used in developing its profitability data, and fee waivers and expense reimbursements by the peer(s).
Aside from the foregoing profitability data, the Board also considered the financial condition of TIAA. The Board Members considered certain financial data of TIAA as of December 31, 2025 and 2024. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility.
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 Nuveen 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 as a fund and/or the complex grows larger. The Board considered the difficulty in measuring economies of scale with any precision but considered the various means the Adviser employs to help share the benefits of economies of scale with the respective funds and their shareholders.
The Board considered the Funds’ advisory fee structure. The Board considered that the Funds do not have breakpoint schedules. The Funds have a unique management fee structure including an asset allocation fee and an underlying fund fee rate.
In addition to the management fee structures, the Board Members also considered the temporary and/or permanent expense caps applicable to a fund (if any) which can provide a protection from an increase in expenses if the assets of the applicable funds decline. In addition, the Board considered the Adviser’s and/or affiliates’ ongoing investments in their business, including investments in various technology initiatives from which the fund complex may benefit as well as 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.
The Board further considered that the scope of 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.
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.
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 Nuveen funds. These benefits include, among other things, fees paid to affiliates of the Adviser for services as noted below, the sharing of personnel and investment-related infrastructure with other clients of the Adviser and the use of certain funds as investment options for other products offered by the Adviser and/or its affiliates (such as life insurance separate account products, fund of funds or 529 education savings plans).
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 2025 for serving as an underwriter on shelf offerings of existing closed-end Nuveen funds and reviewed the amounts paid for such services in 2025 and 2024. With respect to the TC 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 funds to obtain research and other services for any or all of its clients but such costs are reimbursed to the funds.
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 non-profit 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. |
Additional Fund-Specific Factors |
For each applicable Fund, set forth below are (i) additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above; and (ii) additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above.
Nuveen Lifecycle Retirement Income Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Second Quartile |
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Second Quartile |
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First Quartile |
| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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Third Quartile |
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Second Quartile |
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| Net Total Expense Ratio |
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First Quartile |
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Third Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings.
Nuveen Lifecycle 2010 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Second Quartile |
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Second Quartile |
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Second Quartile |
| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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N/A |
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Second Quartile |
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| Net Total Expense Ratio |
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N/A |
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Third Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings. Expense Group quartile rankings were not available.
•• The Board considered that management had agreed to a temporary expense cap last year, the impact of which was not fully reflected in the comparative expense data.
Nuveen Lifecycle 2015 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Third Quartile |
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Second Quartile |
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Second Quartile |
| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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N/A |
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Second Quartile |
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| Net Total Expense Ratio |
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N/A |
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Third Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings. Expense Group quartile rankings were not available.
Nuveen Lifecycle 2020 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Third Quartile |
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Third Quartile |
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Second Quartile |
| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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N/A |
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Second Quartile |
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| Net Total Expense Ratio |
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N/A |
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Third Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings. Expense Group quartile rankings were not available.
Nuveen Lifecycle 2025 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Third Quartile |
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Second Quartile |
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Second Quartile |
| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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Third Quartile |
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Second Quartile |
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| Net Total Expense Ratio |
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Second Quartile |
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Third Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings.
Nuveen Lifecycle 2030 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Third Quartile |
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Second Quartile |
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Second Quartile |
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| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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Third Quartile |
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Third Quartile |
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| Net Total Expense Ratio |
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Second Quartile |
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Second Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings.
Nuveen Lifecycle 2035 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Third Quartile |
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Third Quartile |
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Third Quartile |
| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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Third Quartile |
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Third Quartile |
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| Net Total Expense Ratio |
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Second Quartile |
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Second Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings.
Nuveen Lifecycle 2040 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Third Quartile |
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Third Quartile |
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Third Quartile |
| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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Third Quartile |
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Third Quartile |
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| Net Total Expense Ratio |
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First Quartile |
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Second Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings.
Nuveen Lifecycle 2045 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Third Quartile |
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Third Quartile |
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Third Quartile |
| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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Third Quartile |
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Third Quartile |
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| Net Total Expense Ratio |
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First Quartile |
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Second Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings.
Nuveen Lifecycle 2050 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Third Quartile |
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Third Quartile |
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Third Quartile |
| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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Third Quartile |
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Third Quartile |
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| Net Total Expense Ratio |
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First Quartile |
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Second Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings.
Nuveen Lifecycle 2055 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Third Quartile |
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Third Quartile |
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Third Quartile |
| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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Third Quartile |
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Third Quartile |
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| Net Total Expense Ratio |
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First Quartile |
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Second Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings.
Nuveen Lifecycle 2060 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Third Quartile |
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Third Quartile |
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Third Quartile |
| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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Third Quartile |
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Third Quartile |
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| Net Total Expense Ratio |
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First Quartile |
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Second Quartile |
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|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings.
Nuveen Lifecycle 2065 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Fourth Quartile |
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Second Quartile |
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Third Quartile |
| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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First Quartile |
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First Quartile |
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| Net Total Expense Ratio |
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Second Quartile |
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Third Quartile |
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|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a narrower set of peers in the Expense Universe as a result of the change in Broadridge methodology limiting some of the value of the quartile rankings.
The Board Members did not identify any single factor discussed previously as all-important or controlling. With respect to each applicable Fund, the Board Members concluded that the terms of the respective Advisory Agreement were reasonable, that the Adviser’s fees were reasonable in light of the services provided to the Fund and that the Advisory Agreement be renewed for an additional one-year period.
| II. |
Subsequent Approvals of Advisory Agreements |
The 1940 Act provides, in general terms, that an advisory and sub-advisory agreement may continue in effect for a period of more than two years only so long as the board, including a majority of the disinterested trustees, approves its continuance. During the annual review, management and the Board proposed to reset the annual review schedule for the advisory and sub-advisory agreements (as applicable) of the Nuveen funds to permit the agreements to continue for a one-year period until August 1st the following year as opposed to the existing May 1st annual deadline. In addition to the new review schedule, management also proposed the internal Restructuring pursuant to which TAL would be merged into NAM. In conjunction with the Restructuring, it was proposed that NFAL would become investment adviser to the TC Funds (including the Funds) and NAM would become sub-adviser to the TC Funds (including the Funds) as well as other existing funds currently sub-advised by TAL.
At its May Meeting, with respect to the Funds, the Board approved the New Advisory Agreements and New Sub-Advisory Agreements to continue through July 31, 2027. As part of its review of the foregoing arrangements, the Board, through independent legal counsel, requested and received information regarding, among other things, the Restructuring, its impact on the provision of services and the related New Advisory Agreements and New Sub-Advisory Agreements.
In their review, the Board Members considered that they had recently completed their annual review of the applicable Advisory Agreements at the Meeting and many of the factors considered at the annual review were applicable to their evaluation of the approval of the New Advisory Agreements and New Sub-Advisory Agreements. Similarly, with respect to the Nuveen Lifecycle 2070 Fund, the Board recently approved its Advisory Agreement at a meeting of the Board held on August 4-6, 2025. Accordingly, in evaluating the respective advisory and sub-advisory agreements, the Board Members relied upon their knowledge and experience with the Adviser, NFAL and NAM and considered the information received and their evaluations and conclusions drawn at the annual review. The Board considered management’s representation that the information and materials provided in connection with the annual review of Advisory Agreements at the Meeting remained unchanged in all material respects.
The Board Members also received materials which, among other things, outlined the Restructuring, any anticipated changes in the services provided to the Nuveen funds, any anticipated changes to the fees charged to the Funds under the current Advisory Agreements, any benefits to the Nuveen funds and NFAL as a result of the Restructuring, any material conflicts of interest that may arise for NFAL as a result of the Restructuring, the terms of the New Advisory Agreements and New Sub-Advisory Agreements and any costs associated with the Restructuring.
In evaluating the services to be provided following the Restructuring, the Board considered that the Restructuring was not anticipated to result in (a) any changes to the services provided to the Funds; (b) any changes to the personnel who provide portfolio management services to the Funds; (c) any changes to the investment philosophy, strategies, process or guidelines of the Funds; (d) any changes to the investment, analyst, trading, operational, administrative, legal or compliance resources currently being used with respect to the Funds; (e) any adverse changes to the nature, level or quality of actual investment advisory and other services provided to the Funds under the current agreements; or (f) any changes to the fees charged to the Funds under the current agreements and applicable fee waivers. The Board further considered that there were no anticipated changes to the senior leadership responsible for the overseeing and providing of advisory services to the Funds. The Board considered that TAL has provided administrative services to the Funds pursuant to separate administrative agreements; however, such administrative agreements were being phased out over a three-year period. NFAL will assume the responsibilities for the administrative services until the administrative service agreements are phased out and, thereafter, NFAL and/or its affiliates will continue to provide such services under the respective advisory agreements at no additional cost or under the administrative agreements without allocating expenses to the Funds. The Board considered that there is no anticipated change to the personnel providing services to the Funds as the compliance, operational and portfolio management teams of Nuveen were already consolidated in all material respects with respect to the management of the funds whether a fund was advised by TAL or NFAL. After consideration of the foregoing, the Board Members considered that there would be no diminution of the nature, quality or extent of services provided to the Funds.
The Board considered the terms of the New Advisory Agreements and New Sub-Advisory Agreements and the fees paid thereunder to NFAL and NAM, respectively. The Board considered that the fee rates would not change under the New Advisory Agreements and New Sub-Advisory Agreements and that NFAL would be responsible to pay NAM as the sub-adviser to the Funds under the respective New Sub-Advisory Agreement. The Funds would pay the same compensation rates to NFAL under the New Advisory Agreements as under the current Advisory Agreements with TAL.
In addition, the Board considered the various benefits that the funds may derive from the Restructuring, including from enhanced operational efficiencies and streamlined processes, and a simplified and more transparent advisory relationship pursuant to which the funds would work with a single advisory entity helping to make oversight and governance more efficient. The Board considered that NFAL and its affiliates may also benefit through more operational efficiencies and reduced redundancies and the consolidation of certain services and systems which may lead to cost savings. Other than the benefits noted, the Board considered that management does not believe there are any material conflicts of interest that may arise for Nuveen with respect to the funds as a result of the Restructuring. The Board considered that the costs of the Restructuring would be borne by Nuveen.
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 New Advisory Agreement and New Sub-Advisory Agreement were reasonable, that the fees of each of NFAL and NAM were reasonable in light of the services provided to each Fund and that each New Advisory Agreement and New Sub-Advisory Agreement be approved for a one-year period through July 31, 2027.
| Item 11. |
Statement Regarding Basis for Approval of Investment Advisory Contract. |
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
Nuveen Lifecycle Index 2070 Fund
(collectively, the “Funds”)
At an in-person meeting held on April 28 and 29, 2026 (the “Meeting”), the Board of Trustees (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” or the “Adviser”). The Nuveen fund complex consists of the group of funds advised by TAL (the “TC Funds”), including the Funds, and the group of funds advised by Nuveen Fund Advisors, LLC (“NFAL,” and such funds, the “NFAL Funds”; the TC Funds and the NFAL Funds are collectively referred to as the “Nuveen funds” or the “funds”). TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”), and TAL is an indirect wholly owned subsidiary of 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 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 Fund covered by this report that was up for renewal. The Advisory Agreement of the Nuveen Lifecycle Index 2070 Fund was not up for renewal at the Meeting, and accordingly, the renewal discussion in this Section I would not be applicable to it.
In accordance with applicable law, following up to an initial two-year period, the Board considers the approval of the continuance of each Advisory Agreement on behalf of the applicable Fund on an annual basis. In considering the continuance of each Advisory Agreement, the Board considered information received by it throughout the year as well as materials prepared specifically at the Board’s request for the Board’s evaluation of the Advisory Agreements at the Meeting. The Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board and its committees meet regularly throughout the year, including in executive sessions, providing the Board Members with the opportunity to assess the quality and scope of the various services provided by the Adviser during the year through the written materials, oral presentations and discussions with senior management. The information provided to the Board and/or its committees at these meetings covered a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements, including, but not limited to: (a) the investment performance of the Nuveen funds over various periods and the reasons for any outperformance or underperformance relative to peers and/or benchmarks or other performance metrics (as applicable); (b) strategic priorities for the business of the Adviser, including significant developments impacting the Adviser; (c) product initiatives for various funds; (d) compliance, regulatory and risk management reports, including any initiatives in seeking to strengthen compliance capabilities and controls and to meet regulatory requirements, compliance policies and procedures; (e) other payments to intermediaries, including Rule 12b-1 fees (as applicable); (f) reports on the valuation of securities; (g) periodic investment team presentations; (h) evaluations on fund expenses; (i) trading practices and execution quality of portfolio transactions; and (j) management of distributions.
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. The materials provided in conjunction with the Meeting included, among other things, (a) a description of the nature, extent and quality of services provided by the Adviser; (b) fund performance over various periods with a focus on funds considered to have met certain challenged performance measurements; (c) the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; (d) a list of management fees; (e) an analysis of advisory fees compared to fees assessed to other types of clients; (f) a review of temporary and/or permanent expense caps and fee waivers (as applicable); (g) a description of portfolio manager compensation; (h) certain profitability and/or financial data; (i) a summary of the investments made in 2025 by the Adviser and/or its affiliates in technology enhancements; and (j) 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 applicable Fund to those of a peer universe and also to a peer group of funds, as well as a description of Broadridge’s methodology in compiling the expense universe and expense group, as applicable.
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 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. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the Board and its committees in overseeing the applicable Nuveen funds and working with the Adviser in their review of the Advisory Agreements.
As part of their review, the Board Members and independent legal counsel met in executive session on April 17, 2026 (the “April Executive Session”) 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 received the responses to these follow-up questions and requests. In addition to the April Executive Session, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the materials, 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 had the benefit of independent legal counsel during the annual review process as well as throughout the year and met with independent legal counsel at various executive sessions without the presence of any Adviser management. 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 until May 1, 2027. 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.
At its in-person meeting held on May 27-28, 2026 (the “May Meeting”), management proposed, among other things, an internal restructuring (the “Restructuring”) pursuant to which TAL would be merged into Nuveen Asset Management, LLC (“NAM”), anticipated to be effective on or about August 1, 2026. In connection with the Restructuring, it was proposed, in relevant part, that NFAL would replace its affiliate, TAL, and become the investment adviser on behalf of the Funds pursuant to investment management agreements with NFAL (the “New Advisory Agreements”), and NAM would become the sub-adviser to the Funds pursuant to new sub-advisory agreements (the “New Sub-Advisory Agreements”). At the May Meeting, the Board approved the New Advisory Agreements and New Sub-Advisory Agreements to continue through July 31, 2027. A discussion of the Board’s approval at the May Meeting of the New Advisory Agreements and New Sub-Advisory Agreements is set forth in Section II below.
| A. |
Nature, Extent and Quality of Services |
In evaluating the renewal of the Advisory Agreements at the Meeting, 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 necessary 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. In its review of the services provided by the Adviser and its affiliates, the Board considered a description of the staffing levels of the investment and non-investment personnel; the experience and qualifications of key personnel; succession planning and staffing in seeking to help ensure the continuation of services and avoid business disruptions as a result of retirements or departures; business continuity functions which seek 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; ongoing investments in the infrastructure and technology in enhancing the services provided to the applicable Nuveen funds; certain financial data of the Adviser and/or TIAA in assessing the financial stability and condition of the Adviser to continue to provide a high level of quality services to the applicable Nuveen funds; and portfolio manager compensation structure in seeking to attract and retain high quality talent.
In its evaluation, the Board considered that the Adviser is responsible for providing investment advisory services and does so directly. In this regard, TAL and its investment teams manage the assets of the portfolios of the applicable Nuveen funds directly, including conducting research, identifying investments and placing orders for the purchase or sale of the portfolio investments for the funds. In evaluating the investment advisory services, the Board and/or its investment committee considered the Adviser’s role, among other things, in monitoring and reporting to the Board on fund performance, market conditions and investment team matters; setting and evaluating investment strategies, including changes to mandates, policies and benchmarks; monitoring and overseeing the performance and investment capabilities of the investment teams and recommending changes thereto as appropriate; monitoring compliance with portfolio guidelines; monitoring and analyzing the trade execution of the funds’ portfolios; and managing valuation matters.
In addition to the portfolio management services provided to the Funds, the Board considered the comprehensive package of non-management services the Adviser and its various teams and affiliates provide to manage and operate the applicable Nuveen funds, including compliance, regulatory, administrative and other services which have expanded over the years as a result of market, regulatory and other developments. Such services include, but are 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 Nuveen 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; regulatory and regulatory advocacy services, including monitoring regulatory developments that may impact the fund(s), responding to regulatory inquiries and examinations and fulfilling regulatory filing requirements; Board and committee support services, including organizing meetings and coordinating site visits and presentations with affiliated and/or external investment teams and providing reports on a wide range of topics relating to the operations and management of the funds, including strategic initiatives and priorities, fund performance, trade execution, securities lending (as applicable), compliance matters, valuation matters, liquidity and derivatives risk management; oversight services, including establishing and coordinating the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); and legal support services. 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, 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 its 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 their 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 the Adviser |
The Board, directly or through its Investment Committee, which is comprised of all Board Members, provides oversight of the investment performance process. In evaluating the quality of the services provided by the Adviser, the Board and/or its Investment Committee monitors Fund performance on an ongoing basis, which includes quarterly performance reporting at each of its quarterly meetings with an annual performance review at its February 10-12, 2026 meeting (the “February Meeting”). At the February Meeting, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ended December 31, 2025 on an absolute basis and as compared to the performance of comparable funds (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 various periods ended March 31, 2026.
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 being the most desirable quartile ranking and the 4th quartile being the least desirable. The Board considered, in particular, 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.
In evaluating performance, the Board considered some of the limitations of the performance data including, in particular, that differences between a Nuveen fund and its Performance Peer Group (if any) and its benchmark (such as with respect to the investment objectives and strategies) may lead to significantly different results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of a Performance Peer Group to the respective fund as low, medium and high. In addition, 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. The Board also considered that shareholders may evaluate performance based on their own respective holding periods which may differ from the performance of the periods reviewed by the Board.
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. From year to year, the Board may place different emphasis on particular performance information given changing circumstances in market and economic conditions. 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 evaluating performance, the Board focused particular attention on funds with less favorable performance records over various time periods in its discussions with management. 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 as experiencing performance issues, the Board seeks to discuss with the Adviser the reasons for the underperformance and any recommendations to improve performance and to monitor such funds more closely until performance improves.
Additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above are set forth below in Section I.F.
With respect to each applicable Fund, 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 respective 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.
Further, the Board considered that the separate administrative agreement pursuant to which TAL provides the Funds with certain administrative services also began to be phased out over a three-year period beginning on May 1, 2024 with related savings.
The Board also considered comparative fee and expense information prepared by Broadridge, an independent third-party provider of fund data. More specifically, the Board Members generally considered, among other things, each applicable 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 a more focused group of comparable peers (the “Expense Group”). With respect to the Broadridge comparative expense data, Broadridge applied Class R6 shares 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 most desirable quartile ranking and the fourth quartile representing the least desirable ranking. The Board considered, in particular, each fund with a net total expense ratio that met 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.
In evaluating the fees and expenses of the Nuveen funds and comparative rankings, the Board considered some of the limitations which may reduce some of the value of the comparative data. In particular, although the Board considered the methodology employed by Broadridge to establish its Expense Universe and Expense Group (as applicable), the Board also considered that Broadridge had modified its methodology for open-end funds in 2025 resulting in significant changes to the composition of the Expense Universe and Expense Group (as applicable) and the comparative rankings of the funds from previous periods making comparisons of rankings from prior periods more difficult. In addition, the Board considered that the fee and expense information in the Broadridge report for each fund reflected information for a specific period and that historic asset levels and expenses may differ from current levels, particularly in a period of market volatility.
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 the Funds investing 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. The Board Members took these limitations and differences into account in considering the comparative peer data.
The Board further 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.
Additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above is set forth in Section I.F below. 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 requested and received information concerning the advisory fees and services provided to other clients of the Adviser and/or advisory affiliates which may include, among others: separately managed accounts (“SMAs”), foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts (as applicable). The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the open-end funds compared to the management fee of the applicable fund. The Board considered, among other things, that differences in the breadth of services provided to the funds compared to other types of clients (including the differences in the level of advisory services required of passively managed funds compared to actively managed funds); the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the differences in regulatory, disclosure and governance requirements applicable to funds and the infrastructure and activities necessary to support such requirements; the establishment and maintenance of servicing relationships with various service providers for the funds; the differences in investment policies and strategies, investor profiles and account sizes; and other factors all may contribute to the variations in relative fee rates. Further, the Board considered the differences in risks the Adviser incurs, including entrepreneurial, legal and regulatory risks when sponsoring and managing funds compared to serving as adviser to other types of clients or sub-adviser to other funds. 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 (as well as the Adviser and NFAL on a combined basis) attributable to servicing all applicable funds for 2025 and 2024; (c) certain profitability data of both the Adviser and NFAL on a combined basis derived from the type of fund in the aggregate (i.e., from the closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2025 and 2024; and (d) certain profitability data of both the Adviser and NFAL on a combined basis provided 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 estimated profitability data at the per fund level for the Adviser.
In reviewing the profitability data, the Board Members recognized the subjective nature and difficulty in calculating profitability, particularly on a per fund level. The Board considered that the information is not audited and is based on cost allocation methodologies seeking to allocate various expenses throughout the complex and among the various advisory products. The Board Members considered the allocation methodology used to prepare the profitability data but considered that other valid and reasonable methodologies also could be used and could lead to significantly different profit and loss results.
Further, the Board considered Nuveen’s estimated profitability (pre- and post-distribution margins and pre-tax) from its services to the funds compared to the profitability margins of certain peers. The Board Members, however, considered the inherent limitations of the comparative data given that profitability data is only available from peers which publish publicly available information and may be affected by numerous factors including, among other things, the types of funds a peer manages, its business mix, cost of capital, the assumptions and allocation methodology used in developing its profitability data, and fee waivers and expense reimbursements by the peer(s).
Aside from the foregoing profitability data, the Board also considered the financial condition of TIAA. The Board Members considered certain financial data of TIAA as of December 31, 2025 and 2024. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility.
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 Nuveen 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 as a fund and/or the complex grows larger. The Board considered the difficulty in measuring economies of scale with any precision but considered the various means the Adviser employs to help share the benefits of economies of scale with the respective funds and their shareholders.
The Board considered the Funds’ advisory fee structure. The Board considered that the Funds do not have breakpoint schedules. The Funds have a unique management fee structure including an asset allocation fee and an underlying fund fee rate.
In addition to the management fee structures, the Board Members also considered the temporary and/or permanent expense caps applicable to a fund (if any) which can provide a protection from an increase in expenses if the assets of the applicable funds decline. In addition, the Board considered the Adviser’s and/or affiliates’ ongoing investments in their business, including investments in various technology initiatives from which the fund complex may benefit as well as 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.
The Board further considered that the scope of 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.
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.
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 Nuveen funds. These benefits include, among other things, fees paid to affiliates of the Adviser for services as noted below, the sharing of personnel and investment-related infrastructure with other clients of the Adviser and the use of certain funds as investment options for other products offered by the Adviser and/or its affiliates (such as life insurance separate account products, fund of funds or 529 education savings plans).
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 2025 for serving as an underwriter on shelf offerings of existing closed-end Nuveen funds and reviewed the amounts paid for such services in 2025 and 2024. With respect to the TC 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 funds to obtain research and other services for any or all of its clients but such costs are reimbursed to the funds.
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 non-profit 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. |
Additional Fund-Specific Factors |
For each applicable Fund, set forth below are (i) additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above; and (ii) additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above.
Nuveen Lifecycle Index Retirement Income Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
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First Quartile |
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First Quartile |
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First Quartile |
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| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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Second Quartile |
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Third Quartile |
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Second Quartile |
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First Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the change in Broadridge methodology in creating the set of peers in the Expense Group and Expense Universe and a discussion of the composition of the peer sets limiting some of the value of the quartile rankings.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
Nuveen Lifecycle Index 2010 Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
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| Performance Peer Group Quartile |
|
First Quartile |
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First Quartile |
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Second Quartile |
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| Performance Benchmark |
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Performed in line with |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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N/A |
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First Quartile |
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| Net Total Expense Ratio |
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N/A |
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Third Quartile |
|
|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the Expense Group and Expense Universe and the narrow range of net expense ratios among the peers limiting some of the value of the quartile rankings. Expense Group quartile rankings were not available.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
Nuveen Lifecycle Index 2015 Fund
Relative Net Performance
|
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| |
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
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| Performance Peer Group Quartile |
|
First Quartile |
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|
First Quartile |
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|
First Quartile |
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|
| Performance Benchmark |
|
Performed in line with |
|
Underperformed |
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Underperformed |
Comparative Fees and Expenses
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| |
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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N/A |
|
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Second Quartile |
|
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|
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| Net Total Expense Ratio |
|
|
|
N/A |
|
|
|
Third Quartile |
|
|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the Expense Group and Expense Universe and the narrow range of net expense ratios among the peers limiting some of the value of the quartile rankings. Expense Group quartile rankings were not available.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
Nuveen Lifecycle Index 2020 Fund
Relative Net Performance
|
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| |
|
One-Year Period |
|
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Three-Year Period |
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Five-Year Period |
|
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|
|
|
| Performance Peer Group Quartile |
|
Second Quartile |
|
|
|
First Quartile |
|
|
|
First Quartile |
|
|
|
|
|
| Performance Benchmark |
|
Performed in line with |
|
Underperformed |
|
|
|
Underperformed |
Comparative Fees and Expenses
|
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|
|
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|
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| |
|
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|
Expense Group |
|
|
|
Expense Universe |
|
|
|
|
|
|
|
|
| Actual Management Fee Rate |
|
|
|
N/A |
|
|
|
Second Quartile |
|
|
|
|
|
|
|
|
| Net Total Expense Ratio |
|
|
|
N/A |
|
|
|
Third Quartile |
|
|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the Expense Group and Expense Universe and the narrow range of net expense ratios among the peers limiting some of the value of the quartile rankings. Expense Group quartile rankings were not available.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
Nuveen Lifecycle Index 2025 Fund
Relative Net Performance
|
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| |
|
One-Year Period |
|
|
|
Three-Year Period |
|
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|
Five-Year Period |
|
|
|
|
|
|
| Performance Peer Group Quartile |
|
First Quartile |
|
|
|
First Quartile |
|
|
|
First Quartile |
|
|
|
|
|
| Performance Benchmark |
|
Performed in line with |
|
Underperformed |
|
|
|
Underperformed |
Comparative Fees and Expenses
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Expense Group |
|
|
|
Expense Universe |
|
|
|
|
|
|
|
|
| Actual Management Fee Rate |
|
|
|
N/A |
|
|
|
Third Quartile |
|
|
|
|
|
|
|
|
| Net Total Expense Ratio |
|
|
|
N/A |
|
|
|
Second Quartile |
|
|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the Expense Group and Expense Universe and the narrow range of net expense ratios among the peers limiting some of the value of the quartile rankings. Expense Group quartile rankings were not available.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
Nuveen Lifecycle Index 2030 Fund
Relative Net Performance
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| |
|
One-Year Period |
|
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Three-Year Period |
|
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Five-Year Period |
|
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|
|
|
|
| Performance Peer Group Quartile |
|
First Quartile |
|
|
|
First Quartile |
|
|
|
First Quartile |
|
|
|
|
|
| Performance Benchmark |
|
Performed in line with |
|
Underperformed |
|
|
|
Underperformed |
Comparative Fees and Expenses
|
|
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|
|
|
|
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|
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| |
|
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|
Expense Group |
|
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|
Expense Universe |
|
|
|
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|
|
|
| Actual Management Fee Rate |
|
|
|
Third Quartile |
|
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|
Third Quartile |
|
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| Net Total Expense Ratio |
|
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|
Second Quartile |
|
|
|
Second Quartile |
|
|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the Expense Group limiting some of the value of the quartile rankings.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
Nuveen Lifecycle Index 2035 Fund
Relative Net Performance
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| |
|
One-Year Period |
|
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|
Three-Year Period |
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|
Five-Year Period |
|
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|
|
|
|
| Performance Peer Group Quartile |
|
Second Quartile |
|
|
|
Second Quartile |
|
|
|
Second Quartile |
|
|
|
|
|
| Performance Benchmark |
|
Performed in line with |
|
Underperformed |
|
|
|
Underperformed |
Comparative Fees and Expenses
|
|
|
|
|
|
|
|
|
|
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| |
|
|
|
Expense Group |
|
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|
Expense Universe |
|
|
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|
|
|
| Actual Management Fee Rate |
|
|
|
Third Quartile |
|
|
|
Third Quartile |
|
|
|
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|
| Net Total Expense Ratio |
|
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|
Second Quartile |
|
|
|
Second Quartile |
|
|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the Expense Group limiting some of the value of the quartile rankings.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
Nuveen Lifecycle Index 2040 Fund
Relative Net Performance
|
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| |
|
One-Year Period |
|
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|
Three-Year Period |
|
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|
Five-Year Period |
|
|
|
|
|
|
| Performance Peer Group Quartile |
|
Second Quartile |
|
|
|
Second Quartile |
|
|
|
Second Quartile |
|
|
|
|
|
| Performance Benchmark |
|
Performed in line with |
|
Underperformed |
|
|
|
Underperformed |
Comparative Fees and Expenses
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Expense Group |
|
|
|
Expense Universe |
|
|
|
|
|
|
|
|
| Actual Management Fee Rate |
|
|
|
Third Quartile |
|
|
|
Third Quartile |
|
|
|
|
|
|
|
|
| Net Total Expense Ratio |
|
|
|
Second Quartile |
|
|
|
First Quartile |
|
|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the Expense Group limiting some of the value of the quartile rankings.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
Nuveen Lifecycle Index 2045 Fund
Relative Net Performance
|
|
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|
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|
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|
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|
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| |
|
One-Year Period |
|
|
|
Three-Year Period |
|
|
|
Five-Year Period |
|
|
|
|
|
|
| Performance Peer Group Quartile |
|
Second Quartile |
|
|
|
Second Quartile |
|
|
|
First Quartile |
|
|
|
|
|
| Performance Benchmark |
|
Performed in line with |
|
Underperformed |
|
|
|
Underperformed |
Comparative Fees and Expenses
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Expense Group |
|
|
|
Expense Universe |
|
|
|
|
|
|
|
|
| Actual Management Fee Rate |
|
|
|
Third Quartile |
|
|
|
Third Quartile |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Total Expense Ratio |
|
|
|
Second Quartile |
|
|
|
First Quartile |
|
|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the Expense Group limiting some of the value of the quartile rankings.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
Nuveen Lifecycle Index 2050 Fund
Relative Net Performance
|
|
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|
|
|
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|
|
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| |
|
One-Year Period |
|
|
|
Three-Year Period |
|
|
|
Five-Year Period |
|
|
|
|
|
|
| Performance Peer Group Quartile |
|
First Quartile |
|
|
|
Second Quartile |
|
|
|
First Quartile |
|
|
|
|
|
| Performance Benchmark |
|
Performed in line with |
|
Underperformed |
|
|
|
Underperformed |
Comparative Fees and Expenses
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Expense Group |
|
|
|
Expense Universe |
|
|
|
|
|
|
|
|
| Actual Management Fee Rate |
|
|
|
Third Quartile |
|
|
|
Third Quartile |
|
|
|
|
|
|
|
|
| Net Total Expense Ratio |
|
|
|
Second Quartile |
|
|
|
First Quartile |
|
|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the Expense Group limiting some of the value of the quartile rankings.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
Nuveen Lifecycle Index 2055 Fund
Relative Net Performance
|
|
|
|
|
|
|
|
|
|
|
| |
|
One-Year Period |
|
|
|
Three-Year Period |
|
|
|
Five-Year Period |
|
|
|
|
|
|
| Performance Peer Group Quartile |
|
First Quartile |
|
|
|
Second Quartile |
|
|
|
First Quartile |
|
|
|
|
|
| Performance Benchmark |
|
Performed in line with |
|
Underperformed |
|
|
|
Underperformed |
Comparative Fees and Expenses
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Expense Group |
|
|
|
Expense Universe |
|
|
|
|
|
|
|
|
| Actual Management Fee Rate |
|
|
|
Third Quartile |
|
|
|
Third Quartile |
|
|
|
|
|
|
|
|
| Net Total Expense Ratio |
|
|
|
Second Quartile |
|
|
|
First Quartile |
|
|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the Expense Group limiting some of the value of the quartile rankings.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
Nuveen Lifecycle Index 2060 Fund
Relative Net Performance
|
|
|
|
|
|
|
|
|
|
|
| |
|
One-Year Period |
|
|
|
Three-Year Period |
|
|
|
Five-Year Period |
|
|
|
|
|
|
| Performance Peer Group Quartile |
|
First Quartile |
|
|
|
First Quartile |
|
|
|
First Quartile |
|
|
|
|
|
| Performance Benchmark |
|
Performed in line with |
|
Underperformed |
|
|
|
Underperformed |
Comparative Fees and Expenses
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Expense Group |
|
|
|
Expense Universe |
|
|
|
|
|
|
|
|
| Actual Management Fee Rate |
|
|
|
Third Quartile |
|
|
|
Third Quartile |
|
|
|
|
|
|
|
|
| Net Total Expense Ratio |
|
|
|
Second Quartile |
|
|
|
First Quartile |
|
|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the Expense Group limiting some of the value of the quartile rankings.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
Nuveen Lifecycle Index 2065 Fund
Relative Net Performance
|
|
|
|
|
|
|
|
|
|
|
| |
|
One-Year Period |
|
|
|
Three-Year Period |
|
|
|
Five-Year Period |
|
|
|
|
|
|
| Performance Peer Group Quartile |
|
Second Quartile |
|
|
|
First Quartile |
|
|
|
First Quartile |
|
|
|
|
|
| Performance Benchmark |
|
Performed in line with |
|
Underperformed |
|
|
|
Underperformed |
Comparative Fees and Expenses
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Expense Group |
|
|
|
Expense Universe |
|
|
|
|
|
|
|
|
| Actual Management Fee Rate |
|
|
|
Second Quartile |
|
|
|
Second Quartile |
|
|
|
|
|
|
|
|
| Net Total Expense Ratio |
|
|
|
Second Quartile |
|
|
|
Second Quartile |
|
|
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the Expense Group and a discussion of the narrow range of net expense ratios among peers limiting some of the value of the quartile rankings.
•• The Board considered a discussion of the Fund’s positioning of its net expense ratio within the passive target-date marketplace.
The Board Members did not identify any single factor discussed previously as all-important or controlling. With respect to each applicable Fund, the Board Members concluded that the terms of the respective Advisory Agreement were reasonable, that the Adviser’s fees were reasonable in light of the services provided to the Fund and that the Advisory Agreement be renewed for an additional one-year period.
| II. |
Subsequent Approvals of Advisory Agreements |
The 1940 Act provides, in general terms, that an advisory and sub-advisory agreement may continue in effect for a period of more than two years only so long as the board, including a majority of the disinterested trustees, approves its continuance. During the annual review, management and the Board proposed to reset the annual review schedule for the advisory and sub-advisory agreements (as applicable) of the Nuveen funds to permit the agreements to continue for a one-year period until August 1st the following year as opposed to the existing May 1st annual deadline. In addition to the new review schedule, management also proposed the internal Restructuring pursuant to which TAL would be merged into NAM. In conjunction with the Restructuring, it was proposed that NFAL would become investment adviser to the TC Funds (including the Funds) and NAM would become sub-adviser to the TC Funds (including the Funds) as well as other existing funds currently sub-advised by TAL.
At its May Meeting, with respect to the Funds, the Board approved the New Advisory Agreements and New Sub-Advisory Agreements to continue through July 31, 2027. As part of its review of the foregoing arrangements, the Board, through independent legal counsel, requested and received information regarding, among other things, the Restructuring, its impact on the provision of services and the related New Advisory Agreements and New Sub-Advisory Agreements.
In their review, the Board Members considered that they had recently completed their annual review of the applicable Advisory Agreements at the Meeting and many of the factors considered at the annual review were applicable to their evaluation of the approval of the New Advisory Agreements and New Sub-Advisory Agreements. Similarly, with respect to the Nuveen Lifecycle Index 2070 Fund, the Board recently approved its Advisory Agreement at a meeting of the Board held on August 4-6, 2025. Accordingly, in evaluating the respective advisory and sub-advisory agreements, the Board Members relied upon their knowledge and experience with the Adviser, NFAL and NAM and considered the information received and their evaluations and conclusions drawn at the annual review. The Board considered management’s representation that the information and materials provided in connection with the annual review of Advisory Agreements at the Meeting remained unchanged in all material respects.
The Board Members also received materials which, among other things, outlined the Restructuring, any anticipated changes in the services provided to the Nuveen funds, any anticipated changes to the fees charged to the Funds under the current Advisory Agreements, any benefits to the Nuveen funds and NFAL as a result of the Restructuring, any material conflicts of interest that may arise for NFAL as a result of the Restructuring, the terms of the New Advisory Agreements and New Sub-Advisory Agreements and any costs associated with the Restructuring.
In evaluating the services to be provided following the Restructuring, the Board considered that the Restructuring was not anticipated to result in (a) any changes to the services provided to the Funds; (b) any changes to the personnel who provide portfolio management services to the Funds; (c) any changes to the investment philosophy, strategies, process or guidelines of the Funds; (d) any changes to the investment, analyst, trading, operational, administrative, legal or compliance resources currently being used with respect to the Funds; (e) any adverse changes to the nature, level or quality of actual investment advisory and other services provided to the Funds under the current agreements; or (f) any changes to the fees charged to the Funds under the current agreements and applicable fee waivers. The Board further considered that there were no anticipated changes to the senior leadership responsible for the overseeing and providing of advisory services to the Funds. The Board considered that TAL has provided administrative services to the Funds pursuant to separate administrative agreements; however, such administrative agreements were being phased out over a three-year period. NFAL will assume the responsibilities for the administrative services until the administrative service agreements are phased out and, thereafter, NFAL and/or its affiliates will continue to provide such services under the respective advisory agreements at no additional cost or under the administrative agreements without allocating expenses to the Funds. The Board considered that there is no anticipated change to the personnel providing services to the Funds as the compliance, operational and portfolio management teams of Nuveen were already consolidated in all material respects with respect to the management of the funds whether a fund was advised by TAL or NFAL. After consideration of the foregoing, the Board Members considered that there would be no diminution of the nature, quality or extent of services provided to the Funds.
The Board considered the terms of the New Advisory Agreements and New Sub-Advisory Agreements and the fees paid thereunder to NFAL and NAM, respectively. The Board considered that the fee rates would not change under the New Advisory Agreements and New Sub-Advisory Agreements and that NFAL would be responsible to pay NAM as the sub-adviser to the Funds under the respective New Sub-Advisory Agreement. The Funds would pay the same compensation rates to NFAL under the New Advisory Agreements as under the current Advisory Agreements with TAL.
In addition, the Board considered the various benefits that the funds may derive from the Restructuring, including from enhanced operational efficiencies and streamlined processes, and a simplified and more transparent advisory relationship pursuant to which the funds would work with a single advisory entity helping to make oversight and governance more efficient. The Board considered that NFAL and its affiliates may also benefit through more operational efficiencies and reduced redundancies and the consolidation of certain services and systems which may lead to cost savings. Other than the benefits noted, the Board considered that management does not believe there are any material conflicts of interest that may arise for Nuveen with respect to the funds as a result of the Restructuring. The Board considered that the costs of the Restructuring would be borne by Nuveen.
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 New Advisory Agreement and New Sub-Advisory Agreement were reasonable, that the fees of each of NFAL and NAM were reasonable in light of the services provided to each Fund and that each New Advisory Agreement and New Sub-Advisory Agreement be approved for a one-year period through July 31, 2027.
| Item 11. |
Statement Regarding Basis for Approval of Investment Advisory Contract. |
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
(collectively, the “Funds”)
At an in-person meeting held on April 28 and 29, 2026 (the “Meeting”), the Board of Trustees (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” or the “Adviser”). The Nuveen fund complex consists of the group of funds advised by TAL (the “TC Funds”), including the Funds, and the group of funds advised by Nuveen Fund Advisors, LLC (“NFAL,” and such funds, the “NFAL Funds”; the TC Funds and the NFAL Funds are collectively referred to as the “Nuveen funds” or the “funds”). TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”), and TAL is an indirect wholly owned subsidiary of 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 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 Fund covered by this report.
In accordance with applicable law, following up to an initial two-year period, the Board considers the approval of the continuance of each Advisory Agreement on behalf of the applicable Fund on an annual basis. In considering the continuance of each Advisory Agreement, the Board considered information received by it throughout the year as well as materials prepared specifically at the Board’s request for the Board’s evaluation of the Advisory Agreements at the Meeting. The Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board and its committees meet regularly throughout the year, including in executive sessions, providing the Board Members with the opportunity to assess the quality and scope of the various services provided by the Adviser during the year through the written materials, oral presentations and discussions with senior management. The information provided to the Board and/or its committees at these meetings covered a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements, including, but not limited to: (a) the investment performance of the Nuveen funds over various periods and the reasons for any outperformance or underperformance relative to peers and/or benchmarks or other performance metrics (as applicable); (b) strategic priorities for the business of the Adviser, including significant developments impacting the Adviser; (c) product initiatives for various funds; (d) compliance, regulatory and risk management reports, including any initiatives in seeking to strengthen compliance capabilities and controls and to meet regulatory requirements, compliance policies and procedures; (e) other payments to intermediaries, including Rule 12b-1 fees (as applicable); (f) reports on the valuation of securities; (g) periodic investment team presentations; (h) evaluations on fund expenses; (i) trading practices and execution quality of portfolio transactions; and (j) management of distributions.
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. The materials provided in conjunction with the Meeting included, among other things, (a) a description of the nature, extent and quality of services provided by the Adviser; (b) fund performance over various periods with a focus on funds considered to have met certain challenged performance measurements; (c) the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; (d) a list of management fees; (e) an analysis of advisory fees compared to fees assessed to other types of clients; (f) a review of temporary and/or permanent expense caps and fee waivers (as applicable); (g) a description of portfolio manager compensation; (h) certain profitability and/or financial data; (i) a summary of the investments made in 2025 by the Adviser and/or its affiliates in technology enhancements; and (j) 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 also to a peer group of funds, as well as a description of Broadridge’s methodology in compiling the expense universe and expense group, as applicable.
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 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. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the Board and its committees in overseeing the applicable Nuveen funds and working with the Adviser in their review of the Advisory Agreements.
As part of their review, the Board Members and independent legal counsel met in executive session on April 17, 2026 (the “April Executive Session”) 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 received the responses to these follow-up questions and requests. In addition to the April Executive Session, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the materials, 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 had the benefit of independent legal counsel during the annual review process as well as throughout the year and met with independent legal counsel at various executive sessions without the presence of any Adviser management. 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 Funds for an additional one-year period until May 1, 2027. 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.
At its in-person meeting held on May 27-28, 2026 (the “May Meeting”), management proposed, among other things, an internal restructuring (the “Restructuring”) pursuant to which TAL would be merged into Nuveen Asset Management, LLC (“NAM”), anticipated to be effective on or about August 1, 2026. In connection with the Restructuring, it was proposed, in relevant part, that NFAL would replace its affiliate, TAL, and become the investment adviser on behalf of the Funds pursuant to investment management agreements with NFAL (the “New Advisory Agreements”), and NAM would become the sub-adviser to the Funds pursuant to new sub-advisory agreements (the “New Sub-Advisory Agreements”). At the May Meeting, the Board approved the New Advisory Agreements and New Sub-Advisory Agreements to continue through July 31, 2027. A discussion of the Board’s approval at the May Meeting of the New Advisory Agreements and New Sub-Advisory Agreements is set forth in Section II below.
| A. |
Nature, Extent and Quality of Services |
In evaluating the renewal of the Advisory Agreements at the Meeting, 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 necessary 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. In its review of the services provided by the Adviser and its affiliates, the Board considered a description of the staffing levels of the investment and non-investment personnel; the experience and qualifications of key personnel; succession planning and staffing in seeking to help ensure the continuation of services and avoid business disruptions as a result of retirements or departures; business continuity functions which seek 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; ongoing investments in the infrastructure and technology in enhancing the services provided to the applicable Nuveen funds; certain financial data of the Adviser and/or TIAA in assessing the financial stability and condition of the Adviser to continue to provide a high level of quality services to the applicable Nuveen funds; and portfolio manager compensation structure in seeking to attract and retain high quality talent.
In its evaluation, the Board considered that the Adviser is responsible for providing investment advisory services and does so directly. In this regard, TAL and its investment teams manage the assets of the portfolios of the applicable Nuveen funds directly, including conducting research, identifying investments and placing orders for the purchase or sale of the portfolio investments for the funds. In evaluating the investment advisory services, the Board and/or its investment committee considered the Adviser’s role, among other things, in monitoring and reporting to the Board on fund performance, market conditions and investment team matters; setting and evaluating investment strategies, including changes to mandates, policies and benchmarks; monitoring and overseeing the performance and investment capabilities of the investment teams and recommending changes thereto as appropriate; monitoring compliance with portfolio guidelines; monitoring and analyzing the trade execution of the funds’ portfolios; and managing valuation matters.
In addition to the portfolio management services provided to the Funds, the Board considered the comprehensive package of non-management services the Adviser and its various teams and affiliates provide to manage and operate the applicable Nuveen funds, including compliance, regulatory, administrative and other services which have expanded over the years as a result of market, regulatory and other developments. Such services include, but are 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 Nuveen 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; regulatory and regulatory advocacy services, including monitoring regulatory developments that may impact the fund(s), responding to regulatory inquiries and examinations and fulfilling regulatory filing requirements; Board and committee support services, including organizing meetings and coordinating site visits and presentations with affiliated and/or external investment teams and providing reports on a wide range of topics relating to the operations and management of the funds, including strategic initiatives and priorities, fund performance, trade execution, securities lending (as applicable), compliance matters, valuation matters, liquidity and derivatives risk management; oversight services, including establishing and coordinating the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); and legal support services. 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, 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 its 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 their 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 the Adviser |
The Board, directly or through its Investment Committee, which is comprised of all Board Members, provides oversight of the investment performance process. In evaluating the quality of the services provided by the Adviser, the Board and/or its Investment Committee monitors Fund performance on an ongoing basis, which includes quarterly performance reporting at each of its quarterly meetings with an annual performance review at its February 10-12, 2026 meeting (the “February Meeting”). At the February Meeting, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ended December 31, 2025 on an absolute basis and as compared to the performance of comparable funds (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 Nuveen Managed Allocation Fund) and Class R6 shares for 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 various periods ended March 31, 2026. 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 being the most desirable quartile ranking and the 4th quartile being the least desirable. The Board considered, in particular, 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.
In evaluating performance, the Board considered some of the limitations of the performance data including, in particular, that differences between a Nuveen fund and its Performance Peer Group and its benchmark (such as with respect to the investment objectives and strategies) may lead to significantly different results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of a Performance Peer Group to the respective fund as low, medium or high. In addition, 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. The Board also considered that shareholders may evaluate performance based on their own respective holding periods which may differ from the performance of the periods reviewed by the Board.
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. From year to year, the Board may place different emphasis on particular performance information given changing circumstances in market and economic conditions. 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 evaluating performance, the Board focused particular attention on funds with less favorable performance records over various time periods in its discussions with management. 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 as experiencing performance issues, the Board seeks to discuss with the Adviser the reasons for the underperformance and any recommendations to improve performance and to monitor such funds more closely until performance improves.
Additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above are set forth below in Section I.F.
With respect to each Fund, 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 respective 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. Further, the Board considered that the separate administrative agreement pursuant to which the Adviser provides the Funds with certain administrative services also began to be phased out over a three-year period beginning on May 1, 2024 with related savings.
The Board also considered comparative fee and expense information prepared by Broadridge, an independent third-party provider of fund data. More specifically, the Board Members generally considered, 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 a more focused group of comparable peers (the “Expense Group”). With respect to the Broadridge comparative expense data, Broadridge applied Class A shares for the Nuveen Lifestyle Funds and Class R6 shares for 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 most desirable quartile ranking and the fourth quartile representing the least desirable ranking. The Board considered, in particular, each fund with a net total expense ratio that met 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.
In evaluating the fees and expenses of the Nuveen funds and comparative rankings, the Board considered some of the limitations which may reduce some of the value of the comparative data. In particular, although the Board considered the methodology employed by Broadridge to establish its Expense Universe and Expense Group (as applicable), the Board also considered that Broadridge had modified its methodology for open-end funds in 2025 resulting in significant changes to the composition of the Expense Universe and Expense Group (as applicable) and the comparative rankings of the funds from previous periods making comparisons of rankings from prior periods more difficult. In addition, the Board considered that the fee and expense information in the Broadridge report for each fund reflected information for a specific period and that historic asset levels and expenses may differ from current levels, particularly in a period of market volatility.
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 differences into account in considering the comparative peer data.
The Board further 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.
Additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above is set forth in Section I.F below. 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 requested and received information concerning the advisory fees and services provided to other clients of the Adviser and/or advisory affiliates which may include, among others: separately managed accounts (“SMAs”), foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts (as applicable). The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the open-end funds compared to the management fee of the applicable fund. The Board considered, among other things, that differences in the breadth of services provided to the funds compared to other types of clients (including the differences in the level of advisory services required of passively managed funds compared to actively managed funds); the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the differences in regulatory, disclosure and governance requirements applicable to funds and the infrastructure and activities necessary to support such requirements; the establishment and maintenance of servicing relationships with various service providers for the funds; the differences in investment policies and strategies, investor profiles and account sizes; and other factors all may contribute to the variations in relative fee rates. Further, the Board considered the differences in risks the Adviser incurs, including entrepreneurial, legal and regulatory risks when sponsoring and managing funds compared to serving as adviser to other types of clients or sub-adviser to other funds. As noted, the Board considered that the Adviser does not charge a management fee to Nuveen Managed Allocation Fund under the applicable 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 (as well as the Adviser and NFAL on a combined basis) attributable to servicing all applicable funds for 2025 and 2024; (c) certain profitability data of both the Adviser and NFAL on a combined basis derived from the type of fund in the aggregate (i.e., from the closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2025 and 2024; and (d) certain profitability data of both the Adviser and NFAL on a combined basis provided 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 estimated profitability data at the per fund level for the Adviser.
In reviewing the profitability data, the Board Members recognized the subjective nature and difficulty in calculating profitability, particularly on a per fund level. The Board considered that the information is not audited and is based on cost allocation methodologies seeking to allocate various expenses throughout the complex and among the various advisory products. The Board Members considered the allocation methodology used to prepare the profitability data but considered that other valid and reasonable methodologies also could be used and could lead to significantly different profit and loss results.
Further, the Board considered Nuveen’s estimated profitability (pre- and post-distribution margins and pre-tax) from its services to the funds compared to the profitability margins of certain peers. The Board Members, however, considered the inherent limitations of the comparative data given that profitability data is only available from peers which publish publicly available information and may be affected by numerous factors including, among other things, the types of funds a peer manages, its business mix, cost of capital, the assumptions and allocation methodology used in developing its profitability data, and fee waivers and expense reimbursements by the peer(s).
Aside from the foregoing profitability data, the Board also considered the financial condition of TIAA. The Board Members considered certain financial data of TIAA as of December 31, 2025 and 2024. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility.
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 Nuveen 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 as a fund and/or the complex grows larger. The Board considered the difficulty in measuring economies of scale with any precision but considered the various means the Adviser employs to help share the benefits of economies of scale with the respective funds and their shareholders.
The Board considered the Funds’ advisory fee structure. The Board considered that the Funds do not have breakpoint schedules.
In addition to the management fee structures, the Board Members also considered the temporary and/or permanent expense caps applicable to a fund (if any) which can provide a protection from an increase in expenses if the assets of the applicable funds decline. Further, the Board considered the Adviser’s and/or affiliates’ ongoing investments in their business, including investments in various technology initiatives from which the fund complex may benefit as well as 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.
The Board further considered that the scope of 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.
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.
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 Nuveen funds. These benefits include, among other things, fees paid to affiliates of the Adviser for services as noted below, the sharing of personnel and investment-related infrastructure with other clients of the Adviser and the use of certain funds as investment options for other products offered by the Adviser and/or its affiliates (such as life insurance separate account products, fund of funds or 529 education savings plans).
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 2025 for serving as an underwriter on shelf offerings of existing closed-end Nuveen funds and reviewed the amounts paid for such services in 2025 and 2024. With respect to the TC 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 funds to obtain research and other services for any or all of its clients but such costs are reimbursed to the funds.
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 non-profit 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. |
Additional Fund-Specific Factors |
For each Fund, set forth below are (i) additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above; and (ii) additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above.
Nuveen Lifestyle Income Fund
Relative Net Performance
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Five-Year Period |
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Fourth Quartile |
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Fourth Quartile |
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Third Quartile |
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Underperformed |
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Outperformed |
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Outperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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First Quartile |
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First Quartile |
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First Quartile |
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First Quartile |
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•• In considering performance, the Board considered, among other things, management’s commentary of the Fund’s performance, including factors that contributed to or detracted from relative performance, and was satisfied with the explanation.
•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the change in Broadridge methodology in creating the set of peers in the Expense Group and Expense Universe and a discussion of the composition of the peer sets limiting some of the value of the quartile rankings.
Nuveen Lifestyle Conservative Fund
Relative Net Performance
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Three-Year Period |
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Five-Year Period |
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First Quartile |
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First Quartile |
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First Quartile |
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Underperformed |
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Performed in line with |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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Second Quartile |
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Second Quartile |
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First Quartile |
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First Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the change in Broadridge methodology in creating the set of peers in the Expense Group and Expense Universe and a discussion of the composition of the peer sets limiting some of the value of the quartile rankings.
Nuveen Lifestyle Moderate Fund
Relative Net Performance
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Three-Year Period |
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Five-Year Period |
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Second Quartile |
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First Quartile |
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Second Quartile |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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Second Quartile |
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Second Quartile |
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First Quartile |
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First Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the change in Broadridge methodology in creating the set of peers in the Expense Group and Expense Universe and a discussion of the composition of the peer sets limiting some of the value of the quartile rankings.
Nuveen Lifestyle Growth Fund
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Second Quartile |
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First Quartile |
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Third Quartile |
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| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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Second Quartile |
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Second Quartile |
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| Net Total Expense Ratio |
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Second Quartile |
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Second Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the change in Broadridge methodology in creating the set of peers in the Expense Group and Expense Universe and a discussion of the composition of the peer sets limiting some of the value of the quartile rankings.
Nuveen Lifestyle Aggressive Growth Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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First Quartile |
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First Quartile |
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Second Quartile |
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| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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Second Quartile |
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Second Quartile |
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| Net Total Expense Ratio |
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Second Quartile |
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Second Quartile |
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•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the change in Broadridge methodology in creating the set of peers in the Expense Group and Expense Universe and a discussion of the composition of the peer sets limiting some of the value of the quartile rankings.
Nuveen Managed Allocation Fund
Relative Net Performance
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One-Year Period |
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Three-Year Period |
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Five-Year Period |
| Performance Peer Group Quartile |
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Second Quartile |
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First Quartile |
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Second Quartile |
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| Performance Benchmark |
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Underperformed |
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Underperformed |
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Underperformed |
Comparative Fees and Expenses
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Expense Group |
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Expense Universe |
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| Actual Management Fee Rate |
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First Quartile |
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First Quartile |
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| Net Total Expense Ratio |
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Second Quartile |
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First Quartile |
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•• 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 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.
| II. |
Subsequent Approvals of Advisory Agreements |
The 1940 Act provides, in general terms, that an advisory and sub-advisory agreement may continue in effect for a period of more than two years only so long as the board, including a majority of the disinterested trustees, approves its continuance. During the annual review, management and the Board proposed to reset the annual review schedule for the advisory and sub-advisory agreements (as applicable) of the Nuveen funds to permit the agreements to continue for a one-year period until August 1st the following year as opposed to the existing May 1st annual deadline. In addition to the new review schedule, management also proposed the internal Restructuring pursuant to which TAL would be merged into NAM. In conjunction with the Restructuring, it was proposed that NFAL would become investment adviser to the TC Funds (including the Funds) and NAM would become sub-adviser to the TC Funds (including the Funds) as well as other existing funds currently sub-advised by TAL.
At its May Meeting, with respect to the Funds, the Board approved the New Advisory Agreements and New Sub-Advisory Agreements to continue through July 31, 2027. As part of its review of the foregoing arrangements, the Board, through independent legal counsel, requested and received information regarding, among other things, the Restructuring, its impact on the provision of services and the related New Advisory Agreements and New Sub-Advisory Agreements.
In their review, the Board Members considered that they had recently completed their annual review of the Advisory Agreements at the Meeting and many of the factors considered at the annual review were applicable to their evaluation of the approval of the New Advisory Agreements and New Sub-Advisory Agreements. Accordingly, in evaluating the respective advisory and sub-advisory agreements, the Board Members relied upon their knowledge and experience with the Adviser, NFAL and NAM and considered the information received and their evaluations and conclusions drawn at the annual review. The Board considered management’s representation that the information and materials provided in connection with the annual review of the Advisory Agreements at the Meeting remained unchanged in all material respects.
The Board Members also received materials which, among other things, outlined the Restructuring, any anticipated changes in the services provided to the Nuveen funds, any anticipated changes to the fees charged to the Funds under the current Advisory Agreements, any benefits to the Nuveen funds and NFAL as a result of the Restructuring, any material conflicts of interest that may arise for NFAL as a result of the Restructuring, the terms of the New Advisory Agreements and New Sub-Advisory Agreements and any costs associated with the Restructuring.
In evaluating the services to be provided following the Restructuring, the Board considered that the Restructuring was not anticipated to result in (a) any changes to the services provided to the Funds; (b) any changes to the personnel who provide portfolio management services to the Funds; (c) any changes to the investment philosophy, strategies, process or guidelines of the Funds; (d) any changes to the investment, analyst, trading, operational, administrative, legal or compliance resources currently being used with respect to the Funds; (e) any adverse changes to the nature, level or quality of actual investment advisory and other services provided to the Funds under the current agreements; or (f) any changes to the fees charged to the Funds under the current agreements and applicable fee waivers. The Board further considered that there were no anticipated changes to the senior leadership responsible for the overseeing and providing of advisory services to the Funds. The Board considered that TAL has provided administrative services to the Funds pursuant to separate administrative agreements; however, such administrative agreements were being phased out over a three-year period. NFAL will assume the responsibilities for the administrative services until the administrative service agreements are phased out and, thereafter, NFAL and/or its affiliates will continue to provide such services under the respective advisory agreements at no additional cost or under the administrative agreements without allocating expenses to the Funds. The Board considered that there is no anticipated change to the personnel providing services to the Funds as the compliance, operational and portfolio management teams of Nuveen were already consolidated in all material respects with respect to the management of the funds whether a fund was advised by TAL or NFAL. After consideration of the foregoing, the Board Members considered that there would be no diminution of the nature, quality or extent of services provided to the Funds.
The Board considered the terms of the New Advisory Agreements and New Sub-Advisory Agreements and the fees paid thereunder to NFAL and NAM, respectively. The Board considered that the fee rates would not change under the New Advisory Agreements and New Sub-Advisory Agreements and that NFAL would be responsible to pay NAM as the sub-adviser to the Funds under the respective New Sub-Advisory Agreement. The Funds would pay the same compensation rates to NFAL under the New Advisory Agreements as under the current Advisory Agreements with TAL.
In addition, the Board considered the various benefits that the funds may derive from the Restructuring, including from enhanced operational efficiencies and streamlined processes, and a simplified and more transparent advisory relationship pursuant to which the funds would work with a single advisory entity helping to make oversight and governance more efficient. The Board considered that NFAL and its affiliates may also benefit through more operational efficiencies and reduced redundancies and the consolidation of certain services and systems which may lead to cost savings. Other than the benefits noted, the Board considered that management does not believe there are any material conflicts of interest that may arise for Nuveen with respect to the funds as a result of the Restructuring. The Board considered that the costs of the Restructuring would be borne by Nuveen.
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 New Advisory Agreement and New Sub-Advisory Agreement were reasonable, that the fees of each of NFAL and NAM were reasonable in light of the services provided to each Fund and that each New Advisory Agreement and New Sub-Advisory Agreement be approved for a one-year period through July 31, 2027.
| 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. |
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
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| Date: August 6, 2026 |
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By: |
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/s/ Jordan M. Farris |
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Jordan M. Farris |
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Chief Administrative Officer |
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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.
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| Date: August 6, 2026 |
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By: |
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/s/ Jordan M. Farris |
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Jordan M. Farris |
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Chief Administrative Officer |
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(principal executive officer) |
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| Date: August 6, 2026 |
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By: |
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/s/ Marc Cardella |
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Marc Cardella |
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Vice President and Controller |
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(principal financial officer) |
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